Tractor Supply vs Ulta Beauty
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The short version
- Tractor Supply is the larger business, with $15.5B of revenue in fiscal 2025 against $12.4B for Ulta Beauty.
- Ulta Beauty grew revenue faster (9.7%, against 4.3%).
- Ulta Beauty kept more of each dollar of sales as operating profit (12.4% operating margin, against 9.5%).
- Ulta Beauty turned more of its sales into free cash flow (8.6% FCF margin, against 4.8%).
- Ulta Beauty earned a higher return on the capital invested in it (55.8%, against 28.5%).
- Investors pay more for each dollar of Ulta Beauty’s earnings: a P/E of 22.8x against 17.4x for Tractor Supply.
| Latest fiscal year | TSCO · FY25 | ULTA · FY25 |
|---|---|---|
| Size | ||
| Market cap | $17.5B | $26.9B |
| Revenue | $15.5B | $12.4B |
| Free cash flow | $740M | $1.1B |
| Net income | $1.1B | $1.2B |
| Growth | ||
| Revenue growth | 4.3% | 9.7% |
| 5-year growth | 7.9% | 15.0% |
| Share count change | −1.4% | −5.1% |
| Profitability | ||
| Gross margin | 36.4% | 39.1% |
| Operating margin | 9.5% | 12.4% |
| Net margin | 7.1% | 9.3% |
| FCF margin | 4.8% | 8.6% |
| Return on capital | 28.5% | 55.8% |
| Return on equity | 45.2% | 43.6% |
| Balance sheet | ||
| Net debt | $1.6B | −$432M |
| Net debt / EBITDA | 0.8x | −0.2x |
| Dividends and buybacks | $849M | $901M |
| Valuation & quality | ||
| P/E | 17.4x | 22.8x |
| Piotroski F-score | 6 | 6 |
Revenue
FY16
TSCO $6.8B
ULTA $4.9B
FY17
TSCO $7.3B
ULTA $5.9B
FY18
TSCO $7.9B
ULTA $6.7B
FY19
TSCO $8.4B
ULTA $7.4B
FY20
TSCO $10.6B
ULTA $6.2B
FY21
TSCO $12.7B
ULTA $8.6B
FY22
TSCO $14.2B
ULTA $10.2B
FY23
TSCO $14.6B
ULTA $11.2B
FY24
TSCO $14.9B
ULTA $11.3B
FY25
TSCO $15.5B
ULTA $12.4B
TSCO
ULTA
Operating margin
FY16
TSCO 10.2%
ULTA 13.5%
FY17
TSCO 9.5%
ULTA 13.4%
FY18
TSCO 8.9%
ULTA 12.7%
FY19
TSCO 8.9%
ULTA 12.2%
FY20
TSCO 9.4%
ULTA 3.9%
FY21
TSCO 10.3%
ULTA 15.0%
FY22
TSCO 10.1%
ULTA 16.1%
FY23
TSCO 10.2%
ULTA 15.0%
FY24
TSCO 9.9%
ULTA 13.9%
FY25
TSCO 9.5%
ULTA 12.4%
TSCO
ULTA
Free cash flow
FY16
TSCO $425M
ULTA $261M
FY17
TSCO $381M
ULTA $339M
FY18
TSCO $416M
ULTA $637M
FY19
TSCO $594M
ULTA $803M
FY20
TSCO $1.1B
ULTA $658M
FY21
TSCO $510M
ULTA $887M
FY22
TSCO $584M
ULTA $1.2B
FY23
TSCO $580M
ULTA $1.0B
FY24
TSCO $637M
ULTA $964M
FY25
TSCO $740M
ULTA $1.1B
TSCO
ULTA
Return on capital
FY16
TSCO 28.0%
ULTA 38.9%
FY17
TSCO 25.3%
ULTA 44.1%
FY18
TSCO 29.9%
ULTA 47.0%
FY19
TSCO 30.2%
ULTA 50.0%
FY20
TSCO 43.9%
ULTA 15.3%
FY21
TSCO 54.3%
ULTA 96.0%
FY22
TSCO 42.9%
ULTA 106.5%
FY23
TSCO 34.9%
ULTA 93.4%
FY24
TSCO 30.9%
ULTA 72.2%
FY25
TSCO 28.5%
ULTA 55.8%
TSCO
ULTA
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.