Toast Inc
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Why this colour
Whoever buys today bets that the earnings staircase ($0.05 → $0.21 per share in six quarters) keeps climbing and that the market eventually pays for the turnaround — at roughly 19 times the 2026 estimates that is not an absurd bet, but not a gift either. Whoever waits checks three lines in every quarterly report (10-Q): location growth (does it stay above 20 percent?), the net margin (does the staircase continue past 7.7 percent?) and the insider Forms 4 on EDGAR — the first substantial insider purchase would be the signal the turnaround checklist is missing for its eighth point. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
Toast is the rare turnaround that is not hoped for but audited: three earnings steps from −$246 million to +$342 million, growing cash flow, a full treasury, 22 percent location growth — and a scanner result of 7 of 8 turnaround points (rank 5 of the U.S. selection, as of July 18, 2026). Against that stand a structurally thin payments spread that hangs on the U.S. restaurant economy, a voting majority held by the Class B insiders — and the observation that precisely these insiders have done nothing but sell for twelve months while the company buys back. Whoever invests buys a real turnaround at the price of the doubt the best-informed are sowing themselves. Not investment advice.
Operational turnaround
Net result turned from −$246 million (2023) via +$19 million (2024) to +$342 million (2025); Q1 2026 added +$126 million (up 125 percent) at a 7.7 percent net margin; operating cash flow of $661 million and free cash flow of $608 million (10-K 2025, 10-Q as of 03/31/2026).
Growth & market position
171,000 locations (up 22 percent), $204 billion in payment volume (TTM) and a $2,151 million recurring run-rate (up 26 percent) as of March 31, 2026 — the bundle of register, subscription and payment rail carries high switching costs for customers.
Balance sheet & capital returns
$1,991 million in cash and securities against essentially no debt (12/31/2025), an Altman Z-Score near 8, a Piotroski F-Score of 9 out of 9 (Q1 2026); the buyback program was raised by $500 million in February 2026, with $327 million deployed in the first quarter alone.
Business model quality
A good 80 percent of revenue is payment processing keeping just over half a cent gross per processed dollar; hardware is subsidized as customer acquisition at a $220 million gross loss (2025) — group gross margin near 26 percent, volume- and cycle-dependent, essentially a U.S.-only business.
Insiders & governance
20 insider sales, 0 purchases within twelve months, the CEO included (fundamental data, as of July 18, 2026) — the missing eighth point of the turnaround checklist; in addition, 66 million Class B shares (10 votes each) bundle about 55 percent of the voting power (10-K 2025).
Valuation
P/E near 39 trailing, near 19 on 2026 and near 15 on 2027 estimates, price/FCF near 23, P/S near 2.3 (data as of July 18, 2026) — no bargain, but no growth premium either for a business compounding at a good 20 percent; the stock sits about 60 percent below its all-time high.
Worth Noting
TOST entered the research list as rank 5 of our in-house turnaround scanner (U.S. selection, checklist 7 of 8, as of July 18, 2026) — part of our series on the top 20 of that selection.
Scanner metrics (P/E, P/S, P/B, Piotroski, Altman Z, relative strength, insider and institutional data) use trailing twelve-month figures as of July 18, 2026; the 2026/2027 earnings estimates come from the analyst consensus in the fundamental data (29 estimators).
Price and market value figures (about $26, about $15 billion) are from the July 18, 2026 feed, sanity-checked against 524 million Class A plus 65 million Class B shares per the annual report 10-K for 2025 (record date February 12, 2026); analyses are evergreen, daily prices are not a buy argument.
