Toast, Inc.

NYSE-TOST

Trailing Valuation

Trailing Valuation	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19
Stock Price	35.3	36.5	18.3	18	34.7	—	—
Total Shares Outstanding	588	572	543	523	507.2	219.5	214.7
Market Cap	20,744.6	20,849.4	9,915.2	9,430.2	17,603.9	—	—
Total Enterprise Value (TEV)	18,905.6	19,456.4	8,824.2	8,489.2	16,436.9	—	—
Buyback Yield	-0.2%	-0.2%	-0.4%	-0.2%	-5.6%	—	—
Debt Paydown Yield	—	—	—	—	1.4%	—	—
Shareholder Yield	-0.2%	-0.2%	-0.4%	-0.2%	-4.2%	—	—
P/S	3.5	4.2	2.6	3.5	10.3	—	—
P/Gross Profit	13.8	17.5	11.9	18.5	56.1	—	—
P/E	82	1,215	-38.9	-25	-20.7	—	—
Earnings Yield	1.2%	0.1%	-2.6%	-4%	-4.8%	—	—
P/OCF	33.8	57.9	73.4	-60.4	8,801.9	—	—
P/FCF	36.8	68.1	106.6	-49.9	-1,035.5	—	—
FCF Yield	2.7%	1.5%	0.9%	-2%	-0.1%	—	—
P/B	10.3	13.5	8.3	8.6	16.1	—	—
EV/Sales	3.2	3.9	2.3	3.1	9.6	—	—
EV/Gross Profit	12.6	16.3	10.6	16.6	52.3	—	—
EV/EBITDA	63.4	313.8	-34.6	-23.6	-79.4	—	—
EV/EBIT	79.1	1,216	-30.7	-22.1	-72.1	—	—
EV/OCF	30.8	54	65.4	-54.4	8,218.4	—	—
EV/FCF	33.5	63.6	94.9	-44.9	-966.9	—	—

Margins

Margins	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19
Gross Profit Margin	25.7%	24%	21.6%	18.7%	18.4%	17%	9.3%
Operating Margin	4.1%	0.3%	-7.4%	-14.1%	-13.4%	-26.7%	-32%
EBITDA Margin	5.1%	1.3%	-6.6%	-13.2%	-12.1%	-23.5%	-31%
Net Profit Margin	4.7%	0.4%	-6.4%	-10.1%	-28.6%	-30.1%	-31.4%
Effective Tax Rate	1.4%	13.6%	-0.8%	0.7%	0.6%	—	1.4%
Pre-Tax Profit Margin	4.7%	0.4%	-6.3%	-10.1%	-28.7%	-30.1%	-31.9%
Free Cash Flow Margin	9.6%	6.2%	2.4%	-6.9%	-1%	-18.6%	-20.3%
OCF / Sales	10.5%	7.3%	3.5%	-5.7%	0.1%	-15.2%	-18.9%
OCF / Net Income	224.9%	1,894.7%	-54.9%	56.7%	-0.4%	50.4%	60.3%
FCF / OCF	91.9%	85%	68.9%	121.2%	-850%	122.4%	107.1%
FCF / Net Income	206.6%	1,610.5%	-37.8%	68.7%	3.5%	61.7%	64.6%
FCF / EBITDA	189.3%	493.5%	-36.5%	52.5%	8.2%	79.3%	65.5%

