The Toronto-Dominion Bank TD

FinancialsBanking ServicesCanada

Last close 175.00 CAD on Nov 2, 2026, +39.3% year to date

Quant rating

Quant rating A Rank 5 of 51 in Financials

Growth B 14 of 51
Valuation D 37 of 51
Quality C 23 of 51
Revisions A 3 of 51
Momentum A 5 of 51

Wall Street consensus Buy (2.33)Average target 182.08 CAD +4.0%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 288.1B
Enterprise value: 570.8B
52-week range: 112.26 – 178.95
3-year range: 73.51 – 178.95
Dividend yield: 2.57%
Beta (5 years): 0.87
Shares outstanding: 1,645M
Next earnings: Dec 3, 2026

About the company

The Toronto-Dominion Bank (the Bank) operates as a bank in North America. The Bank, along with subsidiaries, operates across four main business segments: Canadian Personal and Commercial Banking, the United States (U.S.) Retail, Wealth Management and Insurance, and Wholesale Banking. The Canadian Personal and Commercial Banking, which includes TD Canada Trust and TD Auto Finance Canada. The U.S. Retail segment includes TD Bank, a Convenient Bank, TD Auto Finance U.S., and TD Wealth (U.S.). The Wealth Management and Insurance segment includes TD Wealth (Canada), TD Direct Investing, and TD Insurance. The Wholesale Banking segment includes TD Securities and TD Cowen. The Bank offers a wide range of products and services, including banking accounts, financing, investment solutions, cash management (information, consolidation and reporting, payables, and receivables), U.S. banking services, global services, business credit life insurance, wealth advisory services and others.

Growth and profitability fiscal year ends October 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	87,621	93,389	80,674	41,032	29,581	–
Revenue growth	−6.2%	15.8%	96.6%	38.7%	−17.0%	19.7%
EPS (basic, normalized)	9.38	5.49	6.60	9.48	7.76	–
EPS growth	71.0%	−16.9%	−30.4%	22.3%	20.7%	7.9%
Gross margin	–	–	–	–	–	–
Net margin	22.8%	8.9%	12.5%	41.8%	47.5%	26.7%
ROE	12.5%	13.1%	14.4%	16.0%	14.8%	14.1%

Balance sheet, last quarter
Cash & short-term investments (mil)	–
Tier 1 risk-adjusted capital ratio	16.1%
Long-term debt (mil)	15,877
Net debt (mil)	–
Total equity (mil)	127,015
Net debt / equity	–

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			Book value per share			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	P/B	Mean est.	Growth	P/E
2025 actual	87,621	−6.2%	6.5x	68.78	+15.9%	2.5x	8.37	+7.2%	20.9x
2026	60,447	−31.0%	9.4x	67.90	−1.3%	2.6x	10.12	+20.9%	17.3x
2027	63,730	+5.4%	9.0x	71.02	+4.6%	2.5x	11.20	+10.6%	15.6x
2028	68,132	+6.9%	8.4x	70.50	−0.7%	2.5x	12.29	+9.8%	14.2x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	60,447	0.0%	+1.2%	+1.9%	10.12	0.0%	+4.5%	+7.0%
2027	63,730	0.0%	+1.7%	+2.8%	11.20	0.0%	+4.3%	+7.1%
2028	68,132	0.0%	−12.0%	–	12.29	0.0%	+4.6%	+10.7%

Earnings surprises EPS beat in 4 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Apr 2024	Jul 2024	Oct 2024	Jan 2025	Apr 2025	Jul 2025	Oct 2025	Jan 2026	Apr 2026	Jul 2026
Sales reported (mil)	13,819	14,176	15,514	14,049	13,962	15,297	14,426	15,007	14,639	15,280
Sales mean (mil)	12,602	13,054	13,027	13,794	13,839	14,262	14,049	14,619	14,650	15,282
Surprise	+9.7%	+8.6%	+19.1%	+1.8%	+0.9%	+7.3%	+2.7%	+2.7%	−0.1%	0.0%
EPS reported	2.04	2.05	1.72	2.02	1.97	2.20	2.18	2.44	2.38	2.77
EPS mean	1.85	2.07	1.82	1.96	1.76	2.05	2.03	2.26	2.26	2.47
Surprise	+10.1%	−0.7%	−5.3%	+3.0%	+11.7%	+7.1%	+7.4%	+8.0%	+5.4%	+12.0%

Peer comparison Banking Services

Peers in the same industry group, by market capitalization
Company	Market cap	Tier 1 ratio	Net margin	Deposits/loans	FY1 P/E	FY2 P/E	FY1 P/B	FY2 P/B
TD The Toronto-Dominion Bank	288.1B	16.1%	22.8%	1.37x	17.3x	15.6x	2.6x	2.5x
JPM JPMorgan Chase & Co.	1.27T	15.2%	28.8%	1.74x	13.7x	13.4x	2.5x	2.3x
RY Royal Bank of Canada	397.2B	14.9%	19.1%	1.45x	17.5x	16.0x	2.9x	2.7x
WFC Wells Fargo & Company	360.6B	11.3%	23.2%	1.47x	11.7x	10.7x	1.6x	1.4x
SMFG Sumitomo Mitsui Financial Group, Inc.	212.9B	–	21.9%	1.73x	12.6x	22.0x	–	–
BBVA Banco Bilbao Vizcaya Argentaria, S.a	185.6B	–	17.3%	1.21x	10.2x	9.0x	2.0x	1.9x
Mean		14.4%	22.2%	1.49x	13.8x	14.4x	2.3x	2.2x
Median		15.0%	22.4%	1.46x	13.2x	14.5x	2.5x	2.3x

