The Toronto-Dominion Bank (TD) 10-Year Financial Performance & Capital Metrics

TD • • Banking & Credit

Financial ServicesDiversified BanksRegional & Domestic Diversified BanksCanadian Diversified Banks

AboutThe Toronto-Dominion Bank, together with its subsidiaries, provides various financial products and services in Canada, the United States, and internationally. It operates through three segments: Canadian Retail, U.S. Retail, and Wholesale Banking. The company offers personal deposits, such as chequing, savings, and investment products; financing, investment, cash management, international trade, and day-to-day banking services to businesses; and financing options to customers at point of sale for automotive and recreational vehicle purchases. It also provides credit cards and payments; real estate secured lending, auto finance, and consumer lending services; point-of-sale payment solutions for large and small businesses; wealth and asset management products, and advice to retail and institutional clients through direct investing, advice-based, and asset management businesses; and property and casualty insurance, as well as life and health insurance products. The company also provides capital markets, and corporate and investment banking products and services, including underwriting and distribution of new debt and equity issues; advice on strategic acquisitions and divestitures; and trading, funding, and investment services to corporations, governments, and institutions. It offers its products and services under the TD Bank and America's Most Convenient Bank brand names. The company operates through a network of 1,061 branches and 3,381 automated teller machines (ATMs) in Canada, and 1,148 stores and 2,701 ATMs in the United States, as well as offers telephone, digital, and mobile banking services. It has a strategic alliance with Canada Post Corporation. The Toronto-Dominion Bank was founded in 1855 and is headquartered in Toronto, Canada.Show more

Net Interest Income $30.47B +1.8%
Total Revenue $119.17B +16.5%
Net Income $8.84B -16.9%
Return on Equity 7.78% -18.2%
Net Interest Margin 1.48% -3.5%
Efficiency Ratio 34.55% -1.1%
ROA 0.44% -19.8%
Equity / Assets 5.59% -2.6%
Book Value per Share 65.43 +6.5%
Tangible BV/Share 52.99 +6.6%
Debt/Equity 5.75 +13.4%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Efficient operations: 34.5% efficiency ratio
✓Healthy dividend yield of 4.3%
✓Share count reduced 3.5% through buybacks
✓Trading near 52-week high
✓Trading at only 1.4x book value

✗Weaknesses

✗High debt to equity ratio of 5.8x
✗Weak NIM of 1.5%
✗Thin capital base

Price & Volume

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Growth Metrics

Revenue CAGR

10Y12.72%

5Y15.16%

3Y35.68%

TTM-

Profit (Net Income) CAGR

10Y1.29%

5Y-5.4%

3Y-14.8%

TTM158.16%

EPS CAGR

10Y1.32%

5Y-5.46%

3Y-15.13%

TTM174.59%

ROCE

10Y Avg4.67%

5Y Avg4.75%

3Y Avg5.08%

Latest6.47%

Peer Comparison

Canadian Diversified Banks

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
TDThe Toronto-Dominion Bank	157.92B	94.07	19.93	16.55%	7.42%	16.66%	33.41%	5.75
RYRoyal Bank of Canada	237.1B	169.33	15.08	18.54%	12.07%	14.12%	8.8%	6.13
BMOBank of Montreal	95.6B	134.86	14.18	15.51%	9.32%	10.05%	28.73%	4.43
CMCanadian Imperial Bank of Commerce	85.29B	92.04	12.64	15.36%	11.11%	12.93%	11.72%	5.40
BNSThe Bank of Nova Scotia	90.93B	73.55	12.55	-7.25%	26.31%	8.44%	16.68%	3.58

