Toll Brothers, Inc. (TOL) intrinsic value & 10-year financials
Toll Brothers, Inc. (TOL) has a Graham intrinsic value of $448.08 per share. At $133.70 on Oct 16, 2026, the stock trades 70% below that value. Over the last 10 fiscal years revenue grew 45.5% a year to $11.0B, with an average return on invested capital of 15.2%.
- Graham intrinsic value
- $448.08
- Share price (Oct 16, 2026)
- $133.70
- Price vs Graham value
- 70% below
- Market cap
- $13.3B
- Revenue (FY2025)
- $11.0B
- Revenue growth (10-yr CAGR)
- 45.5%
- ROIC (10-yr avg)
- 15.2%
- Free cash flow (FY2025)
- $1.0B
TOL 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $11.0B | $1.3B | $13.49 | $1.0B | 15.7% | — |
| FY2024 | $10.8B | $1.6B | $15.01 | $936.5M | 18.8% | — |
| FY2023 | $10.0B | $1.4B | $12.36 | $1.2B | 17.3% | — |
| FY2022 | $10.3B | $1.3B | $10.90 | $915.1M | 14.7% | — |
| FY2021 | $8.8B | $833.6M | $6.63 | $1.2B | 11.6% | — |
| FY2020 | $7.1B | $446.6M | $3.40 | $898.6M | 7.8% | — |
| FY2019 | $7.2B | $590.0M | $4.03 | $350.7M | 9.4% | — |
| FY2018 | $7.1B | $748.2M | $4.85 | $574.2M | 11.0% | — |
| FY2017 | $5.8B | $535.5M | $3.17 | $930.8M | 11.1% | — |
| FY2016 | $374.8M | $382.1M | $2.18 | $120.3M | 130.7% | — |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Toll Brothers, Inc. is a consistent compounder, expanding top-line revenue at 45.5% annually over the past decade.
Toll Brothers, Inc. 10-year average ROIC is N/A; capital efficiency cannot be assessed from the available history.
Over the decade, Toll Brothers, Inc. shows that management has aggressively returned capital to shareholders by retiring 43.3% of outstanding shares.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Toll Brothers, Inc. is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $448.08 per share.