The Toronto-Dominion BankTD
NYSE•Financial Services•Banks - Diversified
The Toronto-Dominion Bank, together with its subsidiaries, provides various financial products and services in Canada, the United States, and internationally. It operates through four segments: Canadian Personal and Commercial Banking; U.S. Retail; Wealth Management and Insurance; and Wholesale Banking. The company offers personal deposits, such as chequing, savings, and investment products; financing, investment, cash management, international trade, and banking services to businesses; and financing options to customers at point of sale for automotive and recreational vehicle purchases. It also provides credit cards and payments; real estate secured lending, auto finance, and consumer lending services; point-of-sale payment solutions for large and small businesses; wealth and asset management products, and advice to retail and institutional clients through direct investing, advice-based, and asset management businesses; and property and casualty insurance, as well as life and health insurance products. The company also provides capital markets, and corporate and investment banking products and services, including underwriting and distribution of new debt and equity issues; advice on strategic acquisitions and divestitures; and trading, funding, and investment services to corporations, governments, and institutions. The Toronto-Dominion Bank was founded in 1855 and is headquartered in Toronto, Canada.
Toronto Dominion Bank (The) (TD) reported trailing twelve months revenue of $112.63B as of April 2026, a 5.6% decline year-over-year. Quarterly revenue reached $27.02B, reflecting a contraction in sales.
Toronto Dominion Bank (The) generated $14.91B in TTM net income, with quarterly EBITDA of $5.59B. The operating margin contracted from 42.6% to 18.6%, suggesting rising cost pressures or pricing headwinds.
The spread between operating margin (18.6%) and net margin (15.7%) indicates tight cost control with minimal non-operating drag. Net margin has narrowed from 39.1% a year ago, reflecting increased costs or interest expense.
TD trades at a P/E of 8.6x (below the broader market average) and a P/S of 1.1x. The price-to-book ratio of 1.0x reflects a moderate premium to book value.
The company generated $10.20B in free cash flow over the trailing twelve months, a 9.7% decrease year-over-year, indicating cash generation ability. The balance sheet shows $2.08T in total assets with $222.88B in long-term debt against $124.28B in stockholders equity for a debt-to-equity ratio of 1.8. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are positive at ~16.9% on average, but show some variability — pricing power may be sensitive to market conditions.
ROE is positive at ~12.3% on average, adequate but below the threshold typically associated with wide moats.
Only 4 of the last 8 quarters had positive FCF — the business may require external capital to sustain operations.
Revenue has been flat or declining over recent quarters, which may indicate eroding demand or competitive pressure.
Data-driven red flags and warnings across 21 quarters
Margins are stable or improving at ~16.5% — no sign of cost or pricing stress.
Free cash flow has been negative in 4 of the last 8 quarters — earnings are not translating to cash.
D/E ratio is 1.8 — conservative capital structure with low financial risk.
Revenue declined in 5 of the last 7 quarters — persistent contraction signals a fundamental problem.
4 of the last 8 quarters had negative FCF — inconsistent cash generation raises sustainability concerns.
Shares decreased 29.9% — net buybacks are reducing shares outstanding and boosting per-share value.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation