NASDAQ: CASY · Food Retail
Casey's General Stores, Inc.
Casey's runs 2,944 convenience stores in 19 states, about half in Iowa, Missouri and Illinois, and about 71% in towns of fewer than 20,000 people. It sells fuel, groceries and general merchandise, and prepared food, especially pizza made in store kitchens. Fiscal 2026 (ended April 30, 2026) revenue rose 10% to $17.6 billion, and net income rose 31% to $714 million. Fuel is 60% of revenue but prepared food carries the highest margin (58.6%). The 2024 acquisition of Fikes Wholesale (CEFCO stores in Texas) added 198 stores and a wholesale fuel business. In Q1 of fiscal 2027, diluted EPS rose 28% to $7.37.
Last updated
Analysis last edited: November 6, 2026 · Financial data fetched: October 17, 2026 10:06 (SEC EDGAR) · Source 10-K filed: June 22, 2026
Built on10-K FY2026 · filed 2026-06-2210-Q (quarter ended 2026-07-31) · filed 2026-09-08
Next update expectedAfter FY2027’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
01
At a glanceFrom SEC data
Eight headline measures, each placed among the companies covered on this site.
- Revenue growthCAGRSmooths out year-to-year swings into "grew X% a year on average." Makes growth pace comparable across companies of very different sizes.
- 15.1%
- Operating marginOperating marginHow many cents of operating profit are left per dollar of revenue. Reflects pricing power and cost structure.
- —
- ROIC minus WACCROIC − WACC spreadThe difference between ROIC and WACC. Consistently positive implies value creation; consistently negative implies value destruction.
- —
- Net debt ÷ EBITDAEBITDAOperating income with D&A added back. A rough proxy for cash-generating power that’s less distorted by capital intensity, depreciation method, or financing/tax differences than net income.
- —
- Cash conversionOperating CF ÷ net income (cash conversion)How much of reported profit shows up as actual cash. 1x or higher means profit is backed by cash.
- 1.93x
- Dividend raisesDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year).
- 1 of 5
- P/E todayP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing.
- 32.2x
- Betaβ (beta)How much a stock moves, on average, for a 1% move in the overall market. Above 1 means more volatile than the market, which raises the return shareholders require. This site computes it from about 2.5 years (roughly 130 weeks) of weekly returns, built from Yahoo Finance daily prices, regressed against an S&P 500 ETF (SPY) as the market proxy, then applies the well-known long-run mean-reversion adjustment (0.67 × β + 0.33) as the WACC default.
- 0.63
Higher than 81% of 372 non-financial companies
Average yearly growth over the years shown
Latest fiscal year (FY2026)
Return on capital above (or below) its estimated cost
Below 0 means more cash than debt
Higher than 71% of 349 non-financial companies
Operating cash flow ÷ net income
Years the dividend per share rose, of the last 5
Latest close 2026-11-04; trailing 12 months to 2026-07-31
Above 1 = moves more than the market
Each marker shows where this company sits among the non-financial companies covered on this site, not all listed companies (left = lowest, right = highest). A high position is not automatically good — for net debt ÷ EBITDA, higher means more debt. Details and formulas are in the sections below and in How to read this.
02
Valuation todayFrom SEC data
Price-based measures at the latest close, next to the same measures at the last fiscal year-end.
Share price$675.03close on 2026-11-04
Market cap$24.91B
- P/EP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing. today
- 32.2x
- P/BP/BShare price ÷ book value per share. Below 1x means the market values the company below its accounting net worth. This site uses the closing price nearest the fiscal year-end and highlights sub-1x readings. today
- 6.3x
- EV/EBITDAEV/EBITDAEnterprise value (≈ market cap + interest-bearing debt − cash) as a multiple of EBITDA — roughly, "how many years of EBITDA to buy the whole company." Lower is generally viewed as cheaper, and it’s more comparable than P/E across companies with different debt loads or depreciation policies. This site excludes noncontrolling interests from the EV calculation. today
- —
- FCF yieldFree cash flow (FCF)Operating CF minus capital expenditures — cash generated by the business after funding its own investment, available for dividends, buybacks, acquisitions, or debt paydown. Acquisitions and securities purchases (also in investing CF) are not subtracted, so FCF can be positive in a year when total investing CF exceeds operating CF. today
- 2.9%
- Dividend yieldDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year). today
- 0.3%
At FY2026 year-end: 42.9x
Earnings: trailing 12 months to 2026-07-31
At FY2026 year-end: 7.7x
Book value at FY2026 year-end
At FY2026 year-end: —
EBITDA for FY2026
At FY2026 year-end: 2.4%
Free cash flow for FY2026
Dividends per share for FY2026
“Today” uses the latest closing price (2026-11-04, Yahoo Finance daily closing prices) and shares outstanding at the last fiscal year-end. The rest of this page — including the financial table and ROIC vs. WACC — uses fiscal year-end prices. These are reference figures, not a judgment of whether the stock is cheap or expensive.
