Toast, Inc.

Services-Computer Processing & Data Preparation

TOSTStrained7 of 10 basics passed

$31.42

+2.92%

Market cap $18.2B

$31.42

+2.92%

Market cap $18.2B

Toast Inc is a cloud-based, all-in-one digital technology platform purpose-built for the restaurant community.

It is a $18.2B technology company. Revenue grew 23.0% over the last year, it keeps 7¢ of every dollar of sales as profit, and it holds more cash than debt. It trades at 37.4× earnings — in the cheapest third of its own history.

Website: toasttab.com
Location: Boston, MA
Employees: 6 500
Sector: Technology

Share price · 3 years

$18.05 → $31.42+74.1%

price only — dividends excluded

Key facts · TTM

Revenue: total sales; $6.80B
Profit: keeps 7¢ of every $1 sold; $486M
Free cash flow: cash left after running the business; $576M
Net cash: more cash than debt; $1.33B
P/E: years of profit in the price; 37.4
EPS: earnings per share, TTM; $0.80
Shares: up 110% since 2021 — dilution; 607.0M
Volatility: beta vs the market — under 1 swings less; 1.75

Revenue, last 5 years

52-week range

Low $22.33$31.42High $39.02

Today's price is 54% of the way from the year's low to its high.

P/E vs its history2y

37.2×median 75.6×

Higher than 17% of past days — in the cheapest third of its own history.

Valuation vs own history

P/E

37.2×

83%

P/S

2.7×

91%

P/B

8.8×

59%

FCF yield

3.2%

82%

Share of the last ~5 years that was pricier than today (cheaper than usual). Based on the daily valuation record.

Insider activity · 90 days

-$1.88Mnet selling

Purchases$0

Sales$1.88M

Insiders trading, last 14d0 buy · 5 sell

Standing in Technology

Size$18.2Btop 61%
Revenue growth+31%top 10%
Net margin7%top 70%
Return on equity24%top 36%
P/E37.4×top 57%

Ranked against 220 Technology 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 quality; Moat lags behind.

Valuation62

P/E vs own history17th pct · 25/25
FCF yield3.2% · 12/25
P/S2.7x · 20/25
EV/EBITDA35.6x · 5/25

Growth50

Revenue CAGR37.8% · 25/25
Net income CAGRn/a · 0/25
EPS CAGR ~5Yn/a · 0/25
Fwd implied growth64.2% · 25/25

Profitability63

ROIC43.2% · 25/25
ROE23.8% · 20/25
Net margin7.1% · 13/25
Operating margin6.3% · 5/25

Health50

Altman Zn/a · 0/25
Current ratio2.40 · 25/25
Interest coverage-3.3x · 0/25
Net cash / debtNet cash · 25/25

Quality87

Piotroski F8/9 · 25/25
Beneish M-2.63 · 25/25
FCF conversion119% · 25/25
Margin stabilityσ 8.3% · 12/25

Moat16

ROIC >12% years1/4 yrs · 0/25
Median gross margin21.6% · 6/25
FCF-positive years3/5 yrs · 10/25
Worst-year net marginworst -28.6% · 0/25

How the scores work →

Experience

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

FY2025Financial
Best year on record
$342M net income
FY2024Financial
Turned profitable
$19.0M net income after a loss year
FY2021Financial
Revenue already above $1B
$1.71B in first reported year

Achievements

Verifiable track record, straight from the reported numbers.

$10 000 invested in 2021 would be worth ~$5 723 today — price return only

$6.2B revenue in FY2025

Revenue up 23.0% year over year

Positive free cash flow 3 years in a row

6 500 employees

ROIC of 43.2%

Strengths & watch-outs

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

Strengths

Revenue growing 23.0% year over year
Net cash position after subtracting debt from cash
High returns on invested capital (ROIC 43.2%)
Piotroski F-Score 8/9 — fundamentally strong checklist

