Toll Brothers Inc TOL

Consumer DiscretionaryHomebuilding & Construction SuppliesUnited States of America

Last close 149.24 USD on Nov 3, 2026, +11.2% year to date

Quant rating

Quant rating B Rank 114 of 344 in Consumer Discretionary

Growth C 156 of 344
Valuation B 104 of 344
Quality B 89 of 344
Revisions C 223 of 344
Momentum B 107 of 344

Wall Street consensus Buy (2.00)Average target 168.50 USD +12.9%

Historical valuation

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

Key data

Market cap: 13.8B
Enterprise value: 15.5B
52-week range: 123.23 – 168.22
3-year range: 78.41 – 168.22
Dividend yield: 0.68%
Beta (5 years): 1.30
Shares outstanding: 92.1M
Next earnings: Dec 7, 2026

About the company

Toll Brothers, Inc. is a builder of luxury homes. The Company builds new homes and communities in over 60 markets across the United States, serving first-time, move-up, active-adult, and second-home buyers. The Company also operates its own architectural, engineering, mortgage, title, land development, smart home technology, landscape, and building components manufacturing businesses. It designs, builds, markets, sells, and arranges financing for an array of luxury residential single-family detached, attached, master-planned, resort-style golf, and urban low-, mid-, and high-rise communities. It also develops and operates urban and suburban for-rent apartment and student housing communities (Apartment Living) primarily through joint ventures. These projects are located in various metropolitan areas throughout the country and have generally been operated or developed with partners under the brand names Toll Brothers Apartment Living and Toll Brothers Campus Living.

Growth and profitability fiscal year ends October 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	10,967	10,847	9,995	10,276	8,790	–
Revenue growth	1.1%	8.5%	−2.7%	16.9%	24.2%	9.2%
EPS (basic, normalized)	13.49	15.01	12.36	10.01	6.63	–
EPS growth	−10.1%	21.4%	23.5%	51.0%	–	–
Gross margin	25.4%	27.9%	26.4%	24.2%	22.1%	25.2%
Net margin	12.3%	14.5%	13.7%	12.5%	9.5%	12.5%
ROE	16.9%	21.7%	21.4%	22.8%	16.4%	19.8%

Balance sheet, last quarter
Cash & short-term investments (mil)	1,058
Current ratio	–
Long-term debt (mil)	2,765
Net debt (mil)	1,718
Total equity (mil)	8,531
Net debt / equity	0.20x
Net debt / EBITDA	0.95x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	10,967	+1.1%	1.4x	1,803	−17.0%	8.6x	13.49	−10.1%	11.1x
2026	10,797	−1.6%	1.4x	1,742	−3.3%	8.9x	12.80	−5.1%	11.7x
2027	10,868	+0.7%	1.4x	1,809	+3.8%	8.6x	13.63	+6.6%	10.9x
2028	11,658	+7.3%	1.3x	1,978	+9.4%	7.8x	15.52	+13.8%	9.6x

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	10,797	0.0%	+1.0%	+2.4%	12.80	−0.2%	+0.3%	+0.7%
2027	10,868	−1.0%	−1.7%	−3.0%	13.63	−1.8%	−3.2%	−3.8%
2028	11,658	−1.7%	−2.5%	−2.9%	15.52	−1.7%	−2.5%	−2.9%

Earnings surprises EPS beat in 3 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)	2,647	2,728	3,260	1,841	2,706	2,945	3,423	1,855	2,512	2,659
Sales mean (mil)	2,533	2,711	3,169	1,906	2,484	2,848	3,304	1,851	2,415	2,608
Surprise	+4.5%	+0.6%	+2.9%	−3.4%	+9.0%	+3.4%	+3.6%	+0.2%	+4.0%	+2.0%
EPS reported	3.38	3.60	4.63	1.75	3.50	3.73	4.58	2.19	2.72	2.97
EPS mean	4.14	3.31	4.33	2.04	2.83	3.60	4.89	2.11	2.57	2.93
Surprise	−18.4%	+8.6%	+6.9%	−14.2%	+23.7%	+3.5%	−6.4%	+3.7%	+6.0%	+1.3%

Peer comparison Homebuilding & Construction Supplies

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
TOL Toll Brothers Inc	13.8B	0.95x	12.3%	1.62x	11.7x	10.9x	8.9x	8.6x
FERG Ferguson Enterprises Inc.	46.8B	1.38x	6.1%	7.55x	21.2x	19.1x	14.4x	13.5x
DHI D.R. Horton, Inc.	39.4B	1.23x	10.5%	1.71x	14.9x	13.1x	11.9x	10.9x
PHM PulteGroup, Inc.	23.4B	0.25x	12.8%	1.79x	13.6x	13.4x	9.6x	9.7x
LEN Lennar Corporation	20.5B	1.48x	6.0%	0.95x	17.4x	16.6x	12.5x	12.5x
NVR NVR, Inc.	15.9B	−0.13x	12.8%	4.64x	17.9x	17.4x	12.3x	12.6x
Mean		0.86x	10.1%	3.04x	16.1x	15.1x	11.6x	11.3x
Median		1.09x	11.4%	1.75x	16.2x	15.0x	12.1x	11.7x

