The Toronto-Dominion Bank
TDThe Toronto-Dominion Bank's three tracks disagree. Price, valuation and the earnings engine each tell a different story — the next quarter or two settles it.
The sharpest disagreement: annual EPS moved +144.9% against a +60.7% price move — the market has not yet caught up with the delivery.
The price is in a confirmed uptrend (61 weeks in) while the P/BV sits at the 100th percentile of its own 5-year range. Underneath, the last four quarters read deteriorating — profit −61.5% year on year, with the the net margin at 28.7%. What settles it: whether the price catches up with earnings that have already moved.
Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.
The Toronto-Dominion Bank trades at $120, in a confirmed uptrend and 61 weeks into that stage. That is +21.6% against its own 200-day average. It sits at 94% of a 52-week range of $73 to $124. On relative strength it has been ahead of the S&P 500 on a trailing-13-week view for 45 straight weeks.
Today the stock is in a confirmed uptrend — week 61 of stage 2. At $120 it trades +21.6% versus its 200-day average and sits at 94% of its 52-week range ($73–$124).
Against the market, two honest reads. Cumulative: over the last 10.1 years the stock moved +185% while the S&P 500 moved +248% — behind the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 45 straight weeks — the ribbon below is that same metric, week by week.
What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.
→ The trend is one thing; the bill is another. Are you paying up for it? Next: the P/BV sits at the 100th percentile of its own range.
Valuation For a bank we price the book, not the earnings: P/BV is what the market pays for each $1 of the bank's net worth. A bank below 1× book is priced below the value of what it owns, net of what it owes.
The Toronto-Dominion Bank trades at 2.2× P/BV, about the priciest it has ever traded. Its long-run median P/BV is 1.1×, measured across 5.0 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.
Today's P/BV of 2.2× is about the priciest it has ever traded, against a long-run median of 1.1× measured over 5.0 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.
The honest context for that discount: a bank earning about 12% on its equity is worth less per dollar of book, and the market has priced that in rather than overlooked it. The discount closes only if the returns themselves improve.
Why the multiple sits where it does: over the past year book value grew while the price moved +60.7% — the price ran ahead of the book, pushing the multiple up its own range.
The price move, decomposed: over 5y, of the +12.6%/yr price move, ~+6.4%/yr came from book-value growth and ~+6.2 pp from the multiple (expanding). The split is the honest approximate (price return minus book-value growth); it makes the rally itself visible instead of hiding it behind the percentile.
Put together: the multiple is full against its own past, so the story rests on the book-value line underneath it, not the multiple.
→ Cheap or dear rides on the earnings. Are they actually growing? Next: the fundamental stage — where the business sits in its arc, and how growth has compounded.
Stage: Topping out Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).
The Toronto-Dominion Bank reads as topping out on its fundamental arc. Topping out — revenue, profit and EPS growth have decelerated hard (revenue growth +24.2% at its peak → −4.4% latest) while ROE still reads 12.0%. The read is built from 12 quarters across 4 curves, on full evidence.
Why it matters: decelerating from a peak is where good stories quietly end — the multiple usually notices late.
| 1yr | 3yr | 5yr | 10yr | |
|---|---|---|---|---|
| Revenue | +19.4% | +9.7% | — | — |
| Profit | +148.5% | +7.2% | — | — |
| EPS | +144.9% | +6.9% | — | — |
| Stock price | +60.7% | +22.8% | +12.6% | +10.7% |
→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.
4-Factor Sector Score
34.0/100 — rank 17 of 18 in Banks - Diversified · 64% evidence confidence
The Toronto-Dominion Bank scores 34.0 out of 100 against the 18 companies it is compared with in Banks - Diversified, ranking 17. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
The four contributions add to the total exactly: 6.9 + 10.9 + 3.8 + 12.4 = 34. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.
What would change it: The read weakens if ROA rolls over or gross NPA rises while sector-relative strength deteriorates.
Revenue For a bank, revenue is everything the franchise earns — interest on the loan book plus fees from its businesses.
The Toronto-Dominion Bank reported $14.8 B of income in the Apr 26 quarter, −31.5% year on year. Over 4 years it has compounded at 10.2% a year. The last full year, FY25, came in at $63.3 B. The last four reported quarters add to $59.2 B.
