One-glance verdict
Within fair range
$562.85 our estimate vs market $596.08
Wall Street consensus: $811.33 (44.1% higher than our fair-value estimate)
6% above our estimate
Fundamentals snapshot
Casey's General Stores, Inc.
CASY · NMS · Consumer Cyclical · Specialty Retail
Current price
$596.08
52-week range
$497.38 - $927.85
Market cap
$22.03B
Balance sheet
Watch
10.70x Adequate
Net debt $2.36B. Interest coverage shows how many times profit covers the interest bill.
What stands out
3 Rewards
1 Risk
3 rewards · 1 risks
- Reward Revenue grew 6.3% last year.
- Reward Free cash flow was positive in 9/10 years.
- Reward Dividend yield is 0.4% with 37-year payout history.
- Risk Net debt grew 84.0% over 3 years.
What this company does
Casey's General Stores, Inc.
Casey's operates a chain of convenience stores and gas stations, making money from selling both fuel and in-store items like their popular pizza. While gasoline sales bring in a lot of revenue, the company's financial success is heavily driven by its prepared food and drinks, which have much higher profit margins (the percentage of each sale that the company keeps as profit). This is important because it means Casey's uses low-profit gas to attract customers who then spend money on the high-profit items inside the store.
How the company got here
Casey's started in 1968 when founder Don Lamberti converted a single gas station in Boone, Iowa, into a convenience store. His strategy was to serve small towns that bigger retailers often ignored, creating a community hub. A major turning point came in 1984 when Casey's started selling fresh, made-from-scratch pizza, which transformed the business from just a gas-and-go stop into a popular food destination. This food-first focus, especially in rural areas, allowed the company to grow steadily across the Midwest and eventually become a publicly traded company in 1983, funding further expansion.
What it actually does
Casey's operates a chain of convenience stores, which are like small neighborhood shops combined with a gas station. You'd recognize them as places to fill up your car with gasoline, and also run inside to grab a wide variety of items. These include drinks, snacks, grocery items like milk and bread, and health products. A big part of what makes Casey's different is that they have their own kitchens inside, where they prepare fresh foods like pizza, donuts, and sandwiches.
Fuel
The most visible part of the business is selling gasoline and diesel fuel at the pump outside its stores. While selling fuel brings in the largest portion of the company's total revenue (the total amount of money collected), it's a low-margin business, meaning the profit on each gallon sold is relatively small. The main purpose of fuel sales is to draw customers to the location. The hope is that once you're there to fill up your tank, you'll also go inside the store to buy other things.
Prepared Food & Dispensed Beverages
This is the company's most profitable business and what makes it unique among convenience stores. Inside its stores, Casey's operates kitchens that make and sell items like their famous pizza, breakfast sandwiches, and donuts, along with fountain drinks and coffee. This segment is a huge focus for the company because it has high margins (the profit earned on each item is much larger compared to fuel). In fact, Casey's is one of the largest pizza chains in the United States because of this successful model.
Grocery & General Merchandise
This part of the business includes all the other items you'd find on the shelves inside a Casey's store. This includes packaged snacks, candy, beer, soft drinks, and tobacco products, as well as everyday essentials like health and beauty aids. While these items don't have profits as high as the prepared foods, they are more profitable than gasoline sales. This segment provides a convenient one-stop-shop for customers, encouraging them to spend more once they are inside.
What management is betting on now
Management's current strategy focuses on three main goals to grow the business. First, they are heavily investing in their prepared foods, adding new items like chicken wings to the menu and expanding their own private-brand products. Second, Casey's plans to continue expanding its number of stores, aiming to add at least 400 new locations through both building new stores and acquiring (buying) smaller chains. Finally, they are focused on using technology to improve how they run their stores, from better inventory management to enhancing the customer experience through their mobile app and rewards program.
Price history
How the share price has moved
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Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2025 Q2
$160.04M
FY2025 Q3
$90.67M
FY2025 Q4
$153.13M
FY2026 Q1
$262.37M
FY2026 Q2
$176.01M
FY2026 Q3
$75.81M
FY2026 Q4
$207.43M
FY2027 Q1
$189.68M
Revenue
$5.68B
Net income
$273.72M
Diluted EPS
7.37
Operating cash flow
$384.07M
Free cash flow
$189.68M
Fetching…
Sources
Revenue
$4.57B
Net income
$162.68M
Diluted EPS
4.37
Operating cash flow
$398.51M
Free cash flow
$207.43M
Fetching…
Sources
Revenue
$3.92B
Net income
$130.07M
Diluted EPS
3.49
Operating cash flow
$259.54M
Free cash flow
$75.81M
Fetching…
Sources
Revenue
$4.51B
Net income
$206.34M
Diluted EPS
5.53
Operating cash flow
$347.07M
Free cash flow
$176.01M
Fetching…
Sources
Revenue
$4.57B
Net income
$215.35M
Diluted EPS
5.77
Operating cash flow
$372.42M
Free cash flow
$262.37M
Fetching…
Sources
Revenue
$3.99B
Net income
$98.31M
Diluted EPS
2.63
Operating cash flow
$333.86M
Free cash flow
$153.13M
Fetching…
Sources
Revenue
$3.90B
Net income
$87.10M
Diluted EPS
2.33
Operating cash flow
$204.94M
Free cash flow
$90.67M
Fetching…
Sources
Revenue
$3.95B
Net income
$180.92M
Diluted EPS
4.85
Operating cash flow
$270.70M
Free cash flow
$160.04M
Fetching…
Sources
Is it cheap or expensive?
Fair value $562.85 vs current price $596.08
Wall Street consensus is the average analyst price target: $811.33 (44.1% higher than our fair-value estimate).
Our most-likely fair value is $562.85 a share — about 5.6% away from today's price of $596.08, so the stock currently looks fairly priced.
Is it drowning in debt?
Watch
Net debt $2.4B. Interest coverage 10.7x.
Net debt
$2.36B
Interest coverage
10.70x
Casey's General Stores, Inc. is healthier than 0 of 1 peers on balance-sheet leverage.
Watch
Worse cushion
Baseline
Better cushion
CASY
BASELINE
Casey's General Stores, Inc.
Total debt $2.89B Interest coverage 10.70x This is the baseline the peer rows are being compared against.
What you should know
The case for and against CASY
3 Rewards
1 Risk
Rewards
-
Revenue grew 6.3% last year.
-
Free cash flow was positive in 9/10 years.
-
Dividend yield is 0.4% with 37-year payout history.
Risks
-
Net debt grew 84.0% over 3 years.
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
28.71x
Forward P/E
25.47x
P/B
5.38x
P/S
1.18x
EV/EBITDA
16.20x
PEG ratio
2.78x
Profitability
How much profit each dollar creates
Gross margin
23.8%
Operating margin
6.5%
Net margin
4.1%
ROE
20.0%
ROA
7.9%
Health
Liquidity and balance-sheet strength
Debt / equity
0.71x
Current ratio
1.02x
Quick ratio
0.56x
Total debt
$2.89B
Total cash
$524.06M
Growth
How the business has been compounding
Revenue TTM
$18.67B
Revenue 5Y CAGR
7.9%
EPS TTM
20.76
EPS 5Y CAGR
17.2%
Cash flow
How much cash the business throws off
Operating CF TTM
$1.39B
Free CF TTM
$721.62M
FCF margin
3.9%
Dividend
Shareholder payout
Yield
0.4%
Payout ratio
11.4%
Last ex-div date
2026-10-30