Technical analysis

1M+9.5%
3M−0.6%
1Y+12.8%
3Y+88.0%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Toll Brothers Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	10,967	10,847	9,995	10,276	8,790	7,078
Cost of revenue	8,186	7,820	7,361	7,789	6,847	5,660
Gross profit	2,781	3,027	2,634	2,486	1,943	1,418
Selling, general & administrative expenses	1,034	982	909	978	922	867
Research & development	–	–	–	–	–	–
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	26.9	4.4	−27.7	−141	35.2	–
Other operating expenses	0	0	0	0	0	0
Operating income	1,721	2,040	1,752	1,650	986	550
Net interest income (expense)	48.5	14.7	85.2	23.7	78.4	8.5
Gain (loss) on sale of assets	–	–	–	–	–	0
Other non-operating income (expense)	22.2	30.8	4.7	30.1	36.3	28.1
Net income before taxes	1,791	2,086	1,842	1,704	1,100	587
Provision for taxes	445	514	470	417	267	140
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	1,346	1,571	1,372	1,286	834	447
Extraordinary items	–	–	–	–	–	–
Net income	1,346	1,571	1,372	1,286	834	447
EBIT, normalized	1,813	2,104	1,755	1,541	1,047	606
EBITDA, normalized	1,896	2,185	1,832	1,618	1,124	675
Basic EPS, normalized	13.49	15.01	12.36	10.01	6.63	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Toll Brothers Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	1,259	1,303	1,300	1,347	1,638	1,371
Receivables	158	151	136	102	84.4	165
Total inventory	11,099	9,713	9,058	8,733	7,916	7,659
Prepaid expenses	47.8	40.4	43.8	44.3	35.0	28.1
Other current assets	–	–	–	–	–	–
Total current assets	–	–	–	–	–	–
Property, plant & equipment	382	561	427	404	407	421
Goodwill	–	–	–	–	–	–
Intangibles	–	–	–	–	–	–
Long-term investments	1,026	1,007	959	852	599	431
Note receivable	201	191	111	185	247	255
Other long-term assets	12,911	11,608	11,031	10,847	10,285	9,958
Total assets	14,520	13,368	12,527	12,289	11,538	11,066
Liabilities
Accounts payable	616	492	598	619	562	411
Payable/accrued	–	–	–	–	–	–
Accrued expenses	2,009	1,702	1,496	1,295	1,184	1,076
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	–	–	–	–	–	–
Other current liabilities	–	–	–	–	–	–
Total current liabilities	–	–	–	–	–	–
Long-term debt	2,788	2,833	2,860	3,329	3,563	3,958
Minority interest	15.4	15.8	16.0	15.8	45.4	52.2
Other liabilities	3,446	2,848	2,853	2,937	2,634	2,180
Total liabilities	6,249	5,697	5,730	6,283	6,243	6,190
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	1.0	1.1	1.1	1.3	1.3	1.5
Additional paid-in capital	687	695	699	717	714	717
Retained earnings (accumulated deficit)	8,575	8,153	6,676	6,167	4,970	5,164
Treasury stock	−1,015	−1,210	−619	−916	−392	−1,000
Other equity	22.3	31.3	40.9	37.6	1.1	−7.2
Total equity	8,271	7,671	6,797	6,006	5,295	4,875
Total liabilities & shareholders' equity	14,520	13,368	12,527	12,289	11,538	11,066

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Toll Brothers Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	1,346	1,571	1,372	1,286	834	447
Depreciation, depletion & amortization	82.1	81.2	76.5	76.8	76.2	68.9
Deferred taxes	86.7	−80.3	36.2	−96.7	11.8	97.8
Non-cash items	113	120	47.0	41.3	−28.2	62.5
Changes in working capital	−515	−682	−265	−321	410	332
Cash from operations	1,112	1,010	1,266	987	1,303	1,008
Investing activities
Capital expenditures	−86.2	−73.6	−73.0	−71.7	−66.9	−110
Other investing cash flows	−224	−94.0	−77.6	−81.4	62.6	−68.3
Cash from investing	−310	−168	−151	−153	−4.2	−178
Financing activities
Financing cash flow items	−71.7	4.1	42.9	−26.5	−5.5	−1.7
Cash dividends paid	−97.1	−93.4	−91.1	−88.9	−76.6	−56.6
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−665	−727	−1,122	−1,004	−929	−695
Cash from financing	−834	−816	−1,170	−1,120	−1,011	−753
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	−31.5	26.1	−54.2	−286	288	77.0
Free cash flow	1,026	937	1,193	915	1,236	899

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 3, 2026 after market close.