Profit & Loss

	Oct 2015	Oct 2016	Oct 2017	Oct 2018	Oct 2019	Oct 2020	Oct 2021	Oct 2022	Oct 2023	Oct 2024
Net Interest Income+	18.72B	19.92B	20.85B	22.24B	23.82B	24.5B	24.13B	27.35B	29.94B	30.47B
NII Growth %	0.06%	0.06%	0.05%	0.07%	0.07%	0.03%	-0.01%	0.13%	0.09%	0.02%
Net Interest Margin %	-	-	-	-	-	-	-	-	-	-
Interest Income	24.83B	26.56B	29.83B	36.42B	41.94B	35.83B	29.58B	41.03B	80.67B	93.39B
Interest Expense	6.11B	6.64B	8.98B	14.18B	18.12B	11.34B	5.45B	13.68B	50.73B	62.92B
Loan Loss Provision	1.68B	2.33B	2.22B	2.48B	3.03B	7.24B	-224M	1.07B	2.93B	4.25B
Non-Interest Income+	12.38B	14.08B	14.99B	16.29B	16.91B	18.79B	18.14B	18.41B	21.58B	25.78B
Non-Interest Income %	-	-	-	-	-	-	-	-	-	-
Total Revenue+	37.21B	40.64B	44.83B	52.72B	58.85B	54.62B	47.72B	59.44B	102.25B	119.17B
Revenue Growth %	0.03%	0.09%	0.1%	0.18%	0.12%	-0.07%	-0.13%	0.25%	0.72%	0.17%
Non-Interest Expense	20.25B	21.02B	21.3B	22.28B	24.47B	24.13B	25.36B	24.27B	35.7B	41.17B
Efficiency Ratio	-	-	-	-	-	-	-	-	-	-
Operating Income+	9.17B	10.65B	12.32B	13.77B	13.23B	11.91B	17.13B	20.42B	12.89B	27.32B
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	0.01%	0.16%	0.16%	0.12%	-0.04%	-0.1%	0.44%	0.19%	-0.37%	1.12%
Pretax Income+	9.17B	10.65B	12.32B	13.77B	13.23B	11.91B	17.13B	20.42B	12.89B	11.53B
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	1.52B	2.14B	2.25B	3.18B	2.73B	1.15B	3.62B	3.99B	3.12B	2.69B
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	7.91B	8.82B	10.4B	11.26B	11.67B	11.89B	14.3B	17.43B	10.63B	8.84B
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	0.02%	0.11%	0.18%	0.08%	0.04%	0.02%	0.2%	0.22%	-0.39%	-0.17%
Net Income (Continuing)	7.65B	8.5B	10.07B	10.59B	10.49B	10.76B	13.51B	16.44B	9.77B	8.84B
EPS (Diluted)+	4.21	4.67	5.50	6.01	6.25	6.43	7.72	9.47	5.52	4.72
EPS Growth %	0.02%	0.11%	0.18%	0.09%	0.04%	0.03%	0.2%	0.23%	-0.42%	-0.14%
EPS (Basic)	4.22	4.68	5.51	6.02	6.26	6.43	7.73	9.48	5.53	4.73
Diluted Shares Outstanding	1.85B	1.86B	1.85B	1.84B	1.83B	1.81B	1.82B	1.81B	1.82B	1.76B