03
What changed since last earningsFrom SEC data
The latest reported quarter against the same quarter a year earlier, the balance sheet against the previous quarter-end, and what management said in its latest earnings release.
Quarter ended Jul 31, 2026.
- Revenue$4.57B → $5.68B (vs. a year earlier)↑ +24.3%$4.57B → $5.68B (vs. a year earlier)
- Net income$215M → $274M (vs. a year earlier)↑ +27.1%$215M → $274M (vs. a year earlier)
- Diluted EPS$5.77 → $7.37 (vs. a year earlier)↑ +27.7%$5.77 → $7.37 (vs. a year earlier)
- Cash$523M → $524M (vs. previous quarter-end)→ +0.2%$523M → $524M (vs. previous quarter-end)
- Long-term debt$2.32B → $2.43B (vs. previous quarter-end)↑ +4.7%$2.32B → $2.43B (vs. previous quarter-end)
Source: Form 10-Q ↗ (SEC XBRL). Long-term debt is the tagged long-term debt figure and leaves out short-term borrowings.
From the earnings release of Sep 8, 2026.
Management outlook → Reaffirmed
Fiscal 2027 outlook unchanged. Source sentence
The Company's fiscal 2027 outlook previously disclosed remains unchanged.
Key changes
Inside same-store sales up 3.2%. Source sentence
Inside same-store sales increased 3.2% compared to prior year, and 7.7% on a two-year stack basis, with an inside margin of 42.2%.
Fuel gross profit up 19.6% to $446.9M. Source sentence
Total fuel gross profit increased 19.6% to $446.9 million compared to the prior year.
Written by AI. A line appears only if its figures and direction match the quoted sentence, which an automatic check confirms. Companies' outlooks are their own and may not be met. Read the release ↗
04
Company profileFrom SEC dataShow
- Legal name
- CASEYS GENERAL STORES INC
- Headquarters
- ANKENY, IA
- Incorporated in
- Iowa
- Fiscal year end
- 04/30
- Exchange & ticker
- NASDAQ: CASY
- Industry
- Food Retail
- CIK
- 726958
- Website
- https://www.caseys.com/ ↗
Workforce (as of FY2026 year-end)
Employees
49,848
Source: Form 10-K (FY2026) cover page and business description
05
Earnings calendarFrom SEC dataShow
When the company reports each quarter: the quarter-end date, the day results were released, and when the 10-Q or 10-K was filed.
Next report
Q2 FY2027
Quarter end: October 2026. In past years, Q2 results were released 39–41 days after quarter end (Dec 9, 2025; Dec 9, 2024; Dec 11, 2023). No date has been announced in the sources this site uses.
Reporting pattern
- Fiscal year ends around April 30.
- Reports four times a year: three quarterly reports (10-Q) and an annual report (10-K) for Q4.
- Earnings releases came 35–42 days after quarter end over the last 12 quarters.
| Quarter | Quarter ended | Earnings release (8-K) | Report filed (10-Q / 10-K) |
|---|---|---|---|
| Q1 FY2027 | Jul 31, 2026 | Sep 8, 2026 (+39 days) | Sep 8, 2026 10-Q (+39 days) |
| Q4 FY2026 | Apr 30, 2026 | Jun 9, 2026 (+40 days) | Jun 22, 2026 10-K (+53 days) |
| Q3 FY2026 | Jan 31, 2026 | Mar 9, 2026 (+37 days) | Mar 9, 2026 10-Q (+37 days) |
| Q2 FY2026 | Oct 31, 2025 | Dec 9, 2025 (+39 days) | Dec 9, 2025 10-Q (+39 days) |
| Q1 FY2026 | Jul 31, 2025 | Sep 8, 2025 (+39 days) | Sep 8, 2025 10-Q (+39 days) |
| Q4 FY2025 | Apr 30, 2025 | Jun 9, 2025 (+40 days) | Jun 23, 2025 10-K (+54 days) |
| Q3 FY2025 | Jan 31, 2025 | Mar 11, 2025 (+39 days) | Mar 11, 2025 10-Q (+39 days) |
| Q2 FY2025 | Oct 31, 2024 | Dec 9, 2024 (+39 days) | Dec 9, 2024 10-Q (+39 days) |
| Q1 FY2025 | Jul 31, 2024 | Sep 4, 2024 (+35 days) | Sep 4, 2024 10-Q (+35 days) |
| Q4 FY2024 | Apr 30, 2024 | Jun 11, 2024 (+42 days) | Jun 24, 2024 10-K (+55 days) |
| Q3 FY2024 | Jan 31, 2024 | Mar 11, 2024 (+40 days) | Mar 11, 2024 10-Q (+40 days) |
| Q2 FY2024 | Oct 31, 2023 | Dec 11, 2023 (+41 days) | Dec 11, 2023 10-Q (+41 days) |
Source: SEC EDGAR filing history. Release dates are the dates the earnings release was furnished to the SEC on Form 8-K (Item 2.02), which is normally the day results are announced. For a quarter whose 10-Q or 10-K isn’t filed yet, the date is the latest Item 2.02 8-K since the previous report, which may be a preliminary or other results-related update. Fiscal years are labeled by the calendar year in which they end.
