A Business at a Glance
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CASEYS GENERAL STORES INC
CASY
$32.1B
Mkt Cap
$861.63
-1.56%
CASEYS GENERAL STORES INC (CASY) has a current P/E ratio of 53.0, compared to its historical median P/E of 22.6. The stock is currently considered Expensive based on its historical valuation range.
CASEYS GENERAL STORES INC (CASY) has a 5-year average return on invested capital (ROIC) of 12.6%. This indicates solid capital allocation.
CASEYS GENERAL STORES INC (CASY) has a market capitalization of $32.1B. It is classified as a large-cap stock.
Yes, CASEYS GENERAL STORES INC (CASY) pays a dividend with a trailing twelve-month yield of 0.26%. The company also returns capital through share buybacks, with a buyback yield of 0.62%.
Based on historical P/E analysis, CASEYS GENERAL STORES INC (CASY) appears expensive. The current P/E of 53.0 is 134% above its historical median of 22.6. The estimated fair value CAGR (P/E method) is 15.0%.
CASEYS GENERAL STORES INC (CASY) operates in the Retail-Auto Dealers & Gasoline Stations industry, within the Consumer Cyclical sector.
Casey's General Stores operates a network of convenience stores primarily under the Casey's, GoodStop, CEFCO, Bucky's, and Lone Star Food Store banners across 20 states, with approximately 2,904 stores as of April 30, 2025, following the November 2024 acquisition of Fikes Wholesale and Group Petroleum Services. The company derives revenue primarily from retail fuel sales and in-store product offerings—including freshly prepared foods (pizza, donuts, sandwiches), beverages, tobacco, groceries, health and beauty aids, and automotive products—with approximately 71% of stores located in communities with populations under 20,000 persons. Casey's competes on price, location, extended hours, product selection, and service quality; the company owns most of its real estate, operates three distribution centers (in Iowa, Indiana, and Missouri) and a fuel terminal in Waco, Texas, and maintains a fleet of approximately 500 tractors for self-distribution of fuel to stores. The business model is asset-intensive, with the company owning substantially all store locations and distribution infrastructure; fuel represents a significant revenue stream, with approximately 2% of total revenue from a fuel wholesale network serving dealer and non-operated wholesale locations acquired as part of the Fikes transaction. Seasonal demand is strongest in the first and second fiscal quarters (May through October) when warmer weather drives higher fuel and convenience item purchases.
【Integration and synergy realization】 Management expects the Fikes acquisition integration to proceed on track, with early synergies from fuel supply convergence and G&A capture already realized, while the majority of prepared food synergies—representing approximately 40% of total expected synergies—will materialize as CEFCO stores are remodeled with kitchens and converted to the Casey's banner throughout fiscal 2027 and beyond. The company anticipates continued structural tailwinds in grocery categories driven by favorable mix shifts and expects to maintain disciplined pricing discipline in prepared foods while managing promotional activity strategically. Management remains confident in the durability of Casey's business model across varying economic climates and is focused on balancing new-store construction with opportunistic acquisitions to achieve long-term EBITDA growth targets, with store remodels and kitchen installations expected to drive incremental margin accretion as volumes increase in converted locations.
| Metric | Target | Period |
|---|---|---|
| Inside same-store sales | 2% to 5% | FY2027 |
| Inside margin | above 42% | FY2027 |
| Same-store fuel gallons sold | between negative 1% to positive 1% | FY2027 |
| Total operating expenses | approximately 5%-7% | FY2027 |
| EBITDA | between 8%-10% | FY2027 |
| Net interest expense | approximately $95 million | FY2027 |
| Tax rate | approximately 24%-26% | FY2027 |
| Share repurchases | approximately $200 million | FY2027 |
Inside same-store sales (FY2027): “The company expects inside same-store sales to increase 2% to 5% with an inside margin above 42%.”
Inside margin (FY2027): “The company expects inside same-store sales to increase 2% to 5% with an inside margin above 42%.”
