HIGHBuilt-inProduct / Revenue mix
61.3%
retail fuel
“10-K Item 1: 'Total retail fuel revenue ... Percentage of total revenue| 61.3 | %'”
CASY · Concentration risk · 10-K extracted
Caseys General Stores (CASY) concentration risks
Updated
The most significant concentration Caseys General Stores discloses is retail fuel at 61.3%, classified HIGH by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Source: Caseys General Stores’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
At a glance
Disclosed-size breakdown · 3 disclosed concentrations
HIGH1
MEDIUM1
LOW1
Disclosed concentrations
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
MEDIUMBuilt-inGeographic
Iowa, Missouri and Illinois
“10-K Item 1: 'throughout 20 states, approximately half of which are located in Iowa, Missouri and Illinois'”
LOWBuilt-inProduct / Revenue mix
9%
tobacco and nicotine products
“10-K Item 1A: 'Sales of tobacco and nicotine products have averaged approximately 9% of our total revenue over the past three fiscal years'”
TrendMatrix Research · concentration synthesis
What these concentrations mean together
updated 2026-07-19Casey's General Stores' concentration profile is anchored in fuel. Retail fuel revenue represents approximately 61.3% of total revenue, a high-share structural feature of the convenience-store-and-fuel business model rather than a dependency on any single supplier or customer. Geographically, the company operates across 20 states, with approximately half of its stores located in Iowa, Missouri and Illinois — a medium-share regional footprint that concentrates the store base in the upper Midwest without eliminating the broader multi-state presence. On the merchandise side, tobacco and nicotine products have averaged approximately 9% of total revenue over the past three fiscal years, a low-share and comparatively minor structural contributor relative to fuel. None of these three exposures reads as a counterparty dependency — they are all structural features of what Casey's sells and where its stores are located — which means the risks here are more macro (fuel price and volume cycles, regional economic conditions in the upper Midwest, and long-term tobacco/nicotine volume trends) than idiosyncratic. The fuel concentration is by far the largest of the three and the one most capable of moving results if margins or volumes in that category shift, while the geographic and tobacco exposures are comparatively secondary.
For the engine’s reasoning on CASY’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
Industry peers · Specialty Retail
Peer concentration profile
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| ARKO | ARKO Corp. | 1 | 2 | 0 | 3 |
| CASY● | Caseys General Stores, Inc. | 1 | 1 | 1 | 3 |
| BBWI | Bath & Body Works, Inc. | 0 | 3 | 1 | 4 |
| ARHS | Arhaus, Inc. | 0 | 1 | 1 | 2 |
| ASO | Academy Sports and Outdoors, In | 0 | 1 | 0 | 1 |
| BBY | Best Buy Co., Inc. | 0 | 0 | 0 | 0 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.