TSCO Consumer Cyclical

Tractor Supply Company

$35.10-0.59%

Price as of close on Nov 3, 2026 · Financials updated Sep 30, 2026

Basics

Sector: Consumer Cyclical
Industry: Specialty Retail
Country: United States
Market cap: 18.3B USD
Enterprise value: 19.2B USD
Full-time employees: 54,000

Overall health

Strength: more profitable than most peersmore profitable than peers
About average: growth, valuation and risk (debt, liquidity and share-price swings)growth, valuation and risk

Ranks #639 of 1,502 consumer cyclical companies (top 43%)

See how it ranks against its peers

Worth knowing

Returning more cash than it generates. Paid out $2.9B vs $2.0B of free cash flow over the 3 fiscal years to 2025.
Tractor Supply returned $2.9B to shareholders over three years, 149% of the free cash flow it produced. That gap has to be covered by cash reserves or new debt, which can't last indefinitely.
Profit isn't fully turning into cash. Free cash flow is only 30% of reported profit.
Free cash flow is only 30% of reported profit. That usually means heavy spending on facilities and equipment, or cash tied up in inventory and unpaid bills. Worth checking whether it's a phase of investment or a lasting pattern.
Borrowing rising faster than profit. Since 2022: debt +52%, operating profit +2.3%.
Tractor Supply's debt grew 52% since 2022 while operating profit changed +2.3%.
Share count shrinking. Shares outstanding down 5.5% from December 2022 to July 2026.
Tractor Supply had 5.5% fewer shares at July 2026 than at December 2022, mainly through buybacks, so each remaining share owns a larger slice of the business.

StockQuotient Score

55/ 100

Oct 5 56 → Nov 4 55 (-1)

Valuation

Is the price right?

47/100

Moderate▼ 3 since Oct 27 close

3/3 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why it changed since the Oct 27, 2026 close: Score 50 → 47

Share price +8.9%-4
Company's reported figures updated+1

Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.

Why

Held back by:

▼ FCF yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield5.5%

SEC filings · 12 months to Jun 2026Reported value30% base weight · Z-score 0.35Sector median: 0.0439 · MAD: 0.0329

EBITDA yield9.2%

SEC filings · 12 months to Jun 2026Reported value50% base weight · Z-score 0.10Sector median: 0.0877 · MAD: 0.0461

Free cash flow yield1.7%

SEC filings · 12 months to Jun 2026 · operating cash flow − capital spendingReported value20% base weight · Z-score -0.82Sector median: 0.0614 · MAD: 0.0545

Other data (not scored)

Book yield14.4%

SEC filings · latest balance sheetReported valueInformational · 0% composite weightSector median: 0.5650 · MAD: 0.3500

Growth

Is it growing?

42/100

Moderate

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Close to the peer norm on every measure.

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growth-5.3%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -0.38Sector median: 0.0420 · MAD: 0.2537

3-year revenue growth2.2%

SEC filings · 3 years to Jun 2026Reported value33% base weight · Z-score -0.32Sector median: 0.0425 · MAD: 0.0636

Revenue growth4.0%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 0.04Sector median: 0.0373 · MAD: 0.0653

Profitability

Does it earn well?

83/100

Strong

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Stronger than most peers on:

▲ ROIC
▲ ROA
▲ Operating margin

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin8.5%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 0.46Sector median: 0.0638 · MAD: 0.0461

Return on assets8.3%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 1.97Sector median: 0.0331 · MAD: 0.0254

Return on invested capital23.3%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 2.66Sector median: 0.0733 · MAD: 0.0600

Other data (not scored)

Gross margin36.5%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.3025 · MAD: 0.1399

Return on equity38.5%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentileInformational · 0% composite weightSector median: 0.0746 · MAD: 0.0674

Risk

Debt, liquidity, price swings

Moderate

Moderate relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why it changed since the Oct 27, 2026 close: Safety percentile 47 → 46

Peer companies moved-1

Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.

