A Business at a Glance
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TRACTOR SUPPLY CO /DE/
TSCO
$16.5B
Mkt Cap
$31.02
+2.31%
TRACTOR SUPPLY CO /DE/ (TSCO) has a current P/E ratio of 15.1, compared to its historical median P/E of 20.6. The stock is currently considered Cheap based on its historical valuation range.
TRACTOR SUPPLY CO /DE/ (TSCO) has a 5-year average return on invested capital (ROIC) of 29.4%. This indicates strong capital allocation and a potential competitive advantage.
TRACTOR SUPPLY CO /DE/ (TSCO) has a market capitalization of $16.3B. It is classified as a large-cap stock.
Yes, TRACTOR SUPPLY CO /DE/ (TSCO) pays a dividend with a trailing twelve-month yield of 3.02%. The company also returns capital through share buybacks, with a buyback yield of 2.36%.
Based on historical P/E analysis, TRACTOR SUPPLY CO /DE/ (TSCO) appears cheap. The current P/E of 15.1 is 27% below its historical median of 20.6. The estimated fair value CAGR (P/E method) is 14.4%.
TRACTOR SUPPLY CO /DE/ (TSCO) operates in the Retail-Building Materials, Hardware, Garden Supply industry, within the Consumer Cyclical sector.
Tractor Supply Company is the largest rural lifestyle retailer in the United States, operating 2,602 retail stores across 49 states under the Tractor Supply Company and Petsense by Tractor Supply banners, complemented by digital channels including TractorSupply.com, Petsense.com, and Allivet.com (acquired in December 2024). The company serves recreational farmers, ranchers, homesteaders, and rural lifestyle enthusiasts through a needs-based merchandising model focused on consumable, usable, and edible (C.U.E.) products such as livestock feed, pet food, and seasonal items, which drive consistent customer traffic and repeat purchases. Revenue is distributed across five major product categories: Livestock, Equine & Agriculture (27% of sales), Companion Animal (24%), Seasonal & Recreation (24%), Truck, Tool & Hardware (15%), and Clothing, Gift & Décor (10%), with owned brands and exclusive product categories representing approximately 30% of total sales. The company operates a distribution network through which approximately 81% of Tractor Supply store merchandise flows, while the remainder ships directly from vendors, enabling efficient inventory management and omnichannel fulfillment through buy-online-pickup-in-store and ship-to-store capabilities. Tractor Supply differentiates itself through a curated assortment of approximately 17,000 to 25,000 in-store products and over 300,000 online, sourced from over 1,100 vendors with no single vendor exceeding 10% of purchases, combined with a customer service model emphasizing knowledgeable team members and personalized experiences that drive strong customer loyalty and satisfaction scores. The company's target customer base comprises home, land, pet, and livestock owners with above-average income and below-average cost of living, primarily located in towns outlying major metropolitan markets and rural communities, positioning Tractor Supply as a trip consolidator for diverse rural lifestyle needs.
【Steady margin expansion ahead】 Management expects 2026 to represent a normalization year following elevated investment cycles, with gross margin continuing to expand driven by cost management initiatives, growth in exclusive brands, retail media, and supply chain efficiencies, partially offset by delivery costs and tariffs. The company anticipates comparable store sales growth of 1%-3% supported by continued average unit retail growth and modest transaction gains, with each quarter expected to fall within this range and performance relatively balanced across the year. Operating margin is expected to improve as new distribution center benefits flow through in the second half and SG&A deleverage moderates from prior-year levels, with management noting an inflection point for margin expansion around the low 2% comparable sales range. Capital allocation priorities remain disciplined, with approximately 100 new store openings planned for 2026 (50% through fee development arrangements), net capital spending of $675-$725 million focused on growth initiatives, and share repurchases of $375-$450 million representing 1%-1.5% of shares outstanding, while strategic investments in final mile delivery and direct sales initiatives are expected to self-fund going forward.
| Metric | Target | Period |
|---|---|---|
| Total sales growth | 4%-6% | FY2026 |
| Comparable store sales growth | 1%-3% | FY2026 |
| Operating margin | 9.3%-9.6% | FY2026 |
| Diluted EPS | $2.13-$2.23 | FY2026 |
| Net capital spending | $675 million-$725 million | FY2026 |
| New store openings | 100 stores | FY2026 |
| Share repurchases | $375 million-$450 million | FY2026 |
Total sales growth (FY2026): “For 2026, we expect total sales growth in the range of 4%-6%, driven by continued new store openings and improving comparable store sales.”
