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Tractor Supply Company

TSCO
47
Specialty Retail · Consumer Cyclical
Exchange
NASDAQ
Winston Score
47
Winston is serious
Mixed quality — meaningful strengths and weaknesses.
Data as of Aug 23, 2026 · filings through Jun 27, 2026
How the score breaks down
Quality
Good
Growth
Weak
Cash Flow
Strong
Stability
Strong
Valuation
Strong
Dividends
Mixed

Winston Score History

The full picture

Tractor Supply Company runs a chain of retail stores that sell products for people who live in rural areas or own small farms. Its shelves are stocked with livestock feed, pet food, fencing, tools, work clothing, and outdoor equipment. It is the largest rural lifestyle retailer in the United States, serving hobby farmers, ranchers, and everyday homeowners in small towns and suburbs.

The company makes money by selling products directly to customers in its physical stores and through its website. As of recent reporting, Tractor Supply operates over 2,200 stores across 49 states, giving it a wide geographic footprint that is hard for competitors to replicate in rural markets. Its loyalty program, called Neighbor's Club, has tens of millions of members and helps drive repeat visits. The main growth driver is continued store expansion and deeper penetration into rural communities, while the key risk is that its sales are tied to consumer spending, which can slow during economic downturns.

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Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+2.3% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

-14.8% YoY

YoY Growth Rate

Earnings declining

Insider Activity

0.3%ownership

Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$232M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

Tractor Supply Company is growing revenue at 2% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

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Quality

Profit per sale
Gross Margin
34.2%
Modest — 34.2% gross margin
Profit after running costs
Operating Margin
11.7%
Modest — 11.7% operating margin
Return on the money invested
ROCE
26.7%
Exceptional — 26.7% return on capital

ROIC above 25%. Every dollar invested in the business earns more than 25 cents back per year.

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Growth

Sales growth
Sales YoY
+4.0%
Slow sales growth (+4.0% YoY)
Profit growth
EPS YoY
-5.9%
Earnings shrinking (-5.9% YoY)

Slight earnings drop. Typical near a cyclical low.

How steady the profit is
EPS Consistency
2/8 quarters
Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash
Cash Conversion
127%
Turns 127% of profit into real cash
Spare cash per sale
FCF Margin
1.9%
Thin free cash flow (1.9%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns
Debt / Equity
1.00
Moderate — manageable debt (1.00)
Covers its interest
Interest Cover
20.73x
Comfortably covers interest (20.7x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
18.2x
no trend
Fair value — P/E 18.2

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year
P/E vs Forward
+4.5
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (18.2 → 13.7)

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Dividends

Dividend
Dividend Yield
3.03%
no trend
Moderate income — 3.03% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record
Dividend Growth
-64.7%
no trend
Dividend cut (-64.7% YoY) — warning sign

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