Tractor Supply Company (TSCO) 10-Year Financial Performance & Capital Metrics

TSCO •

Consumer CyclicalSpecialty RetailPet Products and Services Retail

AboutTractor Supply Company operates as a rural lifestyle retailer in the United States. The company offers a selection of merchandise, including equine, livestock, pet, and small animal products necessary for their health, care, growth, and containment; hardware, truck, towing, and tool products; seasonal products, such as heating products, lawn and garden items, power equipment, gifts, and toys; work/recreational clothing and footwear; and maintenance products for agricultural and rural use. It provides its products under the 4health, Producer's Pride, American Farmworks, Red Shed, Bit & Bridle, Redstone, Blue Mountain, Retriever, C.E. Schmidt, Ridgecut, Countyline, Royal Wing, Dumor, Strive, Groundwork, Traveller, Huskee, Treeline, JobSmart, TSC Tractor Supply Co, Paws & Claws, and Untamed brands. As of June 25, 2022, it operated 2,016 Tractor Supply stores in 49 states; and 178 Petsense stores in 23 states. The company operates its retail stores under the Tractor Supply Company, Del's Feed & Farm Supply, and Petsense names; and operates websites under the TractorSupply.com and Petsense.com names. It sells its products to recreational farmers, ranchers, and others. The company was founded in 1938 and is based in Brentwood, Tennessee.Show more

Revenue $15.52B +4.3%
EBITDA $1.96B +2.4%
Net Income $1.1B -0.5%
EPS (Diluted) 2.06 +1.0%
Gross Margin 33.24% -8.3%
EBITDA Margin 12.63% -1.8%
Operating Margin 9.45% -4.1%
Net Margin 7.06% -4.6%
ROE 45.18% -9.3%
ROIC 11.31% -26.9%
Debt/Equity 3.73 +56.2%
Interest Coverage 21.22 -21.1%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 49.3%
✓16 consecutive years of dividend growth
✓High quality earnings: Operating CF exceeds net income
✓Efficient asset utilization: 1.4x turnover

✗Weaknesses

✗High debt to equity ratio of 3.7x
✗Expensive at 10.7x book value

Price & Volume

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Growth Metrics

Revenue CAGR

10Y9.57%

5Y7.89%

3Y3%

TTM4.31%

Profit (Net Income) CAGR

10Y10.32%

5Y7.91%

3Y0.23%

TTM-0.47%

EPS CAGR

10Y13.13%

5Y10.05%

3Y1.99%

TTM1.37%

ROCE

10Y Avg26.2%

5Y Avg21.88%

3Y Avg20.45%

Latest18.57%

Peer Comparison

Pet Products and Services Retail

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
CHWYChewy, Inc.	11.37B	27.42	30.13	6.4%	1.22%	38.76%	3.98%	1.92
TSCOTractor Supply Company	27.39B	51.84	25.17	4.31%	7.06%	42.46%	2.7%	3.73
BQBoqii Holding Limited	14.86M	1.14	-0.17	-33.9%	-10.97%	-36.96%		0.22
BARKBARK, Inc.	148.53M	0.78	-4.11	-1.22%	-7.65%	-39.9%		0.86
WOOFPetco Health and Wellness Company, Inc.	96.39M	2.55	-6.89	-2.22%	-0.04%	-0.19%	51.54%	2.66

