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Also traded in: Austria, Germany, Switzerland

GuruFocus Financial Strength Rank measures how strong a company’s financial situation is. It is based on these factors

1. The debt burden that the company has as measured by its Interest coverage (current year).
2. Debt to revenue ratio. The lower, the better
3. Altman Z-score.

A company ranks high with financial strength is likely to withstand any business slowdowns and recessions.

Financial Strength : 7/10

vs
industry
vs
history
Cash-to-Debt 0.13
TSCO's Cash-to-Debt is ranked lower than
83% of the 964 Companies
in the Global Specialty Retail industry.

( Industry Median: 0.99 vs. TSCO: 0.13 )
Ranked among companies with meaningful Cash-to-Debt only.
TSCO' s Cash-to-Debt Range Over the Past 10 Years
Min: 0.08  Med: 0.59 Max: 194.21
Current: 0.13
0.08
194.21
Equity-to-Asset 0.47
TSCO's Equity-to-Asset is ranked higher than
50% of the 952 Companies
in the Global Specialty Retail industry.

( Industry Median: 0.49 vs. TSCO: 0.47 )
Ranked among companies with meaningful Equity-to-Asset only.
TSCO' s Equity-to-Asset Range Over the Past 10 Years
Min: 0.2  Med: 0.51 Max: 0.66
Current: 0.47
0.2
0.66
Debt-to-Equity 0.40
TSCO's Debt-to-Equity is ranked higher than
60% of the 716 Companies
in the Global Specialty Retail industry.

( Industry Median: 0.49 vs. TSCO: 0.40 )
Ranked among companies with meaningful Debt-to-Equity only.
TSCO' s Debt-to-Equity Range Over the Past 10 Years
Min: 0  Med: 0.14 Max: 1.91
Current: 0.4
0
1.91
Debt-to-EBITDA 0.64
TSCO's Debt-to-EBITDA is ranked higher than
79% of the 668 Companies
in the Global Specialty Retail industry.

( Industry Median: 2.36 vs. TSCO: 0.64 )
Ranked among companies with meaningful Debt-to-EBITDA only.
TSCO' s Debt-to-EBITDA Range Over the Past 10 Years
Min: 0  Med: 0.01 Max: 0.64
Current: 0.64
0
0.64
Interest Coverage 101.86
TSCO's Interest Coverage is ranked higher than
68% of the 815 Companies
in the Global Specialty Retail industry.

( Industry Median: 29.86 vs. TSCO: 101.86 )
Ranked among companies with meaningful Interest Coverage only.
TSCO' s Interest Coverage Range Over the Past 10 Years
Min: 31.77  Med: 161.93 Max: 923.97
Current: 101.86
31.77
923.97
Piotroski F-Score: 5
Altman Z-Score: 8.05
Beneish M-Score: -3.10
WACC vs ROIC
8.14%
24.57%
WACC
ROIC
GuruFocus Profitability Rank ranks how profitable a company is and how likely the company’s business will stay that way. It is based on these factors:

1. Operating Margin
2. Trend of the Operating Margin (5-year average). The company with an uptrend profit margin has a higher rank.
••3. Consistency of the profitability
4. Piotroski F-Score
5. Predictability Rank•

The maximum rank is 10. A rank of 7 or higher means a higher profitability and may stay that way. A rank of 3 or lower indicates that the company has had trouble to make a profit.

Profitability Rank is not directly related to the Financial Strength Rank. But if a company is consistently profitable, its financial strength will be stronger.

Profitability & Growth : 8/10

vs
industry
vs
history
Operating Margin % 9.66
TSCO's Operating Margin % is ranked higher than
78% of the 964 Companies
in the Global Specialty Retail industry.

( Industry Median: 3.62 vs. TSCO: 9.66 )
Ranked among companies with meaningful Operating Margin % only.
TSCO' s Operating Margin % Range Over the Past 10 Years
Min: 4.51  Med: 8.85 Max: 10.45
Current: 9.66
4.51
10.45
Net Margin % 6.04
TSCO's Net Margin % is ranked higher than
76% of the 964 Companies
in the Global Specialty Retail industry.

( Industry Median: 2.37 vs. TSCO: 6.04 )
Ranked among companies with meaningful Net Margin % only.
TSCO' s Net Margin % Range Over the Past 10 Years
Min: 2.72  Med: 5.6 Max: 6.59
Current: 6.04
2.72
6.59
ROE % 30.95
TSCO's ROE % is ranked higher than
93% of the 944 Companies
in the Global Specialty Retail industry.

( Industry Median: 6.73 vs. TSCO: 30.95 )
Ranked among companies with meaningful ROE % only.
TSCO' s ROE % Range Over the Past 10 Years
Min: 13.94  Med: 25.07 Max: 30.95
Current: 30.95
13.94
30.95
ROA % 15.55
TSCO's ROA % is ranked higher than
93% of the 972 Companies
in the Global Specialty Retail industry.

( Industry Median: 2.98 vs. TSCO: 15.55 )
Ranked among companies with meaningful ROA % only.
TSCO' s ROA % Range Over the Past 10 Years
Min: 7.68  Med: 15.66 Max: 18.84
Current: 15.55
7.68
18.84
ROC (Joel Greenblatt) % 38.96
TSCO's ROC (Joel Greenblatt) % is ranked higher than
79% of the 965 Companies
in the Global Specialty Retail industry.