Same-store fuel gallons sold (FY2027): “The company expects same-store fuel gallons sold to be between negative 1% to positive 1%.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q2 FY2027 Earnings Call, Q1 FY2027 Earnings Call, Q4 FY2026 Earnings Call, Q3 FY2026 Earnings Call
| Metric | TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 |
|---|---|---|---|---|---|---|
| Revenue | 17.6B | 17.6B | 15.9B | 14.9B | 15.1B | 13.0B |
| Net Income | 714M | 714M | 547M | 502M | 447M | 340M |
| EPS | $19.16 | $19.16 | $14.64 | $13.43 | $11.91 | $9.10 |
| Free Cash Flow | 722M | 722M | 585M | 371M | 405M | 462M |
| ROIC | 13.4% | 13.8% | 12.1% | 13.0% | 12.6% | 11.4% |
| Gross Margin | 97.4% | 97.4% | 97.5% | 97.6% | 97.9% | 97.7% |
| Debt/Equity | 0.62 | 0.62 | 0.71 | 0.54 | 0.63 | 0.75 |
| Dividends/Share | $2.23 | $2.23 | $1.94 | $1.68 | $1.52 | $1.39 |
| Operating Income | 1.0B | 1.0B | 796M | 710M | 639M | 498M |
| Operating Margin | 5.9% | 5.9% | 5.0% | 4.8% | 4.2% | 3.8% |
| ROE | 18.1% | 19.2% | 16.8% | 17.7% | 18.2% | 16.3% |
| Shares Outstanding | 37M | 37M | 37M | 37M | 38M | 37M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 7.8B | 7.1B | 7.5B | 8.4B | 9.4B | 9.2B | 8.7B | 13.0B | 15.1B | 14.9B | 15.9B | 17.6B | 17.6B |
| Gross Margin | 18.5% | 22.7% | 22.4% | 21.1% | 20.9% | 23.4% | 97.0% | 97.7% | 97.9% | 97.6% | 97.5% | 97.4% | 97.4% |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| EBIT | 323M | 389M | 311M | 265M | 319M | 395M | 454M | 498M | 639M | 710M | 796M | 1.0B | 1.0B |
| Op. Margin | 4.2% | 5.5% | 4.1% | 3.2% | 3.4% | 4.3% | 5.2% | 3.8% | 4.2% | 4.8% | 5.0% | 5.9% | 5.9% |
| Net Income | 181M | 226M | 177M | 318M | 204M | 264M | 313M | 340M | 447M | 502M | 547M | 714M | 714M |
| Net Margin | 2.3% | 3.2% | 2.4% | 3.8% | 2.2% | 2.9% | 3.6% | 2.6% | 3.0% | 3.4% | 3.4% | 4.1% | 4.1% |
| Non-Recurring | -585K | 788K | -1.6M | -1.8M | -217K | -2.3M | -5.8M | 2.3M | -3.4M | -2.4M | -8.3M | -3.7M | -3.7M |
| Returns on Capital | |||||||||||||
| ROIC | 13.3% | 14.4% | 10.6% | 11.6% | 9.4% | 10.8% | 13.0% | 11.4% | 12.6% | 13.0% | 12.1% | 13.8% | 13.4% |
| ROE | 22.9% | 23.1% | 15.6% | 25.8% | 15.2% | 17.3% | 17.5% | 16.3% | 18.2% | 17.7% | 16.8% | 19.2% | 18.1% |
| ROA | 7.6% | 8.7% | 6.2% | 9.8% | 5.7% | 6.9% | 7.4% | 6.8% | 7.8% | 8.2% | 7.5% | 8.3% | 8.0% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 349M | 472M | 459M | 420M | 531M | 504M | 804M | 789M | 882M | 893M | 1.1B | 1.4B | 1.4B |
| Free Cash Flow | -12M | 80M | 26M | -158M | 136M | 65M | 363M | 462M | 405M | 371M | 585M | 722M | 722M |
| Owner Earnings | 185M | 294M | 251M | 180M | 270M | 235M | 507M | 447M | 522M | 502M | 639M | 864M | 864M |
| CapEx | 361M | 393M | 433M | 577M | 395M | 439M | 441M | 326M | 477M | 522M | 506M | 656M | 656M |
| Maint. CapEx | 156M | 171M | 198M | 221M | 244M | 251M | 265M | 304M | 313M | 350M | 404M | 450M | 450M |
| Growth CapEx | 205M | 222M | 236M | 356M | 150M | 188M | 176M | 23M | 163M | 172M | 103M | 206M | 206M |
| D&A | 156M | 171M | 198M | 221M | 244M | 251M | 265M | 304M | 313M | 350M | 404M | 450M | 450M |
| CapEx/OCF | 105.6% | 83.2% | 94.4% | 137.5% | 74.4% | 87.0% | 54.9% | 41.4% | 54.0% | 58.5% | 46.4% | N/A | 47.6% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 30M | 34M | 37M | 39M | 41M | 46M | 48M | 51M | 56M | 63M | 72M | 83M | 83M |
| Dividend Yield | 1.1% | 0.9% | 0.8% | 1.0% | 1.0% | 0.8% | 0.7% | 0.7% | 0.7% | 0.6% | 0.5% | N/A | 0.3% |
