$Tractor Supply (TSCO.US)$Revenue, operating profit, and net...
$Tractor Supply(TSCO.US$Revenue, operating profit, and net profit continued to grow for 5 years. The 5-year average growth rates were 14.4%, 15.9%, and 21%, respectively, and the 2022 growth rates were 11.6%, 9.8%, and 9.2%, respectively. Interest expenses account for 2% of operating profit in 2022, and the burden is extremely low.
In the first two quarters of 2023, revenue increased 8%, operating profit increased 4.5%, and net profit increased 3.5%.
The balance ratio increased sharply from 49.4% to 70.4% in 2019. Fixed assets were mainly added through long-term rental liabilities of 2 billion dollars. Since then, fixed assets have been increased through this method every year, and the balance ratio has increased all the way to 76.9%.
There are no accounts receivable, the inventory ratio is normal, and there is very little goodwill. Long-term loans of 1,728 billion yuan account for 83% of the 2,087 billion net assets, and the leverage ratio is not low.
Treasury shares are worth 5.211 billion, but in recent years, not only have shares not been cancelled, but the share capital has increased slightly.
Currently, the price-earnings ratio is 23.1, and the price-earnings ratio has dropped slightly to 22.4. There is a certain discount compared to the long-term growth rate, but the valuation is not too low compared to the recent growth rate. Let's wait and see.
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