Tractor Supply CompanyTSCO
NasdaqGS•Consumer Cyclical•Specialty Retail
Tractor Supply Company operates as a rural lifestyle retailer in the United States. The company provides various merchandise, including livestock and equine feed and equipment, poultry, fencing, and sprayers and chemicals; companion animal products, such as food, treats, and equipment for dogs, cats, and other small animals, as well as dog wellness products; seasonal and recreation products comprising tractors and riders, lawn and garden, bird feeding, power equipment, and other recreational products; truck, tool, and hardware products, such as truck accessories, trailers, generators, lubricants, batteries, and hardware and tools; and clothing, gift, and décor products consist of clothing, footwear, toys, snacks, and decorative merchandise. It offers its products under the 4health, Paws & Claws, American Farmworks, Producer's Pride, Bit & Bridle, Red Shed, Blue Mountain, Redstone, C.E. Schmidt, Retriever, Country Lane, Ridgecut, Countyline, Royal Wing, Country Tuff, Strive, Dumor, Traveller, Farm Table, Treeline, Groundwork, TSC Tractor Supply Co, Huskee, Untamed, JobSmart, and Impeckable brand names. The company operates its retail stores under the Tractor Supply Company, Petsense by Tractor Supply, and Orscheln Farm and Home names; and operates websites under the TractorSupply.com and Petsense.com names. It sells its products to recreational farmers, ranchers, and others. Tractor Supply Company was founded in 1938 and is based in Brentwood, Tennessee.
as of March 2026
Are revenues and earnings expanding?
$15.65B in TTM revenue grew 4.6% YoY, reaching $3.59B last quarter. TTM EBITDA of $1.95B on operating income of $233.43M shows growth is flowing through. Net income of $1.08B TTM confirms the company is converting revenue into profit. Revenue is growing modestly — monitor for acceleration or deceleration.
Is revenue turning into profit effectively?
Op. margin of 6.5% is down 0.7% YoY — costs are rising relative to revenue. Net margin at 4.6% and gross margin of 36.2%. ROE of 43.0% shows the company generates solid returns on shareholder equity.
Is the stock cheap or expensive?
At 14.5x P/E, the stock trades below market averages — potentially undervalued. P/S of 1.0x and P/B of 6.2x provide additional context. Assess whether the current multiple is justified by the company's growth and profitability trajectory.
Is the company financially stable?
With $11.66B in assets and $2.13B in long-term debt, the D/E of 0.8 shows a conservative capital structure — the company has a strong financial cushion to weather downturns.
Is the business self-funding?
FCF of $-111.49M on $91.12M in operating cash flow. The FCF / Net Income ratio of -0.1x shows cash consumption — the business is not yet self-funding. Cash reserves of $224.27M provide financial flexibility.
Competitive analysis based on 53 quarters of fundamental data
Operating margins are positive at ~9.3% on average, but show some variability — pricing power may be sensitive to market conditions.
Consistently high ROE averaging 45.8% suggests a durable competitive advantage and efficient capital allocation.
6 of the last 8 quarters generated positive FCF. The company generally funds itself but has occasional cash consumption quarters.
TTM revenue has grown consistently (7 of 7 quarters up), with ~6.4% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 53 quarters
Margins are stable or improving at ~9.1% — no sign of cost or pricing stress.
FCF consistently trails net income (avg 0.4x) — earnings may be inflated by non-cash items or aggressive accounting.
D/E ratio is 0.8 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
FCF turned negative in 2 of the last 8 quarters — occasional cash consumption.
Shares decreased 2.3% — net buybacks are reducing shares outstanding and boosting per-share value.