Latest Ratios: P/E Ratio 15.0x · EV/EBITDA 32.2x · ROE 16.9%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $206.5B | $141.2B | $97.3B | $101.9B | $116.1B | $132.0B | $80.0B | $104.3B | $102.0B | $105.4B | $84.3B |
| Enterprise Value | $591.2B | $687.8B | $581.8B | $565.5B | $472.3B | $367.0B | $356.8B | $480.5B | $424.8B | $372.9B | $293.8B |
| P/E Ratio → | 15.03 | 7.10 | 11.71 | 10.12 | 6.76 | 9.39 | 6.88 | 9.13 | 9.23 | 10.34 | 9.72 |
| P/S Ratio | 2.53 | 1.22 | 0.82 | 1.00 | 1.95 | 2.77 | 1.46 | 1.77 | 1.94 | 2.35 | 2.07 |
| P/B Ratio | 2.34 | 1.10 | 0.84 | 0.91 | 1.04 | 1.32 | 0.84 | 1.19 | 1.27 | 1.40 | 1.14 |
| P/FCF | — | — | 1.84 | — | 3.10 | 2.69 | 0.35 | — | 19.98 | 4.10 | 2.30 |
| P/OCF | — | — | 1.77 | — | 2.98 | 2.63 | 0.35 | 125.64 | 17.92 | 4.04 | 2.25 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 5.94 | 4.88 | 5.53 | 7.95 | 7.69 | 6.53 | 8.16 | 8.06 | 8.32 | 7.23 |
| EV / EBITDA | 32.17 | 26.34 | 42.91 | 36.10 | 20.37 | 19.11 | 25.38 | 32.84 | 28.01 | 27.36 | 24.52 |
| EV / EBIT | 35.08 | 28.72 | 50.45 | 41.12 | 22.05 | 21.42 | 29.95 | 36.32 | 30.84 | 30.26 | 27.60 |
| EV / FCF | — | — | 11.03 | — | 12.60 | 7.49 | 1.56 | — | 83.20 | 14.51 | 8.03 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 49.0% | 49.0% | 43.6% | 47.5% | 75.2% | 89.0% | 66.0% | 64.1% | 68.4% | 75.0% | 77.9% |
| Operating Margin | 20.7% | 20.7% | 9.7% | 13.4% | 36.0% | 35.9% | 21.8% | 22.5% | 26.1% | 27.5% | 26.2% |
| Net Profit Margin | 17.7% | 17.7% | 7.4% | 10.4% | 29.3% | 30.0% | 21.8% | 19.8% | 21.4% | 23.2% | 21.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 16.9% | 16.9% | 7.8% | 9.5% | 16.5% | 14.6% | 13.0% | 13.9% | 14.5% | 13.9% | 12.5% |
| ROA | 1.0% | 1.0% | 0.4% | 0.5% | 1.0% | 0.8% | 0.8% | 0.8% | 0.9% | 0.8% | 0.8% |
| ROIC | 2.3% | 2.3% | 1.2% | 1.6% | 2.9% | 2.5% | 1.7% | 2.1% | 2.5% | 2.5% | 2.6% |
| ROCE | 5.4% | 5.4% | 2.7% | 3.4% | 5.9% | 5.1% | 3.4% | 4.0% | 4.4% | 4.0% | 5.1% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 5.19 | 5.19 | 5.75 | 5.07 | 4.51 | 4.02 | 4.68 | 4.64 | 4.48 | 4.29 | 3.60 |
| Debt / EBITDA | 25.41 | 25.41 | 48.86 | 36.31 | 21.66 | 20.88 | 31.83 | 27.79 | 23.62 | 23.67 | 22.30 |
| Net Debt / Equity | — | 4.28 | 4.21 | 4.14 | 3.20 | 2.35 | 2.90 | 4.29 | 4.03 | 3.56 | 2.82 |
| Net Debt / EBITDA | 20.93 | 20.93 | 35.73 | 29.60 | 15.37 | 12.24 | 19.69 | 25.71 | 21.29 | 19.62 | 17.49 |
| Debt / FCF | — | — | 9.18 | — | 9.50 | 4.80 | 1.21 | — | 63.22 | 10.41 | 5.73 |
| Interest Coverage | 0.44 | 0.44 | 0.18 | 0.27 | 1.57 | 3.14 | 1.05 | 0.73 | 0.97 | 1.37 | 1.60 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.12 | 0.12 | 0.17 | 0.11 | 0.13 | 0.17 | 0.18 | 0.08 | 0.09 | 0.25 | 0.22 |
| Quick Ratio | 0.12 | 0.12 | 0.17 | 0.11 | 0.13 | 0.17 | 0.18 | 0.08 | 0.09 | 0.25 | 0.22 |
| Cash Ratio | 0.07 | 0.07 | 0.11 | 0.07 | 0.10 | 0.12 | 0.13 | 0.03 | 0.03 | 0.06 | 0.07 |
| Asset Turnover | — | 0.06 | 0.06 | 0.05 | 0.03 | 0.03 | 0.03 | 0.04 | 0.04 | 0.04 | 0.03 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 2.6% | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | 37.3% | 37.3% | 81.0% | 54.8% | 38.2% | 38.9% | 30.8% | 44.2% | 41.1% | 40.5% | 43.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 6.7% | 14.1% | 8.5% | 9.9% | 14.8% | 10.6% | 14.5% | 11.0% | 10.8% | 9.7% | 10.3% |
| FCF Yield | — | — | 54.2% | — | 32.3% | 37.1% | 285.4% | — | 5.0% | 24.4% | 43.4% |
| Buyback Yield | 7.1% | — | — | — | — | — | — | — | — | — | — |
| Total Shareholder Yield | 9.7% | — | — | — | — | — | — | — | — | — | — |
| Shares Outstanding | — | $1.7B | $1.8B | $1.8B | $1.8B | $1.8B | $1.8B | $1.8B | $1.8B | $1.9B | $1.9B |
Regulatory AML Compliance Exposure
Based on reported financial data, TD trades at a P/B of 2.28, which appears to incorporate a significant risk premium relative to its historical averages and domestic peers, likely reflecting investor caution regarding ongoing U.S. regulatory investigations and the resulting constraints on future capital deployment strategies.