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Sales/Revenue+	6.78B	7.26B	7.91B	8.35B	10.62B	12.73B	14.2B	14.56B	14.88B	15.52B
Revenue Growth %	8.88%	7.03%	9.02%	5.57%	27.16%	19.87%	11.57%	2.47%	2.25%	4.31%
Cost of Goods Sold+	4.45B	4.76B	5.21B	5.48B	6.86B	8.25B	9.23B	9.33B	9.49B	10.36B
COGS % of Revenue	65.7%	65.66%	65.84%	65.62%	64.58%	64.83%	65%	64.08%	63.74%	66.76%
Gross Profit+	2.33B	2.49B	2.7B	2.87B	3.76B	4.48B	4.97B	5.23B	5.4B	5.16B
Gross Margin %	34.3%	34.34%	34.16%	34.38%	35.42%	35.17%	35%	35.92%	36.26%	33.24%
Gross Profit Growth %	8.49%	7.17%	8.45%	6.26%	30.98%	19.02%	11.06%	5.15%	3.22%	-4.37%
Operating Expenses+	1.63B	1.81B	2B	2.13B	2.76B	3.17B	3.54B	3.75B	3.93B	3.69B
OpEx % of Revenue	24.06%	24.88%	25.29%	25.49%	26.03%	24.9%	24.9%	25.76%	26.4%	23.79%
Selling, General & Admin	1.49B	1.64B	1.82B	1.93B	2.48B	2.9B	3.19B	3.36B	3.48B	3.69B
SG&A % of Revenue	21.95%	22.6%	23.05%	23.14%	23.34%	22.78%	22.49%	23.06%	23.39%	23.79%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	142.96M	165.83M	177.35M	195.98M	286.1M	270.16M	343.06M	393.05M	447.16M	0
Operating Income+	694.08M	686.38M	701.74M	743.22M	996.93M	1.31B	1.43B	1.48B	1.47B	1.47B
Operating Margin %	10.24%	9.46%	8.87%	8.9%	9.39%	10.26%	10.1%	10.16%	9.86%	9.45%
Operating Income Growth %	6.7%	-1.11%	2.24%	5.91%	34.14%	31.07%	9.81%	3.06%	-0.77%	-0.01%
EBITDA+	837.04M	852.22M	879.09M	939.2M	1.21B	1.58B	1.78B	1.87B	1.91B	1.96B
EBITDA Margin %	12.35%	11.74%	11.11%	11.25%	11.43%	12.39%	12.52%	12.86%	12.86%	12.63%
EBITDA Growth %	8.13%	1.81%	3.15%	6.84%	29.26%	29.88%	12.76%	5.28%	2.28%	2.44%
D&A (Non-Cash Add-back)	142.96M	165.83M	177.35M	195.98M	217.12M	270.16M	343.06M	393.05M	447.16M	494.01M
EBIT	694.08M	686.48M	701.8M	743.22M	996.93M	1.31B	1.43B	1.48B	1.47B	1.47B
Net Interest Income+	-5.81M	-13.86M	-18.35M	-19.84M	-28.78M	-26.61M	-30.63M	-46.51M	-54.59M	-69.14M
Interest Income	0	0	0	0	0	0	0	0	0	0
Interest Expense	5.81M	13.86M	18.35M	19.84M	28.78M	26.61M	30.63M	46.51M	54.59M	69.14M
Other Income/Expense	-5.81M	-13.86M	-18.35M	-19.84M	-28.78M	-26.61M	-30.63M	-46.51M	-54.59M	-69.14M
Pretax Income+	688.27M	672.52M	683.38M	723.38M	968.15M	1.28B	1.4B	1.43B	1.41B	1.4B
Pretax Margin %	10.15%	9.27%	8.64%	8.66%	9.12%	10.05%	9.89%	9.84%	9.49%	9.01%
Income Tax+	251.15M	249.92M	151.03M	161.02M	219.19M	282.97M	315.6M	325.18M	311.7M	302.16M
Effective Tax Rate %	63.51%	62.84%	77.9%	77.74%	77.36%	77.89%	77.53%	77.3%	77.94%	78.39%
Net Income+	437.12M	422.6M	532.36M	562.35M	748.96M	997.11M	1.09B	1.11B	1.1B	1.1B
Net Margin %	6.45%	5.82%	6.73%	6.73%	7.05%	7.83%	7.66%	7.61%	7.4%	7.06%
Net Income Growth %	6.51%	-3.32%	25.97%	5.63%	33.18%	33.13%	9.19%	1.7%	-0.54%	-0.47%
Net Income (Continuing)	437.12M	422.6M	532.36M	562.35M	748.96M	997.11M	1.09B	1.11B	1.1B	1.1B
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	0.65	0.66	0.86	0.93	1.28	1.72	1.94	2.02	2.04	2.06
EPS Growth %	9%	0.92%	30.61%	8.12%	36.91%	34.95%	12.78%	3.91%	1.09%	0.98%
EPS (Basic)	0.66	0.66	0.87	0.94	1.29	1.74	1.96	2.03	2.05	2.07
Diluted Shares Outstanding	669.07M	641.02M	617.36M	603.72M	587.18M	579.12M	560.75M	548.73M	539.65M	532.18M
Basic Shares Outstanding	664.52M	637.94M	613.25M	598.63M	581.85M	573.97M	556.68M	545.48M	536.95M	529.96M
Dividend Payout Ratio	27.97%	31.67%	27.63%	28.93%	23.32%	23.97%	37.62%	40.61%	42.91%	44.49%