06
Flagship products & servicesSite analysis
Prepared food
Pizza and prepared food
Examples: Whole pizza, hot sandwiches, bakery, dispensed beverages
$1.78B of revenue; 58.6% margin.
Grocery
Grocery and general merchandise
Examples: Snacks, beverages, tobacco and nicotine
$4.56B.
Fuel
Gasoline and diesel
Examples: Retail fuel at stores
$10.6B.
From the FY2026 Form 10-K.
U.S. and worldwide share of flagship products/services
The filings reviewed give no market share figure for the company's products or services.
Reviewed: Form 10-K (FY2026) · Form 10-Q (quarter ended 2026-07-31)
07
Recent strategic focusSite analysis
Fiscal 2026 from the 10-K, and fiscal 2027 events from the Q1 earnings release and 8-Ks.
Q1 fiscal 2027 results
Diluted EPS $7.37 (+27.7%), net income $273.7M; inside same-store sales +3.2%; fuel gross profit +19.6%.
Source: Q1 FY2027 earnings release (8-K filed 2026-09-08)
Strategic plan
Released a new three-year strategic plan in June 2026.
Source: Q1 FY2027 earnings release
Board
Stanley Sutula III joined the board in June 2026.
Source: 8-K filed 2026-06-08
Capex ÷ D&A (FY2026)
1.46x
Well above depreciation — expansion-stage investment
formulacapital expenditures ÷ depreciation & amortization
e.g.$656M ÷ $450M = 1.46x
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
M&A spend (6-year total)
$2.71B
Latest year: $142M
Cash-flow-statement spending on acquisitions, net of cash acquired
Where the money goes, over time
Unit: $M. Capex went from $441M in FY2021 to $656M in FY2026
- Capex
- M&A spend
formulacapital expenditures ÷ depreciation & amortization
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-06-22
08
Key figures at a glanceFrom SEC data
FY2021–FY2026, 6 years.
Revenue (FY2026)
$17.56B
As reported in the 10-K
Revenue CAGR (5 years)
+15.1%▲favorable
formula(last-period revenue ÷ first-period revenue) ^ (1 ÷ years) − 1
e.g.($17,561M ÷ $8,707M) ^ (1÷5) − 1 = 15.1%
termsCAGR · ^ (exponent) · Revenue (net sales)
Operating margin (FY2026)
—
formulaoperating income ÷ revenue × 100
ROE (FY2026)
19.2%▲favorable
6-year average: 17.4%
As reported in the 10-K
P/B (FY2026 end)
7.68x
formulafiscal year-end closing price ÷ book value per share
e.g.$822.15 ÷ $107.08 = 7.68x
Period-end (fiscal year-end) value, not today's P/B
EV/EBITDA (FY2026 end)
—
formula(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization)
termsEV/EBITDA · Market capitalization · Interest-bearing debt · EBITDA · Depreciation & amortization (D&A)
Period-end (fiscal year-end) value, not today's multiple
- ▲
Revenue grew +15.1% a year over 5 years (strong growth)
From $8.71B in FY2021 to $17.56B in FY2026. The annualized rate (CAGR) makes it possible to compare growth pace across companies of different sizes.
- ―
Equity ratio is 44.2% (a middling level)
The share of total assets funded by equity rather than debt. 50%+ is often read as low bankruptcy risk, though the right level varies by industry (real estate and leasing run lower, for instance).
- ▲
Free cash flow was positive in 6 of 6 years
Operating cash flow minus capital expenditures: the cash left over after funding the business’s own investment, available for dividends, buybacks, acquisitions, or debt paydown. A negative year can mean heavy investment, or weak core earnings — worth distinguishing.
- ▲
ROE averaged 17.4% over 6 years (latest: 19.2%)
How much profit was generated on shareholders’ equity. Roughly 10%+ is often cited as solid for a U.S. company, though this varies a lot by industry and capital intensity.
09
Business modelSite analysis
Business Model Canvas
The whole company in nine blocks. Left side: how it delivers (partners, activities, resources, costs). Right side: who it serves and how it earns. Every entry comes from the company’s filings shown on this page.
08 · who helps
Key partners
No partners or suppliers named in the filings.
07 · what it does
Key activities
- Making pizza and other food in store kitchens
- Selling fuel and convenience goods
- Wholesale fuel (from Fikes)
06 · what it draws on
Key resources
- 2,944 stores (most owned)
- Three distribution centers and its own fuel and grocery drivers
- 23,490 full-time and 26,358 part-time team members
02 · why customers buy
Value propositions
- Fuel, groceries and made-to-order prepared food in small and mid-sized communities; Casey's competes on price, location and convenience.
