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Toll Brothers

TOL on NYSE. Toll Brothers builds and sells houses to homebuyers in the United States. Market value $12.5bn.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to July 2026. Quality checks use five annual reports, the latest for the year to October 2025.

We can't read total debt from the filing, so debt is left out.

Should I look at this?

Worth a closer look

Why it could be worth it

What to watch out for

Nothing stood out in the numbers we check.

Read what could go wrong

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
past 12 months to July 2026
8.6%high

For every $100 of what the whole company costs, it produced $8.57 of spare cash in the past 12 months. A savings account pays about $4.

Price to profit
past 12 months to July 2026
n/a

The filings do not give us enough to work this out.

Return on capital
five annual reports to October 2025
n/a

The filings do not give us enough to work this out.

Quality score: 80 of 100. Price score: 83 of 100. Our list needs 70 on quality and 60 on price.

$138.00 a share, 12% above its 1-year low

Over the past year the price has ranged from $123.15 to $168.36.

Dividend: 0.8% a year

Paid every year for at least 5 years

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

1.2
0.9
1.2
0.9
1.0
1.1
2021202220232024202512 monthsto Jul '26
Revenue
$8.8bn$10.3bn$10.0bn$10.8bn$11.0bn
Operating margin
11.6%14.7%17.3%18.8%15.7%
Debt to equity
n/an/an/an/an/a
Shares outstanding
0.11bn0.11bn0.10bn0.10bn0.09bn

Health checks

  • Free cash flow positive5 of 5 years
  • Accounting looks honest (Beneish)Not enough data
  • Financial strength (Piotroski)4 of 7 checks we could run
  • Profit backed by cash (accruals)Yes
  • DebtUnknown
  • Revenue growth, five yearsSlow, 9.2% a year
  • Buying back its own sharesYes, 19% fewer since 2021

The quarter to July 2026

How the business did, compared with the same quarter a year earlier.

  • Sales: $2.7 billion last quarter, down 10% on a year ago.
  • Profit: $280 million, down 24% on a year ago.
  • It keeps 14 cents of each $1 of sales as operating profit, down from 16 cents a year earlier.
  • Spare cash over the past 12 months: $1.1 billion, up from $918 million.
  • 5% fewer shares than a year ago. Each share owns a bit more of the company.
  • Sales grew on a year ago in 2 of the last 4 quarters.
Sales by quarter
Sales by quarter
Quarter toAmount
October 2024$3.3bn
January 2025$1.9bn
April 2025$2.7bn
July 2025$2.9bn
October 2025$3.4bn
January 2026$2.1bn
April 2026$2.5bn
July 2026$2.7bn
Profit by quarter
Profit by quarter
Quarter toAmount
October 2024$475m
January 2025$178m
April 2025$352m
July 2025$370m
October 2025$447m
January 2026$211m
April 2026$261m
July 2026$280m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
n/a
Last annual report (10-K)
19 December 2025
Next quarterly (estimated, 10-Q)
27 November 2026

Who owns it

10 long-term investors we follow own it, up from 9 last quarter. 803 funds in all.

Jun '25
Dec '25
Jun '26
Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

4 investors own more than 5%.

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

No insider bought shares on the open market in the last 12 months. 5 sold $26m.

  • East Stephen F.
    Director
    Sold
    Date
    24 September 2026
    Shares
    800
    Price
    $135.99
    Value
    $108,792
  • Parahus Robert
    President & COO
    Sold
    Date
    18 June 2026
    Shares
    7,500
    Price
    $149.66
    Value
    $1m
  • Yearley Douglas C. Jr.
    Executive Chairman, Director
    Sold
    Date
    18 June 2026
    Shares
    77,957
    Price
    $156.58
    Value
    $12m
  • East Stephen F.
    Director
    Sold
    Date
    15 April 2026
    Shares
    1,000
    Price
    $139.70
    Value
    $139,700
  • McLean John A
    Director
    Sold
    Date
    4 March 2026
    Shares
    2,313
    Price
    $153.43
    Value
    $354,884
  • Yearley Douglas C. Jr.
    Chief Executive Officer, Director
    Sold
    Date
    27 February 2026
    Shares
    27,014
    Price
    $159.15
    Value
    $4m
  • Yearley Douglas C. Jr.
    Chief Executive Officer, Director
    Sold
    Date
    24 February 2026
    Shares
    45,116
    Price
    $160.42
    Value
    $7m
  • SHAPIRO PAUL E
    Director
    Sold
    Date
    15 January 2026
    Shares
    3,965
    Price
    $146.68
    Value
    $581,586

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

None of the warning signs we check for were found.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 19 Dec 2025, plus the 10-Q filed 28 Aug 2026 and 8 later 8-Ks.

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

Cheap for a reason is the question the numbers cannot answer.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.