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Current Assets+	1.52B	1.66B	1.79B	1.79B	3.26B	3.25B	3.16B	3.26B	3.31B	3.51B
Cash & Short-Term Investments	53.92M	109.15M	86.3M	84.24M	1.34B	878.03M	202.5M	397.07M	251.49M	194.11M
Cash Only	53.92M	109.15M	86.3M	84.24M	1.34B	878.03M	202.5M	397.07M	251.49M	194.11M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	3.68M	4.76M	4.11M	0	0	17.1M	0	2.46M	21.64M	27.05M
Days Sales Outstanding	0.2	0.24	0.19	-	-	0.49	-	0.06	0.53	0.64
Inventory	1.37B	1.45B	1.59B	1.6B	1.78B	2.19B	2.71B	2.65B	2.84B	3.08B
Days Inventory Outstanding	112.23	111.33	111.39	106.75	94.9	96.9	107.12	103.54	109.28	108.62
Other Current Assets	0	0	0	0	0	0	245.68M	218.55M	196.61M	202.56M
Total Non-Current Assets+	1.16B	1.21B	1.29B	3.5B	3.79B	4.52B	5.33B	5.92B	6.5B	7.43B
Property, Plant & Equipment	962.31M	1.04B	1.13B	3.35B	3.67B	4.4B	5.04B	5.58B	6.14B	6.96B
Fixed Asset Turnover	7.05x	6.95x	6.97x	2.49x	2.89x	2.89x	2.82x	2.61x	2.42x	2.23x
Goodwill	94.42M	93.19M	93.19M	93.2M	32.42M	32.42M	230.16M	246.42M	246.42M	398.75M
Intangible Assets	31.3M	31.3M	31.3M	31.29M	23.1M	23.1M	23.1M	23.1M	23.1M	0
Long-Term Investments	0	0	0	0	0	0	0	0	26.2M	0
Other Non-Current Assets	23.89M	25.91M	25.3M	24.13M	30.48M	55.41M	41.54M	75.54M	56.97M	62.16M
Total Assets+	2.67B	2.87B	3.09B	5.29B	7.05B	7.77B	8.49B	9.19B	9.81B	10.93B
Asset Turnover	2.53x	2.53x	2.56x	1.58x	1.51x	1.64x	1.67x	1.58x	1.52x	1.42x
Asset Growth %	12.83%	7.25%	7.55%	71.44%	33.27%	10.19%	9.3%	8.22%	6.72%	11.51%
Total Current Liabilities+	777.19M	849.21M	938.11M	1.25B	1.74B	2.06B	2.38B	2.18B	2.32B	2.61B
Accounts Payable	519.52M	576.57M	619.98M	643.04M	976.1M	1.16B	1.4B	1.18B	1.24B	1.39B
Days Payables Outstanding	42.57	44.17	43.45	42.83	51.94	51.1	55.28	46.17	47.56	48.98
Short-Term Debt	10M	25M	26.25M	30M	0	0	0	0	0	455.29M
Deferred Revenue (Current)	0	0	0	0	0	0	0	0	0	0
Other Current Liabilities	25.25M	31.67M	54.05M	39.76M	119.7M	109.62M	120.3M	91.48M	100.85M	653.48M
Current Ratio	1.95x	1.95x	1.91x	1.43x	1.87x	1.57x	1.33x	1.50x	1.43x	1.34x
Quick Ratio	0.19x	0.24x	0.22x	0.15x	0.85x	0.51x	0.19x	0.28x	0.20x	0.16x
Cash Conversion Cycle	69.86	67.4	68.13	-	-	46.28	-	57.43	62.24	60.27
Total Non-Current Liabilities+	444.53M	600.88M	585.34M	2.47B	3.38B	3.7B	4.07B	4.86B	5.22B	5.74B
Long-Term Debt	263.85M	401.07M	381.1M	366.48M	984.3M	986.4M	1.16B	1.73B	1.83B	5.46B
Capital Lease Obligations	25.92M	32.62M	29.27M	2.03B	2.25B	2.61B	2.76B	2.93B	3.19B	3.72B
Deferred Tax Liabilities	0	0	0	153K	0	0	30.77M	60.03M	44.32M	95.04M
Other Non-Current Liabilities	154.76M	167.2M	174.97M	76.36M	143.18M	105.83M	119.96M	138.03M	147.38M	-3.54B
Total Liabilities	1.22B	1.45B	1.52B	3.72B	5.13B	5.76B	6.45B	7.04B	7.54B	8.35B
Total Debt+	301.06M	462.23M	440.27M	2.71B	3.54B	3.92B	4.27B	5.04B	5.42B	9.63B
Net Debt	247.15M	353.08M	353.97M	2.62B	2.2B	3.04B	4.07B	4.64B	5.17B	9.44B
Debt / Equity	0.21x	0.33x	0.28x	1.73x	1.84x	1.96x	2.09x	2.34x	2.39x	3.73x
Debt / EBITDA	0.36x	0.54x	0.50x	2.88x	2.92x	2.49x	2.40x	2.69x	2.83x	4.91x
Net Debt / EBITDA	0.30x	0.41x	0.40x	2.79x	1.81x	1.93x	2.29x	2.48x	2.70x	4.81x
Interest Coverage	119.46x	49.53x	38.24x	37.46x	34.64x	49.11x	46.84x	31.80x	26.88x	21.22x
Total Equity+	1.45B	1.42B	1.56B	1.57B	1.92B	2B	2.04B	2.15B	2.27B	2.58B
Equity Growth %	4.3%	-2.38%	10.09%	0.34%	22.76%	4.1%	1.98%	5.26%	5.61%	13.7%
Book Value per Share	2.17	2.21	2.53	2.60	3.28	3.46	3.64	3.92	4.21	4.85
Total Shareholders' Equity	1.45B	1.42B	1.56B	1.57B	1.92B	2B	2.04B	2.15B	2.27B	2.58B
Common Stock	1.36M	1.36M	1.38M	1.39M	1.4M	1.41M	1.42M	7.09M	7.12M	7.13M
Retained Earnings	2.54B	2.83B	3.21B	3.61B	4.19B	4.95B	5.62B	6.28B	6.91B	7.52B
