Last 48 quarters of trend data · Financial Services · Banks - Diversified
Quarterly valuation ratios — annualised for comparability. YoY Δ shows same-quarter-prior-year change.
The Toronto-Dominion Bank's quarterly P/E stands at 11.1x, up 335.7% year-over-year — indicating the stock has re-rated higher or earnings have softened. EV/EBITDA has expanded 69.9% YoY to 19.9x, reflecting rising market expectations or slowing EBITDA growth.
| Metric | TTM | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio → | 13.69 | 11.08 | 9.95 | 11.41 | 9.64 | 2.54 | 9.20 | 7.05 | — | 10.99 | 9.80 | 9.37 | 10.77 |
| — | +335.7% | +8.0% | +61.8% | — | -76.9% | -6.0% | -24.8% | — | +22.5% | -53.6% | +112.0% | +16.1% | |
| P/S Ratio | 2.31 | 1.22 | 1.03 | 1.23 | 1.09 | 0.98 | 0.84 | 0.79 | 0.85 | 0.89 | 0.93 | 0.90 | 1.14 |
| — | +25.1% | +23.0% | +54.8% | +28.4% | +9.2% | -10.4% | -12.3% | -25.3% | -21.6% | -31.1% | -40.9% | -40.9% | |
| P/B Ratio | 2.13 | 1.06 | 0.92 | 1.10 | 1.00 | 0.88 | 0.84 | 0.84 | 0.92 | 0.93 | 0.96 | 0.90 | 1.07 |
| — | +20.5% | +9.4% | +31.2% | +8.0% | -5.7% | -12.6% | -6.5% | -14.0% | -2.2% | -14.9% | -13.6% | -6.1% | |
| P/FCF | — | 3.23 | 0.82 | — | — | 2.46 | — | 0.31 | — | 5.39 | — | 1.81 | — |
| — | +31.6% | — | — | — | -54.4% | — | -83.0% | — | — | — | -86.7% | — | |
| EV / EBITDA | 31.17 | 19.92 | 17.17 | 36.79 | 33.12 | 11.72 | 38.31 | 30.84 | 167.87 | 42.86 | 39.35 | 36.54 | 37.71 |
| — | +69.9% | -55.2% | +19.3% | -80.3% | -72.7% | -2.6% | -15.6% | +345.1% | +31.7% | -22.0% | +151.9% | +40.1% | |
| EV / EBIT | 33.99 | 19.92 | 18.29 | 41.92 | 37.25 | 12.24 | 44.15 | 34.87 | 363.12 | 49.67 | 45.27 | 42.03 | 43.21 |
| — | +62.8% | -58.6% | +20.2% | -89.7% | -75.4% | -2.5% | -17.0% | +740.4% | +36.0% | -24.7% | +173.3% | +43.6% |
Quarterly margins and returns. Watch for margin compression across consecutive quarters.
The Toronto-Dominion Bank's operating margin was 18.6% in Q2 2026, up 0.2 pp QoQ and down 24.0 pp YoY. This marks the 3rd consecutive quarter of margin expansion, signaling a sustained improvement in operating efficiency. The trailing four-quarter average of 16.5% lags the current quarter, suggesting the recent improvement is above-trend. Gross margin expanded 14.9% YoY, indicating pricing power or improving input costs.
