Is Casey's General Stores, Inc. overvalued or undervalued?

As of 17 October 2025, the valuation grade for Casey's General Stores, Inc. has moved from very attractive to fair. The company appears to be overvalued given its P/E ratio of 31, which is significantly higher than the industry average, and a PEG ratio of 2.40, indicating that its growth is not sufficient to justify its current price. Additionally, the EV to EBITDA ratio stands at 16.15, suggesting that the company's valuation may not be supported by its earnings before interest, taxes, depreciation, and amortization.
In comparison to peers, Target Corp. has a much lower P/E of 11.82 and an EV to EBITDA of 6.78, indicating a more attractive valuation relative to its earnings. Meanwhile, Tractor Supply Co. is considered expensive with a P/E of 32.73 and an EV to EBITDA of 19.25. Notably, Casey's General Stores has outperformed the S&P 500 with a year-to-date return of 43.11% compared to the S&P 500's 13.30%, but its long-term performance over 10 years shows a decline relative to the index.