Comparable store sales growth (FY2026): “We expect comp sales growth of 1%-3%, supported by continued improvement in average ticket, as AUR growth trends are expected to continue, along with modest transaction growth.”
Operating margin (FY2026): “we expect operating margin in the range of 9.3%-9.6%, which implies we can maintain operating margin at the midpoint of the range.”
Diluted EPS (FY2026): “We are forecasting diluted EPS in the range of $2.13-$2.23.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 15.6B | 15.5B | 14.9B | 14.6B | 14.2B | 12.7B |
| Net Income | 1.1B | 1.1B | 1.1B | 1.1B | 1.1B | 997M |
| EPS | $2.05 | $2.06 | $0.41 | $2.02 | $1.97 | $1.72 |
| Free Cash Flow | 554M | 740M | 637M | 580M | 584M | 510M |
| ROIC | 25.7% | 18.9% | 21.0% | 24.9% | 27.2% | 55.2% |
| Gross Margin | 36.4% | 36.4% | 36.3% | 35.9% | 35.0% | 35.2% |
| Debt/Equity | 0.85 | 2.29 | 2.38 | 2.33 | 2.07 | 0.49 |
| Dividends/Share | $0.94 | $0.92 | $0.18 | $0.82 | $0.74 | $0.42 |
| Operating Income | 1.5B | 1.5B | 1.5B | 1.5B | 1.4B | 1.3B |
| Operating Margin | 9.3% | 9.5% | 9.9% | 10.2% | 10.1% | 10.3% |
| ROE | 43.0% | 45.2% | 49.8% | 52.8% | 53.8% | 50.8% |
| Shares Outstanding | 526M | 532M | 2,699M | 549M | 551M | 579M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 5.7B | 6.2B | 6.8B | 7.3B | 7.9B | 8.4B | 10.6B | 12.7B | 14.2B | 14.6B | 14.9B | 15.5B | 15.6B |
| Gross Margin | 34.1% | 34.4% | 34.3% | 34.3% | 34.2% | 34.4% | 35.4% | 35.2% | 35.0% | 35.9% | 36.3% | 36.4% | 36.4% |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 1.2B | 1.4B | 1.5B | 1.6B | 1.8B | 1.9B | 2.5B | 2.9B | 3.2B | 3.4B | 3.5B | 3.7B | 3.7B |
| EBIT | 589M | 651M | 694M | 686M | 702M | 743M | 997M | 1.3B | 1.4B | 1.5B | 1.5B | 1.5B | 1.5B |
| Op. Margin | 10.3% | 10.4% | 10.2% | 9.5% | 8.9% | 8.9% | 9.4% | 10.3% | 10.1% | 10.2% | 9.9% | 9.5% | 9.3% |
| Net Income | 371M | 410M | 437M | 423M | 532M | 562M | 749M | 997M | 1.1B | 1.1B | 1.1B | 1.1B | 1.1B |
| Net Margin | 6.5% | 6.6% | 6.4% | 5.8% | 6.7% | 6.7% | 7.1% | 7.8% | 7.7% | 7.6% | 7.4% | 7.1% | 6.9% |
| Non-Recurring | 0 | 0 | 0 | -460K | 567K | 297K | 62M | -4.0M | -2.2M | 0 | 63M | 93M | 93M |
| Returns on Capital | |||||||||||||
| ROIC | 31.1% | 29.1% | 27.1% | 19.6% | 23.8% | 24.5% | 23.9% | 55.2% | 27.2% | 24.9% | 21.0% | 18.9% | 25.7% |
| ROE | 28.7% | 29.5% | 30.1% | 29.4% | 35.7% | 35.9% | 42.9% | 50.8% | 53.8% | 52.8% | 49.8% | 45.2% | 43.0% |
