Toast, Inc.
TOST Technology Software Infrastructure
Toast, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $6.2 billion, up 24.1% from fiscal 2024. In the quarter to June 2026, revenue grew 23.1%, EPS grew 92.9% and free cash flow fell 37.5%, each against the same quarter a year earlier. Revenue growth for five consecutive years, operating cash flow growth for three.
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Toast, Inc. (TOST) Altman Z-score
Toast, Inc.'s Altman Z-score for fiscal 2025 is 14.49, in the safe zone (above 2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 14.49 | (1.40) |
| FY2024 | 15.90 | 7.38 |
| FY2023 | 8.51 | (0.20) |
| FY2022 | 8.71 | (1.11) |
| FY2021 | 9.82 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.54 | — | 0.65 | |
| Retained earnings / total assets | (0.40) | — | −0.56 | |
| EBIT / total assets | 0.09 | — | 0.31 | |
| Market value of equity / total liabilities | 20.24 | — | 12.15 | |
| Sales / total assets | 1.96 | — | 1.96 | |
| Altman Z-score | Safe zone | 14.49 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 5.05 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| TOST Toast, Inc. | 14.5× |
| IOT Samsara Inc. compare | 8.6× |
| CHKP Check Point Software Technologies Ltd. compare | 6.1× |
| NTNX Nutanix compare | 2.2× |
| GDDY GoDaddy Inc. compare | 1.7× |
| GEN Gen Digital Inc. compare | 1.2× |
| GPN Global Payments Inc. compare | 0.9× |
| RBRK Rubrik, Inc. compare | 0.9× |
| KSPI Joint Stock Company Kaspi.kz Sponsored ADR compare | — |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets