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Toll Brothers

TOL NYSE Homebuilding Financials FY2016–FY2025

Toll Brothers' revenue rose 1.1% to $11.0 billion in fiscal 2025. Its operating margin was 15.7%, down from 18.8% a year earlier. Free cash flow was $1.0 billion, up 9.6%. It paid out $748 million in dividends and buybacks, 73% of free cash flow. The diluted share count fell 4.7%.

Last close · Oct 23, 2026

$139.90

0.8%
Value it Compare
Revenue Total sales reported in the income statement.
$11.0B
1.1% vs prior year
Operating margin Operating income as a share of revenue.
15.7%
3.1 pts
Net income Profit after all expenses, interest and tax.
$1.3B
14.3%
Free cash flow Cash from operations minus capital spending.
$1.0B
9.6%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
13.6%
3.9 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$13.2B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
11.2x
On $12.46 EPS (TTM)

About these figures. Debt is the total of Toll Brothers' three debt lines on its balance sheet: loans payable, senior notes and its mortgage company's loan facility. Toll Brothers, like other homebuilders, doesn't split its balance sheet into current and long-term, so the current and quick ratios are blank; most of its interest is added to the cost of its homes, and from 2023 no interest expense is tagged.

What Toll Brothers does

No business description yet.

Legal name
Toll Brothers, Inc.
Fiscal year ends
October 31, 2025
Latest annual report
—
Accession · CIK
0000794170-25-000112
0000794170

Revenue and margins

Toll Brothers had $11.0B of revenue in fiscal 2025, up 1.1% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 22.4% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $1.0B in fiscal 2025, 9.4% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Toll Brothers returned $748M to shareholders in fiscal 2025, 73% of free cash flow. The diluted share count fell 4.7%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Toll Brothers yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$1.5B and divides by 99.8M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 11.2x · peers 13.1x · sector 17.9x.

Balance sheet

Cash, debt and the ratios that show how comfortably Toll Brothers can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $1.6B$1.3B$1.3B$1.3B$1.3B
Debt incl. finance leases $3.6B$3.3B$2.9B$2.8B$2.8B
Net debt / EBITDA 1.8x1.3x0.9x0.7x0.9x
Debt / equity 0.7x0.6x0.4x0.4x0.3x
Total assets $11.5B$12.3B$12.5B$13.4B$14.5B
Total liabilities $6.2B$6.3B$5.7B$5.7B$6.2B
Shareholders' equity $5.3B$6.0B$6.8B$7.7B$8.3B
Net debt (− = net cash) $1.9B$2.0B$1.6B$1.5B$1.5B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$26.1M

5 insiders

Of sales under plans

0%

$0.0M

DateInsiderTradeSharesPriceValueFiling
Sep 24, 2026 Stephen F. EastDirector Sold 800 $135.99 $0.1M Form 4
Jun 18, 2026 Douglas C. Yearley Jr.Executive Chairman, Director Sold 77,957 $156.58 $12.2M Form 4
Jun 18, 2026 Robert ParahusPresident & COO Sold 7,500 $149.66 $1.1M Form 4
Apr 15, 2026 Stephen F. EastDirector Sold 1,000 $139.70 $0.1M Form 4
Mar 4, 2026 John A McLeanDirector Sold 2,313 $153.43 $0.4M Form 4
Feb 27, 2026 Douglas C. Yearley Jr.Chief Executive Officer, Director Sold 27,014 $159.15 $4.3M Form 4
Feb 24, 2026 Douglas C. Yearley Jr.Chief Executive Officer, Director Sold 45,116 $160.42 $7.2M Form 4
Jan 15, 2026 Paul E ShapiroDirector Sold 3,965 $146.68 $0.6M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✓ ✕
Cash from operations exceeds net income ✕ ✕ ✕
Debt fell relative to assets ✓ ✓ ✓
Current ratio rose — — —
Share count didn't rise ✓ ✓ ✓
Gross margin rose ✓ ✓ ✕
Revenue rose relative to assets ✕ ✓ ✕
F-score — / 9— / 9— / 9
Accruals ratio 0.9%4.3%1.7%
Altman Z'' ———

