Casey's General Stores, Inc.CASY
NasdaqGS•Consumer Cyclical•Specialty Retail
Casey's General Stores, Inc., together with its subsidiaries, operates convenience stores under the Casey's and Casey's General Store names in the United States. Its stores offer pizza, donuts, breakfast items, and sandwiches; and tobacco and nicotine products. The company's stores also provide soft drinks, energy, water, sports drinks, juices, coffee, and tea and dairy products; beer, wine, and spirits; snacks, candy, packaged bakery, and other food items; ice, ice cream, meals, and appetizers; health and beauty aids, automotive products, electronic accessories, and housewares; and breadsticks, wraps, chicken wings and tenders, breakfast croissants and biscuits, breakfast burritos, hash browns, burgers, cookies and brownies, and other seasonal items. In addition, its stores offer motor fuel for sale on a self-service basis; gasoline and diesel fuel; and ATM, lotto/lottery, and prepaid cards, as well as car wash services. The company also operates distribution centers. Casey's General Stores, Inc. was founded in 1959 and is headquartered in Ankeny, Iowa.
Caseys General Stores, Inc. (CASY) reported trailing twelve months revenue of $16.98B as of January 2026, a 9.2% increase year-over-year. Quarterly revenue reached $3.92B, reflecting continued top-line momentum.
Caseys General Stores, Inc. generated $650.07M in TTM net income, with quarterly EBITDA of $423.00M. The operating margin expanded from 6.2% to 7.9%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (7.9%) and net margin (3.3%) indicates tight cost control with minimal non-operating drag. Net margin has improved from 2.2% a year ago, signaling stronger bottom-line efficiency.
CASY trades at a P/E of 34.6x (a premium multiple) and a P/S of 1.3x. The price-to-book ratio of 5.8x indicates a significant premium over book value.
The company generated $75.81M in free cash flow over the trailing twelve months, a 16.4% decrease year-over-year, indicating cash generation ability. The balance sheet shows $8.59B in total assets with $2.33B in long-term debt against $3.85B in stockholders equity for a debt-to-equity ratio of 0.6. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are positive at ~7.8% on average, but show some variability — pricing power may be sensitive to market conditions.
Consistently high ROE averaging 16.1% suggests a durable competitive advantage and efficient capital allocation.
Free cash flow is consistently positive and growing — a hallmark of a capital-light business that can self-fund growth.
TTM revenue has grown consistently (6 of 7 quarters up), with ~14.3% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
Margins are stable or improving at ~8.2% — no sign of cost or pricing stress.
FCF covers net income by 1.0x on average — earnings are well-supported by cash generation.
D/E ratio is 0.6 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Share count is stable — no significant dilution or buyback activity.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation