Consumer Discretionary · Other Specialty Retail · US stock · price as of 22 Oct 2026
Key indicators
Price
$34.73
52-week range
$28.36 – $58.21
Market cap
$18.2B
P/E (trailing)
9.8×
EV / EBITDA
10.9×
Free-cash-flow yield
1.7%
Dividend yield
2.7%
Revenue (last 12 months)
$15.8B
Revenue growth (3y a year)
3.0%
Operating margin
8.5%
Return on invested capital
23.4%
Net debt / EBITDA
1.0×
Fair value
Fair value (average of valid models)$38.73 middle half of models $33 – $43
Versus priceFair+12% to fair value
P/E multiple
$42.57
P/B multiple
$52.15
P/S multiple
$51.82
EV/EBITDA multiple
$42.52
EV/EBIT multiple
$43.20
EV/revenue multiple
$47.11
10-year DCF, EBITDA exit
$32.42
5-year DCF, EBITDA exit
$35.94
10-year DCF, revenue exit
$32.92
5-year DCF, revenue exit
$36.73
10-year DCF, growth exit
$24.12
5-year DCF, growth exit
$25.61
Dividend discount, stable
$28.47
Dividend discount, multi-stage
$42.34
Earnings power value
$43.09
Model uncertainty
Medium
X-Ray Score
48/ 100 · High confidence · ahead of 43% of sector peers
Valuation48
Growth46
Profitability42
Financial health57
Dividends49
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
Tractor Supply is a retailer built around the rural lifestyle. Its stores stock pet food and supplies, animal feed and farm and ranch equipment, along with tools, fencing, work clothing, and seasonal and home products. Customers are mainly homeowners with land, hobby farmers, ranchers and pet owners, and they shop in its stores, online and through delivery services. The company also owns the Petsense pet-supply store brand.
Revenue comes from merchandise purchased by customers in its stores and online. Sales reached $15.8 billion over the last twelve months, rising 3.0% a year over the last three years. The operating margin is 8.5%, and the business earns a profit of 23% on the capital invested in it. Net debt is 1.0 times EBITDA. It pays a dividend with a yield of 2.7%.
StocksXray gives Tractor Supply Co an X-Ray Score of 48 out of 100 (high confidence), ahead of 43% of the S&P 500 stocks in its sector. Its strongest lens is financial health (57) and its weakest is profitability (42).
Our fair value (the average of the valid models) is $38.73 (range $32.67 to $43.14). At $34.73 the stock trades 10% below that value, so the label is "Fair" with medium model uncertainty. Fair value is a range, not a price target.
XStocksXray
Tractor Supply Co (TSCO)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2021
FY2022
FY2023
FY2024
FY2025
Now
Price
$41.71
$41.87
$40.80
$52.62
$50.40
$34.73
Market cap
$4.8B
$23.5B
$22.4B
$28.4B
$26.8B
$18.2B
P/E
4.8×
21.6×
20.2×
25.8×
24.5×
9.8×
EV / revenue
0.4×
1.7×
1.6×
2.0×
1.8×
1.3×
EV / EBITDA
3.1×
13.7×
12.7×
15.7×
14.5×
10.9×
Price / free cash flow
9.5×
40.2×
38.6×
44.6×
36.2×
59.4×
Free-cash-flow yield
10.6%
2.5%
2.6%
2.2%
2.8%
1.7%
Price / book
2.4×
11.5×
10.4×
12.5×
10.4×
6.9×
Dividend yield
4.99%
1.77%
2.01%
1.67%
1.83%
2.74%
Fundamentals checklist ● 2 Good · ● 10 Average · ● 4 Bad · each check graded against the sector
Cash quality
Earnings backed by cash4.9%Bad
Free-cash-flow yield1.7%Bad
Risk models
Altman Z score3.7×Good
Piotroski F-Score6 of 9Average
Growth
EPS growth (3y)2.0%Average
Free-cash-flow growth (3y)8.3%Average
Revenue growth (3y)3.0%Bad
Growth consistency100%Good
Balance sheet
Current ratio1.3×Average
Net debt / EBITDA1.0×Average
Interest cover19.8×Average
Valuation
Fair value vs price1.1×Average
EBIT / EV yield6.7%Average
Profitability
Return on invested capital23.4%Average
Operating margin8.5%Bad
Gross profitability47.2%Average
Red flags
Dividend may be at risk — Dividends exceed free cash flow
Dividend may be at risk — Dividends exceed free cash flow
Dividend may be at risk — Dividends exceed free cash flow
Dividend may be at risk — Dividends exceed free cash flow
Dividend may be at risk — Dividends exceed free cash flow
XStocksXray
Tractor Supply Co (TSCO)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY21
FY22
FY23
FY24
FY25
LTM
Revenue
12,731
14,205
14,556
14,883
15,524
15,751
Gross profit
4,477
4,972
5,228
5,397
5,655
5,743
Operating income
1,307
1,435
1,479
1,468
1,467
1,341
Net income
997
1,089
1,107
1,101
1,096
1,881
Diluted EPS ($)
8.61
1.94
2.02
2.04
2.06
3.55
Free cash flow
510
584
580
637
740
307
Gross margin
35.2%
35.0%
35.9%
36.3%
36.4%
36.5%
Operating margin
10.3%
10.1%
10.2%
9.9%
9.5%
8.5%
Net margin
7.8%
7.7%
7.6%
7.4%
7.1%
11.9%
Balance sheet
FY21
FY22
FY23
FY24
FY25
LTM
Total assets
7,767
8,490
9,188
9,805
10,934
12,162
Cash
878
203
397
251
194
232
Total debt
986
1,164
1,729
1,832
1,765
2,154
Equity
2,003
2,042
2,150
2,270
2,581
2,632
Dividend per share ($)
2.08
0.74
0.82
0.88
0.92
0.94
Revenue and net income US$ billions: navy revenue, teal net income
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value is the average of up to 15 valuation models, most of them anchored to the company's own multiples, so it stays near the price and should be read as a range, not a point. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.
