Toll Brothers Inc.
TOL Consumer Cyclical Residential Construction
Toll Brothers Inc.’s revenue for fiscal 2025 (year ended October 2025) was $11.0 billion, up 1.11% from fiscal 2024. In the quarter to July 2026, revenue fell 9.72%, EPS fell 20.7%, free cash flow fell 36.3% and total debt fell 6.02%, each against the same quarter a year earlier. Dividend growth for ten consecutive years.
Follow TOL
Toll Brothers Inc. (TOL) Piotroski F-score
Toll Brothers Inc.'s Piotroski F-score for fiscal 2025 is 4 out of 9: 4 of nine tests of profitability, leverage and efficiency passed, down from 8 in fiscal 2024.
Piotroski F-score, annual
Embed this chart
Annual newest first
| Period | Piotroski F-score | Change (points) |
|---|---|---|
| FY2025 | 4 | (4.00) |
| FY2024 | 8 | 2.00 |
| FY2023 | 6 | (1.00) |
| FY2022 | 7 | (1.00) |
| FY2021 | 8 | 3.00 |
| FY2020 | 5 | 0.00 |
| FY2019 | 5 | (2.00) |
| FY2018 | 7 | (2.00) |
| FY2017 | 9 | 4.00 |
| FY2016 | 5 | — |
How fiscal 2025’s score is made up
| Test | This year | Year before | Result | Points |
|---|---|---|---|---|
| Positive return on assets | 9.66% | 12.14% | Pass | 1 |
| Positive operating cash flow | 1.11b | 1.01b | Pass | 1 |
| Rising return on assets | 9.66% | 12.14% | Fail | 0 |
| Cash flow above net income | (234.07m) | (561.03m) | Fail | 0 |
| Falling long-term leverage | 0.20 | 0.22 | Pass | 1 |
| Rising current ratio | 4.38 | 4.92 | Fail | 0 |
| No new shares issued | 98,978,000 | 103,653,000 | Pass | 1 |
| Rising gross margin | 25.11% | 27.87% | Fail | 0 |
| Rising asset turnover | 0.79 | 0.84 | Fail | 0 |
| Piotroski F-score | Mixed | 4 | ||
How the Piotroski F-score works
One point for each of nine tests, this fiscal year against the one before: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, a rising current ratio, no new shares issued, a rising gross margin and rising asset turnover. The ratios are the ones on this site, so each can be checked.
Joseph Piotroski (2000) called 8–9 high and 0–1 low; reading it in three bands is the common convention:
| 7–9 | Strong — most fundamentals improved |
|---|---|
| 4–6 | Mixed |
| 0–3 | Weak — most fundamentals deteriorated |
Where this differs from the paper: return on assets is on average rather than beginning-of-year assets, and weighted basic shares stand in for shares issued. The score is shown only when all nine tests can be worked out, which takes three fiscal years; banks and insurers, which report no current assets or gross profit, have none.
Piotroski F-score against peers
| Company | Piotroski F-score |
|---|---|
| IBP Installed Building Products, Inc. compare | 8 |
| CVCO Cavco Industries, Inc. compare | 8 |
| SKY Champion Homes, Inc. compare | 7 |
| NVR NVR, Inc. compare | 5 |
| LEN.B Lennar Corporation compare | 5 |
| PHM PulteGroup, Inc. compare | 5 |
| LEN Lennar Corporation compare | 5 |
| DHI D.R. Horton, Inc. compare | 4 |
| TOL Toll Brothers Inc. | 4 |
What Piotroski F-score is
The Piotroski F-Score tells an investor how many signs of improving profitability, funding and efficiency a company shows against a year earlier.
One point for each of nine tests against a year earlier: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, rising current ratio, no new shares issued, rising gross margin, and rising asset turnover