Casey’s(US:CASY)2025-09-09 12:30Company Overview - Casey's has a total enterprise value of approximately $21 billion[6] - The company operates around 2,900 convenience stores across 19 states[6] - Casey's handles over 800 million guest transactions annually[6] - The company employs roughly 50,000 team members[6] Competitive Advantages - Approximately 2/3 of Casey's stores are located in towns with populations of 20,000 or fewer, giving it a strong position in rural areas[8,68,69] - Casey's is the 5th largest pizza chain in the United States, with prepared food representing a significant portion of inside sales[8,68,69] - The company's rewards platform has over 9 million active members, driving higher transaction values and more frequent visits[8] Growth Strategy and Financial Performance - Casey's aims to deliver top quintile EBITDA growth of 8-10% through FY2026[24,27,71] - The company plans to add approximately 500 additional stores through new builds and acquisitions by FY2026[27,29] - Casey's anticipates free cash flow of around $1.25 billion through FY2026[27] Financial Improvements - From FY19 to FY25, Casey's OPEX CAGR was 10.6% compared to EBITDA CAGR of 13.4%[70] - Return on invested capital (ROIC) improved to 11.5% in FY25, up approximately 240 bps from FY19[70] - Free cash flow (FCF) generation in FY25 was $585 million, compared to $136 million in FY19[70]