What are the investment risks for Casey's General Stores Inc (CASY)?

Premium valuation risk: P/E 36.5x vs median 22.5x and P/B 8.7x prices in flawless execution - any margin compression punishes stock EV shift threat: 24.6B EV on fuel-dependent model faces structural headwind as EV adoption accelerates in rural markets

Casey's General Stores Inc

CASY

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Casey's General Stores Inc AI Insights

Informational only. Not investment advice.

As of 2026-01-09

Snapshot

Revenue 17.0B TTM growing 14.2% vs industry median declining 3.9% - significant outperformance in contracting sector[Total Revenue 1Y Growth]
ROE 17.0% TTM vs industry median -0.3% - exceptional capital efficiency in low-margin retail[Return on Equity]
Goodwill 1.3B is 33% of equity - M&A-driven growth carries integration/impairment risk[Goodwill]

Watch Triggers

Gross Margin: Falls below 22% TTM (currently 24.0%) — Fuel margin compression would signal pricing power erosion in core business
Same-Store Sales Growth: Turns negative for 2+ consecutive quarters — Would indicate market saturation or competitive share loss
Goodwill: Impairment charge announced — 1.3B goodwill (33% of equity) impairment would materially impact book value

Bull Case

Best-in-class operator: 2.08x asset turnover and 17% ROE TTM in commoditized sector demonstrates durable competitive advantage from scale and location density

Asset TurnoverReturn on EquityOperating Margin

Self-funding growth: 682M FCF TTM (4.0% yield) covers 80M dividends and capex while maintaining 0.77x debt/equity

Free Cash FlowDebt to EquityCapital Expenditure

Bear Case

Premium valuation risk: P/E 36.5x vs median 22.5x and P/B 8.7x prices in flawless execution - any margin compression punishes stock

P/E RatioP/B RatioP/S Ratio

EV shift threat: 24.6B EV on fuel-dependent model faces structural headwind as EV adoption accelerates in rural markets

Enterprise ValueGross Margin

Bull vs Bear Balance

AI-generated sentiment analysis based on fundamental metrics and market conditions.

55%

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Forward Thesis

Continued store expansion and fuel margin stability to drive 8-12% EPS growth through FY2027

1-3ymed

5Y revenue CAGR 15.3% indicates proven expansion playbook
FCF 682M TTM funds organic growth without leverage increase
Asset turnover 2.08x vs 1.39x median maximizes store productivity

Operating margin 5.3% TTM vs 3.5% medianGross profit growth 17.0% outpacing revenue 14.2%Debt/equity 0.77x manageable for expansion

Valuation Context

Caveats

Public Strategies Rankings

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CASY Fundamentals

Retail Trade → Miscellaneous Store Retailers

Metric	Value	YoY Growth	Industry Percentile
Market Cap	$23.88B		—
Enterprise Value	$26.3B		—
P/E Ratio	39		—
Total Revenue - TTM	$16.97B	+13.3%	—
Earnings Per Share (diluted) - TTM	$16.25	+13.2%	—
Operating Margin - TTM	5.28%	+0.2%	—
Net Margin - TTM	3.58%	+0.0%	—
Free Cash Flow - TTM	$682.18M	+68.0%	—
Return on Common Equity - TTM	0.17	-0.2%	—
Beta 5Y (Monthly)	unknown		—

