# Alimentation Couchen Tard Inc A (ATD.TO)

Canonical: https://gigainvestors.com/s/ATD.TO

Analysis as of: 2026-10-16T07:33:54.089Z. Financial observations: FY1997–FY2026.

Listing currency: CAD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: CAD 81.61 per share; close as of 2026-10-15.

Estimated value: low CAD 52.28 per share, central CAD 72.03 per share, high CAD 84.09 per share. Buy at or below the central value CAD 72.03 per share. Valuation as of 2026-10-16T07:33:54.089Z; scenarios are not confidence intervals.

Expected annual return: 9.2% at the stated quote. About 9.2% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; CA 10-year bond 3.8% + 4 points).

## Checklist

### understandable: pass

- 3 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 0

- Operating margin variation: 0.20×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.04×

- FY2018: 0.04×

- FY2019: 0.04×

- FY2020: 0.06×

- FY2021: 0.08×

- FY2022: 0.06×

- FY2023: 0.06×

- FY2024: 0.06×

- FY2025: 0.05×

- FY2026: 0.06×

### moat: pass

- ROIC, median of available years: 20.8%

- ROIC, second-lowest year: 18.0%

- Typical minus recent gross margin: -0.4 pp

- Typical gross margin (annual median): 17.5%

- Recent gross margin (lower of latest and 3-year median): 17.9%

- Years with nonpositive capital: 0

- Capital spending / revenue: 2.6%

- ROIC including acquisitions, ten-year median: 9.0%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 20.3%

- FY2018: 20.2%

- FY2019: 21.9%

- FY2020: 22.9%

- FY2021: 23.1%

- FY2022: 21.3%

- FY2023: 23.1%

- FY2024: 18.0%

- FY2025: 17.4%

- FY2026: 19.0%

### economics: fail

- owner earnings cash conversion below threshold

- Owner earnings / net income, 5-yr: 0.72×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $10B

- Net income, five-year total: $14B

- Return on incremental invested capital: 66.9%

- Working capital / revenue, annual change: -0.0 pp

- Working capital / revenue, change between three-year averages: -0.3 pp

- Working capital / revenue, final three-year average: 1.7%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2022: 0.74×

- FY2023: 0.77×

- FY2024: 0.64×

- FY2025: 0.65×

- FY2026: 0.79×

### management: pass

- Historical market-dollar context (not the management verdict): 2017 to 2026 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 20.3% vs 18.0%

- Per-share earnings: 1.06 to 2.88 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -2.1%

- Ordinary dilution, 5-year annual growth: -2.8%

- Market cap gain: $26B

- Cumulative retained earnings: $10B

- Diluted shares, 10-year annual growth: -2.1%

- Diluted shares, 5-year annual growth: -2.8%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: 13.3%

- Per-share value change: $1.81

- Per-share value, starting three-year median: $1.06

- Per-share value, ending three-year median: $2.88

- Buybacks concentrated in cheaper years (correlation): 0.10

- Average buyback yield: 2.8%

- Buyback history: 8 years

- Debt-funded buybacks: No

- Acquisition spending: $11B

- Cumulative net income, 10 years: $24B

- ROIC, first three-year median: 20.3%

- ROIC, last three-year median: 18.0%

Chart: Earnings per share; fiscal year observations.

- FY2017: $1.06

- FY2018: $1.48

- FY2019: $1.63

- FY2020: $2.11

- FY2021: $2.55

- FY2022: $2.62

- FY2023: $3.19

- FY2024: $2.88

- FY2025: $2.74

- FY2026: $3.42

### accounting: pass

- Sloan accruals: -5.1%

- Receivables to sales index (DSRI): 1.17×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.71×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.75×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -4.6%

- FY2018: -2.1%

- FY2019: -5.2%

- FY2020: -4.7%

- FY2021: -5.8%

- FY2022: -4.0%

- FY2023: -4.0%

- FY2024: -5.4%

- FY2025: -6.5%

- FY2026: -5.1%

## Holders

## Price story

Price needs cash profits to grow 7.5% a year for ten years · sales +5%

Story as of 2026-10-16T09:59:58.220Z; price observation 2026-10-15.

