Toast, Inc.
- Open
- 28.44
- Day high
- 29.17
- Day low
- 28.29
- Prev close
- 27.82
- Volume
- 2.9M
- Mkt cap
- $16.9B
- P/E (TTM)
- 41.6
- EPS (TTM)
- $0.70
- P/B
- 8.5
- P/S
- 2.6
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$3.9M over the last 3 months (0 open-market buys, 8 sales)
- 🏛Institutions accumulating (13F)
Toast, Inc. (TOST) is a Technology company listed on NYSE. The stock is down 35% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 8 sales (SEC Form 4).
Toast, Inc. (TOST) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 8 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
TOST earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 7, 2026 | $0.28 | $0.29 | +3.6% | $1.6B | -0.2% |
| Feb 12, 2026 | $0.24 | $0.25 | +5.1% | $1.6B | +0.4% |
| Nov 4, 2025 | $0.24 | $0.25 | +4.4% | $1.6B | +2.9% |
| May 8, 2025 | $0.18 | $0.20 | +11.3% | $1.3B | -0.5% |
| Feb 19, 2025 | $0.17 | $0.05 | -70.4% | $1.3B | +1.8% |
| Nov 7, 2024 | $0.01 | $0.07 | +366.7% | $1.3B | +0.9% |
| Feb 15, 2024 | $-0.11 | $-0.07 | +36.4% | $1.0B | +0.2% |
| Feb 16, 2023 | $-0.18 | $-0.19 | -5.6% | $769M | +0.7% |
| Nov 10, 2022 | $-0.22 | $-0.19 | +13.6% | $752M | +4.4% |
| Aug 11, 2022 | $-0.24 | $-0.11 | +54.2% | $675M | +3.6% |
| May 12, 2022 | $-0.24 | $-0.20 | +16.7% | $535M | +9.6% |
| Feb 15, 2022 | $-0.19 | $-0.46 | -142.1% | $512M | +5.0% |
TOST insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 16, 2026 | BELL PAUL Ddirector | Grant | 8,888 | — |
| Jun 16, 2026 | Chapman-Hughes Susandirector | Grant | 8,888 | — |
| Jun 16, 2026 | PATRICK DEVAL Ldirector | Option | 5,256 | — |
| Jun 16, 2026 | Bennett Richard Kentdirector | Grant | 8,888 | — |
| Jun 16, 2026 | Koplow Hilarie A.director | Option | 5,256 | — |
| Jun 16, 2026 | PATRICK DEVAL Ldirector | Grant | 8,888 | — |
| Jun 16, 2026 | Chapman-Hughes Susandirector | Option | 5,256 | — |
| Jun 16, 2026 | Koplow Hilarie A.director | Grant | 8,888 | — |
| Jun 16, 2026 | Hawkins Mark Jdirector | Grant | 8,888 | — |
| Jun 16, 2026 | BELL PAUL Ddirector | Option | 5,256 | — |
| Jun 16, 2026 | BHARADWAJ ANUTTHARAdirector | Grant | 8,888 | — |
| Jun 16, 2026 | Hawkins Mark Jdirector | Option | 5,256 | — |
| Jun 16, 2026 | Bennett Richard Kentdirector | Option | 5,256 | — |
| Jun 2, 2026 | Elworthy Brian Rofficer: General Counsel | Option | 54,000 | $2.21 |
| Jun 2, 2026 | Elworthy Brian Rofficer: General Counsel | Sell | 15,136 | $26.15 |
Source: TOST SEC Form 4 filings, latest Jun 16, 2026. For informational purposes only — not investment advice.
See the full TOST insider & 13F page →Toast, Inc. company profile
Overview
Toast, Inc. (NYSE:TOST) is a cloud-based restaurant technology platform provider founded in 2011 and headquartered in Boston, Massachusetts. The company went public in September 2021 and has established itself as a leading provider of point-of-sale systems and comprehensive restaurant management solutions primarily in the United States. Toast serves approximately 140,000 restaurant locations as of 2025, representing about 15% market share in the U.S. restaurant technology market. The company has evolved from a simple point-of-sale provider to a comprehensive restaurant operating system that handles everything from order management to payroll and financing.
Business
Toast operates in the restaurant technology sector, providing a comprehensive cloud-based platform that serves as the central nervous system for restaurant operations. The company's core offering is Toast Point of Sale (POS), which combines hardware and software to handle order taking, payment processing, and basic restaurant management functions. The platform extends far beyond traditional POS systems to include multiple integrated business segments: 1. **Software-as-a-Service (SaaS) Solutions** (~25% of revenue): This includes the core POS software, kitchen display systems, multi-location management tools, payroll and team management, loyalty programs, and analytics. These subscription-based services provide restaurants with comprehensive operational management capabilities. 2. **Financial Technology and Payments** (~70% of revenue): Toast processes payments for restaurants and earns revenue through payment processing fees. The company also offers Toast Capital, which provides loans and financing to restaurant customers, and various other financial services tailored to the restaurant industry. 3. **Hardware and Professional Services** (~5% of revenue): This includes the physical devices like tablets, card readers, kitchen displays, and handheld ordering devices, along with installation and training services. The platform is designed specifically for the restaurant industry, unlike generic POS systems. It includes specialized features like Toast Online Ordering for takeout and delivery, Toast Delivery Services that connects restaurants with delivery driver networks, kitchen management systems, and recently introduced AI-powered tools like Sous Chef for restaurant assistance and ToastIQ for business intelligence. The company is also expanding into adjacent markets including food and beverage retail, international markets, and enterprise restaurant chains.
