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 16,783 - -
Change - -6.46% -6.71% 26.78% -6.83% -38.2% - -
Enterprise Value (EV) 1 26,490 25,643 24,356 30,757 28,762 18,776 18,583 18,682
Change - -3.2% -5.02% 26.28% -6.49% -34.72% -1.03% 0.53%
P/E 26.9x 23x 21.1x 26.7x 24.9x 17.2x 15.8x 14.4x
PBR 13.4x 12.2x 10.9x 13x 10.6x 6.33x 5.57x 5.47x
PEG - 1.8x 5.39x 24.49x 25.4x -1.89x 1.74x 1.57x
Capitalization / Revenue 2.07x 1.73x 1.58x 1.96x 1.75x 1.05x 1.01x 0.96x
EV / Revenue 2.08x 1.81x 1.67x 2.07x 1.85x 1.18x 1.12x 1.07x
EV / EBITDA 16.8x 14.4x 13x 16.1x 14.7x 9.94x 9.41x 8.87x
EV / EBIT 20.3x 17.9x 16.5x 21x 19.6x 14x 13.1x 12.2x
EV / FCF 51.9x 43.9x 42x 48.3x 21.9x 30.2x 21.2x 20x
FCF Yield 1.93% 2.28% 2.38% 2.07% 4.56% 3.32% 4.71% 5.01%
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% 3.19% 3.57%
EPS 2 1.722 1.942 2.018 2.04 2.06 1.872 2.043 2.23
Distribution rate 24.2% 37.9% 40.8% 43.1% 44.7% 51.6% 50.2% 51.6%
Net sales 1 12,731 14,205 14,556 14,883 15,524 15,953 16,611 17,531
EBITDA 1 1,577 1,778 1,872 1,915 1,961 1,888 1,975 2,106
EBIT 1 1,307 1,435 1,479 1,468 1,467 1,346 1,419 1,533
Net income 1 997.1 1,089 1,107 1,101 1,096 976.3 1,051 1,131
Net Debt 1 145.1 999.4 1,367 1,612 1,607 1,993 1,800 1,899
Reference price 2 46.29 44.62 42.53 54.56 51.39 32.21 32.21 32.21
Nbr of stocks (in thousands) 569,075 552,316 540,571 534,195 528,404 521,040 - -
Announcement Date 1/27/22 A 1/26/23 A 2/1/24 A 1/30/25 A 1/29/26 A - - -
1USD in Million2USD
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
17.2x1.18x9.94x3% 16.78B
24.15x1.13x5.34x2.83% 6.94B
17.29x1.66x14.54x5.7% 5.25B
10.29x2.16x6.3x6.41% 3.87B
7.67x0.56x4.63x-.--% 1.48B
25.1x12.12x19.22x - 1.03B
5.78x0.5x4.65x9.11% 999M
11.34x0.78x5.57x2.87% 479M
Average 14.85x 2.51x 8.77x 4.28% 4.6B
Weighted average by Cap. 17.25x 1.60x 9.19x 3.78%

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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