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

TSCO • • Industrial / General

Consumer CyclicalSpecialty RetailPet Products & ServicesOnline Pet Retailers

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 $14.88B +2.2%
EBITDA $1.91B +2.3%
Net Income $1.1B -0.5%
EPS (Diluted) 2.04 +1.1%
Gross Margin 36.26% +0.9%
EBITDA Margin 12.86%
Operating Margin 9.86% -3.0%
Net Margin 7.4% -2.7%
ROE 49.83% -5.7%
ROIC 15.47% -10.1%
Debt/Equity 2.39 +2.0%
Interest Coverage 26.88 -15.5%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 52.2%
✓15 consecutive years of dividend growth
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 12.2%
✓Efficient asset utilization: 1.5x turnover

✗Weaknesses

✗High debt to equity ratio of 2.4x
✗Expensive at 12.1x book value

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y10.05%

5Y12.25%

3Y5.34%

TTM4.26%

Profit (Net Income) CAGR

10Y11.5%

5Y14.39%

3Y3.37%

TTM-0.69%

EPS CAGR

10Y14.39%

5Y16.96%

3Y5.81%

TTM0.58%

ROCE

10Y Avg28.5%

5Y Avg22.43%

3Y Avg22.36%

Latest20.25%

Peer Comparison

Online Pet Retailers

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
CHWYChewy, Inc.	7.82B	32.77	36.01	6.4%	1.22%	38.76%	5.79%	1.92
TSCOTractor Supply Company	26.81B	50.73	24.87	2.25%	7.18%	42.95%	2.38%	2.39
BQBoqii Holding Limited	8.47M	1.97	-0.04	-33.9%	-10.97%	-36.96%		0.22
BARKBARK, Inc.	161.13M	0.94	-4.94	-1.22%	-7.81%	-40.8%		0.86
WOOFPetco Health and Wellness Company, Inc.	715.75M	2.94	-7.95	-2.22%	-0.04%	-0.19%	6.94%	2.66

