Alimentation Couche-Tard Inc. (ATD.TO) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+56.5%

CA$128.52

vs CA$82.14 price

Levered DCF

CA$109.75

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

4.11

Safe zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	17.54×	19.24×	19.64×	16.21×	17.64×	13.92×	13.5×	18.24×
P/B	3.41×	3.31×	4.04×	4×	3.82×	3.09×	3.18×	3.74×
P/S	0.72×	0.68×	0.77×	0.7×	0.75×	0.82×	0.59×	0.56×
EV / EBITDA	9.55×	10.38×	11.97×	10.28×	10.63×	8.86×	8.66×	10.93×
Gross margin	18.9%	17.9%	17.5%	16.8%	17.5%	22.1%	17.8%	15.6%
Operating margin	6.0%	5.2%	5.5%	5.9%	5.9%	8.0%	5.8%	4.2%
Net margin	4.1%	3.5%	3.9%	4.3%	4.3%	5.9%	4.3%	3.1%
Current ratio	1.12×	0.99×	0.99×	1.1×	1.22×	1.2×	1.72×	0.77×
Debt / equity	1.02×	0.93×	1.11×	0.76×	0.76×	0.79×	1.03×	0.78×
Interest coverage	6.43×	5.76×	7.1×	11.85×	12.07×	10.13×	10.29×	8.03×
Dividend yield	1.0%	1.0%	0.8%	0.7%	0.7%	0.8%	0.6%	0.5%
Payout ratio	17.6%	19.8%	16.4%	12.0%	12.0%	10.5%	8.8%	9.7%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	19.4%	17.3%	20.6%	24.7%	21.7%	22.2%	23.6%	20.5%
Return on invested capital	9.8%	9.3%	9.7%	13.7%	12.1%	12.4%	11.5%	11.3%
Return on assets	7.2%	6.7%	7.3%	10.7%	9.1%	9.5%	9.2%	8.1%
Free cash flow yield	6.1%	5.5%	5.3%	5.0%	4.7%	8.1%	7.0%	5.7%
Earnings yield	5.7%	5.2%	5.1%	6.2%	5.7%	7.2%	7.4%	5.5%
Enterprise value	CA$68.4B	CA$61.3B	CA$67B	CA$58.7B	CA$54.5B	CA$44.2B	CA$38.4B	CA$39.6B
Net debt / EBITDA	1.86×	1.98×	2.39×	1.51×	1.41×	1.32×	1.51×	1.71×
Cash conversion cycle (days)	6	2	3	6	5	7	7	5