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 18,716 - -
Change - -6.46% -6.71% 26.78% -6.83% -31.08% - -
Enterprise Value (EV) 1 26,490 25,643 24,356 30,757 28,762 20,709 20,520 20,611
Change - -3.2% -5.02% 26.28% -6.49% -28% -0.91% 0.45%
P/E 26.9x 23x 21.1x 26.7x 24.9x 19.2x 17.6x 15.9x
PBR 13.4x 12.2x 10.9x 13x 10.6x 7.06x 6.21x 6.1x
PEG - 1.8x 5.39x 24.49x 25.4x -2.11x 1.9x 1.5x
Capitalization / Revenue 2.07x 1.73x 1.58x 1.96x 1.75x 1.17x 1.13x 1.07x
EV / Revenue 2.08x 1.81x 1.67x 2.07x 1.85x 1.3x 1.24x 1.17x
EV / EBITDA 16.8x 14.4x 13x 16.1x 14.7x 11x 10.4x 9.75x
EV / EBIT 20.3x 17.9x 16.5x 21x 19.6x 15.4x 14.4x 13.4x
EV / FCF 51.9x 43.9x 42x 48.3x 21.9x 33.3x 23.4x 22x
FCF Yield 1.93% 2.28% 2.38% 2.07% 4.56% 3.01% 4.27% 4.54%
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% 2.69% 2.86% 3.2%
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 35.92 35.92 35.92
Nbr of stocks (in thousands) 569,075 552,316 540,571 534,195 528,404 521,040 - -
Announcement Date 27/01/22 26/01/23 01/02/24 30/01/25 29/01/26 - - -
1USD in Million2USD
Estimates

P/E, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
19.18x1.3x10.96x2.69% 18.72B
27.11x1.19x5.45x2.54% 8.01B
18.52x1.75x15.55x5.32% 5.48B
10.79x2.3x6.63x5.15% 4.14B
8.11x0.59x4.82x-.--% 1.56B
30.85x14.76x23.41x - 1.26B
6.8x0.53x4.89x8.14% 1.12B
11.79x0.79x5.67x2.76% 507M
Average 16.64x 2.90x 9.67x 3.8% 5.1B
Weighted average by Cap. 19.30x 1.80x 9.98x 3.33%

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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