| Share Buybacks | 0 | 0 | 48M | 215M | 37M | 0 | 0 | 0 | 0 | 105M | 734K | 201M | 201M |
| Buyback Yield | N/A | N/A | 1.1% | 6.2% | 0.8% | N/A | N/A | N/A | N/A | 0.9% | 0.0% | 0.0% | 0.6% |
| Stock-Based Comp | 7.3M | 7.4M | 11M | 19M | 16M | 18M | 32M | 38M | 47M | 41M | 48M | 63M | 63M |
| Debt Repayment | 553K | 15M | 15M | 16M | 16M | 17M | 572M | 189M | 41M | 54M | 239M | 95M | 95M |
| Balance Sheet | |||||||||||||
| Net Debt | 805M | 762M | 846M | 1.3B | 1.3B | 1.3B | 1.0B | 1.5B | 1.3B | 1.4B | 2.2B | 1.9B | 1.9B |
| Cash & Equiv. | 49M | 76M | 77M | 54M | 63M | 78M | 337M | 159M | 379M | 206M | 327M | 523M | 523M |
| Long-Term Debt | 838M | 823M | 907M | 1.3B | 1.3B | 715M | 1.4B | 1.7B | 1.6B | 1.6B | 2.4B | 2.3B | 2.3B |
| Debt/Equity | 0.98 | 0.77 | 0.78 | 1.06 | 0.98 | 0.85 | 0.71 | 0.75 | 0.63 | 0.54 | 0.71 | 0.62 | 0.62 |
| Interest Coverage | 7.8 | 9.7 | 7.5 | 5.2 | 5.7 | 7.4 | 9.7 | 8.7 | 12.3 | 13.3 | 9.5 | 10.7 | 10.7 |
| Equity | 875M | 1.1B | 1.2B | 1.3B | 1.4B | 1.6B | 1.9B | 2.2B | 2.7B | 3.0B | 3.5B | 4.0B | 4.0B |
| Total Assets | 2.5B | 2.7B | 3.0B | 3.5B | 3.7B | 3.9B | 4.5B | 5.5B | 5.9B | 6.3B | 8.2B | 8.9B | 8.9B |
| Total Liabilities | 1.6B | 1.6B | 1.8B | 2.2B | 2.3B | 2.3B | 2.5B | 3.3B | 3.3B | 3.3B | 4.7B | 5.0B | 5.0B |
| Intangibles | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Retained Earnings | 819M | 1.0B | 1.2B | 1.3B | 1.4B | 1.6B | 1.9B | 2.2B | 2.6B | 3.0B | 3.5B | 4.0B | 4.0B |
| Working Capital | -60M | -62M | -77M | -111M | -180M | -676M | 111M | -180M | -6.2M | -124M | -89M | 13M | 13M |
| Current Assets | 305M | 326M | 351M | 397M | 411M | 387M | 724M | 725M | 921M | 830M | 1.0B | 1.4B | 1.4B |
| Current Liabilities | 365M | 388M | 427M | 508M | 591M | 1.1B | 613M | 905M | 927M | 953M | 1.1B | 1.4B | 1.4B |
| Per Share Data | |||||||||||||
| EPS | 4.62 | 5.73 | 4.48 | 8.34 | 5.51 | 7.10 | 8.38 | 9.10 | 11.91 | 13.43 | 14.64 | 19.16 | 19.16 |
| Owner EPS | 4.74 | 7.46 | 6.33 | 4.72 | 7.29 | 6.32 | 13.58 | 11.98 | 13.91 | 13.42 | 17.13 | 23.18 | 23.18 |
| Book Value | 22.39 | 27.47 | 30.05 | 33.35 | 38.07 | 44.22 | 51.76 | 60.01 | 70.94 | 80.67 | 93.99 | 105.98 | 105.98 |
| Cash Flow/Share | 8.92 | 11.98 | 11.59 | 11.01 | 14.34 | 13.57 | 21.53 | 21.12 | 23.52 | 23.89 | 29.22 | 36.94 | 31.23 |
| Dividends/Share | 0.80 | 0.88 | 0.96 | 1.04 | 1.16 | 1.28 | 1.32 | 1.39 | 1.52 | 1.68 | 1.94 | 2.23 | 2.23 |
| Shares Out. | 39.1M | 39.4M | 39.6M | 38.1M | 37.0M | 37.2M | 37.3M | 37.3M | 37.5M | 37.4M | 37.3M | 37.3M | 37.3M |
| Valuation | |||||||||||||
| P/E Ratio | 17.0 | 18.2 | 23.5 | 11.0 | 22.6 | 20.8 | 26.0 | 22.2 | 19.0 | 23.6 | 30.9 | N/A | 45.0 |
| P/FCF | N/A | 51.6 | 161.4 | N/A | 34.0 | 83.8 | 22.4 | 16.3 | 20.9 | 32.0 | 28.9 | N/A | 44.5 |
| EV/EBIT | 11.9 | 12.3 | 15.9 | 17.8 | 18.4 | 17.0 | 19.5 | 18.0 | 14.8 | 18.5 | 23.7 | N/A | 32.9 |
| Price/Book | 3.5 | 3.8 | 3.5 | 2.7 | 3.3 | 3.3 | 4.2 | 3.4 | 3.2 | 3.9 | 4.8 | N/A | 8.1 |
| Price/Sales | 0.4 | 0.5 | 0.6 | 0.5 | 0.5 | 0.6 | 0.8 | 0.6 | 0.5 | 0.7 | 0.9 | N/A | 1.8 |
| FCF Yield | -0.4% | 1.9% | 0.6% | -4.5% | 2.9% | 1.2% | 4.5% | 6.1% | 4.8% | 3.1% | 3.5% | N/A | 2.2% |
| Market Cap | 3.1B | 4.1B | 4.2B | 3.5B | 4.6B | 5.5B | 8.1B | 7.6B | 8.5B | 11.9B | 16.9B | 0 | 32.1B |
| Avg. Price | 72.71 | 98.83 | 112.07 | 105.05 | 114.89 | 152.09 | 175.09 | 192.58 | 211.16 | 265.55 | 388.23 | 0.00 | 861.63 |
| Year-End Price | 78.51 | 104.07 | 105.42 | 91.46 | 124.74 | 147.35 | 218.01 | 202.28 | 225.81 | 317.37 | 452.74 | 0.00 | 861.63 |