The Toronto-Dominion Bank reported $14.8 B of income in the Apr 26 quarter, −31.5% year on year. Over 4 years it has compounded at 10.2% a year. The last full year, FY25, came in at $63.3 B. The last four reported quarters add to $59.2 B.
FY25 revenue came in at $63.3 B (+19.4% on the year), capping 4 years at 10.2% compound. The latest quarter (Apr 26) printed $14.8 B, −31.5% year on year.
Pace check: the last four quarters averaged +0.0% growth against the decade's 10.2% — the current year is running slower than its own long-run rate.
Acceleration check: trailing-twelve-month revenue grew −4.4% over the last 4 quarters against +8.9%/yr over the last 8 — rolling over; TTM profit −10.7% vs +19.4%/yr — rolling over.
→ Revenue slipped — did the net margin hold as it scaled? Next: 28.7% this quarter (−22.5 pp YoY).
Net margin Net margin — what the bank keeps of every $100 of revenue after every cost, provision and tax. With big fee businesses in the mix, it is the cleanest margin we can read for this bank.
The Toronto-Dominion Bank's net margin is 28.7% in the Apr 26 quarter, −22.5 percentage points against the same quarter a year ago. Across 5 fiscal years the net margin has ranged 15.4% to 34.3%. The current quarter sits inside that band.
The Toronto-Dominion Bank's net margin is 28.7% in the Apr 26 quarter, −22.5 percentage points against the same quarter a year ago. Across 5 fiscal years the net margin has ranged 15.4% to 34.3%. The current quarter sits inside that band.
The latest quarter's net margin is 28.7%, −22.5 pp against the same quarter a year ago. Across 5 fiscal years the net margin has ranged 15.4%–34.3%.
Why: the numbers show the net margin move clearly, but the cost lines behind it sit below what we hold — so we state the move without inventing its driver.
→ The net margin slipped — did that reach the bottom line? Next: profit −61.5% in the latest quarter.
Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.
The Toronto-Dominion Bank earned $4.3 B of net profit in the Apr 26 quarter, −61.5% year on year. Full-year FY25 profit was $20.2 B. The 4-year compound rate is 10.6%. That is 28.7% of the quarter's revenue. The same quarter a year earlier earned $11.1 B. 1 of the last 12 reported quarters were loss-making.
The Toronto-Dominion Bank earned $4.3 B of net profit in the Apr 26 quarter, −61.5% year on year. Full-year FY25 profit was $20.2 B. The 4-year compound rate is 10.6%. That is 28.7% of the quarter's revenue. The same quarter a year earlier earned $11.1 B. 1 of the last 12 reported quarters were loss-making.
Apr 26 profit was $4.3 B, −61.5% year on year. On the full year, FY25 printed $20.2 B (+148.5%), and the 4-year compound rate is 10.6%.
🚨 Why profit moved: revenue contributed −31.5% and the margin −22.5 pp — the quarter was revenue-led despite a thinner margin.
Pace comparison, last four quarters: profit −3.0% vs revenue +0.0%. Profit is growing slower than sales — costs are eating the growth before it reaches the bottom line.
→ Profit is up — how clean is the loan book behind it? Next: we hold no quarterly loan-book numbers — the section says so plainly.
Asset quality — the ladder Gross NPA is the slice of the loan book where repayments have stopped. Net NPA is what remains after the money already set aside against those loans. Falling is healing; rising is damage arriving.
Loan-book quality history is not available for The Toronto-Dominion Bank, so this section names the gap rather than estimating a ratio. No gross or net non-performing-asset series is filed in a form this page can read, and none is inferred from the profit line. The income, margin and return sections above carry the evidence this business does report.
We do not hold quarterly loan-book quality numbers for this bank, so this section states that plainly rather than working around it.
Why: loan-book quality is the engine room of a bank, and its drivers — slippages, recoveries, provisioning — sit below what we hold for this name; the sections around it carry the reads we can stand behind.
→ Behind the profits — is the book itself still growing? Next: revenue grew +19.4% in FY25.
The loan book We read the loan book through revenue — when the book and the businesses grow, revenue grows with them. It is a rough proxy, and we say so: rate moves and fee swings can shift it a few points in any one year.
The Toronto-Dominion Bank's revenue grew +19.4% in FY25 to $63.3 B, so the book is growing. The latest quarter ran −31.5% year on year. The net margin on that income is 28.7%, −22.5 percentage points against a year ago. Interest income is a proxy for the book; rate moves can shift it a few points in any one year.
FY25 revenue was $63.3 B, +19.4% on the year, and the latest quarter ran −31.5% year on year. The net margin on that revenue is 28.7% this quarter (−22.5 pp YoY) — growth with a narrowing margin on it.
The synthesis: a lender compounds when the book grows while the margin holds and the loan book stays clean — with quarterly loan-quality numbers missing here, revenue growth and margin are the two we watch.
→ Does all of this actually earn its keep on equity? Next: ROE is 12%.
Returns on equity and assets Two numbers rate a bank: ROE — what it earns on shareholder money — and ROA — what it earns on everything it deploys. ROE above ~13–15% earns its keep; below that, growth builds book slowly.
The Toronto-Dominion Bank earns a return on equity of 16% in FY25. Its trough over the ladder below was 7% in FY24. On the asset side every $100 of the balance sheet earned about $0.72, which is the return before leverage is applied.
FY25 ROE came in at 16%, recovered from a FY24 trough of 7%. On assets, the latest reading is about 0.72% — every $100 the bank deploys earns roughly $0.72 a year. That clears the bar a bank must beat for its book value to compound.
Why ROE moved: profit compounded 10.6% a year over 4 years while the equity base grew more slowly — earnings recovering faster than book value builds is what lifts ROE off a trough.
→ Who owns this bank, and are they adding or leaving? Next: short interest is 0.5% of the float.
Dividend A dividend is cash paid out per share. Dividend per share is the declared amount for the period; the trailing twelve-month total is the four most recent quarters added together.
The Toronto-Dominion Bank paid $4.26 per share over the last four reported quarters, up 2.9% on a year ago. The most recent declaration was $1.08 for Apr 26. Against the current price of $120 that is a trailing yield of 3.54%, measured on dividends already paid rather than on a forecast.
The Toronto-Dominion Bank paid $4.26 per share over the last four reported quarters, up 2.9% on a year ago. The most recent declaration was $1.08 for Apr 26. Against the current price of $120 that is a trailing yield of 3.54%, measured on dividends already paid rather than on a forecast.
The Toronto-Dominion Bank paid $4.26 per share across the last four reported quarters, most recently $1.08 for Apr 26. That is up 2.9% against the same quarter a year earlier. Against the current price of $120 the trailing twelve months work out to 3.54% — trailing dividends measured against today's price, not a forward estimate.
→ A payout is cash leaving the business. Next: what the balance sheet looks like behind it.
Debt
For a bank, borrowings are raw material, not a warning sign — solvency is read through the returns and the loan book. A manufacturer’s debt is a claim against its profits, so the debt-to-equity lens that works everywhere else misleads on a lender and is not applied here.
A manufacturer’s debt is a claim against its profits; a bank’s borrowings are its inventory — money taken in to be lent out. The debt lens that works everywhere else misleads here, so this page does not apply it. The solvency questions for a bank — is the loan book sound, is the equity earning — are read through the loan-book and returns sections above.
→ Who owns this, and are they adding or leaving? Next: short interest is 0.5% of the float.
Ownership There is no quarter-by-quarter holder register to read here, so we read the crowd through short interest — the slice of tradable shares currently sold short, positioned for a fall.
0.5% of The Toronto-Dominion Bank's tradable float is currently sold short — the crowd is not positioned against this stock. At typical trading volumes those positions would take about 3.3 days to buy back. There is no quarter-by-quarter holder register to read for this filer, so the crowd is read through short interest instead.
The latest reading: 0.5% of the float is sold short, and at typical trading volumes it would take about 3.3 days to buy those positions back. The crowd is not positioned against this stock. This is a single point-in-time reading — we do not yet hold its history, so we show no trend chart.
Why it sits there: who is doing the shorting, and why, does not travel with the number — the level is shown without inventing its story.
→ One last check: does the safety math agree? Next: the balance-sheet safety line.
Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.
The Toronto-Dominion Bank: the Z-score is omitted — it was built for manufacturers, not banks, and applying it here would be theatre. The Z-score was built for manufacturers and is not applied to banks and lenders, so solvency here is read from the capital and asset-quality lines instead.