( Industry Median: 13.48 vs. TSCO: 38.96 )
Ranked among companies with meaningful ROC (Joel Greenblatt) % only.
TSCO' s ROC (Joel Greenblatt) % Range Over the Past 10 Years
Min: 21.85  Med: 42.68 Max: 47.21
Current: 38.96
21.85
47.21
3-Year Revenue Growth Rate 11.60
TSCO's 3-Year Revenue Growth Rate is ranked higher than
81% of the 862 Companies
in the Global Specialty Retail industry.

( Industry Median: 1.30 vs. TSCO: 11.60 )
Ranked among companies with meaningful 3-Year Revenue Growth Rate only.
TSCO' s 3-Year Revenue Growth Rate Range Over the Past 10 Years
Min: 7.9  Med: 14.8 Max: 22.1
Current: 11.6
7.9
22.1
3-Year EBITDA Growth Rate 13.00
TSCO's 3-Year EBITDA Growth Rate is ranked higher than
72% of the 750 Companies
in the Global Specialty Retail industry.

( Industry Median: 1.50 vs. TSCO: 13.00 )
Ranked among companies with meaningful 3-Year EBITDA Growth Rate only.
TSCO' s 3-Year EBITDA Growth Rate Range Over the Past 10 Years
Min: 6.3  Med: 17.9 Max: 32.4
Current: 13
6.3
32.4
3-Year EPS without NRI Growth Rate 12.10
TSCO's 3-Year EPS without NRI Growth Rate is ranked higher than
68% of the 681 Companies
in the Global Specialty Retail industry.

( Industry Median: 0.50 vs. TSCO: 12.10 )
Ranked among companies with meaningful 3-Year EPS without NRI Growth Rate only.
TSCO' s 3-Year EPS without NRI Growth Rate Range Over the Past 10 Years
Min: 1.6  Med: 16.4 Max: 45.2
Current: 12.1
1.6
45.2
GuruFocus has detected 1 Warning Sign with Tractor Supply Co TSCO.
More than 500,000 people have already joined GuruFocus to track the stocks they follow and exchange investment ideas.
» TSCO's 30-Y Financials

Financials (Next Earnings Date: 2018-01-31)


Revenue & Net Income
Cash & Debt
Operating Cash Flow & Free Cash Flow
Operating Cash Flow & Net Income

» Details

Guru Trades

Q4 2016

TSCO Guru Trades in Q4 2016

John Rogers 16,802 sh (New)
David Rolfe 1,556,174 sh (New)
Paul Tudor Jones 366,958 sh (+2313.24%)
Steven Cohen 827,000 sh (+7.98%)
Joel Greenblatt Sold Out
Jim Simons Sold Out
Mario Gabelli 104,590 sh (-0.01%)
Ron Baron 297,612 sh (-0.34%)
Pioneer Investments 146,357 sh (-15.12%)
Chuck Royce 31,000 sh (-16.22%)
» More
Q1 2017

TSCO Guru Trades in Q1 2017

George Soros 26,300 sh (New)
Joel Greenblatt 202,593 sh (New)
Jim Simons 1,490,028 sh (New)
Columbia Wanger 546,471 sh (New)
John Rogers 66,210 sh (+294.06%)
David Rolfe 2,200,018 sh (+41.37%)
Chuck Royce Sold Out
Steven Cohen Sold Out
Mario Gabelli 100,000 sh (-4.39%)
Ron Baron 230,212 sh (-22.65%)
Pioneer Investments 76,831 sh (-47.50%)
Paul Tudor Jones 14,882 sh (-95.94%)
» More
Q2 2017

TSCO Guru Trades in Q2 2017

John Rogers 87,938 sh (+32.82%)
David Rolfe 2,556,651 sh (+16.21%)
Mario Gabelli 112,900 sh (+12.90%)
Jim Simons 1,505,600 sh (+1.05%)
Steven Cohen 100,900 sh (unchged)
Pioneer Investments Sold Out
Ron Baron Sold Out
Paul Tudor Jones Sold Out
George Soros Sold Out
Joel Greenblatt Sold Out
Columbia Wanger 510,828 sh (-6.52%)
» More
Q3 2017

TSCO Guru Trades in Q3 2017

Lee Ainslie 54,220 sh (New)
Joel Greenblatt 59,867 sh (New)
David Rolfe 2,767,593 sh (+8.25%)
John Rogers 91,493 sh (+4.04%)
Jim Simons Sold Out
Mario Gabelli 107,900 sh (-4.43%)
Columbia Wanger 294,287 sh (-42.39%)
» More
» Details

Insider Trades

Latest Guru Trades with TSCO

(List those with share number changes of more than 20%, or impact to portfolio more than 0.1%)

