Toast, Inc. (TOST) Financial Ratios
7 years of historical data (2019–2025) · Technology · Software - Infrastructure
EV/EBITDA
↓
36.27
↓-81% vs avg
5yr avg: 193.92
30Y Low54.4·High54.4
P/FCF
↓
24.35
↓-65% vs avg
5yr avg: 70.17
30Y Low35.5·High104.7
P/B Ratio
↓
8.09
↓-29% 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 50.6x earnings, 92% 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 27.5x, the stock trades at a premium of 84%. On a free-cash-flow basis, the stock trades at 24.4x P/FCF, 65% 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 | $14.8B | $21.6B | $21.5B | $9.7B | $9.2B | $17.4B | — | — |
| Enterprise Value | $13.5B | $20.2B | $20.7B | $9.2B | $8.8B | $16.7B | — | — |
| P/E Ratio → | 50.55 | 63.41 | 1131.99 | — | — | — | — | — |
| P/S Ratio | 2.41 | 3.50 | 4.34 | 2.52 | 3.38 | 10.23 | — | — |
| P/B Ratio | 8.09 | 10.15 | 13.94 | 8.15 | 8.41 | 15.99 | — | — |
| P/FCF | 24.35 | 35.45 | 70.40 | 104.65 | — | — | — | — |
| P/OCF | 22.40 | 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 36.3x EBITDA, 81% below its 5-year average of 193.9x. The Technology sector median is 17.4x, placing the stock at a 109% 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 | 36.27 | 54.41 | 333.43 | — | — | — | — | — |
| EV / EBIT | 44.24 | 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 | -17.39 | — |
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 2.0% (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 | 2.0% | 1.6% | 0.1% | — | — | — | — | — |
| FCF Yield | 4.1% | 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 | $15B | 50.6 | 36.3 | 24.4 | 25.8% | 5.0% | 18.6% | 30.8% | 0.1 |
 PAX | $2B | 23.9 | 16.6 | — | 96.2% | 34.2% | 15.2% | 12.7% | 1.3 |
 PAR | $584M | -6.6 | — | — | 43.5% | -18.6% | -10.0% | -5.5% | — |
 RSKD | $812M | -26.4 | — | 24.5 | 51.1% | -8.4% | -8.1% | -22.2% | — |
 LSPD | $1B | -2.2 | — | — | 41.8% | -64.6% | -32.7% | -36.8% | — |
 FOUR | $4B | 14.2 | 10.3 | 12.6 | 29.2% | 7.4% | 24.3% | 7.6% | 5.3 |
 SMRT | $229M | -3.7 | — | — | 32.7% | -24.7% | -23.2% | -19.6% | — |
 UBER | $163B | 16.7 | 26.7 | 16.7 | 39.8% | 10.7% | 39.8% | 13.6% | 2.1 |
 DASH | $73B | 78.9 | 49.4 | 33.7 | 50.9% | 5.3% | 10.5% | 7.9% | 2.6 |
 PYPL | $43B | 8.6 | 6.3 | 7.6 | 46.6% | 18.3% | 25.7% | 15.0% | 1.4 |
 V | $612B | 31.3 | 24.5 | 28.3 | 80.4% | 60.0% | 52.1% | 29.2% | 1.0 |
| Technology Median | — | 27.5 | 17.4 | 19.8 | 48.6% | -0.5% | 2.4% | 2.9% | 2.9 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 7 years · Updated daily
Full TOST Stock Analysis
Analyst consensus, bull case, AI-generated risk factors, and peer comparison — all in one place.
See TOST's True Return
Price is only half the story. See total return with reinvested dividends.
Launch CalculatorIs TOST Undervalued?
DCF intrinsic value, peer multiples, and analyst estimates — see what the stock is really worth.
View ValuationCompare TOST vs PAX
Side-by-side business, growth, and profitability comparison vs Patria Investments Limited.
Start ComparisonTOST — 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 50.6x. The historical average is 63.4x.
What is Toast, Inc.'s EV/EBITDA?
Toast, Inc.'s current EV/EBITDA is 36.3x. 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 50.6x. 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.