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TDThe Toronto-Dominion Bank
$122.40$206.8B
Overview & Tools
OverviewChart Terminal ↗AnalysisVisualize
Valuation & Forecasts
Valuation ModelsEstimatesDCF Model
Price & Analyst Data
Analyst TargetsPrice History
Financial Statements
Income StatementBalance SheetCash FlowRatios & Margins
Performance
P/E HistoryRevenue HistoryEarnings HistoryDividend HistoryTotal Return
Discovery & Screens
Live BreakoutsStock ScreenerOwnership
TD logo

The Toronto-Dominion Bank

TD
NYSE · Large & Global Banks
$122.40
At close - USD
Market Cap$206.79B
P/E14.9x
52W High$128.79
Volume2.7M
OverviewTerminalAnalysisFinancialsValuationEarningsBreakoutsOwnership
VCP Research Verdict2026Q3

NII Acceleration and Efficiency Gains Offset Regulatory Overhang

TD's fundamental outlook is supported by accelerating net interest income growth, which reached 9.1% year-over-year in Q3 2026, and a significant improvement in the efficiency ratio to 60.0%, demonstrating strong operating leverage.

GrowthAccelerating
ProfitabilityStrong
ValuationAttractive
TechnicalsHealthy
Explore valuation models
MARKET ACTION

TD price & volume

Price trend, volume and key moving averages

Launch Terminal
Loading chart...
Decision Checklist4 Core Signals

What matters now

The signals most likely to change the investment case.

01

Earnings momentum

9/12 Beats

EPS beat 9 of last 12 quarters

02

Valuation risk

-15% Peers

P/E is 15% below peer median

03

Market leadership

RS 78 · Avg

Average momentum (RS Rating: 78)

04

Healthy Uptrend

Uptrend

Price > 50DMA > 200DMA

Next CatalystConfirmed earnings · Dec 3
01

Build the investment case

Start with the evidence for owning the stock and the risks that can break the thesis.

EXECUTIVE THESIS

The Investment Case

Full Analysis
Fundamental Trajectory

Net interest income growth has accelerated to 9.1% year-over-year in Q3 2026, while the efficiency ratio has improved markedly to 60.0% from a peak of 89.4% in Q3 2024, indicating strong operating leverage.

Analyst Consensus-26.9% target
Buy(17 analysts)
9 Buy8 Hold0 Sell

The Bull Case

Upside Catalysts

Strong Earnings Growth Expected

TD Bank is projected to sustain earnings growth and dividend increases, especially after a strong 2025.

Attractive Valuation

The bank is trading at a lower price-to-earnings ratio compared to its peers, indicating it may be undervalued.

U.S. Exposure as Hedge

TD's U.S. retail banking presence provides a buffer against potential domestic economic slowdowns.

The Bear Case

Key Downside Risks

Regulatory Risks Persist

Ongoing regulatory 'monitorship' could create uncertainty for institutional investors in the coming years.

Geopolitical and Economic Concerns

Global economic slowdowns and geopolitical tensions may impact loan demand and increase defaults.

Potential for Credit Losses

A significant downturn in the Canadian economy could lead to higher credit losses despite U.S. exposure.

Market performance

Price History →

Trailing total returns as of 11/7/2026, which may include dividends or other distributions. Benchmark is S&P 500 (^GSPC).

YTD Return
TD+32.79%
S&P 500 (^GSPC)+7.63%
1-Year Return
TD+56.08%
S&P 500 (^GSPC)+9.69%
3-Year Return
TD+121.44%
S&P 500 (^GSPC)+67.80%
5-Year Return
TD+85.95%
S&P 500 (^GSPC)+55.99%
02

Test the fundamentals

Check whether operating performance supports the current valuation.

VALUATION & INTRINSIC VALUE

Valuation Scenarios

Valuation Analysis
Trailing P/E5Y High
12.6x
Forward P/EExpansion
12.1x
EV/EBITDA80th %ile
37.4x
FCF YieldCash Flow
8.1%

Valuation vs 5-Year History

Multiple Range
Metric
Current
5Y Median
Historical Range
Percentile
P/E
12.6x
9.4x
100th· High
EV/EBITDA
37.4x
26.3x
80th· High
Price/FCF
12.4x
2.7x
100th· High
Current Multiple
5Y Median (50th %ile)

Intrinsic Value Scenarios

DCF Projection
Bear$97.74-20.1%
Base (Fair)$172.63+41.0%
Bull$271.28+121.6%
$97.74 Bear$172.63 Base$271.28 Bull
Current Market Price: $122.40
Trades at a 29.1% discount to Base DCF ($172.63)
Open DCF & Valuation Models →Chart Terminal ↗

Growth & profitability

Annual revenue & EPS trend
Revenue FY25
$61.28B+8.9% YoY
Net income FY25
$20.54B+132.3% YoY
Free cash flow FY25
-$71.79B-236.1% YoY
Operating margin FY25
39.1%+18.6 pts YoY
ROIC (FY25)2.3%
Avg ROIC 5Y-
ROE (FY25)16.9%
Piotroski Score6 / 9
Financial Statements →
03

Monitor what changed

Recent results and news deserve attention only when they alter the forward view.