Balance Sheet

	Oct 2015	Oct 2016	Oct 2017	Oct 2018	Oct 2019	Oct 2020	Oct 2021	Oct 2022	Oct 2023	Oct 2024
Cash & Short Term Investments+	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Cash & Due from Banks	45.85B	57.62B	55.16B	35.45B	30.45B	170.59B	165.89B	145.85B	105.07B	178.02B
Short Term Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Total Investments+	788.07B	889.64B	898.38B	957.24B	994.96B	1.18T	1.18T	1.4T	1.41T	1.46T
Investments Growth %	0.16%	0.13%	0.01%	0.07%	0.04%	0.18%	0.01%	0.19%	0%	0.04%
Long-Term Investments	702.72B	785.95B	755.75B	942.27B	977.29B	1.15T	1.15T	1.4T	1.4T	1.41T
Accounts Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Goodwill & Intangibles+	-	-	-	-	-	-	-	-	-	-
Goodwill	16.34B	16.66B	16.16B	16.54B	16.98B	17.15B	16.23B	17.66B	18.6B	18.85B
Intangible Assets	2.67B	2.64B	2.62B	2.46B	2.5B	2.13B	2.12B	2.3B	2.77B	3.04B
PP&E (Net)	5.31B	5.48B	5.31B	5.32B	5.51B	10.14B	9.18B	9.4B	9.43B	9.84B
Other Assets	210.71B	174.38B	257.19B	274.29B	327.2B	293.43B	308.77B	293.54B	358.69B	339.95B
Total Current Assets	168.12B	193.65B	243.25B	94.75B	88.46B	246.03B	241.53B	198.63B	172.6B	276.9B
Total Non-Current Assets	936.25B	983.32B	1.04T	1.24T	1.33T	1.47T	1.49T	1.72T	1.78T	1.78T
Total Assets+	1.1T	1.18T	1.28T	1.33T	1.42T	1.72T	1.73T	1.92T	1.96T	2.06T
Asset Growth %	0.15%	0.07%	0.09%	0.04%	0.06%	0.21%	0.01%	0.11%	0.02%	0.05%
Return on Assets (ROA)	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0%
Accounts Payable	27.45B	23.22B	38.33B	34.63B	30.3B	42.86B	37.21B	32.1B	43.61B	39.86B
Total Debt+	208.76B	267.19B	322.56B	358.24B	406.69B	447.37B	400.86B	502.06B	568.66B	662.56B
Net Debt	162.91B	209.57B	267.41B	322.78B	376.24B	276.78B	234.97B	356.21B	463.59B	484.54B
Long-Term Debt	42.37B	142.26B	143.23B	157.88B	169.9B	162.11B	122.2B	152.74B	178.86B	204.33B
Short-Term Debt	166.4B	124.93B	179.34B	200.36B	236.72B	279.17B	273.19B	344B	384.75B	453.22B
Other Liabilities	-12.34B	99.34B	86.74B	81.65B	81.41B	89.22B	93.3B	135.33B	119.65B	103.45B
Total Current Liabilities	1.01T	860.81B	973.66B	1.02T	1.08T	1.36T	1.41T	1.51T	1.54T	1.63T
Total Non-Current Liabilities	30.35B	241.94B	230.15B	239.7B	251.56B	257.71B	221.22B	293.62B	303.76B	313.1B
Total Liabilities	1.04T	1.1T	1.2T	1.25T	1.33T	1.62T	1.63T	1.81T	1.84T	1.95T
Total Equity+	67.03B	74.21B	75.19B	80.04B	87.7B	95.5B	99.82B	111.38B	112.07B	115.16B
Equity Growth %	0.19%	0.11%	0.01%	0.06%	0.1%	0.09%	0.05%	0.12%	0.01%	0.03%
Equity / Assets (Capital Ratio)	-	-	-	-	-	-	-	-	-	-
Return on Equity (ROE)	0.13%	0.12%	0.14%	0.15%	0.14%	0.13%	0.15%	0.17%	0.1%	0.08%
Book Value per Share	36.15	39.97	40.54	43.51	47.99	52.80	54.84	61.42	61.43	65.43
Tangible BV per Share	-	-	-	-	-	-	-	-	-	-
Common Stock	20.29B	20.71B	20.93B	21.22B	21.71B	22.49B	23.07B	24.36B	25.43B	25.37B
Additional Paid-in Capital	214M	203M	214M	193M	157M	121M	173M	179M	155M	204M
Retained Earnings	32.05B	35.45B	40.49B	46.15B	49.5B	53.84B	63.94B	73.7B	73.01B	70.83B
Accumulated OCI	10.21B	11.83B	8.01B	6.64B	10.58B	13.44B	7.1B	1.99B	2.75B	7.9B
Treasury Stock	-52M	-36M	-183M	-151M	-47M	-41M	-162M	-98M	-129M	-35M
Preferred Stock	2.7B	4.4B	4.75B	5B	5.8B	5.65B	5.7B	11.25B	10.85B	10.89B

