Toast, Inc.
$34.68
+1.16 (+3.46%) · delayed · Nov 13, 2026
Five-year price
52w $22.26 to $37.43
- Market cap
- $21.1B
- Enterprise value
- $19.7B
- P/E
- 61.9×
- 867.0× on 3y avg EPS
- EV / EBIT
- 67.5×
- FCF yield
- 2.9%
- ROIC
- 37.4%
- Debt / equity
- —
- Piotroski F
- 7/9
Value scorecard · FY2025
Does it pass the value tests?
Quality
33
- ○ROIC > 12% (5y avg)5y avg ROIC -23.6%
- ○ROE > 15% (5y avg)5y avg ROE -14.6%
- ○Stable operating marginsMargin volatility 7.4% (σ, 5y)
- ●Earnings convert to cashFCF / net income 894% (5y avg)
- ●Growing revenueRevenue CAGR 5y 49.5%
- ○Shrinking share countDiluted shares 203.5% over 5y
Value
0
- ○P/E below 15P/E 61.9
- ○EV/EBIT below 12EV/EBIT 67.5
- ○FCF yield above 6%FCF yield 2.9%
- ○Price below Graham NumberGraham Number $6.64
- ○P/B below 3P/B 9.9
Safety
100
- –Debt / equity below 0.5D/E n/a
- ●Debt payable in < 4 yrs of earningsNet debt $-1.4B
- –Interest coverage > 8xCoverage n/ax
- ●Current ratio > 1.5Current ratio 2.75
- ●Piotroski F-score ≥ 6F-score 7/9
Graham Defensive
40
- ●Adequate size (revenue > $2B)Revenue $6.2B
- ●Strong condition (current ratio ≥ 2)Current ratio 2.75
- –Earnings stability (no loss, 10y)7 years of data
- ○Uninterrupted dividendsDividends paid every year on record
- –Earnings growth ≥ 33% (10y, 3y avgs)n/a
- ○Moderate P/E (≤ 15 on 3y avg EPS)P/E (3y avg) 867.0
- ○P/E × P/B ≤ 22.5Product 8592.8
Valuation lab
What do you have to believe?
At $34.68, the market is pricing in about 12.0% annual free-cash-flow growth for the next decade (9% discount rate, 2.5% terminal growth).
Starting cash flow
Net debt −$1.4B · 607M shares · 5y revenue CAGR 49.5%
Intrinsic value
$61.19
Price
$34.68
Margin of safety
43%
What the price implies
The market is paying for 12.0% annual cash-flow growth for 10 years at a 9.0% discount rate.
Terminal value share
70% of the value sits beyond year 10. That means the answer depends mostly on the long-run assumptions.
Financial statements
A decade of the record.
USD millions · fiscal years · source: SEC 10-K XBRL
| Line item | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|
| Revenue | 665 | 823 | 1,705 | 2,731 | 3,865 | 4,960 | 6,153 |
| Gross profit | 62 | 140 | 314 | 511 | 834 | 1,190 | 1,593 |
| Operating income | (213) | (220) | (228) | (384) | (287) | 16 | 292 |
| Operating margin | -32.0% | -26.7% | -13.4% | -14.1% | -7.4% | 0.3% | 4.7% |
| Pre-tax income | (212) | (248) | (490) | (277) | (244) | 22 | 346 |
| Income tax | (3) | 0 | (3) | (2) | 2 | 3 | 4 |
| Net income | (209) | (248) | (487) | (275) | (246) | 19 | 342 |
| EPS (diluted) | -1.08 | -1.25 | -1.68 | -0.72 | -0.47 | 0.03 | 0.56 |
| Diluted shares | 195 | 200 | 290 | 512 | 533 | 591 | 607 |
Who owns it