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Tractor Supply

TSCO Nasdaq Other Specialty Retail Financials FY2016–FY2025

Tractor Supply's revenue rose 4.3% to $15.5 billion in fiscal 2025. Its operating margin was 9.4%, down from 9.9% a year earlier. Free cash flow was $740 million, up 16.3%. It paid out $849 million in dividends and buybacks, 115% of free cash flow. The diluted share count fell 1.4%.

Last close · Oct 23, 2026

$33.42

3.8%
Value it Compare
Revenue Total sales reported in the income statement.
$15.5B
4.3% vs prior year
Operating margin Operating income as a share of revenue.
9.5%
0.4 pts
Net income Profit after all expenses, interest and tax.
$1.1B
0.5%
Free cash flow Cash from operations minus capital spending.
$740M
16.3%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
28.5%
2.4 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$17.5B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
17.4x
On $1.92 EPS (TTM)

About these figures. Total debt is the balance sheet's long-term debt plus its current debt line. Share counts and per-share figures for earlier years are restated for a stock split (5-for-1), so every year is on today's share basis.

What Tractor Supply does

No business description yet.

Legal name
TRACTOR SUPPLY CO /DE/
Fiscal year ends
December 27, 2025
Latest annual report
—
Accession · CIK
0000916365-26-000014
0000916365

Revenue and margins

Tractor Supply had $15.5B of revenue in fiscal 2025, up 4.3% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 13.7% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $740M in fiscal 2025, 4.8% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Tractor Supply returned $849M to shareholders in fiscal 2025, 115% of free cash flow. The diluted share count fell 1.4%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Tractor Supply yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$1.6B and divides by 532.2M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 17.4x · peers 23.9x · sector 17.9x.

Balance sheet

Cash, debt and the ratios that show how comfortably Tractor Supply can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $878M$203M$397M$252M$194M
Debt incl. finance leases $1.0B$1.2B$1.8B$1.9B$1.8B
Net debt / EBITDA 0.1x0.6x0.7x0.8x0.8x
Debt / equity 0.5x0.6x0.8x0.8x0.7x
Interest coverage 49.1x46.8x31.8x26.9x21.2x
Current ratio 1.6x1.3x1.5x1.4x1.3x
Quick ratio 0.5x0.2x0.3x0.2x0.2x
Total assets $7.8B$8.5B$9.2B$9.8B$10.9B
Total liabilities $5.8B$6.4B$7.0B$7.5B$8.4B
Shareholders' equity $2.0B$2.0B$2.1B$2.3B$2.6B
Net debt (− = net cash) $145M$999M$1.4B$1.6B$1.6B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.7M

3 insiders

Sold, 12 months

$12.0M

5 insiders

Of sales under plans

2%

$0.2M

DateInsiderTradeSharesPriceValueFiling
Aug 4, 2026 Edna MorrisDirector Bought 1,560 $32.44 $0.1M Form 4
Aug 4, 2026 Harry A Lawton IIIPresident & CEO, Director Bought 15,600 $32.15 $0.5M Form 4
Aug 3, 2026 Andre J HawauxDirector Bought 3,150 $31.83 $0.1M Form 4
Feb 13, 2026 Colin YankeeEVP Chief Supply Chain Officer Sold 11,170 $55.35 $0.6M Form 4
Feb 11, 2026 Jonathan S EstepEVP Chief Merchandise Officer Sold 59,745 $54.03 $3.2M Form 4
Feb 11, 2026 Robert D MillsEVP Chief Technology Officer Sold 62,950 $54.12 $3.4M Form 4
Feb 10, 2026 Kurt D BartonEVP Chief Financial Officer Sold plan 1,884 $53.81 $0.1M Form 4
Feb 6, 2026 Kurt D BartonEVP Chief Financial Officer Sold plan 1,929 $53.94 $0.1M Form 4
Feb 3, 2026 Harry A Lawton IIIPresident & CEO, Director Sold 84,670 $53.16 $4.5M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✕ ✕ ✕
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✕ ✓ ✓
Current ratio rose ✓ ✕ ✕
Share count didn't rise ✓ ✓ ✓
Gross margin rose ✓ ✓ ✓
Revenue rose relative to assets ✕ ✕ ✕
F-score 6 / 96 / 96 / 9
Accruals ratio −2.6%−3.4%−5.2%
Altman Z'' 4.414.284.00

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Tractor Supply TSCO $17.5B 4.3% 9.5% 4.8% 28.5% 17.4x 6
Chewy CHWY $9.0B 6.2% 2.0% 4.5% — 33.2x 7 Compare →
Ulta Beauty ULTA $26.9B 9.7% 12.4% 8.6% 55.8% 22.8x 6 Compare →
Bath & Body Works BBWI $4.2B −0.2% 15.4% 11.9% 47.5% 5.5x 5 Compare →
Winmark WINA $1.0B 5.9% 63.4% 52.0% — 25.0x — Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $6.8B $7.3B $7.9B $8.4B $10.6B $12.7B $14.2B $14.6B $14.9B $15.5B
Gross profit $2.3B $2.5B $2.7B $2.9B $3.8B $4.5B $5.0B $5.2B $5.4B $5.7B
Operating income $694M $686M $702M $743M $997M $1.3B $1.4B $1.5B $1.5B $1.5B
Interest expense $5.8M $13.9M $18.4M $19.8M $28.8M $26.6M $30.6M $46.5M $54.6M $69.1M
Pretax income $688M $673M $683M $723M $968M $1.3B $1.4B $1.4B $1.4B $1.4B
Income tax $251M $250M $151M $161M $219M $283M $316M $325M $312M $302M
Net income $437M $423M $532M $562M $749M $997M $1.1B $1.1B $1.1B $1.1B
Diluted EPS $0.65 $0.66 $0.86 $0.93 $1.28 $1.72 $1.94 $2.02 $2.04 $2.06
Diluted shares 0.67B 0.64B 0.62B 0.60B 0.59B 0.58B 0.56B 0.55B 0.54B 0.53B
Cash flow
Cash from operations $651M $631M $694M $812M $1.4B $1.1B $1.4B $1.3B $1.4B $1.6B
Capital expenditure $226M $250M $279M $217M $294M $628M $773M $754M $784M $895M
Free cash flow $425M $381M $416M $594M $1.1B $510M $584M $580M $637M $740M
Depreciation and amortization $143M $166M $177M $196M $217M $270M $343M $393M $447M $494M
Stock-based compensation $23.6M $29.2M $28.9M $31.1M $37.3M $47.6M $53.8M $57.0M $48.4M $57.1M
Acquisitions $144M $1.2M $0.0M $0.0M $0.0M $0.0M $391M $0.0M $0.0M $140M
Share buybacks $332M $369M $350M $533M $343M $799M $700M $594M $561M $361M
Dividends paid $122M $134M $147M $163M $175M $239M $410M $450M $473M $488M
Dividends and buybacks $454M $503M $497M $696M $518M $1.0B $1.1B $1.0B $1.0B $849M
Balance sheet
Cash and short-term investments $53.9M $109M $86.3M $84.2M $1.3B $878M $203M $397M $252M $194M
Total debt $274M $426M $407M $397M $984M $986M $1.2B $1.7B $1.8B $1.8B
Finance lease liabilities $0.0M $0.0M $32.9M $34.4M $37.6M $36.7M $37.8M $34.7M $31.3M $36.1M
Current assets $1.5B $1.7B $1.8B $1.8B $3.3B $3.3B $3.2B $3.3B $3.3B $3.5B
Current liabilities $777M $849M $938M $1.2B $1.7B $2.1B $2.4B $2.2B $2.3B $2.6B
Inventory $1.4B $1.5B $1.6B $1.6B $1.8B $2.2B $2.7B $2.6B $2.8B $3.1B