04 · how it keeps them
Customer relationships
- Frequent, repeat visits by local customers, supported by its rewards program and app.
03 · how it reaches them
Channels
- Company-operated convenience stores, plus a wholesale fuel network supplying dealer sites.
01 · who it serves
Customer segments
- Consumers, mainly in small towns in the Midwest and South
09 · where money goes
Cost structure
FY2026, share of revenue ($17.56B)
- Cost of revenue75.4%
Depreciation & amortization (inside the costs above): $450M. Capital spending: $656M.
Source: Form 10-K income statement and cash-flow statement (SEC XBRL).
05 · how money comes in
Revenue streams
- Fuel sales
- Grocery and general merchandise
- Prepared food and dispensed beverages
Value propositions, channels and customer relationships: Form 10-K (FY2026)
Company-operated stores selling fuel, groceries, beverages, tobacco and nicotine products, and made-to-order prepared food, supplied by Casey's own distribution centers and fuel trucks.
01 what it draws on
Inputs & resources
- 2,944 stores (most owned)
- Three distribution centers and its own fuel and grocery drivers
- 23,490 full-time and 26,358 part-time team members
02 what it does
Activities
- Making pizza and other food in store kitchens
- Selling fuel and convenience goods
- Wholesale fuel (from Fikes)
03 who it serves
Customers
- Consumers, mainly in small towns in the Midwest and South
04 how money comes in
How it earns
- Fuel sales
- Grocery and general merchandise
- Prepared food and dispensed beverages
How the business makes money
- Fiscal 2026 revenue less cost of goods: fuel $1.50B, grocery and merchandise $1.64B, prepared food $1.04B.
- Prepared food revenue grew 10.2% with same-store sales up 5.2%.
Government & regulation around the business
Non-market factors from the company’s filings: what governments and regulators fund, buy, set, approve or restrict, and which part of the flow above each one touches.
Casey’s pays card fees tied to sales values.
Regulated prices & reimbursement
Card interchange fees
Pays interchange and other fees on card payments, which it has little control over.
Constrains the businessTouches: Inputs & resourcesSource: Form 10-K (FY2026)
Revenue by segment (FY2026 (ended Apr 30, 2026))
Unit: $M — bar length = revenue, (%) = share of total company revenue, margin = segment profit ÷ segment revenue × 100
Fuel
10,615 (60%)profit 1,497 · margin 14.1%
Grocery and general merchandise
4,564 (26%)profit 1,635 · margin 35.8%
Prepared food and dispensed beverage
1,777 (10%)profit 1,041 · margin 58.6%
Other (wholesale fuel, car wash, lottery)
605 (3%)profit 148 · margin 24.5%
Source: Form 10-K (FY2026) — revenue by category Casey's reports one segment; these are its revenue categories. Profit is revenue less cost of goods sold (excluding depreciation), before store operating costs.
10
Contract structureSite analysisShow
Short-term or spot sales carry different earnings quality than long-term or auto-renewing contracts — this shows how the company actually contracts with its customers.
Casey's sells directly to consumers in its stores. Most leased store sites have 10- to 20-year leases with renewal options.
Retail sales
$17.6B (fiscal 2026)
Typical term: Point-of-sale purchases
Fuel margin 47.8 cents per gallon in Q1 fiscal 2027.
Source: Form 10-K (FY2026)
11
Customers & suppliersSite analysis
Who the company sells to and buys from. Companies rarely name either, so named counterparties come only from the company's own filings and press releases; otherwise this lists the concentration figures the 10-K discloses.
Customers
Individual consumers, mainly in small and mid-sized communities.
Named by the company
None named in the 10-K or the company’s press releases.
What the filings disclose
- About 71% of stores are in areas with populations under 20,000. (Form 10-K (FY2026), Item 1)
Suppliers
Fuel and grocery suppliers; Casey's runs its own distribution centers and fuel trucks.
Named by the company
None named in the 10-K or the company’s press releases.
12
Competitors & peersSite analysis
Competitors the 10-K names, and the peer group the company itself chose in its proxy statement. Nothing here is this site's own pick.
Casey's 10-K describes competitors by type — local grocery and convenience stores, dollar stores, restaurants and fuel stations, and in larger towns national grocery and drug chains — without naming companies.
Competitors named in the 10-K
Casey's 10-K describes competitor types but doesn't name them.
Peer group the company chose
Fiscal 2026 Compensation Peer Group, from the proxy statement. Peers are companies the board considers comparable — for example when setting executive pay — not necessarily direct competitors.
19 companies in similar businesses (retail, convenience, multi-outlet) or selling similar products (fuel, food, groceries).