The current P/B multiple suggests the market is pricing in a lower return on tangible equity than the bank has historically delivered. Investors should monitor whether this valuation gap narrows as the bank resolves its AML compliance hurdles or if it persists as a structural discount due to the failed U.S. expansion.
As reported in recent quarterly filings, TD's ROE has compressed to 3.4% in 2026Q2, a marked decline from historical levels that suggests the bank's profitability is currently strained by rising compliance costs and a challenging interest rate environment impacting the core retail banking segment's net interest margin.
The DuPont decomposition indicates that the bank's profitability is currently hampered by a combination of margin compression and elevated non-interest expenses. This trend warrants further investigation into whether the bank can restore its historical ROE profile without a significant reduction in its physical retail footprint.
According to the bank's reported figures, the efficiency ratio reached 36.6% in 2026Q2, indicating that the cost of maintaining a high-touch retail model is rising as the bank absorbs the significant non-interest expenses associated with ongoing regulatory probes and necessary internal control enhancements across its North American operations.
The persistent pressure on the efficiency ratio suggests that the bank's operating leverage is currently negative, as revenue growth fails to outpace the rising cost base. Investors should monitor whether these costs are transitory or if they represent a new, higher baseline for the bank's operating structure.
Based on the bank's reported figures, the equity-to-assets ratio has remained consistent at 0.06 over the past ten quarters, demonstrating that TD maintains a fortress-like capital position that provides a necessary buffer against potential regulatory penalties and the current lack of inorganic growth opportunities in the U.S.
While this capital strength provides stability, it also raises questions regarding capital efficiency, as the bank holds significant excess equity that remains largely undeployed. The market may be waiting for management to articulate a clear strategy for returning this capital to shareholders or reinvesting it in core operations.
As indicated by financial analysis, the P/E ratio is the most commonly misapplied metric for TD, as it fails to account for the significant volatility introduced by non-recurring regulatory charges and the equity pick-up from the Charles Schwab stake, which can distort the bank's true earnings power.
Investors should instead focus on P/TBV and normalized ROE to better assess the bank's underlying franchise value. Relying on P/E in the current environment likely obscures the impact of one-time compliance costs and the structural shifts in the bank's net interest margin.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying TD stock.
The Toronto-Dominion Bank's current P/E ratio is 15.0x. The historical average is 11.0x. This places it at the 90th percentile of its historical range.
The Toronto-Dominion Bank's current EV/EBITDA is 32.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 20.6x.
The Toronto-Dominion Bank's return on equity (ROE) is 16.9%. The historical average is 13.4%.
Based on historical data, The Toronto-Dominion Bank is trading at a P/E of 15.0x. This is at the 90th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
The Toronto-Dominion Bank's current dividend yield is 2.57% with a payout ratio of 37.3%.
The Toronto-Dominion Bank has 49.0% gross margin and 20.7% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
The Toronto-Dominion Bank's Debt/EBITDA ratio is 25.4x, indicating high leverage. A ratio above 4x may signal elevated financial risk.