VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Wednesday, January 7, 2026

Stock Comparison

Casey's General Stores, Inc. vs PepsiCo, Inc.

Compare moat strength, market structure, and segment coverage to understand how each company defends its edge.

Casey's General Stores, Inc.

CASY · NASDAQ

Market cap (USD)$21B
Gross margin (TTM)23.4%
Operating margin (TTM)5.3%
Net margin (TTM)3.6%
SectorConsumer
IndustrySpecialty Retail
CountryUS
Data as of2026-01-06
Moat score
54/ 100

Weighted average of segment moat scores, combining moat strength, durability, confidence, market structure, pricing power, and market share.

Full stock profile

Dive deeper into Casey's General Stores, Inc.'s moat claims, evidence, and risks.

View CASY analysis

PepsiCo, Inc.

PEP · Nasdaq Global Select Market

Market cap (USD)$191.3B
Gross margin (TTM)54.2%
Operating margin (TTM)14.3%
Net margin (TTM)7.8%
SectorConsumer
IndustryBeverages - Non-Alcoholic
CountryUS
Data as of2025-12-23
Moat score
72/ 100

Weighted average of segment moat scores, combining moat strength, durability, confidence, market structure, pricing power, and market share.

Full stock profile

Dive deeper into PepsiCo, Inc.'s moat claims, evidence, and risks.

View PEP analysis

Comparison highlights

  • Moat score gap: PepsiCo, Inc. leads (72 / 100 vs 54 / 100 for Casey's General Stores, Inc.).
  • Segment focus: Casey's General Stores, Inc. has 4 segments (61.3% in Fuel); PepsiCo, Inc. has 7 segments (27% in Frito-Lay North America (FLNA)).
  • Primary market structure: Competitive vs Oligopoly. Pricing power: Weak vs Moderate.
  • Moat breadth: Casey's General Stores, Inc. has 7 moat types across 2 domains; PepsiCo, Inc. has 4 across 2.

Primary market context

Casey's General Stores, Inc.

Fuel

Market

Retail motor fuel sold through convenience-store fuel sites (gasoline and diesel)

Geography

United States (Casey's operating footprint; Midwest/South)

Customer

Motorists / consumers (in-store and pay-at-the-pump transactions)

Role

Fuel retailer (with some self-distribution/wholesale capabilities)

Revenue share

61.3%

PepsiCo, Inc.

Frito-Lay North America (FLNA)

Market

Branded convenient foods (salty snacks, dips and adjacent categories)

Geography

United States and Canada

Customer

Retailers, convenience stores, foodservice

Role

Branded manufacturer + distributor (DSD/warehouse/distributor networks)

Revenue share

27%

Side-by-side metrics

Casey's General Stores, Inc.
PepsiCo, Inc.
Ticker / Exchange
CASY - NASDAQ
PEP - Nasdaq Global Select Market
Market cap (USD)
$21B
$191.3B
Gross margin (TTM)
23.4%
54.2%
Operating margin (TTM)
5.3%
14.3%
Net margin (TTM)
3.6%
7.8%
Sector
Consumer
Consumer
Industry
Specialty Retail
Beverages - Non-Alcoholic
HQ country
US
US
Primary segment
Fuel
Frito-Lay North America (FLNA)
Market structure
Competitive
Oligopoly
Market share
n/a
54%-58% (implied)
HHI estimate
n/a
3,530
Pricing power
Weak
Moderate
Moat score
54 / 100
72 / 100
Moat domains
Demand, Supply
Supply, Demand
Last update
2026-01-06
2025-12-23

Moat coverage

Shared moat types

Brand TrustDistribution ControlScope Economies

Casey's General Stores, Inc. strengths

Operational ExcellencePhysical Network DensityHabit DefaultSupply Chain Control

PepsiCo, Inc. strengths

Scale Economies Unit Cost

Segment mix

Casey's General Stores, Inc. segments

Full profile >

Prepared Food and Dispensed Beverage

Competitive

10.1%

Grocery and General Merchandise

Competitive

26%

Fuel

Competitive

61.3%

Other (wholesale fuel, car wash, lottery)

Competitive

2.6%

PepsiCo, Inc. segments

Full profile >

Frito-Lay North America (FLNA)

Oligopoly

27%

Quaker Foods North America (QFNA)

Competitive

4.2%

PepsiCo Beverages North America (PBNA)

Oligopoly

19.9%

Latin America (LatAm)

Oligopoly

12.3%

Europe

Oligopoly

22.4%

Africa, Middle East and South Asia (AMESA)

Competitive

8.8%

Asia Pacific, Australia & New Zealand and China Region (APAC)

Competitive

5.5%

Want the full wide moat stocks list?

Browse the full ranking of wide moat stocks, updated with moat scores and segment context.

View the moat stocks list

Looking for expansion-stage stocks?

Proven models entering the expansion stage with unit economics that work.

View expansion-stage stocks

Curation & Accuracy

This directory blends AI‑assisted discovery with human curation. Entries are reviewed, edited, and organized with the goal of expanding coverage and sharpening quality over time. Your feedback helps steer improvements (because no single human can capture everything all at once).

Details change. Pricing, features, and availability may be incomplete or out of date. Treat listings as a starting point and verify on the provider’s site before making decisions. If you spot an error or a gap, send a quick note and I’ll adjust.