Latest Ratios: P/E Ratio 15.4x · EV/EBITDA 11.5x · ROE 45.2%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $16.7B | $27.3B | $29.4B | $23.6B | $25.2B | $27.6B | $16.5B | $11.3B | $10.3B | $9.6B | $10.1B |
| Enterprise Value | $22.5B | $33.1B | $34.6B | $28.2B | $29.3B | $30.7B | $18.7B | $13.9B | $10.7B | $9.9B | $10.4B |
| P/E Ratio → | 15.42 | 24.95 | 26.75 | 21.31 | 23.17 | 27.71 | 22.04 | 20.05 | 19.36 | 22.65 | 23.18 |
| P/S Ratio | 1.08 | 1.76 | 1.98 | 1.62 | 1.78 | 2.17 | 1.55 | 1.35 | 1.30 | 1.32 | 1.50 |
| P/B Ratio | 6.55 | 10.59 | 12.97 | 10.98 | 12.35 | 13.80 | 8.58 | 7.20 | 6.60 | 6.76 | 6.98 |
| P/FCF | 22.58 | 36.93 | 46.24 | 40.68 | 43.23 | 54.16 | 15.00 | 18.99 | 24.78 | 25.15 | 24.56 |
| P/OCF | 10.22 | 16.72 | 20.72 | 17.69 | 18.59 | 24.27 | 11.84 | 13.90 | 14.84 | 15.18 | 15.87 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.13 | 2.33 | 1.94 | 2.06 | 2.41 | 1.76 | 1.67 | 1.35 | 1.37 | 1.53 |
| EV / EBITDA | 11.45 | 16.87 | 18.08 | 15.09 | 16.48 | 19.45 | 15.41 | 14.81 | 12.12 | 11.66 | 12.41 |
| EV / EBIT | 15.31 | 22.56 | 23.59 | 19.09 | 20.42 | 23.48 | 18.77 | 18.71 | 15.19 | 14.47 | 14.97 |
| EV / FCF | — | 44.70 | 54.36 | 48.68 | 50.20 | 60.12 | 17.00 | 23.40 | 25.63 | 26.08 | 25.16 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 33.2% | 33.2% | 36.3% | 35.9% | 35.0% | 35.2% | 35.4% | 34.4% | 34.2% | 34.3% | 34.3% |
| Operating Margin | 9.5% | 9.5% | 9.9% | 10.2% | 10.1% | 10.3% | 9.4% | 8.9% | 8.9% | 9.5% | 10.2% |
| Net Profit Margin | 7.1% | 7.1% | 7.4% | 7.6% | 7.7% | 7.8% | 7.1% | 6.7% | 6.7% | 5.8% | 6.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 45.2% | 45.2% | 49.8% | 52.8% | 53.8% | 50.8% | 42.9% | 35.9% | 35.7% | 29.4% | 30.7% |
| ROA | 10.6% | 10.6% | 11.6% | 12.5% | 13.4% | 13.5% | 12.1% | 13.4% | 17.9% | 15.2% | 17.3% |
| ROIC | 14.0% | 14.0% | 15.5% | 17.2% | 19.3% | 21.4% | 18.0% | 18.3% | 28.5% | 29.7% | 32.6% |
| ROCE | 18.6% | 18.6% | 20.2% | 22.5% | 24.3% | 23.7% | 21.3% | 24.0% | 33.7% | 35.0% | 38.6% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 2.30 | 2.30 | 2.39 | 2.34 | 2.09 | 1.96 | 1.84 | 1.73 | 0.28 | 0.33 | 0.21 |
| Debt / EBITDA | 3.03 | 3.03 | 2.83 | 2.69 | 2.40 | 2.49 | 2.92 | 2.88 | 0.50 | 0.54 | 0.36 |
| Net Debt / Equity | — | 2.23 | 2.28 | 2.16 | 1.99 | 1.52 | 1.14 | 1.67 | 0.23 | 0.25 | 0.17 |
| Net Debt / EBITDA | 2.93 | 2.93 | 2.70 | 2.48 | 2.29 | 1.93 | 1.81 | 2.79 | 0.40 | 0.41 | 0.30 |
| Debt / FCF | — | 7.76 | 8.12 | 8.00 | 6.97 | 5.96 | 2.00 | 4.42 | 0.85 | 0.93 | 0.60 |
| Interest Coverage | 21.22 | 21.22 | 26.88 | 31.80 | 46.84 | 49.11 | 34.64 | 37.46 | 38.24 | 49.53 | 119.46 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.34 | 1.34 | 1.43 | 1.50 | 1.33 | 1.57 | 1.87 | 1.43 | 1.91 | 1.95 | 1.95 |
| Quick Ratio | 0.16 | 0.16 | 0.20 | 0.28 | 0.19 | 0.51 | 0.85 | 0.15 | 0.22 | 0.24 | 0.19 |
| Cash Ratio | 0.07 | 0.07 | 0.11 | 0.18 | 0.09 | 0.43 | 0.77 | 0.07 | 0.09 | 0.13 | 0.07 |
| Asset Turnover | — | 1.42 | 1.52 | 1.58 | 1.67 | 1.64 | 1.51 | 1.58 | 2.56 | 2.53 | 2.53 |
| Inventory Turnover | 3.36 | 3.36 | 3.34 | 3.53 | 3.41 | 3.77 | 3.85 | 3.42 | 3.28 | 3.28 | 3.25 |
| Days Sales Outstanding | — | 0.64 | 0.53 | 0.06 | — | 0.49 | — | — | 0.19 | 0.24 | 0.20 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 2.9% | 1.8% | 1.6% | 1.9% | 1.6% | 0.9% | 1.1% | 1.4% | 1.4% | 1.4% | 1.2% |
| Payout Ratio | 44.5% | 44.5% | 42.9% | 40.6% | 37.6% | 24.0% | 23.3% | 28.9% | 27.6% | 31.7% | 28.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 6.5% | 4.0% | 3.7% | 4.7% | 4.3% | 3.6% | 4.5% | 5.0% | 5.2% | 4.4% | 4.3% |
| FCF Yield | 4.4% | 2.7% | 2.2% | 2.5% | 2.3% | 1.8% | 6.7% | 5.3% | 4.0% | 4.0% | 4.1% |
| Buyback Yield | 2.2% | 1.3% | 2.0% | 2.6% | 2.9% | 2.9% | 2.1% | 4.8% | 3.4% | 3.9% | 3.3% |
| Total Shareholder Yield | 5.0% | 3.1% | 3.6% | 4.5% | 4.5% | 3.8% | 3.2% | 6.2% | 4.8% | 5.3% | 4.5% |
| Shares Outstanding | — | $532M | $540M | $549M | $561M | $579M | $587M | $604M | $617M | $641M | $669M |
Seasonal Margin Volatility
