Toll Brothers, Inc.

Operative Builders

TOLStrained9 of 11 basics passed

$133.13

-1.26%

Market cap $12.3B

$133.13

-1.26%

Market cap $12.3B

Toll Brothers is the leading luxury homebuilder in the United States with an average sale price well above that of public competitors. The company operates in over 60 markets across 24 states and caters to move-up, active-adult, and second-homebuyers.

It is a $12.3B industrial company. Revenue shrank 20.9% over the last year, and it keeps 11¢ of every dollar of sales as profit. It trades at 10.2× earnings — around the middle of its own history.

Website: tollbrothers.com
Location: Fort Washington, PA
Employees: 4 900
Sector: Industrials
Founded: 1967

Share price · 3 years

$74.14 → $133.13+79.6%

price only — dividends excluded

Key facts · TTM

Revenue: total sales; $10.8B
Profit: keeps 11¢ of every $1 sold; $1.20B
Free cash flow: cash left after running the business; $1.09B
P/E: years of profit in the price; 10.2
EPS: earnings per share, TTM; $12.01
Dividend: pays out 8% of profit · 9% of FCF; 0.79%
Shares: down 43% since 2016 — buybacks; 99.8M
Volatility: beta vs the market — under 1 swings less; 1.32

Revenue, last 7 years

52-week range

Low $124.14$133.13High $166.12

Today's price is 21% of the way from the year's low to its high.

P/E vs its history5y

9.1×median 8.4×

Higher than 59% of past days — around the middle of its own history.

Valuation vs own history

P/E

9.1×

42%

P/S

1.1×

47%

EV/EBITDA

7.8×

48%

P/B

1.4×

49%

FCF yield

8.9%

51%

Share of the last ~5 years that was pricier than today (in line with its own history). Based on the daily valuation record.

Insider activity · 90 days

-$109Knet selling

Purchases$0

Sales$109K

Insiders trading, last 14d0 buy · 0 sell

Standing in Industrials

Size$12.3Btop 73%
Revenue growth+2%top 57%
Net margin11%top 45%
Return on equity14%top 69%
P/E10.2×top 4%
Dividend yield0.79%top 67%

Ranked against 130 Industrials companies with a full CV — for P/E, lower ranks higher.

Skills

Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.

Strong valuation; Health lags behind.

Valuation87

P/E vs own history59th pct · 12/25
FCF yield8.9% · 25/25
P/S1.1x · 25/25
EV/EBITDA8.9x · 25/25

Growth62

Revenue CAGR5.7% · 12/25
Net income CAGR12.7% · 20/25
EPS CAGR ~5Y31.7% · 25/25
Fwd implied growth3.0% · 5/25

Profitability64

ROIC19.2% · 20/25
ROE14.2% · 12/25
Net margin11.1% · 20/25
Operating margin13.8% · 12/25

Health25

Altman Zn/a · 0/25
Current ratio3.86 · 25/25
Interest coverage-8.7x · 0/25
Net cash / debtn/a · 0/25

Quality72

Piotroski F3/9 · 5/25
Beneish M-2.34 · 20/25
FCF conversion91% · 22/25
Margin stabilityσ 3.9% · 25/25

Moat74

ROIC >12% years9/10 yrs · 25/25
Median gross margin24.2% · 6/25
FCF-positive years10/10 yrs · 25/25
Worst-year net marginworst 6.3% · 18/25

How the scores work →

Experience

The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.

FY2024Financial
Best year on record
$1.57B net income
FY2022Financial
Revenue crossed $10B
$10.3B for the year
FY2019Financial
Revenue crossed $1B
$7.22B for the year
FY2016Financial
Profitable every year on record
10 consecutive profitable years in our data
FY2016Financial
Positive free cash flow every year since
10-year streak
1967Founded
Toll Brothers was founded in 1967 in Pennsylvania by Robert I

Achievements

Verifiable track record, straight from the reported numbers.

$10 000 invested in 2021 would be worth ~$21 961 today — price return only

$11.0B revenue in FY2025

Profitable 10 years in a row

Positive free cash flow 10 years in a row

4 900 employees

ROIC of 19.2%

Strengths & watch-outs

What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.

Strengths

High returns on invested capital (ROIC 19.2%)

Watch-outs

Revenue shrinking 20.9% year over year
Thin interest coverage (-8.7×)

Qualifications

The basics a company should meet before you research it further. Each check uses the reported numbers.

