Tractor Supply Company (TSCO) Financial Ratios
30 years of historical data (1996–2025) · Consumer Cyclical · Specialty Retail
EV/EBITDA
↓
11.66
↓-32% vs avg
5yr avg: 17.19
30Y Low3.0·High19.5
P/FCF
↓
23.12
↓-48% vs avg
5yr avg: 44.25
30Y Low9.3·High113.0
P/B Ratio
↓
6.70
↓-45% vs avg
5yr avg: 12.14
30Y Low0.5·High13.8
ROE
↓
45.2%
-11% vs avg
5yr avg: 50.5%
30Y Low11%·High54%
Debt/EBITDA
↑
3.03
+13% vs avg
5yr avg: 2.69
30Y Low0.0·High3.0
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
TSCO Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Tractor Supply Company trades at 15.8x earnings, 36% below its 5-year average of 24.8x, sitting at the 23rd percentile of its historical range. Compared to the Consumer Cyclical sector median P/E of 19.6x, the stock trades at a discount of 20%. On a free-cash-flow basis, the stock trades at 23.1x P/FCF, 48% below the 5-year average of 44.2x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $17.1B | $27.3B | $29.4B | $23.6B | $25.2B | $27.6B | $16.5B | $11.3B | $10.3B | $9.6B | $10.1B |
| Enterprise Value | $22.9B | $33.1B | $34.6B | $28.2B | $29.3B | $30.7B | $18.7B | $13.9B | $10.7B | $9.9B | $10.4B |
| P/E Ratio → | 15.79 | 24.95 | 26.75 | 21.31 | 23.17 | 27.71 | 22.04 | 20.05 | 19.36 | 22.65 | 23.18 |
| P/S Ratio | 1.10 | 1.76 | 1.98 | 1.62 | 1.78 | 2.17 | 1.55 | 1.35 | 1.30 | 1.32 | 1.50 |
| P/B Ratio | 6.70 | 10.59 | 12.97 | 10.98 | 12.35 | 13.80 | 8.58 | 7.20 | 6.60 | 6.76 | 6.98 |
| P/FCF | 23.12 | 36.93 | 46.24 | 40.68 | 43.23 | 54.16 | 15.00 | 18.99 | 24.78 | 25.15 | 24.56 |
| P/OCF | 10.47 | 16.72 | 20.72 | 17.69 | 18.59 | 24.27 | 11.84 | 13.90 | 14.84 | 15.18 | 15.87 |
P/E links to full P/E history page with 30-year chart
TSCO EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Tractor Supply Company's enterprise value stands at 11.7x EBITDA, 32% below its 5-year average of 17.2x. This is roughly in line with the Consumer Cyclical sector median of 11.4x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.13 | 2.33 | 1.94 | 2.06 | 2.41 | 1.76 | 1.67 | 1.35 | 1.37 | 1.53 |
| EV / EBITDA | 11.66 | 16.87 | 18.08 | 15.09 | 16.48 | 19.45 | 15.41 | 14.81 | 12.12 | 11.66 | 12.41 |
| EV / EBIT | 15.58 | 22.56 | 23.59 | 19.09 | 20.42 | 23.48 | 18.77 | 18.71 | 15.19 | 14.47 | 14.97 |
| EV / FCF | — | 44.70 | 54.36 | 48.68 | 50.20 | 60.12 | 17.00 | 23.40 | 25.63 | 26.08 | 25.16 |
TSCO Profitability
Margins and return-on-capital ratios measuring operating efficiency
Tractor Supply Company earns an operating margin of 9.5%, above the Consumer Cyclical sector average of 2.9%. Return on equity of 45.2% is exceptionally high — well above the sector median of 5.8%. ROIC of 14.0% represents solid returns on invested capital versus a sector median of 5.8%.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 33.2% | 33.2% | 36.3% | 35.9% | 35.0% | 35.2% | 35.4% | 34.4% | 34.2% | 34.3% | 34.3% |
| Operating Margin | 9.5% | 9.5% | 9.9% | 10.2% | 10.1% | 10.3% | 9.4% | 8.9% | 8.9% | 9.5% | 10.2% |