Technical analysis

1M+4.8%
3M+4.9%
1Y+56.5%
3Y+148.8%

Financial statements in millions of CAD

Income statement in millions of CAD, fiscal years

Income statement, The Toronto-Dominion Bank, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Interest income	87,621	93,389	80,674	41,032	29,581	35,647
Total interest expense	54,559	62,917	50,730	13,679	5,450	10,036
Net interest income	33,062	30,472	29,944	27,353	24,131	25,611
Loan loss provision	4,506	4,253	2,933	1,067	−224	7,242
Net interest income after loan loss provision	28,556	26,219	27,011	26,286	24,355	18,369
Non-interest income	34,715	26,751	20,746	21,679	18,562	18,035
Non-interest expense	−39,628	−42,140	−34,869	−27,541	−25,783	−24,490
Net income before taxes	23,643	10,830	12,888	20,424	17,134	11,914
Provision for taxes	3,410	2,691	3,118	3,986	3,621	1,152
Minority interest & equity in affiliates	305	703	864	991	785	1,133
Other	0	0	0	0	0	0
Net income before extraordinary items	20,538	8,842	10,634	17,429	14,298	11,895
Extraordinary items	–	–	–	–	–	–
Net income	20,538	8,842	10,634	17,429	14,298	11,895
Basic weighted average shares (mil)	1,726	1,759	1,822	1,810	1,818	1,807
Diluted weighted average shares (mil)	1,728	1,760	1,824	1,814	1,820	1,809
Basic EPS excluding extraordinary items	11.57	4.73	5.53	9.48	7.73	6.43
Basic EPS, normalized	9.38	5.49	6.60	9.48	7.76	6.43

Balance sheet in millions of CAD, fiscal years

Balance sheet, The Toronto-Dominion Bank, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & due from banks	7,512	6,437	6,721	8,556	5,931	6,445
Other earning assets	1,051,094	1,023,895	965,356	1,006,004	920,854	908,130
Net loans	953,012	949,549	895,947	831,043	722,622	717,523
Property, plant & equipment	10,132	9,837	9,434	9,400	9,181	10,136
Goodwill	18,980	18,851	18,602	17,656	16,232	17,148
Intangibles	3,409	3,044	2,771	2,303	2,123	2,125
Long-term investments	5,237	9,024	8,907	8,088	11,112	12,174
Other long-term assets	6,499	5,979	5,205	3,599	2,902	2,453
Other assets	38,683	35,135	42,196	30,879	37,715	39,731
Total assets	2,094,558	2,061,751	1,955,139	1,917,528	1,728,672	1,715,865
Liabilities
Accounts payable	32,086	32,157	35,293	27,065	29,707	36,285
Payable/accrued	8,954	7,706	8,314	5,040	7,499	6,571
Accrued expenses	7,313	5,386	4,993	4,100	4,151	2,900
Total deposits	1,304,986	1,299,092	1,229,170	1,253,775	1,148,016	1,154,510
Other bearing liabilities	–	0	17,569	19,733	18,448	14,941
Short-term borrowings	228,411	204,222	170,773	130,933	146,112	188,315
Current portion of long-term debt	0	200	–	–	–	30.0
Long-term debt	52,619	53,479	55,412	59,199	57,072	53,102
Minority interest	–	–	–	–	–	–
Other liabilities	332,362	344,349	321,544	306,300	217,849	163,712
Total liabilities	1,966,731	1,946,591	1,843,068	1,806,145	1,628,854	1,620,366
Shareholders' equity
Preferred stock	−4.0	−18.0	−65.0	−7.0	−10.0	−4.0
Common stock	24,727	25,373	25,434	24,363	23,066	22,487
Additional paid-in capital	285	204	155	179	173	121
Retained earnings (accumulated deficit)	78,320	70,826	73,008	73,698	63,944	53,845
Treasury stock	0	−17.0	−64.0	−91.0	−152	−37.0
Other equity	24,499	18,792	13,603	13,241	12,797	19,087
Total equity	127,827	115,160	112,071	111,383	99,818	95,499
Total liabilities & shareholders' equity	2,094,558	2,061,751	1,955,139	1,917,528	1,728,672	1,715,865

Cash flow statement in millions of CAD, fiscal years

Cash flow statement, The Toronto-Dominion Bank, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	20,538	8,842	10,782	17,429	14,298	13,047
Depreciation, depletion & amortization	2,166	2,027	1,911	1,766	2,066	2,141
Deferred taxes	−764	−1,061	−1,256	502	258	−1,065
Non-cash items	−9,464	−1,725	−864	−1,988	−785	−2,624
Changes in working capital	−82,122	46,854	−75,875	21,240	34,292	220,287
Cash from operations	−69,646	54,937	−65,302	38,949	50,129	231,786
Investing activities
Capital expenditures	−2,145	−2,177	−1,844	−1,454	−1,129	−1,757
Other investing cash flows	88,333	−43,245	78,070	−30,441	−44,139	−222,358
Cash from investing	86,188	−45,422	76,226	−31,895	−45,268	−224,115
Financing activities
Financing cash flow items	–	–	–	–	0	0
Cash dividends paid	−7,663	−7,160	−5,825	−6,665	−5,555	−5,043
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−7,838	−2,653	−7,022	1,846	519	−1,086
Cash from financing	−15,501	−9,813	−12,847	−4,819	−5,036	−6,129
Foreign exchange effects	34.0	14.0	88.0	390	−339	40.0
Net change in cash	1,075	−284	−1,835	2,625	−514	1,582
Free cash flow	−71,791	52,760	−67,146	37,495	49,000	230,029

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.