Toast, Inc. (TOST) Financial Ratios
7 years of historical data (2019–2025) · Technology · Software - Infrastructure
EV/EBITDA
↓
34.92
↓-82% vs avg
5yr avg: 193.92
30Y Low54.4·High54.4
P/FCF
↓
23.52
↓-66% vs avg
5yr avg: 70.17
30Y Low35.5·High104.7
P/B Ratio
↓
7.05
↓-38% vs avg
5yr avg: 11.33
30Y Low8.2·High16.0
ROE
↑
18.6%
↓+151% vs avg
5yr avg: -36.7%
30Y Low-157%·High19%
Debt/EBITDA
↓
0.11
↓-67% vs avg
5yr avg: 0.33
30Y Low0.1·High0.5
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
TOST Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Toast, Inc. trades at 44.0x earnings, 93% below its 5-year average of 597.7x, sitting at the 0th percentile of its historical range. Compared to the Technology sector median P/E of 29.0x, the stock trades at a premium of 52%. On a free-cash-flow basis, the stock trades at 23.5x P/FCF, 66% below the 5-year average of 70.2x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Market Cap | $14.3B | $21.6B | $21.5B | $9.7B | $9.2B | $17.4B | — | — |
| Enterprise Value | $13.0B | $20.2B | $20.7B | $9.2B | $8.8B | $16.7B | — | — |
| P/E Ratio → | 44.04 | 63.41 | 1131.99 | — | — | — | — | — |
| P/S Ratio | 2.32 | 3.50 | 4.34 | 2.52 | 3.38 | 10.23 | — | — |
| P/B Ratio | 7.05 | 10.15 | 13.94 | 8.15 | 8.41 | 15.99 | — | — |
| P/FCF | 23.52 | 35.45 | 70.40 | 104.65 | — | — | — | — |
| P/OCF | 21.64 | 32.61 | 59.84 | 72.09 | — | 8722.74 | — | — |
P/E links to full P/E history page with 30-year chart
TOST EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Toast, Inc.'s enterprise value stands at 34.9x EBITDA, 82% below its 5-year average of 193.9x. The Technology sector median is 16.7x, placing the stock at a 110% premium on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.29 | 4.17 | 2.37 | 3.22 | 9.82 | — | — |
| EV / EBITDA | 34.92 | 54.41 | 333.43 | — | — | — | — | — |
| EV / EBIT | 42.59 | 66.37 | 333.43 | — | — | — | — | — |
| EV / FCF | — | 33.29 | 67.56 | 98.62 | — | — | — | — |
TOST Profitability
Margins and return-on-capital ratios measuring operating efficiency
Toast, Inc. earns an operating margin of 5.0%. Operating margins have expanded from -7.4% to 5.0% over the past 3 years, signaling improving operational efficiency. ROE of 18.6% indicates solid capital efficiency. ROIC of 30.8% represents excellent returns on invested capital.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 25.8% | 25.8% | 24.0% | 21.6% | 18.7% | 18.4% | 17.0% | 9.3% |
| Operating Margin | 5.0% | 5.0% | 0.3% | -7.4% | -14.1% | -13.4% | -26.7% | -32.0% |
| Net Profit Margin | 5.6% | 5.6% | 0.4% | -6.4% | -10.1% | -28.6% | -30.1% | -31.4% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| ROE | 18.6% | 18.6% | 1.4% | -21.5% | -25.1% | -157.1% | — | — |
| ROA | 12.2% | 12.2% | 0.9% | -13.2% | -15.7% | -38.8% | -45.9% | -68.4% |
| ROIC | 30.8% | 30.8% | 1.8% | -33.7% | -56.1% | -98.0% | — | — |
| ROCE | 15.9% | 15.9% | 1.1% | -22.4% | -29.0% | -22.5% | -54.6% | -128.3% |
TOST Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Toast, Inc. carries a Debt/EBITDA ratio of 0.1x, which is very conservative (96% below the sector average of 2.9x). The company holds a net cash position — cash of $1.4B exceeds total debt of $40M, providing substantial financial flexibility for buybacks, acquisitions, or weathering downturns.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.02 | 0.02 | 0.02 | 0.04 | 0.09 | 0.09 | — | — |
| Debt / EBITDA | 0.11 | 0.11 | 0.55 | — | — | — | — | — |
| Net Debt / Equity | — | -0.62 | -0.56 | -0.47 | -0.41 | -0.65 | — | — |