| Metric | TTM | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 49.0% | 55.2% | 53.9% | 51.8% | 50.6% | 48.0% | 45.8% | 44.6% | 43.0% | 43.3% | 43.6% | 43.6% | 45.8% |
| — | +14.9% | +17.8% | +16.2% | +17.6% | +10.8% | +4.9% | +2.3% | -6.2% | -11.1% | -17.3% | -26.8% | -37.3% | |
| Operating Margin | 20.7% | 18.6% | 18.4% | 14.3% | 14.8% | 42.6% | 11.7% | 13.6% | 1.4% | 10.6% | 11.5% | 12.0% | 12.8% |
| — | -56.3% | +57.7% | +4.6% | +959.9% | +302.3% | +1.9% | +13.4% | -89.1% | -34.4% | +19.4% | -70.3% | -46.6% | |
| Net Margin | 17.7% | 15.7% | 14.4% | 11.4% | 11.6% | 39.1% | 9.3% | 11.9% | -0.6% | 8.8% | 9.7% | 10.3% | 10.8% |
| — | -59.8% | +54.1% | -4.1% | +2048.3% | +346.7% | -4.2% | +15.1% | -105.5% | -35.6% | +43.7% | -70.6% | -48.7% |
| Metric | TTM | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 16.9% | 3.4% | 3.2% | 2.6% | 2.7% | 9.1% | 2.4% | 3.2% | -0.2% | 2.3% | 2.5% | 2.6% | 2.5% |
| — | -62.6% | +33.9% | -19.2% | +1738.7% | +297.4% | -5.2% | +24.8% | -106.4% | -21.2% | +77.6% | -58.8% | -20.9% | |
| ROA | 1.0% | 0.2% | 0.2% | 0.2% | 0.2% | 0.5% | 0.1% | 0.2% | -0.0% | 0.1% | 0.1% | 0.2% | 0.2% |
| — | -62.1% | +43.6% | -12.0% | +1869.6% | +304.9% | -8.0% | +20.1% | -106.1% | -22.9% | +77.7% | -57.7% | -13.8% | |
| ROIC | 2.3% | 0.9% | 0.7% | 0.4% | 0.4% | 1.2% | 0.3% | 0.4% | 0.0% | 0.3% | 0.4% | 0.4% | 0.4% |
| — | -20.1% | +94.5% | -4.5% | +856.5% | +258.0% | -7.5% | +11.7% | -88.3% | -23.4% | +39.7% | -61.9% | -24.4% |
Quarterly solvency trend — watch for debt spikes or covenant pressure.
The Toronto-Dominion Bank's Debt/EBITDA ratio is 54.8x, up from 48.9x last quarter — elevated, raising questions about debt serviceability. The current ratio has weakened 72.8% YoY to 0.05x, tightening the short-term liquidity position.
| Metric | TTM | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 5.19 | 2.22 | 2.14 | 5.19 | 5.02 | 4.98 | 5.54 | 5.75 | 5.48 | 5.40 | 5.11 | 5.07 | 4.94 |
| — | -55.5% | -61.3% | -9.8% | -8.4% | -7.9% | +8.6% | +13.4% | +11.0% | +9.6% | +1.6% | +12.6% | +10.3% | |
| Debt / EBITDA | 25.41 | 54.83 | 48.87 | 141.97 | 131.92 | 49.63 | 163.96 | 140.58 | 667.89 | 168.48 | 150.42 | 147.21 | 142.63 |
| — | +10.5% | -70.2% | +1.0% | -80.2% | -70.5% | +9.0% | -4.5% | +368.3% | +29.6% | -28.6% | +138.7% | +26.8% | |
| Current Ratio | 0.12 | 0.05 | 0.05 | 0.12 | 0.18 | 0.20 | 0.19 | 0.17 | 0.15 | 0.15 | 0.14 | 0.11 | 0.14 |
| — | -72.8% | -71.5% | -26.6% | +21.1% | +36.2% | +32.8% | +51.2% | +7.7% | -4.3% | -20.1% | -14.6% | -19.6% | |
| Quick Ratio | 0.12 | 0.05 | 0.05 | 0.12 | 0.18 | 0.20 | 0.19 | 0.17 | 0.15 | 0.15 | 0.14 | 0.11 | 0.14 |
| — | -72.8% | -71.5% | -26.6% | +21.1% | +36.2% | +32.8% | +51.2% | +7.7% | -4.3% | -20.1% | -14.6% | -19.6% | |
| Interest Coverage | 0.44 | 0.45 | 0.43 | 0.32 | 0.32 | 0.90 | 0.23 | 0.26 | 0.03 | 0.20 | 0.22 | 0.23 | 0.25 |
| — | — | — | — | — | — | — | — | — | — | — | — | — |
Includes 30+ ratios · 48 years · Updated daily
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The Toronto-Dominion Bank's current P/E is 13.7x. The average P/E over the last 4 quarters is 10.5x. Quarterly P/E ratios can vary due to seasonal revenue patterns and one-time charges.
The Toronto-Dominion Bank's current operating margin is 20.7%. Margins have been expanding over recent quarters. Quarterly margins are particularly useful for identifying trend inflections that annual data smooths over.
Quarterly financial ratios reveal short-term trend shifts — margin compression, debt spikes, or valuation re-ratings — that annual figures smooth over. They're essential for active investors tracking The Toronto-Dominion Bank's business trajectory between earnings reports.