Property and equipment, net $962M $1.0B $1.1B $1.2B $1.2B $1.6B $2.1B $2.4B $2.7B $3.0B
Total assets $2.7B $2.9B $3.1B $5.3B $7.0B $7.8B $8.5B $9.2B $9.8B $10.9B
Total liabilities $1.2B $1.5B $1.5B $3.7B $5.1B $5.8B $6.4B $7.0B $7.5B $8.4B
Shareholders' equity $1.5B $1.4B $1.6B $1.6B $1.9B $2.0B $2.0B $2.1B $2.3B $2.6B
Margins
Gross margin 34.3% 34.3% 34.2% 34.4% 35.4% 35.2% 35.0% 35.9% 36.3% 36.4%
Operating margin 10.2% 9.5% 8.9% 8.9% 9.4% 10.3% 10.1% 10.2% 9.9% 9.5%
EBITDA margin 12.4% 11.7% 11.1% 11.3% 11.4% 12.4% 12.5% 12.9% 12.9% 12.6%
Net margin 6.5% 5.8% 6.7% 6.7% 7.1% 7.8% 7.7% 7.6% 7.4% 7.1%
FCF margin 6.3% 5.3% 5.3% 7.1% 10.4% 4.0% 4.1% 4.0% 4.3% 4.8%
Returns
Return on capital 28.0% 25.3% 29.9% 30.2% 43.9% 54.3% 42.9% 34.9% 30.9% 28.5%
Return on capital employed 38.6% 35.0% 33.7% 24.0% 21.3% 23.7% 24.3% 22.5% 20.3% 18.6%
Return on equity 30.7% 29.4% 35.7% 36.0% 42.9% 50.8% 53.8% 52.8% 49.8% 45.2%
Return on assets 17.3% 15.3% 17.9% 13.4% 12.1% 13.5% 13.4% 12.5% 11.6% 10.6%
Growth
Revenue growth 8.9% 7.0% 9.0% 5.6% 27.2% 19.9% 11.6% 2.5% 2.3% 4.3%
Net income growth 6.5% −3.3% 26.0% 5.6% 33.2% 33.1% 9.2% 1.7% −0.5% −0.5%
EPS growth 9.0% 0.9% 30.6% 8.1% 36.9% 35.0% 12.7% 4.1% 1.0% 1.0%
FCF growth 93.3% −10.3% 9.1% 42.9% 85.2% −53.6% 14.4% −0.6% 9.8% 16.3%
Share count change −2.2% −4.2% −3.7% −2.2% −2.7% −1.4% −3.2% −2.1% −1.7% −1.4%
Financial health
Net debt / EBITDA 0.3x 0.4x 0.4x 0.4x −0.3x 0.1x 0.6x 0.7x 0.8x 0.8x
Debt / equity 0.2x 0.3x 0.3x 0.3x 0.5x 0.5x 0.6x 0.8x 0.8x 0.7x
Interest coverage 119.5x 49.5x 38.2x 37.5x 34.6x 49.1x 46.8x 31.8x 26.9x 21.2x
Current ratio 2.0x 2.0x 1.9x 1.4x 1.9x 1.6x 1.3x 1.5x 1.4x 1.3x
Quick ratio 0.2x 0.2x 0.2x 0.2x 0.9x 0.5x 0.2x 0.3x 0.2x 0.2x
Capital allocation
Capex / revenue 3.3% 3.5% 3.5% 2.6% 2.8% 4.9% 5.4% 5.2% 5.3% 5.8%
Stock comp / revenue 0.4% 0.4% 0.4% 0.4% 0.4% 0.4% 0.4% 0.4% 0.3% 0.4%
Payouts / FCF 106.9% 132.1% 119.5% 117.1% 47.0% 203.4% 190.1% 180.0% 162.2% 114.6%
Quality scores
Piotroski F-score 4.0 5.0 7.0 6.0 6.0 5.0 5.0 6.0 6.0 6.0
Altman Z'' 7.9 7.7 7.8 4.3 4.7 4.6 4.2 4.4 4.3 4.0
Accruals ratio −8.5% −7.5% −5.4% −6.0% −10.5% −1.9% −3.3% −2.6% −3.4% −5.2%

Source: SEC EDGAR XBRL filings (CIK 0000916365). Data updated October 10, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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