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, indicating a shift in perceived value. The company appears to be overvalued based on its current valuation metrics, with a P/E ratio of 31, a Price to Book Value of 4.82, and an EV to EBITDA of 16.15, which are higher than those of peers such as Target Corp. with a P/E of 11.82 and Tractor Supply Co. at 32.73.
In comparison to the S&P 500, Casey's has shown strong performance, with a year-to-date return of 43.11% versus the index's 13.30%, and a one-year return of 46.49% compared to 14.08% for the S&P 500. However, despite this strong performance, the elevated valuation ratios suggest that the stock may not be a compelling investment at current levels.