Balance Sheet Tractor Supply Company

Equities

TSCO

US8923561067

Other Specialty Retailers

Market Closed - Nasdaq Other stock markets 21:00:00 06/02/2026 GMT			5-day change	1st Jan Change
55.61 ^USD	+2.07%		+9.30%	+11.20%

02-03	Daiwa Securities Adjusts Price Target on Tractor Supply to $52 From $57	MT
02-02	Argus Adjusts Price Target on Tractor Supply to $64 From $67, Maintains Buy Rating	MT

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Published financial data: TRACTOR SUPPLY COMPANY

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2020	2021	2022	2023	2024
Revenues	10.62B	12.73B	14.2B	14.56B	14.88B
Total Revenues	10.62B	12.73B	14.2B	14.56B	14.88B
Cost of Goods Sold, Total	6.86B	8.25B	9.23B	9.33B	9.49B
Gross Profit	3.76B	4.48B	4.97B	5.23B	5.4B
Selling General & Admin Expenses, Total	2.36B	2.84B	3.19B	3.36B	3.48B
Depreciation & Amortization - (IS)	217M	270M	343M	393M	447M
Other Operating Expenses, Total	2.57B	3.11B	3.54B	3.75B	3.93B
Operating Income	1.19B	1.37B	1.43B	1.48B	1.47B
Interest Expense, Total	-28.78M	-26.61M	-30.63M	-46.51M	-54.59M
Net Interest Expenses	-28.78M	-26.61M	-30.63M	-46.51M	-54.59M
EBT, Excl. Unusual Items	1.16B	1.34B	1.4B	1.43B	1.41B
Merger & Related Restructuring Charges	-	-	-	-	-
Impairment of Goodwill	-60.77M	-	-	-	-
Asset Writedown	-13.28M	-	-	-	-
Other Unusual Items	-117M	-63.3M	-	-	-
EBT, Incl. Unusual Items	968M	1.28B	1.4B	1.43B	1.41B
Income Tax Expense	219M	283M	316M	325M	312M
Earnings From Continuing Operations	749M	997M	1.09B	1.11B	1.1B
Net Income to Company	749M	997M	1.09B	1.11B	1.1B
Net Income - (IS)	749M	997M	1.09B	1.11B	1.1B
Net Income to Common Incl Extra Items	749M	997M	1.09B	1.11B	1.1B
Net Income to Common Excl. Extra Items	749M	997M	1.09B	1.11B	1.1B
Per Share Items
Net EPS - Basic	1.29	1.74	1.96	2.03	2.05
Basic EPS - Continuing Operations	1.29	1.74	1.96	2.03	2.05
Basic Weighted Average Shares Outstanding	582M	574M	557M	545M	537M
Net EPS - Diluted	1.28	1.72	1.94	2.02	2.04
Diluted EPS - Continuing Operations	1.28	1.72	1.94	2.02	2.04
Diluted Weighted Average Shares Outstanding	587M	579M	561M	549M	540M
Normalized Basic EPS	1.25	1.46	1.58	1.64	1.64
Normalized Diluted EPS	1.23	1.45	1.57	1.63	1.64
Dividend Per Share	0.3	0.42	0.74	0.82	0.88
Payout Ratio	23.32	23.97	37.62	40.61	42.91
American Depositary Receipts Ratio (ADR)	0.5	0.5	0.5	0.5	0.5
Supplemental Items
EBITDA	1.41B	1.64B	1.78B	1.87B	1.91B
EBITA	1.19B	1.37B	1.43B	1.48B	1.47B
EBIT	1.19B	1.37B	1.43B	1.48B	1.47B
EBITDAR	1.86B	2.12B	2.3B	2.44B	2.53B
Effective Tax Rate - (Ratio)	22.64	22.11	22.47	22.7	22.06
Current Domestic Taxes	250M	255M	267M	315M	332M
Total Current Taxes	250M	255M	267M	315M	332M
Deferred Domestic Taxes	-30.55M	27.58M	48.28M	10.06M	-20.33M
Total Deferred Taxes	-30.55M	27.58M	48.28M	10.06M	-20.33M
Normalized Net Income	724M	840M	878M	895M	883M
Interest on Long-Term Debt	1.76M	1.74M	1.79M	1.63M	1.51M
Supplemental Operating Expense Items
Advertising Expense	101M	95.4M	94.6M	87.1M	95.2M
Selling and Marketing Expenses	101M	95.4M	94.6M	87.1M	95.2M
Net Rental Expense, Total	459M	480M	523M	565M	612M
Imputed Operating Lease Interest Expense	33.82M	27.41M	31.32M	45.17M	51.08M
Imputed Operating Lease Depreciation	426M	453M	492M	520M	561M
Stock-Based Comp., SG&A Exp. (Total)	37.27M	47.65M	53.83M	57.02M	48.37M
Stock-Based Comp., Other (Total)	-	-	-	-	-
Total Stock-Based Compensation	37.27M	47.65M	53.83M	57.02M	48.37M

