Caseys General Stores Inc (CASY)

Inventory turnover

		Apr 30, 2025	Jan 31, 2025	Oct 31, 2024	Jul 31, 2024	Apr 30, 2024	Jan 31, 2024	Oct 31, 2023	Jul 31, 2023	Apr 30, 2023	Jan 31, 2023	Oct 31, 2022	Jul 31, 2022	Apr 30, 2022	Jan 31, 2022	Oct 31, 2021	Jul 31, 2021	Apr 30, 2021	Jan 31, 2021	Oct 31, 2020	Jul 31, 2020
Cost of revenue (ttm)	US$ in thousands	9,121,750	11,923,690	11,475,350	11,665,980	11,515,000	11,354,010	11,406,380	11,395,170	12,022,060	12,183,310	11,972,440	11,350,160	10,189,880	9,204,920	8,288,550	7,327,340	6,350,750	5,821,320	6,104,810	6,451,190
Inventory	US$ in thousands	480,034	482,101	432,268	452,017	428,722	414,721	418,901	424,728	376,085	387,136	393,320	399,138	396,199	351,377	350,182	338,082	286,598	271,421	249,842	238,795
Inventory turnover		19.00	24.73	26.55	25.81	26.86	27.38	27.23	26.83	31.97	31.47	30.44	28.44	25.72	26.20	23.67	21.67	22.16	21.45	24.43	27.02

April 30, 2025 calculation

Inventory turnover = Cost of revenue (ttm) ÷ Inventory
= $9,121,750K ÷ $480,034K
= 19.00

The inventory turnover ratios for Caseys General Stores Inc over the observed period demonstrate notable fluctuations with an overall upward trend from mid-2020 through late 2023, followed by some recent declines. Starting with a ratio of 27.02 times as of July 31, 2020, the ratio experienced a slight decline to 24.43 by October 31, 2020, and then steadily decreased to a low of 21.45 in January 2021. This indicates a period where inventory was turning over less frequently, possibly reflecting higher inventory levels or slower sales.

Between January 2021 and October 2021, the ratio increased again to 23.67, suggesting some recovery in inventory management efficiency. A more notable upward trajectory is observed from January 2022 onwards, with ratios reaching 26.20 in January 2022 and peaking at 31.97 as of April 30, 2023. This indicates periods where inventory was replenished and sold more rapidly, reflecting effective inventory management and potentially increased sales velocity.

However, after April 2023, there is a decline to 26.83 in July 2023, followed by a slight increase to 27.23 in October 2023. These fluctuations suggest some volatility in inventory efficiency. The ratio then decreases again in early 2024, reaching a low of 19.00 in April 2025, indicating a significantly slower inventory turnover compared to previous periods.

Overall, the trend in inventory turnover ratios illustrates periods of improvement and contraction, with the peak ratios in mid-2023 reflecting efficient inventory management, and the subsequent decline signaling potential challenges in moving inventory quickly. The recent lower ratios in 2024 and early 2025 suggest increased inventory holding periods, which could impact inventory carrying costs and profitability if sustained.