Toll Brothers, Inc.
TOL · Operative Builders · 93.5M shares · -7%/yr ↓ buyback · EDGAR filings ↗
Net buyback after stock comp: $537M (gross $562M, SBC $25M)
Reference price $149.66 · est. market cap ~$14.0B — last insider sale, 2026-06-18 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
B78High-quality luxury homebuilder with strong returns and a clean balance sheet, navigating softening demand.
Strengths
- ROE 16.3% (73rd pct) and ROA 9.3% (69th pct) with $1.0B FCF (80th pct)
- Low debt-to-cap of 0.25, $1.26B cash plus $2.19B revolver availability; exiting capital-intensive apartments
Risks
- Net contracts and backlog down (backlog $5.49B vs $6.47B) on affordability pressure and weak demand
- Net income declined to $1.35B from $1.57B; cyclical exposure to rates and incentives
Notable findings
Key metrics
Return on equity
16.3%
Return on assets
9.3%
Net-income growth
-14.3%
Free cash flow
$1.0B
EBITDA
$1.8B
Tangible book value
$8.3B
Cash & investments
$1.3B
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-18 | Yearley Douglas C. Jr. | Sell | 78K | $156.58 |
| 2026-06-18 | Parahus Robert | Sell | 7.5K | $149.66 |
| 2026-06-18 | Yearley Douglas C. Jr. | Option exercise | 78K | $31.61 |
| 2026-04-15 | East Stephen F. | Sell | 1.0K | $139.70 |
| 2026-03-04 | McLean John A | Option exercise | 2.3K | $31.61 |
| 2026-03-04 | McLean John A | Sell | 2.3K | $153.43 |
| 2026-02-27 | Yearley Douglas C. Jr. | Option exercise | 27K | $31.61 |
| 2026-02-27 | Yearley Douglas C. Jr. | Sell | 27K | $159.15 |
| 2026-02-24 | Yearley Douglas C. Jr. | Option exercise | 45K | $31.61 |
| 2026-02-24 | Yearley Douglas C. Jr. | Sell | 43K | $160.39 |
| 2026-02-24 | Yearley Douglas C. Jr. | Sell | 2.1K | $161.04 |
| 2026-01-31 | Ziegler Gregg L. | Option exercise | 4.9K | — |
| 2026-01-31 | Ziegler Gregg L. | Tax withheld | 2.0K | $144.49 |
| 2026-01-19 | McLean John A | Option exercise | 1.6K | — |
| 2026-01-19 | STOWELL SCOTT D | Option exercise | 1.5K | — |
| 2026-01-19 | SHAPIRO PAUL E | Option exercise | 1.7K | — |
| 2026-01-19 | Sandstrom Katherine M | Option exercise | 1.3K | — |
| 2026-01-19 | Reinsdorf Judith A | Option exercise | 1.3K | — |
| 2026-01-19 | Pritchett Wendell E. | Option exercise | 1.6K | — |
| 2026-01-19 | Kan Derek T. | Option exercise | 1.5K | — |
| 2026-01-19 | Grimes Karen H. | Option exercise | 1.7K | — |
| 2026-01-19 | GARVEY CHRISTINE | Option exercise | 1.7K | — |
| 2026-01-19 | East Stephen F. | Option exercise | 1.7K | — |
| 2026-01-15 | SHAPIRO PAUL E | Option exercise | 4.0K | $31.61 |
| 2026-01-15 | SHAPIRO PAUL E | Sell | 4.0K | $146.68 |
| 2026-01-09 | SHAPIRO PAUL E | Gift | 73 | — |
| 2025-12-24 | GARVEY CHRISTINE | Gift | 72 | — |
| 2025-12-23 | GARVEY CHRISTINE | Gift | 1.2K | — |
| 2025-12-22 | Yearley Douglas C. Jr. | Gift | 20K | — |
| 2025-12-20 | Yearley Douglas C. Jr. | Tax withheld | 15K | $139.79 |
| 2025-12-20 | Yearley Douglas C. Jr. | Option exercise | 34K | — |
| 2025-12-20 | Parahus Robert | Option exercise | 4.5K | — |
| 2025-12-20 | Parahus Robert | Tax withheld | 2.0K | $139.79 |
| 2025-12-17 | Yearley Douglas C. Jr. | Grant | 38K | — |
| 2025-12-17 | Yearley Douglas C. Jr. | Tax withheld | 15K | $138.67 |
| 2025-12-17 | Parahus Robert | Grant | 7.5K | — |
| 2025-12-17 | Parahus Robert | Tax withheld | 3.1K | $138.67 |
| 2025-12-01 | Ziegler Gregg L. | Tax withheld | 766 | $139.83 |
| 2025-12-01 | Yearley Douglas C. Jr. | Option exercise | 56K | — |
| 2025-12-01 | Yearley Douglas C. Jr. | Tax withheld | 23K | $139.83 |
| 2025-12-01 | Ziegler Gregg L. | Option exercise | 2.3K | — |
| 2025-12-01 | Parahus Robert | Option exercise | 7.4K | — |
