Company Valuation: Tractor Supply Company

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Capitalization 1 26,345 24,643 22,989 29,146 27,155 26,586 - -
Change - -6.46% -6.71% 26.78% -6.83% -2.09% - -
Enterprise Value (EV) 1 26,490 25,643 24,356 30,757 28,762 28,276 28,207 28,168
Change - -3.2% -5.02% 26.28% -6.49% -1.69% -0.24% -0.14%
P/E ratio 26.9x 23x 21.1x 26.7x 24.9x 23.1x 21x 18.8x
PBR 13.4x 12.2x 10.9x 13x 10.6x 9.24x 8.18x 7.37x
PEG - 1.8x 5.39x 24.49x 25.4x 3.74x 2.1x 1.6x
Capitalization / Revenue 2.07x 1.73x 1.58x 1.96x 1.75x 1.63x 1.54x 1.43x
EV / Revenue 2.08x 1.81x 1.67x 2.07x 1.85x 1.73x 1.63x 1.52x
EV / EBITDA 16.8x 14.4x 13x 16.1x 14.7x 13.7x 12.6x 11.6x
EV / EBIT 20.3x 17.9x 16.5x 21x 19.6x 18.4x 16.9x 15.4x
EV / FCF 51.9x 43.9x 42x 48.3x 21.9x 29.9x 26.8x 23.9x
FCF Yield 1.93% 2.28% 2.38% 2.07% 4.56% 3.34% 3.74% 4.19%
Dividend per Share 2 0.416 0.736 0.824 0.88 0.92 0.96 1.039 1.163
Rate of return 0.9% 1.65% 1.94% 1.61% 1.79% 1.9% 2.06% 2.3%
EPS 2 1.722 1.942 2.018 2.04 2.06 2.187 2.408 2.694
Distribution rate 24.2% 37.9% 40.8% 43.1% 44.7% 43.9% 43.1% 43.2%
Net sales 1 12,731 14,205 14,556 14,883 15,524 16,330 17,319 18,588
EBITDA 1 1,577 1,778 1,872 1,915 1,961 2,068 2,232 2,424
EBIT 1 1,307 1,435 1,479 1,468 1,467 1,538 1,672 1,830
Net income 1 997.1 1,089 1,107 1,101 1,096 1,148 1,251 1,376
Net Debt 1 145.1 999.4 1,367 1,612 1,607 1,690 1,621 1,582
Reference price 2 46.29 44.62 42.53 54.56 51.39 50.51 50.51 50.51
Nbr of stocks (in thousands) 569,075 552,316 540,571 534,195 528,404 526,351 - -
Announcement Date 27/01/22 26/01/23 01/02/24 30/01/25 29/01/26 - - -
1USD in Million2USD
Estimates

P/E ratio, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
23.09x1.73x13.67x1.9% 26.59B
43.73x1.23x5.88x2.31% 8.67B
16.51x1.51x13.88x6.03% 4.36B
9.8x2.21x6.2x4.6% 3.7B
37.37x631.31x960.75x - 1.62B
7.39x0.56x4.69x-.--% 1.48B
4.91x0.53x5.06x7.57% 1.2B
13.62x0.89x6.28x2.01% 627M
Average 19.55x 80.00x 127.05x 3.49% 6.03B
Weighted average by Cap. 24.61x 22.68x 42.87x 2.66%

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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