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Toast, Inc. (TOST) 10-Year Financial Performance & Capital Metrics

TOST •
TechnologyInfrastructure SoftwarePayments and fintech infrastructure
AboutToast, Inc. operates a cloud-based and digital technology platform for the restaurant industry in the United States and Ireland. The company offers Toast Point of Sale (POS), a hardware product; Toast Order & Pay, which allows guests to order and pay from their mobile devices; Toast Flex that is used for on-counter order and pay, as well as used as a server station, guest kiosk, kitchen display system, or order fulfillment station; Toast Go, a handheld POS device that enhances the table turn times through tableside ordering and payment acceptance; and Toast Tap, a card reader. It also provides kitchen display system software that connects the front of the house with the kitchen staff; multi-location management software, which allows customers to manage and standardize their operations and configure menus; xtraCHEF that provides back-office tools; and Toast Flex for Kitchen, a larger format mountable piece of hardware that can be used as a kitchen screen. In addition, the company offers Toast Online Ordering & Toast TakeOut app, a software-based platform that provides restaurants to take off-premises orders directly through their branded website; First-Party Delivery services for restaurants to manage a fleet of drivers, and customize delivery hours, zones, fees, and minimum ticket sizes; Toast Delivery Services, which enables restaurants to utilize a partner network of delivery drivers; and Toast Delivery Partners services. Further, it provides loyalty programs and gift cards; payroll and team management products; business owner policy insurance and restaurant-specific add-ons; payment processing solutions; loans advanced to restaurants; purchase financing; reporting and analytics solutions; Toast Partner Connect that allows customers to discover, select, and connect their restaurant to its partners; and bi-directional APIs. The company was incorporated in 2011 and is headquartered in Boston, Massachusetts.Show more
  • Revenue $6.15B +24.1%
  • EBITDA $372M +500.0%
  • Net Income $342M +1700.0%
  • EPS (Diluted) 0.56 +1639.1%
  • Gross Margin 25.76% +7.4%
  • EBITDA Margin 6.05% +383.7%
  • Operating Margin 4.96% +1436.5%
  • Net Margin 5.56% +1350.9%
  • ROE 18.64% +1243.7%
  • ROIC 30.77% +1578.0%
  • Debt/Equity 0.02 -14.4%
  • Interest Coverage -
Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

  • ✓Company is almost debt free
  • ✓Strong Piotroski F-Score: 7/9
  • ✓High quality earnings: Operating CF exceeds net income
  • ✓Strong 5Y sales CAGR of 49.5%
  • ✓Efficient asset utilization: 2.0x turnover

✗Weaknesses

  • ✗Weak momentum: RS Rating 15 (bottom 15%)
  • ✗Trading more than 30% below 52-week high

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-
5Y49.53%
3Y31.1%
TTM24.05%

Profit (Net Income) CAGR

10Y-
5Y-
3Y-
TTM1700%

EPS CAGR

10Y-
5Y-
3Y-
TTM15920.59%

ROCE

10Y Avg-34.26%
5Y Avg-11.39%
3Y Avg-1.8%
Latest15.94%

Peer Comparison

Payments and fintech infrastructure
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Valuation
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Growth
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Sector-Specific
NameMarket CapCurrent PriceP/E RatioRevenue Growth 1YNet MarginROEFCF YieldDebt/Equity
KLARKlarna Group plc5.12B13.562023.8821.17%-9.29%-10.65%10.6%0.35
AFRMAffirm Holdings, Inc.15.27B46.98313.2038.8%9.66%7.96%3.94%2.56
RELYRemitly Global, Inc.3.5B16.7053.8729.37%1.36%2.63%8.46%0.22
TOSTToast, Inc.14.28B27.3148.7724.05%5.56%16.1%4.26%0.02
DLODLocal Limited2.03B12.2431.3814.7%17.8%33.87%0.11
XYZBlock, Inc.38.35B63.7030.330.3%5.39%5.88%6.32%0.33
CSGSCSG Systems International, Inc.2.31B79.9026.372.39%7.17%30.93%4.91%2.03
CPAYCorpay, Inc.22.81B325.1023.275.77%24.37%25.52%7.74%2.54

