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TSCO

NASDAQ · USD
Tractor Supply Company
Consumer Cyclical · Specialty Retail
CEO Harry A. Lawton Employees 26,000 R&D / revenue 0.0%
Last price
$33.16−0.63%last session
Market cap
$17.3B
P/E (TTM)
17.3x
From 52w high
−43.0%
From 52w low
+16.9%
1-year return
−39.6%
RSI 14 · vs SMA200
52.0 · −14.8%
IS score
47.6/ 100
Factor model across 8 sub-scores, ranked against 3,010 US stocks. Describes the business, not the outlook.
Download full factsheet (PDF)

One year, rebased to 100

TSCO   SPY   XLY (sector ETF) · weekly closes
6080100120Jan 26Apr 26Jul 26Oct 26SPY 116XLY 97TSCO 60

Score DNA

Each bar is a 0-100 score within the scored universe
53
Profitability
41
Growth
53
Value
68
Momentum
90
Risk (safety)
58
Quality
41
Balance sheet
95
Earnings quality

Flags

Strengths
✓ Insider buying✓ Congress buying
Warnings
None of the computed warning flags fires for TSCO (Altman, Beneish, accruals, FCF, dilution).
Observations
Moat model: Weak, Efficient ScalePiotroski 5 / 9Altman Z 3.7Beta 0.474 of 4 smart-money sources active

Smart-money strip

Each disclosure source on its own window. Filings coinciding is not coordination.
INSForm 4 · 180 days
Insider open-market buys
4
$0.65M bought
Form 144 notices (12m): 7, $13.1M proposed, not confirmed sales
CONGSTOCK Act · 180 days
Congressional purchases
4
Last disclosed purchase 2026-09-25
Members disclose in ranges, 30-45 days after the trade
13F13F · quarter to 2026-06-30
Net change in institutional holders
−101
150 new holders, 237 closed
1,065 filers hold 94.8% · 378 added, 418 trimmed
ETFETF holdings · 30 days
Net funds accumulating
+243
1,058 funds adding shares
815 funds trimming · counts of funds, not dollars
DARKFINRA · daily
Short-sale share of off-exchange volume
15.2%
20-day avg 48.9%, 50-day avg 56.5%
Latest 33.7 pp under its 20-day average · a flow, not short interest

Key financials · FY2025

USD, fiscal year. Stock-based compensation is non-cash; shown against FCF.
Income statement
Revenue$15.5B
Revenue growth YoY+4.3%
Gross margin33.2%
Operating income$1.5B
Operating margin9.5%
Net income$1.1B
Net margin7.1%
EPS (diluted)$2.06
Cash flow
Operating cash flow$1.6B
Capital expenditure$894.8M
Free cash flow$740.5M
FCF conversion (FCF / OCF)45.3%
Stock-based compensation$57.1M
FCF less SBC$683.4M
Buybacks$361.3M
Dividends$487.7M
Balance sheet & returns
Cash & short-term investments$194.1M
Total debt$1.8B
Net debt$1.6B
Shareholders' equity$2.6B
Goodwill & intangibles$398.8M
Debt / equity2.49
ROE (TTM)39.3%
ROIC (TTM)11.8%
Operating margin by fiscal year
10.3%FY202110.1%FY202210.2%FY20239.9%FY20249.5%FY2025
Revenue $12.7B (FY2021) to $15.5B (FY2025), a 5.1% CAGR.

Valuation

P/E (TTM)17.3x
EV / EBITDA12.3x
Price / sales1.10x
Price / FCF56.3x
FCF yield1.78%
Buyback yield2.09%
SBC / revenue0.4%
Price / book6.60x
Forward P/E FY202617.1x
Forward P/E FY202614.4x
Forward P/E FY202615.2x
Forward multiples divide today's price by Street EPS estimates. Street mean target $36.11 across 9 analysts last quarter is theirs, not ours.

TSCO vs industry median

241 companies in Specialty Retail
Gross margin 32.5% 37.7% Operating margin 8.9% 2.6% Net margin 6.4% 0.3% ROIC 11.8% 4.0%
TSCO (TTM)Industry median Asset turnover 1.30 vs industry 1.17 · financial leverage 4.62

Earnings delivery

Next report 2026-10-22 · consensus EPS $0.40
42%
beat rate, 5 of 12 quarters
−4.0%
median EPS surprise
2
longest beat streak
+4+5-78-80+1-81-8+1+2-7-11-1
EPS surprise in % vs the consensus at the time, oldest (left) to newest, 2023-10-26 to 2026-07-23. Bars cap at ±60%.

