Ampol Ltd
ASX: ALD · Energy · Oil & Gas Refining & Marketing
- Market cap
- A$9.3B
- P/E (trailing)
- 75.8
- EPS (FY24)
- $0.51
- Dividend / share
- $2.61
- 52-week range
- –
- Intrinsic value
- A$5.37
Share price
ASX: ALD · AUD
Valuation
Full valuation analysis →Fair-value estimate per share, updated 26 Jul 2026
A$5.37 The median of our 2 model estimates
Well above fair value Trading at 7.2× the estimate. The market is pricing growth or risk that historical figures don't capture.
- EPS growth model
- A$4.28
- P/E multiple
- A$6.45
- Discounted cash flow
- Not available
See how each estimate is built and why the missing models bailed →
Revenue
As reported · financial years
Earnings per share
Diluted · as reported
Profit margins
Gross, operating and net margin by financial year
Poor Net margin of 0.4% in FY24: barely profitable at the bottom line.
Shares outstanding
Diluted · falling means buybacks, rising means dilution
Stable +0.2% year-on-year, -1.2% a year over 10 years: share count has been stable over the long run.
Working-capital days
Days of revenue sitting in receivables (DSO) and days of cost sitting in inventory (DIO)
Steady collections DSO of 23 days vs a 21-day norm: collection times are in line with the historical norm.
Financial health
Latest financial year (FY24)
- Return on equity
- 3.9%
- Weak
- Current ratio
- 1.07
- Comfortable
- Debt to equity
- 1.29
- Elevated
- Interest coverage
- 1.3×
- Stressed
Verdicts are graded against what's normal for the sector (Energy), not a one-size-fits-all bar. Hover a tile for the reasoning.
Dividends per share
Full dividend history →Per financial year, as reported in the accounts
Cash-covered payout 5.1× FY24 earnings paid out: the dividend exceeds accounting earnings but is covered by free cash flow, since non-cash charges hold reported profit below the cash the business generates.
Free cash flow
Cash from operations minus capital spending: what the DCF model projects from
Excellent 187% of FY24 net profit became free cash: free cash flow exceeds reported profit.
Net debt
Borrowings and leases minus cash: the line shows how many years of operating profit (EBIT) would clear it
High leverage Net debt of $4.0B is 8.7× FY24 operating profit: a heavy debt load even for a capital-intensive business.
Five-year snapshot
Figures as reported in the company's filings
| Metric | FY20 | FY21 | FY22 | FY23 | FY24 |
|---|---|---|---|---|---|
| Revenue | $15.2B | $20.9B | $38.2B | $37.7B | $34.8B |
| Net profit | $-484.9M | $560.0M | $795.9M | $549.1M | $122.5M |
| EPS (diluted) | $-1.94 | $2.34 | $3.32 | $2.30 | $0.51 |
| Dividend / share | $0.76 | $0.75 | $1.60 | $2.49 | $2.61 |
| Net margin | -3.2% | 2.7% | 2.1% | 1.5% | 0.4% |
What does Ampol (ALD) do?
Ampol Limited is a petroleum company that sources, processes, moves and sells fuel-related products, tracing its history back to 1900 and running its head office out of Alexandria, Australia. Its footprint reaches beyond Australia into New Zealand, Singapore and the United States, covering everything from securing crude supply through processing it into finished products and getting those products to market. The business traded as Caltex Australia Limited before adopting the Ampol name in May 2020, having previously used the ticker CTX.
The group splits its work across two main arms: a convenience retail arm that sells fuel and related items through its own chain of service stations, and a fuels and infrastructure arm that handles bulk supply of fuel and lubricant products to wholesale buyers. Moving product between these arms and out to end customers relies on a physical network of storage depots, dedicated diesel refueling stops and marine terminals alongside its retail sites. Matthew Halliday serves as CEO, the company has 3,152 full-time employees, and it has traded on the ASX since 1988.
Common questions about ALD
Is ALD undervalued right now? +–
The median of our 2 model estimates puts Ampol Ltd's fair value at A$5.37 per share against a price of A$38.67, 620.8% above the estimate as at 26 Jul 2026. Model estimates are a starting point, not advice. See the full valuation breakdown.
Does ALD pay a dividend? +–
Ampol Ltd paid $2.61 per share in its most recent financial year with a recorded dividend. The dividend history chart above shows the full payout record.
How fast is ALD growing? +–
Revenue has compounded at 9.6% a year over the last five financial years, and 3.9% a year over ten.
What is ALD's P/E ratio? +–
Ampol Ltd trades on a trailing price-to-earnings ratio of 75.8, based on diluted earnings of $0.51 per share in FY24.
How has Ampol (ALD) performed financially, and is it trading above or below estimated fair value?
Ampol's revenue climbed from $19.7B in FY2015 to $34.8B in FY2024, after touching a low of $15.2B in FY2020 and a high of $38.2B in FY2022. Net income followed a choppier path: $521.5M in FY2015, a loss of $484.9M in FY2020, a peak of $795.9M in FY2022, and just $122.5M in FY2024. Diluted EPS mirrored this pattern, moving from $1.93 to a FY2020 loss of $1.94 per share, a FY2022 high of $3.32, and $0.51 in FY2024.
Profitability has thinned over the decade. The net income margin was 2.6% in FY2015, turned negative at -3.2% in FY2020, recovered to 2.7% in FY2022, then fell to just 0.4% in FY2024. Gross margin has ranged between 6.4% (FY2020) and 9.7% (FY2021), while operating margin has stayed in the low single digits throughout, dipping to -3.2% in FY2020 before settling at 1.3% in FY2024.
Against a share price of $33.88 as of 3 July 2026, the valuation models point to considerably lower fair-value estimates: the P/E ratio valuation model puts fair value at $6.39 per share and the EPS growth valuation model at $4.24 per share. The current P/E ratio of 66.43 sits well above the company's own five-year median P/E of 12.52, a gap that reflects the sharply lower FY2024 diluted EPS of $0.51 relative to earlier years.
AI-assisted analysis generated from Craytheon's verified financial data · Updated 4 Jul 2026 · How this works
Data is general information only, not financial advice. Figures are as reported in company filings (some ASX companies report in USD); share prices are AUD.