| Net Profit Margin | 7.1% | 7.1% | 7.4% | 7.6% | 7.7% | 7.8% | 7.1% | 6.7% | 6.7% | 5.8% | 6.4% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 45.2% | 45.2% | 49.8% | 52.8% | 53.8% | 50.8% | 42.9% | 35.9% | 35.7% | 29.4% | 30.7% |
| ROA | 10.6% | 10.6% | 11.6% | 12.5% | 13.4% | 13.5% | 12.1% | 13.4% | 17.9% | 15.2% | 17.3% |
| ROIC | 14.0% | 14.0% | 15.5% | 17.2% | 19.3% | 21.4% | 18.0% | 18.3% | 28.5% | 29.7% | 32.6% |
| ROCE | 18.6% | 18.6% | 20.2% | 22.5% | 24.3% | 23.7% | 21.3% | 24.0% | 33.7% | 35.0% | 38.6% |
TSCO Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Tractor Supply Company carries a Debt/EBITDA ratio of 3.0x, which is moderately leveraged (30% below the sector average of 4.3x). Net debt stands at $5.7B ($5.9B total debt minus $194M cash). Interest coverage of 21.2x signals virtually no risk of debt distress — earnings comfortably cover interest obligations.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 2.30 | 2.30 | 2.39 | 2.34 | 2.09 | 1.96 | 1.84 | 1.73 | 0.28 | 0.33 | 0.21 |
| Debt / EBITDA | 3.03 | 3.03 | 2.83 | 2.69 | 2.40 | 2.49 | 2.92 | 2.88 | 0.50 | 0.54 | 0.36 |
| Net Debt / Equity | — | 2.23 | 2.28 | 2.16 | 1.99 | 1.52 | 1.14 | 1.67 | 0.23 | 0.25 | 0.17 |
| Net Debt / EBITDA | 2.93 | 2.93 | 2.70 | 2.48 | 2.29 | 1.93 | 1.81 | 2.79 | 0.40 | 0.41 | 0.30 |
| Debt / FCF | — | 7.76 | 8.12 | 8.00 | 6.97 | 5.96 | 2.00 | 4.42 | 0.85 | 0.93 | 0.60 |
| Interest Coverage | 21.22 | 21.22 | 26.88 | 31.80 | 46.84 | 49.11 | 34.64 | 37.46 | 38.24 | 49.53 | 119.46 |
TSCO Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
A current ratio of 1.34x means Tractor Supply Company can comfortably meet its short-term obligations, though there is limited excess liquidity. The quick ratio of 0.16x is notably lower than the current ratio, indicating a significant portion of current assets is tied up in inventory. The current ratio has declined from 1.50x to 1.34x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.34 | 1.34 | 1.43 | 1.50 | 1.33 | 1.57 | 1.87 | 1.43 | 1.91 | 1.95 | 1.95 |
| Quick Ratio | 0.16 | 0.16 | 0.20 | 0.28 | 0.19 | 0.51 | 0.85 | 0.15 | 0.22 | 0.24 | 0.19 |
| Cash Ratio | 0.07 | 0.07 | 0.11 | 0.18 | 0.09 | 0.43 | 0.77 | 0.07 | 0.09 | 0.13 | 0.07 |
| Asset Turnover | — | 1.42 | 1.52 | 1.58 | 1.67 | 1.64 | 1.51 | 1.58 | 2.56 | 2.53 | 2.53 |
| Inventory Turnover | 3.36 | 3.36 | 3.34 | 3.53 | 3.41 | 3.77 | 3.85 | 3.42 | 3.28 | 3.28 | 3.25 |
| Days Sales Outstanding | — | 0.64 | 0.53 | 0.06 | — | 0.49 | — | — | 0.19 | 0.24 | 0.20 |
TSCO Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Tractor Supply Company returns 4.9% to shareholders annually — split between a 2.8% dividend yield and 2.1% buyback yield. A payout ratio of 44.5% is moderate and appears sustainable, balancing shareholder returns with reinvestment capacity. The earnings yield of 6.3% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 2.8% | 1.8% | 1.6% | 1.9% | 1.6% | 0.9% | 1.1% | 1.4% | 1.4% | 1.4% | 1.2% |