Price needs cash profits to grow 7.5% a year for ten years

- 2025-11-24: Alimentation Couche-Tard Second-Quarter Profit Rises as Same-Store Sales Grow ([finance.yahoo.com](https://finance.yahoo.com/m/ad14326b-bb2a-3628-87ce-1e6c53482aaa/alimentation-couche-tard.html))

### Sales · FY2025–2026

sales +5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: $38B 

- FY2018: $51B 

- FY2019: $59B 

- FY2020: $54B 

- FY2021: $46B 

- FY2022: $63B 

- FY2023: $72B 

- FY2024: $69B 

- FY2025: $73B 

- FY2026: $77B 

### Gross margin · FY2026

gross margin 18.9%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: 17.1% 

- FY2018: 15.8% 

- FY2019: 15.6% 

- FY2020: 17.8% 

- FY2021: 22.1% 

- FY2022: 17.5% 

- FY2023: 16.8% 

- FY2024: 17.5% 

- FY2025: 17.9% 

- FY2026: 18.9% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in specialty retail; annual sales are USD 76.5 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:54.089Z); FY2026: revenue 76506600000; grossProfit 14458800000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ATD.TO: Alimentation Couche-Tard Inc. operates and licenses convenience stores in North America, Europe, and Asia. It offers cigarette products and other nicotine products, beverages, beer, wine, fresh food offerings comprising quick-service restaurants, candy and snacks, grocery items, and car wash and other services; road transportation fuels and operates electric vehicle charging stations; sells energy for stationary engines and aviation fuels; sells lottery tickets, and calling and gift cards; franchise and license fees; royalties from franchisees and licensees; and automatic teller machines. The company operates its convenience store chain under various banners, including Circle K, Couche-Tard, and Ingo. In addition, it operates and licenses stores operated under the Circle K banner in Egypt, Guam, Guatemala, Honduras, Indonesia, Macau, Mexico, Morocco, New Zealand, Saudi Arabia, South Africa, Tanzania, the United Arab Emirates, and Vietnam. The company was formerly known as Actidev Inc. and changed its name to Alimentation Couche-Tard Inc. in December 1994. Alimentation Couche-Tard Inc. was founded in 1980 and is headquartered in Laval, Canada.

### Why customers stay

Margins ranged from 17.5% to 18.9% during 2024–26; it earns 20.8% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:54.089Z); FY2024: grossProfit / revenue = 17.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:54.089Z); FY2025: grossProfit / revenue = 17.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:54.089Z); FY2026: grossProfit / revenue = 18.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:54.089Z); 10-year return on capital observations [[2017,0.2032773484299893],[2018,0.20229755607435979],[2019,0.2187768831860359],[2020,0.2294686548286705],[2021,0.23136031138345825],[2022,0.21330897202580915],[2023,0.23052994899733975],[2024,0.1804432961441625],[2025,0.17441324800713792],[2026,0.18997407196138533]]; median 0.20829316022789923. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back USD 1.6 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:54.089Z); FY2017: growth capex 321172279; upkeep 639500000; owner earnings 1208900000. Growth capex / owner earnings = 0.2656731565886343.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:54.089Z); FY2018: growth capex 271568124; upkeep 891600000; owner earnings 1673600000. Growth capex / owner earnings = 0.1622658484703633.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:54.089Z); FY2019: growth capex 156302930; upkeep 965300000; owner earnings 1833900000. Growth capex / owner earnings = 0.08522979988003708.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:54.089Z); FY2020: growth capex 0; upkeep 1344519603; owner earnings 1367820397. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:54.089Z); FY2021: growth capex 0; upkeep 1299771121; owner earnings 1665308879. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:54.089Z); FY2022: growth capex 684489673; upkeep 943000000; owner earnings 1988320000. Growth capex / owner earnings = 0.3442552873782892.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:54.089Z); FY2023: growth capex 230612951; upkeep 1533500000; owner earnings 2375520000. Growth capex / owner earnings = 0.09707893471745134.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:54.089Z); FY2024: growth capex 0; upkeep 1919203238; owner earnings 1740116762. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:54.089Z); FY2025: growth capex 236681650; upkeep 2111800000; owner earnings 1682540000. Growth capex / owner earnings = 0.14066925600580074.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:54.089Z); FY2026: growth capex 0; upkeep 1990500000; owner earnings 2490740000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:54.089Z); Dividend observations: [[2017,140414125],[2018,161548365],[2019,177579784],[2020,205945801],[2021,285328581],[2022,322760191],[2023,369389877],[2024,447428885],[2025,510052340],[2026,553300000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:54.089Z); FY2026: cash repurchases 1572300000 USD.

