TOLNYSEOperative BuildersFiscal year ends October 31
Toll Brothers, Inc.
Financials through Q3 FY2026, quarter ended Jul 31, 2026Last filing: 10-Q on Aug 28, 2026
$131.12−2.58 (-1.93%)
Close on Oct 19, 2026
- Market cap
- $12.38B
- P/E (TTM)
- 10.5
- Dividend yield
- 0.75%
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
25.1%+5.1 pts over 5 years
Operating margin
15.7%+7.9 pts over 5 years
Net margin
12.3%+6.0 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +1.1% | +2.2% | +9.2% | – | |
| Gross profit | -8.9% | +3.5% | +14.2% | – | |
| Operating income | -15.7% | +4.5% | +25.6% | +14.4% | |
| Net income | -14.3% | +1.5% | +24.7% | +14.0% | |
| EPS, diluted | -10.1% | +7.4% | +31.7% | +21.2% | |
| Free cash flow | +9.6% | +3.9% | +2.7% | +35.1% | |
| Dividend per share | +8.9% | +8.4% | +17.4% | – |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 9.0% | 9.0% | 16.9% | |
| Return on assets | 4.0% | 4.1% | 9.7% | |
| Capex to revenue | – | 1.5% | 0.8% | |
| Diluted shares | 176M | 131M | 100M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Toll Brothers generated $5.68B from operations and spent $3.58B on capital expenditure, dividends and share buybacks. 10% of that went back into the business.
Generated
$5.68B
Used
$3.58B
Capital expenditure$371.40M10%Dividends$447.08M12%Share buybacks$2.76B77%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin12.3%
×Asset turnover0.79×
×Equity multiplier1.75×
=Return on equity, FY202516.9%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 12.3% | 0.79× | 1.75× | 16.9% |
| FY2024 | 14.5% | 0.84× | 1.79× | 21.7% |
| FY2023 | 13.7% | 0.81× | 1.94× | 21.4% |
| FY2022 | 12.5% | 0.86× | 2.11× | 22.8% |
| FY2021 | 9.5% | 0.78× | 2.22× | 16.4% |
| FY2020 | 6.3% | 0.65× | 2.20× | 9.0% |
| FY2019 | 8.2% | 0.69× | 2.14× | 12.0% |
| FY2018 | 10.5% | 0.73× | 2.12× | 16.1% |
| FY2017 | 9.2% | 0.61× | 2.19× | 12.2% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
3of 7 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero$1.35B
- Cash generatingOperating cash flow above zero$1.11B
- Return on assets improvedROA up on the prior year12.5% → 10.1%
- Earnings backed by cashOperating cash flow above net income$1.11B vs $1.35B
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose– → –
- No dilutionShare count did not rise105M → 100M
- Gross margin improvedGross margin up on the prior year27.87% → 25.11%
- More efficientAsset turnover rose0.87 → 0.82