Discounted Cash Flow

Toast, Inc.

TOST · Based on 10 years of SEC filings

Average annual growth rates

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Average annual growth is the mean year-over-year change across each period.

Endpoint CAGR (better for long term trend)

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Endpoint CAGR is the compound annual rate from the first to last year in each period.

Projections use average year-over-year growth. Change this in Settings.

Projected growth rate

Free cash flow growth
10-year: — 5-year: — 3-year: —
Averaged growth (FCF & NI)
10-year: — 5-year: — 3-year: —
Net income growth
10-year: — 5-year: — 3-year: —
Sales growth (not added to calculations)
10-year: — 5-year: — 3-year: —

Click a greyed-out slider to switch metrics. Slide between the 10-year, 5-year, and 3-year historic growth rates for FCF, net income, or their average.

%
%

Historical inputs (10 fiscal years)

YEAR Sales Net Income Free Cash Flow Net Margin EPS (diluted)
2019 $665.0m $-209.0m $-135.0m -31.4% $-1.08
2020 $823.0m (23.8%) $-248.0m (-18.7%) $-153.0m (-13.3%) -30.1% (4.1%) $-1.25 (-15.7%)
2021 $1.7b (107.2%) $-487.0m (-96.4%) $-17.0m (88.9%) -28.6% (5.2%) $-1.68 (-34.4%)
2022 $2.7b (60.2%) $-275.0m (43.5%) $-189.0m (-1011.8%) -10.1% (64.7%) $-0.54 (68.0%)
2023 $3.9b (41.5%) $-246.0m (10.5%) $93.0m (149.2%) -6.4% (36.8%) $-0.46 (13.9%)
2024 $5.0b (28.3%) $19.0m (107.7%) $306.0m (229.0%) 0.4% (106.0%) $0.03 (107.4%)
2025 $6.2b (24.1%) $342.0m (1700.0%) $608.0m (98.7%) 5.6% (1351.0%) $0.59 (1628.9%)

Base FCF: (latest fiscal year)

Discount rate: %

Terminal growth:

Projection period: years

Alt A decline yrs:

Alt B total yrs:

Projected cash flows

Year Projected cash flow Discount Factor Present Value

PV of projected FCF:

Terminal FCF:

Terminal value:

PV of terminal value:

Enterprise value (DCF):

DCF price per share:

Current price:

Alternative DCF Models

Model Fair Value Upside PV(FCFs) PV(Terminal) Total Years
Standard (10yr→TV) 10 + TV
Alt A (Gradual Decline)
Alt B (30yr Hard Stop) N/A

This is a simplified DCF model for illustration. It uses reported free cash flow, a single growth assumption, fixed WACC, and a Gordon Growth terminal value. It is not investment advice.

+ 10YR Financials Balance Sheet (10YR) Cash Flow (10YR) DCF Model