Casey's vs Grocery Outlet

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KIRA’s take AI analyst

I put Casey's and Grocery Outlet side by side, using each one’s latest annual report. Here is what stands out:

Casey's is the larger business, with $17.6B of revenue in fiscal 2026 against $4.7B for Grocery Outlet, about 3.7 times as much.
Casey's grew revenue faster (10.2%, against 7.3%).
Casey's turned more of its sales into free cash flow (4.1% FCF margin, against 0.5%).
Casey's earned a higher return on the capital invested in it (13.6%, against −11.6%).

Who comes out ahead

Of the 8 measures where higher (or lower) is clearly better, how many each company leads.

Casey's

CASY

7/8

Revenue growth5-year growthNet marginFCF marginReturn on capitalReturn on equityPiotroski F-score

Grocery Outlet

1/8

Share count change

Side by side

Best in the row

Latest fiscal year	CASY FY26	GO FY25
Size
Market cap	$26.1B	$1.3B
Revenue	$17.6B	$4.7B
Free cash flow	$722M	$23.8M
Net income	$714M	−$225M
Growth
Revenue growth	10.2%	7.3%
5-year growth	15.1%	8.4%
Share count change	−0.2%	−1.6%
Profitability
Gross margin	—	30.3%
Operating margin	—	−4.7%
Net margin	4.1%	−4.8%
FCF margin	4.1%	0.5%
Return on capital	13.6%	−11.6%
Return on equity	19.2%	−20.6%
Balance sheet
Net debt	$1.9B	$426M
Net debt / EBITDA	1.3x	—
Dividends and buybacks	$284M	$0.0M
Valuation & quality
P/E	33.9x	—
Piotroski F-score	7	5

Ten years

Revenue

FY17

CASY $7.5B

GO $2.1B

FY18

CASY $8.4B

GO $2.3B

FY19

CASY $9.4B

GO $2.6B

FY20

CASY $9.2B

GO $3.1B

FY21

CASY $8.7B

GO $3.1B

FY22

CASY $13.0B

GO $3.6B

FY23

CASY $15.1B

GO $4.0B

FY24

CASY $14.9B

GO $4.4B

FY25

CASY $15.9B

GO $4.7B

FY26

CASY $17.6B

GO —

FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26

CASY GO

Operating margin

FY17

CASY —

GO 3.7%

FY18

CASY —

GO 3.6%

FY19

CASY —

GO 2.7%

FY20

CASY —

GO 3.4%

FY21

CASY —

GO 2.9%

FY22

CASY —

GO 2.7%

FY23

CASY —

GO 3.2%

FY24

CASY —

GO 1.8%

FY25

CASY —

GO −4.7%

FY26

CASY —

GO —

FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26

CASY GO

Free cash flow

FY17

CASY $25.9M

GO $13.6M

FY18

CASY −$158M

GO $41.1M

FY19

CASY $136M

GO $35.6M

FY20

CASY $65.3M

GO $56.3M

FY21

CASY $363M

GO $42.2M

FY22

CASY $462M

GO $55.0M

FY23

CASY $405M

GO $134M

FY24

CASY $371M

GO −$74.7M

FY25

CASY $585M

GO $23.8M

FY26

CASY $722M

GO —

FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26

CASY GO

Return on capital

FY17

CASY 10.6%

GO —

FY18

CASY 11.6%

GO —

FY19

CASY 9.6%

GO 5.4%

FY20

CASY 11.1%

GO 8.7%

FY21

CASY 12.0%

GO 5.5%

FY22

CASY 11.4%

GO 6.0%

FY23

CASY 12.6%

GO 6.9%

FY24

CASY 12.9%

GO 3.7%

FY25

CASY 12.1%

GO −11.6%

FY26

CASY 13.6%

GO —

FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26

CASY GO

Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.