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.
Tractor Supply Company (TSCO) reported trailing twelve months revenue of $15.65B as of March 2026, a 4.6% increase year-over-year. Quarterly revenue reached $3.59B, reflecting continued top-line momentum.
Tractor Supply Company generated $1.08B in TTM net income, with quarterly EBITDA of $360.03M. The operating margin contracted from 7.2% to 6.5%, suggesting rising cost pressures or pricing headwinds.
The spread between operating margin (6.5%) and net margin (4.6%) indicates tight cost control with minimal non-operating drag. Net margin has narrowed from 5.2% a year ago, reflecting increased costs or interest expense.
TSCO trades at a P/E of 21.8x (in line with broad market averages) and a P/S of 1.5x. The price-to-book ratio of 9.4x indicates a significant premium over book value.
The company reported negative free cash flow of $-111.49M, indicating cash consumption over the period. The balance sheet shows $11.66B in total assets with $2.13B in long-term debt against $2.51B in stockholders equity for a debt-to-equity ratio of 0.8. Data based on the most recent quarterly reports.
Competitive analysis based on 21 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 21 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.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation