Toast, Inc.
In the published model solve dated 2026-Q2, anchored at $34.81, Toast, Inc. (TOST) is priced for today's economics sustained for ~15.2 years. boothcheck publishes no house fair value, target price, or buy/sell rating; individual model outputs and user-controlled scenarios are analytical inputs, not Boothcheck targets. The narrative was composed July 11, 2026 from SEC EDGAR filings.
• Toast has become the operating system for a widening slice of the restaurant industry, with annualized recurring run-rate up 26% to $2.2 billion at March 31, 2026, roughly 7,000 net new locations added in the quarter, and enterprise signings including Applebee's and Firehouse Subs, two of the largest in its history [Source: Q1 2026 earnings release, May 7, 2026]. • The risk is duration, not direction: today's price pays about 52 times operating income, an assumption of growth near the company'
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734 institutional managers reported holding TOST in 13F filings for the quarter ended 2026-03-31. Together they hold about 71% of the company; the top 10 hold 34%. 93 opened new positions that quarter. Held by Vanguard Group, FMR (Fidelity), BlackRock, among others. On the short side, 42.5M shares were sold short as of the 2026-06-15 count, about 7% of shares outstanding (4.2 days of typical volume to cover).
Quarterly 13F filings arrive up to 45 days after quarter end, so the picture is never current (filed through 2026-05-29). Nothing here is investment advice.
TOST's share count grew 177.1% over the past five years even with $486.00M spent on repurchases. It pays no dividend. Cash returned over the past three years: $486.00M in repurchases.
Share counts are split-adjusted; repurchase totals are gross of share issuance. Nothing here is investment advice.
No open-market insider buys on file at TOST over the trailing three years. Absence is a fact about the company, not a signal. 14 officers and directors are on file.
Code P open-market purchases from SEC Form 4 filings, non-derivative, excluding scheduled 10b5-1 plans. Nothing here is investment advice.
TOST's recent reports: the day-one move, then what the following quarter actually did.
| report | day one | next quarter |
|---|---|---|
| 2023-05-11 | +9.2% | +24.6% |
| 2023-08-10 | +13.8% | -21.6% |
| 2023-11-09 | -12.7% | +34.0% |
| 2024-05-09 | +13.8% | -9.1% |
Day-one is the close-to-close move around the filing. Nothing here is investment advice.
TOST's latest 8-K filings: 2026-08-04 (items 2.02, 9.01); 2026-06-15 (items 5.07); 2026-05-07 (items 2.02, 9.01); 2026-02-12 (items 2.02, 8.01, 9.01); 2026-01-15 (items 5.02).
Item codes are the SEC's own classification of what each report discloses. Dates link to the filing on EDGAR. Nothing here is investment advice.
Model solve date: 2026-Q2
Narrative composed: July 11, 2026
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For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.