Ampol Limited CTXAY

EnergyOil & GasAustralia

Last close 53.41 USD on Nov 1, 2026, +33.8% year to date

Quant rating

Quant rating C Rank 70 of 113 in Energy

Growth C 63 of 113
Valuation C 58 of 113
Quality D 89 of 113
Revisions B 29 of 113
Momentum C 67 of 113

Wall Street consensus Buy (2.38)Average target 31.84 USD −40.4%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 6.4B
Enterprise value: 10.4B
52-week range: 37.92 – 66.10
3-year range: 24.84 – 66.10
Dividend yield: 6.36%
Beta (5 years): 0.61
Shares outstanding: 238M
Next earnings: Feb 21, 2027

About the company

Ampol Limited is an Australia-based transport energy provider. The Company supplies petrol and a convenience network, as well as refining, importing and marketing fuels and lubricants. It also launched its electric vehicle charging and home electricity solutions. The Company supplies fuel to approximately 80,000 customers in diverse markets across the Australian economy, including defense, mining, transport, marine, agriculture, aviation and other commercial sectors. Across its retail network, the Company serves approximately three million customers every week with fuel and convenience products, as well as electric vehicle charging at selected locations. Its customer base is supported by its robust supply chain and strategic infrastructure positions across the country, which includes 16 terminals, six pipelines, 55 wet depots, over 1,800 branded sites and one refinery located in Lytton, Queensland. This network is supported by over 8,300 people across Australia and overseas.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	20,927	21,579	25,707	26,224	15,161	–
Revenue growth	−3.0%	−16.1%	−2.0%	73.0%	27.9%	12.0%
EPS (basic, normalized)	1.27	0.62	2.03	2.20	1.09	–
EPS growth	104.5%	−69.3%	−7.9%	101.1%	–	–
Gross margin	8.6%	7.0%	7.8%	7.3%	10.2%	8.2%
Net margin	0.3%	0.4%	1.5%	1.9%	2.5%	1.3%
ROE	2.7%	3.6%	15.3%	21.7%	17.3%	12.1%

Balance sheet, last quarter
Cash & short-term investments (mil)	–
Current ratio	–
Long-term debt (mil)	–
Net debt (mil)	–
Total equity (mil)	–
Net debt / equity	–
Net debt / EBITDA	–

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	20,927	−3.0%	0.5x	675	−11.0%	15.4x	1.27	+104.5%	42.0x
2026	29,089	+39.0%	0.4x	1,952	+189.5%	5.3x	3.83	+201.5%	13.9x
2027	26,072	−10.4%	0.4x	1,465	−25.0%	7.1x	2.13	−44.4%	25.1x
2028	25,265	−3.1%	0.4x	1,364	−6.9%	7.6x	1.86	−12.7%	28.7x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	29,089	+0.9%	+12.6%	+13.5%	3.83	−1.9%	+6.3%	+54.2%
2027	26,072	+2.4%	−1.6%	−0.9%	2.13	+6.0%	+18.8%	+30.1%
2028	25,265	+1.3%	−4.2%	−2.5%	1.86	+0.6%	+1.1%	+9.2%

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
	FQ-9	FQ-8	FQ-7	FQ-6	FQ-5	FQ-4	FQ-3	FQ-2	FQ-1	FQ0
Sales reported (mil)	–	–	–	–	–	–	–	–	–	–
Sales mean (mil)	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–
EPS reported	–	–	–	–	–	–	–	–	–	–
EPS mean	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–

FQ0 is the most recent reported quarter, FQ-1 the one before, and so on.

Peer comparison Oil & Gas

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
CTXAY Ampol Limited	6.4B	–	0.3%	2.17x	13.9x	25.1x	5.3x	7.1x
UGP Ultrapar Participacoes SA	6.6B	–	1.9%	1.88x	6.3x	8.8x	2.0x	2.6x
SCR Strathcona Resources Ltd	6.6B	1.30x	9.7%	2.00x	10.1x	9.2x	4.7x	4.3x
LB LandBridge Corporation	6.4B	5.49x	14.8%	18.08x	47.1x	35.8x	32.7x	26.1x
MUR Murphy Oil Corporation	6.3B	0.89x	3.8%	1.20x	11.3x	11.9x	3.5x	3.6x
MGY Magnolia Oil & Gas Corp	6.3B	0.11x	24.5%	2.27x	8.9x	8.3x	4.3x	3.1x
Mean		1.94x	9.2%	4.60x	16.3x	16.5x	8.7x	7.8x
Median		1.09x	6.8%	2.08x	10.7x	10.6x	4.5x	4.0x

Technical analysis

1M−13.5%
3M+6.9%
1Y+37.4%
3Y+54.0%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Ampol Limited, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	20,927	21,579	25,707	26,224	15,161	11,854
Cost of revenue	19,129	20,060	23,714	24,309	13,619	10,926
Gross profit	1,799	1,519	1,993	1,916	1,542	928
Selling, general & administrative expenses	–	–	1,313	1,155	885	1,074
Research & development	–	–	–	–	–	–
Interest expense (income), operating	8.3	−15.2	−19.6	18.4	−9.9	−30.1
Unusual expense (income)	–	–	−4.4	41.1	35.1	366
Other operating expenses	1,480	1,185	0	0	30.4	0
Operating income	310	349	704	701	601	−483
Net interest income (expense)	−190	−206	−193	−74.5	−66.6	−68.5
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−1.0	−0.7	1.2	11.5	−1.2	−7.2
Net income before taxes	119	141	512	638	533	−558
Provision for taxes	27.8	32.8	103	108	128	−189
Minority interest	−36.2	−32.9	−34.7	−34.8	−27.2	−3.9
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	55.0	75.8	374	496	378	−373
Extraordinary items	–	–	0	46.6	28.2	–
Net income	55.0	75.8	374	542	407	−373
EBIT, normalized	465	360	711	784	631	287
EBITDA, normalized	793	659	1,023	1,082	897	612
Basic EPS, normalized	1.27	0.62	2.03	2.20	1.09	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Ampol Limited, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	38.6	76.7	205	85.8	411	283
Receivables	1,300	1,381	1,671	1,771	1,144	720
Total inventory	1,726	1,804	2,037	2,449	1,499	1,042
Prepaid expenses	–	–	–	–	–	–
Other current assets	60.5	83.5	0	0	0	0
Total current assets	3,125	3,345	3,913	4,305	3,055	2,045
Property, plant & equipment	3,765	3,235	3,341	3,145	2,588	2,668
Goodwill	437	418	464	466	295	312
Intangibles	370	435	506	631	72.3	117
Long-term investments	115	220	211	208	134	136
Note receivable	24.2	24.9	78.9	80.5	30.1	35.4
Other long-term assets	276	285	212	252	254	351
Total assets	8,113	7,963	8,726	9,087	6,428	5,666
Liabilities
Accounts payable	–	–	–	–	–	–
Payable/accrued	2,257	2,594	2,877	3,024	1,721	1,181
Accrued expenses	–	82.2	111	115	94.2	76.1
Short-term debt	0	24.7	0	15.3	0	0
Current portion of long-term debt	475	297	201	328	116	123
Other current liabilities	286	117	55.8	243	170	207
Total current liabilities	3,018	3,116	3,245	3,725	2,101	1,588
Long-term debt	2,336	2,201	2,315	2,119	1,528	1,197
Minority interest	278	258	284	285	198	211
Other liabilities	456	432	459	484	369	400
Total liabilities	6,087	6,006	6,303	6,613	4,196	3,395
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	320	297	327	327	348	387
Additional paid-in capital	–	–	–	–	–	–
Retained earnings (accumulated deficit)	1,652	1,528	1,991	2,016	1,828	1,865
Treasury stock	−3.1	−3.5	−3.7	−1.9	−1.1	−1.2
Other equity	56.6	136	110	133	57.2	19.8
Total equity	2,026	1,957	2,424	2,474	2,232	2,271
Total liabilities & shareholders' equity	8,113	7,963	8,726	9,087	6,428	5,666

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Ampol Limited, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	–	–	–	–	–	–
Depreciation, depletion & amortization	–	–	–	–	–	–
Deferred taxes	–	–	–	–	–	–
Non-cash items	–	–	–	–	–	–
Changes in working capital	6.7	7.5	7.1	3.1	0	1.3
Cash from operations	530	566	1,034	619	461	206
Investing activities
Capital expenditures	−468	−424	−367	−259	−211	−125
Other investing cash flows	32.0	−1.8	2.5	−853	−21.1	481
Cash from investing	−436	−426	−365	−1,112	−232	356
Financing activities
Financing cash flow items	−36.6	−32.9	−34.2	89.0	−25.8	−0.9
Cash dividends paid	−71.5	−354	−406	−261	−130	−146
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−28.5	136	−95.3	354	67.7	−154
Cash from financing	−137	−251	−535	182	−87.8	−301
Foreign exchange effects	−1.7	1.2	0.5	−4.4	3.0	−4.5
Net change in cash	−44.0	−109	134	−315	144	256
Free cash flow	62.3	142	666	360	250	81.1

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.