Tractor Supply Co (TSCO) is fairly valued and Ulta Beauty Inc (ULTA) is fairly valued.
Both trade above our estimate of their intrinsic value. TSCO is the closer of the two: -1%, against -2% for ULTA.
Values as of the 22 Sept 2026 close.
Discounting its cash flows at 8.0% (average of 3 methods) values the shares at $32.48; the price of $32.84 is 1% above that value, and 79% of that value comes from beyond year five.
Leak Score 55/100 on 10 of 12 signals
Discounting its cash flows at 9.4% (average of 3 methods) values the shares at $541.68; the price of $553.86 is 2% above that value, and 75% of that value comes from beyond year five.
Leak Score 67/100 on 9 of 12 signals
| Metric | TSCO | ULTA |
|---|---|---|
| Verdict | Fairly valued | Fairly valued |
| Price | $32.84 | $553.86 |
| Intrinsic value | $32.48 | $541.68 |
| Margin of safety | -1% | -2% |
| Leak Score | 55/100 (10/12) | 67/100 (9/12) |
| Market cap | $17.1B | $23.7B |
| Revenue growth, 5 years | 7.9% | 15.0% |
| Operating margin | 8.9% | 12.6% |
| Net margin | 6.4% | 9.3% |
| Return on equity | 39.5% | 46.1% |
| Debt to equity | 2.49 | 0.95 |
| P/E | 17.1x | 20.2x |
| Forward P/E | 16.1x | 17.2x |
| P/B | 6.5x | 9.0x |
| Dividend yield | 3.0% | — |