Peers

Market-cap band, not the industry cohort above
CompanyMkt capP/EROENet marginRev growth12m return
TSCO Tractor Supply Company $17.3B17.3x39.3%6.4%+4.3% −39.6%
BBY Best Buy Co., Inc. $19.4B15.4x43.1%3.2%+1.4% +24.2%
W Wayfair Inc. $14.7Bn/m11.7%-0.0%+7.5% +29.0%
GME GameStop Corp. $13.5B13.5x15.8%37.8%−7.7% +17.0%
DKS DICK'S Sporting Goods, Inc. $12.8B15.2x18.5%5.6%+53.5% −35.6%
FIVE Five Below, Inc. $12.3B19.8x28.3%17.6%+25.6% —
ULTA Ulta Beauty, Inc. $25.4B21.5x46.1%9.3%+11.2% —
CASY Casey's General Stores, Inc. $25.5B33.0x20.0%4.8%+13.8% —
12-month window: SPY +15.9%, sector ETF XLY −3.2%. Past returns describe history only.

Recent 8-K filings

2026-08-25Material Agreement; Financial Obligation; Exhibits
2026-08-07Officer/Director Change
2026-08-06Other Events; Exhibits
2026-07-23Earnings Release; Exhibits
2026-05-28Other Events; Exhibits
2026-05-21Material Agreement; Financial Obligation; Exhibits

Context

Shares outstanding521,040,137
Free float99.7%
Institutional ownership94.8%
Beta0.47
Dividend yield2.86%
Last dividend$0.24 on 2026-08-24
50 / 200-day average$33.75 / $39.06
Large-cap Consumer Cyclical median P/E24.3x

Full factsheet

The PDF carries everything on this page plus the cash-allocation waterfall, Form 144 notices, 13F holder detail, dark-pool and short-flow history, seasonality and the moat assessment (Weak).

Read it in the browser Download (PDF)

All fundamentals · 140 measures in 13 categories

Percentile = where TSCO sits among 40 scored companies in Specialty Retail (0 = lowest value, 100 = highest). It is a position, not a grade.
ValuationProfitability (TTM)Returns on capitalGrowthMargin history & stabilityLiquidity (latest quarter)Leverage & solvency (latest quarter)EfficiencyCash flow & earnings qualityDividends & buybacksScores & forensic checksPer shareSize (TTM)

Valuation

MeasureTSCOIndustry medianIndustry percentileSector median
P/E (TTM) 17.1x 22.2x
26th		 17.7x
PEG (P/E ÷ 3-yr EPS CAGR) —
Price / sales 1.1x 1.1x
51st		 1.0x
Price / book 6.6x 4.9x
66th		 2.4x
Price / tangible book 7.7x 7.7x
52nd		 4.2x
Price / free cash flow 56.3x 19.7x
89th		 15.2x
Price / operating cash flow 13.4x 12.0x
57th		 10.2x
Enterprise value $23.6B $7.1B
74th		 $5.6B
EV / sales 1.5x 1.5x
49th		 1.4x
EV / EBITDA 12.3x 13.1x
43rd		 11.4x
EV / EBIT 16.8x 17.5x
40th		 16.0x
EV / free cash flow 76.8x 23.3x
92nd		 21.0x
Earnings yield 5.9% 4.1%
77th		 4.8%
FCF yield 1.8% 4.7%
18th		 5.9%
Operating cash flow yield 7.4% 8.2%
46th		 9.3%
Graham number (per share) $14.75 $19.83
43rd		 $33.39

Profitability (TTM)

MeasureTSCOIndustry medianIndustry percentileSector median
Gross margin 32.5% 43.4%
28th		 34.2%
EBITDA margin 12.1% 10.4%
62nd		 11.7%
Operating margin 8.9% 8.1%
56th		 8.7%
EBIT margin 8.9% 7.5%
56th		 8.2%
Net margin 6.4% 5.2%
62nd		 4.9%
NOPAT margin 7.1% 5.7%
56th		 6.8%
FCF margin 1.9% 5.0%
21st		 6.5%
Operating cash flow margin 8.2% 9.9%
38th		 10.4%
R&D / revenue 0.0% 0.0%
0th		 0.0%
SG&A / revenue 24.3% 27.7%
33rd		 17.2%
Stock comp / revenue 0.4% 0.7%
30th		 0.6%
Effective tax rate 20.5% 21.9%
26th		 22.4%

Returns on capital

MeasureTSCOIndustry medianIndustry percentileSector median
ROE (on average equity) 39.5% 18.5%
78th		 12.8%
ROA 8.9% 7.7%
64th		 4.4%
ROIC 12.5% 12.6%
49th		 9.3%
ROCE 15.6% 15.5%
51st		 9.9%
Return on tangible assets 12.4% 10.7%
64th		 7.4%
Cash ROIC (OCF / invested capital) 14.4% 24.2%
31st		 14.4%
Gross profitability (GP / assets) 42.0% 48.6%
36th		 31.6%
ROIC, 3-yr average 13.1% 13.1%
50th		 7.4%
ROIC, 5-yr average 17.2% 14.0%
59th		 9.1%
ROE, 5-yr average 47.6% 19.2%
90th		 15.8%
Incremental ROIC 22.3% 23.3%
47th		 11.2%

