The Toronto-Dominion Bank

The Toronto-Dominion Bank, together with its subsidiaries, provides various financial products and services in Canada, the United States, and internationally. It operates through three segments: Canadian Retail, U.S. Retail, and Wholesale Banking. The company offers personal deposits, such as chequing, savings, and investment products; financing, investment, cash management, international trade, and day-to-day banking services to businesses; and financing options to customers at point of sale for automotive and recreational vehicle purchases. It also provides credit cards and payments; real estate secured lending, auto finance, and consumer lending services; point-of-sale payment solutions for large and small businesses; wealth and asset management products, and advice to retail and institutional clients through direct investing, advice-based, and asset management businesses; and property and casualty insurance, as well as life and health insurance products. The company also provides capital markets, and corporate and investment banking products and services, including underwriting and distribution of new debt and equity issues; advice on strategic acquisitions and divestitures; and trading, funding, and investment services to corporations, governments, and institutions. It offers its products and services under the TD Bank and America's Most Convenient Bank brand names. The company operates through a network of 1,061 branches and 3,381 automated teller machines (ATMs) in Canada, and 1,148 stores and 2,701 ATMs in the United States, as well as offers telephone, digital, and mobile banking services. It has a strategic alliance with Canada Post Corporation. The Toronto-Dominion Bank was founded in 1855 and is headquartered in Toronto, Canada.

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📊 Valuation

Key valuation metrics

EV/EBITDA (TTM)

Enterprise Value, EBITDA and Ratio

EV/EBIT (TTM)

Enterprise Value, EBIT and Ratio

P/E Ratio (TTM)

Market Cap, Net Income and Ratio

P/B Ratio (Quarterly)

Market Cap, Book Value and Ratio

P/TBV - Price to Tangible Book Value (Quarterly)

Market Cap, Tangible Book Value and Ratio

Price / OCF (TTM)

Market Cap, Operating Cash Flow and Ratio

📈 Growth

Revenue, earnings, and per-share growth metrics

Revenue (Quarterly)

Quarterly Revenue

Net Income (Quarterly)

Quarterly Net Income

EPS (Quarterly)

Earnings Per Share

FCF/Share (Quarterly)

Free Cash Flow Per Share

BVPS Growth YoY

(BVPS_current / BVPS_1y_ago) - 1

TBVPS Growth YoY

(TBVPS_current / TBVPS_1y_ago) - 1

💰 Profitability

Profit margins and return on equity

Operating Margin (TTM)

Revenue, Operating Income and Operating Margin

Net Profit Margin (TTM)

Revenue, Net Income and Net Profit Margin

ROE (TTM)

Equity, Net Income and Return on Equity

ROA (TTM)

Assets, Net Income and Return on Assets

ROTCE - Return on Tangible Common Equity (TTM)

Net Income, Tangible Common Equity and ROTCE

💵 Cash Quality

Cash flow quality and conversion metrics

OCF/NI Ratio (TTM)

Operating Cash Flow, Net Income and Ratio

OCF-to-Debt - Operating Cash Flow to Debt Ratio (TTM)

Operating Cash Flow, Total Debt and Ratio

OCF-to-Assets - Operating Cash Flow to Assets Ratio (TTM)

Operating Cash Flow, Total Assets and Ratio

🛡️ Leverage & Liquidity

Debt, liquidity, and financial health

Debt/Equity (quarterly)

Total Debt, Total Equity and Debt/Equity Ratio

Altman Z-Score

Financial Distress Prediction Model

Debt-to-Assets Ratio (MRQ)

Total Debt, Total Assets and Debt-to-Assets Ratio

Liquidity-to-Assets Ratio (MRQ)

Current Assets, Total Assets and Liquidity-to-Assets Ratio

⚙️ Ops & Cap Efficiency

Asset utilization, working capital, ROIC, and capital efficiency

ROIC (TTM)

NOPAT, Invested Capital and Return on Invested Capital

Asset Turnover (TTM)

