The Toronto-Dominion Bank (TD) P/E Ratio History
Historical price-to-earnings valuation from 1996 to 2025
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Valuation Context
How does the current P/E compare to historical and market benchmarks?
P/E Ratio Analysis
As of February 28, 2026, The Toronto-Dominion Bank (TD) trades at a price-to-earnings ratio of 11.5x, with a stock price of $97.36 and trailing twelve-month earnings per share of $11.95.
The current P/E is 27% above its 5-year average of 9.0x. Over the past five years, TD's P/E has ranged from a low of 6.2x to a high of 13.9x, placing the current valuation at the 85th percentile of its historical range.
Compared to the Financial Services sector median P/E of 13.8x, TD trades at a 16% discount to its sector peers. The sector includes 789 companies with P/E ratios ranging from 0.0x to 196.2x.
The PEG ratio of 0.93 (P/E divided by 145% EPS growth) suggests the stock may be undervalued relative to its earnings growth. Peter Lynch popularized the rule that a PEG below 1.0 indicates an attractive entry point.
Relative to the broader market, TD trades at a notable discount to the S&P 500 median P/E of 26.2x. Investors should consider the company's growth prospects, competitive position, and earnings quality when evaluating whether the current valuation is justified.
For a comprehensive intrinsic value estimate using discounted cash flow analysis, see our TD DCF Valuation Calculator →
Note: P/E ratio is just one valuation metric. It does not account for balance sheet strength, cash flow quality, or growth sustainability. Always conduct comprehensive due diligence before making investment decisions.
Peer Comparison
P/E metrics vs. North American universal banks peers
| Company | Market Cap | P/E Ratio | PEG Ratio | EPS Growth (1Y) |
|---|---|---|---|---|
JPMJPMorgan Chase & Co. | $810B | 15.2 | 1.17 | +22% |
BACBank of America Corporation | $379B | 13.0 | 0.85Best | +19% |
WFCWells Fargo & Company | $252B | 15.2 | 2.71 | +11% |
RYRoyal Bank of Canada | $234B | 16.2 | 1.30 | +25% |
CCitigroup Inc. | $193B | 18.5 | - | +47% |
TDThe Toronto-Dominion Bank | $163B | 11.5Lowest | 0.93 | +145%Best |
BMOBank of Montreal | $102B | 17.2 | 1.99 | +20% |
BNSThe Bank of Nova Scotia | $94B | 18.2 | 12.74 | -3% |
CMCanadian Imperial Bank of Commerce | $94B | 16.1 | 1.02 | +18% |
Peers sorted by market capitalization. P/E below peers may indicate undervaluation or lower growth expectations. Consider PEG ratio for growth-adjusted comparison.
Historical P/E Data
Quarterly P/E ratios calculated from closing price and TTM EPS
| Quarter | Date | Price | TTM EPS | P/E Ratio | vs Avg |
|---|---|---|---|---|---|
| FY2025 Q4 | Fri Oct 31 2025 00:00:00 GM | $82.13 | $11.51 | 7.1x | -39% |
| FY2025 Q3 | $72.88 | $11.67 | 6.2x | -46% | |
| FY2025 Q2 | Wed Apr 30 2025 00:00:00 GM | $63.78 | $9.64 | 6.6x | -43% |
| FY2025 Q1 | Fri Jan 31 2025 00:00:00 GM | $57.07 | $4.72 | 12.1x | +4% |
| FY2024 Q4 | $55.27 | $4.72 | 11.7x | +1% | |
| FY2024 Q3 | Wed Jul 31 2024 00:00:00 GM | $59.03 | $4.25 | 13.9x | +20% |
| FY2024 Q2 | $59.32 | $5.92 | 10.0x | -14% | |
| FY2024 Q1 | Wed Jan 31 2024 00:00:00 GM | $60.73 | $6.26 | 9.7x | -16% |
| FY2023 Q4 | $55.84 | $5.53 | 10.1x | -13% | |
| FY2023 Q3 | Mon Jul 31 2023 00:00:00 GM | $65.94 | $7.66 | 8.6x | -26% |
| FY2023 Q2 | Sun Apr 30 2023 00:00:00 GM | $60.63 | $7.88 | 7.7x | -34% |
| FY2023 Q1 | $69.22 | $8.26 | 8.4x | -28% |
Average P/E for displayed period: 11.6x
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Start ComparisonFrequently Asked Questions
Is TD stock overvalued or undervalued?
TD trades at 11.5x P/E, above its 5-year average of 9.0x. The 85th percentile ranking indicates a premium to historical valuation.
How does TD's valuation compare to peers?
The Toronto-Dominion Bank P/E of 11.5x compares to sector median of 13.8x. The discount suggests lower growth expectations or higher risk.
What is TD's PEG ratio?
TD PEG ratio is 0.93. Below 1.0 indicates valuation is supported by earnings growth rate. Historical P/E data spans 1996-2025.