| ROA | 18.2% | 17.3% | 16.3% | 15.2% | 17.9% | 13.4% | 12.1% | 13.5% | 13.4% | 12.5% | 11.6% | 10.6% | 9.3% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 409M | 429M | 651M | 631M | 694M | 812M | 1.4B | 1.1B | 1.4B | 1.3B | 1.4B | 1.6B | 1.5B |
| Free Cash Flow | 249M | 193M | 425M | 381M | 416M | 594M | 1.1B | 510M | 584M | 580M | 637M | 740M | 554M |
| Owner Earnings | 278M | 286M | 484M | 436M | 488M | 585M | 1.1B | 821M | 960M | 884M | 925M | 1.1B | 948M |
| CapEx | 161M | 236M | 226M | 250M | 279M | 217M | 294M | 628M | 773M | 754M | 784M | 895M | 956M |
| Maint. CapEx | 115M | 124M | 143M | 166M | 177M | 196M | 217M | 270M | 343M | 393M | 447M | 494M | 501M |
| Growth CapEx | 46M | 113M | 83M | 85M | 101M | 21M | 77M | 358M | 430M | 361M | 337M | 401M | 456M |
| D&A | 115M | 124M | 143M | 166M | 177M | 196M | 217M | 270M | 343M | 393M | 447M | 494M | 501M |
| CapEx/OCF | 39.3% | 55.1% | 34.7% | 39.7% | 40.1% | 26.8% | 21.1% | 55.2% | 57.0% | 56.5% | 55.2% | 54.7% | 63.3% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 84M | 103M | 122M | 134M | 147M | 163M | 175M | 239M | 410M | 450M | 472M | 488M | 492M |
| Dividend Yield | 1.1% | 1.0% | 1.3% | 1.9% | 1.7% | 1.5% | 1.4% | 1.2% | 1.9% | 2.0% | 0.3% | 1.7% | 3.0% |
| Share Buybacks | 298M | 293M | 332M | 369M | 350M | 533M | 343M | 799M | 700M | 594M | 561M | 361M | 384M |
| Buyback Yield | 3.2% | 2.9% | 3.8% | 4.4% | 3.8% | 5.3% | 2.2% | 3.2% | 3.0% | 2.6% | 1.9% | 1.3% | 2.4% |
| Stock-Based Comp | 16M | 19M | 24M | 29M | 29M | 31M | 37M | 48M | 54M | 57M | 48M | 57M | 61M |
| Debt Repayment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | -97M | 22M | 176M | 817M | 798M | 786M | 2.2B | 112M | 4.0B | 4.2B | 5.1B | 5.7B | 1.9B |
| Cash & Equiv. | 51M | 64M | 54M | 109M | 86M | 84M | 1.3B | 878M | 203M | 397M | 251M | 194M | 224M |
| Long-Term Debt | 5.0M | 150M | 264M | 401M | 381M | 366M | 984M | 986M | 1.2B | 1.7B | 1.8B | 1.8B | 2.1B |
| Debt/Equity | 0.00 | 0.11 | 0.20 | 0.65 | 0.57 | 0.56 | 1.82 | 0.49 | 2.07 | 2.33 | 2.38 | 2.29 | 0.85 |
| Interest Coverage | 312.7 | 225.0 | 119.5 | 49.5 | 38.2 | 37.5 | 34.6 | 49.1 | 46.8 | 31.8 | 26.9 | 21.2 | 21.2 |
| Equity | 1.3B | 1.4B | 1.5B | 1.4B | 1.6B | 1.6B | 1.9B | 2.0B | 2.0B | 2.1B | 2.3B | 2.6B | 2.5B |
| Total Assets | 2.0B | 2.4B | 2.7B | 2.9B | 3.1B | 5.3B | 7.0B | 7.8B | 8.5B | 9.2B | 9.8B | 10.9B | 11.7B |
