Originally written May 23rd, 2022:
2020 was not a bad year for some brick and mortar retailers in the U.S. Just take a look at top line revenue figures for the big public names.
Wal-Mart? Up 7%. Target? Up 20%? Dollar General? Up 22%.
Tractor Supply, though, had them all beat. 2020 was a +27% sales growth year for TSCO, and the double-digit rate of sales expansion has continued since then.
During the early months of the pandemic, Tractor Supply proved its critical role in the supply lifecycle of rural customers (farmers, livestock owners, and pet owners). The brand has continued its upward run.
TSCO has a 13% EBITDA margin, a 11.0x EV/EBITDA valuation, and modest capex as a % of EBITDA. What do you think about TSCO? Let us know in the comments. We’ll continue covering it going forward.