Treasury Stock	-1.76B	-2.13B	-2.48B	-3.01B	-3.36B	-4.16B	-4.86B	-5.46B	-6.03B	-6.39B
Accumulated OCI	1.39M	3.36M	3.81M	199K	-3.24M	1.34M	11.28M	6.79M	1.22M	0
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Cash from Operations+	650.71M	631.45M	694.39M	811.72M	1.39B	1.14B	1.36B	1.33B	1.42B	1.64B
Operating CF Margin %	9.6%	8.7%	8.78%	9.72%	13.13%	8.94%	9.55%	9.16%	9.55%	10.53%
Operating CF Growth %	42.63%	-2.96%	9.97%	16.9%	71.8%	-18.34%	19.17%	-1.69%	6.51%	15.09%
Net Income	437.12M	422.6M	532.36M	562.35M	748.96M	997.11M	1.09B	1.11B	1.1B	1.1B
Depreciation & Amortization	142.96M	165.83M	177.35M	195.98M	217.12M	270.16M	343.06M	393.05M	447.16M	494.01M
Stock-Based Compensation	23.55M	29.2M	28.92M	31.14M	37.27M	47.65M	53.83M	57.02M	48.37M	57.06M
Deferred Taxes	9.98M	26.72M	11.89M	6.76M	-31.74M	29.15M	51.69M	6.17M	-22.6M	61.27M
Other Non-Cash Items	579K	460K	-567K	-297K	72.89M	4.04M	2.16M	-48.01M	-62.5M	-93.06M
Working Capital Changes	36.52M	-13.37M	-55.55M	15.79M	350M	-209.4M	-182.48M	-181.42M	-90.83M	19.89M
Change in Receivables	0	0	0	0	0	0	0	0	0	0
Change in Inventory	-67.65M	-83.55M	-136.33M	-13.24M	-180.49M	-407.92M	-349.74M	40.87M	-194.32M	-225.69M
Change in Payables	82.48M	57.05M	43.41M	23.05M	333.06M	179.53M	162.34M	-218.83M	56.37M	143.43M
Cash from Investing+	-369.26M	-237.96M	-276.31M	-214.96M	-292.21M	-627.34M	-1.09B	-653.07M	-643.92M	-778.58M
Capital Expenditures	-226.02M	-250.4M	-278.53M	-217.45M	-294M	-628.43M	-773.37M	-753.88M	-784.05M	-894.77M
CapEx % of Revenue	3.33%	3.45%	3.52%	2.6%	2.77%	4.94%	5.44%	5.18%	5.27%	5.76%
Acquisitions	-143.61M	1.23M	0	0	0	0	-321.4M	14.31M	0	-139.9M
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	362K	11.22M	2.22M	2.49M	1.79M	1.09M	1.04M	86.5M	140.13M	256.09M
Cash from Financing+	-279.67M	-338.26M	-440.93M	-598.81M	155.21M	-975.11M	-938.78M	-486.39M	-922.5M	-914.06M
Debt Issued (Net)	123.85M	150.05M	-22M	-14.96M	598.33M	-4.58M	173.94M	567.19M	95.21M	-72.82M
Equity Issued (Net)	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K
Dividends Paid	-122.27M	-133.83M	-147.09M	-162.7M	-174.66M	-239.01M	-409.6M	-449.62M	-472.49M	-487.67M
Share Repurchases	-332.55M	-370.22M	-351.14M	-537.14M	-350.76M	-813.77M	-728.65M	-618.63M	-584.58M	-361.26M
Other Financing	-1.38M	-599K	-346K	0	-17.05M	0	0	-9.73M	0	-15.88M
Net Change in Cash	-9.9M	55.23M	-22.85M	-2.06M	1.26B	-463.73M	-675.53M	194.57M	-145.58M	-57.38M
Free Cash Flow+	413.02M	381.05M	415.86M	594.27M	1.1B	510.29M	583.61M	580.15M	636.79M	740.49M
FCF Margin %	6.09%	5.25%	5.26%	7.12%	10.36%	4.01%	4.11%	3.99%	4.28%	4.77%
FCF Growth %	114.35%	-7.74%	9.14%	42.9%	85.19%	-53.63%	14.37%	-0.59%	9.76%	16.28%
FCF per Share	0.62	0.59	0.67	0.98	1.87	0.88	1.04	1.06	1.18	1.39
FCF Conversion (FCF/Net Income)	1.49x	1.49x	1.30x	1.44x	1.86x	1.14x	1.25x	1.20x	1.29x	1.49x
Interest Paid	6.12M	10.48M	18.07M	19.15M	24.54M	23.6M	26.37M	56.31M	65.86M	0
Taxes Paid	232.26M	219.08M	146.92M	144.38M	235.32M	291.67M	239.13M	325.22M	351.46M	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	30.71%	29.43%	35.72%	35.95%	42.91%	50.79%	53.83%	52.82%	49.83%	45.18%
Return on Invested Capital (ROIC)	32.56%	29.65%	28.54%	18.25%	17.98%	21.38%	19.3%	17.2%	15.47%	11.31%
Gross Margin	34.3%	34.34%	34.16%	34.38%	35.42%	35.17%	35%	35.92%	36.26%	33.24%
Net Margin	6.45%	5.82%	6.73%	6.73%	7.05%	7.83%	7.66%	7.61%	7.4%	7.06%
Debt / Equity	0.21x	0.33x	0.28x	1.73x	1.84x	1.96x	2.09x	2.34x	2.39x	3.73x
Interest Coverage	119.46x	49.53x	38.24x	37.46x	34.64x	49.11x	46.84x	31.80x	26.88x	21.22x
FCF Conversion	1.49x	1.49x	1.30x	1.44x	1.86x	1.14x	1.25x	1.20x	1.29x	1.49x
Revenue Growth	8.88%	7.03%	9.02%	5.57%	27.16%	19.87%	11.57%	2.47%	2.25%	4.31%