| 2025-12-01 | Parahus Robert | Tax withheld | 3.1K | $139.83 |
| 2025-12-01 | Grubb Michael J. | Option exercise | 1.4K | — |
| 2025-12-01 | Grubb Michael J. | Tax withheld | 380 | $139.83 |
| 2025-09-08 | Yearley Douglas C. Jr. | Sell | 20K | $148.08 |
| 2025-09-05 | SHAPIRO PAUL E | Option exercise | 3.8K | $32.85 |
| 2025-09-05 | SHAPIRO PAUL E | Sell | 3.8K | $147.65 |
| 2025-09-02 | Pritchett Wendell E. | Sell | 2.5K | $138.71 |
| 2025-08-29 | Yearley Douglas C. Jr. | Sell | 25K | $138.26 |
| 2025-08-27 | Connor Martin P. | Sell | 5.3K | $137.51 |
| 2025-08-22 | Grubb Michael J. | Sell | 500 | $140.63 |
| 2025-08-21 | Parahus Robert | Sell | 9.8K | $130.84 |
| 2025-08-06 | Sandstrom Katherine M | Buy | 68 | $126.87 |
| 2025-07-16 | East Stephen F. | Sell | 2.5K | $115.33 |
| 2025-07-14 | Grubb Michael J. | Sell | 500 | $120.00 |
| 2025-07-14 | GARVEY CHRISTINE | Sell | 770 | $119.82 |
| 2025-03-31 | GARVEY CHRISTINE | Gift | 25 | — |
| 2025-03-28 | GARVEY CHRISTINE | Gift | 47 | — |
| 2025-03-13 | GARVEY CHRISTINE | Gift | 188 | — |
| 2025-03-11 | SHAPIRO PAUL E | Sell | 7.0K | $106.97 |
| 2025-02-25 | GARVEY CHRISTINE | Gift | 566 | — |
| 2025-02-24 | GARVEY CHRISTINE | Sell | 420 | $110.58 |
| 2025-01-19 | Kan Derek T. | Option exercise | 1.8K | — |
| 2025-01-19 | STOWELL SCOTT D | Option exercise | 1.8K | — |
| 2025-01-19 | Grimes Karen H. | Option exercise | 2.0K | — |
| 2025-01-19 | Pritchett Wendell E. | Option exercise | 2.0K | — |
| 2025-01-19 | GARVEY CHRISTINE | Option exercise | 2.0K | — |
| 2025-01-19 | SHAPIRO PAUL E | Option exercise | 2.0K | — |
| 2025-01-19 | East Stephen F. | Option exercise | 2.0K | — |
| 2025-01-19 | McLean John A | Option exercise | 2.0K | — |
| 2025-01-18 | Kan Derek T. | Option exercise | 3.0K | — |
| 2025-01-18 | STOWELL SCOTT D | Option exercise | 3.3K | — |
| 2025-01-18 | SHAPIRO PAUL E | Option exercise | 3.9K | — |
| 2025-01-18 | Pritchett Wendell E. | Option exercise | 3.8K | — |
| 2025-01-18 | McLean John A | Option exercise | 3.8K | — |
| 2025-01-18 | Grimes Karen H. | Option exercise | 3.9K | — |
| 2025-01-18 | GARVEY CHRISTINE | Option exercise | 3.9K | — |
| 2025-01-18 | East Stephen F. | Option exercise | 3.9K | — |
| 2025-01-15 | GARVEY CHRISTINE | Gift | 20 | — |
All non-derivative Form 4 activity (SEC), newest first.
Supply chain
Customers (1)
- Kennedy Wilson
Suppliers (0)
Named in the 10-K; linked when we track them.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-05-19 | ResultsExhibits | filing ↗ |
| 2026-05-13 | Exec/director changeOtherExhibits | filing ↗ |
| 2026-03-31 | Exec/director changeExhibits | filing ↗ |
| 2026-03-11 | Shareholder voteExhibits | filing ↗ |
| 2026-02-17 | ResultsExhibits | filing ↗ |
| 2026-02-05 | Material agreementExhibits | filing ↗ |
| 2026-01-07 | Exec/director changeOtherExhibits | filing ↗ |
| 2025-12-19 | Exec/director changeExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 10-Q | 2026-05-29 | 2026-04-30 | 0000794170-26-000087 ↗ |
| 8-K | 2026-05-19 | 2026-05-19 | 0000794170-26-000083 ↗ |
| 8-K | 2026-05-13 | 2026-05-12 | 0000794170-26-000079 ↗ |
| 8-K | 2026-03-31 | 2026-03-30 | 0000794170-26-000066 ↗ |
| 8-K | 2026-03-11 | 2026-03-10 | 0000794170-26-000063 ↗ |
| 10-Q | 2026-02-27 | 2026-01-31 | 0000794170-26-000056 ↗ |
| 8-K | 2026-02-17 | 2026-02-17 | 0000794170-26-000050 ↗ |
| 8-K | 2026-02-05 | 2026-02-05 | 0000794170-26-000046 ↗ |
| 8-K | 2026-01-07 | 2026-01-05 | 0000794170-26-000006 ↗ |
| 10-K | 2025-12-19 | 2025-10-31 | 0000794170-25-000112 ↗ |
| 8-K | 2025-12-19 | 2025-12-19 | 0000794170-25-000113 ↗ |
| 8-K | 2025-12-08 | 2025-12-08 | 0000794170-25-000099 ↗ |