Tractor Supply
TSCO · Other Specialty Retail
$33.42
3.8%Winmark
WINA · Other Specialty Retail
$279.71
2.2%The short version
- 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% operating margin).
- Winmark turned more of its sales into free cash flow (52.0% FCF margin, against 4.8% FCF margin).
- Investors pay more for each dollar of Winmark’s earnings: a P/E of 25.0x against 17.4x for Tractor Supply.
| Latest fiscal year | TSCO · FY25 | WINA · FY25 |
|---|---|---|
| Size | ||
| Market cap | $17.5B | $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 | 17.4x | 25.0x |
| Piotroski F-score | 6 | — |
FY16
TSCO $6.8B
WINA $66.5M
FY17
TSCO $7.3B
WINA $69.8M
FY18
TSCO $7.9B
WINA $72.5M
FY19
TSCO $8.4B
WINA $73.3M
FY20
TSCO $10.6B
WINA $66.1M
FY21
TSCO $12.7B
WINA $78.2M
FY22
TSCO $14.2B
WINA $81.4M
FY23
TSCO $14.6B
WINA $83.2M
FY24
TSCO $14.9B
WINA $81.3M
FY25
TSCO $15.5B
WINA $86.1M
TSCO
WINA
FY16
TSCO 10.2%
WINA 57.4%
FY17
TSCO 9.5%
WINA 55.6%
FY18
TSCO 8.9%
WINA 57.6%
FY19
TSCO 8.9%
WINA 58.8%
FY20
TSCO 9.4%
WINA 60.9%
FY21
TSCO 10.3%
WINA 65.6%
FY22
TSCO 10.1%
WINA 65.9%
FY23
TSCO 10.2%
WINA 64.0%
FY24
TSCO 9.9%
WINA 65.1%
FY25
TSCO 9.5%
WINA 63.4%
TSCO
WINA
FY16
TSCO $425M
WINA $26.2M
FY17
TSCO $381M
WINA $25.1M
FY18
TSCO $416M
WINA $34.2M
FY19
TSCO $594M
WINA $50.5M
FY20
TSCO $1.1B
WINA $43.2M
FY21
TSCO $510M
WINA $48.3M
FY22
TSCO $584M
WINA $43.7M
FY23
TSCO $580M
WINA $43.6M
FY24
TSCO $637M
WINA $42.0M
FY25
TSCO $740M
WINA $44.7M
TSCO
WINA
FY16
TSCO 28.0%
WINA —
FY17
TSCO 25.3%
WINA —
FY18
TSCO 29.9%
WINA 380.7%
FY19
TSCO 30.2%
WINA 193.6%
FY20
TSCO 43.9%
WINA 368.4%
FY21
TSCO 54.3%
WINA —
FY22
TSCO 42.9%
WINA —
FY23
TSCO 34.9%
WINA —
FY24
TSCO 30.9%
WINA —
FY25
TSCO 28.5%
WINA —
TSCO
WINA
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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.