Stock Watch
This analysis is as of August 26, 2026. Stock Watch will tell you what's changed at TOST since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 22.30 $ to 41.50 $ · Last price: 30.70 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Software - Infrastructure
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Toast Inc TOST | 17.8 | 49.0 | 34.3 | 26.7 | 6.8 | 24.1 | -24.6 |
| Microsoft Corporation MSFT | 3,632.6 | 30.8 | 17.6 | 67.9 | 46.3 | 14.9 | -1.6 |
| Oracle Corporation ORCL | 435.3 | 24.7 | 14.8 | 64.0 | 36.2 | 17.4 | -49.5 |
| Palantir Technologies Inc. PLTR | 432.5 | 199.0 | 147.5 | 84.8 | 46.2 | 56.2 | 4.7 |
| Palo Alto Networks Inc PANW | 305.7 | 302.6 | 194.0 | 70.4 | -2.5 | 14.9 | 84.7 |
| Crowdstrike Holdings Inc CRWD | 248.2 | – | 490.1 | 75.2 | -2.2 | 21.7 | 120.6 |
| Fortinet Inc FTNT | 124.2 | 61.8 | 39.6 | 80.2 | 31.3 | 14.2 | 115.0 |
| Cloudflare Inc NET | 115.1 | – | 2,805.8 | 72.6 | -9.7 | 29.9 | 56.1 |
| Synopsys Inc SNPS | 73.0 | 77.0 | 22.3 | 82.9 | 10.4 | 15.1 | -10.4 |
| Median of companies shown | 248.2 | 61.8 | 39.6 | 72.6 | 10.4 | 17.4 | 4.7 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2019 | 665 | -213 | -209 | -0.45 | -126 | -330 | 306 |
| 2020 | 823 | -220 | -248 | -0.54 | -125 | -471 | 776 |
| 2021 | 1,705 | -228 | -487 | -0.97 | 2 | 1,091 | 1,735 |
| 2022 | 2,731 | -384 | -275 | -0.54 | -156 | 1,098 | 1,761 |
| 2023 | 3,865 | -287 | -246 | -0.46 | 135 | 1,194 | 1,958 |
| 2024 | 4,960 | 16 | 19 | 0.03 | 360 | 1,545 | 2,463 |
| 2025 | 6,153 | 305 | 342 | 0.56 | 661 | 2,124 | 3,145 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | 0.05 | – | 1,338 | 29.20 | 2.40 | 147 | 134 |
| 2025: Q1 | 0.09 | – | 1,337 | 24.40 | 4.20 | 79 | 69 |
| 2025: Q2 | 0.13 | 454.40 | 1,550 | 24.80 | 5.20 | 223 | 208 |
| 2025: Q3 | 0.17 | 81.70 | 1,633 | 25.10 | 6.40 | 165 | 153 |
| 2025: Q4 | 0.17 | 212.00 | 1,633 | 22.00 | 6.20 | 194 | 178 |
| 2026: Q1 | 0.21 | 125.40 | 1,630 | 21.90 | 7.70 | 132 | 115 |
| 2026: Q2 | 0.26 | 100.00 | 1,908 | 23.10 | 8.10 | 144 | 144 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 8 of our scanner strategies — each hit links to the scanner.
Growth
Quality & Balance Sheet
Breakout & Setup
Momentum & Trend
Value & GARP
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | 1.39 | 1.19 – 1.48 | 7,472 | 36.9% | 17 |
| 12/31/2027 | 1.73 | 1.35 – 1.98 | 8,846 | 25.0% | 17 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Instead of guessing what the stock is worth, we turn the question around: what free cash flow growth has to happen for today’s market value to add up? The assumptions behind it can be moved.
Today’s market value implies roughly 13.6% growth in free cash flow per year over ten years (assumptions: discount rate 10.0%, terminal growth 2.5%).
| Free cash flow (last twelve months) | $576.0M |
|---|---|
| Market cap | $17.79B |
| Free cash flow in year ten | $2.06B |
| Terminal value as a share of market value | 61.1% |
It shows which assumption is built into today’s price, not whether that assumption will hold. Every assumption can be changed with the sliders; the figures move with them.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Toast verkauft keine KI als eigenständige Umsatzquelle — die Erlöse stammen laut 10-K 2025 aus Software-Abos, Zahlungsabwicklung und Hardware für Restaurants. Die Filings belegen aber breiten operativen KI-Einsatz in den eigenen bezahlten Produkten: „Toast IQ“ ist als dialogfähiger KI-Assistent fest in die Plattform eingebaut (Item 1 Business), die Marketing-Produkte enthalten einen KI-Schreibassistenten, das Retail-Modul KI-generierte Artikelbeschreibungen, und das Risikokapitel bestätigt ausdrücklich den KI-Einsatz „both for internal productivity purposes and in products and services available to our customers“. Eine dedizierte KI-Umsatzquelle im Sinne des Kriterienkatalogs (KI-Produkte/-Dienste als Umsatzträger) weisen die Filings nicht aus — die KI-Funktionen sind unbepreiste Bestandteile des Abo-Angebots. Daher Nutzt KI statt Verkauft KI.
View the full file — quotes, sources, reviewed filings
„Toast IQ is a conversational artificial intelligence, or AI, assistant built into our platform that uses real-time and historical data from our customers’ operations to help surface actionable business insights and enable operators to ask questions in natural language and take actions directly within the Toast system."
Toast IQ ist ein dialogfähiger Assistent auf Basis Künstlicher Intelligenz (KI), der in unsere Plattform eingebaut ist und Echtzeit- wie historische Daten aus dem Betrieb unserer Kunden nutzt, um verwertbare Geschäftserkenntnisse sichtbar zu machen und es Betreibern zu ermöglichen, Fragen in natürlicher Sprache zu stellen und Aktionen direkt im Toast-System auszuführen.
10-K · 2026-02-18 · View SEC filing
„We use AI in our platform and product offerings, and our success is dependent upon our ability to leverage data, develop competitive products, and manage related risks. We utilize AI solutions both for internal productivity purposes and in products and services available to our customers."
