Tractor Supply management check
TSCO · Consumer Discretionary · Other Specialty Retail · CEO Harry A. Lawton III
Filings as of
5 good · 2 to watch · 0 flagged, across the seven questions below.
- Good
Have owners done well?
Beat its chosen peers$100 invested at the start of fiscal 2021 grew to $190, against $159 for the peer group the company picked itself.
- Watch
Does pay follow performance?
Pay only loosely tracked returnsOver 5 years, the CEO's pay actually paid (equity valued at the share price) had a correlation of -0.02 with shareholder return. 1 means pay moved in step; below 0, the opposite way.
- Watch
What does the CEO cost owners?
2.9% of net income$32.3m of reported pay in fiscal 2025, against $1.1bn of net income.
- Good
Do they own the stock?
Insiders are buyingThe CEO holds 15,600 shares, directly or through trusts (unvested awards not counted): about 0.0 years of pay. 3 insiders bought $652k on the open market in the last six months, with their own money, near the lows.
- Good
Are owners being diluted?
Share count shrinkingDiluted shares changed -1.5% a year over the last three fiscal years. Stock-based pay was 0.4% of revenue in the latest year.
- Good
Is leadership stable?
4 leadership filings in 3 yearsCEO in the pay table: Harry A. Lawton III. 4 filings under 8-K item 5.02 (officers or directors leaving or joining, or new pay arrangements) in the last 3 years.
- Good
Are the books clean?
No red flags on fileNo restatements, auditor changes or late filings since 2021.
Against the S&P 500
Each check's score (0–100) and how it compares: the share of ranked S&P 500 companies it matches or beats, and the median in Consumer Discretionary.
| Check | Score | At or above | Sector median |
|---|---|---|---|
| Owner returns | 74 | 70 | |
| Pay for performance | 49 | 79 | |
| CEO cost | 11 | 44 | |
| Skin in the game | 20 | 36 | |
| Dilution | 69 | 74 | |
| Stable leadership | 100 | 80 | |
| Clean books | 100 | 100 |
Closest peers
Others in Other Specialty Retail, by management score. Tractor Supply is 34th of 47 in its sector.
- 140ULTAUlta Beauty73
- 303DRIDarden Restaurants61
- 306BBYBest Buy61
- 311TSCOTractor Supply60
- 315DASHDoorDash60
- 324DPZDomino's60
Pay versus performance
From the proxy statement filed March 26, 2026. "Actually paid" values stock awards at the share price, so it rises and falls with the stock.
| Fiscal year | CEO | CEO pay | Actually paid | Other executives (avg) | $100 became | Peers | Net income |
|---|---|---|---|---|---|---|---|
| 2025 | Harry A. Lawton III | $32.3m | $24.9m | $2.7m | $190 | $159 | $1.1bn |
| 2024 | — | $11.8m | $14.8m | $2.3m | $198 | $153 | $1.1bn |
| 2023 | — | $11.4m | $8.4m | $2.2m | $154 | $113 | $1.1bn |
| 2022 | — | $10.5m | $11.7m | $2.4m | $158 | $80 | $1.1bn |
| 2021 | — | $11.1m | $40.2m | $2.8m | $157 | $121 | $997.1m |
The board says pay is tied most to earnings per diluted share. Its other key measures: Earnings per diluted share, Net sales, Relative total stockholder return, Stock price.
Insiders and the CEO's stake
Iii Harry A Lawton (President & CEO) held 15,600 shares directly after their latest Form 4 on Aug 4, 2026, roughly $502k at that filing's price.
3 insiders bought $652k on the open market in the last six months, with their own money, near the lows.
- BoughtIii Harry A LawtonPresident & CEO$502kAug 4, 2026
- BoughtAndre J HawauxDirector$100kAug 3, 2026
- BoughtEdna MorrisDirector$51kAug 4, 2026
Leadership and governance on file
- Aug 7, 2026Leadership change8-K 5.02
- May 15, 2026Leadership change8-K/A 5.02
- Feb 11, 2026Leadership change8-K 5.02
- Nov 5, 2025Leadership change8-K 5.02
- Aug 3, 2023Leadership change8-K 5.02
- Feb 9, 2023Leadership change8-K 5.02
- Jul 5, 2022Leadership change8-K 5.02
Latest shareholder vote results: May 15, 2026, including the say-on-pay vote.
Where the money went
Over 2021–2025: $5.1bn returned to owners in buybacks and dividends, 94% of net income, and $263.9m of pay in stock.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $12.7bn | $14.2bn | $14.6bn | $14.9bn | $15.5bn |
| Net income | $997.1m | $1.1bn | $1.1bn | $1.1bn | $1.1bn |
| Stock-based pay | $47.6m | $53.8m | $57.0m | $48.4m | $57.1m |
| Buybacks | $798.9m | $700.1m | $594.4m | $560.6m | $361.3m |
| Dividends | $239.0m | $409.6m | $449.6m | $472.5m | $487.7m |
| Diluted shares | 116m | 561m | 549m | 540m | 532m |
Educational only, not investment advice. Figures are as filed with the SEC: pay from the proxy's pay-versus-performance table, capital allocation from 10-K XBRL data, insider trades from Form 4s over the last six months, events from the last 5 years of filings. The peer group is the one the company chose. See the method.