Why

Mixed versus peers:

▲ Beta
▼ Debt / equity

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta0.47

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score 0.56Sector median: 0.6345 · MAD: 0.2980

Current ratio1.33×

SEC filings · latest balance sheetReported value33% base weight · Z-score -0.26Sector median: 1.4800 · MAD: 0.5570

Debt / equity0.82×

SEC filings · latest balance sheetReported value33% base weight · Z-score -1.00Sector median: 0.4646 · MAD: 0.3556

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Tractor Supply

Is Tractor Supply getting weaker?: Its latest SEC filing (Aug 6, 2026) showed no major changes. Its overall score is unchanged at 55/100 since Oct 28, 2026.
How is Tractor Supply valued vs its peers?: Priced about in line with its peers. Valuation scores 47/100 against 1,612 consumer cyclical peers. Free cash flow yield 1.7% vs a peer median of 6.1% (weaker than 75% of peers).Free cash flow yield 1.7% vs peers 6.1% (weaker than 75% of peers).
Is Tractor Supply growing?: At about the same pace as its peers. Growth scores 42/100 against 1,612 consumer cyclical peers.
How profitable is Tractor Supply?: More profitable than most of its peers. Profitability scores 83/100 against 1,612 consumer cyclical peers. Return on invested capital 23.3% vs a peer median of 7.3% (stronger than 88% of peers).Return on invested capital 23.3% vs peers 7.3% (stronger than 88% of peers).
How risky is Tractor Supply?: Moderate risk relative to 1,612 consumer cyclical peers, judged on debt, liquidity and share-price swings. Beta 0.47 vs a peer median of 0.63 (stronger than 66% of peers).Beta 0.47 vs peers 0.63 (stronger than 66% of peers). Debt / equity 0.82× vs a peer median of 0.46× (weaker than 66% of peers).Debt / equity 0.82× vs peers 0.46× (weaker than 66% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 27, 2026 · filed Aug 6, 2026 · compared with the quarter ended Mar 28, 2026

No major changes

	Previous quarter	Latest quarter	Change
Revenue (12 months)	15.6B USD	15.8B USD	+0.6%
Net income (12 months)	1.1B USD	1.0B USD	−6.4%
Operating margin	9.3%	8.5%	−0.8 pts
Free cash flow (12 months)	553.5M USD	307.0M USD	−44.5%
Debt	2.1B USD	2.2B USD	+1.3%
Cash	224.3M USD	231.6M USD	+3.3%
Shares outstanding	524.4M	521.0M	−0.7%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Industry: Specialty Retail · 18 companies

Valuations in Specialty Retail are near the bottom of their range since 2021.

6% of months since 2021 were valued lower than now.
20% of companies are in the most expensive fifth of their own price-to-sales history.
Median price-to-sales is −69% vs the whole market, against a usual −59%.

2021Shaded: most expensive fifth of its range2026

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Gross margin	35.2%	35.0%	35.9%	36.3%	36.4%	▲ 0.2 pts
Operating margin	10.3%	10.1%	10.2%	9.9%	9.5%	▼ 0.4 pts
Net margin	7.8%	7.7%	7.6%	7.4%	7.1%	▼ 0.3 pts
Return on assets (ROA)	12.8%	12.8%	12.1%	11.2%	10.0%	▼ 1.2 pts
Return on equity (ROE)	49.8%	53.3%	51.5%	48.5%	42.5%	▼ 6.0 pts
Free cash flow margin	4.0%	4.1%	4.0%	4.3%	4.8%	▲ 0.5 pts
Current ratio	1.57×	1.33×	1.50×	1.43×	1.34×	▼ 6.0%
Quick ratio	0.51×	0.19×	0.28×	0.20×	0.16×	▼ 20%
Debt to equity	0.49×	0.57×	0.80×	0.81×	0.68×	▼ 15%
Interest coverage	49.11×	46.84×	31.80×	26.88×	21.22×	▼ 21%

TSCO price history

Price history is added with the daily price update and will appear after the next one.