GuruDate Trades Impact to Portfolio Price Range * (?) Current Price Change from Average Current Shares
Mario Gabelli 2017-09-30 Reduce -4.43%$49.99 - $63.16 $ 64.7214%107,900
John Rogers 2017-09-30 Add 4.04%$49.99 - $63.16 $ 64.7214%91,493
Joel Greenblatt 2017-09-30 New Buy0.06%$49.99 - $63.16 $ 64.7214%59,867
Mario Gabelli 2017-06-30 Add 12.90%$52.53 - $70.47 $ 64.728%112,900
John Rogers 2017-06-30 Add 32.82%0.01%$52.53 - $70.47 $ 64.728%87,938
Joel Greenblatt 2017-06-30 Sold Out 0.18%$52.53 - $70.47 $ 64.728%0
George Soros 2017-06-30 Sold Out 0.05%$52.53 - $70.47 $ 64.728%0
Ron Baron 2017-06-30 Sold Out 0.08%$52.53 - $70.47 $ 64.728%0
Ron Baron 2017-03-31 Reduce -22.65%0.03%$67.97 - $77.36 $ 64.72-11%230,212
Joel Greenblatt 2017-03-31 New Buy0.18%$67.97 - $77.36 $ 64.72-11%202,593
Mario Gabelli 2017-03-31 Reduce -4.39%$67.97 - $77.36 $ 64.72-11%100,000
John Rogers 2017-03-31 Add 294.06%0.04%$67.97 - $77.36 $ 64.72-11%66,210
George Soros 2017-03-31 New Buy0.05%$67.97 - $77.36 $ 64.72-11%26,300
Ron Baron 2016-12-31 Reduce -0.34%$61.92 - $78.11 $ 64.72-9%297,612
Mario Gabelli 2016-12-31 Reduce -0.01%$61.92 - $78.11 $ 64.72-9%104,590
John Rogers 2016-12-31 New Buy0.02%$61.92 - $78.11 $ 64.72-9%16,802
Joel Greenblatt 2016-12-31 Sold Out 0.18%$61.92 - $78.11 $ 64.72-9%0
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Business Description

Industry: Retail - Apparel & Specialty » Specialty Retail    NAICS: 453998    SIC: 5261
Compare:XTER:FIE, XAMS:GVNV, NAS:SPLS, XSWX:DUFN, NYSE:KAR, LSE:ASC, NYSE:AAP, TSX:CTC.A, NYSE:W, NYSE:VIPS, TSE:3092, MIL:YNAP, LSE:JD., NYSE:WSM, HKSE:01528, TSE:9831, NAS:MELI, NAS:QVCB, XTER:CEC, NYSE:CAB » details
Traded in other countries:TSCO.Austria, TR4.Germany, TSC.Switzerland,
Headquarter Location:USA
Tractor Supply Co is an operator of rural lifestyle retail stores in the United States. It is engaged in supplying the needs of recreational farmers and ranchers as well as tradesmen and small businesses.

Tractor Supply is the largest operator of retail farm and ranch stores in the United States. The company targets recreational farmers and ranchers, and has little exposure to commercial and industrial farm operations. Currently, the company operates more than 1,600 stores in 49 states, and 152 Petsense stores. Stores are typically located in towns outside of urban areas and in rural communities. 2016 revenue consisted primarily of livestock and pet (46%), hardware, tools, and truck (22%), and seasonal gift and toy (19%).

Guru Investment Theses on Tractor Supply Co

David Rolfe Comments on Tractor Supply - Oct 16, 2017

We have continued to add to our position in Tractor Supply (NASDAQ:TSCO), which was one of our top contributors in the third quarter. Over time, we have noticed that whenever we see unseasonable weather cause weakness in retail, the cries of “Amazon, Amazon, Amazon!” get louder for a period of time. As we have stated before, Amazon’s retail business has been wildly successful in building revenues (if not profits or returns on capital) over the past 20 years, and this has led them to a low-single-digit share of U.S. retail. However, the U.S. retail market is a monstrous, and growing, multi-trillion-dollar opportunity, which leaves trillions of dollars (and growing) of addressable market for everyone who is not Amazon.

As this relates to Tractor Supply, specifically, we believe that the Company has spent most of its history differentiating itself from imposing competition. Their strategy to remain relevant to their customers in the face of Amazon is a natural evolution for a company that established its value proposition around the sides of Home Depot, Lowe’s, and Wal-Mart – which, incidentally, has roughly 5-6X the domestic sales of Amazon, and which is a far more relevant competitive threat due to its size and physical proximity to Tractor. Reiterating our prior stance, we believe Tractor Supply brings stores, service, and on-the-ground inventory to an underserved, rural customer base. Weather will impact quarterly results, as it always has, and we are willing to accept these short-term disruptions. Finally, we have argued repeatedly that the stock was selling at or near recessionary valuations, and we would note that the stock bounced off of our estimate of its trough valuation on its most recent quarterly results, despite a reduction to full-year earnings guidance.

After unhelpful weather had hindered Q1, we saw a nice rebound in Q2 results, which coincided with a return to normal weather across most of the country. Revenues came in ahead of expectations, as did gross margins – in fact, gross margins turned in their best performance in six quarters – so we fail to see any sign that Amazon is encroaching on their business in terms of crippling sales or pricing pressure. Furthermore, just as we see every quarter, the Company’s “CUE” (consumable, usable, edible) category – which should be the area most susceptible to online incursion – once again turned in the Company’s strongest performance. Management did lower full-year guidance by 7% to account for the Q1 weakness, and, we believe, to build some cushion into second half expectations. We were expecting a modest guidance cut, ourselves, although we were a little disappointed with the magnitude of the cut; however, the market clearly was expecting much worse, with the stock having corrected -35% at that point from its highs in anticipation of what ended up being a 7% reduction to guidance. We believe the significant bounce in the stock since the Q2 report validates our belief that the market has been overly negative on financial expectations and valuation. We still believe that Tractor Supply can continue to grow its store base over time while generating healthy, flat to improving returns, leading to mid-to-high-single-digit revenue growth and double-digit EPS growth.



From David Rolfe (Trades, Portfolio)'s Wedgewood Partners 3rd quarter shareholder letter.

