Company Valuation: Tractor Supply Company

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 26,345 24,643 22,989 29,146 27,155 16,418 - -
Change - -6.46% -6.71% 26.78% -6.83% -39.54% - -
Enterprise Value (EV) 1 26,490 25,643 24,356 30,757 28,762 18,411 18,218 18,317
Change - -3.2% -5.02% 26.28% -6.49% -35.99% -1.05% 0.54%
P/E 26.9x 23x 21.1x 26.7x 24.9x 16.7x 15.3x 14x
PBR 13.4x 12.2x 10.9x 13x 10.6x 6.15x 5.41x 5.32x
PEG - 1.8x 5.39x 24.49x 25.4x -1.83x 1.68x 1.53x
Capitalization / Revenue 2.07x 1.73x 1.58x 1.96x 1.75x 1.03x 0.99x 0.94x
EV / Revenue 2.08x 1.81x 1.67x 2.07x 1.85x 1.15x 1.1x 1.04x
EV / EBITDA 16.8x 14.4x 13x 16.1x 14.7x 9.75x 9.23x 8.7x
EV / EBIT 20.3x 17.9x 16.5x 21x 19.6x 13.7x 12.8x 11.9x
EV / FCF 51.9x 43.9x 42x 48.3x 21.9x 29.6x 20.8x 19.6x
FCF Yield 1.93% 2.28% 2.38% 2.07% 4.56% 3.38% 4.81% 5.11%
Dividend per Share 2 0.416 0.736 0.824 0.88 0.92 0.9667 1.026 1.15
Rate of return 0.9% 1.65% 1.94% 1.61% 1.79% 3.09% 3.28% 3.68%
EPS 2 1.722 1.942 2.018 2.04 2.06 1.872 2.043 2.23
Distribution rate 24.2% 37.9% 40.8% 43.1% 44.7% 51.6% 50.2% 51.6%
Net sales 1 12,731 14,205 14,556 14,883 15,524 15,953 16,611 17,531
EBITDA 1 1,577 1,778 1,872 1,915 1,961 1,888 1,975 2,106
EBIT 1 1,307 1,435 1,479 1,468 1,467 1,346 1,419 1,533
Net income 1 997.1 1,089 1,107 1,101 1,096 976.3 1,051 1,131
Net Debt 1 145.1 999.4 1,367 1,612 1,607 1,993 1,800 1,899
Reference price 2 46.29 44.62 42.53 54.56 51.39 31.29 31.29 31.29
Nbr of stocks (in thousands) 569,075 552,316 540,571 534,195 528,404 521,040 - -
Announcement Date 1/27/22 1/26/23 2/1/24 1/30/25 1/29/26 - - -
1USD in Million2USD
Estimates

P/E, Detailed evolution



P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
16.83x1.15x9.75x3.07% 16.42B
7.48x1.17x6.51x3.58% 33.31B
16.66x4.3x9.82x1.61% 25.87B
18.92x1.74x11.61x-.--% 23.43B
21.99x1.96x10.04x-.--% 15.85B
11.38x0.58x5.98x3.68% 11.98B
15.99x2.06x9.93x2.49% 11.3B
22.25x5.56x13.74x1.38% 9.06B
23.72x0.5x7.37x-.--% 7.34B
25.21x1.15x5.42x2.71% 7.15B
Average 18.04x 2.02x 9.02x 1.85% 16.17B
Weighted average by Cap. 16.21x 2.06x 9.05x 1.95%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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  4. Valuation Tractor Supply Company