US Stock Screener

...

Tractor Supply Company (TSCO) 10-Year Financial Performance & Capital Metrics

TSCO •

Consumer CyclicalSpecialty RetailPet Products and Services Retail

Revenue $15.52B +4.3%
EBITDA $1.96B +2.4%
Net Income $1.1B -0.5%
EPS (Diluted) 2.06 +1.0%
Gross Margin 33.24% -8.3%
EBITDA Margin 12.63% -1.8%
Operating Margin 9.45% -4.1%
Net Margin 7.06% -4.6%
ROE 45.18% -9.3%
ROIC 11.31% -26.9%
Debt/Equity 3.73 +56.2%
Interest Coverage 21.22 -21.1%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 49.3%
✓16 consecutive years of dividend growth
✓High quality earnings: Operating CF exceeds net income
✓Efficient asset utilization: 1.4x turnover

✗Weaknesses

✗High debt to equity ratio of 3.7x
✗Expensive at 10.7x book value

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y9.57%

5Y7.89%

3Y3%

TTM4.31%

Profit (Net Income) CAGR

10Y10.32%

5Y7.91%

3Y0.23%

TTM-0.47%

EPS CAGR

10Y13.13%

5Y10.05%

3Y1.99%

TTM1.37%

ROCE

10Y Avg26.2%

5Y Avg21.88%

3Y Avg20.45%

Latest18.57%

Peer Comparison

Pet Products and Services Retail

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
CHWYChewy, Inc.	11.37B	27.42	30.13	6.4%	1.22%	38.76%	3.98%	1.92
TSCOTractor Supply Company	27.39B	51.84	25.17	4.31%	7.06%	42.46%	2.7%	3.73
BQBoqii Holding Limited	14.86M	1.14	-0.17	-33.9%	-10.97%	-36.96%		0.22
BARKBARK, Inc.	148.53M	0.78	-4.11	-1.22%	-7.65%	-39.9%		0.86
WOOFPetco Health and Wellness Company, Inc.	96.39M	2.55	-6.89	-2.22%	-0.04%	-0.19%	51.54%	2.66

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Sales/Revenue+	6.78B	7.26B	7.91B	8.35B	10.62B	12.73B	14.2B	14.56B	14.88B	15.52B
Revenue Growth %	8.88%	7.03%	9.02%	5.57%	27.16%	19.87%	11.57%	2.47%	2.25%	4.31%
Cost of Goods Sold+	4.45B	4.76B	5.21B	5.48B	6.86B	8.25B	9.23B	9.33B	9.49B	10.36B
COGS % of Revenue	65.7%	65.66%	65.84%	65.62%	64.58%	64.83%	65%	64.08%	63.74%	66.76%
Gross Profit+	2.33B	2.49B	2.7B	2.87B	3.76B	4.48B	4.97B	5.23B	5.4B	5.16B
Gross Margin %	34.3%	34.34%	34.16%	34.38%	35.42%	35.17%	35%	35.92%	36.26%	33.24%
Gross Profit Growth %	8.49%	7.17%	8.45%	6.26%	30.98%	19.02%	11.06%	5.15%	3.22%	-4.37%
Operating Expenses+	1.63B	1.81B	2B	2.13B	2.76B	3.17B	3.54B	3.75B	3.93B	3.69B
OpEx % of Revenue	24.06%	24.88%	25.29%	25.49%	26.03%	24.9%	24.9%	25.76%	26.4%	23.79%
Selling, General & Admin	1.49B	1.64B	1.82B	1.93B	2.48B	2.9B	3.19B	3.36B	3.48B	3.69B
SG&A % of Revenue	21.95%	22.6%	23.05%	23.14%	23.34%	22.78%	22.49%	23.06%	23.39%	23.79%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	142.96M	165.83M	177.35M	195.98M	286.1M	270.16M	343.06M	393.05M	447.16M	0
Operating Income+	694.08M	686.38M	701.74M	743.22M	996.93M	1.31B	1.43B	1.48B	1.47B	1.47B
Operating Margin %	10.24%	9.46%	8.87%	8.9%	9.39%	10.26%	10.1%	10.16%	9.86%	9.45%
Operating Income Growth %	6.7%	-1.11%	2.24%	5.91%	34.14%	31.07%	9.81%	3.06%	-0.77%	-0.01%
EBITDA+	837.04M	852.22M	879.09M	939.2M	1.21B	1.58B	1.78B	1.87B	1.91B	1.96B
EBITDA Margin %	12.35%	11.74%	11.11%	11.25%	11.43%	12.39%	12.52%	12.86%	12.86%	12.63%
EBITDA Growth %	8.13%	1.81%	3.15%	6.84%	29.26%	29.88%	12.76%	5.28%	2.28%	2.44%
D&A (Non-Cash Add-back)	142.96M	165.83M	177.35M	195.98M	217.12M	270.16M	343.06M	393.05M	447.16M	494.01M
EBIT	694.08M	686.48M	701.8M	743.22M	996.93M	1.31B	1.43B	1.48B	1.47B	1.47B
Net Interest Income+	-5.81M	-13.86M	-18.35M	-19.84M	-28.78M	-26.61M	-30.63M	-46.51M	-54.59M	-69.14M
Interest Income	0	0	0	0	0	0	0	0	0	0
Interest Expense	5.81M	13.86M	18.35M	19.84M	28.78M	26.61M	30.63M	46.51M	54.59M	69.14M
Other Income/Expense	-5.81M	-13.86M	-18.35M	-19.84M	-28.78M	-26.61M	-30.63M	-46.51M	-54.59M	-69.14M
Pretax Income+	688.27M	672.52M	683.38M	723.38M	968.15M	1.28B	1.4B	1.43B	1.41B	1.4B
Pretax Margin %	10.15%	9.27%	8.64%	8.66%	9.12%	10.05%	9.89%	9.84%	9.49%	9.01%
Income Tax+	251.15M	249.92M	151.03M	161.02M	219.19M	282.97M	315.6M	325.18M	311.7M	302.16M
Effective Tax Rate %	63.51%	62.84%	77.9%	77.74%	77.36%	77.89%	77.53%	77.3%	77.94%	78.39%
Net Income+	437.12M	422.6M	532.36M	562.35M	748.96M	997.11M	1.09B	1.11B	1.1B	1.1B
Net Margin %	6.45%	5.82%	6.73%	6.73%	7.05%	7.83%	7.66%	7.61%	7.4%	7.06%
Net Income Growth %	6.51%	-3.32%	25.97%	5.63%	33.18%	33.13%	9.19%	1.7%	-0.54%	-0.47%
Net Income (Continuing)	437.12M	422.6M	532.36M	562.35M	748.96M	997.11M	1.09B	1.11B	1.1B	1.1B
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	0.65	0.66	0.86	0.93	1.28	1.72	1.94	2.02	2.04	2.06
EPS Growth %	9%	0.92%	30.61%	8.12%	36.91%	34.95%	12.78%	3.91%	1.09%	0.98%
EPS (Basic)	0.66	0.66	0.87	0.94	1.29	1.74	1.96	2.03	2.05	2.07
Diluted Shares Outstanding	669.07M	641.02M	617.36M	603.72M	587.18M	579.12M	560.75M	548.73M	539.65M	532.18M
Basic Shares Outstanding	664.52M	637.94M	613.25M	598.63M	581.85M	573.97M	556.68M	545.48M	536.95M	529.96M
Dividend Payout Ratio	27.97%	31.67%	27.63%	28.93%	23.32%	23.97%	37.62%	40.61%	42.91%	44.49%