Revenue model
Toast operates a multi-revenue stream business model centered around recurring revenue from restaurant customers. The company generates income through three primary channels: **Subscription Revenue**: Restaurants pay monthly fees for access to Toast's software platform, typically ranging from basic POS functionality to comprehensive restaurant management suites. This SaaS model provides predictable recurring revenue that has grown 32% year-over-year. **Payment Processing Fees**: Toast earns a percentage of every transaction processed through its platform, currently maintaining a net take rate of approximately 59 basis points on gross payment volume of $42 billion annually. This creates a revenue stream that scales with restaurant sales volume. **Lending and Financial Services**: Through Toast Capital, the company provides loans to restaurant customers and earns interest income and fees. This segment contributed $47 million in gross profit in the most recent quarter. The company's margins are influenced by several key factors. **Positive margin drivers** include the high-margin nature of software subscriptions, economies of scale in payment processing, and the ability to cross-sell additional products to existing customers. Toast benefits from network effects as more restaurants join the platform, creating value for delivery services and third-party integrations. **Margin pressures** come from the competitive restaurant technology market, the need for continuous product development and customer support, and the cyclical nature of the restaurant industry which can affect customer payment volumes during economic downturns. The company also faces rising costs for customer acquisition as it expands into new market segments and geographies. Additionally, credit risk from the lending business and the need to invest in new technologies like AI capabilities can impact profitability.
Competitive moat
Toast's competitive moat appears moderately strong but not insurmountable. The company benefits from several defensive characteristics that create switching costs for restaurant customers. Once a restaurant implements Toast's comprehensive platform, replacing it requires significant operational disruption, staff retraining, and integration of multiple systems that Toast handles seamlessly. The platform's deep integration across POS, payments, inventory, payroll, and analytics creates operational dependency that increases customer stickiness. The company's **data advantage** represents a significant moat component. Toast processes billions of dollars in restaurant transactions, providing valuable insights for benchmarking, AI-powered recommendations, and industry analytics that competitors without similar scale cannot match. This data becomes increasingly valuable as Toast develops AI tools like Sous Chef and ToastIQ. However, Toast faces meaningful competitive threats. **Large technology companies** like Square, Shopify, and potentially Amazon could leverage their broader ecosystems and financial resources to compete aggressively. **Established players** like NCR and Oracle have deep enterprise relationships and could innovate to match Toast's capabilities. The restaurant technology market is also seeing increased investment from venture capital, funding new entrants with innovative approaches. Toast's moat is **geographically limited** primarily to the United States, and the company is still proving its ability to replicate success internationally. The **enterprise market** represents both an opportunity and a vulnerability, as large restaurant chains often have more negotiating power and may demand customized solutions that could commoditize Toast's offering. While the switching costs are real, they may not be prohibitive for well-funded competitors or for restaurants facing significant cost pressures during economic downturns.
Risks & safety
Toast demonstrates a solid financial position with moderate margin of safety, though valuation metrics suggest limited downside protection at current levels. **Liquidity and Solvency:** - Strong cash position of $1.0 billion with minimal debt (debt-to-equity ratio of 1.3%) - Current ratio of 2.5x indicates healthy short-term liquidity - Positive free cash flow of $69 million in most recent quarter - No immediate solvency concerns given strong balance sheet **Valuation Metrics:** - Trading at 85x trailing P/E ratio, indicating expensive valuation - EV/EBITDA of 66x suggests significant premium pricing - Price-to-book ratio of 11.4x well above historical market averages - Graham number of 2.5 significantly below current trading price **Other Considerations:** - Recently achieved GAAP profitability, reducing execution risk - Strong revenue growth of 25%+ provides some justification for premium valuation - SaaS business model with high recurring revenue provides revenue predictability - Market share gains in large addressable market offer growth runway, but high valuation leaves little room for disappointment
Recent development
Over the past few years, Toast has executed a strategic transformation from a simple POS provider to a comprehensive restaurant operating platform. The company has significantly expanded its product suite, launching Toast Tables for reservation management, Catering & Events solutions, and comprehensive digital storefront capabilities. A major focus has been on AI integration, with the development of Sous Chef as an AI restaurant assistant and ToastIQ as an intelligence engine for business analytics. The company has aggressively expanded beyond its core U.S. small and medium-sized restaurant market. **International expansion** has begun with operations in Canada, the UK, and Ireland, though still in early stages. **Enterprise market penetration** has accelerated with major wins including Applebee's, Topgolf, Hilton Hotels, and Perkins, representing a significant shift toward larger, more complex restaurant operations. Toast has also diversified into adjacent markets, particularly **food and beverage retail**, targeting grocery stores, convenience stores, and other retail establishments that sell food. The company has built dedicated sales teams for this segment and is seeing positive early traction. **Financial services expansion** has been notable, with Toast Capital growing significantly to contribute $47 million in quarterly gross profit. The company has also enhanced its payments capabilities and introduced new fintech products. Operationally, Toast has focused on achieving profitability, implementing cost discipline measures including a 10% workforce reduction in 2023, while maintaining investment in key growth areas. The company achieved its first full year of GAAP profitability in 2024, ahead of original projections.
TOST company profile · for informational purposes only — not investment advice.
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