CASEYS GENERAL STORES INC passes 4 of 9 quality checks, suggesting mixed fundamentals.
CASEYS GENERAL STORES INC trades at 53.0x trailing earnings, compared to its 15-year median P/E of 22.6x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 46.8x vs a median of 28.9x. The company's 5-year average ROIC is 12.6% with a gross margin of 97.6%. Total shareholder yield (dividends + buybacks) is 0.9%. At current prices, the estimated annualized return to fair value is +30.6%.
CASEYS GENERAL STORES INC (CASY) reported annual revenue of $17.6 billion in its most recent fiscal year, based on SEC EDGAR filings.
CASEYS GENERAL STORES INC (CASY) has a net profit margin of 4.1%. This is a modest margin.
CASEYS GENERAL STORES INC (CASY) generated $722 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
CASEYS GENERAL STORES INC (CASY) has a debt-to-equity ratio of 0.62. This indicates moderate leverage.
CASEYS GENERAL STORES INC (CASY) reported earnings per share (EPS) of $19.16 in its most recent fiscal year.
CASEYS GENERAL STORES INC (CASY) has a return on equity (ROE) of 19.2%. This indicates the company generates strong returns for shareholders.
CASEYS GENERAL STORES INC (CASY) has a 5-year average gross margin of 97.6%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 18 years of financial data for CASEYS GENERAL STORES INC (CASY), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
CASEYS GENERAL STORES INC (CASY) has a book value per share of $105.98, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects the Fikes acquisition integration to proceed on track, with early synergies from fuel supply convergence and G&A capture already realized, while the majority of prepared food synergies—representing approximately 40% of total expected synergies—will materialize as CEFCO stores are remodeled with kitchens and converted to the Casey's banner throughout fiscal 2027 and beyond. The company anticipates continued structural tailwinds in grocery categories driven by favorable mix shifts and expects to maintain disciplined pricing discipline in prepared foods while managing promotional activity strategically. Management remains confident in the durability of Casey's business model across varying economic climates and is focused on balancing new-store construction with opportunistic acquisitions to achieve long-term EBITDA growth targets, with store remodels and kitchen installations expected to drive incremental margin accretion as volumes increase in converted locations.
Based on recent SEC filings and earnings calls, CASEYS GENERAL STORES INC (CASY) has provided the following forward guidance: Inside same-store sales: 2% to 5% (FY2027); Inside margin: above 42% (FY2027); Same-store fuel gallons sold: between negative 1% to positive 1% (FY2027); Total operating expenses: approximately 5%-7% (FY2027); EBITDA: between 8%-10% (FY2027), plus 3 additional metrics.
Total operating expenses (FY2027): “Total operating expenses are expected to increase approximately 5%-7%.”
EBITDA (FY2027): “The company expects EBITDA to increase between 8%-10%, which would imply a 35% increase on a two-year stack basis at the midpoint of the range.”
Net interest expense (FY2027): “Net interest expense is expected to be approximately $95 million.”
Tax rate (FY2027): “The tax rate is expected to be approximately 24%-26% for the year.”
Share repurchases (FY2027): “We anticipate approximately $200 million in share repurchases in fiscal 2027.”
No recent press releases.