Compare TOST vs Peers

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Profit & Loss

Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024Dec 2025
Sales/Revenue+665M823M1.71B2.73B3.87B4.96B6.15B
Revenue Growth %-23.76%107.17%60.18%41.52%28.33%24.05%
Cost of Goods Sold+603M683M1.39B2.22B3.03B3.77B4.56B
COGS % of Revenue90.68%82.99%81.58%81.29%78.42%76.01%74.11%
Gross Profit+62M140M314M511M834M1.19B1.58B
Gross Margin %9.32%17.01%18.42%18.71%21.58%23.99%25.76%
Gross Profit Growth %-125.81%124.29%62.74%63.21%42.69%33.19%
Operating Expenses+275M360M542M895M1.12B1.17B1.28B
OpEx % of Revenue41.35%43.74%31.79%32.77%29%23.67%20.8%
Selling, General & Admin211M251M379M613M763M777M915M
SG&A % of Revenue31.73%30.5%22.23%22.45%19.74%15.67%14.87%
Research & Development64M109M163M282M358M351M371M
R&D % of Revenue9.62%13.24%9.56%10.33%9.26%7.08%6.03%
Other Operating Expenses0000046M-6M
Operating Income+-213M-220M-228M-384M-287M16M305M
Operating Margin %-32.03%-26.73%-13.37%-14.06%-7.43%0.32%4.96%
Operating Income Growth %--3.29%-3.64%-68.42%25.26%105.57%1806.25%
EBITDA+-206M-193M-207M-360M-255M62M372M
EBITDA Margin %-30.98%-23.45%-12.14%-13.18%-6.6%1.25%6.05%
EBITDA Growth %-6.31%-7.25%-73.91%29.17%124.31%500%
D&A (Non-Cash Add-back)7M27M21M24M32M46M67M
EBIT-212M-236M-228M-384M-287M62M305M
Net Interest Income+2M-11.81M-12M11M37M42M51M
Interest Income2M842K011M37M42M51M
Interest Expense012.65M12M0000
Other Income/Expense1M-28M-262M107M43M6M41M
Pretax Income+-212M-248M-490M-277M-244M22M346M
Pretax Margin %-31.88%-30.13%-28.74%-10.14%-6.31%0.44%5.62%
Income Tax+-3M0-3M-2M2M3M4M
Effective Tax Rate %98.58%100%99.39%99.28%100.82%86.36%98.84%
Net Income+-209M-248M-487M-275M-246M19M342M
Net Margin %-31.43%-30.13%-28.56%-10.07%-6.36%0.38%5.56%
Net Income Growth %--18.66%-96.37%43.53%10.55%107.72%1700%
Net Income (Continuing)-209M-248M-487M-275M-246M19M342M
Discontinued Operations0000000
Minority Interest0000000
EPS (Diluted)+-0.45-0.54-0.97-0.72-0.470.030.56
EPS Growth %--20%-79.63%25.77%34.72%106.85%1639.13%
EPS (Basic)-0.45-0.54-0.97-0.72-0.470.030.59
Diluted Shares Outstanding461.18M461.18M502.61M512.24M533M591M607M
Basic Shares Outstanding461.18M461.18M500.05M511.75M532M559M582M
Dividend Payout Ratio-------

Balance Sheet

Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024Dec 2025
Total Current Assets+228.47M656.27M1.46B1.36B1.51B1.9B2.67B
Cash & Short-Term Investments150.37M581.82M1.27B1.02B1.12B1.42B1.99B
Cash Only150.37M581.82M809M547M605M903M1.35B
Short-Term Investments00457M474M519M514M638M
Accounts Receivable44.63M33.8M55M77M127M115M127M
Days Sales Outstanding24.4914.9911.7710.2911.998.467.53
Inventory15.39M19.33M63M130M124M118M114M
Days Inventory Outstanding9.3110.3316.5321.3714.9311.429.13
Other Current Assets6.71M10.64M41M108M111M251M437M
Total Non-Current Assets+77.28M119.69M280M398M448M562M476M
Property, Plant & Equipment19.96M34.06M120M138M111M123M132M
Fixed Asset Turnover33.32x24.17x14.21x19.79x34.82x40.33x46.61x
Goodwill35.89M35.89M74M0113M113M113M
Intangible Assets16.66M16.89M16M136M26M20M14M
Long-Term Investments2.31M1.21M8M28M55M59M71M
Other Non-Current Assets2.46M31.64M62M96M143M192M146M
Total Assets+305.74M775.96M1.74B1.76B1.96B2.46B3.15B
Asset Turnover2.18x1.06x0.98x1.55x1.97x2.01x1.96x
Asset Growth %-153.79%123.6%1.5%11.19%25.79%27.69%
Total Current Liabilities+139.7M136.41M352M496M663M811M969M
Accounts Payable31.52M30.55M40M30M32M37M47M
Days Payables Outstanding19.0816.3310.54.933.853.583.76
Short-Term Debt9.22M022M14M11M10M0
Deferred Revenue (Current)39.51M43.97M44M39M39M59M68M
Other Current Liabilities42.62M42.2M203M339M478M579M854M
Current Ratio1.64x4.81x4.13x2.75x2.28x2.34x2.75x
Quick Ratio1.53x4.67x3.95x2.49x2.09x2.20x2.64x
Cash Conversion Cycle14.738.9917.8126.7323.0716.312.9
Total Non-Current Liabilities+496.47M1.11B292M167M101M107M52M
Long-Term Debt446.56M1.02B000020M
Capital Lease Obligations0077M80M33M24M20M
Deferred Tax Liabilities0000055M0
Other Non-Current Liabilities4.02M55.85M203M80M68M28M12M
Total Liabilities636.17M1.25B644M663M764M918M1.02B
Total Debt+455.78M1.02B99M94M44M34M40M
Net Debt305.41M438.78M-710M-453M-561M-869M-1.31B
Debt / Equity--0.09x0.09x0.04x0.02x0.02x
Debt / EBITDA-----0.55x0.11x
Net Debt / EBITDA------14.02x-3.53x
Interest Coverage--17.39x-19.00x----
Total Equity+-330.43M-470.98M1.09B1.1B1.19B1.54B2.12B
Equity Growth %--42.54%331.65%0.64%8.74%29.4%37.48%
Book Value per Share-0.72-1.022.172.142.242.613.50
Total Shareholders' Equity-330.43M-470.98M1.09B1.1B1.19B1.54B2.12B
Common Stock0000000
Retained Earnings-385.92M-615.87M-1.1B-1.38B-1.62B-1.6B-1.26B
Treasury Stock-460K-665K00000
Accumulated OCI-55K228K-1M-2M0-1M2M
Minority Interest0000000