Revenue, Total Assets and Turnover Ratio

SG&A/Revenue - SG&A Efficiency (TTM)

SG&A Expenses, Revenue and Ratio

Operating Expense Ratio (TTM)

Operating Expenses, Revenue and Ratio

Cost-to-Income Ratio (TTM)

Operating Expenses, Operating Income and Ratio

Revenue per Employee (Quarterly)

Revenue and Revenue per Employee

🎁 Shareholder Returns

Dividends, share buybacks, dilution, and insider trading activity

Dividend Yield (TTM)

Dividend Per Share, Share Price and Dividend Yield

Buyback Yield (TTM)

Net Buyback and Buyback Yield

TSR - Total Shareholder Return (1Y)

(Price_end + Dividends_TTM) / Price_start - 1

Dividend Growth CAGR (3Y)

(Dividend_end / Dividend_start)^(1/3) - 1

Profit Waterfall Analysis

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Profitability Margins

Operating Income Margini

14.26%

Operating Income = $4.10B

Revenue = $28.77B

Pre-tax Profit Margini

14.26%

Income Before Tax = $4.10B

Revenue = $28.77B

Net Profit Margini

11.40%

Net Income = $3.28B

Revenue = $28.77B

Tax Metrics

Effective Tax Ratei

20.04%

Income Tax Expense = $0.82B

Income Before Tax = $4.10B

Cash Tax Rate (TTM)i

18.32%

Income Taxes Paid = $4.33B

Income Before Tax = $23.64B

Financial Sector PPNR Metrics

PPNRi

$5.08B

PPNR = Net Interest Income + Non-Interest Income - Non-Interest Expense

net interest income: $8.54B | non interest income: $7.35B | non interest expense: $10.81B