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Toll Brothers TOL $13.2B 1.1% 15.7% 9.4% 13.6% 11.2x —
NVR NVR $16.8B −1.9% — 10.6% — 15.5x — Compare →
PulteGroup PHM $22.8B −3.5% — 10.1% 17.9% 12.9x — Compare →
KB Home KBH $2.9B −10.0% — 4.6% — 13.3x — Compare →
M/I Homes MHO $3.2B −1.9% 11.5% 2.9% — 11.8x — Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue — $5.8B $7.1B $7.2B $7.1B $8.8B $10.3B $10.0B $10.8B $11.0B
Gross profit — $1.3B $1.6B $1.6B $1.4B $1.9B $2.5B $2.6B $3.0B $2.8B
Operating income $492M $647M $786M $681M $550M $1.0B $1.5B $1.7B $2.0B $1.7B
Interest expense $0.0M $0.0M $0.0M $0.0M $2.4M $0.0M $0.0M — — —
Pretax income $589M $814M $934M $787M $587M $1.1B $1.7B $1.8B $2.1B $1.8B
Income tax $207M $279M $186M $197M $140M $267M $417M $470M $514M $445M
Net income $382M $536M $748M $590M $447M $834M $1.3B $1.4B $1.6B $1.3B
Diluted EPS $2.18 $3.17 $4.85 $4.03 $3.40 $6.63 $10.90 $12.36 $15.01 $13.49
Diluted shares 0.18B 0.17B 0.15B 0.15B 0.13B 0.13B 0.12B 0.11B 0.10B 0.10B
Cash flow
Cash from operations $151M $862M $588M $438M $1.0B $1.3B $987M $1.3B $1.0B $1.1B
Capital expenditure $28.4M $28.9M $28.2M $87.0M $110M $66.9M $71.7M $73.0M $73.6M $86.2M
Free cash flow $122M $833M $560M $351M $899M $1.2B $915M $1.2B $937M $1.0B
Depreciation and amortization $23.1M $25.4M $25.3M $72.1M $68.9M $76.2M $76.8M $76.5M $81.2M $82.1M
Stock-based compensation $26.7M $28.5M $28.3M $26.2M $24.3M $23.2M $21.1M $24.8M $29.6M $30.8M
Acquisitions $0.0M $83.1M $0.0M $162M $60.3M $0.0M $0.0M $0.0M $0.0M $0.0M
Share buybacks $393M $291M $503M $234M $634M $378M $543M $562M $627M $651M
Dividends paid $0.0M $38.6M $61.7M $63.6M $56.6M $76.6M $88.9M $91.1M $93.4M $97.1M
Dividends and buybacks $393M $329M $565M $297M $691M $455M $632M $653M $720M $748M
Balance sheet
Cash and short-term investments $634M $713M $1.2B $1.3B $1.4B $1.6B $1.3B $1.3B $1.3B $1.3B
Total debt $3.8B $3.2B $3.7B $3.9B $4.0B $3.6B $3.3B $2.9B $2.8B $2.8B
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Property and equipment, net $170M $190M $193M $273M $316M $311M $288M $324M $453M $273M
Total assets $9.7B $9.4B $10.2B $10.8B $11.1B $11.5B $12.3B $12.5B $13.4B $14.5B
Total liabilities $5.5B $4.9B $5.5B $5.7B $6.1B $6.2B $6.3B $5.7B $5.7B $6.2B
Shareholders' equity $4.2B $4.5B $4.8B $5.1B $4.9B $5.3B $6.0B $6.8B $7.7B $8.3B
Margins
Gross margin — 21.5% 22.5% 21.6% 20.0% 22.1% 24.2% 26.4% 27.9% 25.1%
Operating margin — 11.1% 11.0% 9.4% 7.8% 11.6% 14.7% 17.3% 18.8% 15.7%
EBITDA margin — 11.6% 11.4% 10.4% 8.8% 12.5% 15.4% 18.0% 19.6% 16.4%
Net margin — 9.2% 10.5% 8.2% 6.3% 9.5% 12.5% 13.7% 14.5% 12.3%
FCF margin — 14.3% 7.8% 4.9% 12.7% 14.1% 8.9% 11.9% 8.6% 9.4%
Returns
Return on capital 4.4% 5.9% 8.8% 6.8% 5.5% 10.5% 14.9% 15.7% 17.5% 13.6%
Return on equity 9.0% 12.2% 16.1% 12.0% 9.0% 16.4% 22.8% 21.4% 21.7% 16.9%
Return on assets 4.0% 5.6% 7.6% 5.6% 4.1% 7.4% 10.8% 11.1% 12.1% 9.7%
Growth
Revenue growth — — 22.8% 1.1% −2.0% 24.2% 16.9% −2.7% 8.5% 1.1%
Net income growth 5.2% 40.2% 39.7% −21.1% −24.3% 86.7% 54.3% 6.7% 14.5% −14.3%
EPS growth 10.7% 45.4% 53.0% −16.9% −15.6% 95.0% 64.4% 13.4% 21.4% −10.1%
FCF growth 141.4% 580.1% −32.8% −37.4% 156.2% 37.6% −26.0% 30.4% −21.5% 9.6%
Share count change −4.7% −3.7% −9.0% −5.0% −10.4% −4.1% −6.2% −5.9% −5.7% −4.7%
Financial health
Net debt / EBITDA 6.1x 3.7x 3.1x 3.5x 4.2x 1.8x 1.3x 0.9x 0.7x 0.9x
Debt / equity 0.9x 0.7x 0.8x 0.8x 0.8x 0.7x 0.6x 0.4x 0.4x 0.3x
Interest coverage — — — — 225.5x — — — — —
Capital allocation
Capex / revenue — 0.5% 0.4% 1.2% 1.6% 0.8% 0.7% 0.7% 0.7% 0.8%
Stock comp / revenue — 0.5% 0.4% 0.4% 0.3% 0.3% 0.2% 0.3% 0.3% 0.3%
Payouts / FCF 320.7% 39.6% 100.9% 84.7% 76.9% 36.8% 69.0% 54.7% 76.9% 72.9%
Quality scores
Accruals ratio 2.4% −3.4% 1.6% 1.5% −5.1% −4.2% 2.5% 0.9% 4.3% 1.7%

Source: SEC EDGAR XBRL filings (CIK 0000794170). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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