Toast, Inc. (TOST)

Services-Computer Processing & Data Preparation

Latest Price

$31.50

TTM P/E

39.38

Normalized P/E

374.06

TTM Div Yield

Fwd Div Yield

Book Value

3.54

P/B Ratio

8.90

Valuation metrics

EPS: $0.56

Book value / share: $3.50

Formula: √(22.5 × EPS × BVPS)

Graham Number

$6.64

79% downside

Base FCF: $306M (median of recent 5yr)

Growth: 25%/yr (median YOY, capped at 25%)

Discount rate: 10%

Terminal growth: 3%

Projection horizon: 10 years

DCF Fair Value

$39.75

+25% upside

EPS: $0.56

Target P/E: 40×

Formula: EPS × P/E

P/E Fair Value

$22.40

29% downside

84.2% held by institutions

Institution	Shares	Value	Ownership %	Change	Filing Date
BlackRock, Inc.	48.75M	$1.36B	8.36%	+21.58M	2026-06-30
FMR LLC	33.53M	$932.0M	5.75%	+1.80M	2026-06-30
Capital International Investors	26.74M	$744.0M	4.59%	-3.86M	2026-06-30
Vanguard Portfolio Management LLC	22.09M	$614.0M	3.79%	+1.83M	2026-06-30
Vanguard Capital Management LLC	21.91M	$609.0M	3.76%	-157.6K	2026-06-30
State Street Corp	16.89M	$469.0M	2.90%	+6.74M	2026-06-30
JPMorgan Chase & Co	16.84M	$474.0M	2.89%	+7.46M	2026-06-30
Principal Financial Group Inc	15.16M	$421.0M	2.60%	+7.19M	2026-06-30
ValueAct Holdings, L.P.	14.13M	$393.0M	2.42%	+1.24M	2026-06-30
Morgan Stanley	11.39M	$316.0M	1.95%	-266.9K	2026-06-30