- Advance Auto Partssite ↗
- AutoZonesite ↗
- BJ's Wholesale Clubsite ↗
- Chipotle Mexican Grillsite ↗
- Darden Restaurantssite ↗
- Dollar Generalsite ↗
- Dollar Treesite ↗
- Domino's Pizzasite ↗
- Genuine Partssite ↗
- Murphy USAsite ↗
- O'Reilly Automotivesite ↗
- Restaurant Brands Internationalsite ↗
- SpartanNashsite ↗
- Sprouts Farmers Marketsite ↗
- Sunoco LPsite ↗
- Tractor Supplysite ↗
- United Natural Foodssite ↗
- US Foodssite ↗
- Yum! Brandssite ↗
Company names link to this site’s analysis where one exists; “site ↗” opens the company’s own website.
13
M&A historySite analysisShow
Companies acquired over the last five years, plus older large acquisitions that still anchor a current business — what each was bought to do, and what happened afterward. From the 10-K, 8-Ks, and the company's press releases.
Casey's grows by building and acquiring stores.
Cash spent on acquisitions, FY2021–FY2026: $2.71B
Fiscal 2025
Fikes Wholesale and Group Petroleum Services (CEFCO Convenience Stores)
Not shown here
Added 198 stores, a wholesale fuel network, a fuel terminal in Waco and offices in Temple, Texas.
- Stated purpose (company)
- Not stated.
Source: Form 10-K (FY2026)
14
Six years of financialsFrom SEC data
Each chart's axis holds a single unit (never mixing dollars, %, and $/share). The table's per-period header links to the filing the numbers came from.
Revenue over time
Unit: $M
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-06-22
Profit over time (operating → net)
Unit: $M
- Net income
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-06-22
Margins over time
Unit: %
- Operating margin
- Net margin
formulaoperating income ÷ revenue × 100
formulanet income attributable to the company ÷ revenue × 100
Cash flow over time
Unit: $M (below zero = cash went out)
- Operating CF
- Investing CF
- Free CF
formulacash flow from operations − capital expenditures
termsFree cash flow (FCF) · Cash flow from operations (operating CF) · Capital expenditures (capex)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-06-22
Financial stability & capital efficiency
Unit: %
- Equity ratio
- ROE
formulatotal equity ÷ total assets × 100 (as reported in the 10-K)
termsStockholders’ equity · Total assets
formulanet income ÷ average equity (beginning + ending, ÷2) × 100 (as reported in the 10-K)
termsNet income (attributable to the company) · Stockholders’ equity
Earnings per share (EPS) and dividend per share
Unit: $
- EPS
- Dividend per share
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-06-22
| Line item | FY202110-K on EDGAR ↗ | FY202210-K on EDGAR ↗ | FY202310-K on EDGAR ↗ | FY202410-K on EDGAR ↗ | FY202510-K on EDGAR ↗ | FY202610-K on EDGAR ↗ |
|---|---|---|---|---|---|---|
| Income statement ($M) | ||||||
| Revenue | 8,707 | 12,953 | 15,094 | 14,863 | 15,941 | 17,561 |
| Net income (attributable) | 313 | 340 | 447 | 502 | 547 | 714 |
| Revenue growthcalc(this year’s revenue − last year’s revenue) ÷ last year’s revenue × 100 | — | 48.8% | 16.5% | -1.5% | 7.3% | 10.2% |
| Net margincalcnet income attributable to the company ÷ revenue × 100 | 3.6% | 2.6% | 3.0% | 3.4% | 3.4% | 4.1% |
| Balance sheet ($M) | ||||||
| Total assets | 4,460 | 5,506 | 5,943 | 6,347 | 8,208 | 8,936 |
| Total equity | 1,933 | 2,241 | 2,661 | 3,015 | 3,509 | 3,952 |
| Interest-bearing debtSum of short- and long-term borrowings, notes/bonds payable | 1,364 | 1,688 | 1,673 | 1,636 | 2,509 | 2,432 |
| Equity ratio | 43.3% | 40.7% | 44.8% | 47.5% | 42.7% | 44.2% |
| ROE | 16.2% | 16.3% | 18.2% | 17.7% | 16.8% | 19.2% |
| Cash flow ($M) | ||||||
| Operating CF | 804 | 789 | 882 | 893 | 1,091 | 1,378 |
| Investing CF | -444 | -1,158 | -545 | -825 | -1,727 | -755 |
| Financing CF | -101 | 192 | -117 | -240 | 756 | -426 |
| Free cash flowcalccash flow from operations − capital expenditures | 363 | 462 | 405 | 371 | 585 | 722 |
| Cash and equivalents | 337 | 159 | 379 | 206 | 327 | 523 |
| Per share & other | ||||||
| EPS ($) | 8.38 | 9.10 | 11.91 | 13.43 | 14.64 | 19.16 |
| BVPS ($) | 52.31 | 60.38 | 71.40 | 81.48 | 94.52 | 107.08 |
| Dividend per share ($) | 1.32 | 1.39 | 1.52 | — | 2.00 | 2.28 |
| Payout ratiocalcdividend per share ÷ diluted EPS × 100 | 15.8% | 15.3% | 12.8% | — | 13.7% | 11.9% |
| P/E (x) | 26.5 | 22.1 | 19.2 | 23.8 | 31.6 | 42.9 |
| P/B (x)calcfiscal year-end closing price ÷ book value per share | 4.25 | 3.33 | 3.20 | 3.92 | 4.89 | 7.68 |
P/B and EV/EBITDA use each period’s period-end (fiscal year-end) figures, not the current share price. Figures without a "calc" tag are as reported in the Form 10-K (the consolidated financial statements and, for older years, earlier 10-Ks), pulled automatically from SEC EDGAR. Where a later filing restated a prior period, the restated figure is used.
