Chewy vs Tractor Supply
Tractor Supply is the larger business, with $15.52bn of revenue in fiscal 2025 against $12.60bn for Chewy (1.2 times as much). Chewy grew faster (6.2% against 4.3%). Tractor Supply kept more of each dollar of sales as profit: a net margin of 7.1% against 1.8%. Chewy carries less debt relative to equity (0.0% against 69.0%).
| Latest fiscal year | ChewyCHWY, 2026 | Tractor SupplyTSCO, 2025 |
|---|---|---|
| Revenue | $12.60bn | $15.52bn |
| Revenue growth | 6.2% | 4.3% |
| Net income | $223m | $1.10bn |
| Operating margin | 2.0% | 9.5% |
| Net margin | 1.8% | 7.1% |
| Return on equity | 58.7% | 45.2% |
| Free cash flow | $562m | $740m |
| Cash | $860m | $194m |
| Total debt | $0 | $1.78bn |
| Debt to equity | 0.0% | 69.0% |
| Dividend per share | — | $0.92 |
| Dividend yield | — | 2.7% |
| Share buybacks | $263m | $361m |
| Employees | 18,000 | — |
| Market value | $9.09bn | $18.17bn |
| Price vs our value range | Above our value range | Above our value range |
| Moat score | 28 (Weak) | 71 (Strong) |
| Insider trades, 12 months | 0 buys, 19 sales | 4 buys, 8 sales |