Loading…
US restaurant technology company selling point-of-sale, payments and management software built specifically for restaurants.
US restaurant technology company selling point-of-sale, payments and management software built specifically for restaurants.
Takes a cut of every card payment restaurants take on its terminals, which makes payments the largest revenue line, and adds monthly software subscriptions per location; hardware is sold at low margin to win the location. Toast Capital lends to restaurants, repaid from their card sales.
Moat: narrow (switching costs, installed base, distribution). Integrated hardware, software and payments embedded in daily restaurant operations make switching disruptive.
Headquarters: Boston, Massachusetts, US · Founded: 2011 · Employees: 6,500
Size Toast (TOST) is a United States Information Technology company (Packaged Software) with a market value of $20.1B, the 494th largest of 3,117 United States companies the cockpit tracks. Shares closed at $34.67 on 6 Nov 2026.
Performance Over six months the shares gained 38.4%, against +15.5% for the median peer and -1.1% for the United States market (cap-weighted) — 4th highest of 19 in its peer set.
Growth Revenue grew 22.1% over the last twelve months (peer median +18.2%); the operating margin is 7.3% (peer median 22.3%).
Valuation It trades at 20.9× forward earnings against a peer median of 23.1× (8th cheapest of 18).
Price implies For today's price to make sense, revenue must grow about 29% a year for seven years (Req g). Recent delivered growth is +50%, so the hurdle is -21 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 89.0 points above its cost of capital (13.6% WACC).
Backlog Backlog (remaining performance obligations) was $1.18B at 30 Sep 2026, up 25% on a year earlier — 0.2 years of trailing revenue. Backlog detail →
Short interest Short interest is 7.1% of the free float (15 Oct 2026).
Next results Next results expected around 18 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $7.15B | $6.15B | $4.96B | $3.87B | $2.73B |
| Revenue growth | — | +24% | +28% | +42% | — |
| Gross profit | $1.93B | $1.58B | $1.18B | $825M | $504M |
| EBITDA | $573M | $372M | $113M | -$240M | -$356M |
| Net income | $550M | $342M | $19.0M | -$246M | -$275M |
| Free cash flow | $604M | $608M | $306M | $93.0M | -$172M |
| Capital expenditure | $64.0M | $53.0M | $54.0M | $42.0M | $33.0M |
| Total debt | $0 | $20.0M | $34.0M | $44.0M | $94.0M |
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 |
|---|---|---|---|---|---|---|
| Toast TOST | $20.1B | +38% | +22% | 7% | 20.9× | 28.6% |
| Block XYZ | $51.7B | +14% | +7% | 20% | 17.1× | n/a |
| NCR Voyix VYX | $1.35B | +17% | -5% | 7% | 9.9× | n/a |
| Lightspeed Commerce LSPD.TO | $1.38B | +9% | +11% | -9% | 14.4× | 13.5% |
| PAR Technology PAR | $850M | +43% | +19% | -10% | 17.7× | n/a |
| Shift4 Payments FOUR | $3.47B | +3% | +32% | 10% | 8.4× | n/a |
| Global Payments GPN | $25.8B | +41% | +7% | 21% | 6.3× | n/a |
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 | TOST | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +13.6% | +2.7% | 4th highest of 21 |
| 6-month return | +38.4% | +15.5% | 4th highest of 19 |
| Distance from 52-week high | -12.6% | -17.7% | 9th highest of 21 |
| Revenue growth (TTM) | +22.1% | +18.2% | 9th highest of 21 |
| Operating margin | 7.3% | 22.3% | 7th lowest of 21 |
| Forward P/E | 20.9× | 23.1× | 8th cheapest of 18 |
| Growth the price implies (Req g, 7 yrs) | 28.6% | 11.6% | 6th most demanding of 17 |
| Growth delivered (Del g) | +49.5% | +16.7% | 3rd highest of 17 |
| Hurdle (Req g minus delivered) | -20.9 pp | -3.5 pp | 4th least demanding of 17 |
| ROIC minus cost of capital | +89.0 pp | +0.7 pp | highest of 18 |
| EV / EBITDA | 31.9× | 17.4× | 3rd most expensive of 14 |
| Net debt / EBITDA | -3.3× | -0.3× | 5th least indebted of 17 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Toast TOST | United States | $20.1B | +38% | +22% | 7% | 20.9× | 28.6% | +49.5% |
| Cerebras Systems CBRS | United States | $20.1B | n/a | +91% | -81% | n/a | n/a | n/a |
| PTC PTC | United States | $21.2B | +33% | +20% | 40% | 21.8× | 10.3% | +8.6% |
| SS&C Technologies SSNC | United States | $18.2B | +13% | +9% | 24% | 10.2× | 6.9% | +6.1% |
| Unity Software U | United States | $22.7B | +83% | +14% | -14% | 49.4× | 33.5% | +19.1% |
| Hithink RoyalFlush Information Network 300033.SZ | China | $22.9B | -14% | +48% | 56% | 32.7× | 37.1% | +16.3% |
| Gen Digital GEN | United States | $17.7B | +32% | +17% | 43% | 9.6× | 1.8% | +14.4% |
| F5, Inc. FFIV | United States | $17.7B | -12% | +11% | 24% | 17.1× | 9.7% | +5.6% |
| Circle Internet CRCL | United States | $17.3B | -40% | +26% | 13% | 68.1× | 23.2% | +52.7% |
| Samsara IOT | United States | $24.0B | +38% | +30% | 1% | 48.5× | n/a | n/a |
| Beijing Kingsoft Office Software 688111.SS | China | $16.1B | -8% | +20% | 22% | 35.6× | 32.7% | +21.3% |
| MongoDB MDB | United States | $25.2B | +4% | +25% | -1% | 44.7× | 27.9% | +33.1% |
| CoreWeave CRWV | United States | $25.6B | -59% | +115% | -3% | n/a | n/a | n/a |
| Evolution EVO.ST | Sweden | $15.8B | +33% | -3% | 57% | 14.4× | -0.3% | +31.2% |
| Zoom Communications ZM | United States | $26.2B | -18% | +5% | 24% | 14.7× | 5.8% | +12.9% |
| Z.AI Co., Ltd. -H- Reg S 2513.HK | Hong Kong | $26.5B | -56% | +132% | -272% | n/a | n/a | n/a |
| Amadeus IT AMS.MC | Spain | $27.4B | +18% | +4% | 27% | 17.8× | 4.3% | +24.6% |
| Manhattan Associates MANH | United States | $14.7B | +77% | +8% | 25% | 42.0× | 29.4% | +13.0% |
| Bending Spoons BSP | United States | $27.9B | n/a | +95% | 21% | 25.6× | 45.5% | +94.7% |
| DocuSign DOCU | United States | $14.5B | +62% | +9% | 12% | 15.9× | 12.9% | +17.2% |
| Sage SGE.L | United Kingdom | $14.1B | +33% | +9% | 23% | 23.1× | 3.1% | +5.7% |
Toast reported $1.18B of remaining performance obligations at 30 Sep 2026, up 25% from a year earlier and up 6% from the previous quarter. That is 0.2 years of trailing revenue already under contract. Book-to-bill last quarter: 1.03.