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Tractor Supply CoLTS:0REL 81 Net-Net Working Capital is €-12.48 as of Jun. 2026. GuruFocus rates LTS:0REL with a GF Score™ of 81/100 and a GF Value™ of €50.04 (Significantly Undervalued). The stock has 3 warning signs investors should review. Among 330 Retail - Cyclical companies, Tractor Supply Co ranks worse than 303030% on this metric.
In calculating the Net-Net Working Capital (NNWC), Benjamin Graham assumed that a company's accounts receivable is only worth 75% its value, its inventory is only worth 50% of its value, but its liabilities have to be paid in full. In addition, Graham believed that preferred stock belongs on the liability side of the balance sheet, not as part of capital and surplus. This is a conservative way of estimating the company's value.
Tractor Supply Co's Net-Net Working Capital for the quarter that ended in Jun. 2026 was €-12.48.
The industry rank for Tractor Supply Co's Net-Net Working Capital or its related term are showing as below:
LTS:0REL's Price-to-Net-Net-Working-Capital is not ranked *
in the Retail - Cyclical industry.
Industry Median: 6.39 * Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.
Tractor Supply Co (LTS:0REL) Net-Net Working Capital Explanation
One research study, covering the years 1970 through 1983 showed that portfolios picked at the beginning of each year, and held for one year, returned 29.4 percent, on average, over the 13-year period, compared to 11.5 percent for the S&P 500 Index. Other studies of Graham's strategy produced similar results.
Benjamin Graham looked for companies whose market values were less than two-thirds of their net-net value. They are collected under our Net-Net screener.
Tractor Supply Co Net-Net Working Capital Related Terms
Tractor Supply Co Net-Net Working Capital Historical Data
* Premium members only.
The historical data trend for Tractor Supply Co's Net-Net Working Capital can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
LTS:0REL vs BBY, DKS, ULTA: Net-Net Working Capital Comparison
For the Specialty Retail subindustry, Tractor Supply Co's Price-to-Net-Net-Working-Capital, along with its competitors' market caps and Price-to-Net-Net-Working-Capital data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Tractor Supply Co Price-to-Net-Net-Working-Capital vs Retail - Cyclical Industry
For the Retail - Cyclical industry and Consumer Cyclical sector, Tractor Supply Co's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Tractor Supply Co's Price-to-Net-Net-Working-Capital falls into.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
In calculating the Net-Net Working Capital (NNWC), Benjamin Graham assumed that a company's accounts receivable is only worth 75% its value, its inventory is only worth 50% of its value, but its liabilities have to be paid in full.
In addition, Graham believed that preferred stock belongs on the liability side of the balance sheet, not as part of capital and surplus. In "Security Analysis", preferred stock is dubbed "an imperfect creditorship position" that is best placed on the balance sheet alongside funded debt.
This is a conservative way of estimating the company's value.
What does a Net-Net Working Capital of €-12.48 mean?
Tractor Supply Co (LTS:0REL) has a Net-Net Working Capital of €-12.48 as of Jun. 2026. Ben Graham defined net-net working capital as the per-share sum of cash, 75% of receivables and 50% of inventory less total liabilities. View historical data on Tractor Supply Co According to the industry distribution chart, Tractor Supply Co ranks #999999 out of 330 companies in the Retail - Cyclical industry.
Is Tractor Supply Co's Net-Net Working Capital too high?
Tractor Supply Co's current Net-Net Working Capital is €-12.48. Based on the distribution chart, Tractor Supply Co ranks #999999 out of 330 companies in the Retail - Cyclical industry, which is in the bottom quartile relative to peers. Overall, Tractor Supply Co has a GF Score™ of 81/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Tractor Supply Co's Net-Net Working Capital compare to BBY and DKS?
According to the Retail - Cyclical industry distribution chart, Tractor Supply Co ranks #999999 out of 330 companies for Net-Net Working Capital. This places Tractor Supply Co in the lower half of its industry. The industry median Net-Net Working Capital is 6.39. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Net-Net Working Capital for a Retail - Cyclical company?
The median Net-Net Working Capital among Retail - Cyclical companies is 6.39, based on 330 companies in the industry. Companies in the top quartile (top 25%) have a Net-Net Working Capital significantly above this median, while those in the bottom quartile fall well below. However, Net-Net Working Capital should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Net-Net Working Capital mean?
A high Net-Net Working Capital can signal that a stock is expensive relative to its fundamentals. Ben Graham defined net-net working capital as the per-share sum of cash, 75% of receivables and 50% of inventory less total liabilities. View historical data on Tractor Supply Co For the Retail - Cyclical industry, the median Net-Net Working Capital is 6.39 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Tractor Supply Co's current Net-Net Working Capital is €-12.48. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Tractor Supply Co stock overvalued right now?
Based on GuruFocus' analysis, Tractor Supply Co (LTS:0REL) is currently considered Significantly Undervalued. The stock's GF Value™ is €50.04, compared to a current price of €29.18 — trading 41.7% below its estimated fair value. The current Net-Net Working Capital is €-12.48. Tractor Supply Co's overall GF Score™ is 81/100 with 3 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Net-Net Working Capital calculated?
Net-Net Working Capital is calculated from a company's financial statements. For Tractor Supply Co (LTS:0REL), the current Net-Net Working Capital is €-12.48 as of Jun. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Tractor Supply Co (LTS:0REL) Overvalued in 2026?
Based on GuruFocus' analysis, Tractor Supply Co stock appears to be undervalued.
The current stock price of €29.18 is trading 41.7% below its estimated GF Value™ of €50.04.
GuruFocus considers Tractor Supply Co to be Significantly Undervalued.
Key valuation signals for LTS:0REL:
Net-Net Working Capital: €-12.48
GF Value™: €50.04 vs. price of €29.18 (41.7% below fair value)
No single metric tells the full story. See the LTS:0REL stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
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. As of March 2026, the company operated 2,435 of its namesake banners in 49 states, along with 206 Petsense by Tractor Supply stores. Stores are generally concentrated in rural communities rather than urban and suburban areas. In fiscal 2025, revenue consisted of livestock, equine & agriculture (around 27%); companion animal (24%); seasonal & recreation (around 24%); truck, tool, & hardware (15%); and clothing, gift, and décor (10%).
81GF Score
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