Casey’s quietly became America’s fifth-largest pizza chain. Meet the Fortune 500 gas station Gen Z can’t stop posting about

In recent years, Casey's has quietly emerged as America's fifth-largest pizza chain, according to Fortune 500 research. The company operates a network of drive-thru convenience stores and gas stations across the Midwest, with a presence in towns as small as 5,000 people and others under 20,000. The company's stock price has surged by more than 50% in the past year, reaching a market capitalization of $28 billion.

Casey's ranks as the fourth-largest liquor license holder and the fifth-largest pizza chain in the U.S., according to Bank of America Research.

Tom Brennan, Casey's chief merchandising officer, confirmed the company's ranking and noted that it is taking market share from other pizza chains. He dismissed the term "stealth" as fitting for the company and emphasized the company's strong presence in small towns, where it is a well-known and beloved fixture. Casey's has gained popularity among Gen Z, with social media engagement climbing 600% over the past three years.

Brennan attributes the company's success to its commitment to high-quality pizza, a welcoming atmosphere, and a range of other offerings, such as its Sauced Wings, which have expanded to almost 900 stores.

Casey's began as a converted service station in Iowa in 1968, and the company has since grown through a "slow-and-steady" strategy of opening in smaller towns. This has created a "defensible moat" for the brand, as most other pizza chains are not interested in developing sites in towns of this size. The company has also been successful in pricing its pizza and other prepared food items slightly below the market average, while keeping overall food costs under control.

Brennan sees Casey's as a "category of one" and believes that the company's success comes down to delivering a high-quality pizza experience in a welcoming, community-focused environment.