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Current Assets+	1.52B	1.66B	1.79B	1.79B	3.26B	3.25B	3.16B	3.26B	3.31B	3.51B
Cash & Short-Term Investments	53.92M	109.15M	86.3M	84.24M	1.34B	878.03M	202.5M	397.07M	251.49M	194.11M
Cash Only	53.92M	109.15M	86.3M	84.24M	1.34B	878.03M	202.5M	397.07M	251.49M	194.11M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	3.68M	4.76M	4.11M	0	0	17.1M	0	2.46M	21.64M	27.05M
Days Sales Outstanding	0.2	0.24	0.19	-	-	0.49	-	0.06	0.53	0.64
Inventory	1.37B	1.45B	1.59B	1.6B	1.78B	2.19B	2.71B	2.65B	2.84B	3.08B
Days Inventory Outstanding	112.23	111.33	111.39	106.75	94.9	96.9	107.12	103.54	109.28	108.62
Other Current Assets	0	0	0	0	0	0	245.68M	218.55M	196.61M	202.56M
Total Non-Current Assets+	1.16B	1.21B	1.29B	3.5B	3.79B	4.52B	5.33B	5.92B	6.5B	7.43B
Property, Plant & Equipment	962.31M	1.04B	1.13B	3.35B	3.67B	4.4B	5.04B	5.58B	6.14B	6.96B
Fixed Asset Turnover	7.05x	6.95x	6.97x	2.49x	2.89x	2.89x	2.82x	2.61x	2.42x	2.23x
Goodwill	94.42M	93.19M	93.19M	93.2M	32.42M	32.42M	230.16M	246.42M	246.42M	398.75M
Intangible Assets	31.3M	31.3M	31.3M	31.29M	23.1M	23.1M	23.1M	23.1M	23.1M	0
Long-Term Investments	0	0	0	0	0	0	0	0	26.2M	0
Other Non-Current Assets	23.89M	25.91M	25.3M	24.13M	30.48M	55.41M	41.54M	75.54M	56.97M	62.16M
Total Assets+	2.67B	2.87B	3.09B	5.29B	7.05B	7.77B	8.49B	9.19B	9.81B	10.93B
Asset Turnover	2.53x	2.53x	2.56x	1.58x	1.51x	1.64x	1.67x	1.58x	1.52x	1.42x
Asset Growth %	12.83%	7.25%	7.55%	71.44%	33.27%	10.19%	9.3%	8.22%	6.72%	11.51%
Total Current Liabilities+	777.19M	849.21M	938.11M	1.25B	1.74B	2.06B	2.38B	2.18B	2.32B	2.61B
Accounts Payable	519.52M	576.57M	619.98M	643.04M	976.1M	1.16B	1.4B	1.18B	1.24B	1.39B
Days Payables Outstanding	42.57	44.17	43.45	42.83	51.94	51.1	55.28	46.17	47.56	48.98
Short-Term Debt	10M	25M	26.25M	30M	0	0	0	0	0	455.29M
Deferred Revenue (Current)	0	0	0	0	0	0	0	0	0	0
Other Current Liabilities	25.25M	31.67M	54.05M	39.76M	119.7M	109.62M	120.3M	91.48M	100.85M	653.48M
Current Ratio	1.95x	1.95x	1.91x	1.43x	1.87x	1.57x	1.33x	1.50x	1.43x	1.34x
Quick Ratio	0.19x	0.24x	0.22x	0.15x	0.85x	0.51x	0.19x	0.28x	0.20x	0.16x
Cash Conversion Cycle	69.86	67.4	68.13	-	-	46.28	-	57.43	62.24	60.27
Total Non-Current Liabilities+	444.53M	600.88M	585.34M	2.47B	3.38B	3.7B	4.07B	4.86B	5.22B	5.74B
Long-Term Debt	263.85M	401.07M	381.1M	366.48M	984.3M	986.4M	1.16B	1.73B	1.83B	5.46B
Capital Lease Obligations	25.92M	32.62M	29.27M	2.03B	2.25B	2.61B	2.76B	2.93B	3.19B	3.72B
Deferred Tax Liabilities	0	0	0	153K	0	0	30.77M	60.03M	44.32M	95.04M
Other Non-Current Liabilities	154.76M	167.2M	174.97M	76.36M	143.18M	105.83M	119.96M	138.03M	147.38M	-3.54B
Total Liabilities	1.22B	1.45B	1.52B	3.72B	5.13B	5.76B	6.45B	7.04B	7.54B	8.35B
Total Debt+	301.06M	462.23M	440.27M	2.71B	3.54B	3.92B	4.27B	5.04B	5.42B	9.63B