Growth

MeasureTSCOIndustry medianIndustry percentileSector median
Revenue growth (TTM YoY) 4.0% 8.5%
28th		 6.0%
Revenue growth (QoQ) 26.4% 8.4%
87th		 6.6%
Revenue CAGR, 3 yr 2.2% 5.9%
33rd		 3.0%
Revenue CAGR, 5 yr 5.8% 7.3%
40th		 5.9%
Gross profit CAGR, 3 yr -0.6% 6.3%
15th		 3.3%
Operating income CAGR, 3 yr -1.5% 3.7%
23rd		 2.1%
Net income growth (TTM YoY) -6.9% 6.6%
14th		 4.7%
Net income CAGR, 3 yr -3.0% 3.5%
30th		 1.4%
EPS growth (TTM YoY) -5.6% 11.7%
14th		 7.6%
EPS CAGR, 3 yr -1.5% 7.9%
30th		 3.4%
EPS CAGR, 5 yr 5.0% 3.1%
54th		 2.9%
FCF growth (TTM YoY) -62.6% 30.8%
3rd		 26.3%
FCF CAGR, 3 yr -22.4% 8.2%
6th		 6.5%
Operating cash flow CAGR, 3 yr -5.3% 7.2%
3rd		 6.7%
Book value CAGR, 3 yr 9.8% 12.8%
37th		 8.1%
Dividend CAGR, 3 yr 2.7% 5.5%
31st		 3.2%
Sustainable growth rate 20.2% 16.9%
60th		 12.2%

Margin history & stability

MeasureTSCOIndustry medianIndustry percentileSector median
Gross margin, 3-yr average 34.7% 42.3%
33rd		 34.9%
Operating margin, 3-yr average 9.6% 6.8%
67th		 8.0%
Net margin, 3-yr average 7.1% 4.5%
67th		 4.8%
FCF margin, 3-yr average 3.8% 3.9%
49th		 5.7%
Revenue stability (0-1) 0.86 0.82
56th		 0.80
Earnings stability (0-1) 0.25 0.50
26th		 0.43
Margin stability (0-1) 0.96 0.94
67th		 0.92

Liquidity (latest quarter)

MeasureTSCOIndustry medianIndustry percentileSector median
Cash & short-term investments $231.6M $295.9M
38th		 $278.1M
Net cash (− = net debt) −$6.3B −$1.3B
13th		 −$1.2B
Working capital $1.1B $206.6M
82nd		 $298.0M
Current ratio 1.33 1.34
49th		 1.49
Quick ratio 0.23 0.68
5th		 0.92
Cash ratio (cash + ST investments / current liabilities) 0.07 0.47
10th		 0.31
Defensive interval (days) 23 days 163 days
3rd		 290 days

Leverage & solvency (latest quarter)

MeasureTSCOIndustry medianIndustry percentileSector median
Total debt $6.5B $2.2B
85th		 $1.8B
Debt / equity 2.49 1.17
81st		 1.04
Net debt / equity 2.40 0.79
88th		 0.78
Debt / assets 53.8% 38.1%
77th		 39.7%
Debt / capital 71.3% 53.8%
81st		 51.0%
Debt / EBITDA 3.42 3.03
57th		 3.26
Net debt / EBITDA 3.30 2.03
68th		 2.42
Interest coverage (EBIT / interest) 20.7x 9.5x
68th		 5.1x
Cash interest coverage 19.0x 13.0x
62nd		 6.0x
Debt payback (years of OCF) 5.1 yrs 3.1 yrs
78th		 3.8 yrs
Liabilities / assets 78.4% 70.6%
59th		 68.1%
IS credit model rating A — —
Implied credit spread (bps) 150 175
38th		 275

Efficiency

MeasureTSCOIndustry medianIndustry percentileSector median
Asset turnover 1.39 1.24
56th		 1.00
Fixed asset turnover 2.15 3.56
16th		 3.73
Inventory turnover 3.2 5.1
34th		 5.3
Receivables turnover —
Days sales outstanding 0 days 7 days
0th		 18 days
Days inventory outstanding 113 days 72 days
66th		 68 days
Days payables outstanding 56 days 44 days
64th		 42 days
Cash conversion cycle (days) 57 days 15 days
69th		 44 days
Capex / revenue 6.2% 3.5%
79th		 3.1%
Capex / depreciation 1.92 1.20
79th		 0.89
Operating expense ratio 22.5% 31.4%
15th		 24.8%

Cash flow & earnings quality

MeasureTSCOIndustry medianIndustry percentileSector median
Operating cash flow / net income 1.27 1.85
23rd		 1.76
FCF / net income 0.30 1.08
6th		 1.18
FCF / operating cash flow 23.9% 65.5%
14th		 70.1%
Capex / operating cash flow 76.1% 34.5%
86th		 29.9%
Accruals ratio -2.4% -6.2%
85th		 -5.7%
Sloan accruals ratio -2.0% -3.1%
67th		 -3.6%
Earnings quality score (0-1) 1.00 0.75
63rd		 0.75

Dividends & buybacks

MeasureTSCOIndustry medianIndustry percentileSector median
Dividend yield 2.9% 0.0%
82nd		 0.8%
Dividend per share (TTM) $0.95 $0.00
79th		 $0.40
Payout ratio (dividends / net income) 48.9% 0.0%
83rd		 17.8%
Dividends / FCF 161.3% 0.0%
97th		 11.6%
Dividend growth (YoY) 4.8% 6.2%
33rd		 4.8%
Buyback yield 2.5% 1.2%
64th		 1.6%
Shareholder yield (dividends + buybacks) 5.4% 2.2%
79th		 3.7%
Share count change (YoY) -1.4% 0.0%
33rd		 -0.9%
Buybacks, last 5 years $2.1B $120.0M
82nd		 $198.3M

Scores & forensic checks

MeasureTSCOIndustry medianIndustry percentileSector median
IS score 48 56
28th		 50
IS profitability 53 43
72nd		 38
IS growth 41 57
13th		 53
IS value 53 42
74th		 50
IS momentum 68 79
15th		 72
IS risk (safety) 90 65
56th		 65
IS quality 58 66
26th		 63
IS balance sheet 41 53
31st		 48
IS earnings quality 95 82
100th		 77
IS cash flow 28 55
5th		 56
Piotroski F-score (0-9) 5 6
15th		 6
Altman Z-score 3.7 2.9
59th		 2.8
Beneish M-score −2.51 −2.72
64th		 −2.69
Ohlson O-score −6.54 −6.81
56th		 −6.83
IS credit score 70 66
59th		 58

Per share

MeasureTSCOIndustry medianIndustry percentileSector median
EPS, diluted (TTM) $1.93 $1.84
51st		 $2.05
Book value per share $5.02 $7.32
41st		 $14.46
Tangible book per share $4.06 $3.07
56th		 $3.70
Revenue per share $30.02 $36.89
44th		 $46.29
FCF per share $0.59 $2.53
26th		 $2.72
Operating cash flow per share $2.45 $4.90
38th		 $4.86
Cash per share $0.44 $4.80
8th		 $3.59

Size (TTM)

MeasureTSCOIndustry medianIndustry percentileSector median
Market cap $17.3B $5.3B
72nd		 $3.6B
Revenue $15.8B $6.1B
74th		 $3.9B
EBITDA $1.9B $449.3M
77th		 $442.3M
Net income $1.0B $173.0M
77th		 $178.6M
Free cash flow $307.0M $298.5M
51st		 $206.3M
Total assets $12.2B $5.1B
77th		 $4.4B
Shareholders' equity $2.6B $827.1M
74th		 $957.6M
Employees 52,000 16,550
72nd		 12,300

Insider transactions, last 6 months

Form 4 · most recent 12
DateInsiderTypeSharesPriceValueOwned after
2026-10-01Ham Margaret M
Director
 Award / grant 555$31.29$17,37520,168
2026-10-01Krishnan Ramkumar
Director
 Award / grant 839$31.29$26,25048,935
2026-09-04Ham Margaret M
Director
 L-Small 85$35.05$2,97519,613
2026-08-08Ledbetter Samuel Craig
SVP Chief Supply Chain Officer
 Tax withholding 28$33.98$9368,515
2026-08-06Ordus John P
EVP Chief Stores Officer
 Award / grant 1,588——97,180
2026-08-06Ordus John P
EVP Chief Stores Officer
 Award / grant 6,124$33.41$204,6036,124
2026-08-06Estep Jonathan S
EVP Chief Merchandise Officer
 Award / grant 794——80,482
2026-08-06Estep Jonathan S
EVP Chief Merchandise Officer
 Award / grant 3,062$33.41$102,3013,062
2026-08-05Ledbetter Samuel Craig
SVP Chief Supply Chain Officer
 Award / grant 2,404——8,542
2026-08-05Ledbetter Samuel Craig
SVP Chief Supply Chain Officer
 Award / grant 9,214$33.12$305,1689,214
2026-08-05Dahl Amy E
SVP General Counsel
 Award / grant 13,626——13,626
2026-08-04Morris Edna
Director
 Open-market buy 1,560$32.44$50,606279,720

Shares acquired vs disposed, by month

acquired disposed · all Form 4 types
AprMayJunJulAugSepOct

By transaction type, 6 months

TypeDirectionFilingsSharesValue
Award / grantAcquired2094,322$655,697
L-SmallAcquired2183$5,927
Open-market buyAcquired420,310$652,394
Tax withholdingDisposed128$936
—Disposed727,319$1.4M
Awards, option exercises and tax withholding are compensation mechanics; open-market buys and sales are the discretionary ones.

