Buffett Brain · Research note
Score updated 28 Oct 2026 · analysis from 18 May 2026
CASY· Consumer Discretionary
Casey's General Stores
Casey's built a moat in rural fuel-and-pizza retail, but a 50x P/E asks for perfection.
Buffett fit
Partial fit
Owner
49
Durability
89
Management
86
Price
25
Score updated 28 Oct 2026 · analysis from 18 May 2026
Buffett's checklist
Each number against Buffett's bar, and where it ranks among Consumer Discretionary stocks in our database.
How much profit the business makes on each dollar invested in it. Higher is better.
What is left of each sale after the cost of making the product. A high number often means pricing power.
The cash the business earns for its owners, compared with the price of the whole company.
How fast sales grew each year over the last five years.
How many years of today's profit you pay for at today's price. Lower means cheaper.
How much the company owes compared with what it owns outright. Lower is safer.
The four pillars
How the business measures up on each of Buffett's four tests.
Owning Casey's privately for a decade means owning a slowly-densifying regional monopoly.
The full reasoning comes with a free account.
Through 2036 the question is whether EVs erode fuel volumes faster than store-density expands.
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Share count is flat (0.02% growth), neither dilutive nor aggressively returning.
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At 50.6x earnings and a 1.8% owner-earnings yield, Casey's is priced for years more of acquisition-fueled .
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For and against
The strongest points on each side, with the numbers behind them.
In its favor
6- 15-year revenue CAGR of 16.3% and EPS CAGR of 14.9% mark a genuine retail
- 2Worst 5-year EPS year was positive +8%, exceptional cyclical consistency
- 3Market cap up 15.4x retained earnings shows capital is being compounded well
- 4Net debt/EBITDA of 1.6 and interest coverage of 13.4 leave room for more acquisitions
Concerns
5- 1 of 50.6 is a steep ask even for a
- 2 yield of just 1.8% offers no buffer
- 3EV/ of 26.9 confirms the multiple is rich
- 4 of 6.3% is structurally thin, magnifying any input-cost shock
Price history
$670+249.8%· 5-year return
Weekly closing prices. Touch or hover the line for a date.
The business
How the business works
Casey's runs roughly 2,900 convenience stores across the Midwest, anchoring small towns where the next Sheetz is an hour away. of 23.9% reflects the blended economics of fuel (thin) and prepared food, especially pizza (fat). of 6.3% is fine for convenience retail and the 5-year revenue CAGR of 16.3% reflects a string of accretive acquisitions plus same-store growth. The pizza kitchen is the secret sauce.
What other investors would say
The same company, judged by three other documented playbooks.
Keep researching
Similar companies in Consumer Discretionary
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