Caseys General Stores Inc (CASY)

Payables 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
Payables	US$ in thousands	620,447	585,865	573,320	597,112	569,527	521,948	601,310	570,485	560,546	518,250	587,030	618,931	588,783	398,997	509,300	453,514	355,471	332,103	323,662	310,118
Payables turnover		14.70	20.35	20.02	19.54	20.22	21.75	18.97	19.97	21.45	23.51	20.39	18.34	17.31	23.07	16.27	16.16	17.87	17.53	18.86	20.80

April 30, 2025 calculation

Payables turnover = Cost of revenue (ttm) ÷ Payables
= $9,121,750K ÷ $620,447K
= 14.70

The payables turnover ratio for Caseys General Stores Inc exhibits notable fluctuations over the analyzed period from July 2020 through April 2025. Initially, the ratio was relatively high at 20.80 in July 2020, indicating that the company was paying its suppliers approximately 20.8 times annually, reflecting prompt payment practices or efficient management of trade payables.

Throughout the following year, the ratio declined to 16.16 by July 2021, suggesting a slowdown in the frequency of payments to suppliers or an increase in outstanding payables. During this period, external factors such as supply chain disruptions or changes in credit terms could have contributed to this decrease.

In late 2021, the ratio increased again to 23.07 in January 2022, which may point to an improvement in payment efficiency or a reduction in outstanding liabilities. This upward trend was sustained through much of 2022, reaching 23.51 in January 2023, indicating a period of stronger payables management.

Subsequently, the ratio experienced a slight decline towards 18.97 by October 2023, though it remained relatively stable compared to earlier years. In early 2024, the ratio increased again to 21.75 in January before gradually declining to 14.70 in April 2025, which marks a significant decrease. This sharp decline could suggest delayed payments to suppliers, longer credit periods negotiated, or a strategic extension of payable terms.

Overall, the company's payables turnover ratio reflects periods of both improved and relaxed payment practices. The fluctuations may be influenced by strategic shifts, market conditions, or operational changes, but the recent sharp decrease towards April 2025 warrants further investigation to assess potential impacts on supplier relationships and overall liquidity management.