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Carrefour S.A.

CRRFY
53
Grocery Stores · Consumer Defensive
Exchange
Other OTC
Winston Score
53
Winston is curious
Mixed quality — meaningful strengths and weaknesses.
Data as of Aug 23, 2026 · filings through Jun 30, 2026
How the score breaks down
Quality
Mixed
Growth
Mixed
Cash Flow
Strong
Stability
Good
Valuation
Exceptional
Dividends
Exceptional

Winston Score History

The full picture

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.

Score breakdown

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Quality

Profit per sale
Gross Margin
16.2%
Thin — 16.2% gross margin
Profit after running costs
Operating Margin
1.9%
Thin — 1.9% operating margin
Return on the money invested
ROCE
13.8%
Good — 13.8% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

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

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

How steady the profit is
EPS Consistency
4/8 quarters
Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash
Cash Conversion
474%
Turns 474% of profit into real cash
Spare cash per sale
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

What it owes vs what it owns
Debt / Equity
1.00
Elevated debt (1.00)
Covers its interest
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

Price vs profit
P/E Ratio (TTM)
14.1x
no trend
Attractive valuation — P/E 14.1

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

Cheaper or dearer next year
P/E vs Forward
+6.5
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (14.1 → 7.6)

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Dividends

Dividend
Dividend Yield
7.41%
no trend
Healthy income — 7.41% yield

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

Dividend record
Dividend Growth
+81.2%
no trend
Dividend growing fast (81.2% YoY)

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