TRACTOR SUPPLY CO /DE/ TSCO
Tractor Supply Company (the "Company" or "Tractor Supply" or "we" or "our" or "us") is the largest rural lifestyle retailer in the United States ("U.S."). The Company is focused on supplying the needs of recreational farmers, ranchers, and all those who enjoy living the rural lifestyle (which we refer to as the "Out Here" lifestyle). We operate retail stores under the names Tractor Supply Company and Petsense by Tractor Supply. Our stores are located primarily in towns outlying major metropolitan markets and in rural communities. We also offer an expanded assortment of products through the Tractor Supply mobile application and online at TractorSupply.com, Petsense.com, and Allivet.com.
On December 30, 2024, the Company completed its acquisition of Allivet, an online pet pharmacy. Pursuant to the agreement governing the transaction, the Company acquired 100% of the equity interest in Allivet for a purchase price of $135.0 million. The acquisition was financed with cash on hand from the balance sheet.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $15.52B | $14.88B | $14.56B | $14.20B | $12.73B | $10.62B | $8.35B | $7.91B | $7.26B | $6.78B |
| Cost of revenue | $9.87B | $9.49B | $9.33B | $9.23B | $8.25B | $6.86B | $5.48B | $5.21B | $4.76B | $4.45B |
| Gross profit | $5.65B | $5.40B | $5.23B | $4.97B | $4.48B | $3.76B | $2.87B | $2.70B | $2.49B | $2.33B |
| SG&A | $3.69B | $3.48B | $3.36B | $3.19B | $2.90B | $2.48B | $1.93B | $1.82B | $1.64B | $1.49B |
| Operating income | $1.47B | $1.47B | $1.48B | $1.43B | $1.31B | $996.9M | $743.2M | $701.7M | $686.4M | $694.1M |
| Interest expense | $69.1M | $54.6M | $46.5M | $30.6M | $26.6M | $28.8M | $19.8M | $18.4M | $13.9M | $5.8M |
| Pre-tax income | $1.40B | $1.41B | $1.43B | $1.40B | $1.28B | $968.1M | $723.4M | $683.4M | $672.5M | $688.3M |
| Income tax | $302.2M | $311.7M | $325.2M | $315.6M | $283.0M | $219.2M | $161.0M | $151.0M | $249.9M | $251.2M |
| Net income | $1.10B | $1.10B | $1.11B | $1.09B | $997.1M | $749.0M | $562.4M | $532.4M | $422.6M | $437.1M |
| EPS, basic | 2.07 | 2.05 | 2.03 | 1.96 | 8.69 | 6.44 | 4.70 | 4.34 | 3.31 | 3.29 |
| EPS, diluted | 2.06 | 2.04 | 2.02 | 1.94 | 8.61 | 6.38 | 4.66 | 4.31 | 3.30 | 3.27 |
| Shares, diluted (wtd. avg.) | $532.2M | $539.7M | $548.7M | $560.7M | $115.8M | $117.4M | $120.7M | $123.5M | $128.2M | $133.8M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $194.1M | $251.5M | $397.1M | $202.5M | $878.0M | $1.34B | $84.2M | $86.3M | $109.1M | $53.9M |
| Inventory | $3.08B | $2.84B | $2.65B | $2.71B | $2.19B | $1.78B | $1.60B | $1.59B | $1.45B | $1.37B |
| Total current assets | $3.51B | $3.31B | $3.26B | $3.16B | $3.25B | $3.26B | $1.79B | $1.79B | $1.66B | $1.52B |
| Property, plant and equipment | $3.03B | $2.73B | $2.44B | $2.08B | $1.62B | $1.25B | $1.16B | $1.13B | $1.04B | $962.3M |
| Goodwill | $346.7M | $246.4M | $246.4M | $230.2M | $32.4M | $10.3M | $10.3M | $10.3M | $93.2M | $94.4M |
| Other intangibles | $52.0M | $23.1M | $23.1M | $23.1M | $23.1M | — | — | — | — | — |
| Total assets | $10.93B | $9.81B | $9.19B | $8.49B | $7.77B | $7.05B | $5.29B | $3.09B | $2.87B | $2.67B |
| Accounts payable | $1.39B | $1.24B | $1.18B | $1.40B | $1.16B | $976.1M | $643.0M | $620.0M | $576.6M | $519.5M |
| Total current liabilities | $2.61B | $2.32B | $2.18B | $2.38B | $2.06B | $1.74B | $1.25B | $938.1M | $849.2M | $777.2M |
| Long-term debt | $1.76B | $1.83B | $1.73B | $1.16B | $986.4M | $984.3M | $366.5M | $381.1M | $401.1M | $263.9M |
| Total liabilities | $8.35B | $7.54B | $7.04B | $6.45B | $5.76B | $5.13B | $3.72B | $1.52B | $1.45B | $1.22B |
| Retained earnings | $7.52B | $6.91B | $6.28B | $5.62B | $4.95B | $4.19B | $3.61B | $3.21B | $2.83B | $2.54B |
| Total equity | $2.58B | $2.27B | $2.15B | $2.04B | $2.00B | $1.92B | $1.57B | $1.56B | $1.42B | $1.45B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.64B | $1.42B | $1.33B | $1.36B | $1.14B | $1.39B | $811.7M | $694.4M | $631.5M | $650.7M |
| Depreciation and amortisation | $494.0M | $447.2M | $393.0M | $343.1M | $270.2M | $217.1M | — | — | — | — |
| Stock-based compensation | $57.1M | $48.4M | $57.0M | $53.8M | $47.6M | $37.3M | $31.1M | $28.9M | $29.2M | $23.6M |
| Capital expenditure | $894.8M | $784.0M | $753.9M | $773.4M | $628.4M | $294.0M | $217.4M | $278.5M | $250.4M | $226.0M |
| Investing cash flow | -$778.6M | -$643.9M | -$653.1M | -$1.09B | -$627.3M | -$292.2M | -$215.0M | -$276.3M | -$238.0M | -$369.3M |
| Financing cash flow | -$914.1M | -$922.5M | -$486.4M | -$938.8M | -$975.1M | $155.2M | -$598.8M | -$440.9M | -$338.3M | -$291.3M |
| Dividends paid | $487.7M | $472.5M | $449.6M | $409.6M | $239.0M | $174.7M | $162.7M | $147.1M | $133.8M | $122.3M |
| Buybacks | $361.3M | $560.6M | $594.4M | $700.1M | $798.9M | $343.0M | $533.3M | $349.8M | $369.4M | $331.7M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0000916365-26-000014.
Others in SIC 5200
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| SHW | SHERWIN WILLIAMS CO | $81.01B | 32.5x | 2.1% |
| FAST | FASTENAL CO | $56.92B | 45.5x | 8.7% |
| GRWG | GrowGeneration Corp. | $96.9M | — | -14.4% |
| IPW | iPower Inc. | $9.9M | — | -23.2% |
| ZKH | ZKH Group Ltd | — | — | — |