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 16,363 - -
Change - -6.46% -6.71% 26.78% -6.83% -39.74% - -
Enterprise Value (EV) 1 26,490 25,643 24,356 30,757 28,762 18,071 17,853 17,724
Change - -3.2% -5.02% 26.28% -6.49% -37.17% -1.21% -0.72%
P/E 26.9x 23x 21.1x 26.7x 24.9x 14.8x 13.6x 12.1x
PBR 13.4x 12.2x 10.9x 13x 10.6x 5.6x 4.95x 4.5x
PEG - 1.8x 5.39x 24.49x 25.4x 5.8x 1.6x 1x
Capitalization / Revenue 2.07x 1.73x 1.58x 1.96x 1.75x 1.01x 0.96x 0.9x
EV / Revenue 2.08x 1.81x 1.67x 2.07x 1.85x 1.12x 1.04x 0.97x
EV / EBITDA 16.8x 14.4x 13x 16.1x 14.7x 8.89x 8.24x 7.61x
EV / EBIT 20.3x 17.9x 16.5x 21x 19.6x 12.1x 11.1x 10.2x
EV / FCF 51.9x 43.9x 42x 48.3x 21.9x 22.4x 19x 20.5x
FCF Yield 1.93% 2.28% 2.38% 2.07% 4.56% 4.47% 5.27% 4.89%
Dividend per Share 2 0.416 0.736 0.824 0.88 0.92 0.9651 1.028 1.15
Rate of return 0.9% 1.65% 1.94% 1.61% 1.79% 3.09% 3.29% 3.69%
EPS 2 1.722 1.942 2.018 2.04 2.06 2.113 2.292 2.571
Distribution rate 24.2% 37.9% 40.8% 43.1% 44.7% 45.7% 44.9% 44.7%
Net sales 1 12,731 14,205 14,556 14,883 15,524 16,192 17,084 18,257
EBITDA 1 1,577 1,778 1,872 1,915 1,961 2,032 2,167 2,328
EBIT 1 1,307 1,435 1,479 1,468 1,467 1,498 1,608 1,745
Net income 1 997.1 1,089 1,107 1,101 1,096 1,109 1,194 1,312
Net Debt 1 145.1 999.4 1,367 1,612 1,607 1,708 1,490 1,361
Reference price 2 46.29 44.62 42.53 54.56 51.39 31.20 31.20 31.20
Nbr of stocks (in thousands) 569,075 552,316 540,571 534,195 528,404 524,450 - -
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 (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
14.77x1.12x8.89x3.09% 16.36B
32.71x1.29x6x2.19% 9.27B
18.26x1.7x15.75x5.33% 5.35B
9.26x1.91x5.48x5.78% 3.45B
34.92x17.34x26.72x - 1.48B
6.94x0.53x4.37x-.--% 1.36B
5.91x0.54x5x7.48% 1.22B
8.64x0.79x5.53x2.97% 505M
Average 16.43x 3.15x 9.72x 3.83% 4.88B
Weighted average by Cap. 19.16x 1.88x 9.20x 3.46%

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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