Toll Brothers (TOL)
What the price implies
A reverse DCF: instead of guessing a fair value, it asks what growth today's price already assumes. How it works.
At a market value of $12.2B, Toll Brothers's free cash flow of $1.0B (fiscal 2025) would need to grow about -2% a year for the stock to be worth today's price. That is slower than the company has grown its free cash flow over the last 9 years.
Assumes a 9% discount rate and 3% growth after year 10, on free cash flow (operating cash flow minus capital spending) from Toll Brothers's SEC filings. Change any assumption, or model revenue and margins instead, in the Modeling tab, or try your own numbers in the reverse DCF calculator.
Fundamental grade
Five factors scored 1 to 9 from TOL's latest numbers, weighted into one grade. It describes the business, not whether the stock is a buy.
Key numbers
Results from SEC filings
Fiscal years, from Toll Brothers's 10-K filings. The deep dive has 15+ years, quarters and every line.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $8.8B | $10.3B | $10.0B | $10.8B | $11.0B |
| Net income | $834M | $1.3B | $1.4B | $1.6B | $1.3B |
| Free cash flow | $1.2B | $915M | $1.2B | $937M | $1.0B |
| EPS (diluted) | $6.63 | $10.90 | $12.36 | $15.01 | $13.49 |
| Operating margin | 11.6% | 14.7% | 17.3% | 18.8% | 15.7% |
Where the revenue comes from
Revenue by products, fiscal 2025.
Superinvestors who own TOL
From each investor's latest 13F filing (what a 13F shows). 9 of the investors we track hold it.
| Investor | Last quarter | Value | % of portfolio | Quarter |
|---|---|---|---|---|
| Ed Wachenheim Greenhaven Associates |
Trimmed | $928M | 10.7% | Q2 2026 |
| Cliff Asness AQR Capital Management |
Trimmed | $266M | 0.09% | Q2 2026 |
| Ron Baron Baron Capital (BAMCO) |
Added | $166M | 0.25% | Q2 2026 |
| Andreas Halvorsen Viking Global Investors |
New position | $18M | 0.05% | Q2 2026 |
| Joel Greenblatt Gotham Asset Management |
Trimmed | $17M | 0.04% | Q2 2026 |
| David Rolfe Wedgewood Partners |
Added | $15M | 3.1% | Q2 2026 |
| Mario Gabelli GAMCO Investors |
Held | $6M | 0.06% | Q2 2026 |
| Larry Pitkowsky GoodHaven Capital Management |
Held | $3M | 0.88% | Q2 2026 |
| Jean-Marie Eveillard First Eagle Investment Management |
Added | $988,500 | 0.00% | Q2 2026 |
Insider buying
Open-market purchases by Toll Brothers's executives and directors in the last 12 months, from SEC Form 4 filings. What insider buying tells you.
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In the full deep dive
Questions
What growth does Toll Brothers's stock price imply?
At a market value of $12.2B, Toll Brothers would need its free cash flow to grow about -2% a year for 10 years (discounted at 9%, 3% growth after that) to be worth today's price. Over the last 9 years its free cash flow grew 27% a year.
Are Toll Brothers insiders buying the stock?
No open-market insider purchases of TOL in the last 12 months, according to SEC Form 4 filings.
Which superinvestors own Toll Brothers?
9 of the superinvestors Investingly tracks hold TOL in their latest 13F, including Ed Wachenheim, Cliff Asness, Ron Baron.
Prices and ratios as of Oct 7, 2026; statements from SEC filings. Information only, not investment advice. Superinvestor holdings come from 13F filings, which are filed up to 45 days after each quarter ends.