Fiscal Period: December	2020	2021	2022	2023	2024
Assets
Cash And Equivalents	1.34B	878M	203M	397M	251M
Trading Asset Securities, Total	-	-	-	-	-
Total Cash And Short Term Investments	1.34B	878M	203M	397M	251M
Other Receivables	-	17.1M	-	2.46M	21.64M
Total Receivables	-	17.1M	-	2.46M	21.64M
Inventory	1.78B	2.19B	2.71B	2.65B	2.84B
Prepaid Expenses	134M	164M	246M	219M	197M
Deferred Tax Assets Current	-	-	-	-	-
Total Current Assets	3.26B	3.25B	3.16B	3.26B	3.31B
Gross Property Plant And Equipment	5.25B	6.21B	7.05B	7.87B	8.79B
Accumulated Depreciation	-1.58B	-1.81B	-2.02B	-2.29B	-2.64B
Net Property Plant And Equipment	3.67B	4.4B	5.04B	5.58B	6.14B
Long-term Investments	-	-	-	-	-
Goodwill	32.42M	32.42M	230M	246M	246M
Other Intangibles, Total	23.1M	23.1M	23.1M	23.1M	23.1M
Deferred Tax Assets Long-Term	31.59M	2.44M	-	-	-
Other Long-Term Assets, Total	30.48M	55.41M	41.54M	75.54M	83.17M
Total Assets	7.05B	7.77B	8.49B	9.19B	9.81B
Liabilities
Accounts Payable, Total	976M	1.16B	1.4B	1.18B	1.24B
Accrued Expenses, Total	443M	560M	619M	625M	683M
Current Portion of Long-Term Debt	1.23M	-	-	-	-
Current Portion of Leases	303M	325M	350M	373M	400M
Current Income Taxes Payable	19.94M	-	9.47M	-	-
Other Current Liabilities	-	24.5M	-	-	-
Total Current Liabilities	1.74B	2.06B	2.38B	2.18B	2.32B
Long-Term Debt	987M	986M	1.16B	1.73B	1.83B
Long-Term Leases	2.25B	2.61B	2.76B	2.93B	3.19B
Deferred Tax Liability Non Current	-	-	30.78M	60.03M	44.32M
Other Non Current Liabilities	140M	106M	120M	138M	147M
Total Liabilities	5.13B	5.76B	6.45B	7.04B	7.54B
Common Stock, Total	1.4M	1.41M	1.42M	1.42M	7.12M
Additional Paid In Capital	1.1B	1.21B	1.26B	1.32B	1.38B
Retained Earnings	4.19B	4.95B	5.62B	6.28B	6.91B
Treasury Stock	-3.36B	-4.16B	-4.86B	-5.46B	-6.03B
Comprehensive Income and Other	-3.24M	1.34M	11.28M	6.79M	1.22M
Total Common Equity	1.92B	2B	2.04B	2.15B	2.27B
Total Equity	1.92B	2B	2.04B	2.15B	2.27B
Total Liabilities And Equity	7.05B	7.77B	8.49B	9.19B	9.81B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	582M	564M	550M	540M	532M
ECS Total Common Shares Outstanding	581M	566M	551M	540M	532M
Book Value / Share	3.31	3.54	3.71	3.98	4.27
Tangible Book Value	1.87B	1.95B	1.79B	1.88B	2B
Tangible Book Value Per Share	3.21	3.44	3.25	3.48	3.76
Total Debt	3.55B	3.92B	4.27B	5.04B	5.42B
Net Debt	2.2B	3.04B	4.07B	4.64B	5.17B
Debt Equivalent Oper. Leases	3.68B	3.84B	4.19B	4.52B	4.89B
Account Code - Inventory Valuation	6	6	6	6	6
Inventories - Finished Goods, Total	1.78B	2.19B	2.71B	2.65B	2.84B
Land - (BS)	100M	100M	100M	93.32M	107M
Buildings, Total	1.32B	1.52B	1.75B	2.09B	2.43B
Machinery, Total	773M	900M	1.09B	1.35B	1.54B
Full Time Employees	20K	22K	24K	25K	26K
Part Time Employees	21K	24K	25K	25K	26K
Assets under Capital Lease - Gross	-	-	-	-	-
Assets under Capital Lease - Accumulated Depreciation	-	-	-	-	-

