Forensic Analysis · Retail / Consumer Discretionary · as of Aug 8, 2026

Tractor Supply Co /De/ (TSCO)

A forensic read on Tractor Supply Co /De/ built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

A · High-quality compounder

Forensic grade

Safe

Financial health

5.9

Distress distance

Clean

Earnings quality

Forensic signals

17.7

P / E (ttm)

42.5%

ROE

$17.9B

Market cap

2.82%

Dividend yield

4.3%

Revenue growth

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

Tractor Supply Co /De/ earns an A (High-quality compounder) forensic quality grade, and its balance-sheet distress test reads 5.9, placing it in the Safe zone. 2 forensic signals were flagged in its latest SEC filings, led by shareholder returns.

What the filings flag

115% of FCF

FY2025

Shareholder returns. Returned $849M to shareholders (buybacks + dividends) in FY2025 — 115% of free cash flow, but 52% of operating cash flow. Returns run ahead of free cash flow because the business is also funding heavy growth capex (usually debt-financed); the payout itself is covered by operating cash — sustainable as long as that spending is genuine expansion, not upkeep. Counting the $57M of stock-based comp paid out in shares on top of that, the combined claim on free cash flow is 122%.

$61M

FY2020–FY2020

Goodwill impairments. Took $61M of goodwill writedowns across 1 year (FY2020 ($61M)) — about 8% of net income over the span. Writedowns mean past acquisitions underperformed what was paid for them.

Key fundamentals

Latest Revenue$15.52B

Revenue Growth YoY+4.3%

Revenue CAGR (3yr)+3.0%

Net Margin7.1%

Free Cash Flow$740.5M

Return on Equity42.5%

Debt / Equity0.68x

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Data from SEC EDGAR public filings · metrics as of Aug 8, 2026. Forensic signals flag probability, not certainty.