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David Rolfe Comments on Tractor Supply Company - Jul 17, 2017

Tractor Supply Company (NASDAQ:TSCO) is another North American retail holding that we believe will continue to profitably differentiate itself over the next several years by focusing on serving a select demographic, specifically rural land owners who earn higher than average incomes. We think this customer base is underserved due to its fragmented nature and exhibits merchandise needs that are not standard enough, so competitors find it hard to justify the real estate investment in low population density areas, or want to risk working capital investments in slow-turning inventory. In our view, a key element of Tractor’s approach is a mundane but disciplined real estate and merchandising strategy that attempts to bring stores and inventory to this naturally underserved customer base. We also would highlight that the Company has a long history of developing a merchandise assortment deliberately differentiated from large competitors—initially, they built the business around the sides of big-box behemoths such as Home Depot, Lowe’s, and Wal-Mart—and we believe that the same deliberate approach to e-commerce competition comes naturally to them.

We are comfortable with the volatility of Tractor’s results, which can be choppy due to weather, as a substantial portion of their sales is dedicated to outdoor projects and activities, consistent with the requirements of the upkeep of large tracts of land. For example, after posting a solid +2.6% growth in comparable stores sales for the first quarter 2016 (adjusted for Easter holiday timing), the Company reported first quarter 2017 comparable store sales that declined -2.2%. While the stock gave up over 20% of its value during the past three months – we think this has been a significant overreaction. Many market participants assume the Company’s weak first quarter comp represents evidence that e-commerce has compromised the long-term potential of Tractor. However, e-commerce is not a new phenomenon. Instead, January and February combined were unseasonably warm in many of the Company’s markets, so Tractor’s seasonal inventory – typically used to help customers combat winter weather – was marked-down and monetized to make room for spring inventory. We note that the Company’s western geographic markets, which were virtually unaffected by weather, posted mid-single digit growth in comparable sales – very healthy levels, and also evidence that weather, rather than e-commerce, likely hurt the balance of Tractor’s sales base.

Furthermore, if Amazon were making inroads into TSCO’s business, we would expect to see signs of this incursion in Tractor’s “CUE” (consumable, usable, edible) categories, which generally are among their faster-turning, often-replenished products that would seem most susceptible to the e- commerce model. However, even in a rough quarter, CUE remained the company’s strongest portion of the business.

Over a multi-year timeframe, we continue to think Tractor has ample opportunity to expand its store footprint, while driving traffic growth at existing stores through both customer engagement and merchandising investments. The stock currently discounts earnings that are substantially lower than what we believe the Company can earn on these growth investments over the next several years, likely on unfounded fears regarding e-commerce.



From David Rolfe (Trades, Portfolio)'s Wedgewood Partners second-quarter 2017 shareholder letter.

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David Rolfe Comments on Tractor Supply - Apr 14, 2017

Tractor Supply (NASDAQ:TSCO) was one of the largest detractors from our first quarter performance, as the stock retraced some of the gains it had posted after we purchased it last quarter. We think a large portion of both the Q4 spike and the Q1 decline in the stock can be attributed to political and energy-related noise, with the stock correctly viewed as a potential beneficiary from a possible reduction in U.S. corporate tax rates and a recovery in U.S. energy production. On the tax front, the Company’s business is entirely U.S.-based, leaving it with a relatively high tax rate in comparison to companies with multinational operations; this means that it would be a greater relative beneficiary than these other companies if the U.S. corporate tax rate were to decline. As the market quickly moved from optimism to pessimism on the potential for such a tax cut, the stock moved accordingly. Our stance is that we would be perfectly happy to see a lower tax rate for Tractor Supply, but that is not a tenet of our long-term thesis. On the energy front, we estimate a minority of TSCO’s end-markets are in regions exposed to the fortunes of the energy industry. As we discuss elsewhere in this letter, we see clear indications that U.S. production activity has moved positively, and we expect Tractor Supply’s exposure to energy-producing regions to benefit from the recovery for the foreseeable future. However, confusion over temporarily high U.S. oil inventories at the beginning of 2017, which led to shorter-term pull-back in oil prices, weighed on Tractor Supply’s stock in the first quarter, just as the bounce in oil prices in Q4 had provided a boost.

Setting all this shorter-term noise aside, we saw much to like in the Company’s earnings report during the quarter. The Company demonstrated its impressive operational capabilities by wrestling a decent report out of a quarter that had started off weakly, hampered by unhelpful weather, harnessing a nimble supply chain to work with vendors to minimize exposure to struggling categories while quickly building exposure to categories that were working. More importantly, management highlighted the emerging recovery in energy-related regions within the quarter and mentioned that their prior worries about weakness in agriculturally-focused regions may have been due to weather, rather than due to broad problems in agriculture, as they had speculated in the prior quarter. You may recall that when we purchased Tractor Supply last quarter, we noted that the market already was baking in recessionary conditions in these two important industry exposures for the Company; in fact, we thought the market was nearly pricing in a full-blown domestic recession. Since our purchase, we have seen the beginnings of an expected recovery in energy, and the weakness in agriculture may have been illusory, after all. With fundamentals showing clear signs of improvement, and with the stock still trading at relatively depressed historical valuations, we took advantage of the opportunity to build our position during the first quarter.

From David Rolfe (Trades, Portfolio)'s Wedgewood Partners first-quarter 2017 shareholder letter.

