Toast
TOST on NYSE. Toast sells software and payment tools to restaurants. Market value $23.0bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
We can't read total debt from the filing, so debt is left out.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Financial services stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $3.14 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: 52 of 100. Price score: 48 of 100. Our list needs 70 on quality and 60 on price.
$30.25 a share, 36% above its 1-year low
Over the past year the price has ranged from $22.26 to $39.72.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $1.7bn | $2.7bn | $3.9bn | $5.0bn | $6.2bn |
| Operating margin | |||||
| Operating margin | -13.4% | -14.1% | -7.4% | 0.3% | 4.7% |
| Debt to equity | |||||
| Debt to equity | 0.00 | n/a | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.00bn | 0.51bn | 0.53bn | 0.59bn | 0.61bn |
Health checks
- Free cash flow positive3 of 5 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)6 of 7 checks we could run
- Profit backed by cash (accruals)No
- DebtUnknown
- Revenue growth, five yearsStrong, 37.8% a year
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $1.9 billion last quarter, up 23% on a year ago.
- Profit: $154 million, up 93% on a year ago.
- It keeps 6 cents of each $1 of sales as operating profit, up from 3 cents a year earlier.
- Spare cash over the past 12 months: $576 million, up from $508 million.
- 2% fewer shares than a year ago. Each share owns a bit more of the company.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $1.3bn |
| December 2024 | $1.3bn |
| March 2025 | $1.3bn |
| June 2025 | $1.6bn |
| September 2025 | $1.6bn |
| December 2025 | $1.6bn |
| March 2026 | $1.6bn |
| June 2026 | $1.9bn |
| Quarter to | Amount |
|---|---|
| September 2024 | $56m |
| December 2024 | $32m |
| March 2025 | $56m |
| June 2025 | $80m |
| September 2025 | $105m |
| December 2025 | $101m |
| March 2026 | $126m |
| June 2026 | $154m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 18 February 2026
- Next quarterly (estimated, 10-Q)
- 4 November 2026
Who owns it
5 long-term investors we follow own it, up from 2 last quarter. 767 funds in all.
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| ValueAct CapitalMason Morfit | $393m | 7.0% | Added |
| Kensico Capital ManagementMichael Lowenstein | $46m | 0.8% | New |
| Gotham Asset ManagementJoel Greenblatt | $5m | <0.1% | Added |
| Boston PartnersBoston Partners team | $330,420 | <0.1% | New |
| Pzena Investment ManagementRichard Pzena | $304,490 | <0.1% | New |
Largest holders overall
- BlackRock$1.4bnAdded
- FMR$933mAdded
- Capital International Investors$744mCut
- Vanguard Portfolio Management$614mAdded
- Vanguard Capital Management$609m
- JPMorgan Chase$475m
- State Street$470mAdded
- Principal Financial Group$422mAdded
- ValueAct Capital$393mAdded
- Morgan Stanley$317mCut
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
4 investors own more than 5%.
- BlackRock, Inc.Passive investor10.0%+0.7 ptsSince 30 September 2026
- FMR LLCPassive investorat least 6.5%(filed with 1 related holder)Since 31 December 2024
- Capital International InvestorsPassive investor5.9%Since 31 March 2026
- Stephen FredettePassive investor5.9%Since 31 December 2024
- Technology Investment Dining Group, LLCPassive investorSold down below 5%Since 31 March 2026
- T. Rowe Price Associates, Inc.Passive investorSold down below 5%Since 31 December 2024
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
BlackRock, Inc. Passive investor | 10.0%+0.7 pts | 30 September 2026 | |
FMR LLC Passive investor | at least 6.5% (filed with 1 related holder) | 31 December 2024 | |
Capital International Investors Passive investor | 5.9% | 31 March 2026 | |
Stephen Fredette Passive investor | 5.9% | 31 December 2024 | |
Technology Investment Dining Group, LLC Passive investor | Sold down below 5% | 31 March 2026 | |
T. Rowe Price Associates, Inc. Passive investor | Sold down below 5% | 31 December 2024 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
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. 7 sold $28m, $23m of it under preset trading plans.
- Vassil JonathanChief Revenue OfficerSoldunder a preset trading plan
- Date
- 5 October 2026
- Shares
- 7,623
- Price
- $30.19
- Value
- $230,169
- Gomez ElenaPresident, CFOSold
- Date
- 2 October 2026
- Shares
- 11,886
- Price
- $29.35
- Value
- $348,902
- Fredette StephenPresident, DirectorSold
- Date
- 2 October 2026
- Shares
- 9,368
- Price
- $29.35
- Value
- $274,988
- Narang AmanCEO, DirectorSold
- Date
- 2 October 2026
- Shares
- 14,713
- Price
- $29.35
- Value
- $431,885
- Elworthy Brian RGeneral CounselSold
- Date
- 2 October 2026
- Shares
- 6,507
- Price
- $29.35
- Value
- $191,006
- Vassil JonathanChief Revenue OfficerSoldunder a preset trading plan
- Date
- 2 October 2026
- Shares
- 13,465
- Price
- $29.69
- Value
- $399,765
- Vassil JonathanChief Revenue OfficerSoldunder a preset trading plan
- Date
- 2 September 2026
- Shares
- 14,280
- Price
- $33.90
- Value
- $484,056
- Vassil JonathanChief Revenue OfficerSoldunder a preset trading plan
- Date
- 21 August 2026
- Shares
- 85,280
- Price
- $36.34
- Value
- $3m
- Vassil JonathanChief Revenue OfficerSoldunder a preset trading plan
- Date
- 19 August 2026
- Shares
- 13,931
- Price
- $36.01
- Value
- $501,697
- Vassil JonathanChief Revenue OfficerSoldunder a preset trading plan
- Date
- 11 August 2026
- Shares
- 13,797
- Price
- $36.01
- Value
- $496,858
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 5 October 2026 | Vassil Jonathan Chief Revenue Officer | Sold under a preset trading plan | 7,623 | $30.19 | $230,169 |
| 2 October 2026 | Gomez Elena President, CFO | Sold | 11,886 | $29.35 | $348,902 |
| 2 October 2026 | Fredette Stephen President, Director | Sold | 9,368 | $29.35 | $274,988 |
| 2 October 2026 | Narang Aman CEO, Director | Sold | 14,713 | $29.35 | $431,885 |
| 2 October 2026 | Elworthy Brian R General Counsel | Sold | 6,507 | $29.35 | $191,006 |
| 2 October 2026 | Vassil Jonathan Chief Revenue Officer | Sold under a preset trading plan | 13,465 | $29.69 | $399,765 |
| 2 September 2026 | Vassil Jonathan Chief Revenue Officer | Sold under a preset trading plan | 14,280 | $33.90 | $484,056 |
| 21 August 2026 | Vassil Jonathan Chief Revenue Officer | Sold under a preset trading plan | 85,280 | $36.34 | $3m |
| 19 August 2026 | Vassil Jonathan Chief Revenue Officer | Sold under a preset trading plan | 13,931 | $36.01 | $501,697 |
| 11 August 2026 | Vassil Jonathan Chief Revenue Officer | Sold under a preset trading plan | 13,797 | $36.01 | $496,858 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
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
Your first deep dive is free.
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.