Last 8 quarters
Three-month figures from 10-Q filings. Change is versus the same quarter a year earlier. Newest quarter on top.
| Quarter ended | Revenue | Net income | Diluted EPS |
|---|---|---|---|
| 2026-07-31 | $5.68B+24.3% | $274M+27.1% | $7.37 |
| 2026-04-30 † | $4.57B+14.5% | $163M+65.5% | — |
| 2026-01-31 | $3.92B+0.3% | $130M+49.3% | $3.49 |
| 2025-10-31 | $4.51B+14.2% | $206M+14.0% | $5.53 |
| 2025-07-31 | $4.57B | $215M | $5.77 |
| 2025-04-30 † | $3.99B | $98M | — |
| 2025-01-31 | $3.9B | $87M | $2.33 |
| 2024-10-31 | $3.95B | $181M | $4.85 |
† Fourth quarter = the 10-K’s annual figure minus the first three quarters; quarterly EPS isn’t derived this way because share counts change during the year.
15
Is ROIC above WACC?From SEC data
ROIC (the return on money invested in the business) above WACC (the cost of raising that money) means the company is creating value. WACC is an estimate, so its assumptions can be adjusted below.
Not enough data (operating income, equity, etc.) to compute ROIC/WACC.
16
What the price implies (DCF)From SEC data
A company's value can be written as its free cash flow divided by (cost of capital − perpetual growth). Working that backwards from the market's valuation shows how much growth the share price assumed — compared here with the company's actual past growth.
Growth the price implies (price on 2026-11-04)
5.3%
Perpetual FCF growth: g = r − FCF ÷ EV = 8.0% − 2.7%
Past FCF growth (FY2021–FY2026)
+14.7%
Compound annual rate, 5 years
Past revenue growth (FY2021–FY2026)
+15.1%
Compound annual rate, 5 years
Inputs (FY2026): free cash flow $722M (operating CF − capex); enterprise value $26.82B = market cap $24.91B (latest close, 2026-11-04) + debt $2.43B − cash and short-term investments $523M; r = WACC of 8.0% using this page’s default assumptions (β 0.63, risk-free 5.0%, market premium 5.5%).
Three WACC scenarios
The same calculation under cautious, base and optimistic cost-of-capital assumptions (risk-free rate fixed at the 10-year Treasury yield). Pick one to load it into the sliders below.
Try your own assumptions
V = FCF ÷ (r − g). It starts at the implied growth rate, where the theoretical value equals today’s enterprise value.
Theoretical enterprise value
$26.73B
FCF $722M ÷ (8.0% − 5.3%)
Theoretical ÷ actual enterprise value
1.00x
Below 1x: these assumptions value the business below the market did
How sensitive the answer is
Theoretical ÷ actual enterprise value for each combination of r and g.
| g \ r | 6.0% | 7.0% | 8.0% | 9.0% | 10.0% |
|---|---|---|---|---|---|
| 0% | 0.45x | 0.38x | 0.34x | 0.30x | 0.27x |
| 2% | 0.67x | 0.54x | 0.45x | 0.38x | 0.34x |
| 4% | 1.35x | 0.90x | 0.67x | 0.54x | 0.45x |
| 6% | — | 2.69x | 1.35x | 0.90x | 0.67x |
| 8% | — | — | — | 2.69x | 1.35x |
A simplified model for seeing what the market price assumes, not a forecast or a target price. It treats free cash flow as growing at one constant rate forever; the result swings widely with small changes in r and g, and is undefined when g reaches r. Free cash flow here is operating cash flow minus capex, which is after interest — a full DCF of enterprise value would use cash flow before interest. Market cap uses the latest close (2026-11-04) × shares at fiscal year-end; free cash flow and WACC inputs are from the latest fiscal year.
17
Earnings qualityFrom SEC dataShow
The same reported profit can mean different things depending on whether it's backed by cash, driven by the core business, or the result of a one-off item. Four checks below.
- ✓
Operating CF ÷ net income: averages 2.09x
Profit is backed by cash coming in.
- ✓
Accrual ratio (latest): -7.7%
A small share of profit rests on accounting estimates.