Watch-outs

Thin interest coverage (-3.3×)
Loss-making in 3 of the recent years

Qualifications

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

7 of 10 checks passed

Revenue growing — the company sells more than a year ago+23.0% YoY
Profitable — makes more than it spends$486M TTM
Profit growing — earnings are higher than last year+1700.0% YoY
Generates cash — cash left after running and investing$576M TTM
Debt under control — could handle its obligationsmore cash than debt
Established company — not a micro-cap — lower blow-up risk$18.2B market cap
Not printing shares — share count not ballooning — you keep your slice+109.6% shares over ~5y
Proven track record — years of profitability behind it2/5 profitable years
Financially stable — balance sheet not near distresshealth score 25/100
Pays a dividend — returns cash to shareholdersno data
Valuation not extreme — price not wildly above earningsP/E 37.4

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

Company	Market cap	P/E	Revenue growth	Net margin	Profile
TOST this company	$18.2B	37.4	+23.0%	7.1%	Strained
NVDA Nvidia Corp	$5.5T	28.6	+83.4%	63.7%	Mixed
AAPL Apple Inc.	$4.9T	38.1	+14.2%	27.6%	Strong
GOOGL Alphabet Inc.	$4.3T	17.6	+20.1%	54.8%	Mixed
MSFT Microsoft Corp	$4.0T	29.7	+17.8%	40.3%	Strong
SPCX Space Exploration Technologies Corp.	$2.1T	—	+33.2%	-34.0%	Strained
META Meta Platforms, Inc.	$1.8T	26.9	+27.7%	29.8%	Mixed

Head-to-head: TOST vs NVDA · TOST vs AAPL · TOST vs GOOGL

References

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

Strong buy 7Buy 19Hold 12

Appendix · Financial records

The full statements behind this CV, FY2021–FY2025. For readers who want to check the numbers.

Profit & lossRevenue $6.80B · net income $486M (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)

$6.80B

YoY 23.0%

Net income (TTM)

$486M

Margin 7.1%

Gross margin

26.7%

Operating margin

6.3%

P/E ratio

37.4

Income statement — full detail

Figures in USD billions · EPS in USD

	2021	2022	2023	2024	2025
Revenue	1.7	2.7	3.9	5.0	6.2
Gross profit	0.3	0.5	0.8	1.2	1.6
Operating income (EBIT)	-0.2	-0.4	-0.3	0.1	0.3
Net income	-0.5	-0.3	-0.2	0.0	0.3
EPS (diluted)	-1.68	-0.53	-0.46	0.03	0.56

Cash flowFree cash flow $576M · operating cash flow $635M (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)

$576M

Margin 8.5%

Operating cash flow (TTM)

$635M

FCF margin

8.5%

Cash flow statement — full detail

Figures in USD billions

	2021	2022	2023	2024	2025
Operating cash flow	0.0	-0.2	0.1	0.4	0.7
Capital expenditure	-0.0	-0.0	-0.0	-0.1	-0.1
Free cash flow	-0.0	-0.2	0.1	0.3	0.6
FCF margin	-0.6%	-6.9%	2.4%	6.2%	9.9%

Balance sheetAssets $3.15B · net cash $1.33B (FY2025)Open ▾

Balance sheet

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

How $3.15B of assets is financed

32%

68%

Liabilities $1.02B — borrowed moneyEquity $2.12B — owners' stake

Cash vs debt

Total debt $20.0M − cash $1.35B = net cash $1.33B

Cash on hand covers all debt.

Debt repayment

Not needed

Cash already covers all debt

Interest coverage

-3.3x

EBIT ÷ interest expense

ROE

23.8%

Profit per $1 of equity

Balance sheet — full detail

Figures in USD billions

	2021	2022	2023	2024	2025
Cash & equivalents	1.3	1.0	1.1	0.9	1.4
Total assets	1.7	1.8	2.0	2.4	3.1
Total liabilities	0.6	0.7	0.8	0.9	1.0
Total debt	0.0	0.1	0.0	0.0	0.0
Equity	1.1	1.1	1.2	1.5	2.1
Net debt	-1.3	-0.9	-1.1	-0.9	-1.3

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

Deeper analysis of TOST 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 $31.42 · market cap $18.2B.