Capital Efficiency

Capital Efficiency	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19
Return on Invested Capital	43.7%	3%	-70.6%	-107.5%	-98.1%	-301.4%	—
Return on Assets	8.8%	0.6%	-15.6%	-21.8%	-18%	-56.7%	—
Return on Equity	15.3%	1.4%	-21.5%	-25.1%	-157.1%	105.3%	—
Return on Total Capital	1,308.6%	48.5%	-512.1%	-426%	-40.5%	-43.1%	—
Return on Capital Employed	11.6%	1.1%	-22.4%	-29%	-22.5%	-68.8%	—
Return on Tangible Assets	9.6%	0.9%	-14.3%	-16.8%	-41%	-67.7%	—
Receivables Turnover	49.6	53.9	52.9	41.4	38.8	49.9	—
Days Sales Outstanding	7.4	6.8	6.9	8.8	9.4	7.3	—
Payables Turnover	100.1	109.3	97.8	63.4	39.7	45.5	—
Days Payables Outstanding	3.6	3.3	3.7	5.8	9.2	8	—
Inventory Turnover	39.2	31.9	26.6	29.2	45.6	71.9	—
Days Inventory Outstanding	9.3	11.4	13.7	12.5	8	5.1	—
Cash Conversion Cycle	13	14.9	16.9	15.6	8.2	4.4	—
Asset Turnover	2.2	2.3	2.1	1.6	1.4	2.1	—
Fixed Asset Turnover	47.6	42.4	31	21.2	20.8	37.4	—
Operating Cycle	16.7	18.2	20.6	21.3	17.4	12.4	—
CapEx to OCF	0.1	0.2	0.3	-0.2	9.5	-0.2	-0.1
CapEx to Revenue	0	0	0	0	0	0	0
CapEx to Depreciation	0.8	1.2	1.3	1.4	0.9	1	1.3

Financial Health

Financial Health	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20
Total Debt	18	24	33	80	99	172
Net Debt	-1,839	-1,393	-1,091	-941	-1,167	-410
Current Ratio	2.7	2.4	2.4	2.8	4.2	4.9
Quick Ratio	2.2	1.9	1.8	2.2	3.8	4.5
Cash Ratio	2	1.7	1.7	2.1	3.6	4.3
Debt Ratio	0	0	0	0	0.1	0.2
Assets to Equity	1.5	1.6	1.6	1.6	1.6	-1.6
Cash Flow to Debt Ratio	34.1	15	4.1	-2	0	-0.7
Long-term Debt to Assets	0	0	0	0	0	0.2
Intangibles to Total Assets	0	0.1	0.1	0.1	0.1	0.1
Net Current Asset Value	1,538	1,112	806	744	841	-574
Goodwill / Assets	0	0	0.1	0.1	0	0
Debt / Equity	0	0	0	0.1	0.1	-0.4
Total Debt / Capitalization	1	1	1	1	1	0.2
Long Term Debt / Capitalization	1	1	1	1	0.8	0.2
Long-Term Debt / Equity	0	0	0	0.1	0.1	-0.4
Net Debt / EBITDA	-6.2	-22.5	4.3	2.6	5.6	2.1

Per Share	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19
Revenue per Share	9.7	8.4	7.3	5.3	5.9	4.1	3.4
Basic EPS	0.5	0	-0.5	-0.5	-1.7	-1.3	-1.1
Diluted EPS	0.4	0	-0.5	-0.7	-1.7	-1.3	-1.1
Book Value per Share	3.3	2.6	2.2	2.1	3.8	-2.4	—
Tangible Book Value per Share	3.1	2.4	2	1.9	3.5	-2.6	—
Cash per Share	3.1	2.4	2.1	2	4.4	2.9	—
Operating Cash Flow per Share	1	0.6	0.3	-0.3	0	-0.6	-0.6
Free Cash Flow per Share	0.9	0.5	0.2	-0.4	-0.1	-0.8	-0.7
CapEx per Share	0.1	0.1	0.1	0.1	0.1	0.1	0
Weighted Avg. Shares Outstanding	577.3	559	532	512	290	200	194.8
Weighted Avg. Shares Outstanding Diluted	604.3	591	533	512	290	200	194.8

Common Size

Common Size	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19
R&D to Revenue	6.3%	7.1%	9.3%	10.3%	9.6%	13.2%	9.6%
SG&A to Revenue	15.1%	15.7%	19.7%	22.4%	22.2%	30.5%	31.7%
Stock-based Comp to Revenue	4.2%	5.2%	7.4%	8.7%	9.3%	10.4%	5.1%