Tractor Supply vs Winmark
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KIRA’s take AI analyst
I put Tractor Supply and Winmark side by side, using each one’s latest annual report. Here is what stands out:
- Tractor Supply is the larger business, with $15.5B of revenue in fiscal 2025 against $86.1M for Winmark, about 180 times as much.
- Winmark grew revenue faster (5.9%, against 4.3%).
- Winmark kept more of each dollar of sales as operating profit (63.4% operating margin, against 9.5%).
- Winmark turned more of its sales into free cash flow (52.0% FCF margin, against 4.8%).
- Investors pay more for each dollar of Winmark’s earnings: a P/E of 25.0x against 16.9x for Tractor Supply.
Who comes out ahead
Of the 8 measures where higher (or lower) is clearly better, how many each company leads.
Tractor Supply
TSCO
2/8
5-year growthShare count change
Winmark
WINA
6/8
Revenue growthGross marginOperating marginNet marginFCF marginNet debt / EBITDA
Side by side
Best in the row
| Latest fiscal year | TSCO FY25 | WINA FY25 |
|---|---|---|
| Size | ||
| Market cap | $17.1B | $1.0B |
| Revenue | $15.5B | $86.1M |
| Free cash flow | $740M | $44.7M |
| Net income | $1.1B | $41.7M |
| Growth | ||
| Revenue growth | 4.3% | 5.9% |
| 5-year growth | 7.9% | 5.4% |
| Share count change | −1.4% | 0.5% |
| Profitability | ||
| Gross margin | 36.4% | 96.4% |
| Operating margin | 9.5% | 63.4% |
| Net margin | 7.1% | 48.4% |
| FCF margin | 4.8% | 52.0% |
| Return on capital | 28.5% | — |
| Return on equity | 45.2% | — |
| Balance sheet | ||
| Net debt | $1.6B | $19.7M |
| Net debt / EBITDA | 0.8x | 0.4x |
| Dividends and buybacks | $849M | $51.5M |
| Valuation & quality | ||
| P/E | 16.9x | 25.0x |
| Piotroski F-score | 6 | — |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
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.