Tractor Supply vs Whirlpool
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The short version
- Tractor Supply is the larger business, with $15.5B of revenue in fiscal 2025 against $15.5B for Whirlpool.
- Tractor Supply grew revenue faster (4.3%, against −6.5%).
- Tractor Supply kept more of each dollar of sales as operating profit (9.5% operating margin, against 5.4%).
- Tractor Supply turned more of its sales into free cash flow (4.8% FCF margin, against 0.5%).
- Tractor Supply earned a higher return on the capital invested in it (28.5%, against 7.2%).
- Investors pay more for each dollar of Tractor Supply’s earnings: a P/E of 17.4x against 9.6x for Whirlpool.
| Latest fiscal year | TSCO · FY25 | WHR · FY25 |
|---|---|---|
| Size | ||
| Market cap | $17.5B | $1.8B |
| Revenue | $15.5B | $15.5B |
| Free cash flow | $740M | $81.0M |
| Net income | $1.1B | $318M |
| Growth | ||
| Revenue growth | 4.3% | −6.5% |
| 5-year growth | 7.9% | −4.4% |
| Share count change | −1.4% | 2.0% |
| Profitability | ||
| Gross margin | 36.4% | 15.4% |
| Operating margin | 9.5% | 5.4% |
| Net margin | 7.1% | 2.1% |
| FCF margin | 4.8% | 0.5% |
| Return on capital | 28.5% | 7.2% |
| Return on equity | 45.2% | 11.8% |
| Balance sheet | ||
| Net debt | $1.6B | $5.9B |
| Net debt / EBITDA | 0.8x | 5.0x |
| Dividends and buybacks | $849M | $300M |
| Valuation & quality | ||
| P/E | 17.4x | 9.6x |
| Piotroski F-score | 6 | 5 |
Revenue
FY16
TSCO $6.8B
WHR $20.7B
FY17
TSCO $7.3B
WHR $21.3B
FY18
TSCO $7.9B
WHR $21.0B
FY19
TSCO $8.4B
WHR $20.4B
FY20
TSCO $10.6B
WHR $19.5B
FY21
TSCO $12.7B
WHR $22.0B
FY22
TSCO $14.2B
WHR $19.7B
FY23
TSCO $14.6B
WHR $19.5B
FY24
TSCO $14.9B
WHR $16.6B
FY25
TSCO $15.5B
WHR $15.5B
TSCO
WHR
Operating margin
FY16
TSCO 10.2%
WHR 6.6%
FY17
TSCO 9.5%
WHR 5.4%
FY18
TSCO 8.9%
WHR 1.3%
FY19
TSCO 8.9%
WHR 7.6%
FY20
TSCO 9.4%
WHR 8.3%
FY21
TSCO 10.3%
WHR 10.7%
FY22
TSCO 10.1%
WHR −5.4%
FY23
TSCO 10.2%
WHR 5.2%
FY24
TSCO 9.9%
WHR 0.9%
FY25
TSCO 9.5%
WHR 5.4%
TSCO
WHR
Free cash flow
FY16
TSCO $425M
WHR $543M
FY17
TSCO $381M
WHR $580M
FY18
TSCO $416M
WHR $639M
FY19
TSCO $594M
WHR $698M
FY20
TSCO $1.1B
WHR $1.1B
FY21
TSCO $510M
WHR $1.7B
FY22
TSCO $584M
WHR $820M
FY23
TSCO $580M
WHR $366M
FY24
TSCO $637M
WHR $384M
FY25
TSCO $740M
WHR $81.0M
TSCO
WHR
Return on capital
FY16
TSCO 28.0%
WHR 12.7%
FY17
TSCO 25.3%
WHR 6.4%
FY18
TSCO 29.9%
WHR 2.8%
FY19
TSCO 30.2%
WHR 17.0%
FY20
TSCO 43.9%
WHR 16.4%
FY21
TSCO 54.3%
WHR 25.3%
FY22
TSCO 42.9%
WHR −10.9%
FY23
TSCO 34.9%
WHR 10.8%
FY24
TSCO 30.9%
WHR 1.4%
FY25
TSCO 28.5%
WHR 7.2%
TSCO
WHR
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.