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	6.23B	6.78B	7.26B	7.91B	8.35B	10.62B	12.73B	14.2B	14.56B	14.88B
Revenue Growth %	0.09%	0.09%	0.07%	0.09%	0.06%	0.27%	0.2%	0.12%	0.02%	0.02%
Cost of Goods Sold+	4.08B	4.45B	4.76B	5.21B	5.48B	6.86B	8.25B	9.23B	9.33B	9.49B
COGS % of Revenue	0.66%	0.66%	0.66%	0.66%	0.66%	0.65%	0.65%	0.65%	0.64%	0.64%
Gross Profit+	2.14B	2.33B	2.49B	2.7B	2.87B	3.76B	4.48B	4.97B	5.23B	5.4B
Gross Margin %	0.34%	0.34%	0.34%	0.34%	0.34%	0.35%	0.35%	0.35%	0.36%	0.36%
Gross Profit Growth %	0.1%	0.08%	0.07%	0.08%	0.06%	0.31%	0.19%	0.11%	0.05%	0.03%
Operating Expenses+	1.49B	1.63B	1.81B	2B	2.13B	2.76B	3.17B	3.54B	3.75B	3.93B
OpEx % of Revenue	0.24%	0.24%	0.25%	0.25%	0.25%	0.26%	0.25%	0.25%	0.26%	0.26%
Selling, General & Admin	1.37B	1.49B	1.64B	1.82B	1.93B	2.48B	2.9B	3.19B	3.36B	3.48B
SG&A % of Revenue	0.22%	0.22%	0.23%	0.23%	0.23%	0.23%	0.23%	0.22%	0.23%	0.23%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	123.57M	142.96M	165.83M	177.35M	195.98M	286.1M	270.16M	343.06M	393.05M	447.16M
Operating Income+	650.51M	694.08M	686.38M	701.74M	743.22M	996.93M	1.31B	1.43B	1.48B	1.47B
Operating Margin %	0.1%	0.1%	0.09%	0.09%	0.09%	0.09%	0.1%	0.1%	0.1%	0.1%
Operating Income Growth %	0.1%	0.07%	-0.01%	0.02%	0.06%	0.34%	0.31%	0.1%	0.03%	-0.01%
EBITDA+	774.08M	837.04M	852.22M	879.09M	939.2M	1.21B	1.58B	1.78B	1.87B	1.91B
EBITDA Margin %	0.12%	0.12%	0.12%	0.11%	0.11%	0.11%	0.12%	0.13%	0.13%	0.13%
EBITDA Growth %	0.1%	0.08%	0.02%	0.03%	0.07%	0.29%	0.3%	0.13%	0.05%	0.02%
D&A (Non-Cash Add-back)	123.57M	142.96M	165.83M	177.35M	195.98M	217.12M	270.16M	343.06M	393.05M	447.16M
EBIT	650.51M	694.08M	686.48M	701.8M	743.22M	996.93M	1.31B	1.43B	1.48B	1.47B
Net Interest Income+	-2.89M	-5.81M	-13.86M	-18.35M	-19.84M	-28.78M	-26.61M	-30.63M	-46.51M	-54.59M
Interest Income	0	0	0	0	0	0	0	0	0	0
Interest Expense	2.89M	5.81M	13.86M	18.35M	19.84M	28.78M	26.61M	30.63M	46.51M	54.59M
Other Income/Expense	-2.89M	-5.81M	-13.86M	-18.35M	-19.84M	-28.78M	-26.61M	-30.63M	-46.51M	-54.59M
Pretax Income+	647.62M	688.27M	672.52M	683.38M	723.38M	968.15M	1.28B	1.4B	1.43B	1.41B
Pretax Margin %	0.1%	0.1%	0.09%	0.09%	0.09%	0.09%	0.1%	0.1%	0.1%	0.09%
Income Tax+	237.22M	251.15M	249.92M	151.03M	161.02M	219.19M	282.97M	315.6M	325.18M	311.7M
Effective Tax Rate %	0.63%	0.64%	0.63%	0.78%	0.78%	0.77%	0.78%	0.78%	0.77%	0.78%
Net Income+	410.39M	437.12M	422.6M	532.36M	562.35M	748.96M	997.11M	1.09B	1.11B	1.1B
Net Margin %	0.07%	0.06%	0.06%	0.07%	0.07%	0.07%	0.08%	0.08%	0.08%	0.07%
Net Income Growth %	0.11%	0.07%	-0.03%	0.26%	0.06%	0.33%	0.33%	0.09%	0.02%	-0.01%
Net Income (Continuing)	410.39M	437.12M	422.6M	532.36M	562.35M	748.96M	997.11M	1.09B	1.11B	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)+	0.60	0.65	0.66	0.86	0.93	1.28	1.72	1.94	2.02	2.04
