The Filing Desk

Casey's

CASY · Nasdaq · Consumer Staples · Financials, fiscal 2017 to 2026

CASY · Last close · October 26, 2026
$703.93
Value Casey's yourself

Casey's revenue rose 10.2% to $17.6 billion in fiscal 2026. Its net margin was 4.1%, up from 3.4% a year earlier. Free cash flow was $722 million, up 23.4%. It paid out $284 million in dividends and buybacks, 39% of free cash flow. The diluted share count fell 0.2%.

CASEY’S GENERAL STORES, INC. Latest fiscal year ended April 30, 2026 10-K filed June 22, 2026 · 0000726958-26-000046 Updated
Revenue
$17.6B
10.2%
Net margin
4.1%
0.6 pts
Net income
$714M
30.7%
Free cash flow
$722M
23.4%
Return on capital
13.6%
1.6 pts
Market cap
$26.1B
Oct 26 close
P/E
33.9x
On $20.76 EPS, 4 qtrs

Net margin is net income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

What Casey's does

Casey's runs convenience stores that sell gasoline, prepared food, drinks, groceries and other items. At the end of April 2026 it operated 2,944 stores in 19 states, about half of them in Iowa, Missouri and Illinois. Approximately 71% of its stores were opened in towns with fewer than 20,000 people, where national convenience chains are often absent. Almost all stores have a full kitchen that makes pizza, sandwiches, donuts and other hot food, and nearly all sell fuel.

It earns most of its revenue from retail fuel and from the products sold inside its stores. Over the last three fiscal years, prepared food, drinks, groceries and general merchandise brought in about 36% of total revenue but about 63% of revenue less cost of goods sold, so the inside sales matter more to profit than their share of revenue suggests. A small wholesale fuel business supplies dealer sites and made up approximately 3% of fiscal 2026 revenue.

Casey's runs three distribution centers that supply most stores and also delivers most of its own fuel. It had about 23,490 full-time and 26,358 part-time employees, and over 10 million members in its Rewards program. It competes with local grocery and convenience stores, dollar stores, restaurants and other fuel sellers.

Its biggest risks, as it describes them

  • The volatility of wholesale fuel costs, and falling fuel demand from efficiency gains and changing consumer habits.
  • Rising food ingredient costs, since prepared food is a key part of its profit.
  • Disruption to its distribution network or distribution centers that supply its stores.
  • Government action and tax increases that cut tobacco and nicotine sales.
  • Hazards in storing and moving fuel, which could cause disruptions and large losses or liabilities.
From Casey's's annual report on Form 10-K, filed June 22, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new 10-K.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue
US$ billions, fiscal years
Margins
Percent of revenue
GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2017 to 2026, earnings per share grew 17.5% a year and net income 16.7% a year, as buybacks cut the share count by 6%.

Net income
US$ billions, fiscal years; loss years in red.
Diluted earnings per share
US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity
Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.
Return on capitalReturn on equity

Cash flow

Free cash flow
US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks
US$ billions, cash paid in each fiscal year
DividendsShare buybacks
Diluted share count
Weighted-average diluted shares, millions

Valuation

Two ways to value Casey's yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

What Casey's says to expect

  • Fiscal 2027: sales, margin, expenses and EBITDAThe Company expects inside same-store sales to increase 2% to 5% with an inside margin above 42%. The Company expects same-store fuel gallons sold to be negative 1% to positive 1%. Total operating expenses are expected to increase approximately 5% to 7%.
  • Fiscal 2027: EBITDA growthThe Company expects EBITDA to increase 8% to 10%, which would imply 35% on a two-year stack basis at the midpoint of the range.
  • Fiscal 2027: store openings and capital spendingThe Company expects to open at least 120 stores in fiscal 2027 through a mix of M&A and new store construction. Net interest expense is expected to be approximately $95 million. Depreciation and amortization is expected to be approximately $490 million and the purchase of property and equipment is expected to be approximately $800 million.
  • Fiscal 2027: tax rateThe tax rate is expected to be approximately 24% to 26% for the year.
The company's own words, from its earnings release (Form 8-K, Exhibit 99), filed September 8, 2026. They are its expectations, not ours, and not a forecast or price target from The Filing Desk. Replaced when the next release is out.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Casey's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from Casey's fiscal 2026 free cash flow of $722M, net cash of −$1.9B at April 30, 2026 and 37 million diluted shares, from its filings. The scenarios are fitted to Casey's: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, 5.2% a year; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 7% for a stable business (Food Retail); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

