Casey's General Stores, Inc. (CASY): A Bull Case Theory

We came across a bullish thesis on Casey’s General Stores, Inc. on Stock Analysis Compilation’s Substack. In this article, we will summarize the bulls’ thesis on CASY. Casey’s General Stores, Inc.'s share was trading at $507.84 as of August 15^th. CASY’s trailing and forward P/E were 34.69 and 31.75, respectively according to Yahoo Finance.

Casey’s General Stores presents a compelling investment opportunity driven by its distinctive business model, strong growth prospects, and effective management strategy. Operating approximately 2,900 locations, Casey’s ranks as the third-largest convenience store chain in the U.S. by store count and the fifth-largest pizza chain. The company differentiates itself through a focus on fresh food offerings, moving beyond traditional convenience store products like gas and cigarettes, which has enhanced both customer experience and profitability.

Employee retention is a standout strength, with the company employing 40% more staff than industry norms, creating meaningful career opportunities in rural communities and fostering a loyal, community-centric customer base. Product innovations, including recent additions such as chicken wings, indicate further upside for sales growth. Casey’s expansion strategy, supported by accretive M&A, has been demonstrated through its acquisition of 200 stores from Fike’s, signaling ongoing potential for unit growth, particularly in high-opportunity markets like Texas. The company’s stock has already appreciated approximately 30% this year, reflecting investor recognition of its unique positioning and execution capabilities.

With a management team experienced in profitable expansion and M&A, Casey’s is well-positioned to sustain long-term growth while maintaining high operational standards. Its combination of innovative offerings, strong human capital, and disciplined strategic execution suggests the company could deliver continued shareholder value, making the current market opportunity attractive for investors seeking a differentiated play in the U.S. convenience and food retail sector. Overall, Casey’s demonstrates a robust risk/reward profile, underpinned by operational excellence, growth potential, and community-focused brand strength.

Previously we covered a bullish thesis on Casey’s General Stores, Inc. (CASY) by Two Natural Capital in May 2025, which highlighted its rural dominance, fresh food-first strategy, and growth through accretive M&A. The stock has appreciated approximately 8.98% since our coverage. The thesis still stands as Casey’s expands and retains employees. Stock Analysis Compilation shares a similar perspective but emphasizes community-centric brand strength.

Casey’s General Stores, Inc. is not on our list of the 30 Most Popular Stocks Among Hedge Funds. As per our database, 35 hedge fund portfolios held CASY at the end of the first quarter which was 38 in the previous quarter. While we acknowledge the potential of CASY as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

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Disclosure: None.