---
title: Tractor Supply (TSCO) — intrinsic value and fair price
canonical: https://sweetvaluelab.com/stocks/tsco
ticker: TSCO
as_of: 2026-10-17
sector: Consumer Cyclical
industry: Specialty Retail
---
# Tractor Supply (TSCO)

Tractor Supply (TSCO) closed at $33.16 on Oct 16, 2026, undervalued by 15% vs its model value of $39.11 (from a five-year discounted cash flow).

## Key figures

| Figure | Value |
| --- | ---: |
| Last close | $33.16 (Oct 16, 2026) |
| Model value (from a five-year discounted cash flow) | $39.11 |
| Price vs model | undervalued by 15% vs model |
| Range of that model | $24.46 – $97.00 |
| Market value | $17.3B |
| P/E (fiscal 2025) | 16.1 |
| Net margin (fiscal 2025) | 7.1% |
| Free cash flow (fiscal 2025) | $740.5M |
| Dividend yield (trailing twelve months) | 2.86% |
| Beta | 0.51 |
| Cost of capital (WACC) | 7.52% |
| Business classification | Dividend Payer (Low/slowing growth (~3% recent), Moderate margins (7% net margin), Pays dividends, Moderately volatile earnings) |

## On the stock lists

| List | Place | Figure | Page |
| --- | ---: | ---: | --- |
| Worst performing this year | #25 | −33.7% | https://sweetvaluelab.com/lists/worst-performing-this-year |
| Insider buying | #25 | $652,394 | https://sweetvaluelab.com/lists/insider-buying |

## Dividends

| Figure | Value |
| --- | ---: |
| Trailing dividend yield | 2.86% |
| Dividends per share, last 12 months | $0.95 |
| Dividends / free cash flow (fiscal 2025) | 65.9% |
| Raised | 15+ years in a row |
| Growth over 5 years | 19.4% a year |
| Latest payment | $0.24, ex-date Aug 24, 2026, paid Sep 8, 2026 |

| Year of payments | Dividends per share |
| --- | ---: |
| To Aug 20, 2021 | $0.39 |
| To Aug 19, 2022 | $0.66 |
| To Aug 25, 2023 | $0.80 |
| To Aug 26, 2024 | $0.87 |
| To Aug 25, 2025 | $0.91 |
| Trailing twelve months (to Aug 24, 2026) | $0.95 |

## Valuation models

Each model's value per share and the role the engine gave it for this business. The headline above is one model's value; every other model is listed with its own, and each has a page of its own under the valuation. Computed Oct 17, 2026.

| Model | Role | Value per share | Low | High |
| --- | --- | ---: | ---: | ---: |
| DCF · Perpetuity growth · 5y | primary | $39.11 | $24.46 | $97.00 |
| DCF · Perpetuity growth · 10y | cross check | $41.35 | $26.58 | $98.83 |
| DCF · EBITDA exit · 5y | cross check | $64.01 | $45.34 | $86.01 |
| DCF · EBITDA exit · 10y | cross check | $62.28 | $42.60 | $88.59 |
| P/E · peers | cross check | $52.46 | $36.64 | $83.96 |
| P/E · own history | cross check | $49.47 | $44.71 | $53.45 |
| PEG | sanity check | $15.48 | $15.48 | $15.48 |
| EV/EBITDA · peers | cross check | $53.89 | $46.89 | $77.62 |
| EV/Revenue · peers | cross check | $38.27 | $36.79 | $46.63 |
| Earnings power value | cross check | $19.37 | $15.66 | $24.93 |
| Dividend discount | cross check | $29.71 | $19.70 | $48.08 |

## Insider activity (SEC Form 4)

Past 90 days: 4 open-market buys ($652,394.4) and 0 open-market sales ($0); 10b5-1 plan sales included.

| Date | Insider | Relationship | Transaction | Shares | Value |
| --- | --- | --- | --- | ---: | ---: |
| Oct 1, 2026 | Ham Margaret M | Director | Grant / award | 555.289 | $17,375 |
| Oct 1, 2026 | Krishnan Ramkumar | Director | Grant / award | 838.926 | $26,250 |
| Sep 4, 2026 | Ham Margaret M | Director | Small acquisition | 84.895 | $2,975.3 |
| Aug 8, 2026 | Ledbetter Samuel Craig | SVP Chief Supply Chain Officer | Tax withholding | 27.545 | $935.8 |
| Aug 5, 2026 | Ledbetter Samuel Craig | SVP Chief Supply Chain Officer | Grant / award | 9,214 | $0 |

## Recent SEC filings

| Filed | Form | What | Filing |
| --- | --- | --- | --- |
| Aug 25, 2026 | 8-K | 1.01 Entry into a Material Agreement; 2.03 Creation of a Direct Financial Obligation; 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/916365/000091636526000065/tsco-20260819.htm |
| Aug 19, 2026 | 424B5 | Prospectus supplement | https://www.sec.gov/Archives/edgar/data/916365/000119312526356239/d75251d424b5.htm |
| Aug 17, 2026 | S-3ASR | Shelf registration (automatic) | https://www.sec.gov/Archives/edgar/data/916365/000119312526353323/d171891ds3asr.htm |
| Aug 7, 2026 | 8-K | 5.02 Departure/Election of Directors or Officers | https://www.sec.gov/Archives/edgar/data/916365/000091636526000063/tsco-20260803.htm |
| Aug 6, 2026 | 10-Q | Quarterly report | https://www.sec.gov/Archives/edgar/data/916365/000091636526000059/tsco-20260627.htm |

## Superinvestors holding it (latest 13F)

| Manager | Quarter | Shares | Value |
| --- | --- | ---: | ---: |
| Jensen | 2026-06-30 | 89,840 | $2.8M |
| Bridgewater | 2026-06-30 | 32,944 | $1.0M |

2 tracked managers in all.

## About

Tractor Supply Company functions as a prominent retailer, catering to the rural lifestyle demographic throughout the United States. Its extensive product catalog encompasses items crucial for the health, well-being, development, and enclosure of equine, livestock, pets, and small animals. Additionally, it stocks a variety of hardware, truck, towing, and tool supplies. Shoppers can also find seasonal goods like heating solutions, gardening equipment, power tools, novelty gifts, and children's toys, alongside workwear, casual apparel, footwear, and essential maintenance products designed for agricultural and general rural applications. These offerings are made available under a diverse portfolio of private label and proprietary brands, including 4health, Producer's Pride, American Farmworks, Red Shed, Bit & Bridle, Redstone, Blue Mountain, Retriever, C.E. Schmidt, Ridgecut, Countyline, Roy…

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Source: https://sweetvaluelab.com/stocks/tsco (SweetValueLab, free, no account). Prices and statements from Financial Modeling Prep; filings from SEC EDGAR. Research and educational data, not investment advice; nothing here is a recommendation to buy, sell or hold any security.