Toast - Public Comps and Valuation Multiples

Toast Overview

About Toast

Toast is an end-to-end technology platform designed to address the complex needs of the restaurant industry. The company generates point-in-time revenue through sales of its restaurant-grade hardware and recurring revenue in the form of take rates on restaurant transaction volume as well as subscriptions to its software solutions. As of fiscal 2024, the company provided services to 134,000 restaurant locations primarily in the US. Toast’s typical customer is a mid-market restaurant generating slightly more than $1 million in revenue annually.

Founded

2011

HQ

Employees

5.7K+

Website

toasttab.com

Sectors

POS & Retail Management Software
Payments POS
B2B SaaS
Vertical SaaS
RetailTech
FinTech

Financials

LTM Revenue $5.8B

LTM EBITDA $544M

EV

$20.2B

Valuation Multiples

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Toast Financials

As of September 2025, Toast reported last 12-month revenue of $5.8B and EBITDA of $544M.

In the same period, Toast generated $1.5B in LTM gross profit and $236M in net income.

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Toast P&L

In the most recent fiscal year, Toast reported revenue of $5.0B and EBITDA of $108M.

Toast expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$5.8B	XXX	$5.0B	XXX	XXX	XXX
Gross Profit	$1.5B	XXX	$1.2B	XXX	XXX	XXX
Gross Margin	26%	XXX	24%	XXX	XXX	XXX
EBITDA	$544M	XXX	$108M	XXX	XXX	XXX
EBITDA Margin	9%	XXX	2%	XXX	XXX	XXX
EBIT	$520M	XXX	$62.0M	XXX	XXX	XXX
EBIT Margin	9%	XXX	1%	XXX	XXX	XXX
Net Profit	$236M	XXX	$19.0M	XXX	XXX	XXX
Net Margin	4%	XXX	0%	XXX	XXX	XXX
Net Debt	XXX	XXX	n/a	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Toast including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $5.8B. EBITDA for the last twelve months was $544M. In the most recent fiscal year, Toast achieved $5.0B in revenue and $108M in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$5.8B	Analyst estimates available to subscribers	$5.0B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$1.5B	Analyst estimates available to subscribers	$1.2B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	26.1% gross margin	Analyst estimates available to subscribers	24.0% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	$544M	Analyst estimates available to subscribers	$108M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	9.3% EBITDA margin	Analyst estimates available to subscribers	2.2% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$520M	Analyst estimates available to subscribers	$62.0M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	8.9% EBIT margin	Analyst estimates available to subscribers	1.3% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$236M	Analyst estimates available to subscribers	$19.0M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	4.0% net profit margin	Analyst estimates available to subscribers	0.4% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	n/a	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Toast

This financial data table provides comprehensive performance metrics for Toast, a company based in United States of America. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

Toast generated $5.8B in revenue over the last twelve months.
The company achieved $544M in EBITDA over the last twelve months.
Gross profit for the last twelve months was $1.5B.
Net income over the last twelve months reached $236M.

Fiscal Year Performance

In the most recent fiscal year, Toast reported $5.0B in total revenue.
Fiscal year EBITDA was $108M.
The company maintained a gross profit margin of 24.0% in the most recent fiscal year.
EBITDA margin for the fiscal year was 2.2%.
Net profit margin reached 0.4% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for Toast. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

Toast Stock Performance

Toast has current market cap of $21.9B, and EV of $20.2B.

Market Cap Evolution

Toast Stock Data

As of October 17, 2025, Toast's stock price is $38.

See Toast trading valuation data

EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$20.2B	$21.9B	XXX	XXX	XXX	XXX	$0.87

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Toast Valuation Multiples

Toast's trades at 4.1x EV/Revenue multiple, and 186.8x EV/EBITDA.

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Toast Financial Valuation Multiples

As of October 17, 2025, Toast has market cap of $21.9B and EV of $20.2B.

Equity research analysts estimate Toast's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

Toast has a P/E ratio of 92.8x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$21.9B	XXX	$21.9B	XXX	XXX	XXX
EV (current)	$20.2B	XXX	$20.2B	XXX	XXX	XXX
EV/Revenue	3.5x	XXX	4.1x	XXX	XXX	XXX
EV/EBITDA	37.1x	XXX	186.8x	XXX	XXX	XXX
EV/EBIT	38.8x	XXX	325.5x	XXX	XXX	XXX
EV/Gross Profit	13.2x	XXX	n/a	XXX	XXX	XXX
P/E	92.8x	XXX	1150.7x	XXX	XXX	XXX
EV/FCF	40.4x	XXX	65.9x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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Toast Margins & Growth Rates

Toast's last 12 month revenue growth is 21%

Toast's revenue per employee in the last FY averaged $0.9M, while opex per employee averaged $0.2M for the same period.

Toast's rule of 40 is 14% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Toast's rule of X is 61% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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Toast Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	21%	XXX	21%	XXX	XXX	XXX
EBITDA Margin	9%	XXX	2%	XXX	XXX	XXX
EBITDA Growth	37%	XXX	n/a	XXX	XXX	XXX
Rule of 40	14%	XXX	23%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	61%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.9M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.2M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	9%	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	7%	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	23%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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