Tractor Supply vs Ulta Beauty
Tractor Supply is the larger business, with $15.52bn of revenue in fiscal 2025 against $12.39bn for Ulta Beauty (1.3 times as much). Ulta Beauty grew faster (9.7% against 4.3%). Ulta Beauty kept more of each dollar of sales as profit: a net margin of 9.3% against 7.1%.
| Latest fiscal year | Tractor SupplyTSCO, 2025 | Ulta BeautyULTA, 2026 |
|---|---|---|
| Revenue | $15.52bn | $12.39bn |
| Revenue growth | 4.3% | 9.7% |
| Net income | $1.10bn | $1.15bn |
| Operating margin | 9.5% | — |
| Net margin | 7.1% | 9.3% |
| Return on equity | 45.2% | 43.6% |
| Free cash flow | $740m | $1.07bn |
| Cash | $194m | $424m |
| Total debt | $1.78bn | $62.3m |
| Debt to equity | 69.0% | — |
| Dividend per share | $0.92 | — |
| Dividend yield | 2.7% | — |
| Share buybacks | $361m | $901m |
| Employees | — | — |
| Market value | $18.17bn | $27.06bn |
| Price vs our value range | Above our value range | Within our value range |
| Moat score | 71 (Strong) | 72 (Strong) |
| Insider trades, 12 months | 4 buys, 8 sales | 0 buys, 4 sales |