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Carrefour S.A.

CRRFY
48
Grocery Stores · Consumer Defensive
Price
$3.67
-0.01 (-0.27%)
Market Cap
$12.96B
Exchange
Other OTC
Winston Score
48
Winston is serious
Mixed quality — meaningful strengths and weaknesses.
Data as of Aug 9, 2026 · filings through Jun 30, 2026

Share count falling — buybacks

13.7% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 3.96B (2021) → 3.42B (2025)

Carrefour is one of the largest supermarket chains in the world, headquartered in France. It runs grocery stores, hypermarkets, and convenience shops that sell food, household goods, and everyday products to regular shoppers. The company operates under the Carrefour brand and is one of the top two or three largest retailers in Europe by store count.

Carrefour makes money primarily by selling products directly to consumers in its stores and through its growing e-commerce channels. It operates in over 30 countries, with its strongest presence in France, Brazil, Spain, and parts of Asia and Africa, giving it broad geographic diversification. The company generates additional income through financial services and its own private-label brands, which help protect margins. However, grocery retail is a low-margin, highly competitive business, and Carrefour faces ongoing pressure from discount chains like Lidl and Aldi, as well as rising costs — making consistent profitability a persistent challenge.

Winston Score History

Score breakdown

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Quality

Gross Margin
16.2%
Thin — 16.2% gross margin
Operating Margin
1.9%
Thin — 1.9% operating margin
ROCE
3.5%
Weak — 3.5% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY
-7.2%
Shrinking sales (-7.2% YoY)
EPS YoY
+143.0%
Earnings growing fast (+143.0% YoY)

Earnings growing 25%+ a year. The compounder zone.

EPS Consistency
4/8 quarters
Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion
474%
Turns 474% of profit into real cash
FCF Margin
2.5%
Thin free cash flow (2.5%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity
1.00
Elevated debt (1.00)
Interest Cover
5.08x
Adequate interest coverage (5.1x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

P/E Ratio (TTM)
16.8x
Fair value — P/E 16.8

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

P/E vs Forward
+7.2
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (16.8 → 9.5)

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Dividends

Dividend Yield
7.41%
Healthy income — 7.41% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend Growth
+81.2%
Dividend growing fast (81.2% YoY)

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