Wir setzen KI in unserer Plattform und unseren Produktangeboten ein, und unser Erfolg hängt davon ab, dass wir Daten nutzbar machen, wettbewerbsfähige Produkte entwickeln und die damit verbundenen Risiken beherrschen. Wir verwenden KI-Lösungen sowohl für interne Produktivitätszwecke als auch in Produkten und Diensten, die unseren Kunden zur Verfügung stehen.
10-K · 2026-02-18 · View SEC filing
„Features within our marketing products, such as our writing assistant powered by AI, custom templates and one-click email campaigns, are designed to help operators save time on crafting marketing strategies."
Funktionen innerhalb unserer Marketing-Produkte — etwa unser KI-gestützter Schreibassistent, individuelle Vorlagen und Ein-Klick-E-Mail-Kampagnen — sollen Betreibern helfen, beim Erstellen von Marketingstrategien Zeit zu sparen.
10-K · 2026-02-18 · View SEC filing
Rated on July 19, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years 31.1%
- More than 10% revenue growth is expected for the coming year 18.1%
- Share count grows by less than 3% a year 5.8%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 33.9%
- Gross margin at 40% or higher and without meaningful erosion 25.8%
- Goodwill from acquisitions does not grow faster than revenue 3.6%
- Net debt below twice EBITDA 1,951 m net cash
- Operating cash flow covers the profits of the last three years 1,041 m
- Return on capital at 15% or higher, or up versus two years ago 14.0%
- Insiders hold at least 10% or are net buyers 5.6%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
7/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 44.9%
- Exp. sales growth 3Y > 5% 19.9%
- EBIT growth 10Y > 5% –
- Exp. EBIT growth 3Y > 5% 75.4%
- Net debt < 4x EBIT -6.4x
- EBIT positive, 10Y straight 2
- Max. EBIT decline < 50% 0.0%
- Return on equity > 15% 17.1%
- ROCE > 15% 14.0%
- Expected return > 10% 81.4%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Sep 2, 2026 | Vassil Jonathan | Chief Revenue Officer | Sell | 9,180 | 34.10 | 312,992 |
| Sep 2, 2026 | Vassil Jonathan | Chief Revenue Officer | Sell | 5,100 | 33.54 | 171,064 |
| Sep 2, 2026 | Vassil Jonathan | Chief Revenue Officer | Other | 14,280 | 2.21 | 31,559 |
| Aug 21, 2026 | Vassil Jonathan | Chief Revenue Officer | Sell | 85,280 | 36.34 | 3,099,075 |
| Aug 21, 2026 | Vassil Jonathan | Chief Revenue Officer | Other | 37,607 | 17.33 | 651,729 |
| Aug 21, 2026 | Vassil Jonathan | Chief Revenue Officer | Other | 47,673 | 17.38 | 828,557 |
| Aug 19, 2026 | Vassil Jonathan | Chief Revenue Officer | Sell | 13,931 | 36.01 | 501,697 |
| Aug 19, 2026 | Vassil Jonathan | Chief Revenue Officer | Other | 6,532 | 17.33 | 113,200 |
| Aug 19, 2026 | Vassil Jonathan | Chief Revenue Officer | Other | 7,399 | 17.38 | 128,595 |
| Aug 11, 2026 | Vassil Jonathan | Chief Revenue Officer | Sell | 13,797 | 36.01 | 496,858 |
The company
About the Company
Toast, Inc. betreibt eine cloudbasierte digitale Technologieplattform für die Gastronomiebranche in den USA, Irland, Indien und international.
- CEO Insider Trades (12 Mo.)
- selling own stock
- Employees
- 6,500
- Headquarters
- Boston, MA
- Address
- 333 Summer Street, 02210 Boston, United States
- Phone
- 617 297 1005
- Website
- pos.toasttab.com
- IPO Date
- 09/22/2021
- ISIN
- US8887871080
Management
| Name | Title | Birth Year |
|---|---|---|
| Aman Narang | Co-Founder, CEO & Director | 1983 |
| Stephen Fredette | President, Co-Founder & Director | 1984 |
| Elena Gomez | CFO & President | 1970 |
| Brian R. Elworthy J.D. | General Counsel & Corporate Secretary | 1981 |
| Jonathan Vassil | Chief Revenue Officer | 1977 |
| Peter Sauerborn | Chief Operating Officer | 1967 |
| Rossana Niola | Chief Accounting Officer | 1980 |
| Mona Breed | Senior VP & Chief Information Officer | – |
| Kelly Esten | CMO & COO of Enterprise | – |
| Joe Starzec | Senior Vice President of Sales | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
- 08/04/2026 Toast, Inc. (TOST): Results of Operations and Financial Condition; Financial Statements and Exhibits SEC ↗
Data as of: September 17, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.