Form 144 notices

12 months: 7 notices · 255,712 shares · $13.1M
FiledFilerShares proposedEst. proceeds
2026-08-05Yankee Colin33,364$1.1M
2026-02-13Yankee Colin11,170$618,264
2026-02-11Estep Jonathan S59,745$3.2M
2026-02-11Mills Robert D62,950$3.4M
A Form 144 is notice of a proposed sale, not a confirmed one.

Congress trades

12 months: House 63 trades (25 purchases) · Senate 2 (0 purchases)
TradedMemberChamberTypeAmountDisclosed
2026-09-25Ro KhannaHousePurchase$1,001 - $15,0002026-10-09
2026-09-11Ro KhannaHousePurchase$1,001 - $15,0002026-10-09
2026-08-25April DelaneyHouseSale$15,001 - $50,0002026-09-10
2026-08-25April McClain DelaneyHouseSale$15,001 - $50,0002026-09-10
2026-06-08Tommy TubervilleSenateSale$1,001 - $15,0002026-07-16
2026-06-08Thomas Hawley TubervilleSenateSale$1,001 - $15,0002026-07-16
2025-01-10Tommy TubervilleSenateSale$15,001 - $50,0002026-08-05
2025-01-10Thomas Hawley TubervilleSenateSale$15,001 - $50,0002026-08-05
STOCK Act disclosures, in ranges, filed up to 45 days after the trade.

Largest 13F holders

Quarter to 2026-06-30, the latest most managers have filed
ManagerSharesValue% of shares out
BlackRock, Inc.47,483,939$1.5B9.11%
Invesco Ltd.34,581,943$1.1B6.64%
VANGUARD CAPITAL MANAGEMENT LLC34,269,088$1.1B6.58%
Capital Research Global Investors30,021,332$949.0M5.76%
VANGUARD PORTFOLIO MANAGEMENT LLC26,710,531$844.3M5.13%
Capital International Investors25,833,709$816.5M4.96%
PRICE T ROWE ASSOCIATES INC /MD/23,535,386$744.0M4.52%
STATE STREET CORP23,500,716$742.9M4.51%
GEODE CAPITAL MANAGEMENT, LLC15,559,952$490.7M2.99%
JPMORGAN CHASE & CO10,064,602$314.0M1.93%
FRANKLIN RESOURCES INC9,239,420$292.1M1.77%
GOLDMAN SACHS GROUP INC7,452,179$235.6M1.43%
STIFEL FINANCIAL CORP7,440,520$235.2M1.43%
NORGES BANK6,796,388$214.8M1.30%
DIMENSIONAL FUND ADVISORS LP5,466,023$172.8M1.05%

Institutional ownership by quarter

2023-092026-0694.8%
% of shares held by 13F filers
2023-092026-061,065
Number of 13F filers holding

Holder changes by quarter

QuarterHoldersOwnershipNewIncreasedReducedClosed
2026-06-301,06594.8%150378418237
2026-03-311,16692.5%106380499145
2025-12-311,22998.0%157416462116
2025-09-301,21495.2%12841046080
2025-06-301,18599.3%100417488108
2025-03-311,20999.4%118451451109
2024-12-311,22699.1%1741,0361187
2024-09-301,16797.7%10142143584
2024-06-301,16497.4%10541443972
2024-03-311,14799.9%15238043090
2023-12-311,099101.8%15335943586
2023-09-301,04799.8%8641837194

Schedule 13D / 13G filers

FiledFormFiler% of classShares
2026-08-13SCHEDULE 13GInvesco Ltd.6.6%34,581,943
2026-08-12SCHEDULE 13GCapital International Investors5.1%26,546,455
2026-08-12SCHEDULE 13GCapital Research Global Investors5.7%30,021,332
2026-07-30SCHEDULE 13G/ABlackRock, Inc.7.8%41,105,689
Required above 5% of a class; 13G is the passive form.

