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

Data as of 2026-09-08. TSX, Canada. Sector: Financial Services / Banks. Price C$168.24, market value C$275.7 billion.

## Valuation
- **P/E (trailing): 18.0×** (5-yr avg 10.9×, 3-yr avg 12.4×). The Toronto-Dominion Bank trades at 18.0× trailing earnings, well above its own five-year average of 10.9×: investors are paying up relative to the company's past. The Financial Services median in the September 2026 study was 13.1×. Forward P/E is 15.0×, lower than trailing, so analysts expect earnings to grow.
- **PEG: 0.10**. A PEG of 0.10 means the P/E is low relative to expected earnings growth: the market is not paying much for that growth.
- **Price / sales: 2.7×**. Each dollar of revenue is priced at 2.7×.
- **Price / book: 2.3×**. The shares trade at 2.3× book value; book value is a meaningful part of the valuation.
- **Free-cash-flow yield: 10.4%** (5-yr avg 3.3%). Free cash flow equals 10.4% of the market value, above its five-year average of 3.3%, so the shares are cheaper on cash than they have usually been. Above 5% is generally attractive.
- **Earnings yield: 5.6%**. The inverse of the P/E: 5.6% of the price is earned each year.

## Profitability
- **Net margin: 17.7%**. 17.7% of each dollar of sales reaches the bottom line.
- **Return on equity: 16.1%**. 16.1% on shareholders' equity is solid.
- **Return on assets: 0.8%**. Each dollar of assets produces 0.8% of profit; low single digits are normal for banks and insurers.

## Growth
- **Revenue growth (1 yr): -2.8%** (3-yr 24.9%/yr, 5-yr 16.2%/yr). Revenue fell 2.8% over the last year, against 16.2% a year compounded over five years: growth is slowing.
- **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: 4/9**. 4 of 9 checks pass: mixed.
- **Cash and short-term investments: C$156.1 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: 2.66%** (C$4.33 per share, trailing). The Toronto-Dominion Bank yields 2.66%, a modest yield more typical of a growth-oriented payer.
- **Payout ratio: 37%** (27% of free cash flow). 37% of earnings goes out as dividends, leaving room to keep raising it.
- **Consecutive years of increases: 19**. 19 straight years of increases, a record that survived at least one recession.
- **Dividend growth (5 yr): 6.2%/yr** (1-yr 2.9%). The dividend has grown 6.2% a year over five years.
- **Shareholder yield: 6.0%**. Dividends plus net buybacks return 6.0% of the market value a year.

## Analyst view
- **Analyst consensus: buy** (14 analysts). 14 analysts cover The Toronto-Dominion Bank; the consensus is buy, with an average price target of C$179.21 (+7% from the current price). Analyst opinion is shown for context; it is not part of the Fundamental Score.

## Price and momentum
- **Total return (1 yr): 68.1%** (YTD 33.1%, 3-mo 7.4%). The shares are up 68.1% over twelve months including dividends.
- **From 52-week high: -4.0%** (63.2% above the low). Trading within 5% of its 52-week high.
- **200-day average: above**. The price sits above its 200-day moving average, the usual definition of an uptrend.
- **RSI (14-day): 52**. An RSI of 52 is neutral.
- **Beta (1 yr): 0.71** (volatility 16%). Beta of 0.71 against the S&P/TSX Composite: the shares move roughly with the market.

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

Not investment advice.