9 of 11 checks passed

Revenue growing — the company sells more than a year ago-20.9% YoY
Profitable — makes more than it spends$1.20B TTM
Profit growing — earnings are higher than last year+7.3% YoY
Generates cash — cash left after running and investing$1.09B TTM
Debt under control — could handle its obligationscurrent ratio 3.86
Established company — not a micro-cap — lower blow-up risk$12.3B market cap
Not printing shares — share count not ballooning — you keep your slice-24.0% shares over ~5y
Proven track record — years of profitability behind it10/10 profitable years
Financially stable — balance sheet not near distresshealth score 25/100
Pays a dividend — returns cash to shareholdersyield 0.79%
Valuation not extreme — price not wildly above earningsP/E 10.2

Peer comparisonToll Brothers, Inc. vs 6 largest industrials peers — cap, P/E, growth and margin side by sideOpen ▾

Company	Market cap	P/E	Revenue growth	Net margin	Profile
TOL this company	$12.3B	10.2	-20.9%	11.1%	Strained
LRCX Lam Research Corp	$399.2B	54.9	+26.0%	31.3%	Strong
CAT Caterpillar Inc.	$368.0B	33.9	+18.4%	14.5%	Solid
RTX RTX Corporation	$251.3B	32.4	+11.8%	8.3%	Strained
DE Deere & Company	$167.7B	34.4	+8.3%	10.2%	Solid
ETN Eaton Corporation, plc	$167.2B	43.6	+15.5%	12.8%	Mixed
UNP Union Pacific Corp.	$166.8B	22.6	+4.2%	28.8%	Strained

Head-to-head: TOL vs LRCX · TOL vs CAT · TOL vs RTX

References

What covering analysts publish about the company — information only, not a recommendation.

Strong buy 7Buy 10Hold 5Sell 1

Appendix · Financial records

The full statements behind this CV, FY2016–FY2025. For readers who want to check the numbers.

Profit & lossRevenue $10.8B · net income $1.20B (TTM)Open ▾

Profit & loss

Revenue and profit over the company's career — the income statement, visualised.

How FY2025 revenue flows to profit

RevenueNet income

Revenue (TTM)

$10.8B

YoY -20.9%

Net income (TTM)

$1.20B

Margin 11.1%

Gross margin

24.1%

Operating margin

13.8%

P/E ratio

10.2

Dividend yield

0.79%

Income statement — full detail

Figures in USD billions · EPS in USD

	2020	2021	2022	2023	2024	2025
Revenue	7.1	8.8	10.3	10.0	10.8	11.0
Gross profit	1.4	1.9	2.5	2.6	3.0	2.8
Operating income (EBIT)	0.6	1.0	1.5	1.7	2.0	1.7
Net income	0.4	0.8	1.3	1.4	1.6	1.3
EPS (diluted)	3.40	6.63	10.90	12.36	15.01	13.49

Cash flowFree cash flow $1.09B · operating cash flow $1.19B (TTM)Open ▾

Cash flow statement

Cash generated by the business and what is left after investment — year by year.

Operating cash flowFree cash flow

Free cash flow (TTM)

$1.09B

Margin 10.1%

Operating cash flow (TTM)

$1.19B

FCF margin

10.1%

Cash flow statement — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Operating cash flow	1.0	1.3	1.0	1.3	1.0	1.1
Capital expenditure	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1
Free cash flow	0.9	1.2	0.9	1.2	0.9	1.0
FCF margin	12.7%	14.1%	8.9%	11.9%	8.6%	9.4%

Balance sheetAssets $14.5B · debt n/a (FY2025)Open ▾

Balance sheet

How the balance sheet is built — what it owns versus how it is financed.

How $14.5B of assets is financed

43%

57%

Liabilities $6.23B — borrowed moneyEquity $8.27B — owners' stake

Debt repayment

0.0 yrs

Years of free cash flow to clear net debt

Interest coverage

-8.7x

EBIT ÷ interest expense

ROE

14.2%

Profit per $1 of equity

Balance sheet — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Cash & equivalents	1.4	1.6	1.3	1.3	1.3	1.3
Total assets	11.1	11.5	12.3	12.5	13.4	14.5
Total liabilities	6.1	6.2	6.3	5.7	5.7	6.2
Total debt	—	—	—	—	—	—
Equity	4.9	5.3	6.0	6.8	7.7	8.3
Net debt	—	—	—	—	—	—

Want the live picture — intraday moves, valuation history and full analysis?

Deeper analysis of TOL on PreMarketPrice

Figures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $133.13 · market cap $12.3B.