ETFs with the largest holding

ETFWeight in fundHolding value
VITSX0.02%$517.5M
VSMPX0.02%$517.5M
VTSAX0.02%$517.5M
VTI0.02%$517.5M
VFFSX0.02%$428.1M
VFIAX0.02%$428.1M

Share structure

Shares outstanding521,040,137
Float519,414,492
Free float99.7%

Income statement

Fiscal years, USD
FY2021FY2022FY2023FY2024FY2025
Revenue$12.7B$14.2B$14.6B$14.9B$15.5B
Cost of revenue$8.3B$9.2B$9.3B$9.5B$10.4B
Gross profit$4.5B$5.0B$5.2B$5.4B$5.2B
R&D$0$0$0$0$0
SG&A$2.9B$3.2B$3.4B$3.5B$3.7B
Operating income$1.3B$1.4B$1.5B$1.5B$1.5B
EBITDA$1.6B$1.8B$1.9B$1.9B$2.0B
Pretax income$1.3B$1.4B$1.4B$1.4B$1.4B
Income tax$283.0M$315.6M$325.2M$311.7M$302.2M
Net income$997.1M$1.1B$1.1B$1.1B$1.1B
EPS, diluted$1.72$1.94$2.02$2.04$2.06
Diluted shares579.1M560.7M548.7M539.7M532.2M

Balance sheet

FY2021FY2022FY2023FY2024FY2025
Cash & short-term investments$878.0M$202.5M$397.1M$251.5M$194.1M
Receivables$17.1M$0$2.5M$21.6M$27.0M
Inventory$2.2B$2.7B$2.6B$2.8B$3.1B
Total current assets$3.3B$3.2B$3.3B$3.3B$3.5B
PP&E, net$4.4B$5.0B$5.6B$6.1B$7.0B
Goodwill & intangibles$55.5M$253.3M$269.5M$269.5M$398.8M
Total assets$7.8B$8.5B$9.2B$9.8B$10.9B
Accounts payable$1.2B$1.4B$1.2B$1.2B$1.4B
Total current liabilities$2.1B$2.4B$2.2B$2.3B$2.6B
Long-term debt$986.4M$1.2B$1.7B$1.8B$1.8B
Total liabilities$5.8B$6.4B$7.0B$7.5B$8.4B
Shareholders' equity$2.0B$2.0B$2.1B$2.3B$2.6B

Cash flow statement

Outflows are negative
FY2021FY2022FY2023FY2024FY2025
Net income$997.1M$1.1B$1.1B$1.1B$1.1B
Depreciation & amortization$270.2M$343.1M$393.0M$447.2M$494.0M
Stock-based compensation$47.6M$53.8M$57.0M$48.4M$57.1M
Change in working capital−$209.4M−$182.5M−$181.4M−$90.8M$19.9M
Operating cash flow$1.1B$1.4B$1.3B$1.4B$1.6B
Capital expenditure−$628.4M−$773.4M−$753.9M−$784.0M−$894.8M
Free cash flow$510.3M$583.6M$580.1M$636.8M$740.5M
Investing cash flow−$627.3M−$1.1B−$653.1M−$643.9M−$778.6M
Net debt issued / repaid−$4.6M$173.9M$567.2M$95.2M−$72.8M
Buybacks−$813.8M−$728.7M−$618.6M−$584.6M−$361.3M
Dividends paid−$239.0M−$409.6M−$449.6M−$472.5M−$487.7M

Ratio history

Margins on the fiscal-year (TTM at Q4) basis; multiples at each year end
FY2021FY2022FY2023FY2024FY2025
Gross margin35.2%34.4%35.9%36.3%33.2%
Operating margin10.3%10.1%10.2%9.9%9.5%
Net margin7.8%7.7%7.6%7.4%7.1%
FCF margin4.0%4.1%4.0%4.3%4.8%
ROE50.8%53.8%52.8%49.8%45.2%
ROIC20.2%18.2%16.8%15.4%13.8%
ROA13.5%13.4%12.5%11.6%10.6%
Debt / equity1.962.092.342.392.30
Interest coverage49.1x46.8x31.8x26.9x21.2x
Current ratio1.571.331.501.431.34
Revenue growth+19.9%+11.6%+2.5%+2.2%+4.3%
EPS growth+36.6%+12.6%+4.0%+0.3%+1.3%
P/E at year end25.6x21.8x20.4x25.6x24.9x
EV / EBITDA at year end18.1x15.6x14.6x17.4x16.8x
FCF yield at year end2.00%2.46%2.56%2.26%2.72%
Dividend payout24.0%37.6%40.6%42.9%44.5%

Revenue by segment

FY2021FY2022FY2023FY2024FY2025
Livestock and Pet$6.0B$7.1B—$3.7B—
Livestock, Equine & Agriculture——$3.9B——
Truck, Tool, & Hardware$2.7B$2.7B$2.3B$3.9B—
Companion Animal——$3.6B—$3.7B
Seasonal, Gift and Toy Products$2.7B$3.0B—$3.4B—
Seasonal & Recreation——$3.2B——
Clothing and Footware$1.0B$994.3M—$2.4B—
Agriculture$381.9M$426.1M—$1.5B—
Clothing, Gift, & Décor——$1.5B——