CASY Dividend History

105 dividends

2026

$0.5700

01/30/26$0.5700

2025

$2.1400

10/31/25$0.5700

08/01/25$0.5700

05/01/25$0.5000

02/03/25$0.5000

2024

$1.8600

11/01/24$0.5000

08/01/24$0.5000

04/30/24$0.4300

01/31/24$0.4300

2023

$1.6200

10/31/23$0.4300

07/31/23$0.4300

04/28/23$0.3800

01/31/23$0.3800

2022

$1.4600

10/31/22$0.3800

07/29/22$0.3800

04/29/22$0.3500

01/31/22$0.3500

2021

$1.3700

10/29/21$0.3500

07/30/21$0.3400

04/30/21$0.3400

01/29/21$0.3400

2020

$1.2800

10/30/20$0.3200

07/31/20$0.3200

04/30/20$0.3200

01/31/20$0.3200

2019

$1.2200

10/31/19$0.3200

07/31/19$0.3200

04/30/19$0.2900

01/31/19$0.2900

2018

$1.1000

10/31/18$0.2900

07/31/18$0.2900

04/30/18$0.2600

01/31/18$0.2600

2017

$1.0000

10/31/17$0.2600

08/30/17$0.2600

04/27/17$0.2400

01/30/17$0.2400

2016

$0.9200

10/28/16$0.2400

07/28/16$0.2400

04/28/16$0.2200

01/28/16$0.2200

2015

$0.8400

10/29/15$0.2200

07/30/15$0.2200

04/29/15$0.2000

01/29/15$0.2000

2014

$0.7600

10/30/14$0.2000

07/30/14$0.2000

04/29/14$0.1800

01/30/14$0.1800

2013

$0.6900

10/30/13$0.1800

07/30/13$0.1800

04/29/13$0.1650

01/30/13$0.1650

2012

$0.6300

10/31/12$0.1650

07/30/12$0.1650

04/27/12$0.1500

01/30/12$0.1500

2011

$0.5700

10/28/11$0.1500

07/28/11$0.1500

04/28/11$0.1350

01/28/11$0.1350

2010

$0.4050

10/28/10$0.1350

07/29/10$0.1000

04/29/10$0.0850

01/28/10$0.0850

2009

$0.3200

10/29/09$0.0850

07/30/09$0.0850

04/29/09$0.0750

01/29/09$0.0750

2008

$0.2800

10/30/08$0.0750

07/30/08$0.0750

04/29/08$0.0650

01/30/08$0.0650

2007

$0.2300

10/30/07$0.0650

07/30/07$0.0650

04/27/07$0.0500

01/30/07$0.0500

2006

$0.1900

10/30/06$0.0500

07/28/06$0.0500

04/27/06$0.0450

01/30/06$0.0450

2005

$0.1700

10/28/05$0.0450

07/28/05$0.0450

04/28/05$0.0400

01/28/05$0.0400

2004

$0.1500

10/28/04$0.0400

07/29/04$0.0400

04/29/04$0.0350

01/29/04$0.0350

2003

$0.1200

10/30/03$0.0350

07/30/03$0.0350

04/29/03$0.0250

01/30/03$0.0250

2002

$0.1000

10/30/02$0.0250

07/30/02$0.0250

04/29/02$0.0250

01/30/02$0.0250

2001

$0.0800

10/30/01$0.0200

07/30/01$0.0200

04/27/01$0.0200

01/30/01$0.0200

2000

$0.0700

10/30/00$0.0200

07/28/00$0.0200

04/27/00$0.0150

01/28/00$0.0150

CASY Stock Splits

No stock splits

CASY SEC Filings

Filing Date	Report Date	Report Type	Filing Link
12/09/25	10/31/25	10-Q	0000726958-25-000114
09/08/25	07/31/25	10-Q	0000726958-25-000101
06/23/25	04/30/25	10-K	0000726958-25-000065
03/11/25	01/31/25	10-Q	0000726958-25-000011
12/09/24	10/31/24	10-Q	0000726958-24-000091
09/04/24	07/31/24	10-Q	0000726958-24-000074
06/24/24	04/30/24	10-K	0000726958-24-000046
03/11/24	01/31/24	10-Q	0000726958-24-000010
12/11/23	10/31/23	10-Q	0000726958-23-000097
09/11/23	07/31/23	10-Q	0000726958-23-000089
06/23/23	04/30/23	10-K	0000726958-23-000059
03/07/23	01/31/23	10-Q	0000726958-23-000021
12/06/22	10/31/22	10-Q	0000726958-22-000126
09/07/22	07/31/22	10-Q	0000726958-22-000115
06/24/22	04/30/22	10-K	0000726958-22-000065
03/08/22	01/31/22	10-Q	0000726958-22-000021
12/07/21	10/31/21	10-Q	0000726958-21-000136
09/08/21	07/31/21	10-Q	0000726958-21-000123
06/25/21	04/30/21	10-K	0000726958-21-000078
03/08/21	01/31/21	10-Q	0000726958-21-000026
12/07/20	10/31/20	10-Q	0000726958-20-000131
09/08/20	07/31/20	10-Q	0000726958-20-000118
06/26/20	04/30/20	10-K	0000726958-20-000085
03/09/20	01/31/20	10-Q	0000726958-20-000017
12/09/19	10/31/19	10-Q	0000726958-19-000128
09/09/19	07/31/19	10-Q	0000726958-19-000111