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David Rolfe Comments on Tractor Supply Company - Jan 16, 2017

Like Fastenal, Tractor Supply Company (NASDAQ:TSCO) is a company we have long admired. Management has executed a disciplined retailing strategy where they have carved out a niche, serving rural land owners with higher than average incomes. The Company has very deliberately positioned itself to be distinct from its competitors, namely Home Depot, Lowe’s, and, to a lesser extent, Wal-Mart, primarily by locating itself in more rural locations and focusing on merchandise that caters to the maintenance needs of a rural lifestyle, in a one-stop shop format (i.e. all-terrain vehicle replacement parts and feed for livestock as pets).

We think the Company's profitability and value proposition will be insulated over time as they have made key tradeoffs to avoid competing with big box retailers, without necessarily impairing returns. As an example, we found evidence that the company’s real estate strategy, on average, has been to simultaneously locate Tractor Supply Company stores further from “big box” competitors, while getting into more densely populated markets. Meanwhile, the Company has managed to lower the build-out and rental costs of their new stores as they have continued to expand the store base aggressively, leading to improved returns - something that is particularly difficult in the brick-and-mortar retail world, where typically new store openings generate a lower level of sales and profitability than mature stores (naturally pressuring return on investment as the company grows). We assume the Company’s continuing store base expansion, as well as a conservative assumption on same store sales, should enable the Company to grow revenues in the mid-to-high single digits over the next several years, with earnings per share growth in the double digits, driven by a combination of flat to modest margin expansion as well as stock buybacks.

When we purchased the stock, it was trading at about 18X NTM earnings, near a five-year low (and well below the nearly 30X seen a few years ago), a rarity in a market where valuations have been extended. The stock had been hit by a few issues in 2016. First, unseasonable winter weather caused a short-term blip in results early in the year; weather, unfortunately, is a recurring risk for this and most other retail businesses, but we do not view odd weather as a long-term, relative issue. Later in the year, the Company was hit by sales weakness in their energy - and agricultural-located geographic markets. However, we think we are closer to the end of a multi-year downturn in these markets, or at least near an inflection point, but recessionary expectations for the Company’s end-markets continue to be built into the stock. So with little risk from further adverse macroeconomic developments, we were pleased that we were presented with an opportunity to establish a position in what we view to be a very high-quality company, generating excellent and stable or improving returns over time, with an above-market growth rate, all at a historically cheap multiple.

From David Rolfe (Trades, Portfolio)'s fourth quarter 2016 Wedgewood Partners investor letter.



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Baron Funds Comments on Tractor Supply Co. - Oct 21, 2016

Tractor Supply Co. (NASDAQ:TSCO) is a chain of more than 1,500 stores that sell equipment, tools, feed, and clothing to a largely rural customer base of farmers and ranchers. The company’s shares declined after it reported weak results, partly influenced by depressed farm incomes due to unusually low crop prices and some stores’ exposure to deflated energy-related markets. Although we reduced our position, we believe these factors will prove largely transitory. We believe Tractor Supply offers the potential for ongoing earnings growth based on its ability to meaningfully expand its store base, while also growing its assortment of higher-margin private label goods and increasing its sales mix of consumable goods.





From Baron Funds' Barron Asset Fund third-quarter 2016 commentary.



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Top Ranked Articles about Tractor Supply Co

Tractor Supply’s Fall Fundraiser Raises Nearly $1 Million for 4-H Youth
Tractor Supply Company to Participate in the Morgan Stanley 2017 Global Consumer and Retail Conference
Tractor Supply Company Declares Quarterly Dividend
Tractor Supply Company Appoints Thomas A. Kingsbury to Its Board of Directors  
Petsense Introduces Exclusive Premium Pet Food Line
Tractor Supply Company to Webcast Third Quarter 2017 Results
David Rolfe Comments on Tractor Supply Guru stock highlight
We have continued to add to our position in Tractor Supply (NASDAQ:TSCO), which was one of our top contributors in the third quarter. Over time, we have noticed that whenever we see unseasonable weather cause weakness in retail, the cries of “Amazon, Amazon, Amazon!” get louder for a period of time. As we have stated before, Amazon’s retail business has been wildly successful in building revenues (if not profits or returns on capital) over the past 20 years, and this has led them to a low-single-digit share of U.S. retail. However, the U.S. retail market is a monstrous, and growing, multi-trillion-dollar opportunity, which leaves trillions of dollars (and growing) of addressable market for everyone who is not Amazon.

As this relates to Tractor Supply, specifically, we believe that the Company has spent most of its history differentiating itself from imposing competition. Their strategy to remain relevant to their customers in the face of Amazon is a natural Read more...
BetterInvesting Magazine Releases December Stock To Study And Undervalued Stock Choices For Investors' Informational And Educational Use
Tractor Supply, 4-H Partner for Fall Paper Clover Campaign
Invest Like an Investigative Reporter: Stories From the Qualitative Side Don't focus on finding an informational edge. Forget 'tips.' Instead, just try to put customers, suppliers, store managers and ex-employees at ease. Fit what they know with what you know
In a previous article, I discussed the importance of thinking like an investigative reporter. I used several examples – a couple of Chinese frauds, a company that was quickly depreciating its assets, etc. – but I did not talk much about what kind of research you can do outside of accounting. In some ways, the examples used in that article could have been titled “invest like a forensic accountant” instead of “invest like an investigative reporter.” Here, we will explore the Philip Fisher side instead of the Benjamin Graham side. What kind of “scuttlebutt” have I turned up when researching stocks, and how can you do the same? Read more...

Ratios

vs
industry
vs
history
PE Ratio 19.20
TSCO's PE Ratio is ranked higher than
52% of the 732 Companies
in the Global Specialty Retail industry.