EPS Growth %	0.13%	0.09%	0.01%	0.31%	0.08%	0.37%	0.35%	0.13%	0.04%	0.01%
EPS (Basic)	0.61	0.66	0.66	0.87	0.94	1.29	1.74	1.96	2.03	2.05
Diluted Shares Outstanding	684.23M	669.07M	641.02M	617.36M	603.72M	587.18M	579.12M	560.75M	548.73M	539.65M
Basic Shares Outstanding	677.91M	664.52M	637.94M	613.25M	598.63M	581.85M	573.97M	556.68M	545.48M	536.95M
Dividend Payout Ratio	0.25%	0.28%	0.32%	0.28%	0.29%	0.23%	0.24%	0.38%	0.41%	0.43%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	1.49B	1.52B	1.66B	1.79B	1.79B	3.26B	3.25B	3.16B	3.26B	3.31B
Cash & Short-Term Investments	63.81M	53.92M	109.15M	86.3M	84.24M	1.34B	878.03M	202.5M	397.07M	251.49M
Cash Only	63.81M	53.92M	109.15M	86.3M	84.24M	1.34B	878.03M	202.5M	397.07M	251.49M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	3.76M	3.68M	4.76M	4.11M	0	0	17.1M	0	2.46M	21.64M
Days Sales Outstanding	0.22	0.2	0.24	0.19	-	-	0.49	-	0.06	0.53
Inventory	1.28B	1.37B	1.45B	1.59B	1.6B	1.78B	2.19B	2.71B	2.65B	2.84B
Days Inventory Outstanding	114.81	112.23	111.33	111.39	106.75	94.9	96.9	107.12	103.54	109.28
Other Current Assets	0	0	0	0	0	0	0	245.68M	218.55M	196.61M
Total Non-Current Assets+	885.39M	1.16B	1.21B	1.29B	3.5B	3.79B	4.52B	5.33B	5.92B	6.5B
Property, Plant & Equipment	847.58M	962.31M	1.04B	1.13B	3.35B	3.67B	4.4B	5.04B	5.58B	6.14B
Fixed Asset Turnover	7.35x	7.05x	6.95x	6.97x	2.49x	2.89x	2.89x	2.82x	2.61x	2.42x
Goodwill	10.26M	94.42M	93.19M	93.19M	93.2M	32.42M	32.42M	230.16M	246.42M	246.42M
Intangible Assets	0	31.3M	31.3M	31.3M	31.29M	23.1M	23.1M	23.1M	23.1M	23.1M
Long-Term Investments	0	0	0	0	0	0	0	0	0	26.2M
Other Non-Current Assets	18.34M	23.89M	25.91M	25.3M	24.13M	30.48M	55.41M	41.54M	75.54M	56.97M
Total Assets+	2.37B	2.67B	2.87B	3.09B	5.29B	7.05B	7.77B	8.49B	9.19B	9.81B
Asset Turnover	2.63x	2.53x	2.53x	2.56x	1.58x	1.51x	1.64x	1.67x	1.58x	1.52x
Asset Growth %	0.17%	0.13%	0.07%	0.08%	0.71%	0.33%	0.1%	0.09%	0.08%	0.07%
Total Current Liabilities+	671.28M	777.19M	849.21M	938.11M	1.25B	1.74B	2.06B	2.38B	2.18B	2.32B
Accounts Payable	427.25M	519.52M	576.57M	619.98M	643.04M	976.1M	1.16B	1.4B	1.18B	1.24B
Days Payables Outstanding	38.19	42.57	44.17	43.45	42.83	51.94	51.1	55.28	46.17	47.56
Short-Term Debt	0	10M	25M	26.25M	30M	0	0	0	0	0
Deferred Revenue (Current)	0	0	0	0	0	0	0	0	0	0
Other Current Liabilities	42.68M	25.25M	31.67M	54.05M	39.76M	119.7M	109.62M	120.3M	91.48M	100.85M
Current Ratio	2.21x	1.95x	1.95x	1.91x	1.43x	1.87x	1.57x	1.33x	1.50x	1.43x
Quick Ratio	0.30x	0.19x	0.24x	0.22x	0.15x	0.85x	0.51x	0.19x	0.28x	0.20x
Cash Conversion Cycle	76.84	69.86	67.4	68.13	-	-	46.28	-	57.43	62.24
Total Non-Current Liabilities+	306.25M	444.53M	600.88M	585.34M	2.47B	3.38B	3.7B	4.07B	4.86B	5.22B
Long-Term Debt	150M	263.85M	401.07M	381.1M	366.48M	984.3M	986.4M	1.16B	1.73B	1.83B
Capital Lease Obligations	16.99M	25.92M	32.62M	29.27M	2.03B	2.25B	2.61B	2.76B	2.93B	3.19B
Deferred Tax Liabilities	0	0	0	0	153K	0	0	30.77M	60.03M	44.32M
Other Non-Current Liabilities	139.26M	154.76M	167.2M	174.97M	76.36M	143.18M	105.83M	119.96M	138.03M	147.38M
Total Liabilities	977.53M	1.22B	1.45B	1.52B	3.72B	5.13B	5.76B	6.45B	7.04B	7.54B
Total Debt+	167.87M	301.06M	462.23M	440.27M	2.71B	3.54B	3.92B	4.27B	5.04B	5.42B
Net Debt	104.06M	247.15M	353.08M	353.97M	2.62B	2.2B	3.04B	4.07B	4.64B	5.17B
Debt / Equity	0.12x	0.21x	0.33x	0.28x	1.73x	1.84x	1.96x	2.09x	2.34x	2.39x
Debt / EBITDA	0.22x	0.36x	0.54x	0.50x	2.88x	2.92x	2.49x	2.40x	2.69x	2.83x
Net Debt / EBITDA	0.13x	0.30x	0.41x	0.40x	2.79x	1.81x	1.93x	2.29x	2.48x	2.70x
Interest Coverage	225.01x	119.46x	49.53x	38.24x	37.46x	34.64x	49.11x	46.84x	31.80x	26.88x
Total Equity+	1.39B	1.45B	1.42B	1.56B	1.57B	1.92B	2B	2.04B	2.15B	2.27B
Equity Growth %	0.08%	0.04%	-0.02%	0.1%	0%	0.23%	0.04%	0.02%	0.05%	0.06%
Book Value per Share	2.04	2.17	2.21	2.53	2.60	3.28	3.46	3.64	3.92	4.21
Total Shareholders' Equity	1.39B	1.45B	1.42B	1.56B	1.57B	1.92B	2B	2.04B	2.15B	2.27B
Common Stock	1.35M	1.36M	1.36M	1.38M	1.39M	1.4M	1.41M	1.42M	7.09M	7.12M
Retained Earnings	2.23B	2.54B	2.83B	3.21B	3.61B	4.19B	4.95B	5.62B	6.28B	6.91B
Treasury Stock	-1.43B	-1.76B	-2.13B	-2.48B	-3.01B	-3.36B	-4.16B	-4.86B	-5.46B	-6.03B
Accumulated OCI	0	1.39M	3.36M	3.81M	199K	-3.24M	1.34M	11.28M	6.79M	1.22M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	456.21M	650.71M	631.45M	694.39M	811.72M	1.39B	1.14B	1.36B	1.33B	1.42B
Operating CF Margin %	0.07%	0.1%	0.09%	0.09%	0.1%	0.13%	0.09%	0.1%	0.09%	0.1%
Operating CF Growth %	0.11%	0.43%	-0.03%	0.1%	0.17%	0.72%	-0.18%	0.19%	-0.02%	0.07%
Net Income	410.39M	437.12M	422.6M	532.36M	562.35M	748.96M	997.11M	1.09B	1.11B	1.1B
Depreciation & Amortization	123.57M	142.96M	165.83M	177.35M	195.98M	217.12M	270.16M	343.06M	393.05M	447.16M
Stock-Based Compensation	19.42M	23.55M	29.2M	28.92M	31.14M	37.27M	47.65M	53.83M	57.02M	48.37M
Deferred Taxes	-5.45M	9.98M	26.72M	11.89M	6.76M	-31.74M	29.15M	51.69M	6.17M	-22.6M
Other Non-Cash Items	315K	579K	460K	-567K	-297K	72.89M	4.04M	2.16M	-48.01M	-62.5M
Working Capital Changes	-92.04M	36.52M	-13.37M	-55.55M	15.79M	350M	-209.4M	-182.48M	-181.42M	-90.83M
Change in Receivables	0	0	0	0	0	0	0	0	0	0
Change in Inventory	-168.93M	-67.65M	-83.55M	-136.33M	-13.24M	-180.49M	-407.92M	-349.74M	40.87M	-194.32M
Change in Payables	56.43M	82.48M	57.05M	43.41M	23.05M	333.06M	179.53M	162.34M	-218.83M	56.37M
Cash from Investing+	-235.91M	-369.26M	-237.96M	-276.31M	-214.96M	-292.21M	-627.34M	-1.09B	-653.07M	-643.92M
Capital Expenditures	-236.5M	-226.02M	-250.4M	-278.53M	-217.45M	-294M	-628.43M	-773.37M	-753.88M	-784.05M
CapEx % of Revenue	0.04%	0.03%	0.03%	0.04%	0.03%	0.03%	0.05%	0.05%	0.05%	0.05%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	584K	362K	11.22M	2.22M	2.49M	1.79M	1.09M	1.04M	86.5M	140.13M
Cash from Financing+	-180.59M	-279.67M	-338.26M	-440.93M	-598.81M	155.21M	-975.11M	-938.78M	-486.39M	-922.5M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-103.1M	-122.27M	-133.83M	-147.09M	-162.7M	-174.66M	-239.01M	-409.6M	-449.62M	-472.49M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	0	-1.38M	-599K	-346K	0	-17.05M	0	0	-9.73M	0
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	192.68M	413.02M	381.05M	415.86M	594.27M	1.1B	510.29M	583.61M	580.15M	636.79M
FCF Margin %	0.03%	0.06%	0.05%	0.05%	0.07%	0.1%	0.04%	0.04%	0.04%	0.04%
FCF Growth %	-0.22%	1.14%	-0.08%	0.09%	0.43%	0.85%	-0.54%	0.14%	-0.01%	0.1%
FCF per Share	0.28	0.62	0.59	0.67	0.98	1.87	0.88	1.04	1.06	1.18
FCF Conversion (FCF/Net Income)	1.11x	1.49x	1.49x	1.30x	1.44x	1.86x	1.14x	1.25x	1.20x	1.29x
Interest Paid	2.28M	6.12M	10.48M	18.07M	19.15M	24.54M	23.6M	26.37M	56.31M	65.86M
Taxes Paid	226.97M	232.26M	219.08M	146.92M	144.38M	235.32M	291.67M	239.13M	325.22M	351.46M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	30.55%	30.71%	29.43%	35.72%	35.95%	42.91%	50.79%	53.83%	52.82%	49.83%
Return on Invested Capital (ROIC)	35.55%	32.56%	29.65%	28.54%	18.25%	17.98%	21.38%	19.3%	17.2%	15.47%
Gross Margin	34.42%	34.3%	34.34%	34.16%	34.38%	35.42%	35.17%	35%	35.92%	36.26%
Net Margin	6.59%	6.45%	5.82%	6.73%	6.73%	7.05%	7.83%	7.66%	7.61%	7.4%
Debt / Equity	0.12x	0.21x	0.33x	0.28x	1.73x	1.84x	1.96x	2.09x	2.34x	2.39x
Interest Coverage	225.01x	119.46x	49.53x	38.24x	37.46x	34.64x	49.11x	46.84x	31.80x	26.88x
FCF Conversion	1.11x	1.49x	1.49x	1.30x	1.44x	1.86x	1.14x	1.25x	1.20x	1.29x
Revenue Growth	9.01%	8.88%	7.03%	9.02%	5.57%	27.16%	19.87%	11.57%	2.47%	2.25%

Frequently Asked Questions

Valuation & Price

Tractor Supply Company (TSCO) has a price-to-earnings (P/E) ratio of 24.9x. This is roughly in line with market averages.

Growth & Financials

Tractor Supply Company (TSCO) reported $15.40B in revenue for fiscal year 2024. This represents a 264% increase from $4.23B in 2011.

Tractor Supply Company (TSCO) grew revenue by 2.2% over the past year. Growth has been modest.

Yes, Tractor Supply Company (TSCO) is profitable, generating $1.11B in net income for fiscal year 2024 (7.4% net margin).

Dividend & Returns

Yes, Tractor Supply Company (TSCO) pays a dividend with a yield of 1.73%. This makes it attractive for income-focused investors.

Tractor Supply Company (TSCO) has a return on equity (ROE) of 49.8%. This is excellent, indicating efficient use of shareholder capital.

Tractor Supply Company (TSCO) generated $952.4M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

US Stock Screener

...