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 16,268 - -
Change - -6.46% -6.71% 26.78% -6.83% -40.09% - -
Enterprise Value (EV) 1 26,490 25,643 24,356 30,757 28,762 18,138 17,968 18,091
Change - -3.2% -5.02% 26.28% -6.49% -36.94% -0.94% 0.68%
P/E 26.9x 23x 21.1x 26.7x 24.9x 16.3x 15x 13.6x
PBR 13.4x 12.2x 10.9x 13x 10.6x 6.1x 5.36x 5.27x
PEG - 1.8x 5.39x 24.49x 25.4x -2.17x 1.71x 1.3x
Capitalization / Revenue 2.07x 1.73x 1.58x 1.96x 1.75x 1.02x 0.98x 0.93x
EV / Revenue 2.08x 1.81x 1.67x 2.07x 1.85x 1.14x 1.08x 1.03x
EV / EBITDA 16.8x 14.4x 13x 16.1x 14.7x 9.55x 9.04x 8.53x
EV / EBIT 20.3x 17.9x 16.5x 21x 19.6x 13.4x 12.6x 11.7x
EV / FCF 51.9x 43.9x 42x 48.3x 21.9x 29.8x 20.8x 21.6x
FCF Yield 1.93% 2.28% 2.38% 2.07% 4.56% 3.36% 4.8% 4.63%
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% 3.12% 3.31% 3.71%
EPS 2 1.722 1.942 2.018 2.04 2.06 1.905 2.072 2.285
Distribution rate 24.2% 37.9% 40.8% 43.1% 44.7% 50.7% 49.5% 50.3%
Net sales 1 12,731 14,205 14,556 14,883 15,524 15,965 16,630 17,580
EBITDA 1 1,577 1,778 1,872 1,915 1,961 1,900 1,988 2,122
EBIT 1 1,307 1,435 1,479 1,468 1,467 1,358 1,431 1,546
Net income 1 997.1 1,089 1,107 1,101 1,096 993.8 1,067 1,161
Net Debt 1 145.1 999.4 1,367 1,612 1,607 1,870 1,700 1,823
Reference price 2 46.29 44.62 42.53 54.56 51.39 31.02 31.02 31.02
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 (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
26.89x1.2x5.62x2.55% 7.83B
17.88x1.71x15x5.49% 5.36B
9.46x1.96x5.62x5.66% 3.52B
7.12x0.54x4.45x-.--% 1.4B
29.25x14.02x22.24x - 1.19B
5.89x0.53x4.95x7.66% 1.19B
8.27x0.76x5.37x3.1% 471M
Average 14.96x 2.96x 9.04x 4.07% 2.99B
Weighted average by Cap. 18.86x 2.10x 8.84x 4.04%

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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  5. Valuation Tractor Supply Company