Latest Ratios: P/E Ratio 42.1x · EV/EBITDA 22.0x · ROE 19.2%. (1997–2026 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $29.9B | $30.7B | $17.3B | $11.9B | $8.6B | $7.5B | $8.3B | $5.6B | $4.9B | $3.7B | $4.4B |
| Enterprise Value | $32.7B | $33.4B | $19.9B | $13.5B | $9.9B | $9.0B | $9.3B | $7.0B | $6.2B | $5.0B | $5.3B |
| P/E Ratio → | 42.13 | 42.91 | 31.60 | 23.80 | 19.21 | 22.12 | 26.51 | 21.33 | 24.02 | 11.58 | 25.02 |
| P/S Ratio | 1.70 | 1.75 | 1.08 | 0.80 | 0.57 | 0.58 | 0.95 | 0.61 | 0.52 | 0.44 | 0.59 |
| P/B Ratio | 7.62 | 7.76 | 4.92 | 3.96 | 3.23 | 3.36 | 4.29 | 3.43 | 3.47 | 2.90 | 3.73 |
| P/FCF | 41.46 | 42.48 | 29.55 | 32.20 | 21.18 | 16.27 | 22.88 | 86.17 | 36.01 | — | 171.39 |
| P/OCF | 21.72 | 22.25 | 15.84 | 13.37 | 9.73 | 9.53 | 10.32 | 11.16 | 9.22 | 8.77 | 9.66 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.90 | 1.25 | 0.91 | 0.65 | 0.70 | 1.07 | 0.76 | 0.66 | 0.59 | 0.70 |
| EV / EBITDA | 22.05 | 22.54 | 16.59 | 12.73 | 10.37 | 11.29 | 12.97 | 10.76 | 11.01 | 10.23 | 10.38 |
| EV / EBIT | 31.65 | 35.69 | 24.59 | 18.70 | 15.27 | 18.18 | 20.54 | 17.59 | 19.45 | 18.75 | 16.97 |
| EV / FCF | — | 46.35 | 34.05 | 36.36 | 24.37 | 19.58 | 25.71 | 106.48 | 45.66 | — | 204.11 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 24.6% | 24.6% | 23.5% | 22.5% | 20.4% | 21.3% | 27.1% | 23.4% | 20.9% | 21.1% | 22.4% |
| Operating Margin | 5.9% | 5.9% | 5.0% | 4.8% | 4.2% | 3.8% | 5.2% | 4.3% | 3.4% | 3.2% | 4.1% |
| Net Profit Margin | 4.1% | 4.1% | 3.4% | 3.4% | 3.0% | 2.6% | 3.6% | 2.9% | 2.2% | 3.8% | 2.4% |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 19.2% | 19.2% | 16.8% | 17.7% | 18.2% | 16.3% | 17.5% | 17.3% | 15.2% | 25.8% | 15.6% |
| ROA | 8.2% | 8.2% | 7.4% | 8.2% | 7.8% | 6.8% | 7.4% | 6.9% | 5.7% | 9.8% | 6.2% |
| ROIC | 12.0% | 12.0% | 11.2% | 12.5% | 12.4% | 11.1% | 11.5% | 10.4% | 9.1% | 8.7% | 12.0% |
| ROCE | 13.9% | 13.9% | 12.5% | 13.6% | 13.3% | 11.8% | 13.5% | 13.1% | 10.5% | 9.6% | 12.6% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.84 | 0.84 | 0.84 | 0.58 | 0.63 | 0.75 | 0.71 | 0.85 | 0.98 | 1.06 | 0.78 |
| Debt / EBITDA | 2.24 | 2.24 | 2.46 | 1.65 | 1.76 | 2.11 | 1.90 | 2.17 | 2.44 | 2.77 | 1.82 |
| Net Debt / Equity | — | 0.71 | 0.75 | 0.51 | 0.49 | 0.68 | 0.53 | 0.81 | 0.93 | 1.02 | 0.71 |
| Net Debt / EBITDA | 1.88 | 1.88 | 2.19 | 1.46 | 1.36 | 1.91 | 1.43 | 2.05 | 2.33 | 2.66 | 1.66 |
| Debt / FCF | — | 3.87 | 4.50 | 4.16 | 3.19 | 3.31 | 2.83 | 20.30 | 9.65 | — | 32.73 |
| Interest Coverage | — | — | 8.34 | 11.07 | 10.85 | 8.73 | 9.69 | 7.29 | 5.67 | 5.05 | 7.39 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.01 | 1.01 | 0.92 | 0.87 | 0.99 | 0.80 | 1.18 | 0.36 | 0.69 | 0.78 | 0.82 |
| Quick Ratio | 0.60 | 0.60 | 0.48 | 0.42 | 0.59 | 0.36 | 0.71 | 0.14 | 0.23 | 0.31 | 0.35 |
| Cash Ratio | 0.39 | 0.39 | 0.30 | 0.22 | 0.41 | 0.18 | 0.55 | 0.07 | 0.11 | 0.11 | 0.18 |
| Asset Turnover | — | 1.97 | 1.89 | 2.34 | 2.54 | 2.35 | 1.95 | 2.33 | 2.51 | 2.42 | 2.49 |
| Inventory Turnover | 23.76 | 23.76 | 25.39 | 26.86 | 31.97 | 25.72 | 22.16 | 29.79 | 27.10 | 27.40 | 28.89 |
| Days Sales Outstanding | — | 5.06 | 4.16 | 4.15 | 3.48 | 4.29 | 3.74 | 2.51 | 2.60 | 4.16 | 3.07 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.3% | 0.3% | 0.4% | 0.5% | 0.6% | 0.7% | 0.6% | 0.8% | 0.8% | 1.1% | 0.8% |
| Payout Ratio | 11.6% | 11.6% | 13.2% | 12.5% | 12.5% | 15.1% | 15.3% | 17.4% | 20.3% | 12.2% | 20.7% |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.4% | 2.3% | 3.2% | 4.2% | 5.2% | 4.5% | 3.8% | 4.7% | 4.2% | 8.6% | 4.0% |
| FCF Yield | 2.4% | 2.4% | 3.4% | 3.1% | 4.7% | 6.1% | 4.4% | 1.2% | 2.8% | — | 0.6% |
| Buyback Yield | 0.8% | 0.8% | 0.0% | 0.9% | 0.2% | 0.2% | 0.1% | 0.1% | 0.8% | 5.8% | 1.1% |
| Total Shareholder Yield | 1.1% | 1.1% | 0.4% | 1.4% | 0.8% | 0.9% | 0.7% | 0.9% | 1.6% | 6.9% | 1.9% |
| Shares Outstanding | — | $37M | $37M | $37M | $38M | $37M | $37M | $37M | $37M | $38M | $40M |
Competitive market expansion risk
According to current market data, Casey's trades at a 40.64x TTM P/E ratio, which sits at a significant premium to traditional fuel retailers, suggesting that investors are pricing in the company's unique hybrid QSR-retail model and its potential for sustained earnings growth through strategic store network expansion.