Similar companies

Sector leaderboards

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Bringing the fundamentals into focus…

Worth knowing

Returning more cash than it generates. Paid out $2.9B vs $2.0B of free cash flow over the 3 fiscal years to 2025.

Tractor Supply returned $2.9B to shareholders over three years, 149% of the free cash flow it produced. That gap has to be covered by cash reserves or new debt, which can't last indefinitely.

Profit isn't fully turning into cash. Free cash flow is only 30% of reported profit.

Free cash flow is only 30% of reported profit. That usually means heavy spending on facilities and equipment, or cash tied up in inventory and unpaid bills. Worth checking whether it's a phase of investment or a lasting pattern.

Borrowing rising faster than profit. Since 2022: debt +52%, operating profit +2.3%.

Tractor Supply's debt grew 52% since 2022 while operating profit changed +2.3%.

Share count shrinking. Shares outstanding down 5.5% from December 2022 to July 2026.

Tractor Supply had 5.5% fewer shares at July 2026 than at December 2022, mainly through buybacks, so each remaining share owns a larger slice of the business.

Questions investors ask about Tractor Supply

Is Tractor Supply getting weaker?

Its latest SEC filing (Aug 6, 2026) showed no major changes. Its overall score is unchanged at 55/100 since Oct 28, 2026.

How is Tractor Supply valued vs its peers?

Priced about in line with its peers. Valuation scores 47/100 against 1,612 consumer cyclical peers. Free cash flow yield 1.7% vs a peer median of 6.1% (weaker than 75% of peers).Free cash flow yield 1.7% vs peers 6.1% (weaker than 75% of peers).

Is Tractor Supply growing?

At about the same pace as its peers. Growth scores 42/100 against 1,612 consumer cyclical peers.

How profitable is Tractor Supply?

More profitable than most of its peers. Profitability scores 83/100 against 1,612 consumer cyclical peers. Return on invested capital 23.3% vs a peer median of 7.3% (stronger than 88% of peers).Return on invested capital 23.3% vs peers 7.3% (stronger than 88% of peers).

How risky is Tractor Supply?

Moderate risk relative to 1,612 consumer cyclical peers, judged on debt, liquidity and share-price swings. Beta 0.47 vs a peer median of 0.63 (stronger than 66% of peers).Beta 0.47 vs peers 0.63 (stronger than 66% of peers). Debt / equity 0.82× vs a peer median of 0.46× (weaker than 66% of peers).Debt / equity 0.82× vs peers 0.46× (weaker than 66% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

15.6B USD

15.8B USD

+0.6%

Net income (12 months)

1.1B USD

1.0B USD

−6.4%

Operating margin

9.3%

8.5%

−0.8 pts

Free cash flow (12 months)

553.5M USD

307.0M USD

−44.5%

Debt

2.1B USD

2.2B USD

+1.3%

Cash

224.3M USD

231.6M USD

+3.3%

Shares outstanding

524.4M

521.0M

−0.7%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Gross margin

35.2%

35.0%

35.9%

36.3%

36.4%

▲ 0.2 pts

Operating margin

10.3%

10.1%

10.2%

9.9%

9.5%

▼ 0.4 pts

Net margin

7.8%

7.7%

7.6%

7.4%

7.1%

▼ 0.3 pts

Return on assets (ROA)

12.8%

12.1%

11.2%

10.0%

▼ 1.2 pts

Return on equity (ROE)

49.8%

53.3%

51.5%

48.5%

42.5%

▼ 6.0 pts

Free cash flow margin

4.0%

4.1%

4.0%

4.3%

4.8%

▲ 0.5 pts

Current ratio

1.57×

1.33×

1.50×

1.43×

1.34×

▼ 6.0%

Quick ratio

0.51×

0.19×

0.28×

0.20×

0.16×

▼ 20%

Debt to equity

0.49×

0.57×

0.80×

0.81×

0.68×

▼ 15%

Interest coverage

49.11×

46.84×

31.80×

26.88×

21.22×

▼ 21%