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 18,091 - -
Change - -6.46% -6.71% 26.78% -6.83% -33.38% - -
Enterprise Value (EV) 1 26,490 25,643 24,356 30,757 28,762 20,084 19,895 19,986
Change - -3.2% -5.02% 26.28% -6.49% -30.17% -0.94% 0.46%
P/E 26.9x 23x 21.1x 26.7x 24.9x 18.5x 17x 15.4x
PBR 13.4x 12.2x 10.9x 13x 10.6x 6.83x 6x 5.9x
PEG - 1.8x 5.39x 24.49x 25.4x -2.03x 1.84x 1.5x
Capitalization / Revenue 2.07x 1.73x 1.58x 1.96x 1.75x 1.13x 1.09x 1.03x
EV / Revenue 2.08x 1.81x 1.67x 2.07x 1.85x 1.26x 1.2x 1.14x
EV / EBITDA 16.8x 14.4x 13x 16.1x 14.7x 10.6x 10.1x 9.45x
EV / EBIT 20.3x 17.9x 16.5x 21x 19.6x 14.9x 14x 13x
EV / FCF 51.9x 43.9x 42x 48.3x 21.9x 32.3x 22.7x 21.4x
FCF Yield 1.93% 2.28% 2.38% 2.07% 4.56% 3.1% 4.4% 4.68%
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% 2.78% 2.96% 3.31%
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 34.72 34.72 34.72
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.($)
18.54x1.26x10.63x2.78% 18.09B
26.65x1.18x5.42x2.59% 7.81B
18.47x1.74x15.51x5.33% 5.47B
10.72x2.28x6.58x5.19% 4.09B
8.03x0.58x4.78x-.--% 1.55B
29.66x14.21x22.54x - 1.21B
6.48x0.53x4.89x8.12% 1.12B
11.98x0.8x5.71x2.72% 513M
Average 16.32x 2.82x 9.51x 3.82% 4.98B
Weighted average by Cap. 18.82x 1.76x 9.77x 3.4%

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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