TOST
Toast, Inc.
TOST's fundamentals are strong and it looks cheap: trading at 36x earnings, about half its usual 72x. Analysts expect strong earnings growth.
TOST Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Healthy | |
| Healthy | |
| Healthy |
TOST's revenue, profitability, cash flow and balance sheet are all currently healthy.
TOST PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 20x | $33.52 | — |
| Current | 36x | $33.52 | — |
| Cheap | 40x | $37.16 | +11% |
| Fair | 72x | $67.15 | +100% |
| Expensive | 162x | $151 | +351% |
Historical ranges are pointers, not guarantees.
TOST's PE is in its cheap range at 36x. If earnings grow as analysts expect, today's price would be 20x next year's earnings.
TOST Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Strong growth | |
| Improving | |
| Limited | |
| Moderate |
Analysts expect strong earnings and revenue growth for TOST, with profitability improving.
TOST Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $1.67 | +79% |
| Q3 2026 | $0.93 | +98% |
| Q2 2026 | $0.80 | +111% |
| Q1 2026 | $0.67 | +148% |
| Q4 2025 | $0.56 | +1767% |
| Q3 2025 | $0.47 | +$0.56 |
| Q2 2025 | $0.38 | +$0.63 |
| Q1 2025 | $0.27 | +$0.73 |
| Q4 2024 | $0.03 | +$0.50 |
TOST's earnings per share have climbed steadily: $0.93 over the past year, up 98% from the year before, and higher year over year for 12 quarters in a row.
TOST Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $2B | +21% |
| Q2 2026 | $1.9B | +23% |
| Q1 2026 | $1.6B | +22% |
| Q4 2025 | $1.6B | +22% |
| Q3 2025 | $1.6B | +25% |
| Q2 2025 | $1.6B | +25% |
| Q1 2025 | $1.3B | +24% |
| Q4 2024 | $1.3B | +29% |
TOST's revenue has grown year over year every quarter since early 2021: $2B last quarter, up 21% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 8.3% | +3.2 points |
| Q2 2026 | 8% | +2.8 points |
| Q1 2026 | 6.8% | +3.5 points |
| Q4 2025 | 5.2% | +2.8 points |
| Q3 2025 | 5.1% | +2.5 points |
| Q2 2025 | 5.2% | +4.8 points |
| Q1 2025 | 3.2% | +8.4 points |
| Q4 2024 | 2.4% | +7.8 points |
TOST's operating margin was 8.3% last quarter, up 3.2 points from the same quarter a year ago, near the top of its range since 2020.
TOST Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $181M | +18% |
| Q2 2026 | $130M | -38% |
| Q1 2026 | $115M | +67% |
| Q4 2025 | $178M | +33% |
| Q3 2025 | $153M | +58% |
| Q2 2025 | $208M | +93% |
| Q1 2025 | $69M | +$102M |
| Q4 2024 | $134M | +148% |
TOST generated $604M in free cash flow over the past year, up 7.1% from the year before.
TOST Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.3% | +2M shares |
| 1 year | -2.8% | -17M shares |
| 3 years | +10% | +55.5M shares |
| 5 years | +147% | +353M shares |
| Available history | +28% | +131M shares |
TOST has 592M diluted shares, down 2.8% from a year ago, with $539M in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q3 2026 | — |
| Q2 2026 | $163M |
| Q1 2026 | $323M |
| Q4 2025 | $53M |
| Q3 2025 | $23M |
| Q2 2025 | $14M |
| Q1 2025 | $17M |
| Q4 2024 | — |
TOST spent $539M buying back its own shares over the past year, about 10 times what it spent the year before.
TOST Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -2.1x | Net Cash |
| Q2 2026 | -2.1x | Net Cash |
| Q1 2026 | -2.7x | Net Cash |
| Q4 2025 | -3.8x | Net Cash |
| Q3 2025 | -4.6x | Net Cash |
| Q2 2025 | -4.8x | Net Cash |
| Q1 2025 | -6.0x | Net Cash |
| Q4 2024 | -14.8x | Net Cash |
TOST has more cash than debt.
TOST Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 55.7 | Neutral |
| Stochastic | 54.0 | Neutral |
TOST's weekly RSI is 56 (neutral) and its Stochastic is 54 (neutral).
TOST PE vs Technology Sector
| Metric | TOST | Sector median | Relative |
|---|---|---|---|
| PE | 36x | 28x | 29% above |
| PE % | 2 | 45 | 43 pts below |
TOST is trading at 36x earnings, a 29% premium to the Technology sector's median of 28x.
TOST Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $32.0 | 4.8% above |
| 20 week MA | $32.1 | 4.4% above |
| 50 week MA | $30.2 | 11% above |
| 100 week MA | $34.8 | 3.6% below |
| 200 week MA | $28.7 | 17% above |
TOST's trend is mixed: it's above four of its five weekly moving averages, and 17% above its 200-week average.
TOST Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2021 | $55.8 | $39.6 | -29% |
| 2022 | $39.6 | $17.6 | -56% |
| 2023 | $17.6 | $18.3 | +3.6% |
| 2024 | $18.3 | $37.5 | +105% |
| 2025 | $37.5 | $36.4 | -2.8% |
| 2026 YTD | $36.4 | $33.5 | -8% |
TOST's yearly returns have swung widely, from +105% in 2024 to −56% in 2022. It's down 8% so far in 2026.