Net Debt	247.15M	353.08M	353.97M	2.62B	2.2B	3.04B	4.07B	4.64B	5.17B	9.44B
Debt / Equity	0.21x	0.33x	0.28x	1.73x	1.84x	1.96x	2.09x	2.34x	2.39x	3.73x
Debt / EBITDA	0.36x	0.54x	0.50x	2.88x	2.92x	2.49x	2.40x	2.69x	2.83x	4.91x
Net Debt / EBITDA	0.30x	0.41x	0.40x	2.79x	1.81x	1.93x	2.29x	2.48x	2.70x	4.81x
Interest Coverage	119.46x	49.53x	38.24x	37.46x	34.64x	49.11x	46.84x	31.80x	26.88x	21.22x
Total Equity+	1.45B	1.42B	1.56B	1.57B	1.92B	2B	2.04B	2.15B	2.27B	2.58B
Equity Growth %	4.3%	-2.38%	10.09%	0.34%	22.76%	4.1%	1.98%	5.26%	5.61%	13.7%
Book Value per Share	2.17	2.21	2.53	2.60	3.28	3.46	3.64	3.92	4.21	4.85
Total Shareholders' Equity	1.45B	1.42B	1.56B	1.57B	1.92B	2B	2.04B	2.15B	2.27B	2.58B
Common Stock	1.36M	1.36M	1.38M	1.39M	1.4M	1.41M	1.42M	7.09M	7.12M	7.13M
Retained Earnings	2.54B	2.83B	3.21B	3.61B	4.19B	4.95B	5.62B	6.28B	6.91B	7.52B
Treasury Stock	-1.76B	-2.13B	-2.48B	-3.01B	-3.36B	-4.16B	-4.86B	-5.46B	-6.03B	-6.39B
Accumulated OCI	1.39M	3.36M	3.81M	199K	-3.24M	1.34M	11.28M	6.79M	1.22M	0
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Cash from Operations+	650.71M	631.45M	694.39M	811.72M	1.39B	1.14B	1.36B	1.33B	1.42B	1.64B
Operating CF Margin %	9.6%	8.7%	8.78%	9.72%	13.13%	8.94%	9.55%	9.16%	9.55%	10.53%
Operating CF Growth %	42.63%	-2.96%	9.97%	16.9%	71.8%	-18.34%	19.17%	-1.69%	6.51%	15.09%
Net Income	437.12M	422.6M	532.36M	562.35M	748.96M	997.11M	1.09B	1.11B	1.1B	1.1B
Depreciation & Amortization	142.96M	165.83M	177.35M	195.98M	217.12M	270.16M	343.06M	393.05M	447.16M	494.01M
Stock-Based Compensation	23.55M	29.2M	28.92M	31.14M	37.27M	47.65M	53.83M	57.02M	48.37M	57.06M
Deferred Taxes	9.98M	26.72M	11.89M	6.76M	-31.74M	29.15M	51.69M	6.17M	-22.6M	61.27M
Other Non-Cash Items	579K	460K	-567K	-297K	72.89M	4.04M	2.16M	-48.01M	-62.5M	-93.06M
Working Capital Changes	36.52M	-13.37M	-55.55M	15.79M	350M	-209.4M	-182.48M	-181.42M	-90.83M	19.89M
Change in Receivables	0	0	0	0	0	0	0	0	0	0
Change in Inventory	-67.65M	-83.55M	-136.33M	-13.24M	-180.49M	-407.92M	-349.74M	40.87M	-194.32M	-225.69M
Change in Payables	82.48M	57.05M	43.41M	23.05M	333.06M	179.53M	162.34M	-218.83M	56.37M	143.43M
Cash from Investing+	-369.26M	-237.96M	-276.31M	-214.96M	-292.21M	-627.34M	-1.09B	-653.07M	-643.92M	-778.58M
Capital Expenditures	-226.02M	-250.4M	-278.53M	-217.45M	-294M	-628.43M	-773.37M	-753.88M	-784.05M	-894.77M
CapEx % of Revenue	3.33%	3.45%	3.52%	2.6%	2.77%	4.94%	5.44%	5.18%	5.27%	5.76%
Acquisitions	-143.61M	1.23M	0	0	0	0	-321.4M	14.31M	0	-139.9M
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	362K	11.22M	2.22M	2.49M	1.79M	1.09M	1.04M	86.5M	140.13M	256.09M
Cash from Financing+	-279.67M	-338.26M	-440.93M	-598.81M	155.21M	-975.11M	-938.78M	-486.39M	-922.5M	-914.06M