Street estimates by fiscal year

Next report 2026-10-22 · consensus EPS $0.40 · these are analysts' numbers, not ours
Fiscal yearRevenue (mean)Revenue rangeEPS (mean)EPS rangeAnalystsP/E on mean EPS
2026$16.0B$15.9B – $16.0B$1.94$1.91 – $1.961117.1x
2026$16.6B$16.2B – $16.8B$2.31$2.24 – $2.371914.4x
2026$16.3B$16.1B – $16.5B$2.18$2.06 – $2.271915.2x

Reported vs expected, every quarter on file

ReportedEPS expectedEPS actualEPS surpriseRevenue expectedRevenue actualRevenue surprise
2026-07-23$0.82$0.81−1.0%$4.6B$4.5B−0.8%
2026-04-21$0.35$0.31−11.4%$3.6B$3.6B−1.1%
2026-01-29$0.46$0.43−7.0%$4.0B$3.9B−2.3%
2025-10-23$0.48$0.49+1.6%$3.7B$3.7B+0.1%
2025-07-24$0.80$0.81+1.0%$4.4B$4.4B+1.0%
2025-04-24$0.37$0.34−7.6%$3.5B$3.5B−1.9%
2025-01-30$2.28$0.44−80.7%$3.8B$3.8B−0.2%
2024-10-24$0.45$0.45+0.6%$3.5B$3.5B−0.4%
2024-07-25$3.92$0.79−79.8%$4.3B$4.2B−0.9%
2024-04-25$1.72$0.37−78.5%$3.4B$3.4B−0.1%
2024-02-01$0.44$0.46+4.5%$3.7B$3.7B−0.4%
2023-10-26$0.45$0.47+4.4%$3.5B$3.4B−1.7%
2023-07-27$0.78$0.77−1.3%$4.3B$4.2B−1.7%
2023-04-27$0.34$0.33−2.9%$3.3B$3.3B−0.5%
2023-01-26$0.47$0.49+4.3%$3.9B$4.0B+3.2%
2022-10-20$0.42$0.420.0%$3.3B$3.3B−0.2%
2022-07-21$0.71$0.710.0%$3.9B$3.9B+0.2%
2022-04-21$0.28$0.33+17.9%$2.9B$3.0B+3.5%
2022-01-27$0.37$0.39+5.4%$3.2B$3.3B+2.7%
2021-10-21$0.33$0.39+18.2%$2.8B$3.0B+7.5%
2021-07-19$0.59$0.64+8.5%$3.4B$3.6B+5.0%
2021-04-22$0.20$0.31+55.0%$2.4B$2.8B+15.2%
2021-01-28$0.30$0.33+10.0%$2.7B$2.9B+7.2%
2020-10-22$0.28$0.32+14.3%$2.2B$2.6B+17.4%

Off-exchange (dark pool) volume, weekly

FINRA ATS, $ billions · through the week of 2026-08-31 (FINRA publishes with a delay)
0.306-150.406-220.306-290.307-060.407-130.507-200.407-270.408-030.708-100.408-170.308-240.308-31
Week ofNotionalSharesTrades
2026-08-31$336.5M9,626,600121,871
2026-08-24$310.2M8,789,210120,458
2026-08-17$390.1M11,111,963147,061
2026-08-10$742.2M20,826,676170,270
2026-08-03$435.3M13,092,486161,241
2026-07-27$436.8M14,070,224142,384

Short-sale share of off-exchange volume

daily 20-day average
07-2310-1515.2%
DateShort shareShort volumeTotal volume
2026-10-1515.2%1,522,7769,998,417
2026-10-1431.0%2,362,2557,609,845
2026-10-1338.9%1,703,0914,379,344
2026-10-1252.6%1,953,1863,714,847
2026-10-0957.2%2,172,1883,795,384
2026-10-0863.6%1,703,7282,680,829
2026-10-0746.4%1,884,8844,066,048
2026-10-0657.7%2,464,3844,274,114
2026-10-0560.4%2,572,9674,259,692
2026-10-0252.0%1,536,8532,957,930
A daily flow measure from FINRA, not short interest.

Seasonality

Average return by calendar month
+2.2Jan+1.6Feb+3.2Mar+2.3Apr-0.8May-0.0Jun+2.8Jul+1.6Aug-0.2Sep+1.4Oct+3.5Nov-0.1Dec
MonthAvg returnUp yearsYears
Jan+2.2%70%20
Feb+1.6%60%20
Mar+3.2%76%21
Apr+2.3%65%20
May−0.8%45%20
Jun−0.0%60%20
Jul+2.8%60%20
Aug+1.6%50%20
Sep−0.2%50%20
Oct+1.4%55%20
Nov+3.5%70%20
Dec−0.1%50%20
History, not a forecast.