| Net Debt / EBITDA | -3.53 | -3.53 | -14.02 | — | — | — | — | — |
| Debt / FCF | — | -2.16 | -2.84 | -6.03 | — | — | — | — |
| Interest Coverage | — | — | — | — | — | -19.00 | -18.65 | — |
Net cash position: cash ($1.4B) exceeds total debt ($40M)
TOST Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
Toast, Inc.'s current ratio of 2.75x is well above the 1.0 safety threshold, indicating strong short-term liquidity with ample room to cover current liabilities. The current ratio has improved from 2.28x to 2.75x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.75 | 2.75 | 2.34 | 2.28 | 2.75 | 4.13 | 4.81 | 1.64 |
| Quick Ratio | 2.64 | 2.64 | 2.20 | 2.09 | 2.49 | 3.95 | 4.67 | 1.53 |
| Cash Ratio | 2.05 | 2.05 | 1.75 | 1.70 | 2.06 | 3.60 | 4.27 | 1.08 |
| Asset Turnover | — | 1.96 | 2.01 | 1.97 | 1.55 | 0.98 | 1.06 | 2.18 |
| Inventory Turnover | 40.00 | 40.00 | 31.95 | 24.44 | 17.08 | 22.08 | 35.33 | 39.19 |
| Days Sales Outstanding | — | 7.53 | 8.46 | 11.99 | 10.29 | 11.77 | 14.99 | 24.49 |
TOST Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Toast, Inc. returns 0.7% to shareholders annually primarily through share buybacks. The earnings yield of 2.3% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.3% | 1.6% | 0.1% | — | — | — | — | — |
| FCF Yield | 4.3% | 2.8% | 1.4% | 1.0% | — | — | — | — |
| Buyback Yield | 0.7% | 0.5% | 0.3% | 0.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 0.7% | 0.5% | 0.3% | 0.0% | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $607M | $591M | $533M | $512M | $503M | $461M | $461M |
Peer Comparison
Compare TOST with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 TOSTYou | $14B | 44.0 | 34.9 | 23.5 | 25.8% | 5.0% | 18.6% | 30.8% | 0.1 |
 PAX | $2B | 21.1 | 14.9 | 7.0 | 96.2% | 34.2% | 15.2% | 12.5% | 1.5 |
 PAR | $631M | -7.3 | — | — | 43.5% | -15.1% | -10.0% | -4.5% | — |
 RSKD | $762M | -27.5 | — | 23.0 | 51.1% | -8.4% | -8.1% | -22.2% | — |
 LSPD | $1B | -9.1 | 270.3 | 18.4 | 42.9% | -12.0% | -9.2% | -10.2% | 6.4 |
 FOUR | $3B | 36.5 | 8.1 | 5.5 | 34.2% | 8.4% | 8.0% | 6.3% | 5.9 |
 SMRT | $218M | -3.5 | — | — | 32.7% | -24.7% | -23.2% | -19.6% | — |
 UBER | $148B | 15.1 | 24.4 | 15.2 | 39.8% | 10.7% | 39.8% | 13.6% | 2.1 |
 DASH | $76B | 81.4 | 51.0 | 34.8 | 50.9% | 5.3% | 10.5% | 7.9% | 2.6 |
 PYPL | $37B | 7.9 | 5.6 | 6.7 | 46.6% | 18.3% | 25.7% | 15.0% | 1.4 |
 V | $628B | 32.1 | 25.1 | 29.1 | 80.4% | 60.0% | 52.1% | 29.2% | 1.0 |
| Technology Median | — | 29.0 | 16.7 | 19.2 | 48.8% | 0.2% | 1.6% | 2.7% | 2.9 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 7 years · Updated daily
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TOST — Frequently Asked Questions
Quick answers to the most common questions about buying TOST stock.
What is Toast, Inc.'s P/E ratio?
Toast, Inc.'s current P/E ratio is 44.0x. The historical average is 63.4x.
What is Toast, Inc.'s EV/EBITDA?
Toast, Inc.'s current EV/EBITDA is 34.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 54.4x.
What is Toast, Inc.'s ROE?
Toast, Inc.'s return on equity (ROE) is 18.6%. The historical average is -36.7%.
Is TOST stock overvalued?
Based on historical data, Toast, Inc. is trading at a P/E of 44.0x. Compare with industry peers and growth rates for a complete picture.
What are Toast, Inc.'s profit margins?
Toast, Inc. has 25.8% gross margin and 5.0% operating margin.
How much debt does Toast, Inc. have?
Toast, Inc.'s Debt/EBITDA ratio is 0.1x, indicating low leverage. A ratio below 2x is generally considered financially healthy.