Caseys General Stores Inc (CASY)

Return on total capital

		Apr 30, 2025	Apr 30, 2024	Apr 30, 2023	Apr 30, 2022	Apr 30, 2021
Earnings before interest and tax (EBIT)	US$ in thousands	712,449	709,601	639,333	497,700	454,049
Long-term debt	US$ in thousands	—	—	—	—	—
Total stockholders’ equity	US$ in thousands	3,508,670	3,015,380	2,660,670	2,240,840	1,932,680
Return on total capital		20.31%	23.53%	24.03%	22.21%	23.49%

April 30, 2025 calculation

Return on total capital = EBIT ÷ (Long-term debt + Total stockholders’ equity)
= $712,449K ÷ ($—K + $3,508,670K)
= 20.31%

The Return on Total Capital (ROTC) for Caseys General Stores Inc over the period from April 30, 2021, to April 30, 2025, exhibits fluctuations that offer insights into the company's operational efficiency and profitability relative to its overall capital base.

In the fiscal year ending April 30, 2021, the ROTC stood at 23.49%, indicating a strong utilization of total capital to generate earnings. The subsequent year saw a slight decline to 22.21% in 2022, suggesting a marginal reduction in the company's efficiency in generating returns from its invested capital.

The year ending April 30, 2023, experienced an increase to 24.03%, reflecting an improvement in the company's capacity to generate higher profits relative to its total capital base, possibly due to operational improvements, strategic initiatives, or favorable market conditions. However, in the following year, 2024, the ROTC slightly decreased to 23.53%, implying a stabilization but a minor decline in growth efficiency.

By the fiscal year ending April 30, 2025, the ROTC further declined to 20.31%, representing the most substantial decrease within this period. This reduction may indicate increased capital costs, reduced profitability, or operational challenges impacting overall return efficiency.

Overall, the trend demonstrates periods of relative stability with minor oscillations, with a noticeable decline occurring in the most recent year. The fluctuations suggest that while the company has maintained a relatively high level of capital efficiency over several years, recent developments may be impacting its ability to sustain previous levels of returns on total capital.