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Tractor Supply key statistics and ratios

In fiscal 2025, Tractor Supply had return on equity of 45.2%, an operating margin of 9.5%, debt equal to 69.0% of equity and a current ratio of 1.34. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year2009Dec 20092010Dec 20102011Dec 20112012Dec 20122013Dec 20132014Dec 20142015Dec 20152016Dec 20162017Dec 20172018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMJun 2026
Gross margin32.5%33.1%33.2%33.6%34.0%34.1%34.4%34.3%34.3%34.2%34.4%35.4%35.2%35.0%35.9%36.3%36.4%36.5%
Operating margin6.0%7.3%8.3%9.4%10.0%10.3%10.4%10.2%9.5%8.9%8.9%9.4%10.3%10.1%10.2%9.9%9.5%8.5%
Net margin3.7%4.6%5.3%5.9%6.4%6.5%6.6%6.4%5.8%6.7%6.7%7.1%7.8%7.7%7.6%7.4%7.1%6.4%
Free-cash-flow margin4.4%3.5%2.1%4.8%2.2%4.4%3.5%6.3%5.3%5.3%7.1%10.4%4.0%4.1%4.0%4.3%4.8%1.9%
Return on equity15.4%19.6%22.9%27.2%28.9%29.2%30.5%30.7%29.4%35.7%35.9%42.9%50.8%53.8%52.8%49.8%45.2%38.8%
Return on assets9.4%12.3%14.6%16.7%18.2%18.8%18.6%17.3%15.2%17.9%13.4%12.1%13.5%13.4%12.5%11.6%10.6%8.8%
Asset turnover2.512.662.772.832.862.902.832.692.622.661.991.721.721.751.651.571.501.36
Current ratio2.182.452.372.022.272.112.141.951.951.911.431.871.571.331.501.431.341.33
Debt to equity——0.0%0.0%0.0%0.0%10.8%18.9%30.1%26.2%25.4%52.0%49.9%57.7%81.4%81.5%69.0%82.5%
Interest cover (operating income ÷ interest)116.5x—169.0x————119.5x49.5x38.2x37.5x34.6x49.1x46.8x31.8x26.9x21.2x19.8x
Effective tax rate37.0%36.6%36.5%36.6%36.2%36.9%36.6%36.5%37.2%22.1%22.3%22.6%22.1%22.5%22.7%22.1%21.6%20.5%
SG&A as % of revenue24.4%23.8%23.0%22.3%22.1%21.8%22.0%22.0%22.6%23.0%23.1%23.3%22.8%22.5%23.1%23.4%23.8%24.3%
Capital spending as % of revenue2.3%2.7%3.9%3.3%4.2%2.8%3.8%3.3%3.5%3.5%2.6%2.8%4.9%5.4%5.2%5.3%5.8%6.2%
Free cash flow ÷ net income118.0%75.1%39.5%81.5%35.2%67.0%53.5%97.2%90.2%78.1%105.7%146.9%51.2%53.6%52.4%57.8%67.6%30.3%
Dividends ÷ net income0.0%12.1%13.9%18.6%20.9%22.7%25.1%28.0%31.7%27.6%28.9%23.3%24.0%37.6%40.6%42.9%44.5%48.9%
Dividends and buybacks ÷ free cash flow10.8%46.4%239.6%143.4%171.4%153.9%180.1%106.9%132.1%119.5%117.1%47.0%203.4%190.1%180.0%162.2%114.6%306.3%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

3 of 7 checks passed · June 27, 2026
What it owns · $12.2bn
Short-term assets $4.3bnLonger-term assets $7.9bn
What it owes, and who funded it · $12.2bn
Short-term liabilities $3.2bnLonger-term liabilities $6.3bnShareholders' equity $2.6bn
  • Short-term assets cover short-term liabilities $4.3bn of assets due within a year against $3.2bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $4.3bn short-term assets against $6.3bn of longer-dated liabilities.
  • More cash than debt $232m of cash against $2.2bn of debt.
  • Debt below 40% of shareholders' equity Debt is 82% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 49% to 82% over five years.
  • A year's operating cash flow covers at least 20% of debt $1.3bn of operating cash flow against $2.2bn of debt.
  • Operating profit covers interest at least five times over Operating income of $1.3bn against $68m of interest.

From Tractor Supply's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

71 /100

Strong moat

How hard Tractor Supply's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 19 / 20

    Net income has been a median 11.5% of total assets over 10 years.

  • Pricing power 13 / 20

    Gross margin has been a median 35.2%, moving by 0.8 percentage points (standard deviation) across 10 years.

  • Durability 12 / 20

    Operating margin has been a median 9.8%; its worst year was 8.5%.

  • Cash conversion 13 / 20

    Free cash flow was positive in 10 of 10 years, at a median 5.4% of revenue.

  • Discipline 20 / 20

    The diluted share count fell 13.6% over five years; stock-based pay has been a median 0.4% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (76 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Compare with peers

Head to head: CHWY vs TSCOTSCO vs ULTADKS vs TSCO

More: Other Specialty Retail stocks compared, Consumer Discretionary sector, rankings of US companies

Figures from Tractor Supply's SEC filings (10-K and 10-Q), retrieved October 20, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Tractor Supply.