Based on current market data, TSCO trades at a P/E of 15.15, which appears to discount the company's historical growth volatility while failing to fully account for the potential margin compression risks inherent in its current retail expansion strategy compared to higher-multiple specialty retail peers.
The current forward P/E of 14.79 suggests that investors are pricing in a moderate growth outlook, yet the PEG ratio of 1.51 indicates that this valuation may be stretched relative to the company's inconsistent earnings momentum. The premium over general retailers is likely supported by the recurring nature of its feed business, but the valuation appears vulnerable if the company cannot demonstrate sustained operating margin expansion.
As reported in recent financial statements, TSCO's ROIC has trended downward from 6.0% in 2024Q2 to a concerning 2.1% in 2026Q1, suggesting that the company's aggressive reinvestment in store remodels and expansion is currently failing to generate adequate incremental returns on invested capital.
The decline in ROIC indicates that the company's capital allocation strategy is struggling to keep pace with the rising cost of its asset-heavy footprint. Investors should monitor whether this decay is a temporary byproduct of the Project Fusion initiative or a structural shift in the company's ability to compound value in its rural markets.
According to quarterly filings, the company's cash conversion cycle has fluctuated significantly, reaching 69 days in 2026Q1, which highlights the operational challenges of managing inventory across a vast rural store network while balancing supplier payment terms against seasonal demand shifts.
The high days inventory outstanding (DIO) of 130 days in 2026Q1 suggests that inventory turnover is becoming less efficient, potentially tying up critical liquidity in slow-moving stock. This inefficiency appears to be a primary driver of the company's inconsistent free cash flow generation, warranting closer scrutiny of its supply chain management.
Based on the latest balance sheet data, TSCO maintains a current ratio of 1.38, which, when combined with a quick ratio of only 0.16, indicates a heavy reliance on inventory liquidation to meet short-term obligations during periods of operational stress.
The extremely low quick ratio suggests that the company's liquidity position is highly sensitive to inventory valuation and turnover rates. In a scenario of slowing rural demand, the company may find its ability to cover short-term liabilities constrained, necessitating a more conservative approach to capital deployment.
Investors frequently misapply the reported 2.55 debt-to-equity ratio to assess TSCO's leverage, as this figure likely obscures the substantial off-balance-sheet liabilities associated with the company's extensive leased real estate portfolio, which is fundamental to its small-box rural retail business model.
Relying solely on headline debt-to-equity metrics ignores the fixed-charge burden inherent in a 2,000-store footprint. A more accurate assessment of the company's true financial risk would require adjusting for capitalized operating leases, which would likely reveal a significantly higher leverage profile than the reported figures suggest.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying TSCO stock.
Tractor Supply Company's current P/E ratio is 15.4x. The historical average is 21.3x. This places it at the 23th percentile of its historical range.
Tractor Supply Company's current EV/EBITDA is 11.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 11.5x.
Tractor Supply Company's return on equity (ROE) is 45.2%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 27.0%.
Based on historical data, Tractor Supply Company is trading at a P/E of 15.4x. This is at the 23th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Tractor Supply Company's current dividend yield is 2.89% with a payout ratio of 44.5%.
Tractor Supply Company has 33.2% gross margin and 9.5% operating margin.
Tractor Supply Company's Debt/EBITDA ratio is 3.0x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.