TSCONasdaqRetail-Building Materials, Hardware, Garden SupplyFiscal year ends December 28
TRACTOR SUPPLY CO /DE/
Financials through Q2 FY2026, quarter ended Jun 27, 2026Last filing: 10-Q on Aug 6, 2026
$32.81−0.35 (-1.06%)
Close on Oct 19, 2026
- Market cap
- $17.21B
- P/E (TTM)
- 15.9
- Dividend yield
- 2.80%
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
36.4%+1.0 pts over 5 years
Operating margin
9.5%+0.1 pts over 5 years
Net margin
7.1%+0.0 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +4.3% | +3.0% | +7.9% | +9.6% | |
| Gross profit | +4.8% | +4.4% | +8.5% | +10.2% | |
| Operating income | -0.0% | +0.7% | +8.0% | +8.5% | |
| Net income | -0.5% | +0.2% | +7.9% | +10.3% | |
| EPS, diluted | +1.0% | +2.0% | +10.1% | +13.1% | |
| Free cash flow | +16.3% | +8.3% | -7.6% | +12.9% | |
| Dividend per share | +4.5% | +7.5% | +25.1% | +19.7% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 30.7% | 42.9% | 45.2% | |
| Return on assets | 17.3% | 12.1% | 10.6% | |
| Current ratio | 1.95 | 1.87 | 1.34 | |
| Debt to equity | 0.18 | 0.51 | 0.68 | |
| Net debt to EBITDA | 0.25× | -0.29× | 0.80× | |
| Interest coverage | 119.5× | 34.6× | 21.2× | |
| Inventory turnover | 3.4× | 4.1× | 3.3× | |
| Capex to revenue | 3.3% | 2.8% | 5.8% | |
| Diluted shares | 669M | 587M | 532M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Tractor Supply generated $6.89B from operations and spent $8.91B on capital expenditure, dividends and share buybacks. 43% of that went back into the business.
Generated
$6.89B
Used
$8.91B
Capital expenditure$3.83B43%Dividends$2.06B23%Share buybacks$3.02B34%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin7.1%
×Asset turnover1.50×
×Equity multiplier4.27×
=Return on equity, FY202545.2%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 7.1% | 1.50× | 4.27× | 45.2% |
| FY2024 | 7.4% | 1.57× | 4.30× | 49.8% |
| FY2023 | 7.6% | 1.65× | 4.22× | 52.8% |
| FY2022 | 7.7% | 1.75× | 4.02× | 53.8% |
| FY2021 | 7.8% | 1.72× | 3.77× | 50.8% |
| FY2020 | 7.1% | 1.72× | 3.53× | 42.9% |
| FY2019 | 6.7% | 1.99× | 2.68× | 35.9% |
| FY2018 | 6.7% | 2.66× | 2.00× | 35.7% |
| FY2017 | 5.8% | 2.62× | 1.93× | 29.4% |
| FY2016 | 6.4% | 2.69× | 1.77× | 30.7% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
6of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero$1.10B
- Cash generatingOperating cash flow above zero$1.64B
- Return on assets improvedROA up on the prior year12.0% → 11.2%
- Earnings backed by cashOperating cash flow above net income$1.64B vs $1.10B
- Less leverageLong-term debt to assets fell18.7% → 16.1%
- Better liquidityCurrent ratio rose1.43 → 1.34
- No dilutionShare count did not rise540M → 532M
- Gross margin improvedGross margin up on the prior year36.26% → 36.42%
- More efficientAsset turnover rose1.62 → 1.58