( Industry Median: 19.75 vs. TSCO: 19.20 )
Ranked among companies with meaningful PE Ratio only.
TSCO' s PE Ratio Range Over the Past 10 Years
Min: 11.82  Med: 23.14 Max: 33.83
Current: 19.2
11.82
33.83
Forward PE Ratio 18.05
TSCO's Forward PE Ratio is ranked lower than
54% of the 160 Companies
in the Global Specialty Retail industry.

( Industry Median: 16.10 vs. TSCO: 18.05 )
Ranked among companies with meaningful Forward PE Ratio only.
N/A
PE Ratio without NRI 19.20
TSCO's PE Ratio without NRI is ranked higher than
53% of the 734 Companies
in the Global Specialty Retail industry.

( Industry Median: 19.90 vs. TSCO: 19.20 )
Ranked among companies with meaningful PE Ratio without NRI only.
TSCO' s PE Ratio without NRI Range Over the Past 10 Years
Min: 11.92  Med: 23.07 Max: 33.83
Current: 19.2
11.92
33.83
Price-to-Owner-Earnings 15.78
TSCO's Price-to-Owner-Earnings is ranked higher than
54% of the 442 Companies
in the Global Specialty Retail industry.

( Industry Median: 21.11 vs. TSCO: 15.78 )
Ranked among companies with meaningful Price-to-Owner-Earnings only.
TSCO' s Price-to-Owner-Earnings Range Over the Past 10 Years
Min: 7.54  Med: 30.29 Max: 183.91
Current: 15.78
7.54
183.91
PB Ratio 6.00
TSCO's PB Ratio is ranked lower than
87% of the 937 Companies
in the Global Specialty Retail industry.

( Industry Median: 1.74 vs. TSCO: 6.00 )
Ranked among companies with meaningful PB Ratio only.
TSCO' s PB Ratio Range Over the Past 10 Years
Min: 1.75  Med: 5.53 Max: 9.54
Current: 6
1.75
9.54
PS Ratio 1.16
TSCO's PS Ratio is ranked lower than
65% of the 937 Companies
in the Global Specialty Retail industry.

( Industry Median: 0.72 vs. TSCO: 1.16 )
Ranked among companies with meaningful PS Ratio only.
TSCO' s PS Ratio Range Over the Past 10 Years
Min: 0.36  Med: 1.27 Max: 2.15
Current: 1.16
0.36
2.15
Price-to-Free-Cash-Flow 17.33
TSCO's Price-to-Free-Cash-Flow is ranked lower than
66% of the 382 Companies
in the Global Specialty Retail industry.

( Industry Median: 15.75 vs. TSCO: 17.33 )
Ranked among companies with meaningful Price-to-Free-Cash-Flow only.
TSCO' s Price-to-Free-Cash-Flow Range Over the Past 10 Years
Min: 7.64  Med: 40.21 Max: 279.8
Current: 17.33
7.64
279.8
Price-to-Operating-Cash-Flow 12.07
TSCO's Price-to-Operating-Cash-Flow is ranked lower than
61% of the 487 Companies
in the Global Specialty Retail industry.

( Industry Median: 10.89 vs. TSCO: 12.07 )
Ranked among companies with meaningful Price-to-Operating-Cash-Flow only.
TSCO' s Price-to-Operating-Cash-Flow Range Over the Past 10 Years
Min: 4.65  Med: 20.17 Max: 32.96
Current: 12.07
4.65
32.96
EV-to-EBIT 12.34
TSCO's EV-to-EBIT is ranked higher than
60% of the 753 Companies
in the Global Specialty Retail industry.

( Industry Median: 14.64 vs. TSCO: 12.34 )
Ranked among companies with meaningful EV-to-EBIT only.
TSCO' s EV-to-EBIT Range Over the Past 10 Years
Min: 6.5  Med: 14.35 Max: 21.3
Current: 12.34
6.5
21.3
EV-to-EBITDA 10.01
TSCO's EV-to-EBITDA is ranked higher than
59% of the 797 Companies
in the Global Specialty Retail industry.

( Industry Median: 11.74 vs. TSCO: 10.01 )
Ranked among companies with meaningful EV-to-EBITDA only.
TSCO' s EV-to-EBITDA Range Over the Past 10 Years
Min: 4.8  Med: 11.7 Max: 17.8
Current: 10.01
4.8
17.8
EV-to-Revenue 1.19
TSCO's EV-to-Revenue is ranked lower than
62% of the 949 Companies
in the Global Specialty Retail industry.

( Industry Median: 0.82 vs. TSCO: 1.19 )
Ranked among companies with meaningful EV-to-Revenue only.
TSCO' s EV-to-Revenue Range Over the Past 10 Years
Min: 0.4  Med: 1.25 Max: 2.1
Current: 1.19
0.4
2.1
PEG Ratio 1.18
TSCO's PEG Ratio is ranked higher than
74% of the 296 Companies
in the Global Specialty Retail industry.

( Industry Median: 2.12 vs. TSCO: 1.18 )
Ranked among companies with meaningful PEG Ratio only.
TSCO' s PEG Ratio Range Over the Past 10 Years
Min: 0.65  Med: 1.17 Max: 1.7
Current: 1.18
0.65
1.7
Shiller PE Ratio 30.86
TSCO's Shiller PE Ratio is ranked lower than
70% of the 256 Companies
in the Global Specialty Retail industry.

( Industry Median: 18.84 vs. TSCO: 30.86 )
Ranked among companies with meaningful Shiller PE Ratio only.
TSCO' s Shiller PE Ratio Range Over the Past 10 Years
Min: 18.33  Med: 45.58 Max: 71.24
Current: 30.86
18.33
71.24
Current Ratio 2.00
TSCO's Current Ratio is ranked higher than
63% of the 925 Companies
in the Global Specialty Retail industry.

( Industry Median: 1.63 vs. TSCO: 2.00 )
Ranked among companies with meaningful Current Ratio only.
TSCO' s Current Ratio Range Over the Past 10 Years
Min: 1.3  Med: 1.85 Max: 2.45
Current: 2
1.3
2.45
Quick Ratio 0.17
TSCO's Quick Ratio is ranked lower than
94% of the 925 Companies
in the Global Specialty Retail industry.

( Industry Median: 0.88 vs. TSCO: 0.17 )
Ranked among companies with meaningful Quick Ratio only.
TSCO' s Quick Ratio Range Over the Past 10 Years
Min: 0.12  Med: 0.21 Max: 0.72
Current: 0.17
0.12
0.72
Days Inventory 116.44
TSCO's Days Inventory is ranked lower than
63% of the 919 Companies
in the Global Specialty Retail industry.

( Industry Median: 89.91 vs. TSCO: 116.44 )
Ranked among companies with meaningful Days Inventory only.
TSCO' s Days Inventory Range Over the Past 10 Years
Min: 100.98  Med: 106.59 Max: 121.39
Current: 116.44
100.98
121.39
Days Sales Outstanding 0.24
TSCO's Days Sales Outstanding is ranked higher than
99% of the 781 Companies
in the Global Specialty Retail industry.

( Industry Median: 13.86 vs. TSCO: 0.24 )
Ranked among companies with meaningful Days Sales Outstanding only.
TSCO' s Days Sales Outstanding Range Over the Past 10 Years
Min: 0.2  Med: 0.21 Max: 0.24
Current: 0.24
0.2
0.24
Days Payable 46.86
TSCO's Days Payable is ranked lower than
61% of the 714 Companies
in the Global Specialty Retail industry.

( Industry Median: 49.16 vs. TSCO: 46.86 )
Ranked among companies with meaningful Days Payable only.
TSCO' s Days Payable Range Over the Past 10 Years
Min: 33.86  Med: 37.97 Max: 50.96
Current: 46.86
33.86
50.96

Dividend & Buy Back

vs
industry
vs
history
Dividend Yield % 1.62
TSCO's Dividend Yield % is ranked lower than
67% of the 1029 Companies
in the Global Specialty Retail industry.

( Industry Median: 2.22 vs. TSCO: 1.62 )
Ranked among companies with meaningful Dividend Yield % only.
TSCO' s Dividend Yield % Range Over the Past 10 Years
Min: 0.2  Med: 0.74 Max: 1.94
Current: 1.62
0.2
1.94
Dividend Payout Ratio 0.30
TSCO's Dividend Payout Ratio is ranked higher than
76% of the 590 Companies
in the Global Specialty Retail industry.

( Industry Median: 0.42 vs. TSCO: 0.30 )
Ranked among companies with meaningful Dividend Payout Ratio only.
TSCO' s Dividend Payout Ratio Range Over the Past 10 Years
Min: 0.12  Med: 0.21 Max: 0.3
Current: 0.3
0.12
0.3
3-Year Dividend Growth Rate 23.40
TSCO's 3-Year Dividend Growth Rate is ranked higher than
86% of the 440 Companies
in the Global Specialty Retail industry.

( Industry Median: 4.00 vs. TSCO: 23.40 )
Ranked among companies with meaningful 3-Year Dividend Growth Rate only.
TSCO' s 3-Year Dividend Growth Rate Range Over the Past 10 Years
Min: 0  Med: 0 Max: 51.8
Current: 23.4
0
51.8
Forward Dividend Yield % 1.67
TSCO's Forward Dividend Yield % is ranked lower than
67% of the 980 Companies
in the Global Specialty Retail industry.

( Industry Median: 2.41 vs. TSCO: 1.67 )
Ranked among companies with meaningful Forward Dividend Yield % only.
N/A
5-Year Yield-on-Cost % 6.52
TSCO's 5-Year Yield-on-Cost % is ranked higher than
81% of the 1260 Companies
in the Global Specialty Retail industry.

( Industry Median: 2.70 vs. TSCO: 6.52 )
Ranked among companies with meaningful 5-Year Yield-on-Cost % only.
TSCO' s 5-Year Yield-on-Cost % Range Over the Past 10 Years
Min: 0.8  Med: 2.98 Max: 7.8
Current: 6.52
0.8
7.8
3-Year Average Share Buyback Ratio 2.20
TSCO's 3-Year Average Share Buyback Ratio is ranked higher than
84% of the 558 Companies
in the Global Specialty Retail industry.

( Industry Median: -0.70 vs. TSCO: 2.20 )
Ranked among companies with meaningful 3-Year Average Share Buyback Ratio only.
TSCO' s 3-Year Average Share Buyback Ratio Range Over the Past 10 Years
Min: -7.7  Med: -0.1 Max: 3.6
Current: 2.2
-7.7
3.6

Valuation & Return

vs
industry
vs
history
Price-to-Net-Current-Asset-Value 44.63
TSCO's Price-to-Net-Current-Asset-Value is ranked lower than
90% of the 478 Companies
in the Global Specialty Retail industry.

