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Toll Brothers, Inc., a corporation incorporated in Delaware in May 1986, began doing business through predecessor entities in 1967. When this report uses the words we, us, our, and the Company, it refers to Toll Brothers, Inc. and its subsidiaries, unless the context otherwise requires.
15.69% operating margin is respectable but not wide. ROIC at 9.21%. Suggests the business covers its cost of capital, but doesn't point to a wide moat.
Revenue growth slowed to 1.1%, essentially flat. Margins also contracted 3.1pp. This is a business that needs a catalyst.
ROIC dropped from 11.29% to 9.21%, capital efficiency is deteriorating. Operating margin contracted 3.1pp YoY, cost discipline may be slipping.
Profitability & Returns
Revenue (TTM)
$11.05B
▲ +1.1% YoY
Net Income (TTM)
$1.29B
▼ -14.3% YoY
Op. Margin
14.64%
▼ -3.1pp YoY
ROIC
8.57%
▼ -2.1pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$1.22B
▲ +9.6% YoY
Op. Cash Flow (TTM)
$1.31B
▲ +10.1% YoY
Net Debt
$4.27B
Cash & Equiv.
$1.11B
5Y CAGR: +9.2%
5Y CAGR: +2.7%
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