Core Thesis - Casey's General Stores, Inc. is viewed positively by analysts, with a current share price of $566.81 and trailing and forward P/E ratios of 36.55 and 35.71 respectively [1] Company Overview - Founded in 1968, Casey's General Stores started as a gas station and convenience store in Iowa, focusing on underserved rural markets and evolving into a leading convenience retailer [2] - The company expanded significantly after going public in 1983, introducing "made-from-scratch" pizza in 1985, which helped it dominate the prepared food segment [3] Business Strategy and Growth - Casey's operates over 2,900 stores across 20 states, generating over $16 billion in revenue with a 5% operating margin, making it the third-largest convenience retailer and fifth-largest pizza chain in the U.S. [4][5] - The company has maintained its independence by rebuffing takeover attempts and has accelerated digital adoption under CEO Darren Rebelez since 2019, including mobile ordering and a loyalty program with over 9 million members [4] Recent Performance and Market Position - The company's stock has appreciated approximately 21.64% since a previous bullish thesis in May 2025, reflecting its food-first strategy and strong growth through mergers and acquisitions [6]