( Industry Median: 4.76 vs. TSCO: 44.63 )
Ranked among companies with meaningful Price-to-Net-Current-Asset-Value only.
TSCO' s Price-to-Net-Current-Asset-Value Range Over the Past 10 Years
Min: 1.06  Med: 7.55 Max: 44.63
Current: 44.63
1.06
44.63
Price-to-Tangible-Book 6.60
TSCO's Price-to-Tangible-Book is ranked lower than
83% of the 863 Companies
in the Global Specialty Retail industry.

( Industry Median: 2.06 vs. TSCO: 6.60 )
Ranked among companies with meaningful Price-to-Tangible-Book only.
TSCO' s Price-to-Tangible-Book Range Over the Past 10 Years
Min: 0.48  Med: 3.33 Max: 8.98
Current: 6.6
0.48
8.98
Price-to-Intrinsic-Value-Projected-FCF 1.74
TSCO's Price-to-Intrinsic-Value-Projected-FCF is ranked lower than
65% of the 514 Companies
in the Global Specialty Retail industry.

( Industry Median: 1.30 vs. TSCO: 1.74 )
Ranked among companies with meaningful Price-to-Intrinsic-Value-Projected-FCF only.
TSCO' s Price-to-Intrinsic-Value-Projected-FCF Range Over the Past 10 Years
Min: 1.17  Med: 3.2 Max: 56.71
Current: 1.74
1.17
56.71
Price-to-Intrinsic-Value-DCF (Earnings Based) 0.67
TSCO's Price-to-Intrinsic-Value-DCF (Earnings Based) is ranked higher than
82% of the 93 Companies
in the Global Specialty Retail industry.

( Industry Median: 1.15 vs. TSCO: 0.67 )
Ranked among companies with meaningful Price-to-Intrinsic-Value-DCF (Earnings Based) only.
TSCO' s Price-to-Intrinsic-Value-DCF (Earnings Based) Range Over the Past 10 Years
Min: 0.43  Med: 0.86 Max: 1.26
Current: 0.67
0.43
1.26
Price-to-Median-PS-Value 0.91
TSCO's Price-to-Median-PS-Value is ranked higher than
64% of the 818 Companies
in the Global Specialty Retail industry.

( Industry Median: 1.05 vs. TSCO: 0.91 )
Ranked among companies with meaningful Price-to-Median-PS-Value only.
TSCO' s Price-to-Median-PS-Value Range Over the Past 10 Years
Min: 0.08  Med: 0.55 Max: 1.68
Current: 0.91
0.08
1.68
Price-to-Peter-Lynch-Fair-Value 1.38
TSCO's Price-to-Peter-Lynch-Fair-Value is ranked higher than
55% of the 172 Companies
in the Global Specialty Retail industry.

( Industry Median: 1.45 vs. TSCO: 1.38 )
Ranked among companies with meaningful Price-to-Peter-Lynch-Fair-Value only.
TSCO' s Price-to-Peter-Lynch-Fair-Value Range Over the Past 10 Years
Min: 0.32  Med: 1.07 Max: 1.76
Current: 1.38
0.32
1.76
Price-to-Graham-Number 2.37
TSCO's Price-to-Graham-Number is ranked lower than
71% of the 608 Companies
in the Global Specialty Retail industry.

( Industry Median: 1.51 vs. TSCO: 2.37 )
Ranked among companies with meaningful Price-to-Graham-Number only.
TSCO' s Price-to-Graham-Number Range Over the Past 10 Years
Min: 0.31  Med: 1.68 Max: 3.61
Current: 2.37
0.31
3.61
Earnings Yield (Greenblatt) % 8.10
TSCO's Earnings Yield (Greenblatt) % is ranked higher than
69% of the 975 Companies
in the Global Specialty Retail industry.

( Industry Median: 5.04 vs. TSCO: 8.10 )
Ranked among companies with meaningful Earnings Yield (Greenblatt) % only.
TSCO' s Earnings Yield (Greenblatt) % Range Over the Past 10 Years
Min: 4.7  Med: 6.95 Max: 15.3
Current: 8.1
4.7
15.3
Forward Rate of Return (Yacktman) % 16.72
TSCO's Forward Rate of Return (Yacktman) % is ranked higher than
80% of the 572 Companies
in the Global Specialty Retail industry.

( Industry Median: 4.07 vs. TSCO: 16.72 )
Ranked among companies with meaningful Forward Rate of Return (Yacktman) % only.
TSCO' s Forward Rate of Return (Yacktman) % Range Over the Past 10 Years
Min: 16.1  Med: 20.7 Max: 29.7
Current: 16.72
16.1
29.7

More Statistics

Revenue (TTM) (Mil) $7,220.09
EPS (TTM) $ 3.37
Beta1.00
Short Percentage of Float8.52%
52-Week Range $49.87 - 78.25
Shares Outstanding (Mil)125.56

Analyst Estimate

Dec17 Dec18 Dec19 Dec20
Revenue (Mil $) 7,205 7,674 8,197 8,803
EPS ($) 3.28 3.65 3.95 4.40
EPS without NRI ($) 3.28 3.65 3.95 4.40
EPS Growth Rate
(Future 3Y To 5Y Estimate)
14.80%
Dividends per Share ($) 0.86 0.99 1.29 1.79

Piotroski F-Score Details

Piotroski F-Score: 55
Positive ROAY
Positive CFROAY
Higher ROA yoyN
CFROA > ROAY
Lower Leverage yoyN
Higher Current Ratio yoyN
Less Shares Outstanding yoyY
Higher Gross Margin yoyN
Higher Asset Turnover yoyY

Personalized Checklist

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