# The Toronto-Dominion Bank (TD-PFJ.TO) fundamentals

Data as of 2026-09-08. TSX, Canada. Sector: Financial Services / Banks. Price C$26.05, market value C$47.9 billion.

## Valuation
- **P/E (trailing): 4.8×**. The Toronto-Dominion Bank trades at 4.8× trailing earnings. The Financial Services median in the September 2026 study was 13.1×.
- **Price / sales: 0.5×**. Each dollar of revenue is priced at 0.5×, a low multiple typical of thin-margin businesses or out-of-favour stocks.
- **Price / book: 0.7×**. The shares trade below book value, which can signal a bargain or a balance sheet the market doubts.
- **Free-cash-flow yield: 90.5%**. Free cash flow equals 90.5% of the market value. Above 5% is generally attractive.
- **Earnings yield: 20.8%**. The inverse of the P/E: 20.8% of the price is earned each year.

## Profitability
- **Gross margin: 60.3%**. The Toronto-Dominion Bank keeps 60.3% of revenue after the direct cost of what it sells, the kind of margin that comes with software, brands or pricing power.
- **Operating margin: 21.9%**. 21.9% of revenue is left after running the business, a healthy level in most sectors.
- **Net margin: 17.0%**. 17.0% of each dollar of sales reaches the bottom line.
- **Return on equity: 16.1%**. 16.1% on shareholders' equity is solid.
- **Return on invested capital: -12.7%**. Return on all capital, debt included, is -12.7%: close to or below the cost of capital, so growth may not create value.
- **Return on assets: 0.7%**. Each dollar of assets produces 0.7% of profit; low single digits are normal for banks and insurers.

## Growth
- **Revenue growth (1 yr): 127.2%** (3-yr 36.3%/yr, 5-yr 27.1%/yr). Revenue grew 127.2% over the last year, against 27.1% a year compounded over five years: growth is accelerating.
- **EPS growth (1 yr): 144.9%** (3-yr 6.9%/yr, 5-yr 12.4%/yr). Earnings per share rose 144.9%, faster than revenue, so margins expanded or the share count shrank.

## Financial health
- **Piotroski F-score: 5/9**. 5 of 9 checks pass: mixed.
- **Cash and short-term investments: C$542.9 billion**. Leverage ratios are shown differently for banks and insurers, whose balance sheets are built on deposits and reserves; use return on equity and the regulatory capital in the filings instead.

## Dividends
- **Dividend yield: 9.21%** (C$2.40 per share, trailing). The Toronto-Dominion Bank yields 9.21%, high enough to check carefully: yields this high often precede a cut.
- **Payout ratio: 37%** (18% of free cash flow). 37% of earnings goes out as dividends, leaving room to keep raising it.
- **Shareholder yield: 31.8%**. Dividends plus net buybacks return 31.8% of the market value a year.

## Price and momentum
- **From 52-week high: -0.9%** (3.7% above the low). Trading within 5% of its 52-week high.
- **RSI (14-day): 49**. An RSI of 49 is neutral.

Live score and charts: https://foliofundamentals.com/analyzer?s=TD-PFJ.TO · Page: https://foliofundamentals.com/stocks/td-pfj.to

Not investment advice.