Fiscal Period: December	2020	2021	2022	2023	2024
Net Income	749M	997M	1.09B	1.11B	1.1B
Depreciation & Amortization - CF	217M	270M	343M	393M	447M
Depreciation & Amortization, Total	217M	270M	343M	393M	447M
(Gain) Loss From Sale Of Asset	-1.16M	4.04M	2.16M	-48.01M	-62.5M
Asset Writedown & Restructuring Costs	74.05M	-	-	-	-
Stock-Based Compensation (CF)	37.27M	47.65M	53.83M	57.02M	48.37M
Tax Benefit from Stock Options	-	-	-	-	-
Other Operating Activities, Total	-31.74M	29.15M	51.69M	6.17M	-22.6M
Change In Inventories	-180M	-408M	-350M	40.87M	-194M
Change In Accounts Payable	333M	180M	162M	-219M	56.37M
Change In Income Taxes	13.95M	-37.04M	26.57M	-11.93M	-19.17M
Change in Other Net Operating Assets	183M	56.03M	-21.64M	8.47M	66.29M
Cash from Operations	1.39B	1.14B	1.36B	1.33B	1.42B
Capital Expenditure	-294M	-628M	-773M	-754M	-784M
Sale of Property, Plant, and Equipment	1.79M	1.09M	1.04M	86.5M	140M
Cash Acquisitions	-	-	-391M	-	-
Divestitures	-	-	69.36M	14.31M	-
Cash from Investing	-292M	-627M	-1.09B	-653M	-644M
Long-Term Debt Issued, Total	2.01B	-	1.01B	1.77B	785M
Total Debt Issued	2.01B	-	1.01B	1.77B	785M
Long-Term Debt Repaid, Total	-1.41B	-4.58M	-836M	-1.2B	-690M
Total Debt Repaid	-1.41B	-4.58M	-836M	-1.2B	-690M
Issuance of Common Stock	99.34M	82.25M	25.54M	24.4M	39.36M
Repurchase of Common Stock	-351M	-814M	-729M	-619M	-585M
Common Dividends Paid	-175M	-239M	-410M	-450M	-472M
Common & Preferred Stock Dividends Paid	-175M	-239M	-410M	-450M	-472M
Other Financing Activities, Total	-17.05M	-	-	-9.73M	-
Cash from Financing	155M	-975M	-939M	-486M	-922M
Net Change in Cash	1.26B	-464M	-676M	195M	-146M
Supplemental Items
Cash Interest Paid	24.54M	23.6M	26.37M	56.32M	65.86M
Cash Income Tax Paid (Refund)	235M	292M	239M	325M	351M
Levered Free Cash Flow	974M	373M	205M	458M	518M
Unlevered Free Cash Flow	992M	389M	224M	487M	552M
Change In Net Working Capital	-289M	156M	296M	134M	76.87M
Net Debt Issued / Repaid	598M	-4.58M	174M	567M	95.21M

