Casey's vs Kroger
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The short version
- Kroger is the larger business, with $147.6B of revenue in fiscal 2025 against $17.6B for Casey's, about 8.4 times as much.
- Casey's grew revenue faster (10.2%, against 0.4%).
- Casey's turned more of its sales into free cash flow (4.1% FCF margin, against 2.3%).
- Casey's earned a higher return on the capital invested in it (13.6%, against 7.6%).
- Investors pay more for each dollar of Kroger’s earnings: a P/E of 37.1x against 33.7x for Casey's.
| Latest fiscal year | CASY · FY26 | KR · FY25 |
|---|---|---|
| Size | ||
| Market cap | $25.9B | $40.6B |
| Revenue | $17.6B | $147.6B |
| Free cash flow | $722M | $3.5B |
| Net income | $714M | $1.0B |
| Growth | ||
| Revenue growth | 10.2% | 0.4% |
| 5-year growth | 15.1% | 2.2% |
| Share count change | −0.2% | −9.0% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | — | 1.3% |
| Net margin | 4.1% | 0.7% |
| FCF margin | 4.1% | 2.3% |
| Return on capital | 13.6% | 7.6% |
| Return on equity | 19.2% | 14.3% |
| Balance sheet | ||
| Net debt | $1.9B | $14.2B |
| Net debt / EBITDA | 1.3x | 2.7x |
| Dividends and buybacks | $284M | $3.6B |
| Valuation & quality | ||
| P/E | 33.7x | 37.1x |
| Piotroski F-score | 7 | 4 |
Revenue
FY17
CASY $7.5B
KR $123.3B
FY18
CASY $8.4B
KR $121.9B
FY19
CASY $9.4B
KR $122.3B
FY20
CASY $9.2B
KR $132.5B
FY21
CASY $8.7B
KR $137.9B
FY22
CASY $13.0B
KR $148.3B
FY23
CASY $15.1B
KR $150.0B
FY24
CASY $14.9B
KR $147.1B
FY25
CASY $15.9B
KR $147.6B
FY26
CASY $17.6B
KR —
CASY
KR
Operating margin
FY17
CASY —
KR 2.1%
FY18
CASY —
KR 2.2%
FY19
CASY —
KR 1.8%
FY20
CASY —
KR 2.1%
FY21
CASY —
KR 2.5%
FY22
CASY —
KR 2.8%
FY23
CASY —
KR 2.1%
FY24
CASY —
KR 2.6%
FY25
CASY —
KR 1.3%
FY26
CASY —
KR —
CASY
KR
Free cash flow
FY17
CASY $25.9M
KR $604M
FY18
CASY −$158M
KR $1.2B
FY19
CASY $136M
KR $1.5B
FY20
CASY $65.3M
KR $4.0B
FY21
CASY $363M
KR $3.6B
FY22
CASY $462M
KR $1.4B
FY23
CASY $405M
KR $2.9B
FY24
CASY $371M
KR $1.8B
FY25
CASY $585M
KR $3.5B
FY26
CASY $722M
KR —
CASY
KR
Return on capital
FY17
CASY 10.6%
KR 12.7%
FY18
CASY 11.6%
KR 9.2%
FY19
CASY 9.6%
KR 7.7%
FY20
CASY 11.1%
KR 9.8%
FY21
CASY 12.0%
KR 13.4%
FY22
CASY 11.4%
KR 14.8%
FY23
CASY 12.6%
KR 10.7%
FY24
CASY 12.9%
KR 13.9%
FY25
CASY 12.1%
KR 7.6%
FY26
CASY 13.6%
KR —
CASY
KR
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.