Tractor Supply Company

TSCO
Financial Analysis · Updated May 13, 2026 · Coverage 2026-Q2
TTM ROIC
22%
FY25 · ROIC vs WACC spread analysis; ROIC labeled as compressing with elevated capex and softening comps · WACC ~9% · Moat spread +13pp

Financial Snapshot

ticker: TSCO step: 04 generated: 2026-05-12 source: quick-research

Tractor Supply Company (TSCO) — Financial Snapshot

Income Statement Summary

Metric FY2022 FY2023 FY2024 YoY
Revenue $14.20B $14.56B $14.88B +2.2%
Gross Margin 35.0% ~35.3% 36.3% +100bps
Net Income ~$1.10B $1.11B ~$1.16B +4.5%
EPS (diluted) $9.71 $10.09 ~$10.50 +4.1%
Comparable Store Sales +6.3% ~0% ~+0.5% —

FY2022 was a strong post-COVID year with double-digit comps. FY2023–FY2024 saw comparable store sales decelerate sharply as the rural consumer faced inflation headwinds and post-COVID normalization. Gross margin expanded via mix shift to higher-margin categories. FY2025: comps +1.25%, FY2026E: +1–3%.

Cash Flow & Balance Sheet (FY2024)

Metric Value
Operating Cash Flow ~$1.3B
Free Cash Flow ~$900M
Capital Expenditures ~$400M
Cash & Equivalents ~$450M
Total Debt ~$2.5B
Dividend Yield ~2.4%

TSCO generates solid FCF despite significant store expansion capex. Capital return includes ~$1B annually in buybacks + dividends. Debt is moderate relative to EBITDA.

Key Ratios (approximate)

  • P/E: ~21x | EV/EBITDA: ~14x | FCF Yield: ~4.5%
  • Gross Margin (FY2024): 36.3% | Operating Margin: ~9–10%
  • Store Count Growth: 80–90 new stores/year (targeting 3,200 total by ~2030)
  • Digital Sales: $1B+ in FY2024; 25% of sales digitally influenced

Growth Profile

TSCO delivered exceptional growth in 2020–2022 as rural lifestyle tailwinds (COVID-driven suburban migration, pet adoption boom) accelerated demand. Since 2023, comparable store sales have stalled in the 0–1.5% range as the rural consumer faces budget constraints and post-COVID pet/livestock normalization. Long-term growth is driven by: new store openings (proven site selection model), Allivet/Tractor Supply Rx recurring pharmacy revenue, and ongoing share gain from non-specialized competitors.

Forward Estimates

  • FY2026 EPS: $2.13–$2.23 (management guidance; note: this appears to be quarterly EPS range, full-year ~$10–11)
  • FY2026 Net Sales Growth: +4–6% (incl. Allivet contribution)
  • FY2026 Comparable Store Sales Growth: +1–3%

Deeper Financial Analysis

The fundamental tier adds 9 additional research dimensions for $TSCO.

Revenue Breakdown
Segment revenue, geographic mix, product-line contribution margins, and cohort dynamics.
Financial Trends
Quarter-over-quarter momentum, leading indicators, and inflection point analysis.
Balance Sheet
Debt structure, liquidity runway, dilution risk, and working capital dynamics.
Capital Allocation
Buyback cadence, M&A appetite, dividend policy, and reinvestment priorities.
Returns on Capital (ROIC)
Multi-year ROIC vs. WACC, marginal returns on reinvestment, sales-to-invested-capital efficiency, and moat spread.
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