### Are managers owners

Insiders own 19.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ATD.TO SharesStats.PercentInsiders = 19.169 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 7.5% yearly over ten years; actual growth was 13.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:54.089Z); Ten-year compound average after fade. Initial solved rate 0.09536794117974823. Price 81.61; FX 1.4190435646374344; discount 0.1; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share 0.7505950590913563 → FY2026 2.7105669822613994. Closing-price date 2026-10-15.

## Monthly share-price history (CAD per share)

- 2016-10: CAD 34.07 per share

- 2016-11: CAD 31.50 per share

- 2016-12: CAD 31.18 per share

- 2017-01: CAD 31.48 per share

- 2017-02: CAD 32.13 per share

- 2017-03: CAD 31.07 per share

- 2017-04: CAD 32.16 per share

- 2017-05: CAD 31.79 per share

- 2017-06: CAD 31.25 per share

- 2017-07: CAD 30.26 per share

- 2017-08: CAD 30.42 per share

- 2017-09: CAD 28.71 per share

- 2017-10: CAD 30.50 per share

- 2017-11: CAD 32.97 per share

- 2017-12: CAD 33.01 per share

- 2018-01: CAD 32.25 per share

- 2018-02: CAD 31.28 per share

- 2018-03: CAD 29.00 per share

- 2018-04: CAD 28.15 per share

- 2018-05: CAD 27.30 per share

- 2018-06: CAD 28.85 per share

- 2018-07: CAD 30.03 per share

- 2018-08: CAD 31.48 per share

- 2018-09: CAD 32.44 per share

- 2018-10: CAD 31.52 per share

- 2018-11: CAD 34.95 per share

- 2018-12: CAD 33.98 per share

- 2019-01: CAD 35.66 per share

- 2019-02: CAD 37.20 per share

- 2019-03: CAD 39.48 per share

- 2019-04: CAD 39.60 per share

- 2019-05: CAD 41.54 per share

- 2019-06: CAD 41.25 per share

- 2019-07: CAD 40.58 per share

- 2019-08: CAD 42.03 per share

- 2019-09: CAD 40.75 per share

- 2019-10: CAD 39.66 per share

- 2019-11: CAD 43.67 per share

- 2019-12: CAD 41.38 per share

- 2020-01: CAD 44.39 per share

- 2020-02: CAD 40.90 per share

- 2020-03: CAD 33.49 per share

- 2020-04: CAD 39.35 per share

- 2020-05: CAD 43.22 per share

- 2020-06: CAD 42.90 per share

- 2020-07: CAD 46.58 per share

- 2020-08: CAD 42.70 per share

- 2020-09: CAD 46.41 per share

- 2020-10: CAD 41.25 per share

- 2020-11: CAD 43.20 per share

- 2020-12: CAD 43.50 per share

- 2021-01: CAD 39.52 per share

- 2021-02: CAD 38.63 per share

- 2021-03: CAD 40.73 per share

- 2021-04: CAD 41.76 per share

- 2021-05: CAD 43.67 per share

- 2021-06: CAD 46.12 per share

- 2021-07: CAD 50.97 per share

- 2021-08: CAD 51.42 per share

- 2021-09: CAD 48.75 per share

- 2021-10: CAD 47.10 per share

- 2021-11: CAD 46.98 per share

- 2021-12: CAD 53.00 per share

- 2022-01: CAD 51.27 per share

- 2022-02: CAD 49.75 per share

- 2022-03: CAD 56.32 per share

- 2022-04: CAD 57.19 per share

