At a glance
Caseys General Stores Inc is worth $24.70B, about 35 times its fiscal 2026 earnings. Revenue grew 10.2% to $17.56B in fiscal 2026, with 4.1% kept as profit; over 5 years it has grown 15.1% a year. It pays a 0.37% dividend yield, raised every year for at least 9 years, and returned $631.3M to shareholders in dividends and buybacks over FY2022–FY2026. The stock returned +30.6% over the past year with dividends reinvested and +29.0% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 32.1% in the 2020 crash (S&P 500: 33.7%) and 15.6% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 5 months and 2 months after the lows.
The business in plain English
Casey's General Stores runs convenience stores. Most carry the Casey's name, and a few are branded GoodStop (by Casey's) or CEFCO. As of April 30, 2026, it operated 2,944 stores in 19 states, about half of them in Iowa, Missouri and Illinois. About 71% of its stores are in towns of fewer than 20,000 people, which national convenience chains often skip. Casey's owns most of its real estate, including substantially all of its stores.
Fuel brings in most of the sales. Retail fuel was 60.4% of total revenue in the fiscal year ended April 30, 2026. Food and merchandise earn a bigger share of the profit. Over the three fiscal years to that date, prepared food, dispensed drinks, groceries and general merchandise made up about 36% of revenue but about 63% of gross profit. Gross profit is sales minus the direct cost of the goods sold. Pizza, sold since 1984, is the flagship item. A wholesale business that supplies fuel to dealer sites Casey's does not run added about 3% of revenue.
Casey's runs much of its own supply chain. It has three distribution centers, in Ankeny, Iowa; Terre Haute, Indiana; and Joplin, Missouri. It also has a fuel terminal in Waco, Texas, and delivers most of its stores' fuel itself. Sales are usually strongest from May through October, when people drive more and buy more cold drinks and ice.
Price history
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CASY +30.6% over the year to Nov 2, 2026, total return with dividends reinvested.
Latest results
- In Q1 FY2027 (ended Jul 31, 2026), revenue was $5.68B, up 24.3% from a year earlier, and net income was $273.7M (+27.1%).
- For fiscal 2026, revenue was $17.56B (+10.2% year over year; +15.1% a year from FY2021 to FY2026) with a 4.1% net margin.
Financial health check
| Revenue growth a year (FY2021–FY2026) | +15.1% good |
|---|---|
| Free cash flow margin | 4.1% watch |
| Return on equity (FY2026) | 18.1% good |
| Return on assets (FY2026) | 8% good |
| Net cash (cash minus debt) | $-1.91B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $8.71B | $312.9M | $362.8M |
| FY2022 | $12.95B | $339.8M | $462.3M |
| FY2023 | $15.09B | $446.7M | $405.4M |
| FY2024 | $14.86B | $502.0M | $370.9M |
| FY2025 | $15.94B | $546.5M | $584.6M |
| FY2026 | $17.56B | $714.4M | $721.6M |
Valuation snapshot
| Market value | $24.70B |
|---|---|
| P/E ratio | 34.9 |
| Dividend yield | 0.37% |
Rank among 1514 US companies
Market value at each year end
Caseys General Stores’s market value went from $4.66B at the end of 2016 to $24.70B on Nov 2, 2026, about 5.3 times as much; since the end of 2025 it is up 21%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $24.70B | +20.5% |
| 2025 | $20.49B | +39.3% |
| 2024 | $14.71B | +44.3% |
| 2023 | $10.20B | +22.0% |
| 2022 | $8.36B | +14.1% |
| 2021 | $7.32B | +11.0% |
| 2020 | $6.60B | +12.8% |
| 2019 | $5.85B | +24.7% |
| 2018 | $4.69B | +11.6% |
| 2017 | $4.20B | -9.8% |
| 2016 | $4.66B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| CASY price data to Nov 2, 2026 | +21.3% | +30.6% | +35.7% | +29.0% | +20.3% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +21.3% |
| 2025 | +40.1% |
| 2024 | +45.0% |
| 2023 | +23.3% |
| 2022 | +14.5% |
| 2021 | +11.3% |
| 2020 | +13.3% |
| 2019 | +25.1% |
| 2018 | +15.6% |
| 2017 | -4.8% |
| 2016 | -0.5% |
| 2015 | +34.5% |
| 2014 | +29.9% |
| 2013 | +33.8% |
| 2012 | +4.3% |
| 2011 | +22.8% |
| 2010 | +34.7% |
| 2009 | +41.9% |
| 2008 | -22.2% |
| 2007 | +26.9% |
| 2006 | -4.3% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 34.2% over that stretch · deepest drop along the way 40.5%, back to its old high 6.2 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 29.3% over that stretch · deepest drop along the way 32.1%, back to its old high 5.4 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 3.2% over that stretch · deepest drop along the way 15.6%, back to its old high 2 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 1 open-market purchases ($199K) and 27 sales ($29.1M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Jul 8, 2026 | Stephen P JR Bramlage Chief Financial Officer | sell | $4.8M |
| Jul 1, 2026 | Williams Ena Koschel Chief Operating Officer | sell | $2.4M |
| Jul 9, 2026 | Williams Ena Koschel Chief Operating Officer | sell | $2.3M |
| Jun 30, 2026 | Chad Michael Frazell Chief HR Officer | sell | $2.3M |
| Jul 7, 2026 | Darren M Rebelez President and CEO, Director | sell | $2.1M |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 7.8% | Jun 30, 2026 |
| Vanguard Capital Management | 7.36% | Jun 30, 2026 |
| Vanguard Portfolio Management | 4.94% | Jun 30, 2026 |
ETFs with the most weight in CASY
| FXG First Trust Consumer Staples AlphaDEX Fund | 4.28% |
| SCAP Infrastructure Capital Small Cap Income ETF | 3.56% |
| PSL Invesco Dorsey Wright Consumer Staples Momentum ETF | 3.49% |
| PRAY FIS Christian Stock Fund | 3.26% |
| GLRY Inspire Momentum ETF | 3.14% |
| OSCV Opus Small Cap Value ETF | 3.04% |
| XMMO Invesco S&P MidCap Momentum ETF | 2.28% |
| REGL ProShares S&P MidCap 400 Dividend Aristocrats ETF | 2.17% |
What could go wrong
- Swings in wholesale fuel costs. Retail fuel was 60.4% of revenue in the fiscal year ended April 30, 2026. Sharp swings in wholesale fuel costs can squeeze the profit Casey's earns on each gallon.
