Toll Brothers Inc
- Indústria
- Homebuilding
- Bolsa
- EUA
- País / Região
- USA
- Data do IPO
- 30 de dezembro de 1987
- Funcionários
- 4.900
Faixa de valuation composta · conservador $110–$120 / justo $145–$175 / otimista $198–$215. A $151.01, Dentro da faixa de valor intrínseco justo.
Na publicação $147.1 (15 de junho de 2026)
Dados da EODHD, apresentados na moeda de reporte; apenas para referência, não constitui recomendação de investimento.
Toll Brothers, Inc., together with its subsidiaries, designs, builds, markets, sells, and arranges finance for a range of detached and attached homes in luxury residential communities in the United States. It designs, builds, markets, and sells condominiums through Toll Brothers City Living. The company also develops a range of single-story living and first-floor primary bedroom suite home designs, as well as communities with recreational amenities, such as golf courses, marinas, pool complexes, country clubs, and fitness and recreation centers; and develops, operates, rents apartments and student housing communities. In addition, it provides various interior fit-out options, such as flooring, wall tile, plumbing, cabinets, fixtures, appliances, lighting, and home-automation and security technologies. Further, the company owns and operates architectural, engineering, mortgage, title, land development, insurance, smart home technology, landscaping, lumber distribution, house component assembly, and component manufacturing operations. It serves luxury first-time, move-up, empty-nester, active-adult, and second-home buyers. The company was founded in 1967 and is headquartered in Fort Washington, Pennsylvania.
História
Toll Brothers, Inc. was founded in 1967 by Robert I. Toll and Bruce E. Toll, starting in Pennsylvania with mid-to-high-end residential development, and is headquartered in Fort Washington, Pennsylvania. The company became publicly listed in 1986 (listing date 1986-07-07 at an offering price of $12.50 per share, roughly $1.04 after subsequent stock splits) and today covers more than 60 U.S. markets. Its national expansion is visible in the long-run financials: deliveries grew from 802 homes in 1986 to 8,769 in 2005, while home sales revenue rose from $125 million to $5.76 billion over the same span. The 2006-2011 housing downturn hit hard — 2006 revenue was $6.12 billion with pre-tax profit of $1.127 billion, but the company posted a net loss of $756 million in 2009 and a small loss in 2010. After returning to profit, Toll expanded through acquisitions: Sharp Residential in 2019 (entering Atlanta), Thrive Residential in 2020 (Atlanta and Nashville infill) and Keller Homes in 2020 (entering Colorado Springs), and StoryBook Homes in 2021 (strengthening Las Vegas). Home sales revenue climbed from $6.94 billion in FY2020 to $8.43 billion in FY2021, and from $9.71 billion in FY2022 to $10.56 billion in FY2024, with FY2024 net income of $1.571 billion and ROE of 23.1%. FY2025 home sales revenue reached a record $10.84 billion, while net income declined to $1.346 billion. In 2025 the company decided to gradually exit Apartment Living, and on 2025-09-18 announced the sale of about half of its Apartment Living portfolio and operating platform to Kennedy Wilson (about $380 million per Toll's filing, $347 million per Kennedy Wilson's announcement). In 2026 it carried out a management transition: Doug Yearley moved to Executive Chairman and Karl Mistry was promoted to CEO; Gregg Ziegler had become CFO in 2025, and the company announced Seth Ring would succeed Rob Parahus as President and COO. The stock reached a historical closing high of $165.81 on 2026-02-13.
Posição no setor
Toll Brothers is a leading luxury, move-up homebuilder operating at the most expensive segment of the U.S. single-family new-home market — a niche leader rather than an industry-wide volume leader. Its FY2026 Q2 delivery average price was $1.009 million, close to twice the U.S. new-home average. The company's positioning rests on several factual advantages: brand priority that helps it enter master-plan communities and secure higher-margin product mix; land acquisition focused on prime 'Main and Main' sites where competitors are often smaller, less-capitalized custom builders; buyer quality, with customers that typically carry lower loan-to-value ratios and stronger credit profiles; and capital strength, with roughly $3.3 billion in liquidity (including $1.1 billion in cash) and a net debt-to-capital ratio of 15.4% at the end of FY2026 Q2. These traits underpin an unusually low cancellation rate — 2.9% of beginning-of-period backlog and 4.8% measured against quarterly signings — which management attributes to buyer customization and higher deposit commitments. Compared with its main listed peers, Toll's average selling price is far higher: D.R. Horton at about $359,000, Lennar at $371,000, PulteGroup at $542,000 and NVR at $457,000. The differentiation is strategic: where Lennar uses a land-light model with incentives and rate buydowns to drive volume (FY2026 Q2 gross margin 15.6%), Toll protects per-home profit through a higher-end mix, posting an FY2026 Q2 adjusted gross margin of 26.2%. Its land position held 76,800 lots with 58% optioned, lighter than peers but not as extreme as NVR's finished-lot option model. The company guided to 480-490 communities by the end of 2026, up from 446 at the end of 2025.