| Total Liabilities | 741M | 978M | 1.2B | 1.5B | 1.5B | 3.7B | 5.1B | 5.8B | 6.4B | 7.0B | 7.5B | 8.4B | 9.1B |
| Intangibles | N/A | 0 | 0 | 31M | 114M | 114M | 45M | 23M | 23M | 0 | 23M | 52M | 0 |
| Retained Earnings | 1.9B | 2.2B | 2.5B | 2.8B | 3.2B | 3.6B | 4.2B | 4.9B | 5.6B | 6.3B | 6.9B | 7.5B | 7.6B |
| Working Capital | 671M | 768M | 741M | 806M | 856M | 540M | 1.5B | 1.2B | 782M | 1.1B | 991M | 893M | 1.1B |
| Current Assets | 1.3B | 1.4B | 1.5B | 1.7B | 1.8B | 1.8B | 3.3B | 3.3B | 3.2B | 3.3B | 3.3B | 3.5B | 4.0B |
| Current Liabilities | 603M | 671M | 777M | 849M | 938M | 1.2B | 1.7B | 2.1B | 2.4B | 2.2B | 2.3B | 2.6B | 2.9B |
| Per Share Data | |||||||||||||
| EPS | 0.53 | 0.60 | 0.65 | 0.66 | 0.86 | 0.93 | 1.28 | 1.72 | 1.97 | 2.02 | 0.41 | 2.06 | 2.05 |
| Owner EPS | 0.40 | 0.42 | 0.72 | 0.68 | 0.79 | 0.97 | 1.94 | 1.42 | 1.74 | 1.61 | 0.34 | 2.04 | 1.80 |
| Book Value | 1.86 | 2.04 | 2.17 | 2.22 | 2.53 | 2.60 | 3.28 | 3.46 | 3.71 | 3.92 | 0.84 | 4.85 | 4.78 |
| Cash Flow/Share | 0.59 | 0.63 | 0.97 | 0.99 | 1.12 | 1.35 | 2.38 | 1.97 | 2.46 | 2.43 | 0.53 | 3.07 | 3.01 |
| Dividends/Share | 0.12 | 0.15 | 0.18 | 0.21 | 0.24 | 0.27 | 0.30 | 0.42 | 0.74 | 0.82 | 0.18 | 0.92 | 0.94 |
| Shares Out. | 697.2M | 684.0M | 668.4M | 640.3M | 617.6M | 603.4M | 587.0M | 579.0M | 551.3M | 548.7M | 2.7B | 532.1M | 525.5M |
| Valuation | |||||||||||||
| P/E Ratio | 24.8 | 24.5 | 20.0 | 20.0 | 17.3 | 17.9 | 20.6 | 24.9 | 21.4 | 20.6 | 26.2 | 24.8 | 15.2 |
| P/FCF | 37.1 | 52.2 | 20.6 | 22.2 | 22.1 | 17.0 | 14.0 | 48.7 | 39.2 | 39.3 | 226.4 | 36.8 | 29.5 |
| EV/EBIT | 15.5 | 15.5 | 12.9 | 12.7 | 13.4 | 13.9 | 16.3 | 18.4 | 18.9 | 18.3 | 23.0 | 22.3 | 12.5 |
| Price/Book | 7.1 | 7.2 | 6.0 | 6.0 | 5.9 | 6.4 | 8.0 | 12.4 | 11.4 | 10.6 | 12.7 | 10.5 | 6.5 |
| Price/Sales | 1.4 | 1.6 | 1.4 | 1.0 | 1.1 | 1.3 | 1.2 | 1.6 | 1.5 | 1.6 | 1.9 | 1.9 | 1.0 |
| FCF Yield | 2.7% | 1.9% | 4.8% | 4.5% | 4.5% | 5.9% | 7.1% | 2.1% | 2.5% | 2.5% | 2.2% | 2.7% | 3.4% |
| Market Cap | 9.2B | 10.1B | 8.8B | 8.5B | 9.2B | 10.1B | 15.4B | 24.8B | 23.3B | 22.8B | 28.8B | 27.2B | 16.3B |
| Avg. Price | 11.39 | 14.89 | 14.32 | 11.05 | 13.84 | 17.66 | 21.99 | 34.69 | 38.93 | 41.81 | 51.44 | 54.00 | 31.02 |
| Year-End Price | 13.22 | 14.71 | 13.10 | 13.22 | 14.87 | 16.73 | 26.29 | 42.88 | 41.54 | 41.58 | 53.42 | 51.16 | 31.02 |
TRACTOR SUPPLY CO /DE/ passes 7 of 9 quality checks, indicating strong fundamentals.
