Balance Sheet Tractor Supply Company

Equities

TSCO

US8923561067

Other Specialty Retailers

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09-06	Loop Capital Adjusts Price Target on Tractor Supply to $260 From $250, Maintains Hold Rating	MT
09-06	Analyst recommendations: Broadcom, Qualcomm, Lululemon Athletica, Vertex Pharmaceuticals...

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Published financial data: TRACTOR SUPPLY COMPANY

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2019	2020	2021	2022	2023
Revenues	8.35B	10.62B	12.73B	14.2B	14.56B
Total Revenues	8.35B	10.62B	12.73B	14.2B	14.56B
Cost of Goods Sold, Total	5.48B	6.86B	8.25B	9.23B	9.33B
Gross Profit	2.87B	3.76B	4.48B	4.97B	5.23B
Selling General & Admin Expenses, Total	1.93B	2.36B	2.84B	3.19B	3.36B
Depreciation & Amortization - (IS)	196M	217M	270M	343M	393M
Other Operating Expenses, Total	2.13B	2.57B	3.11B	3.54B	3.75B
Operating Income	746M	1.19B	1.37B	1.43B	1.48B
Interest Expense, Total	-19.84M	-28.78M	-26.61M	-30.63M	-46.51M
Net Interest Expenses	-19.84M	-28.78M	-26.61M	-30.63M	-46.51M
EBT, Excl. Unusual Items	726M	1.16B	1.34B	1.4B	1.43B
Merger & Related Restructuring Charges	-	-	-	-	-
Impairment of Goodwill	-	-60.77M	-	-	-
Asset Writedown	-	-13.28M	-	-	-
Other Unusual Items	-2.9M	-117M	-63.3M	-	-
EBT, Incl. Unusual Items	723M	968M	1.28B	1.4B	1.43B
Income Tax Expense	161M	219M	283M	316M	325M
Earnings From Continuing Operations	562M	749M	997M	1.09B	1.11B
Net Income to Company	562M	749M	997M	1.09B	1.11B
Net Income - (IS)	562M	749M	997M	1.09B	1.11B
Net Income to Common Incl Extra Items	562M	749M	997M	1.09B	1.11B
Net Income to Common Excl. Extra Items	562M	749M	997M	1.09B	1.11B
Per Share Items
Net EPS - Basic	4.7	6.44	8.69	9.78	10.15
Basic EPS - Continuing Operations	4.7	6.44	8.69	9.78	10.15
Basic Weighted Average Shares Outstanding	120M	116M	115M	111M	109M
Net EPS - Diluted	4.66	6.38	8.61	9.71	10.09
Diluted EPS - Continuing Operations	4.66	6.38	8.61	9.71	10.09
Diluted Weighted Average Shares Outstanding	121M	117M	116M	112M	110M
Normalized Basic EPS	3.79	6.23	7.31	7.88	8.21
Normalized Diluted EPS	3.76	6.17	7.25	7.83	8.16
Dividend Per Share	1.36	1.5	2.08	3.68	4.12
Payout Ratio	28.93	23.32	23.97	37.62	40.61
American Depositary Receipts Ratio (ADR)	0.5	0.5	0.5	0.5	0.5
Supplemental Items
EBITDA	942M	1.41B	1.64B	1.78B	1.87B
EBITA	746M	1.19B	1.37B	1.43B	1.48B
EBIT	746M	1.19B	1.37B	1.43B	1.48B
EBITDAR	1.37B	1.86B	2.12B	2.3B	2.44B
Effective Tax Rate - (Ratio)	22.26	22.64	22.11	22.47	22.7
Current Domestic Taxes	154M	250M	255M	267M	315M
Total Current Taxes	154M	250M	255M	267M	315M
Deferred Domestic Taxes	7.44M	-30.55M	27.58M	48.28M	10.06M
Total Deferred Taxes	7.44M	-30.55M	27.58M	48.28M	10.06M
Normalized Net Income	454M	724M	840M	878M	895M
Interest on Long-Term Debt	1.63M	1.76M	1.74M	1.79M	1.63M
Supplemental Operating Expense Items
Advertising Expense	86.6M	101M	95.4M	94.6M	87.1M
Selling and Marketing Expenses	86.6M	101M	95.4M	94.6M	87.1M
Net Rental Expense, Total	428M	459M	480M	523M	565M
Imputed Operating Lease Interest Expense	43.11M	33.82M	27.41M	31.32M	45.17M
Imputed Operating Lease Depreciation	385M	426M	453M	492M	520M
Stock-Based Comp., SG&A Exp. (Total)	31.14M	37.27M	47.65M	53.83M	57.02M
Stock-Based Comp., Other (Total)	-	-	-	-	-
Total Stock-Based Compensation	31.14M	37.27M	47.65M	53.83M	57.02M

Fiscal Period: December	2019	2020	2021	2022	2023
Assets
Cash And Equivalents	84.24M	1.34B	878M	203M	397M
Trading Asset Securities, Total	558K	-	-	-	-
Total Cash And Short Term Investments	84.8M	1.34B	878M	203M	397M
Other Receivables	-	-	17.1M	-	2.46M
Total Receivables	-	-	17.1M	-	2.46M
Inventory	1.6B	1.78B	2.19B	2.71B	2.65B
Prepaid Expenses	100M	134M	164M	246M	219M
Deferred Tax Assets Current	-	-	-	-	-
Total Current Assets	1.79B	3.26B	3.25B	3.16B	3.26B
Gross Property Plant And Equipment	4.74B	5.25B	6.21B	7.05B	7.87B
Accumulated Depreciation	-1.39B	-1.58B	-1.81B	-2.02B	-2.29B
Net Property Plant And Equipment	3.35B	3.67B	4.4B	5.04B	5.58B
Long-term Investments	91K	-	-	-	-
Goodwill	93.19M	32.42M	32.42M	230M	246M
Other Intangibles, Total	31.3M	23.1M	23.1M	23.1M	23.1M
Deferred Tax Assets Long-Term	-	31.59M	2.44M	-	-
Other Long-Term Assets, Total	24.04M	30.48M	55.41M	41.54M	75.54M
Total Assets	5.29B	7.05B	7.77B	8.49B	9.19B
Liabilities
Accounts Payable, Total	643M	976M	1.16B	1.4B	1.18B
Accrued Expenses, Total	287M	443M	560M	619M	625M
Current Portion of Long-Term Debt	30.09M	1.23M	-	-	-
Current Portion of Leases	281M	303M	325M	350M	373M
Current Income Taxes Payable	5.98M	19.94M	-	9.47M	-
Other Current Liabilities	-	-	24.5M	-	-
Total Current Liabilities	1.25B	1.74B	2.06B	2.38B	2.18B
Long-Term Debt	367M	987M	986M	1.16B	1.73B
Long-Term Leases	2.03B	2.25B	2.61B	2.76B	2.93B
Deferred Tax Liability Non Current	153K	-	-	30.78M	60.03M
Other Non Current Liabilities	76.07M	140M	106M	120M	138M
Total Liabilities	3.72B	5.13B	5.76B	6.45B	7.04B
Common Stock, Total	1.39M	1.4M	1.41M	1.42M	1.42M
Additional Paid In Capital	967M	1.1B	1.21B	1.26B	1.32B
Retained Earnings	3.61B	4.19B	4.95B	5.62B	6.28B
Treasury Stock	-3.01B	-3.36B	-4.16B	-4.86B	-5.46B
Comprehensive Income and Other	199K	-3.24M	1.34M	11.28M	6.79M
Total Common Equity	1.57B	1.92B	2B	2.04B	2.15B
Total Equity	1.57B	1.92B	2B	2.04B	2.15B
Total Liabilities And Equity	5.29B	7.05B	7.77B	8.49B	9.19B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	117M	116M	113M	110M	108M
ECS Total Common Shares Outstanding	118M	116M	113M	110M	108M
Book Value / Share	13.26	16.55	17.7	18.53	19.91
Tangible Book Value	1.44B	1.87B	1.95B	1.79B	1.88B
Tangible Book Value Per Share	12.21	16.07	17.21	16.23	17.41
Total Debt	2.71B	3.55B	3.92B	4.27B	5.04B
Net Debt	2.62B	2.2B	3.04B	4.07B	4.64B
Debt Equivalent Oper. Leases	3.42B	3.68B	3.84B	4.19B	4.52B
Account Code - Inventory Valuation	6	6	6	6	6
Inventories - Finished Goods, Total	1.6B	1.78B	2.19B	2.71B	2.65B
Land - (BS)	100M	100M	100M	100M	93.32M
Buildings, Total	1.24B	1.32B	1.52B	1.75B	2.09B
Machinery, Total	729M	773M	900M	1.09B	1.35B
Full Time Employees	16K	20K	22K	24K	25K
Part Time Employees	16K	21K	24K	25K	25K
Assets under Capital Lease - Gross	-	-	-	-	-
Assets under Capital Lease - Accumulated Depreciation	-	-	-	-	-

Fiscal Period: December	2019	2020	2021	2022	2023
Net Income	562M	749M	997M	1.09B	1.11B
Depreciation & Amortization - CF	196M	217M	270M	343M	393M
Depreciation & Amortization, Total	196M	217M	270M	343M	393M
(Gain) Loss From Sale Of Asset	-297K	-1.16M	4.04M	2.16M	-48.01M
Asset Writedown & Restructuring Costs	-	74.05M	-	-	-
Stock-Based Compensation (CF)	31.14M	37.27M	47.65M	53.83M	57.02M
Tax Benefit from Stock Options	-	-	-	-	-
Other Operating Activities, Total	6.76M	-31.74M	29.15M	51.69M	6.17M
Change In Inventories	-13.24M	-180M	-408M	-350M	40.87M
Change In Accounts Payable	23.06M	333M	180M	162M	-219M
Change In Income Taxes	8.33M	13.95M	-37.04M	26.57M	-11.93M
Change in Other Net Operating Assets	-2.36M	183M	56.03M	-21.64M	8.47M
Cash from Operations	812M	1.39B	1.14B	1.36B	1.33B
Capital Expenditure	-217M	-294M	-628M	-773M	-754M
Sale of Property, Plant, and Equipment	2.49M	1.79M	1.09M	1.04M	86.5M
Cash Acquisitions	-	-	-	-391M	-
Divestitures	-	-	-	69.36M	14.31M
Cash from Investing	-215M	-292M	-627M	-1.09B	-653M
Short Term Debt Issued, Total	-	-	-	-	-
Long-Term Debt Issued, Total	1B	2.01B	-	1.01B	1.77B
Total Debt Issued	1B	2.01B	-	1.01B	1.77B
Short Term Debt Repaid, Total	-	-	-	-	-
Long-Term Debt Repaid, Total	-1.02B	-1.41B	-4.58M	-836M	-1.2B
Total Debt Repaid	-1.02B	-1.41B	-4.58M	-836M	-1.2B
Issuance of Common Stock	116M	99.34M	82.25M	25.54M	24.4M
Repurchase of Common Stock	-537M	-351M	-814M	-729M	-619M
Common Dividends Paid	-163M	-175M	-239M	-410M	-450M
Common & Preferred Stock Dividends Paid	-163M	-175M	-239M	-410M	-450M
Other Financing Activities, Total	-	-17.05M	-	-	-9.73M
Cash from Financing	-599M	155M	-975M	-939M	-486M
Net Change in Cash	-2.06M	1.26B	-464M	-676M	195M
Supplemental Items
Cash Interest Paid	19.15M	24.54M	23.6M	26.37M	56.32M
Cash Income Tax Paid (Refund)	144M	235M	292M	239M	325M
Levered Free Cash Flow	494M	974M	373M	205M	458M
Unlevered Free Cash Flow	507M	992M	389M	224M	487M
Change In Net Working Capital	-30.58M	-289M	156M	296M	134M
Net Debt Issued / Repaid	-14.96M	598M	-4.58M	174M	567M

Fiscal Period: December	2019	2020	2021	2022	2023
Profitability
Return on Assets	11.14	12.04	11.56	11.03	10.46
Return on Total Capital	14.85	15.24	15.04	14.66	13.7
Return On Equity %	35.95	42.91	50.79	53.83	52.82
Return on Common Equity	35.95	42.91	50.79	53.83	52.82
Margin Analysis
Gross Profit Margin %	34.38	35.42	35.17	35	35.92
SG&A Margin	23.1	22.19	22.28	22.49	23.06
EBITDA Margin %	11.28	13.23	12.88	12.52	12.86
EBITA Margin %	8.93	11.19	10.76	10.1	10.16
EBIT Margin %	8.93	11.19	10.76	10.1	10.16
Income From Continuing Operations Margin %	6.73	7.05	7.83	7.66	7.61
Net Income Margin %	6.73	7.05	7.83	7.66	7.61
Net Avail. For Common Margin %	6.73	7.05	7.83	7.66	7.61
Normalized Net Income Margin	5.43	6.82	6.6	6.18	6.15
Levered Free Cash Flow Margin	5.92	9.17	2.93	1.45	3.14
Unlevered Free Cash Flow Margin	6.07	9.34	3.06	1.58	3.34
Asset Turnover
Asset Turnover	1.99	1.72	1.72	1.75	1.65
Fixed Assets Turnover	3.72	3.02	3.15	3.01	2.74
Inventory Turnover (Average Inventory)	3.43	4.05	4.15	3.77	3.48
Short Term Liquidity
Current Ratio	1.43	1.87	1.57	1.33	1.5
Quick Ratio	0.07	0.77	0.43	0.09	0.18
Operating Cash Flow to Current Liabilities	0.65	0.8	0.55	0.57	0.61
Days Outstanding Inventory (Average Inventory)	106.02	89.85	87.64	98.47	104.5
Average Days Payable Outstanding	41.84	41.86	44.79	48.59	50.65
Long Term Solvency
Total Debt/Equity	172.9	184.32	195.7	209.07	234.26
Total Debt / Total Capital	63.36	64.83	66.18	67.65	70.08
LT Debt/Equity	153.04	168.49	179.47	191.96	216.92
Long-Term Debt / Total Capital	56.08	59.26	60.69	62.11	64.9
Total Liabilities / Total Assets	70.37	72.71	74.22	75.94	76.6
EBIT / Interest Expense	37.6	41.28	51.48	46.84	31.8
EBITDA / Interest Expense	69.03	64.78	79.69	75.13	52.39
(EBITDA - Capex) / Interest Expense	58.07	54.57	56.07	49.88	36.19
Total Debt / EBITDA	1.98	1.9	1.85	1.86	2.07
Net Debt / EBITDA	1.92	1.18	1.43	1.77	1.9
Total Debt / (EBITDA - Capex)	2.35	2.26	2.63	2.79	2.99
Net Debt / (EBITDA - Capex)	2.28	1.4	2.04	2.66	2.76
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	5.57	27.16	19.87	11.57	2.47
Gross Profit, 1 Yr. Growth %