Casey's General Stores, Inc.
- Open
- 757.00
- Day high
- 763.02
- Day low
- 747.16
- Prev close
- 755.47
- Volume
- 417K
- Mkt cap
- $27.8B
- P/E (TTM)
- 39.0
- EPS (TTM)
- $19.28
- P/B
- 7.0
- P/S
- 1.6
- Yield
- 0.31%
- Per share
- $2.36
- ▼Insiders net selling -$28.9M over the last 3 months (1 open-market buy, 27 sales)
- 🏛Institutions accumulating (13F)
Casey's General Stores, Inc. (CASY) is a Consumer Cyclical company listed on NASDAQ. The stock is up 52% over the past year. Over the trailing 3 months, insiders filed 1 open-market buy and 27 sales (SEC Form 4).
Casey's General Stores, Inc. (CASY) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 10 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
CASY earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jun 10, 2026 | $3.31 | $4.37 | +32.1% | $4.6B | +5.6% |
| Mar 10, 2026 | $2.99 | $3.49 | +16.6% | $3.9B | -3.6% |
| Dec 9, 2025 | $5.20 | $5.53 | +6.4% | $4.5B | +0.5% |
| Sep 8, 2025 | $5.03 | $5.77 | +14.8% | $4.6B | +2.4% |
| Jun 9, 2025 | $1.96 | $2.63 | +34.5% | $4.0B | +1.8% |
| Mar 11, 2025 | $2.00 | $2.33 | +16.4% | $3.9B | +5.2% |
| Dec 9, 2024 | $4.30 | $4.85 | +12.8% | $3.9B | -2.3% |
| Sep 4, 2024 | $4.53 | $4.83 | +6.6% | $4.1B | -0.7% |
| Jun 11, 2024 | $1.72 | $2.34 | +36.3% | $3.6B | +4.1% |
| Mar 11, 2024 | $2.16 | $2.33 | +7.9% | $3.3B | -4.5% |
| Dec 11, 2023 | $3.81 | $4.24 | +11.1% | $4.1B | +0.1% |
| Sep 11, 2023 | $3.41 | $4.52 | +32.6% | $3.9B | -2.4% |
CASY insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 10, 2026 | Wing Allison M.director | Sell | 530 | $837.58 |
| Jul 10, 2026 | Bramlage Stephen P JRofficer: Chief Financial Officer | Sell | 5,700 | $838.16 |
| Jul 10, 2026 | Koschel Williams Enaofficer: Chief Operating Officer | Sell | 2,800 | $833.69 |
| Jul 9, 2026 | REBELEZ DARREN Mdirector, officer: President and CEO | Sell | 638 | $807.53 |
| Jul 9, 2026 | REBELEZ DARREN Mdirector, officer: President and CEO | Sell | 141 | $815.76 |
| Jul 9, 2026 | REBELEZ DARREN Mdirector, officer: President and CEO | Sell | 2,229 | $799.44 |
| Jul 9, 2026 | REBELEZ DARREN Mdirector, officer: President and CEO | Sell | 1,317 | $803.48 |
| Jul 9, 2026 | REBELEZ DARREN Mdirector, officer: President and CEO | Sell | 2,384 | $801.26 |
| Jul 9, 2026 | REBELEZ DARREN Mdirector, officer: President and CEO | Sell | 352 | $806.41 |
| Jul 9, 2026 | REBELEZ DARREN Mdirector, officer: President and CEO | Sell | 893 | $797.21 |
| Jul 9, 2026 | REBELEZ DARREN Mdirector, officer: President and CEO | Sell | 865 | $808.56 |
| Jul 9, 2026 | REBELEZ DARREN Mdirector, officer: President and CEO | Sell | 601 | $793.02 |
| Jul 9, 2026 | REBELEZ DARREN Mdirector, officer: President and CEO | Sell | 1,156 | $805.58 |
| Jul 9, 2026 | REBELEZ DARREN Mdirector, officer: President and CEO | Sell | 1,075 | $798.37 |
| Jul 9, 2026 | REBELEZ DARREN Mdirector, officer: President and CEO | Sell | 635 | $794.96 |
Source: CASY SEC Form 4 filings, latest Jul 10, 2026. For informational purposes only — not investment advice.
See the full CASY insider & 13F page →Casey's General Stores, Inc. company profile
Overview
Casey's General Stores, Inc. (NASDAQ:CASY) is a prominent convenience store chain founded in 1959 and headquartered in Ankeny, Iowa. The company has grown from a single store to become one of the largest convenience store operators in the United States, with over 2,400 locations across 17 states as of 2024. Casey's operates primarily in rural and small-town markets throughout the Midwest, serving communities that are often underserved by larger retail chains. The company went public in 1983 and has built a reputation for its prepared food offerings, particularly pizza, which differentiates it from traditional convenience stores.
Business
Casey's operates in the convenience store retail industry, which sits at the intersection of fuel sales and quick-service food retail. The convenience store industry serves customers who prioritize speed and accessibility for everyday necessities, fuel, and ready-to-eat food items. The company's business consists of three primary segments. Inside sales represent the largest profit driver, accounting for approximately 37% of total revenue but generating the majority of gross profit margins. This segment includes two main categories: prepared food and dispensed beverages (such as pizza, hot sandwiches, donuts, and coffee), which generate approximately 56% gross margins, and grocery and general merchandise (including packaged foods, beverages, tobacco products, health and beauty aids, and automotive supplies), which generate approximately 33% gross margins. Fuel sales constitute the largest revenue segment at roughly 63% of total sales, though with much lower margins averaging around 36-40 cents per gallon. Casey's operates as both a fuel retailer and distributor, with some locations featuring fuel terminals that serve other retailers in addition to their own stores. The company also operates ancillary services including a small number of liquor stores, car washes, and delivery services. Casey's has developed a loyalty program called Casey's Rewards with over 8 million members, and has expanded into delivery services for prepared foods and beverages across hundreds of locations. What sets Casey's apart from traditional convenience stores is its emphasis on freshly prepared food, particularly its made-to-order pizza program, which has become a signature offering that drives customer traffic and higher-margin sales.
Revenue model
Casey's generates revenue through three distinct business models. Product sales constitute the primary revenue stream, with fuel sales representing approximately 63% of total revenue and inside merchandise sales accounting for 37%. The company operates on a traditional retail markup model, purchasing products wholesale and selling them at retail prices. The fuel business operates on relatively thin margins but high volume, with the company earning approximately 36-40 cents per gallon sold. Casey's differentiates itself through strategic fuel procurement, including ownership of fuel terminals that provide supply chain advantages and additional wholesale revenue from supplying other retailers. The prepared food business represents the highest-margin segment, with gross margins of approximately 56%. This includes made-to-order pizza, hot sandwiches, donuts, and dispensed beverages. The company has invested heavily in kitchen infrastructure and food preparation capabilities, treating this segment more like a quick-service restaurant than traditional convenience store offerings. Several factors influence Casey's profitability. Commodity price volatility significantly impacts both fuel margins and food costs, particularly cheese and other dairy products used in prepared foods. Labor costs represent a major expense, though the company has achieved operational efficiencies by reducing same-store labor hours for eleven consecutive quarters through technology implementations and process improvements. Competition comes from both traditional convenience stores and quick-service restaurants, requiring Casey's to maintain competitive pricing while preserving margins. The company's rural market focus provides some protection from intense urban competition but also limits market size. Economic conditions affect consumer spending patterns, with lower-income customers showing sensitivity to pricing and potentially trading down to private label products during economic stress.
Competitive moat
Casey's possesses a moderate competitive moat built primarily on geographic positioning and operational scale within its target markets. The company's strategic focus on rural and small-town markets creates natural barriers to entry, as these locations often cannot support multiple convenience stores and the fixed costs of establishing competing operations are high relative to the addressable market size. The company's prepared food differentiation provides a meaningful competitive advantage, as most convenience stores do not offer made-to-order pizza and hot food programs of comparable quality. This capability requires significant capital investment in kitchen equipment, staff training, and supply chain infrastructure that competitors would find difficult to replicate quickly. Casey's scale advantages in procurement, particularly in fuel purchasing through owned terminals, provide cost advantages that smaller competitors cannot match. The company's private label program, representing over 9% of merchandise sales, also demonstrates purchasing power that translates to margin advantages. However, the moat faces several challenges. Large-scale competitors like Walmart, Dollar General, and national convenience store chains have significant resources to enter Casey's markets if they choose. Quick-service restaurant chains increasingly compete for the same food occasions, often with superior marketing budgets and brand recognition. The company's geographic concentration in the Midwest, while providing some protection, also creates vulnerability to regional economic downturns or demographic shifts. Additionally, the rise of e-commerce and delivery services threatens the convenience store model's fundamental value proposition of location-based accessibility. Overall, Casey's moat is stronger than that of a typical convenience store operator due to its prepared food focus and rural market positioning, but it remains vulnerable to well-funded competitors and changing consumer behaviors.
Risks & safety
Casey's demonstrates a moderate margin of safety with some financial strengths offset by leverage concerns. **Liquidity and Solvency:** - Current ratio of 0.92 indicates tight working capital management - Cash and short-term investments of $395 million provide reasonable liquidity buffer - Debt-to-equity ratio of 0.91 represents elevated leverage following recent acquisitions - Free cash flow of $91 million in Q3 2025 shows positive but reduced cash generation **Valuation Metrics:** - P/E ratio of 44.9 suggests expensive valuation relative to earnings - EV/EBITDA of 19.0 indicates premium valuation - Price-to-book ratio of 4.6 reflects significant premium to tangible assets **Other Considerations:** - Strong EBITDA generation of $242 million quarterly provides debt service coverage - Recent major acquisition (Fikes) increases integration risk and leverage - Consistent operational cash flow generation supports dividend capacity - Graham number of $69.70 versus current price of $378.71 suggests significant overvaluation by traditional value metrics
Recent development
Casey's has executed several strategic initiatives over the past few years focused on accelerated growth and operational efficiency. The company completed its largest acquisition in history with the purchase of Fikes (198 CEFCO stores) for significant expansion into Texas, representing a major geographic diversification beyond its traditional Midwest footprint. The company has dramatically increased its store growth targets, raising the three-year expansion goal to approximately 500 stores through a combination of new construction and strategic acquisitions. This represents a significant acceleration from historical growth rates and reflects management's confidence in the business model's scalability. Prepared food innovation has been a key focus, with successful launches including thin crust pizza, refreshed sandwich menus, and limited-time offerings like chicken wings. The company has also expanded its beverage program and bakery offerings, with particular success in coffee promotions and cookie sales. Operational efficiency initiatives have yielded impressive results, with eleven consecutive quarters of reduced same-store labor hours achieved through technology implementations including digital production planners, automated voice assistants (EVA), and 5S inventory organization methods. These improvements have maintained or improved guest satisfaction scores while reducing costs. The Casey's Rewards program has grown to over 8 million members, providing valuable customer data and enabling more sophisticated marketing capabilities. The company has also expanded its private label program to over 9% penetration, including successful alcohol brands. Technology and delivery capabilities have been enhanced, with mobile app transactions representing 65% of digital revenue and delivery services expanded to hundreds of locations for prepared foods and beverages.
CASY company profile · for informational purposes only — not investment advice.
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