Cash Flow

Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024Dec 2025
Cash from Operations+-126M-125M2M-156M135M360M661M
Operating CF Margin %-18.95%-15.19%0.12%-5.71%3.49%7.26%10.74%
Operating CF Growth %-0.79%101.6%-7900%186.54%166.67%83.61%
Net Income-209M-248M-487M-275M-246M19M342M
Depreciation & Amortization7M27M21M24M32M46M67M
Stock-Based Compensation34M86M159M238M287M258M242M
Deferred Taxes-3M0-3M-5M000
Other Non-Cash Items1M38M301M-9M121M185M201M
Working Capital Changes44M-28M11M-129M-59M-148M-191M
Change in Receivables-26M-13M-23M-35M-3M-72M-33M
Change in Inventory-7M-4M-23M-68M-7M04M
Change in Payables15M-6M15M-11M1M5M11M
Cash from Investing+-47M-36M-503M-98M-86M-39M-172M
Capital Expenditures-9M-28M-12M-16M-42M-54M-53M
CapEx % of Revenue1.35%3.4%0.7%0.59%1.09%1.09%0.86%
Acquisitions-33M0-26M-46M-9M00
Investments-------
Other Investing-5M-8M-6M-17M-3M00
Cash from Financing+256M594M759M38M63M18M7M
Debt Issued (Net)7M186M-245M0036M33M
Equity Issued (Net)1000K1000K1000K1000K1000K1000K-1000K
Dividends Paid0000000
Share Repurchases00000-56M-107M
Other Financing-2M7M20M23M27M-61M0
Net Change in Cash83M435M257M-216M112M338M450M
Free Cash Flow+-141M-161M-17M-189M93M306M608M
FCF Margin %-21.2%-19.56%-1%-6.92%2.41%6.17%9.88%
FCF Growth %--14.18%89.44%-1011.76%149.21%229.03%98.69%
FCF per Share-0.31-0.35-0.03-0.370.170.521.00
FCF Conversion (FCF/Net Income)0.60x0.50x-0.00x0.57x-0.55x18.95x1.93x
Interest Paid05M13M0000
Taxes Paid0001M2M3M0

Key Ratios

Metric2019202020212022202320242025
Return on Equity (ROE)---157.09%-25.13%-21.47%1.39%18.64%
Return on Invested Capital (ROIC)---98.05%-56.14%-33.69%1.83%30.77%
Gross Margin9.32%17.01%18.42%18.71%21.58%23.99%25.76%
Net Margin-31.43%-30.13%-28.56%-10.07%-6.36%0.38%5.56%
Debt / Equity--0.09x0.09x0.04x0.02x0.02x
Interest Coverage--17.39x-19.00x----
FCF Conversion0.60x0.50x-0.00x0.57x-0.55x18.95x1.93x
Revenue Growth-23.76%107.17%60.18%41.52%28.33%24.05%

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