TRACTOR SUPPLY CO /DE/ trades at 15.1x trailing earnings, compared to its 15-year median P/E of 20.6x, suggesting it is currently Cheap relative to its historical range. On a free-cash-flow basis, the stock trades at 22.3x vs a median of 22.2x. The company's 5-year average ROIC is 29.4% with a gross margin of 35.8%. Total shareholder yield (dividends + buybacks) is 5.4%. At current prices, the estimated annualized return to fair value is +1.7%.
TRACTOR SUPPLY CO /DE/ (TSCO) reported annual revenue of $15.5 billion in its most recent fiscal year, based on SEC EDGAR filings.
TRACTOR SUPPLY CO /DE/ (TSCO) has a net profit margin of 7.1%. This is a modest margin.
TRACTOR SUPPLY CO /DE/ (TSCO) generated $740 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
TRACTOR SUPPLY CO /DE/ (TSCO) has a debt-to-equity ratio of 2.29. This indicates higher leverage, which may increase financial risk.
TRACTOR SUPPLY CO /DE/ (TSCO) reported earnings per share (EPS) of $2.06 in its most recent fiscal year.
TRACTOR SUPPLY CO /DE/ (TSCO) has a return on equity (ROE) of 45.2%. This indicates the company generates strong returns for shareholders.
TRACTOR SUPPLY CO /DE/ (TSCO) has a 5-year average gross margin of 35.8%. This indicates decent pricing power.
The Ledger Terminal provides 18 years of financial data for TRACTOR SUPPLY CO /DE/ (TSCO), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
TRACTOR SUPPLY CO /DE/ (TSCO) has a book value per share of $4.85, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects 2026 to represent a normalization year following elevated investment cycles, with gross margin continuing to expand driven by cost management initiatives, growth in exclusive brands, retail media, and supply chain efficiencies, partially offset by delivery costs and tariffs. The company anticipates comparable store sales growth of 1%-3% supported by continued average unit retail growth and modest transaction gains, with each quarter expected to fall within this range and performance relatively balanced across the year. Operating margin is expected to improve as new distribution center benefits flow through in the second half and SG&A deleverage moderates from prior-year levels, with management noting an inflection point for margin expansion around the low 2% comparable sales range. Capital allocation priorities remain disciplined, with approximately 100 new store openings planned for 2026 (50% through fee development arrangements), net capital spending of $675-$725 million focused on growth initiatives, and share repurchases of $375-$450 million representing 1%-1.5% of shares outstanding, while strategic investments in final mile delivery and direct sales initiatives are expected to self-fund going forward.
Based on recent SEC filings and earnings calls, TRACTOR SUPPLY CO /DE/ (TSCO) has provided the following forward guidance: Total sales growth: 4%-6% (FY2026); Comparable store sales growth: 1%-3% (FY2026); Operating margin: 9.3%-9.6% (FY2026); Diluted EPS: $2.13-$2.23 (FY2026); Net capital spending: $675 million-$725 million (FY2026), plus 2 additional metrics.
Net capital spending (FY2026): “Net capital spending is expected to be in the range of $675 million-$725 million, with the majority focused on growth initiatives.”
New store openings (FY2026): “We plan to open 100 new stores that are low risk, high return organic growth opportunities.”
Share repurchases (FY2026): “We also expect share repurchases between $375 million and $450 million, representing approximately 1%-1.5% of shares outstanding.”
No recent press releases.