Cash Flow

	Oct 2015	Oct 2016	Oct 2017	Oct 2018	Oct 2019	Oct 2020	Oct 2021	Oct 2022	Oct 2023	Oct 2024
Cash from Operations+	35.27B	37.4B	26.13B	5.69B	830M	229.61B	50.13B	38.95B	-65.3B	54.94B
Operating CF Growth %	0.36%	0.06%	-0.3%	-0.78%	-0.85%	275.63%	-0.78%	-0.22%	-2.68%	1.84%
Net Income	9.55B	11.08B	12.77B	14.52B	11.69B	11.89B	14.3B	17.43B	10.63B	8.84B
Depreciation & Amortization	1.25B	1.34B	1.31B	1.39B	1.41B	2.14B	2.07B	1.77B	1.91B	2.03B
Deferred Taxes	-352M	103M	175M	385M	-33M	-1.06B	258M	502M	-1.31B	-1.06B
Other Non-Cash Items	1.23B	1.84B	1.44B	1.63B	1.76B	4.58B	-1.02B	-981M	2.12B	2.89B
Working Capital Changes	23.6B	23.04B	10.44B	-12.22B	-13.99B	212.06B	34.53B	20.23B	-78.66B	42.24B
Cash from Investing+	-47.11B	-36.45B	-18.93B	1.55B	4.95B	-223.32B	-45.27B	-31.89B	76.23B	-45.42B
Purchase of Investments	-73.63B	-73.39B	-83.62B	-71.93B	-76.1B	-197.27B	-174.95B	-180.69B	-51.32B	-53.85B
Sale/Maturity of Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Net Investment Activity	-	-	-	-	-	-	-	-	-	-
Acquisitions	-2.92B	0	-2.13B	0	-540M	0	-1.86B	2.48B	-624M	3.42B
Other Investing	-13.52B	-11.23B	2.53B	20.46B	5.17B	-138.27B	-729M	30.45B	41.45B	-71.15B
Cash from Financing+	11.92B	-247M	-7.04B	-6.53B	-5.65B	-4.75B	-5.04B	-4.82B	-12.85B	-9.81B
Dividends Paid	-3.44B	-3.81B	-4.21B	-4.63B	-5.16B	-3.66B	-5.55B	-6.67B	-5.83B	-7.16B
Share Repurchases	-6.23B	-6.37B	-11.23B	-10.43B	-12.17B	-9.88B	-11.76B	-14.3B	-13.23B	-15.21B
Stock Issued	5.65B	6.08B	9.83B	8.58B	10.12B	8.92B	11.09B	11.28B	8.57B	12.05B
Net Stock Activity	-	-	-	-	-	-	-	-	-	-
Debt Issuance (Net)	1000K	1000K	-1000K	-1000K	1000K	-1000K	-1000K	-1000K	-1000K	1000K
Other Financing	13.93B	-115M	-738M	-72M	-1.01B	0	0	0	0	0
Net Change in Cash+	373M	753M	64M	764M	128M	1.58B	-514M	2.63B	-1.83B	-284M
Exchange Rate Effect	1000K	1000K	-1000K	1000K	1000K	1000K	-1000K	1000K	1000K	1000K
Cash at Beginning	2.78B	3.15B	3.91B	3.97B	4.74B	4.86B	6.45B	5.93B	8.56B	6.72B
Cash at End	3.15B	3.91B	3.97B	4.74B	4.86B	6.45B	5.93B	8.56B	6.72B	6.44B
Interest Paid	6.17B	6.56B	8.96B	13.89B	18.01B	11.59B	5.88B	12.52B	48.18B	61.78B
Income Taxes Paid	554M	1.18B	2.87B	3.54B	3.59B	2.29B	4.07B	4.4B	3.04B	3.81B
Free Cash Flow+	34.3B	36.6B	25.69B	5.11B	-555M	228.35B	49B	37.49B	-67.15B	52.76B
FCF Growth %	0.37%	0.07%	-0.3%	-0.8%	-1.11%	412.43%	-0.79%	-0.23%	-2.79%	1.79%

Banking Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	12.84%	12.49%	13.92%	14.51%	13.91%	12.99%	14.64%	16.5%	9.52%	7.78%
Return on Assets (ROA)	0.77%	0.77%	0.85%	0.86%	0.85%	0.76%	0.83%	0.96%	0.55%	0.44%
Net Interest Margin	1.7%	1.69%	1.63%	1.67%	1.68%	1.43%	1.4%	1.43%	1.53%	1.48%
Efficiency Ratio	54.42%	51.73%	47.53%	42.26%	41.58%	44.17%	53.14%	40.83%	34.92%	34.55%
Equity / Assets	6.07%	6.31%	5.88%	6%	6.2%	5.57%	5.77%	5.81%	5.73%	5.59%
Book Value / Share	36.15	39.97	40.54	43.51	47.99	52.8	54.84	61.42	61.43	65.43
NII Growth	6.48%	6.4%	4.64%	6.68%	7.11%	2.84%	-1.49%	13.35%	9.47%	1.76%
Dividend Payout	43.53%	43.17%	40.51%	41.15%	44.2%	30.77%	38.85%	38.24%	54.78%	80.98%

Revenue by Geography

	2018	2019	2020	2021	2022
CANADA	23.28B	23.6B	24.2B	26.66B	29.24B
CANADA Growth	-	1.37%	2.54%	10.19%	9.68%
UNITED STATES	13.75B	15.56B	15.08B	14.09B	18.44B
UNITED STATES Growth	-	13.13%	-3.09%	-6.53%	30.88%

Frequently Asked Questions

Valuation & Price

The Toronto-Dominion Bank (TD) has a price-to-earnings (P/E) ratio of 19.9x. This is roughly in line with market averages.

Growth & Financials

The Toronto-Dominion Bank (TD) grew revenue by 16.5% over the past year. This is strong growth.

Yes, The Toronto-Dominion Bank (TD) is profitable, generating $20.89B in net income for fiscal year 2024 (7.4% net margin).

Dividend & Returns

Yes, The Toronto-Dominion Bank (TD) pays a dividend with a yield of 4.32%. This makes it attractive for income-focused investors.

The Toronto-Dominion Bank (TD) has a return on equity (ROE) of 7.8%. This is below average, suggesting room for improvement.

Industry Metrics

The Toronto-Dominion Bank (TD) has a net interest margin (NIM) of 1.5%. NIM has been under pressure due to interest rate environment.

The Toronto-Dominion Bank (TD) has an efficiency ratio of 34.5%. This is excellent, indicating strong cost control.

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