PPNR Margini

17.67%

PPNR = $5.08B

Revenue = $28.77B

PPNR / Avg Assetsi

0.24%

PPNR ROA = PPNR / Avg Total Assets

ppnr: $5.08B | avg total assets: $2078.15B

Cost Efficiency Metrics

Efficiency Ratioi

37.57%

Non-Interest Expense = $10.81B

Revenue = $28.77B

Cost-to-Incomei

37.57%

Operating Expenses = $10.81B

Revenue = $28.77B

Cost-to-Assetsi

0.52%

Operating Expenses = $10.81B

Avg Total Assets = $2078.15B

Operating Leverage Metrics

Operating JAWSi

-18.02%

Revenue Growth = -5.90%

Expense Growth = 12.11%

Operating Margin Expansioni

1.20pp

Current Operating Margin = 14.26%

Prior Operating Margin = 13.05%

Earnings Quality Metrics

Earnings Qualityi

-2.87x

Operating Cash Flow = $-9.41B

Net Income = $3.28B

Accruals / Avg Assetsi

0.61%

Accruals / Avg Assets = (Net Income - OCF) / Avg Total Assets

net income: $3.28B | operating cash flow: $-9.41B | avg total assets: $2078.15B

Volatility Metrics

PPNR Volatilityi

0.59x

Core Revenue Volatilityi

0.03x

Employee Productivity Metrics

Revenue per Employeei

N/A

Revenue per Employee = Revenue (TTM) / Employee Count

revenue TTM: $115.84B | employee count: N/A

OpEx per Employeei

N/A

OpEx per Employee = Operating Expenses (TTM) / Employee Count

operating expenses TTM: $33.13B | employee count: N/A

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Capital Adequacy

Tangible Common Equity (TCE)i

CAD93.81B

Tangible Assets (TA)i

CAD2072.17B

TCE / TA Ratioi

4.53%

🔴 Risk

TCE = CAD93.81B

TA = CAD2072.17B

Leverage

Equity / Assets (E/A)i

6.10%

Total Equity = CAD127.83B

Total Assets = CAD2094.56B

Assets / Equity (A/E)i

16.39x

Total Assets = CAD2094.56B

Total Equity = CAD127.83B

Capital Quality

AOCI / TCEi

13.72%

✅ Healthy

AOCI = CAD12.87B

TCE = CAD93.81B

(Goodwill + Intangibles) / Equityi

17.52%

✅ Healthy

GW+Intangibles = CAD22.39B

Total Equity = CAD127.83B

Liquidity

Liquidity Buffer (HQLA proxy)i

7.45%

🔴 Risk

Cash+ST Inv = CAD156.06B

Total Assets = CAD2094.56B

Funding Structure

Wholesale Funding Ratio (Core)i

33.47%

⚠️ Warning

ST+LT Debt = CAD658.23B

Total Liabilities = CAD1966.73B

Securities / Assetsi

70.28%

🔴 Risk

ST+LT Inv = CAD1472.05B

Total Assets = CAD2094.56B

Risk-Adjusted

Risk-Adjusted TCE (ATCE)i

CAD93.81B

ATCE / TAi

4.53%

TCE ATCE = CAD93.81B

TA = CAD2072.17B

ATCE Scissor Spreadi

0 bps

✅ Healthy

TCE/TA = 453.00%

ATCE/TA = 453.00%

Cash Flow Waterfall Chart

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Inflow

Outflow

Subtotal

Start/End

Cash Generation Capability

Earnings Cash Contenti

-3.39x

TTM Operating Cash Flow = $-69.65B

TTM Net Income = $20.54B

Cash Flow ROA (CFROA)i

-3.37%

TTM Operating Cash Flow = $-69.65B

Average Total Assets = $2064.86B

Liquidity / Solvency

Cash Flow Adequacyi

-4.88x

TTM Operating Cash Flow = $-69.65B

CapEx + 债务偿还 + 分红 CapEx + Debt Repayment + Dividends = $14.26B

OCF / Short-Term Debti

-0.16x

TTM Operating Cash Flow = $-69.65B

Short-Term Debt = $432.89B

Sustainability / Stability

OCF Growth Rate (YoY)i

-111.81%

Current Quarter OCF = $-9.41B

Same Quarter Last Year OCF = $79.69B

OCF Volatility (CV)i

5.06x

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The Toronto-Dominion Bank

🔍 Business Model Analysis (DuPont Model)

Financial Metrics

📊 Valuation

EV/EBITDA (TTM)

EV/EBIT (TTM)

P/E Ratio (TTM)

P/B Ratio (Quarterly)

P/TBV - Price to Tangible Book Value (Quarterly)

Price / OCF (TTM)

📈 Growth

Revenue (Quarterly)

Net Income (Quarterly)

EPS (Quarterly)

FCF/Share (Quarterly)

BVPS Growth YoY

TBVPS Growth YoY

💰 Profitability

Operating Margin (TTM)

Net Profit Margin (TTM)

ROE (TTM)

ROA (TTM)

ROTCE - Return on Tangible Common Equity (TTM)

💵 Cash Quality

OCF/NI Ratio (TTM)

OCF-to-Debt - Operating Cash Flow to Debt Ratio (TTM)

OCF-to-Assets - Operating Cash Flow to Assets Ratio (TTM)

🛡️ Leverage & Liquidity

Debt/Equity (quarterly)

Altman Z-Score

Debt-to-Assets Ratio (MRQ)

Liquidity-to-Assets Ratio (MRQ)

⚙️ Ops & Cap Efficiency

ROIC (TTM)

Asset Turnover (TTM)

SG&A/Revenue - SG&A Efficiency (TTM)

Operating Expense Ratio (TTM)

Cost-to-Income Ratio (TTM)

Revenue per Employee (Quarterly)

🎁 Shareholder Returns

Dividend Yield (TTM)

Buyback Yield (TTM)

TSR - Total Shareholder Return (1Y)

Dividend Growth CAGR (3Y)

Income Statement Analysis

Profit Waterfall Analysis

Balance Sheet Analysis

Cash Flow Statement Analysis