The safety line in one sentence: the Z-score is omitted — it was built for manufacturers, not banks, and applying it here would be theatre.
| Company | P/BV | Mkt cap | Revenue | EPS | ROE | Stage |
|---|---|---|---|---|---|---|
| The Toronto-Dominion Bank this page | 2.2× | $199B | Topping out | |||
| JPMorgan Chase & Co. | 2.7× | $950B | Turning around | |||
| Bank of America Corporation | 1.6× | $439B | Improving | |||
| HSBC Holdings plc | 1.8× | $353B | Turning around | |||
| Royal Bank of Canada | 2.8× | $292B | Consistent | |||
| Wells Fargo & Company | 1.6× | $263B | Mixed | |||
| Mitsubishi UFJ Financial Group, Inc. | 1.9× | $252B | Mixed | |||
| Citigroup Inc. | 1.2× | $222B | Mixed | |||
| Banco Santander, S.A. | 1.5× | $199B | Improving | |||
| UBS Group AG | 1.7× | $161B | Improving | |||
| Sumitomo Mitsui Financial Group, Inc. | 1.4× | $161B | Turning around | |||
| Banco Bilbao Vizcaya Argentaria, S.A. | 2.1× | $147B | Mixed | |||
| Bank of Montreal | 2.0× | $127B | Mixed | |||
| The Bank of Nova Scotia | 1.7× | $109B | Mixed | |||
| Canadian Imperial Bank of Commerce | 2.2× | $108B | Consistent | |||
| The Bank of New York Mellon Corporation | 2.7× | $106B | Mixed | |||
| ING Groep N.V. | 1.6× | $95B | Improving | |||
| Barclays PLC | 0.9× | $91B | Mixed | |||
| The Bank of N.T. Butterfield & Son Limited | 2.1× | $2B | Improving | |||
| Forbright, Inc. | 1.0× | $1B | — | — | — | — |
Frequently asked questions
What is The Toronto-Dominion Bank's stock price today?
The Toronto-Dominion Bank trades at $120, +60.7% over the past year. The company is valued at $199 B. The stock sits at 94% of its 52-week range of $73–$124, +21.6% versus its 200-day average. On the tape, the price is in a confirmed uptrend, 61 weeks in. — as of 29 July 2026.
What were The Toronto-Dominion Bank's latest quarterly results?
The Toronto-Dominion Bank reported total income of $14.8 B and net profit of $4.3 B for the Apr 26 quarter. Income fell 31.5% and profit fell 61.5% year on year. Earnings per share were $2.43. The net margin was 28.7%, 22.5 pp lower than a year earlier. — as of 29 July 2026.
What is The Toronto-Dominion Bank's revenue?
The Toronto-Dominion Bank reported revenue of $14.8 B in the Apr 26 quarter, −31.5% year on year. For the full FY25 fiscal year, revenue was $63.3 B (+19.4%). Over the last 4 years revenue compounded at 10.2% a year. — as of 29 July 2026.
What is The Toronto-Dominion Bank's profit?
The Toronto-Dominion Bank earned $4.3 B of net profit in the Apr 26 quarter, −61.5% year on year. Full-year FY25 profit was $20.2 B. The net margin ran 28.7% in the latest quarter. — as of 29 July 2026.
What is The Toronto-Dominion Bank's market cap?
The Toronto-Dominion Bank's market capitalisation is $199 B at a stock price of $120. Market cap is the share price multiplied by shares outstanding, so it is restated whenever the price moves. — as of 29 July 2026.
What is The Toronto-Dominion Bank's P/BV ratio?
The Toronto-Dominion Bank trades at a P/BV of 2.2×, at the 100th percentile of its own 5-year range, against a long-run median of 1.1×. This is a comparison with the stock's own history, not a value call — as of 29 July 2026.
Does The Toronto-Dominion Bank pay a dividend?
Yes — The Toronto-Dominion Bank declared $1.08 per share for Apr 26, and $4.26 per share across the last four reported quarters. The latest quarter is up 2.9% on the same quarter a year earlier. — as of 29 July 2026.
What is The Toronto-Dominion Bank's dividend per share?
The Toronto-Dominion Bank's most recently declared dividend is $1.08 per share for Apr 26, giving $4.26 per share over the trailing twelve months. Each figure is the amount declared for that quarter as reported, added across four quarters for the trailing total. — as of 29 July 2026.
What is The Toronto-Dominion Bank's dividend yield?
The Toronto-Dominion Bank's trailing dividend yield is 3.54%: $4.26 declared per share across the last four reported quarters, against a share price of $120. Each quarter’s figure is the amount declared for that quarter as reported, added across four quarters and divided by the latest close. — as of 29 July 2026.