OPERATING RESULTS

Recent Earnings

Earnings History
EPS Beat Rate9/12 (75%)
Revenue Beat Rate12/12 (100%)
QuarterEPS (Act vs Est)Revenue (Act vs Est)
Q3 2026Latest
Aug 27, 2026
$1.98+13.8%
vs $1.74
$12.1B+12.7%
vs $10.7B
Q2 2026
May 28, 2026
$1.74+6.7%
vs $1.63
$11.8B+6.8%
vs $11.0B
Q1 2026
Feb 26, 2026
$1.76+8.0%
vs $1.63
$11.0B+3.4%
vs $10.7B
Q4 2025
Dec 4, 2025
$1.57+7.5%
vs $1.46
$10.3B+3.6%
vs $9.9B
Historical baseline: 12 quarters analyzedGAAP / Adjusted
MARKET COVERAGE

Latest News

4 Stories
Business Wire·4d ago
Premia Holdings Ltd. Completes the Acquisition of Cowen Reinsurance from TD Bank

PEMBROKE, Bermuda--(BUSINESS WIRE)--Premia Holdings Ltd. has completed the acquisition of Ramius Enterprise Luxembourg Holdco S.à r.l. and its subsidiaries, including property and casualty reinsurer Cowen Reinsurance S.A. ( “Cowen Reinsurance”). Cowen Reinsurance has been renamed Premia Reinsurance Europe S.A. Bill O'Farrell, Group Chief Executive Officer of Premia, noted “We are pleased to close this important transaction with TD Bank. This acquisition provides our clients with a local profess.

PRNewsWire·5d ago
TD Brings its Global Asset Management Businesses Under One Name

TD Global Investment Solutions will become TD Asset Management, simplifying how clients engage with the firm globally TORONTO, Nov. 2, 2026 /PRNewswire/ -- TD Global Investment Solutions will now operate under the TD Asset Management (TDAM) name, creating one consistent global brand across the firm's institutional and retail asset management businesses. Additionally, Epoch Investment Partners, Inc. (TD Epoch) has changed its name to TD Asset Management (US) Inc. (TDAM US).

Business Wire·Oct 29, 2026
TD Charitable Foundation Opens Applications for 2027 Housing for Everyone Program, Offering $10 Million in Grants

MOUNT LAUREL, N.J.--(BUSINESS WIRE)--TD Charitable Foundation, the giving arm of TD Bank U.S., today announced $10 million in available grants of $500,000 each through its 21st annual Housing for Everyone grant program. In 2027, the program will support eligible nonprofit organizations that strengthen housing stability through residents' economic mobility by helping low- and moderate-income renters increase and sustain reliable income while accessing coordinated resources that help them remain.

Business Wire·Oct 28, 2026
TD Announces Appointment of Amit Sahasrabudhe as U.S. Chief Operating Officer

MT. LAUREL, N.J.--(BUSINESS WIRE)--TD Bank U.S. today announced that Amit Sahasrabudhe has been appointed Chief Operating Officer (COO), bringing more than 20 years of experience across financial services and consulting, with deep expertise in business transformation, P&L management, operations, technology and strategy. Key Points: TD Bank U.S. appointed Amit Sahasrabudhe as Chief Operating Officer (COO) to lead operational effectiveness and build capabilities to support TD's long-term grow.

Filtered for The Toronto-Dominion BankMore Headlines
04

Compare before deciding

Benchmark TD against direct peers instead of judging its metrics in isolation.

Peers Comparison

Key metrics vs top competitors for The Toronto-Dominion Bank (TD)

Full Screener →
CompanyPriceMarket CapP/E RatioRev Growth (1Y)Net MarginROEDiv Yield
TD logoTDThe Toronto-Dominion BankCurrent
$122.40$206.79B14.898.93%33.51%16.9%2.59%
BMO logoBMOBank of Montreal
$171.13$119.86B21.0312.67%23.68%10.58%2.89%
BNS logoBNSThe Bank of Nova Scotia
$91.69$112.42B22.65387.04%25.41%11.22%3.35%
RY logoRYRoyal Bank of Canada
$201.16$280.94B20.0715.73%31.01%16.1%2.21%
CM logoCMCanadian Imperial Bank of Commerce
$115.18$106.73B18.9013.66%31.47%15.37%2.62%
USB logoUSBU.S. Bancorp
$59.45$92.61B12.904.41%27.47%12.49%3.42%

Compare TD vs Peers

The Toronto-Dominion Bank (TD) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs BMO

Most directly comparable listed peer for TD.

Scale Benchmark

vs JPM

Larger-name benchmark to compare TD against a more recognizable public peer.

Peer Set

Compare Top 5

vs BMO, BNS, RY, CM

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TD Frequently Asked Questions

The Toronto-Dominion Bank (TD) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials
How fast is The Toronto-Dominion Bank growing?

The Toronto-Dominion Bank (TD) grew revenue by 8.9% in fiscal year 2025, compared with the prior fiscal year.

Is TD profitable?

Yes. The Toronto-Dominion Bank (TD) earned $16.20B in net income over the trailing twelve months (a 24.9% net margin).

Dividend & Returns
Does TD pay dividends?

Yes. The Toronto-Dominion Bank (TD) pays a dividend that yields 2.59% at the current price, a moderate yield.

What is TD's return on equity?

The Toronto-Dominion Bank (TD) had a return on equity (ROE) of 16.9% in fiscal year 2025. That is above the market's typical 10-15%.

Industry Metrics
What is The Toronto-Dominion Bank's net interest margin?

The Toronto-Dominion Bank (TD) has a net interest margin (NIM) of 1.6%. NIM has been under pressure due to interest rate environment.

What is The Toronto-Dominion Bank's efficiency ratio?

The Toronto-Dominion Bank (TD) has an efficiency ratio of 53.6%. This is excellent, indicating strong cost control.

What if you invested $1,000 in TD back in 1996?

Total return calculator · dividends reinvested · 30+ years of data

See returns →