- A food-safety scare could hurt the brand. A foodborne illness, or even reports of one, could damage the Casey's name and hurt sales of prepared food, a high-margin category. It could also bring lawsuits and investigations by regulators.
- Rising cheese and ingredient costs. Cheese is Casey's largest food cost, and its price can swing with weather and global demand. If the company cannot raise menu prices to match, store profits could suffer.
- Buying and integrating stores may get harder. Casey's grows partly by buying stores, such as those added in the Fikes acquisition, and converting them to its brand with full kitchens. Fewer good deals or a difficult integration could slow growth.
- Drivers may buy less fuel over time. More fuel-efficient cars, concern about climate change and new driving habits could cut demand for gasoline and diesel. All but six Casey's stores sell fuel, but only 64 have electric-vehicle chargers.
- Tobacco rules, campaigns and taxes. Every store sells tobacco and nicotine products. Government campaigns against their use, and higher wholesale costs and taxes, could reduce revenue and gross profit from this category.
Recent events
- Quarterly results released; Shareholder vote results
- Investor presentation or announcement
- Quarterly results released; Executive or board change; Bylaws or fiscal year changed; Other company announcement
- Executive or board change; Investor presentation or announcement
- Quarterly results released
- Quarterly results released
For income and retirement investors
Casey's has raised its dividend in every fiscal year in SEC records, fiscal 2017 to 2026, a streak of at least 9 increases that may be longer. Dividends per share rose from $1.32 in fiscal 2021 to $2.23 in fiscal 2026, roughly 11% a year. The payout is modest: about 12% of earnings and of free cash flow (cash left after investing in stores and equipment). The yield was just 0.35% as of October 28, 2026, so the shares provide little income to live on; the record is about dividend growth, not yield. Buybacks totaled about $306 million in fiscal 2022–2026, yet shares outstanding fell only 0.4% from November 2021 to September 2026.
In past downturns the shares fell 40.5% around the 2008 crisis and 32.1% in the 2020 COVID crash, recovering within about six months each time. In the 2022 bear market they gained 3.2% while the market fell. Single stocks carry more risk than diversified funds.
Questions investors ask
How does Casey's make money?
Mostly by selling fuel and the food and goods inside its stores. In the year ended April 30, 2026, retail fuel made up 60.4% of Casey's $17.6 billion in revenue. In-store sales of prepared food, drinks, groceries and general merchandise brought in about 36% of revenue over the three fiscal years to April 30, 2026, but about 63% of gross profit. Pizza is the signature item, and a wholesale fuel network adds about 3% of revenue.
Does Casey's raise its dividend every year?
Yes, through fiscal 2026. SEC records covering fiscal 2017 through 2026 show a higher dividend every year, at least 9 straight increases, and the true streak may be longer. Dividends per share grew from $1.32 in fiscal 2021 to $2.23 in fiscal 2026, about 11% a year. The fiscal 2026 dividend used only about 12% of earnings. Past increases do not guarantee future ones.
Why is Casey's dividend yield so low?
Because the dividend is small next to the share price. Casey's paid about $2.23 per share in fiscal 2026, and the yield was 0.35% as of October 28, 2026, when the shares traded at about 35 times fiscal 2026 earnings. In fiscal 2026 it paid out only about 12% of profit as dividends and spent about $200 million on buybacks. For income investors, that means little cash to spend; the record is one of dividend growth rather than high yield.
How much debt does Casey's have?
About $2.43 billion as of July 31, 2026, against $524 million in cash and investments, for net debt of about $1.9 billion. Shareholders' equity was about $4.09 billion, and fiscal 2026 free cash flow was about $722 million. The company's Senior Notes (a type of bond) and credit facility come with covenants, which are promises to lenders that include financial tests. The company says failing them could have a material impact on the business.
How did Casey's stock hold up in market crashes?
It fell hard but bounced back within months. The shares dropped about 40.5% from December 2007 to March 2009 and regained their peak by September 2009. In the 2020 COVID crash they fell 32.1% and recovered by September 2020. During the 2022 bear market they rose 3.2%. Big swings still happen: the largest drop in the year to October 28, 2026 was 36.1%, and the stock fell 21.7% in the three months to that date.