Debt Issued (Net)	123.85M	150.05M	-22M	-14.96M	598.33M	-4.58M	173.94M	567.19M	95.21M	-72.82M
Equity Issued (Net)	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K
Dividends Paid	-122.27M	-133.83M	-147.09M	-162.7M	-174.66M	-239.01M	-409.6M	-449.62M	-472.49M	-487.67M
Share Repurchases	-332.55M	-370.22M	-351.14M	-537.14M	-350.76M	-813.77M	-728.65M	-618.63M	-584.58M	-361.26M
Other Financing	-1.38M	-599K	-346K	0	-17.05M	0	0	-9.73M	0	-15.88M
Net Change in Cash	-9.9M	55.23M	-22.85M	-2.06M	1.26B	-463.73M	-675.53M	194.57M	-145.58M	-57.38M
Free Cash Flow+	413.02M	381.05M	415.86M	594.27M	1.1B	510.29M	583.61M	580.15M	636.79M	740.49M
FCF Margin %	6.09%	5.25%	5.26%	7.12%	10.36%	4.01%	4.11%	3.99%	4.28%	4.77%
FCF Growth %	114.35%	-7.74%	9.14%	42.9%	85.19%	-53.63%	14.37%	-0.59%	9.76%	16.28%
FCF per Share	0.62	0.59	0.67	0.98	1.87	0.88	1.04	1.06	1.18	1.39
FCF Conversion (FCF/Net Income)	1.49x	1.49x	1.30x	1.44x	1.86x	1.14x	1.25x	1.20x	1.29x	1.49x
Interest Paid	6.12M	10.48M	18.07M	19.15M	24.54M	23.6M	26.37M	56.31M	65.86M	0
Taxes Paid	232.26M	219.08M	146.92M	144.38M	235.32M	291.67M	239.13M	325.22M	351.46M	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	30.71%	29.43%	35.72%	35.95%	42.91%	50.79%	53.83%	52.82%	49.83%	45.18%
Return on Invested Capital (ROIC)	32.56%	29.65%	28.54%	18.25%	17.98%	21.38%	19.3%	17.2%	15.47%	11.31%
Gross Margin	34.3%	34.34%	34.16%	34.38%	35.42%	35.17%	35%	35.92%	36.26%	33.24%
Net Margin	6.45%	5.82%	6.73%	6.73%	7.05%	7.83%	7.66%	7.61%	7.4%	7.06%
Debt / Equity	0.21x	0.33x	0.28x	1.73x	1.84x	1.96x	2.09x	2.34x	2.39x	3.73x
Interest Coverage	119.46x	49.53x	38.24x	37.46x	34.64x	49.11x	46.84x	31.80x	26.88x	21.22x
FCF Conversion	1.49x	1.49x	1.30x	1.44x	1.86x	1.14x	1.25x	1.20x	1.29x	1.49x
Revenue Growth	8.88%	7.03%	9.02%	5.57%	27.16%	19.87%	11.57%	2.47%	2.25%	4.31%

Tractor Supply Company (TSCO) 10-Year Financial Performance & Capital Metrics

Key Insights

✓Strengths

✗Weaknesses

Price & Volume

Growth Metrics

Revenue CAGR

Profit (Net Income) CAGR

EPS CAGR

ROCE

Peer Comparison

Compare TSCO vs Peers

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Profit & Loss

Balance Sheet

Cash Flow

Key Ratios

Deep Dive Analysis

Valuation Overview

Total Return Calculator

Dividend History

Earnings History

Price History

Revenue History

Financial Ratios

Tractor Supply Company (TSCO) 10-Year Financial Performance & Capital Metrics

Key Insights

✓Strengths

✗Weaknesses

Price & Volume

Growth Metrics

Revenue CAGR

Profit (Net Income) CAGR

EPS CAGR

ROCE

Peer Comparison

Compare TSCO vs Peers

vs CHWY

vs BARK

Compare Top 5

Profit & Loss

Balance Sheet

Cash Flow

Key Ratios

Deep Dive Analysis

Valuation Overview

Total Return Calculator

Dividend History

Earnings History

Price History

Revenue History

Financial Ratios