TOLToll Brothers, Inc.
Operative Builders
- Revenue
- $11.0B
- 1.1% YoY
- Operating margin
- 15.7%
- 17% YoY
- EBITDA
- $1.8B
- 15% YoY
- Market cap
- $13.8B
- Employees
- —
- Net debt / EBITDA
- —
- AI in 10-K
- 0.1
- mentions per 10K words
Takeover score 2 of 13
Fixable underperformance 0 of 7
- TSR below peersNo—3+ of last 5 years
- High CEO pay despite TSRNo—Median CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo83% of net incomeCash flow under 80% of net income
- Dilutive SBCNo0% of revenueOver 10% of revenue
- Payouts exceed cash flowNo67% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo—Over 40% of assets
- Shareholder dissentNo96% lowest supportAny vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeNo—Bottom quartile of its SIC industry
- Quiet on AIYes0.1 per 10K words · 10th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo—More cash than debt, positive EBITDA
- Buyout-sizedNo$13.8B market capMarket cap $500M–$5B
Catalysts 1 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingYes−$26M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $8.8B | $10.3B | $10.0B | $10.8B | $11.0B | 1.1% |
| Operating income | $1.0B | $1.5B | $1.7B | $2.0B | $1.7B | 16% |
| Net income | $834M | $1.3B | $1.4B | $1.6B | $1.3B | 14% |
| Operating cash flow | $1.3B | $987M | $1.3B | $1.0B | $1.1B | 10% |
| Capex | $67M | $72M | $73M | $74M | $86M | 17% |
| Stock-based comp | $23M | $21M | $25M | $30M | $31M | 4.3% |
| Buybacks | $378M | $543M | $562M | $627M | $651M | 3.8% |
| Dividends | $77M | $89M | $91M | $93M | $97M | 3.9% |
Deal filings
None.
13D filers
None on file.
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $26M · 9
- Net
- −$26M
Pay vs performance
No pay-versus-performance disclosure yet.