TOST
Toast, Inc.
Next earnings Aug 3, 2026 (after close) · consensus $0.21 EPS, $1.91B rev
Last earnings +3.8% on 2026-05-07
$28.82
▲ +2.34%$28.82▼ -34.34%
over 1Y
L $22.33H $48.84
Earnings Dividend Split Congress buy Congress sellGrouped by date · hover a pin to expand
Today+2.3%
1W+11.8%
1M+9.4%
3M+8.9%
YTD-15.3%
1Y-34.3%
Buy
Conviction
Horizon
Long (>12mo)
12-mo target
$•••
Street · 36 analysts
Buy
Restaurant OS hit an inflection — 24% revenue growth, first real profits, 16% ROE, no debt and surging cash flow at a fair 44x.
Revenue (FY2025) $6.15B · FY2025
The read
The fundamentals carry the rating, but the price is rich (~26% above our fair-value estimate) — a quality-at-a-price call. The case rests on the business, not the entry; patient buyers may wait for a pullback.
Toast has reached the profitability inflection that long-suffering SaaS-fintech investors wait for. FY2025 revenue grew 24.1% to $6.15B while net income exploded to $342M from just $19M in FY2024 — and from losses every year through FY2023. This is not a one-off: operating income rose to $292M (from ~$16M), gross profit climbed 33.9% to $1.59B, and operating cash flow jumped 83.6% to $661M against only $53M of capex. ROE is already a healthy 16.1% and the balance sheet is pristine — $1.35B cash (up 49.8%), no long-term debt, and liabilities-to-equity of just 0.48x.
The operating metrics confirm the model is compounding. The platform reached ~164,000 live Locations (up 22%) processing ~$195B of gross payment volume (GPV up 23%), and Annualized Recurring Run-Rate hit $2.05B (up 26%). As an all-in-one restaurant operating system spanning POS, payments, hardware and SaaS, Toast benefits from a powerful flywheel: more locations drive more GPV, which drives fintech revenue, while the subscription layer adds recurring, higher-margin ARR. Margins should keep expanding as the fixed R&D base ($374M, up just 6.6%) is leveraged over a fast-growing top line.
Is TOST a buy? The one-page verdict, explained →
The options angle
model · matches our verdictBull call spread (wide)~90d expiry
- Long call 29 @ ~3.96 est
- Short call 33 @ ~2.52 est
debit $144max +$256max −$144BE 30.44
High-conviction BUY: a wider spread keeps more of the upside while the short call still cuts cost and decay.
Educational template, not a trade recommendation. Strikes and premiums are Black-Scholes model estimates from the last close and 30-day realized volatility — real chains, spreads and IV will differ. Options involve substantial risk.
Financials · annual, by fiscal year
| Line item | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | $1.71B | $2.73B | $3.87B | $4.96B | $6.15B |
| Gross profit | $314M | $511M | $834M | $1.19B | $1.59B |
| Operating income | -$228M | -$384M | -$287M | $16.0M | $292M |
| Net income | -$487M | -$275M | -$246M | $19.0M | $342M |
| Diluted EPS | -$1.68 | -$0.72 | -$0.47 | $0.03 | $0.56 |
| Net margin | -28.6% | -10.1% | -6.4% | 0.4% | 5.6% |
Annual figures from SEC 10-K XBRL filings. Open the filing links below for full statement detail.
Key statistics
Valuation
Enterprise value$15.4B
EV / EBITDA43.2
EV / Sales2.5
EV / FCF25.3
P / FCF27.5
PEG (trailing)0.03
Earnings yield2.0%
FCF yield3.6%
Quality & risk
ROIC (est.)10.9%
Free cash flow$608M
Total debt$0.00
Net cash$1.35B
Altman Z-Score12.17 safe
Piotroski F-Score7/9
Capital returns
Buyback yield0.6%
Dividend yield (est.)—
Shareholder yield0.6%
Shares Δ YoY+4.1%
Computed from SEC XBRL annual figures + the current quote. EV and ROIC use long-term + current debt where filed; estimates, not investment advice.
Disclosure timeline
SEC · 8-Ks + reportsSome governance/structural items recently, but no outright red flags.
Recent filings
all on EDGAR ↗144Filing2026-07-02open ↗144Filing2026-07-02open ↗144Filing2026-07-02open ↗144Filing2026-07-02open ↗144Filing2026-07-02open ↗4Period ending 2026-06-122026-06-16open ↗4Period ending 2026-06-122026-06-16open ↗4Period ending 2026-06-122026-06-16open ↗4Period ending 2026-06-122026-06-16open ↗4Period ending 2026-06-122026-06-16open ↗4Period ending 2026-06-122026-06-16open ↗4Period ending 2026-06-122026-06-16open ↗
Frequently asked
- Is Toast, Inc. (TOST) a buy?
- TOST currently carries a Buy rating with 4/5 conviction, derived from its latest SEC filings. Restaurant OS hit an inflection — 24% revenue growth, first real profits, 16% ROE, no debt and surging cash flow at a fair 44x.
- What is TOST's fair value?
- A Modified-Graham model based on TOST's SEC fundamentals estimates a fair value of about $21.28. It is an estimate from reported earnings, not a price target.
- Is TOST overvalued or undervalued?
- Against a Modified-Graham fair-value estimate, TOST currently appears overvalued relative to its SEC-grounded earnings power.
- What is Toast, Inc.'s quality score?
- TOST scores 67.01159216258807/100 (grade B-) on a SEC-grounded quality model spanning value, growth, profitability, financial health and momentum.
Sources: SEC EDGAR (CIK 0001650164, latest 10-Q filed 2026-05-08) · EODHD · Proprietary analysis · as of 6/21/2026, 8:44:35 PM.
About this recommendation — produced by TENK/calls (tenkcalls.com), Luxembourg · not investment advice
AI-generated analysis, produced by our proprietary engine from SEC filing data.
Investment recommendation produced by TENK/calls (tenkcalls.com), Luxembourg. Completed Jun 21, 2026, 4:44 PM ET. Ratings & methodology: definitions · All recommendations to date: track record · Conflicts: disclosures. Not investment advice.
Research and education only — not financial advice. TENKis not a registered investment adviser or broker-dealer and gives no personalized advice. Every call is impersonal — identical for all users, generated on a schedule from SEC filings plus a delayed/third-party price feed — may be wrong or out of date, and is not a recommendation to buy or sell any security. The operator and an affiliated trading operation may hold or trade the securities TENK rates; see Disclosures. Past performance does not guarantee future results. Do your own research.