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One of Canada's big-six banks with a large US retail-banking franchise (TD Bank, America's Most Convenient Bank) alongside Canadian retail and wealth/wholesale banking.
One of Canada's big-six banks with a large US retail-banking franchise (TD Bank, America's Most Convenient Bank) alongside Canadian retail and wealth/wholesale banking.
Earns mostly from lending spreads and fees in Canada and from a branch network down the US East Coast. Since a 2024 settlement over weak anti-money-laundering controls it operates under a limit on its US balance sheet, so growth there is capped while it fixes controls. Plans to buy First Horizon were dropped in 2023.
In one line: A Canadian bank with a genuine US East Coast retail-branch footprint.
Moat: narrow (scale, distribution, brand). Rare Canadian bank with a large, branch-dense US retail-banking footprint.
Headquarters: Toronto, Canada · Founded: 1855
Size Toronto-Dominion Bank (TD.TO) is a Canada Financials company (Major Banks) with a market value of $208B, the 2nd largest of 420 Canada companies the cockpit tracks. Shares closed at C$172.92 on 6 Nov 2026.
Performance Over six months the shares gained 17.5%, against +11.5% for the median peer and +5.2% for the Canada market (cap-weighted) — 7th highest of 21 in its peer set.
Growth Revenue fell 10.5% over the last twelve months (peer median +4.6%); the operating margin is 31.4% (peer median 38.8%).
Valuation It trades at 2.48× book value against a peer median of 1.46× (4th most expensive of 21).
Price implies The share price implies a return on equity of about 15.3%; Toronto-Dominion Bank delivers 12.8%, so the price asks more than the business earns today.
Credit Toronto-Dominion Bank has 37 bonds outstanding ($48.2B), rated A- by the agencies and trading like A- at a weighted spread of 93 bp.
Next results Next results expected around 3 Dec 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | C$113B | C$122B | C$120B | C$103B | C$62.7B |
| Revenue growth | — | +2% | +17% | +64% | — |
| Net income | C$16.2B | C$20.5B | C$8.84B | C$10.6B | C$17.4B |
| Free cash flow | C$47.4B | -C$4.16B | C$25.7B | C$34.9B | C$46.3B |
| Capital expenditure | C$2.52B | C$2.15B | C$2.18B | C$1.84B | C$1.45B |
| Total debt | C$298B | C$279B | C$288B | C$225B | C$196B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| Toronto-Dominion Bank TD.TO | $208B | +18% | -11% | 13% | 2.48× | 15.3% |
| Royal Bank of Canada RY.TO | $281B | +15% | +5% | 16% | 2.94× | 18.4% |
| Bank of Montreal BMO.TO | $120B | +16% | -2% | 11% | 2.14× | 16.4% |
| Bank of Nova Scotia BNS.TO | $114B | +21% | -3% | 12% | 1.99× | 16.3% |
| PNC Financial Services PNC | $89.4B | +4% | +8% | 13% | 1.59× | 13.2% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | TD.TO | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +6.5% | +1.9% | 5th highest of 21 |
| 6-month return | +17.5% | +11.5% | 7th highest of 21 |
| Return on equity | 12.8% | 13.2% | 9th lowest of 21 |
| Price / book | 2.48× | 1.46× | 4th most expensive of 21 |
| Trailing P/E | 18.6× | 11.6× | 2nd most expensive of 20 |
| ROE the price implies | 15.3% | 13.1% | 10th most demanding of 21 |
| ROE delivered | 12.8% | 13.3% | 8th lowest of 20 |
| Bond spread | 93 bp | 81 bp | 4th widest of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| Toronto-Dominion Bank TD.TO | Canada | $208B | +18% | -11% | 13% | 2.48× | 15.3% | 12.8% |
| Citigroup C | United States | $200B | -5% | +5% | 9% | 1.03× | 10.9% | 9.1% |
| Commonwealth Bank of Australia CBA.AX | Australia | $194B | +9% | +1% | 14% | 3.56× | 33.3% | 13.9% |
| Mitsubishi Ufj Financial 8306.T | Japan | $230B | +14% | +11% | 13% | 1.60× | 11.2% | 12.6% |
| Banco Santander SAN.MC | Spain | $174B | +4% | +15% | 13% | 1.40× | 17.1% | 13.1% |
| Wells Fargo WFC | United States | $252B | +11% | +6% | 13% | 1.59× | 13.3% | 12.9% |
| Cm Bank 3968.HK | Hong Kong | $165B | +16% | +3% | 13% | 0.99× | 10.2% | 13.3% |
| China Merchants Bank 600036.SS | China | $164B | +12% | +9% | 14% | 0.94× | 5.4% | 13.6% |
| DBS D05.SI | Singapore | $155B | +19% | -5% | 16% | 2.83× | 21.4% | 16.3% |
| Royal Bank of Canada RY.TO | Canada | $281B | +15% | +5% | 16% | 2.94× | 18.4% | 16.2% |
| Sumitomo Mitsui Financial 8316.T | Japan | $145B | +35% | +11% | 11% | 1.42× | 10.0% | 11.2% |
| HSBC HSBA.L | United Kingdom | $301B | -1% | -4% | 14% | 1.51× | 17.5% | 13.6% |
| Bank of China 601988.SS | China | $301B | +19% | -3% | 9% | 0.79× | 2.8% | n/a |
| Banco Bilbao Vizcaya Argentaria BBVA.MC | Spain | $140B | +20% | +9% | 20% | 2.15× | 24.8% | 19.6% |
| UniCredit UCG.MI | Italy | $130B | +6% | +2% | 17% | 1.77× | 25.8% | 17.3% |
| HDFC Bank HDFCBANK.NS | India | $129B | -1% | +5% | 14% | 2.00× | 24.8% | 13.9% |
| Bank of America BAC | United States | $341B | -3% | -1% | 11% | 1.26× | 12.9% | 10.7% |
| Capital One COF | United States | $121B | +7% | +26% | 9% | 1.11× | 11.1% | 9.3% |
| China Construction Bank 601939.SS | China | $358B | +20% | -5% | 10% | 0.87× | 3.0% | 9.8% |
| CCB 0939.HK | Hong Kong | $361B | +22% | +6% | 10% | 0.64× | 5.1% | 9.9% |
| Intesa Sanpaolo ISP.MI | Italy | $120B | +6% | -6% | 16% | 1.81× | 20.7% | 16.4% |
Toronto-Dominion Bank has 37 bonds outstanding with $48.2B face value. The agencies rate it A-; its bonds trade like A-. Weighted yield 4.10%, a spread of 93 bp over government bonds.