From the filings
Cash from operations minus capital spending in fiscal 2026.
Cash and short-term investments minus debt and finance leases at April 30, 2026. Negative means net debt.
Weighted-average diluted shares in fiscal 2026.
Your assumptions
Start from
Fitted to Casey's's own revenue growth, as above. Cautious: growth of 2.5% then 2% a year, 2% after year 10, a 8% discount rate. Base: growth of 5% then 4% a year, 2.5% after year 10, a 7% discount rate. Optimistic: growth of 8% then 5.5% a year, 3% after year 10, a 6% discount rate.
Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.
The yearly return an investor wants for the risk. A higher rate gives a lower value.
Value per share on these assumptions
—
—
Last close, October 26, 2026
$703.93
Value on these assumptions, against the last close
—

Cash flows in years 1 to 10, valued today
—
Everything after year 10, valued today
—
Plus net cash
—
Share of value from after year 10
—
Projected free cash flow
US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.
Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.
How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Value per share on three example scenarios, from Casey's earnings per share of $20.76 (over the last four quarters). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 33.3×, the middle of Casey's own P/E today, its peers' median and its sector's median (its peers' median) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 8%, 7% and 6%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Diluted earnings per share over the four quarters to July 31, 2026, from the 10-Qs and 10-K.
P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: United Natural Foods, Sprouts Farmers Market, Maplebear.
Starts at Casey's revenue growth over the last 3 years, 5.2% a year, as the base scenario does.
Earnings per share in the years ahead, US$
Type your own estimate for any year; the years after it carry on at the growth rate.
Apply the multiple to earnings
A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.
The yearly return an investor wants for the risk, as in the cash flow model.
Value per share today at this multiple
—
—
Last close, October 26, 2026
$703.93
Value at this multiple, against the last close
—
Casey's P/E at the last close
33.9×
CompanyLast closeEarnings per shareP/E today
United Natural FoodsUNFI$48.25$1.3436.0×
Casey'sCASY$703.93$20.7633.9×
MaplebearCART$60.88$1.8333.3×
Sprouts Farmers MarketSFM$65.91$5.2312.6×
How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year endFY22FY23FY24FY25FY26
Cash and short-term investments159379206327523
Debt incl. finance leases1,6901,6751,6372,5142,436
Net debt (negative means net cash)1,5311,2961,4312,1881,913
Net debt to EBITDA1.9x1.4x1.4x1.8x1.3x
Debt to equity0.8x0.6x0.5x0.7x0.6x
Interest coverage8.7x12.3x13.3x9.5x10.7x
Current ratio0.8x1.0x0.9x0.9x1.0x
Quick ratio0.4x0.6x0.4x0.5x0.6x
US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, 2 insiders bought $565,402 of Casey's shares on the open market, and 6 insiders sold $29.2 million.

DateInsiderTradeSharesPriceValueFiling
Jul 9, 2026Williams Ena KoschelChief Operating OfficerSold2,800$833.69$2.3 millionForm 4
Jul 8, 2026Stephen P Bramlage JRChief Financial OfficerSold5,700$838.16$4.8 millionForm 4
Jul 8, 2026Allison M. WingDirectorSold530$837.58$443,917Form 4
Jul 7, 2026Darren M RebelezPresident and CEO, DirectorSold19,000$801.46$15.2 millionForm 4
Jul 1, 2026Williams Ena KoschelChief Operating OfficerSold3,000$785.20$2.4 millionForm 4
Jun 30, 2026Chad Michael FrazellChief HR OfficerSold3,013$787.49$2.4 millionForm 4
Jun 29, 2026Katrina S LindseyChief Legal OfficerSold2,000$800.00$1.6 millionForm 4
Jun 26, 2026Mike SpanosDirectorBought256$778.81$199,375Form 4
Mar 13, 2026Mike SpanosDirectorBought300$665.43$199,629Form 4
Mar 11, 2026Katrina S LindseyChief Legal OfficerSold200$683.04$136,608Form 4
Jan 5, 2026Moats Maria CastanonDirectorBought300$554.66$166,398Form 4
Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

TestFY24FY25FY26
Net income is positivePassPassPass
Cash from operations is positivePassPassPass
Return on assets rosePassPassPass
Cash from operations exceeds net incomePassPassPass
Debt fell relative to assetsPassFailPass
Current ratio roseFailPassPass
Share count didn't risePassPassPass
Gross margin rose———
Revenue rose relative to assetsFailPassFail
F-score6 of 87 of 87 of 8
Accruals ratio−6.4%−7.5%−7.7%
The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Casey's side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

CompanyYearRevenue growthOperating marginFree cash flow marginReturn on capitalNet debt to EBITDAF-scoreCompare
Casey'sFY2610.2%—4.1%13.6%1.3x7
United Natural FoodsFY26−2.0%0.7%1.0%5.3%3.0x6Compare
Sprouts Farmers MarketFY2514.1%7.8%5.3%46.9%−0.3x7Compare
Grocery OutletFY257.3%−4.7%0.5%−11.6%—5Compare
MaplebearFY2510.8%13.3%24.3%22.5%−1.2x6Compare
Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal yearFY17FY18FY19FY20FY21FY22FY23FY24FY25FY26
Income statement
Revenue7,5078,3919,3539,1758,70712,95315,09414,86315,94117,561
Revenue growth5.4%11.8%11.5%−1.9%−5.1%48.8%16.5%−1.5%7.2%10.2%
Gross profit1,6811,7691,9552,145——————
Research and development——————————
Operating income——————————
Net income178318204264313340447502546714
Diluted EPS (US$)4.488.345.517.108.389.1011.9113.4314.6419.16
Diluted shares (millions)40383737373738373737
Cash flow
Cash from operations4594205315048047898828931,0911,378
Capital expenditure433577395439441326477522506656
Free cash flow26−15813665363462405371585722
Dividends paid37394146485156637283
Share buybacks482153800001051200
Acquisitions263768339902863301,239142
Stock-based compensation11191618323847414863
Balance sheet at fiscal year end
Cash and short-term investments77546378336159379206327523
Debt incl. finance leases9231,3071,3001,2861,3641,6901,6751,6372,5142,436
Total assets3,0203,4703,7313,9444,4605,5065,9436,3478,2088,936
Total liabilities1,8302,1992,3232,3012,5283,2653,2833,3324,6994,984
Shareholders' equity1,1911,2711,4091,6431,9332,2412,6613,0153,5093,952
Margins and ratios
Gross margin22.4%21.1%20.9%23.4%——————
Operating margin——————————
Net margin2.4%3.8%2.2%2.9%3.6%2.6%3.0%3.4%3.4%4.1%
Free cash flow margin0.3%−1.9%1.4%0.7%4.2%3.6%2.7%2.5%3.7%4.1%
Return on capital10.6%11.6%9.6%11.1%12.0%11.4%12.6%12.9%12.1%13.6%
Return on equity15.6%25.8%15.2%17.3%17.5%16.3%18.2%17.7%16.8%19.1%
Return on assets6.2%9.8%5.7%6.9%7.5%6.8%7.8%8.2%7.5%8.3%
Net debt to EBITDA1.7x2.6x2.2x1.9x1.4x1.9x1.4x1.4x1.8x1.3x
US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)
Source: Casey's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Casey's.