| Payout Ratio | 44.5% | 44.5% | 42.9% | 40.6% | 37.6% | 24.0% | 23.3% | 28.9% | 27.6% | 31.7% | 28.0% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 6.3% | 4.0% | 3.7% | 4.7% | 4.3% | 3.6% | 4.5% | 5.0% | 5.2% | 4.4% | 4.3% |
| FCF Yield | 4.3% | 2.7% | 2.2% | 2.5% | 2.3% | 1.8% | 6.7% | 5.3% | 4.0% | 4.0% | 4.1% |
| Buyback Yield | 2.1% | 1.3% | 2.0% | 2.6% | 2.9% | 2.9% | 2.1% | 4.8% | 3.4% | 3.9% | 3.3% |
| Total Shareholder Yield | 4.9% | 3.1% | 3.6% | 4.5% | 4.5% | 3.8% | 3.2% | 6.2% | 4.8% | 5.3% | 4.5% |
| Shares Outstanding | — | $532M | $540M | $549M | $561M | $579M | $587M | $604M | $617M | $641M | $669M |
Peer Comparison
Compare TSCO with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 TSCOYou | $17B | 15.8 | 11.7 | 23.1 | 33.2% | 9.5% | 45.2% | 14.0% | 3.0 |
 BOOT | $5B | 29.2 | 19.0 | — | 37.5% | 12.5% | 17.4% | 12.1% | 1.9 |
 ORLY | $79B | 31.9 | 22.1 | 49.8 | 51.6% | 19.5% | — | 37.2% | 2.1 |
 CASY | $32B | 58.6 | 28.7 | 54.5 | 23.5% | 5.0% | 16.8% | 11.3% | 2.5 |
 WINA | $1B | 32.9 | 24.8 | 29.7 | 96.4% | 63.4% | — | 18361.2% | 1.2 |
 CHWY | $10B | 27.0 | 44.5 | 22.5 | 29.2% | 0.9% | 101.8% | 28.0% | 2.2 |
 SFM | $7B | 14.7 | 9.1 | 15.7 | 37.1% | 7.8% | 38.4% | 17.8% | 2.0 |
 AGCO | $9B | 12.3 | 10.3 | 11.8 | 24.8% | 6.9% | 16.9% | 8.3% | 2.6 |
 VITL | $538M | 8.3 | 6.1 | — | 37.6% | 11.6% | 21.4% | 26.9% | 0.6 |
 DE | $160B | 32.0 | 20.3 | 49.6 | 36.5% | 18.8% | 19.3% | 7.7% | 6.0 |
 CTVA | $55B | 51.1 | 13.9 | 19.5 | 43.6% | 15.1% | 4.5% | 8.5% | 0.7 |
| Consumer Cyclical Median | — | 19.6 | 11.4 | 14.9 | 37.9% | 2.9% | 5.8% | 5.8% | 4.3 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
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Full TSCO Stock Analysis
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Start ComparisonTSCO — Frequently Asked Questions
Quick answers to the most common questions about buying TSCO stock.
What is Tractor Supply Company's P/E ratio?
Tractor Supply Company's current P/E ratio is 15.8x. The historical average is 21.3x. This places it at the 23th percentile of its historical range.
What is Tractor Supply Company's EV/EBITDA?
Tractor Supply Company's current EV/EBITDA is 11.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 11.5x.
What is Tractor Supply Company's ROE?
Tractor Supply Company's return on equity (ROE) is 45.2%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 27.0%.
Is TSCO stock overvalued?
Based on historical data, Tractor Supply Company is trading at a P/E of 15.8x. This is at the 23th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is Tractor Supply Company's dividend yield?
Tractor Supply Company's current dividend yield is 2.82% with a payout ratio of 44.5%.
What are Tractor Supply Company's profit margins?
Tractor Supply Company has 33.2% gross margin and 9.5% operating margin.
How much debt does Tractor Supply Company have?
Tractor Supply Company's Debt/EBITDA ratio is 3.0x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.