Toast, Inc.TOST
NYSE•Technology•Software - Infrastructure
Toast, Inc. operates a cloud-based digital technology platform for the restaurant industry in the United States, Ireland, India, and internationally. It offers a platform of software-as-a-service for restaurant operations and point of sale, such as Toast POS; Toast IQ, a conversational artificial intelligence; vendor management; multi-location management; kitchen display system; online ordering and delivery. It offers payroll and team management; inventory and supply chain tools; xtraCHEF by toast, a set of back-office tools for restaurants, including accounts payable automation, inventory management, ingredient price tracking, and recipe costing; financial technology solutions, including integrated payment processing, and restaurant-grade hardware. The company was formerly known as Opti Systems, Inc. and changed its name to Toast, Inc. in May 2012. Toast, Inc. was incorporated in 2011 and is headquartered in Boston, Massachusetts.
Toast, Inc. (TOST) reported trailing twelve months revenue of $6.45B as of March 2026, a 23.4% increase year-over-year. Quarterly revenue reached $1.63B, reflecting continued top-line momentum.
Toast, Inc. generated $412.00M in TTM net income, with quarterly EBITDA of $120.00M. The operating margin expanded from 3.2% to 6.7%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (6.7%) and net margin (7.7%) indicates tight cost control with minimal non-operating drag. Net margin has improved from 4.2% a year ago, signaling stronger bottom-line efficiency.
TOST trades at a P/E of 37.1x (a premium multiple) and a P/S of 2.4x. The price-to-book ratio of 7.7x indicates a significant premium over book value.
The company generated $115.00M in free cash flow over the trailing twelve months, a 66.7% increase year-over-year, indicating cash generation ability. The balance sheet shows $3.09B in total assets with no in long-term debt against $1.99B in stockholders equity. Data based on the most recent quarterly reports.
Competitive analysis based on 19 quarters of fundamental data
Operating margins are positive at ~3.9% on average, but show some variability — pricing power may be sensitive to market conditions.
ROE is low or negative, suggesting limited competitive advantage or capital allocation challenges.
Free cash flow is consistently positive and growing — a hallmark of a capital-light business that can self-fund growth.
TTM revenue has grown consistently (7 of 7 quarters up), with ~47.0% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 19 quarters
Margins are stable or improving at ~5.6% — no sign of cost or pricing stress.
FCF covers net income by 2.7x on average — earnings are well-supported by cash generation.
Limited debt-to-equity data available.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Shares outstanding increased 5.6% — significant dilution, likely from stock compensation or capital raises.
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