Operating CF vs. net income
Unit: $M — operating CF above net income means profit is backed by cash
- Operating CF
- Net income
formulacash flow from operations ÷ net income attributable to the company
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formula(net income − operating CF) ÷ average total assets × 100
termsNet income (attributable to the company) · Cash flow from operations (operating CF) · Total assets
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-06-22
Receivables & inventory days
Unit: days — days grow when receivables or inventory build up faster than sales
- Days inventory outstanding
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
termsInventory · Cost of revenue (COGS)
Worked examples (latest period)
formulacash flow from operations ÷ net income attributable to the company
e.g.$1,378M ÷ $714M = 1.93x
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formulaoperating income ÷ income before income taxes × 100
termsOperating income · Income before income taxes (pretax income)
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
e.g.($480M + $557M) ÷ 2 ÷ $13,240M × 365 = 14 days
termsInventory · Cost of revenue (COGS)
18
Who holds the sharesFrom SEC dataShow
How much of the stock large institutional investors report owning on SEC Form 13F, how much the directors and executive officers hold (and how much of the vote they control), and roughly how much is left for individual investors. Shown next to beta so the holder mix can be read alongside how much the stock swings.
Institutions, insiders and everyone else, 13F holdings as of 2026-06-30
“Everyone else” is what remains after shares reported on Form 13F and shares held by directors and executive officers: mostly individual investors, plus non-insider families or foundations and smaller or foreign institutions. The figures have different dates and 13F reports count some shares twice — read it as an approximate split.
- Held by 13F filers
- 89.3%
- Directors & officers (shares)
- <1%
- Everyone else (est.)
- 10.7%
- Directors & officers (voting power)
- <1%
- Institutional-ownership rank
- 202 of 416
- Beta (adjusted)
- 0.63
individuals and other non-13F holders
no separate voting figure; shown as shares
1 = most institutional; 48% of covered companies have more
above 1 = swings more than the market
- 33.0M shares reported by 1,082 13F filers ÷ 37.0M shares outstanding on 2026-06-16. Option positions are excluded.
- Directors and executive officers as a group, from the proxy statement’s beneficial-ownership table; includes shares they can acquire within 60 days.
- A large “everyone else” share can still reflect a family, trust or foundation stake held outside the board; check the proxy statement’s 5% holders.
Sources: SEC Form 13F data set (holdings as of 2026-06-30) · Form DEF 14A filed 2026-07-22 (beneficial ownership table) · Form 10-K cover page (shares outstanding as of 2026-06-16)
19
Strengths & weaknessesSite analysis
Strengths
1. Prepared food advantage
Prepared food earned $1.04B of gross profit at a 58.6% margin in fiscal 2026.
Evidence: Form 10-K (FY2026)
2. Small-town footprint
About 71% of stores are in towns of fewer than 20,000 people, where the 10-K says competitors are mainly local grocery and convenience stores and dollar stores.
Evidence: Form 10-K (FY2026), Item 1
3. Growth and dividends
EPS rose from $9.10 (fiscal 2022) to $19.16 (fiscal 2026); dividends declared rose to $2.28 per share.
Evidence: SEC EDGAR XBRL; Form 10-K (FY2026)
Weaknesses
1. Fuel dependence
Fuel is 60% of revenue, and fuel margins and gallons depend on prices and driving demand; same-store gallons fell 0.3% in Q1 fiscal 2027.
Evidence: Form 10-K (FY2026); Q1 FY2027 earnings release
20
What draws investors to itSite analysis
Why the stock can look attractive to investors — each point paired with what has to hold for it to stay true, and the opposing view. This is this site's analysis, not a recommendation to buy or sell.
P/E (FY2026)
42.9x
Price at fiscal year-end ÷ diluted EPS
Dividend yield (FY2026)
0.28%
Dividends per share ÷ fiscal year-end price
Payout ratio (FY2026)
12%
Dividends per share ÷ diluted EPS
FCF yield (FY2026)
2.4%
(Operating CF − capex) ÷ market cap
1. Food-driven convenience retailer
High-margin prepared food and steady store growth have doubled EPS over four years.
- What has to hold
- Food and inside sales keep growing.
- The other side
- Results still depend heavily on fuel margins.
Evidence: Form 10-K (FY2026); SEC EDGAR XBRL
These summarize facts in Casey's filings, not a recommendation.
21
ResilienceSite analysisShow
How well the company could absorb a bad year: its financial buffer, how its revenue and profit held up in the worst year on record, and what the 10-K says about the business's exposure to shocks. Figures and filing statements only — no overall rating.
1. Financial buffer (FY2026)
Cash & short-term investments ÷ debt due within a year
5.2x
$523M vs. $101M
Interest coverage (operating income ÷ interest expense)
Not disclosed
The income statement has no operating income line.
Free cash flow ÷ dividends paid
8.7x
$722M vs. $83M (FCF = operating CF − capex)
2. Worst year in the record, and the recovery
| Figure | Worst year-over-year change | Back to the prior level? |
|---|---|---|
| Revenue | -1.5% in FY2024 ($15.09B → $14.86B) | Yes, by FY2025 |
Covers only the 6 fiscal years on record (FY2021–FY2026), which may not include a full recession — the worst year here isn’t necessarily how the company would fare in a severe downturn.
