VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Thursday, January 8, 2026

Stock Comparison

Casey's General Stores, Inc. vs Xero Limited

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

Xero Limited

XRO · Australian Securities Exchange

Market cap (USD)$18.2B
Gross margin (TTM)85.3%
Operating margin (TTM)17.6%
Net margin (TTM)11.5%
SectorTechnology
IndustrySoftware - Application
CountryNZ
Data as of2026-01-02
Moat score
71/ 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 Xero Limited's moat claims, evidence, and risks.

View XRO analysis

Comparison highlights

  • Moat score gap: Xero Limited leads (71 / 100 vs 54 / 100 for Casey's General Stores, Inc.).
  • Segment focus: Casey's General Stores, Inc. has 4 segments (61.3% in Fuel); Xero Limited has 2 segments.
  • 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; Xero Limited has 7 across 3.

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%

Xero Limited

Core Accounting Subscription Platform

Market

Cloud accounting software for small businesses and their advisors

Geography

Global

Customer

SMB; accountants & bookkeepers

Role

Software platform (SaaS)

Side-by-side metrics

Casey's General Stores, Inc.
Xero Limited
Ticker / Exchange
CASY - NASDAQ
XRO - Australian Securities Exchange
Market cap (USD)
$21B
$18.2B
Gross margin (TTM)
23.4%
85.3%
Operating margin (TTM)
5.3%
17.6%
Net margin (TTM)
3.6%
11.5%
Sector
Consumer
Technology
Industry
Specialty Retail
Software - Application
HQ country
US
NZ
Primary segment
Fuel
Core Accounting Subscription Platform
Market structure
Competitive
Oligopoly
Market share
n/a
n/a
HHI estimate
n/a
n/a
Pricing power
Weak
Moderate
Moat score
54 / 100
71 / 100
Moat domains
Demand, Supply
Demand, Network, Financial
Last update
2026-01-06
2026-01-02

Moat coverage

Shared moat types

No overlap yet.

Casey's General Stores, Inc. strengths

Brand TrustOperational ExcellencePhysical Network DensityDistribution ControlHabit DefaultSupply Chain ControlScope Economies

Xero Limited strengths

Data Workflow LockinSwitching Costs GeneralTwo Sided NetworkBenchmark Pricing PowerInteroperability HubEcosystem ComplementsSuite Bundling

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%

Xero Limited segments

Full profile >

Core Accounting Subscription Platform

Oligopoly

n/a

Platform Services (Payments, Payroll, App Ecosystem)

Competitive

n/a

Want the full wide moat stocks list?

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

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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.