# Tractor Supply Co (TSCO) — Stock CV

Tractor Supply Co is a $17.6B consumer company. Revenue grew 4.0% over the last year, it keeps 6¢ of every dollar of sales as profit, and its net debt equals ~5.1 years of free cash flow. It trades at 17.4× earnings — near the lowest of its own history.

> Tractor Supply is the largest operator of retail farm and ranch stores in the United States. The company targets recreational farmers and ranchers and has little exposure to commercial and industrial farm operations.

## Identity

- **Ticker**: TSCO
- **Sector**: Consumer Cyclical
- **Industry**: Retail-Building Materials, Hardware, Garden Supply
- **Headquarters**: BRENTWOOD, TN
- **Employees**: 52 000
- **Website**: https://www.tractorsupply.com
- **Market cap**: $17.6B
- **Last price**: $33.70
- **Financial profile**: Solid

## Vitals (TTM)

- **Revenue**: $15.8B
- **Net income**: $1.01B
- **Free cash flow**: $307M
- **Net debt**: $1.57B
- **P/E**: 17.4
- **Revenue growth (YoY)**: 4.0%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 75 |
| Growth | 50 |
| Profitability | 75 |
| Health | 67 |
| Quality | 73 |
| Moat | 81 |

## Qualifications (beginner checklist) — 10 of 11 passed

- [x] Revenue growing — +4.0% YoY
- [x] Profitable — $1.01B TTM
- [x] Profit growing — +2.0% YoY
- [x] Generates cash — $307M TTM
- [ ] Debt under control — ~5.1y of cash flow to repay
- [x] Established company — $17.6B market cap
- [x] Not printing shares — -9.4% shares over ~5y
- [x] Proven track record — 10/10 profitable years
- [x] Financially stable — Altman Z 3.0 — grey
- [x] Pays a dividend — yield 2.82%
- [x] Valuation not extreme — P/E 17.4

## Experience (career milestones)

- **Q3 2026** — 4 open-market insider purchases: ~20K shares bought by insiders
- **2024** — Tractor Supply supports service members, veterans
- **FY2023** — Best year on record: $1.11B net income
- **2022** — Tractor Supply received clearance from the FTC to close on its acquisition of Orscheln Farm & Home
- **2021** — The company became a corporate sponsor of PBR
- **FY2020** — Revenue crossed $10B: $10.6B for the year
- **FY2020** — Became debt-free: cash now exceeds total debt
- **FY2018** — Revenue crossed $1B: $7.91B for the year
- **FY2016** — Profitable every year on record: 10 consecutive profitable years in our data
- **FY2016** — Positive free cash flow every year since: 10-year streak
- **2016** — Tractor Supply acquired Petsense, a small-box specialty retailer of pet supplies primarily…
- **2002** — Tractor Supply was part of a group (also including four liquidation firms) that purchased some of the…
- **Feb 17, 1994** — The company's stock was listed on the Nasdaq under the symbol TSCO
- **Jan 14, 1959** — Tractor Supply became publicly traded on the over-the-counter market and reached $10 million in…
- **1939** — The first retail store was founded in 1939 in Minot, North Dakota

## Strengths

- Interest covered 21.2× by operating earnings
- High returns on invested capital (ROIC 27.7%)

## Watch-outs

- Net debt would take ~20.6 years of free cash flow to repay
- Net debt equals ~5.1 years of free cash flow

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $12.7B | $997M | $510M |
| FY2022 | $14.2B | $1.09B | $584M |
| FY2023 | $14.6B | $1.11B | $580M |
| FY2024 | $14.9B | $1.10B | $637M |
| FY2025 | $15.5B | $1.10B | $740M |

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Source: https://stockcv.com/TSCO — derived from company filings; may be delayed or incomplete. Information, not investment advice.