Casey's management check
CASY · Consumer Staples · Food Retail · CEO Darren M Rebelez
Filings as of
6 good · 1 to watch · 0 flagged, across the seven questions below.
- Good
Have owners done well?
Beat its chosen peers$100 invested at the start of fiscal 2022 grew to $381, against $151 for the peer group the company picked itself.
- Good
Does pay follow performance?
Pay rose and fell with returnsOver 5 years, the CEO's pay actually paid (equity valued at the share price) had a correlation of 0.99 with shareholder return. 1 means pay moved in step; below 0, the opposite way.
- Watch
What does the CEO cost owners?
2.1% of net income$14.7m of reported pay in fiscal 2026, against $714.4m of net income.
- Good
Do they own the stock?
CEO stake ≈ 6.0 years of payThe CEO holds 107,573 shares, directly or through trusts (unvested awards not counted): about 6.0 years of pay. Both: 1 buyer ($199k) and 6 sellers ($29.1m) in six months.
- Good
Are owners being diluted?
Share count shrinkingDiluted shares changed -0.1% a year over the last three fiscal years. Stock-based pay was 0.4% of revenue in the latest year.
- Good
Is leadership stable?
6 leadership filings in 3 yearsCEO in the pay table: Mr. Rebelez. 6 filings under 8-K item 5.02 (officers or directors leaving or joining, or new pay arrangements) in the last 3 years.
- Good
Are the books clean?
No red flags on fileNo restatements, auditor changes or late filings since 2021.
Against the S&P 500
Each check's score (0–100) and how it compares: the share of ranked S&P 500 companies it matches or beats, and the median in Consumer Staples.
| Check | Score | At or above | Sector median |
|---|---|---|---|
| Owner returns | 100 | 31 | |
| Pay for performance | 100 | 84 | |
| CEO cost | 24 | 40 | |
| Skin in the game | 74 | 65 | |
| Dilution | 51 | 60 | |
| Stable leadership | 95 | 70 | |
| Clean books | 100 | 100 |
Closest peers
Others in Food Retail, by management score. Casey's is 9th of 33 in its sector.
- 70PEPPepsiCo78
- 71COSTCostco78
- 79MDLZMondelez International78
- 86CASYCasey's78
- 91HSYHershey Company (The)77
- 275KRKroger63
Pay versus performance
From the proxy statement filed July 22, 2026. "Actually paid" values stock awards at the share price, so it rises and falls with the stock.
| Fiscal year | CEO | CEO pay | Actually paid | Other executives (avg) | $100 became | Peers | Net income |
|---|---|---|---|---|---|---|---|
| 2026 | Mr. Rebelez | $14.7m | $83.7m | $4.1m | $381 | $151 | $714.4m |
| 2025 | Mr. Rebelez | $10.7m | $42.5m | $3.0m | $213 | $140 | $546.5m |
| 2024 | Mr. Rebelez | $10.6m | $33.6m | $3.1m | $147 | $122 | $502.0m |
| 2023 | Mr. Rebelez | $10.6m | $18.0m | $2.9m | $104 | $118 | $446.7m |
| 2022 | Mr. Rebelez | $9.1m | $9.7m | $2.9m | $91 | $115 | $339.8m |
The board says pay is tied most to EBITDA. Its other key measures: Same-Store Sales Growth % (Inside Sales), ROIC, Relative TSR.
Insiders and the CEO's stake
Darren M Rebelez (President and CEO) held 107,573 shares directly after their latest Form 4 on Jul 7, 2026, roughly $87.8m at that filing's price.
Both: 1 buyer ($199k) and 6 sellers ($29.1m) in six months.
- BoughtMike SpanosDirector$199kJun 26, 2026
- SoldDarren M RebelezPresident and CEO$15.2mJul 7, 2026
- SoldStephen P Jr BramlageChief Financial Officer$4.8mJul 8, 2026
- SoldWilliams Ena KoschelChief Operating Officer$4.7mJul 9, 2026
Leadership and governance on file
- Jun 9, 2026Leadership change8-K 5.02
- Jun 8, 2026Leadership change8-K 5.02
- Jun 9, 2025Leadership change8-K 5.02
- Dec 9, 2024Leadership change8-K 5.02
- Jun 11, 2024Leadership change8-K 5.02
- Jun 11, 2024Leadership change8-K 5.02
- Jun 6, 2023Leadership change8-K 5.02
- Jun 6, 2023Leadership change8-K 5.02
- Feb 22, 2023Leadership change8-K 5.02
- Sep 1, 2022Leadership change8-K/A 5.02
- Sep 1, 2022Leadership change8-K 5.02
- Jul 29, 2022Leadership change8-K 5.02
Latest shareholder vote results: Sep 8, 2026, including the say-on-pay vote.
Where the money went
Over 2021–2025: $631.3m returned to owners in buybacks and dividends, 25% of net income, and $237.5m of pay in stock.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $13.0bn | $15.1bn | $14.9bn | $15.9bn | $17.6bn |
| Net income | $339.8m | $446.7m | $502.0m | $546.5m | $714.4m |
| Stock-based pay | $38.0m | $47.0m | $41.4m | $47.7m | $63.4m |
| Buybacks | $0 | $0 | $104.9m | $734k | $200.5m |
| Dividends | $51.2m | $55.6m | $62.9m | $72.3m | $83.1m |
| Diluted shares | 37m | 38m | 37m | 37m | 37m |
Educational only, not investment advice. Figures are as filed with the SEC: pay from the proxy's pay-versus-performance table, capital allocation from 10-K XBRL data, insider trades from Form 4s over the last six months, events from the last 5 years of filings. The peer group is the one the company chose. See the method.