7 years of historical data (2019–2025) · Technology · Software - Infrastructure
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Toast, Inc. trades at 48.8x 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 25.2x, the stock trades at a premium of 93%. On a free-cash-flow basis, the stock trades at 23.5x P/FCF, 67% 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 → | 48.77 | 63.41 | 1131.99 | — | — | — | — | — |
| P/S Ratio | 2.32 | 3.50 | 4.34 | 2.52 | 3.38 | 10.23 | — | — |
| P/B Ratio | 7.80 | 10.15 | 13.94 | 8.15 | 8.41 | 15.99 | — | — |
| P/FCF | 23.49 | 35.45 | 70.40 | 104.65 | — | — | — | — |
| P/OCF | 21.61 | 32.61 | 59.84 | 72.09 | — | 8722.74 | — | — |
P/E links to full P/E history page with 30-year chart
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 15.7x, placing the stock at a 122% 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 | 34.87 | 54.41 | 333.43 | — | — | — | — | — |
| EV / EBIT | 42.52 | 66.37 | 333.43 | — | — | — | — | — |
| EV / FCF | — | 33.29 | 67.56 | 98.62 | — | — | — | — |
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.
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% |
| 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% |
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 3.0x). 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)
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 |
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 2.1% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
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 | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.1% | 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 |
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 | 48.8 | 34.9 | 23.5 | 25.8% | 5.0% | 18.6% | 30.8% | 0.1 |
| XYZ | $38B | 30.3 | 22.9 | 15.8 | 42.8% | 7.1% | 6.0% | 6.4% | 4.3 |
| CPAY | $23B | 23.3 | 13.7 | 12.9 | 78.1% | 45.0% | 31.2% | 14.7% | 3.7 |
| AFRM | $15B | 313.2 | 158.0 | 25.4 | 67.5% | -2.7% | 1.8% | -0.7% | 57.0 |
| KSPI | $13B | 6.5 | 5.0 | 13.8 | 62.3% | 50.4% | 77.7% | 113.5% | 0.2 |
| WEX | $5B | 19.9 | 8.9 | 15.3 | 60.5% | 26.1% | 18.7% | 10.2% | 4.4 |
| KLAR | $5B | 2023.9 | 39.2 | 9.4 | 77.7% | -4.5% | 0.1% | -218.7% | 11.6 |
| BLSH | $5B | -5.2 | — | — | 0.0% | -0.0% | -26.8% | -2.3% | — |
| STNE | $4B | -17.3 | — | — | 27.9% | -30.9% | -13.1% | -7.2% | — |
| ACIW | $4B | 18.4 | 11.1 | 13.2 | 49.0% | 18.7% | 15.4% | 11.4% | 2.0 |
| RELY | $3B | 53.9 | 30.7 | 11.8 | — | 4.7% | 8.9% | 14.0% | 1.9 |
| Technology Median | — | 25.2 | 15.7 | 17.3 | 49.8% | -0.9% | 1.1% | 2.9% | 3.0 |
Peers based on L4 peer group classification. Compare multiple stocks →
Includes 30+ ratios · 7 years · Updated daily
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Start ComparisonToast, Inc.'s current P/E ratio is 48.8x. The historical average is 63.4x.
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.
Toast, Inc.'s return on equity (ROE) is 18.6%. The historical average is -36.7%.
Based on historical data, Toast, Inc. is trading at a P/E of 48.8x. Compare with industry peers and growth rates for a complete picture.
Toast, Inc. has 25.8% gross margin and 5.0% operating margin.
Toast, Inc.'s Debt/EBITDA ratio is 0.1x, indicating low leverage. A ratio below 2x is generally considered financially healthy.