Indicators

as of 2026-10-16
RSI 1452.0
MFI57.4
ADX18.9
Stochastic %K / %D72.5 / 77.2
Williams %R-26.9
CCI103
TSI / signal0.6 / -6.2
Chaikin money flow0.06
ATR$1.02
Bollinger width10.2%
Volume vs 20-day avg1.03x
SupertrendDown

Moving averages and bands

level (price vs level)
SMA 20$32.43 (+2.3%)
SMA 50$33.69 (−1.6%)
SMA 200$38.91 (−14.8%)
EMA 21$32.87 (+0.9%)
EMA 50$33.01 (+0.5%)
EMA 200$38.02 (−12.8%)
Bollinger upper$34.09 (−2.7%)
Bollinger lower$30.78 (+7.7%)
Parabolic SAR$32.04 (+3.5%)
Open the live chart, 110+ indicators

About Tractor Supply Company

Tractor Supply Company functions as a prominent retailer, catering to the rural lifestyle demographic throughout the United States. Its extensive product catalog encompasses items crucial for the health, well-being, development, and enclosure of equine, livestock, pets, and small animals. Additionally, it stocks a variety of hardware, truck, towing, and tool supplies. Shoppers can also find seasonal goods like heating solutions, gardening equipment, power tools, novelty gifts, and children's toys, alongside workwear, casual apparel, footwear, and essential maintenance products designed for agricultural and general rural applications. These offerings are made available under a diverse portfolio of private label and proprietary brands, including 4health, Producer's Pride, American Farmworks, Red Shed, Bit & Bridle, Redstone, Blue Mountain, Retriever, C.E. Schmidt, Ridgecut, Countyline, Royal Wing, Dumor, Strive, Groundwork, Traveller, Huskee, Treeline, JobSmart, TSC Tractor Supply Co, Paws & Claws, and Untamed. Data from June 25, 2022, indicates the company's retail footprint included 2,016 Tractor Supply outlets spanning 49 states, complemented by 178 Petsense locations across 23 states. Its physical retail presence includes stores operating under the banners of Tractor Supply Company, Del's Feed & Farm Supply, and Petsense, while its digital storefronts are accessible via TractorSupply.com and Petsense.com. The primary customer base comprises recreational farmers, ranchers, and other individuals with similar needs. Established in 1938, the corporation maintains its corporate headquarters in Brentwood, Tennessee.

https://www.tractorsupply.com

Key executives

NameTitlePayBorn
Harry A. LawtonPresident, Chief Executive Officer & Director$3.0M1974
Melissa D. KerseyExecutive Vice President & Chief Human Resources Officer$1.8M1975
Kurt D. BartonExecutive Vice President, Chief Financial Officer & Treasurer$1.4M1972
Jonathan Seth EstepExecutive Vice President & Chief Merchandising Officer$1.2M1980
John OrdusExecutive Vice President & Chief Stores Officer$1.1M1976
Brad RogersSenior Vice President, Real Estate & Construction——
Kimberley GardinerSenior Vice President & Chief Marketing Officer—1969
Mary Winn PilkingtonSenior Vice President of Investor Relations & Public Relations——

Executive pay, latest proxy

ExecutiveYearSalaryStock awardsIncentiveTotal
Harry A. Lawton III President, Chief Executive Officer, and Director2025$1.3M$26.9M$1.6M$32.3M
Kurt D. Barton Executive Vice President – Chief Financial Officer and Treasurer2025$788,462$1.4M$549,318$3.3M
Robert D. Mills Executive Vice President – Chief Technology, Digital Commerce, and Strategy Officer2025$741,346$1.0M$454,399$2.6M
J. Seth Estep Executive Vice President – Chief Merchandising Officer2025$729,615$974,979$448,341$2.5M
John P. Ordus Executive Vice President – Chief Stores Officer2025$672,115$824,933$408,959$2.2M

Employees

15k201816k201920k202022k202124k202225k202326k202426k2025

Dividends

Ex-dateAmountPaid
2026-08-24$0.242026-09-08
2026-05-27$0.242026-06-09
2026-02-24$0.242026-03-10
2025-11-24$0.232025-12-09
2025-08-25$0.232025-09-09
2025-05-28$0.232025-06-10
2025-02-26$0.232025-03-11
2024-11-25$0.222024-12-10

Moat model

Weak · Efficient Scale · 2026-06-27
Cost advantage30
Intangibles14
Switching costs56
Network effect50
Efficient scale95
Our component scores (0-100) and overall 45.3; a model of the business, not a call on the stock.
InsiderStreet reports findings from filings and market data. Nothing on this page is a recommendation to buy or sell.Every figure is computed in code · data as of 2026-10-17

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