The forward P/E of 36.43 and PEG ratio of 2.26 indicate that the market expects high-quality, durable growth, likely driven by the company's proprietary food service segment. Investors should monitor whether this valuation multiple remains sustainable as the company moves into more competitive Southern markets where its historical rural monopoly advantage may be less pronounced.
Based on reported financial figures, ROIC has fluctuated between 1.4% and 4.2% over the last ten quarters, reflecting the inherent friction of integrating large-scale acquisitions like CEFCO while simultaneously investing heavily in the modernization of the company's digital loyalty infrastructure and physical store kitchen capabilities.
The recent dip in ROIC to 1.4% in 2026Q4 warrants investigation, as it may indicate that the capital intensity of the current growth phase is temporarily outpacing the incremental returns generated by new assets. Analysts should assess whether this is a structural decay in efficiency or a temporary byproduct of aggressive, front-loaded capital deployment.
As reported in recent quarterly filings, the company maintains a highly efficient cash conversion cycle, often hovering near zero or negative levels, which highlights the structural advantage of a high-frequency retail model where inventory is turned over rapidly before supplier payments are due for fuel and merchandise.
The consistent DIO of 12-15 days and DPO of 17-20 days demonstrate strong leverage over suppliers, allowing the company to effectively self-fund its working capital needs. This efficiency is a critical component of the business model, providing the necessary liquidity to support ongoing store-level capital expenditures without relying on external financing.
Based on the latest quarterly data, the current ratio stands at 1.01, indicating a narrow liquidity buffer that reflects management's preference for deploying excess cash into strategic acquisitions and share repurchases rather than maintaining large, idle cash balances on the balance sheet during this period of rapid growth.
While a current ratio near 1.0 is typical for high-turnover retail, it leaves little room for error should the company face a sudden, severe macroeconomic shock or a disruption in fuel margin spreads. Investors should monitor the quick ratio, which remains below 0.70, as it underscores the company's reliance on inventory turnover to meet short-term obligations.
The most commonly misapplied metric for Casey's is the P/S ratio, which obscures the company's true earning power by failing to account for the massive, low-margin fuel revenue that acts as a pass-through commodity rather than a core driver of the company's long-term profitability and valuation.
Analysts should instead prioritize EV/EBITDA or P/E ratios adjusted for the high-margin prepared food contribution, as these metrics better capture the value of the company's QSR-like operations. Relying on P/S risks misinterpreting the business as a low-margin fuel retailer, thereby ignoring the significant margin expansion potential inherent in its proprietary food and private label strategy.
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Quick answers to the most common questions about buying CASY stock.
Casey's General Stores, Inc.'s current P/E ratio is 42.1x. The historical average is 20.8x. This places it at the 97th percentile of its historical range.
Casey's General Stores, Inc.'s current EV/EBITDA is 22.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 9.6x.
Casey's General Stores, Inc.'s return on equity (ROE) is 19.2%. The historical average is 15.6%.
Based on historical data, Casey's General Stores, Inc. is trading at a P/E of 42.1x. This is at the 97th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Casey's General Stores, Inc.'s current dividend yield is 0.28% with a payout ratio of 11.6%.
Casey's General Stores, Inc. has 24.6% gross margin and 5.9% operating margin.
Casey's General Stores, Inc.'s Debt/EBITDA ratio is 2.2x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.