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Luxury homebuilder constructing higher-end single-family and active-adult homes across the US.
Luxury homebuilder constructing higher-end single-family and active-adult homes across the US.
Revenue arrives when each home closes. It builds on land it buys or controls through purchase options, and many buyers pay extra for upgrades chosen in design studios. A mortgage and title arm adds a smaller fee stream alongside the homebuilding.
Moat: narrow (brand, scale). Long-standing luxury-homebuilder brand and land positions in affluent markets versus mass-market builders.
Headquarters: Fort Washington, Pennsylvania, US · Founded: 1967 · Employees: 4,900
Size Toll Brothers (TOL) is a United States Consumer Discretionary company (Homebuilding) with a market value of $14.1B, the 628th largest of 3,117 United States companies the cockpit tracks. Shares closed at $152.56 on 6 Nov 2026.
Performance Over six months the shares gained 10.6%, against +5.4% for the median peer and -1.1% for the United States market (cap-weighted) — 8th highest of 16 in its peer set.
Growth Revenue fell 1.1% over the last twelve months (peer median +7.2%); the operating margin is 14.4% (peer median 9.6%).
Valuation It trades at 11.5× forward earnings against a peer median of 14.5× (4th cheapest of 16).
Price implies For today's price to make sense, revenue must grow about 4% a year for seven years (Req g). Recent delivered growth is +9%, so the hurdle is -5 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 1.5 points above its cost of capital (10.3% WACC).
Credit Toll Brothers has 4 bonds outstanding ($1.75B), rated BBB by the agencies and trading like BBB at a weighted spread of 84 bp.
Short interest Short interest is 4.3% of the free float (15 Oct 2026).
Next results Next results expected around 14 Dec 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $10.8B | $11.0B | $10.8B | $9.99B | $10.3B |
| Revenue growth | — | +1% | +9% | -3% | — |
| Gross profit | $2.62B | $2.74B | $3.08B | $2.69B | $2.49B |
| EBITDA | $1.63B | $1.79B | $2.11B | $1.86B | $1.59B |
| Net income | $1.20B | $1.35B | $1.57B | $1.37B | $1.29B |
| Free cash flow | $1.09B | $1.03B | $937M | $1.19B | $915M |
| Capital expenditure | $102M | $86.2M | $73.6M | $73.0M | $71.7M |
| Total debt | $2.91B | $2.92B | $2.96B | $2.98B | $3.47B |
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 | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Toll Brothers TOL | $14.1B | +11% | -1% | 14% | 11.5× | 4.1% |
| D. R. Horton DHI | $41.3B | +3% | -4% | 11% | 17.4× | 7.8% |
| PulteGroup PHM | $24.4B | +13% | -9% | 15% | 14.3× | 4.7% |
| Lennar LEN | $21.1B | 0% | -8% | 5% | 18.9× | 11.4% |
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 | TOL | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +13.2% | +12.2% | 7th highest of 16 |
| 6-month return | +10.6% | +5.4% | 8th highest of 16 |
| Distance from 52-week high | -9.4% | -18.1% | 4th highest of 16 |
| Revenue growth (TTM) | -1.1% | +7.2% | 6th lowest of 16 |
| Operating margin | 14.4% | 9.6% | 4th highest of 16 |
| Forward P/E | 11.5× | 14.5× | 4th cheapest of 16 |
| Growth the price implies (Req g, 7 yrs) | 4.1% | 4.7% | 7th least demanding of 14 |
| Growth delivered (Del g) | +9.2% | +8.7% | 7th highest of 14 |
| Hurdle (Req g minus delivered) | -5.0 pp | -1.4 pp | 4th least demanding of 14 |
| ROIC minus cost of capital | +1.5 pp | +0.1 pp | 8th highest of 16 |
| EV / EBITDA | 9.8× | 9.7× | 8th cheapest of 15 |
| Net debt / EBITDA | 1.1× | 0.7× | 6th most indebted of 15 |
| Bond spread | 84 bp | 88 bp | 2nd tightest of 6 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Toll Brothers TOL | United States | $14.1B | +11% | -1% | 14% | 11.5× | 4.1% | +9.2% |
| NVR NVR | United States | $16.8B | +5% | -10% | 13% | 18.6× | 4.0% | +6.5% |
| Lennar LEN | United States | $21.1B | 0% | -8% | 5% | 18.9× | 11.4% | +8.7% |
| PulteGroup PHM | United States | $24.4B | +13% | -9% | 15% | 14.3× | 4.7% | +9.4% |
| Frontdoor FTDR | United States | $6.69B | +50% | +9% | 20% | 19.0× | 12.2% | +7.3% |
| Barratt Redrow BTRW.L | United Kingdom | $6.07B | +32% | +9% | 9% | 14.5× | 3.3% | +4.7% |
| Open House 3288.T | Japan | $5.66B | -15% | +6% | 12% | 7.3× | -8.1% | +18.2% |
| Persimmon PSN.L | United Kingdom | $5.64B | +22% | +17% | 11% | 13.0× | n/a | n/a |
| Champion Homes SKY | United States | $4.96B | +25% | +3% | 8% | 24.2× | 10.8% | +13.4% |
| Cavco Industries CVCO | United States | $4.87B | +32% | +12% | 10% | 24.2× | 15.2% | +15.2% |
| Sumitomo Forestry 1911.T | Japan | $4.87B | -10% | +14% | 6% | 12.5× | 2.8% | +15.2% |
| D. R. Horton DHI | United States | $41.3B | +3% | -4% | 11% | 17.4× | 7.8% | +3.5% |
| Haseko 1808.T | Japan | $4.50B | -1% | +10% | 8% | 9.9× | -11.6% | +9.5% |
| Berkeley BKG.L | United Kingdom | $4.44B | +12% | -4% | 19% | 13.0× | 1.2% | +1.6% |
| Taylor Wimpey TW..L | United Kingdom | $3.88B | +5% | +9% | 10% | 16.0× | 5.9% | +6.6% |
| Iida 3291.T | Japan | $3.68B | -4% | +7% | 7% | 8.1× | n/a | n/a |
Toll Brothers has 4 bonds outstanding with $1.75B face value. The agencies rate it BBB; its bonds trade like BBB. Weighted yield 5.44%, a spread of 84 bp over government bonds.