Toll Brothers, Inc. · Operative Builders

TOL

Low riskNext report: Around Dec 7 (est.)

View price ↗

The short version

A high-quality, profitable business with shrinking sales. Institutions are adding.

Going well

Profitable every year for 10 years
Brings in more cash than it spends
Buying back shares: share count down 15% in 3 years

Money moves

No insider buying or selling in the last 30 days
Institutions added 4% to their holdings in the quarter ending June 2026 (424 bought, 307 sold)
Held by Ray Dalio (Bridgewater)

Facts from SEC filings, not a recommendation.

What the price means

Price as of Oct 26

$140.37+0.4% that day

Company value: $12.9B; Share price times all shares
Price vs profit (P/E): 11.3x; You pay about $11 for each $1 of yearly profit
Price vs sales: 1.2x; Company value is 1.2 times a year of sales
Dividend yield: 0.7%; Yearly dividend as a share of today's price
Cash vs value: 8%; Cash as a share of company value
Debt vs value: 13%; Debt as a share of company value

From TOL's last IEX trade and its SEC filings (profits and sales over the last four quarters). A starting point for research, not a verdict.

The business over time

Last 12 quarters, from SEC filings

Sales, Jul '26

$2.7B-9.7% vs a year earlier

Oct '23Tap a barJul '26

Last 12 months: $10.8B, down 1.1% from the 12 months before. Over 5 years, sales grew about 9.2% a year.

What the price assumes

Your guesses, our math

Move the sliders to your own view of TOL. Starting points are the company's recent numbers.

Sales growth-1% a yearRecently: -1.1% a yearProfit margin11%Last 12 months: 11.1%P/E at the end11xToday: 11.3x. Many steady companies trade at 12x to 25xShare count change-5% a yearBelow zero means buybacks; above zero means new shares (dilution)

Sales in 5 years$10.2B

Profit in 5 years$1.1B

Price these guesses point to$173.63+24% vs $140.37 todayAbout +4.3% a year, before dividends

What today's price needs: with a 11% margin and a 11x P/E, sales could shrink about 5.1% a year for 5 years and still match today's price.

Simple math on your guesses, not a forecast or a price target. Real results depend on many things these sliders leave out.

Price

Price chart by TradingView.

Business quality

The checklist Warren Buffett-style investors use. Annual numbers for 2025.

6/6Strong

PassReturn on equity 15%+Earns a lot on the money owners have in the business.16.6%
PassDebt under half of equityNot relying on borrowed money.0.21x equity
PassNet margin 10%+Keeps at least 10 cents of profit from each dollar of sales.12.3%
PassProfitable every yearSteady profits, not one good year.10 of 10 years
PassFree cash flow positiveBrings in more cash than it spends to run and grow.$1.0B
PassShare count not growingNot diluting owners. Falling means buybacks.-15.4% in 3 years

Revenue: $11.0B; +1.1% vs prior year
5-year growth: +9.2%/yr; revenue, per year
Total debt: $1.7B; 0.21x equity
Free cash flow: $1.0B; 9.4% of revenue

From annual reports filed with the SEC. Not in this company's SEC data, so not scored: gross margin 40%+. A checklist is a starting point for research, not a verdict.

Latest quarter

Quarter ended Jul 31, 2026

Reported Aug 18

Revenue: $2.7B; -9.7% YoY
EPS: $2.97; vs $3.73
Op. margin: 13.5%; -3.1 pts
Gross margin: 23.5%; -1.7 pts
Free cash flow: $219.6M
Share count: -4.8%; vs a year ago

Insider rating

Last 90 days

No open-market insider buys or sells in the last 90 days.

Weekly insider trend

No trades to chart yet.

Filing buzz

Last 7 days vs normal

0/ 100

This week: 0
Normal week: 0.4
vs normal: 0.0x

SEC filings of any kind. 50 means a normal week.

Institutional ownership

Accumulating+4.0%

Institutions added 4.0% to their holdings. 424 bought, 307 sold.

Shares held by institutions86.6M

Sep '24Jun '26

Safety check

From SEC filings

Share count growthYearly rate, last 3 years

-5.0%

Cash runwayAt last year's cash burn

Cash flow positive

Debt to equityLatest balance sheet: debt compared with what owners have

0.2x · $1.7B debt

Shares outstandingLatest reported

92M

Earnings reports

Last 12

Next reportAround Dec 7 (est.)Estimated from the same quarter last year

Results filedAug 18
Results filedMay 19
Results filedFeb 17
Results filedDec 8, 2025
Results filedAug 19, 2025

Flags and big holders

Offerings 6 months, flags 12 months, holders 90 days

5%+ holder update (passive)Sep 4 · View filing ↗Big holder

Insider trades

Open-market buys and sells, last 90 days

No open-market buys or sells in 90 days. Grants and option exercises are left out.

"Owns after" is the insider's holding right after the trade. Pre-planned (10b5-1) sales are set up months ahead, a weaker signal.

Latest filings

Straight from SEC EDGAR

SoldStephen F. EastDirector

800 shares at $135.99 · $109K

-6% of holdings
Now owns 12,642 shares
Not a pre-planned sale
Filed 1 day after trade

Sep 24Form 4 ↗

Planned insider saleSep 24 · Form 144 ↗5%+ holder update (passive)Sep 4 · Form SCHEDULE 13G/A ↗Quarterly reportAug 28 · Form 10-Q ↗Earnings resultsAug 18 · Form 8-K ↗New insiderJul 1 · Form 3 ↗

SoldRobert ParahusPresident & COO

7,500 shares at $149.66 · $1.1M

-24% of holdings
Now owns 23,457 shares
Not a pre-planned sale
Filed 4 days after trade

Jun 18Form 4 ↗

SoldDouglas C. Jr. YearleyExecutive Chairman, Director

77,957 shares at $156.58 · $12.2M

-20% of holdings
Now owns 321,256 shares
Not a pre-planned sale
Filed same day
Also: Option exercise

Jun 18Form 4 ↗

Planned insider saleJun 18 · Form 144 ↗Planned insider saleJun 9 · Form 144 ↗Quarterly reportMay 29 · Form 10-Q ↗Earnings resultsMay 19 · Form 8-K ↗Leadership changeMay 13 · Form 8-K ↗New 5%+ holder (passive)Apr 30 · Form SCHEDULE 13G ↗

SoldStephen F. EastDirector

1,000 shares at $139.70 · $140K

-7% of holdings
Now owns 13,442 shares
Not a pre-planned sale
Filed 1 day after trade

Apr 15Form 4 ↗

Source: SEC EDGAR filings. For informational purposes. Not investment advice.

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