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 18,388 - -
Change - -6.46% -6.71% 26.78% -6.83% -32.29% - -
Enterprise Value (EV) 1 26,490 25,643 24,356 30,757 28,762 20,381 20,192 20,283
Change - -3.2% -5.02% 26.28% -6.49% -29.14% -0.93% 0.45%
P/E 26.9x 23x 21.1x 26.7x 24.9x 18.8x 17.3x 15.6x
PBR 13.4x 12.2x 10.9x 13x 10.6x 6.94x 6.1x 6x
PEG - 1.8x 5.39x 24.49x 25.4x -2.07x 1.87x 1.5x
Capitalization / Revenue 2.07x 1.73x 1.58x 1.96x 1.75x 1.15x 1.11x 1.05x
EV / Revenue 2.08x 1.81x 1.67x 2.07x 1.85x 1.28x 1.22x 1.16x
EV / EBITDA 16.8x 14.4x 13x 16.1x 14.7x 10.8x 10.2x 9.59x
EV / EBIT 20.3x 17.9x 16.5x 21x 19.6x 15.1x 14.2x 13.2x
EV / FCF 51.9x 43.9x 42x 48.3x 21.9x 32.7x 23.1x 21.7x
FCF Yield 1.93% 2.28% 2.38% 2.07% 4.56% 3.05% 4.34% 4.61%
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% 2.74% 2.91% 3.26%
EPS 2 1.722 1.942 2.018 2.04 2.06 1.872 2.046 2.258
Distribution rate 24.2% 37.9% 40.8% 43.1% 44.7% 51.6% 50.2% 50.9%
Net sales 1 12,731 14,205 14,556 14,883 15,524 15,953 16,615 17,546
EBITDA 1 1,577 1,778 1,872 1,915 1,961 1,889 1,977 2,114
EBIT 1 1,307 1,435 1,479 1,468 1,467 1,347 1,421 1,540
Net income 1 997.1 1,089 1,107 1,101 1,096 976.4 1,052 1,145
Net Debt 1 145.1 999.4 1,367 1,612 1,607 1,993 1,804 1,895
Reference price 2 46.29 44.62 42.53 54.56 51.39 35.29 35.29 35.29
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 (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
18.69x1.27x10.71x2.76% 18.23B
25.53x1.16x5.33x2.7% 7.48B
17.13x1.64x14.41x5.75% 5.21B
10.87x2.31x6.73x6.07% 4.15B
8.11x0.59x4.81x-.--% 1.56B
27.98x13.44x21.32x - 1.14B
6.4x0.52x4.86x8.22% 1.11B
Average 16.39x 2.99x 9.74x 4.25% 5.55B
Weighted average by Cap. 18.46x 1.72x 9.65x 3.57%

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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