Fiscal Period: December	2020	2021	2022	2023	2024
Profitability
Return on Assets	12.04	11.56	11.03	10.46	9.66
Return on Total Capital	15.24	15.04	14.66	13.7	12.33
Return On Equity %	42.91	50.79	53.83	52.82	49.83
Return on Common Equity	42.91	50.79	53.83	52.82	49.83
Margin Analysis
Gross Profit Margin %	35.42	35.17	35	35.92	36.26
SG&A Margin	22.19	22.28	22.49	23.06	23.39
EBITDA Margin %	13.23	12.88	12.52	12.86	12.86
EBITA Margin %	11.19	10.76	10.1	10.16	9.86
EBIT Margin %	11.19	10.76	10.1	10.16	9.86
Income From Continuing Operations Margin %	7.05	7.83	7.66	7.61	7.4
Net Income Margin %	7.05	7.83	7.66	7.61	7.4
Net Avail. For Common Margin %	7.05	7.83	7.66	7.61	7.4
Normalized Net Income Margin	6.82	6.6	6.18	6.15	5.93
Levered Free Cash Flow Margin	9.17	2.93	1.45	3.14	3.48
Unlevered Free Cash Flow Margin	9.34	3.06	1.58	3.34	3.71
Asset Turnover
Asset Turnover	1.72	1.72	1.75	1.65	1.57
Fixed Assets Turnover	3.02	3.15	3.01	2.74	2.54
Inventory Turnover (Average Inventory)	4.05	4.15	3.77	3.48	3.46
Short Term Liquidity
Current Ratio	1.87	1.57	1.33	1.5	1.43
Quick Ratio	0.77	0.43	0.09	0.18	0.12
Operating Cash Flow to Current Liabilities	0.8	0.55	0.57	0.61	0.61
Days Outstanding Inventory (Average Inventory)	89.85	87.64	98.47	104.5	105.25
Average Days Payable Outstanding	41.86	44.79	48.59	50.65	45.42
Long Term Solvency
Total Debt/Equity	184.32	195.7	209.07	234.26	238.93
Total Debt / Total Capital	64.83	66.18	67.65	70.08	70.5
LT Debt/Equity	168.49	179.47	191.96	216.92	221.3
Long-Term Debt / Total Capital	59.26	60.69	62.11	64.9	65.29
Total Liabilities / Total Assets	72.71	74.22	75.94	76.6	76.85
EBIT / Interest Expense	41.28	51.48	46.84	31.8	26.88
EBITDA / Interest Expense	64.78	79.69	75.13	52.39	46.28
(EBITDA - Capex) / Interest Expense	54.57	56.07	49.88	36.19	31.92
Total Debt / EBITDA	1.9	1.85	1.86	2.07	2.15
Net Debt / EBITDA	1.18	1.43	1.77	1.9	2.05
Total Debt / (EBITDA - Capex)	2.26	2.63	2.79	2.99	3.11
Net Debt / (EBITDA - Capex)	1.4	2.04	2.66	2.76	2.97
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	27.16	19.87	11.57	2.47	2.25
Gross Profit, 1 Yr. Growth %	30.98	19.02	11.06	5.15	3.22
EBITDA, 1 Yr. Growth %	49.61	16.72	12.76	5.28	2.28
EBITA, 1 Yr. Growth %	59.84	15.31	9.81	3.06	-0.77
EBIT, 1 Yr. Growth %	59.84	15.31	9.81	3.06	-0.77
Earnings From Cont. Operations, 1 Yr. Growth %	33.18	33.13	9.19	1.7	-0.54
Net Income, 1 Yr. Growth %	33.18	33.13	9.19	1.7	-0.54
Normalized Net Income, 1 Yr. Growth %	60.25	15.88	9.7	2	-1.36
Diluted EPS Before Extra, 1 Yr. Growth %	36.91	34.95	12.78	3.91	0.99
Inventory, 1 Yr. Growth %	11.26	22.87	23.66	-2.35	7.34
Net Property, Plant and Equip., 1 Yr. Growth %	9.55	19.9	14.39	10.75	10.1
Total Assets, 1 Yr. Growth %	33.27	10.19	9.3	8.22	6.72
Tangible Book Value, 1 Yr. Growth %	29.51	4.22	-8.11	5.09	6.41
Common Equity, 1 Yr. Growth %	22.76	4.1	1.98	5.26	5.61
Cash From Operations, 1 Yr. Growth %	71.8	-18.34	19.17	-1.69	6.51
Capital Expenditures, 1 Yr. Growth %	35.2	113.75	23.06	-2.52	4
Levered Free Cash Flow, 1 Yr. Growth %	97.83	-61.79	-38.35	122.82	13.16
Unlevered Free Cash Flow, 1 Yr. Growth %	96.53	-60.81	-35.81	116.76	13.41
Dividend Per Share, 1 Yr. Growth %	10.29	38.67	76.92	11.96	7.32
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	15.87	23.46	15.65	6.93	2.36
Gross Profit, 2 Yr. CAGR %	17.98	24.86	14.97	8.06	4.18
EBITDA, 2 Yr. CAGR %	26.43	32.15	17.49	8.96	3.77
