Toast, Inc. (TOST) intrinsic value & 10-year financials
Toast, Inc. (TOST) has a Graham intrinsic value of $18.60 per share. At $31.62 on Oct 17, 2026, the stock trades 70% above that value. Over the last 8 fiscal years revenue grew 44.9% a year to $6.2B, with an average return on invested capital of 16.7%.
- Graham intrinsic value
- $18.60
- Share price (Oct 17, 2026)
- $31.62
- Price vs Graham value
- 70% above
- Market cap
- $19.2B
- Revenue (FY2025)
- $6.2B
- Revenue growth (8-yr CAGR)
- 44.9%
- ROIC (10-yr avg)
- 16.7%
- Free cash flow (FY2025)
- $608.0M
TOST 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $6.2B | $342.0M | $0.56 | $608.0M | 4.7% | 39.6% |
| FY2024 | $5.0B | $19.0M | $0.03 | $306.0M | 0.3% | 2.1% |
| FY2023 | $3.9B | -$246.0M | -$0.47 | $93.0M | -7.4% | -45.8% |
| FY2022 | $2.7B | -$275.0M | -$0.72 | -$172.0M | -14.1% | -77.0% |
| FY2021 | $1.7B | -$487.0M | -$1.68 | -$10.0M | -13.4% | 86.8% |
| FY2020 | $823.0M | -$248.0M | -$1.25 | -$153.0M | -26.7% | 25.0% |
| FY2019 | $665.0M | -$209.0M | -$1.08 | -$135.0M | -32.0% | 86.1% |
| FY2018 | — | — | — | — | — | — |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Toast, Inc. revenue growth over the past decade is N/A; insufficient history prevents a reliable 10-year CAGR calculation.
Toast, Inc. has earned high returns on invested capital, averaging 16.7% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
Toast, Inc. capital allocation metrics are N/A for the decade; share count and net debt history are incomplete.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Toast, Inc. is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $18.60 per share.