3. Business resilience (from the 10-K)
Cash generation
Operating cash flow $1.38B in fiscal 2026.
Source: SEC EDGAR XBRL
Dividend record
Casey's has paid cash dividends since fiscal 1991.
Source: Form 10-K (FY2026), Item 5
22
Legal & regulatory mattersSite analysisShow
Lawsuits, government investigations, enforcement actions and settlements the company discloses — where each stands, what is at stake, and what comes next. From the 10-K's Legal Proceedings and contingencies note, the latest 10-Q, and 8-Ks.
Casey's reports ordinary-course disputes. Its only named matters are two store-manager overtime suits, settled for an immaterial amount.
0 open matters · 1 settled or closed
Store manager FLSA misclassification suits
SettledClass actionWhite v. Casey's General Stores (N.D. Ind.); Kessler v. Casey's Marketing Co. (S.D. Ill.)
The suits alleged store managers were misclassified as exempt under the FLSA. Both were settled for an amount not material to Casey's, without admitting wrongdoing. The courts approved the settlements in the quarter, and funds are being distributed.
Source: Form 10-Q (quarter ended 2026-07-31) — Legal Proceedings
Company statement: Casey's believes the disposition of pending or threatened matters will not have a material adverse effect on its financial position and results.
Based on Form 10-Q (quarter ended 2026-07-31) — Legal Proceedings, reviewed 2026-10-18. Routine ordinary-course claims are not listed. “Major” is this site’s judgment of which matters could materially affect results.
23
Risks (including geopolitical)Site analysis
Starting from the 10-K's Risk Factors section, organized by category — geopolitical, currency, raw materials, regulatory, disaster, and more — with impact and likelihood assessed by this site.
Risk map
Vertical = impact on results, horizontal = likelihood. Upper right = most severe. Numbers match the list below (placement is this site’s own assessment).
Likelihood →
"Company disclosure" vs. "this site’s assessment"
The description and mitigation for each risk are this site’s summary of the 10-K’s "Risk Factors" section. Impact and likelihood are this site’s own assessment, not the company’s — where the company discloses its own likelihood assessment, that is noted in the summary.
Impact is judged from how large the affected business is relative to total revenue/profit, and from the risk’s track record of moving results in the past. Likelihood is judged from the filing’s wording and the current business environment (already occurring, or recurring). See the rating criteria.
- 1Competition & technology shift
Retail competition
- Company disclosure (summarized from the 10-K)
- Competes with local grocery and convenience stores, dollar stores, restaurants and fuel stations, and in larger towns with national grocery and drug chains and online retailers.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood High
- 2Raw materials & energy
Fuel price swings
- Company disclosure (summarized from the 10-K)
- Fuel revenue and margins move with wholesale and retail fuel prices.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood High
- 3Labor & workforce
Store labor
- Company disclosure (summarized from the 10-K)
- About 94% of team members work in stores, so wage costs and staffing matter.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
- 4M&A & integration
Store acquisitions
- Company disclosure (summarized from the 10-K)
- Growth includes acquired stores such as CEFCO, some without full kitchens.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Low / Likelihood Med
24
What changed in the risk factorsFrom SEC data
Paragraphs in the latest 10-K's Risk Factors that have little overlap with the year before, and paragraphs that were dropped.
No longer in the text (1)
In addition, credit card providers now mandate that any fraudulent activity and related losses at fuel dispensers that do not accept certain chip technology (referred to as EMV) be borne by the retailers accepting those cards. Read more
While the Company has invested, and will continue to invest, a significant amount of resources in upgrading its fuel dispensers to accept EMV, and has implemented other fraud mitigation strategies, not all of its fuel dispensers have, or in the near future may, be upgraded to such technology. As such, it is possible that credit card providers could attempt to pass the costs of certain fraudulent activity at the non-upgraded dispensers to the Company, which if significant, could have a material adverse effect on our business, financial condition and results of operations.
Matched automatically, quoted as filed, and may include rewording of an existing risk. Compares Item 1A of the 10-K filed Jun 22, 2026 ↗ with the 10-K filed Jun 23, 2025 ↗.
25
What to watch going forwardSite analysis
- Inside same-store sales and prepared food growth.
- Fuel margins per gallon.
- Progress on the new three-year strategic plan (June 2026).
- Integration and kitchen conversion of CEFCO stores.
26
Source documentsShow
This page's financial figures come from the Form 10-Ks listed below. Check the original filings for full detail.
Last updated
Analysis last edited: November 6, 2026 · Financial data fetched: October 17, 2026 10:06 (SEC EDGAR) · Source 10-K filed: June 22, 2026
Built on10-K FY2026 · filed 2026-06-22
Next update expectedAfter FY2027’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
This page is this site’s own analysis based on public information, and does not represent Casey's General Stores, Inc.’s views. It is not a recommendation to buy or sell any security, and this site does not guarantee the accuracy of any figure or statement here. Always verify against the original source documents before making an investment decision.