Casey's General Stores, Inc. (CASY) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-58.3%

$274.89

vs $658.52 price

Levered DCF

$345.57

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

6.04

Safe zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	42.64×	31.43×	23.66×	19.42×	22.02×	26.33×	21.21×	23.85×
P/B	7.71×	4.89×	3.94×	3.26×	3.34×	4.26×	3.41×	3.45×
P/S	1.74×	1.08×	0.8×	0.57×	0.58×	0.95×	0.61×	0.52×
EV / EBITDA	23.69×	16.32×	12.53×	10.38×	11.24×	12.89×	10.7×	10.95×
Gross margin	24.6%	23.5%	22.5%	20.4%	21.3%	27.1%	23.4%	20.9%
Operating margin	5.9%	5.0%	4.8%	4.2%	3.8%	5.2%	4.3%	3.4%
Net margin	4.1%	3.4%	3.4%	3.0%	2.6%	3.6%	2.9%	2.2%
Current ratio	1.01×	0.92×	0.87×	0.99×	0.8×	1.18×	0.36×	0.69×
Debt / equity	0.74×	0.84×	0.58×	0.63×	0.75×	0.71×	0.85×	0.98×
Interest coverage	0×	8.21×	10.89×	10.72×	8.73×	9.69×	7.29×	5.67×
Dividend yield	0.3%	0.4%	0.5%	0.6%	0.7%	0.6%	0.8%	0.9%
Payout ratio	11.6%	13.2%	12.5%	12.5%	15.1%	15.3%	17.4%	20.3%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	18.1%	15.6%	16.6%	16.8%	15.2%	16.2%	16.1%	14.5%
Return on invested capital	10.2%	8.2%	10.0%	9.6%	8.3%	9.1%	8.5%	7.6%
Return on assets	8.0%	6.5%	7.9%	7.5%	6.2%	7.0%	6.7%	5.5%
Free cash flow yield	2.4%	3.4%	3.1%	4.7%	6.2%	4.4%	1.2%	2.8%
Earnings yield	2.3%	3.2%	4.2%	5.1%	4.5%	3.8%	4.7%	4.2%
Enterprise value	$32.9B	$19.8B	$13.4B	$10B	$9B	$9.3B	$6.9B	$6.2B
Net debt / EBITDA	1.72×	2.17×	1.44×	1.35×	1.91×	1.43×	2.05×	2.33×
Cash conversion cycle (days)	-2	-0	-0	-2	-3	-0	5	-0