- 2022-05: CAD 57.47 per share

- 2022-06: CAD 50.21 per share

- 2022-07: CAD 57.21 per share

- 2022-08: CAD 56.44 per share

- 2022-09: CAD 55.61 per share

- 2022-10: CAD 61.00 per share

- 2022-11: CAD 61.28 per share

- 2022-12: CAD 59.50 per share

- 2023-01: CAD 60.76 per share

- 2023-02: CAD 64.01 per share

- 2023-03: CAD 67.95 per share

- 2023-04: CAD 67.62 per share

- 2023-05: CAD 65.73 per share

- 2023-06: CAD 67.93 per share

- 2023-07: CAD 66.76 per share

- 2023-08: CAD 70.66 per share

- 2023-09: CAD 68.98 per share

- 2023-10: CAD 75.49 per share

- 2023-11: CAD 77.40 per share

- 2023-12: CAD 78.03 per share

- 2024-01: CAD 78.78 per share

- 2024-02: CAD 84.17 per share

- 2024-03: CAD 77.31 per share

- 2024-04: CAD 76.30 per share

- 2024-05: CAD 79.55 per share

- 2024-06: CAD 76.77 per share

- 2024-07: CAD 85.11 per share

- 2024-08: CAD 76.93 per share

- 2024-09: CAD 74.77 per share

- 2024-10: CAD 72.61 per share

- 2024-11: CAD 81.91 per share

- 2024-12: CAD 79.72 per share

- 2025-01: CAD 76.75 per share

- 2025-02: CAD 71.93 per share

- 2025-03: CAD 70.97 per share

- 2025-04: CAD 71.96 per share

- 2025-05: CAD 71.15 per share

- 2025-06: CAD 67.69 per share

- 2025-07: CAD 72.00 per share

- 2025-08: CAD 69.61 per share

- 2025-09: CAD 74.25 per share

- 2025-10: CAD 71.28 per share

- 2025-11: CAD 76.33 per share

- 2025-12: CAD 74.96 per share

- 2026-01: CAD 70.84 per share

- 2026-02: CAD 82.78 per share

- 2026-03: CAD 78.85 per share

- 2026-04: CAD 80.36 per share

- 2026-05: CAD 77.89 per share

- 2026-06: CAD 90.40 per share

- 2026-07: CAD 91.01 per share

- 2026-08: CAD 83.47 per share

- 2026-09: CAD 77.49 per share

- 2026-10: CAD 78.64 per share

## Annual estimated value (CAD per share)

- FY2017: low CAD 12.59 per share, central CAD 14.33 per share, high CAD 16.64 per share

- FY2018: low CAD 17.66 per share, central CAD 20.09 per share, high CAD 23.33 per share

- FY2019: low CAD 31.40 per share, central CAD 44.85 per share, high CAD 52.68 per share

- FY2020: low CAD 32.32 per share, central CAD 44.78 per share, high CAD 52.03 per share

- FY2021: low CAD 24.14 per share, central CAD 27.08 per share, high CAD 31.00 per share

- FY2022: low CAD 38.78 per share, central CAD 54.85 per share, high CAD 64.21 per share

- FY2023: low CAD 42.91 per share, central CAD 57.92 per share, high CAD 67.85 per share

- FY2024: low CAD 42.19 per share, central CAD 55.65 per share, high CAD 65.01 per share

- FY2025: low CAD 46.84 per share, central CAD 63.84 per share, high CAD 74.63 per share

- FY2026: low CAD 52.23 per share, central CAD 71.96 per share, high CAD 84.01 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:39:41.114Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.