EBITA, 2 Yr. CAGR %	30.11	35.77	15.75	6.39	1.13
EBIT, 2 Yr. CAGR %	30.11	35.77	15.75	6.39	1.13
Earnings From Cont. Operations, 2 Yr. CAGR %	18.61	33.16	20.57	5.38	0.57
Net Income, 2 Yr. CAGR %	18.61	33.16	20.57	5.38	0.57
Normalized Net Income, 2 Yr. CAGR %	30.24	36.28	16.08	5.78	0.31
Diluted EPS Before Extra, 2 Yr. CAGR %	21.67	35.93	23.37	8.25	2.54
Inventory, 2 Yr. CAGR %	5.92	16.92	23.27	9.89	2.38
Net Property, Plant and Equip., 2 Yr. CAGR %	79.93	14.61	17.11	12.56	10.43
Total Assets, 2 Yr. CAGR %	51.15	21.18	9.75	8.76	7.47
Tangible Book Value, 2 Yr. CAGR %	14.01	16.18	-2.14	-1.73	5.75
Common Equity, 2 Yr. CAGR %	10.99	13.05	3.04	3.61	5.43
Cash From Operations, 2 Yr. CAGR %	41.71	18.44	-1.36	8.24	2.33
Capital Expenditures, 2 Yr. CAGR %	2.74	70	62.19	9.53	0.69
Levered Free Cash Flow, 2 Yr. CAGR %	85.77	-13	-52.29	17.2	58.79
Unlevered Free Cash Flow, 2 Yr. CAGR %	83.78	-12.18	-50.61	17.96	56.79
Dividend Per Share, 2 Yr. CAGR %	11.8	23.67	56.63	40.74	9.05
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	13.54	17.19	19.37	11.08	5.34
Gross Profit, 3 Yr. CAGR %	14.71	18.33	20.08	11.6	6.42
EBITDA, 3 Yr. CAGR %	18.14	23.11	23.71	13.27	6.68
EBITA, 3 Yr. CAGR %	20.06	24.98	24.52	11.36	3.95
EBIT, 3 Yr. CAGR %	20.06	24.98	24.52	11.36	3.95
Earnings From Cont. Operations, 3 Yr. CAGR %	21.02	23.27	24.63	13.92	3.37
Net Income, 3 Yr. CAGR %	21.02	23.27	24.63	13.92	3.37
Normalized Net Income, 3 Yr. CAGR %	19.9	25.27	24.75	11.18	3.35
Diluted EPS Before Extra, 3 Yr. CAGR %	24.58	25.94	27.73	16.51	5.81
Inventory, 3 Yr. CAGR %	7.06	11.29	19.13	14.06	9.03
Net Property, Plant and Equip., 3 Yr. CAGR %	52.07	57.16	14.53	14.95	11.73
Total Assets, 3 Yr. CAGR %	34.94	36.04	17.09	9.24	8.08
Tangible Book Value, 3 Yr. CAGR %	13.02	10.65	7.44	0.21	0.91
Common Equity, 3 Yr. CAGR %	10.69	8.64	9.23	3.77	4.27
Cash From Operations, 3 Yr. CAGR %	30.23	17.92	18.68	-1.47	7.66
Capital Expenditures, 3 Yr. CAGR %	5.5	31.16	52.64	36.87	7.65
Levered Free Cash Flow, 3 Yr. CAGR %	42.2	9.71	-25.29	-20.25	15.84
Unlevered Free Cash Flow, 3 Yr. CAGR %	41.88	9.85	-23.67	-19.13	16.42
Dividend Per Share, 3 Yr. CAGR %	12.62	20.12	39.35	40.05	28.37
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	11.27	13.43	14.38	12.97	12.25
Gross Profit, 5 Yr. CAGR %	11.91	14	14.82	14.11	13.45
EBITDA, 5 Yr. CAGR %	12.66	14.4	15.84	16.32	15.31
EBITA, 5 Yr. CAGR %	12.8	14.57	15.89	16.08	14.58
EBIT, 5 Yr. CAGR %	12.8	14.57	15.89	16.08	14.58
Earnings From Cont. Operations, 5 Yr. CAGR %	12.78	17.93	20.84	15.77	14.39
Net Income, 5 Yr. CAGR %	12.78	17.93	20.84	15.77	14.39
Normalized Net Income, 5 Yr. CAGR %	12.35	14.31	15.86	15.95	14.33
Diluted EPS Before Extra, 5 Yr. CAGR %	16.29	21.36	24.09	18.54	16.96
Inventory, 5 Yr. CAGR %	6.78	9.85	13.27	10.73	12.12
Net Property, Plant and Equip., 5 Yr. CAGR %	34.08	35.55	36.98	37.52	12.87
Total Assets, 5 Yr. CAGR %	24.35	23.76	24.23	24.39	13.14
Tangible Book Value, 5 Yr. CAGR %	6.2	7.96	6.69	5.52	6.76
Common Equity, 5 Yr. CAGR %	6.67	6.62	7.56	6.6	7.7
Cash From Operations, 5 Yr. CAGR %	25.04	11.84	16.53	13.95	11.85
Capital Expenditures, 5 Yr. CAGR %	4.45	22.69	25.3	22.04	29.24
Levered Free Cash Flow, 5 Yr. CAGR %	33.94	-0.26	-9.53	10.14	1.01
Unlevered Free Cash Flow, 5 Yr. CAGR %	34.21	0.42	-8.36	10.62	1.8
Dividend Per Share, 5 Yr. CAGR %	14.57	17.72	28.51	27.98	26.47