06/28/19	04/30/19	10-K	0000726958-19-000078
03/11/19	01/31/19	10-Q	0000726958-19-000012
12/10/18	10/31/18	10-Q	0000726958-18-000165
09/10/18	07/31/18	10-Q	0000726958-18-000140
06/29/18	04/30/18	10-K	0000726958-18-000097
03/07/18	01/31/18	10-Q	0000726958-18-000010
12/11/17	10/31/17	10-Q	0000726958-17-000136
09/05/17	07/31/17	10-Q	0000726958-17-000095
06/29/17	04/30/17	10-K	0000726958-17-000055
03/06/17	01/31/17	10-Q	0000726958-17-000012
12/07/16	10/31/16	10-Q	0000726958-16-000303
09/06/16	07/31/16	10-Q	0000726958-16-000271
06/27/16	04/30/16	10-K	0000726958-16-000258
03/07/16	01/31/16	10-Q	0000726958-16-000170
12/07/15	10/31/15	10-Q	0000726958-15-000148
09/08/15	07/31/15	10-Q	0000726958-15-000107
06/26/15	04/30/15	10-K	0000726958-15-000075
03/09/15	01/31/15	10-Q	0000726958-15-000021
12/10/14	10/31/14	10-Q	0001193125-14-438943
09/08/14	07/31/14	10-Q	0001193125-14-335467
06/27/14	04/30/14	10-K	0001193125-14-253245
03/10/14	01/31/14	10-Q	0001193125-14-091473
12/09/13	10/31/13	10-Q	0001193125-13-466758
12/10/14	07/31/13	10-Q/A	0001193125-14-438219
09/09/13	07/31/13	10-Q	0001193125-13-361404
06/27/13	04/30/13	10-K	0001193125-13-274177
03/11/13	01/31/13	10-Q	0001193125-13-101041
12/10/12	10/31/12	10-Q	0001193125-12-496911
09/10/12	07/31/12	10-Q	0001193125-12-386576
06/26/12	04/30/12	10-K	0001193125-12-283506
03/08/12	01/31/12	10-Q	0001193125-12-102675
12/08/11	10/31/11	10-Q	0001193125-11-334660
09/09/11	07/31/11	10-Q	0001193125-11-244199
06/28/11	04/30/11	10-K	0001193125-11-175866
03/09/11	01/31/11	10-Q	0001193125-11-060797
12/09/10	10/31/10	10-Q	0001193125-10-277524
09/09/10	07/31/10	10-Q	0001193125-10-207503
06/29/10	04/30/10	10-K	0001193125-10-148944
03/10/10	01/31/10	10-Q	0001193125-10-052227
12/07/09	10/31/09	10-Q	0001193125-09-248564
09/08/09	07/31/09	10-Q	0001193125-09-188527
06/29/09	04/30/09	10-K	0001193125-09-140503
03/11/09	01/31/09	10-Q	0001193125-09-050694
12/05/08	10/31/08	10-Q	0001193125-08-248777
09/08/08	07/31/08	10-Q	0001193125-08-192192
06/26/08	04/30/08	10-K	0001193125-08-141469
03/10/08	01/31/08	10-Q	0001193125-08-050419
12/07/07	10/31/07	10-Q	0001193125-07-261205
09/07/07	07/31/07	4	0001181431-07-049029
06/29/07	04/30/07	10-K	0001193125-07-147153
03/09/07	01/31/07	10-Q	0001193125-07-050831
12/08/06	10/31/06	10-Q	0001193125-06-249730
09/08/06	07/31/06	10-Q	0001193125-06-187766
07/13/06	04/30/06	10-K	0001193125-06-146200
03/13/06	01/31/06	10-Q	0001193125-06-052066
12/09/05	10/31/05	10-Q	0001193125-05-239740
09/08/05	07/31/05	10-Q	0001193125-05-182353
07/14/05	04/30/05	10-K	0001193125-05-141692
03/14/05	01/31/05	10-Q	0001193125-05-049051
12/09/04	10/31/04	10-Q	0001193125-04-210355
09/09/04	07/31/04	10-Q	0001193125-04-154172
07/14/04	04/30/04	10-K	0001193125-04-117913
03/15/04	01/31/04	10-Q	0001193125-04-041846
12/12/03	10/31/03	10-Q	0001193125-03-093702
09/11/03	07/31/03	10-Q	0001193125-03-048424
07/29/03	04/30/03	10-K	0001193125-03-025518
03/11/03	01/31/03	10-Q	0000950131-03-001263
12/13/02	10/31/02	10-Q	0000950131-02-004864
09/12/02	07/31/02	10-Q	0000950131-02-003499
07/26/02	04/30/02	10-K	0000950131-02-002825
03/13/02	01/31/02	10-Q	0001021408-02-003503
12/12/01	10/31/01	10-Q	0000950131-01-504470
09/14/01	07/31/01	10-Q	0000950131-01-503353
07/25/01	04/30/01	10-K405	0000950131-01-502395
03/12/01	01/31/01	10-Q	0000950131-01-500074
12/14/00	10/31/00	10-Q	0000950131-00-006789
09/08/00	07/31/00	10-Q	0000950131-00-005246
07/27/00	04/30/00	10-K405	0000950131-00-004490
03/13/00	01/31/00	10-Q	0000726958-00-000005