Is The Toronto-Dominion Bank overvalued?
On its own history, The Toronto-Dominion Bank looks expensive against its own history: its P/BV of 2.2× sits at the 100th percentile of its 5-year range (long-run median 1.1×). That is a percentile read against the stock's own past, not a price opinion or a direction call. — as of 29 July 2026.
Is The Toronto-Dominion Bank growing?
Not right now — The Toronto-Dominion Bank's latest numbers are shrinking: latest-quarter revenue −31.5% year on year, profit −61.5%, and the the net margin −22.5 pp at 28.7%. The 4-year compound rates are 10.2% (revenue) and 10.6% (profit). The earnings engine currently reads: deteriorating — as of 29 July 2026.
How is The Toronto-Dominion Bank performing?
The Toronto-Dominion Bank is in a confirmed uptrend, 61 weeks in. Its latest quarter's income fell 31.5% and profit fell 61.5% year on year. Against the S&P 500 it has been ahead on a trailing-13-week view for 45 weeks. This describes what the data did, not a rating. — as of 29 July 2026.
What stage is The Toronto-Dominion Bank in?
Topping out — revenue, profit and EPS growth have decelerated hard (revenue growth +24.2% at its peak → −4.4% latest) while ROE still reads 12.0%. The read comes from the last 12 quarters of growth (revenue growth −4.4% latest, profit growth −10.7% latest, eps growth −12.1% latest) plus the ROE curve, classified by deterministic rules — a trajectory read, not a buy or sell call — as of 29 July 2026.
Is The Toronto-Dominion Bank in an uptrend?
Yes — the price is in a confirmed uptrend (week 61 of stage 2), trading +21.6% versus its 200-day average and at 94% of its 52-week range. Price stages cycle base → advance → top → decline, and the stage names where this stock sits in that cycle — as of 29 July 2026.
Is The Toronto-Dominion Bank beating the market?
On recent form, yes — The Toronto-Dominion Bank has been ahead of the S&P 500 on a trailing-13-week view for 45 straight weeks, the same metric the week-by-week ribbon on this page draws. Separately, on the cumulative view: over the last 10.1 years the stock moved +185% against the S&P 500's +248% — behind the index over the full window. — as of 29 July 2026.
Will The Toronto-Dominion Bank's stock price go up?
This page publishes no price forecast for The Toronto-Dominion Bank. What it measures instead: the stock price is $120, the price is in a confirmed uptrend 61 weeks in. Its P/BV of 2.2× sits at the 100th percentile of its own 5-year range. — as of 29 July 2026.
Is the market betting against The Toronto-Dominion Bank?
No — short interest is 0.5% of The Toronto-Dominion Bank's tradable float, about 3.3 days to cover at typical volumes. That is a low reading: the crowd is not positioned against this stock. With no quarter-by-quarter holder register here, short interest is the cleanest crowd read we hold — as of 29 July 2026.
Is The Toronto-Dominion Bank's loan book healthy?
We do not hold quarterly loan-book quality numbers for The Toronto-Dominion Bank, so this page says that plainly. The cleanest available reads are revenue growth (+19.4% in FY25) and the net margin on it (28.7%) — as of 29 July 2026.
Where is The Toronto-Dominion Bank in its business cycle?
The Toronto-Dominion Bank's FY25 net margin was 32.0%, against a 5-year band of 15.4%–34.3%: mid-band by its own history — neither the peak that precedes mean-reversion nor the trough that precedes recovery. The latest quarter ran 28.7%. Profitability versus a company's own long band is the cleanest cycle clock this page holds — as of 29 July 2026.
What could break the The Toronto-Dominion Bank story?
The sharpest disagreement: annual EPS moved +144.9% against a +60.7% price move — the market has not yet caught up with the delivery. Mechanically, two Friday closes in a row below the 200-day average would end the price trend — that is the exit rule this page tracks — as of 29 July 2026.
Is The Toronto-Dominion Bank a stock worth studying right now?
This is not investment advice. The machine read: The Toronto-Dominion Bank's three tracks disagree. Price, valuation and the earnings engine each tell a different story — the next quarter or two settles it. The sharpest open question: whether the price catches up with earnings that have already moved. Every number on this page is drawn deterministically from the raw series, with no forecasts and no price opinions — as of 29 July 2026.