olivLaw · US equity research
The Toronto-Dominion Bank TD
Commercial Banks, NEC · SIC 6029 · Vertical: Commercial Banks, NEC (SIC 6029)
The Toronto-Dominion Bank is a Canadian bank that files its annual report with the SEC on Form 40-F for the fiscal year ended October 31, 2025. The source provided contains only the filing documents and exhibit list, not detailed financial figures, so the analysis stays limited to the structure of its issuances and its compliance disclosures.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, The Toronto-Dominion Bank (TD) stock was 128.20 USD (+2.77% on the day), with beta 0.54, 52-week range 80.43–128.20 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 67.1
- strong (55–70)
- Bollinger (20, 2)
- 113.96 – 130.56
- in the upper half of the band · %B 0.86 · band width 13.6%
- SMA 50 / 200
- 120.97 / 111.06
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 1.94 / 1.51
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +9.5% | −1.1% | +10.6 pp | — |
| 3 months | +5.8% | −0.5% | +6.3 pp | — |
| 6 months | +18.0% | +4.4% | +13.7 pp | — |
| Year to date | +36.1% | +12.3% | +23.8 pp | — |
| 1 year | +59.2% | +13.5% | +45.6 pp | +16.8% |
| 3 years | +116.4% | +76.4% | +40.0 pp | +132.7% |
| 5 years | +74.5% | +63.7% | +10.8 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
the price (USD) and the reports are in different currencies
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 38.9 bn | 41.1 bn | 43.6 bn | 42.7 bn | 49.0 bn | 50.7 bn | 57.2 bn | 67.8 bn |
| Revenue YoY | +7.4% | +5.6% | +6.3% | −2.2% | +14.8% | +3.4% | +12.9% | +18.4% |
| Net income | 11.3 bn | 11.7 bn | 11.9 bn | 14.3 bn | 17.4 bn | 10.6 bn | 8.8 bn | 20.5 bn |
| Net income YoY | +7.8% | +3.1% | +1.8% | +20.2% | +21.9% | −39.0% | −16.9% | +132.3% |
| Diluted EPS | 6.01 | 6.25 | 6.43 | 7.72 | 9.47 | 5.52 | 4.72 | 11.56 |
| Diluted EPS YoY | +9.3% | +4.0% | +2.9% | +20.1% | +22.7% | −41.7% | −14.5% | +144.9% |
| net % | 29.1% | 28.5% | 27.3% | 33.5% | 35.5% | 21.0% | 15.5% | 30.3% |
| Free cash flow | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Oct 2025
- Cash
- 7.5 bn CAD
- Financial debt
- unavailable CAD
- Net debt
- unavailable CAD
- Equity
- 127.8 bn CAD
- Total assets
- 2,094.6 bn CAD
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- 16.9%
- ROA
- 1.0%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (CAD)
Income statement · CAD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Net income | 11.9 bn | 14.3 bn | 17.4 bn | 10.6 bn | 8.8 bn | 20.5 bn | SEC (XBRL)· 04 Dec 2025verified |
| Diluted EPS | 6.43 | 7.72 | 9.47 | 5.52 | 4.72 | 11.56 | SEC (XBRL)· 04 Dec 2025verified |
| Dividend per share | 2.02 | 3.05 | 3.66 | 3.25 | 4.09 | 4.54 | SEC (XBRL)· 04 Dec 2025derived |
Balance sheet · CAD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 6.4 bn | 5.9 bn | 8.6 bn | 6.7 bn | 6.4 bn | 7.5 bn | SEC (XBRL)· 04 Dec 2025verified |
| Total assets | 1,715.9 bn | 1,728.7 bn | 1,917.5 bn | 1,955.1 bn | 2,061.8 bn | 2,094.6 bn | SEC (XBRL)· 04 Dec 2025verified |
| Total liabilities | 1,620.4 bn | 1,628.9 bn | 1,806.1 bn | 1,843.1 bn | 1,946.6 bn | 1,966.7 bn | SEC (XBRL)· 04 Dec 2025verified |
| Equity | 95.5 bn | 99.8 bn | 111.4 bn | 112.1 bn | 115.2 bn | 127.8 bn | SEC (XBRL)· 04 Dec 2025verified |
| Shares outstanding at year end | 1.8 bn | 1.8 bn | 1.8 bn | 1.8 bn | 1.8 bn | 1.7 bn | SEC (XBRL)· 04 Dec 2025verified |
Cash flow · CAD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Dividends paid | 3.7 bn | 5.6 bn | 6.7 bn | 5.8 bn | 7.2 bn | 7.7 bn | SEC (XBRL)· 04 Dec 2025verified |
Computed indicators
Growth
Profitability
Returns
Market and valuation
Banking
32 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 4 of at least 6
- score weight coverage: 36.0% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Price and reporting are in different currencies; market indicators are unavailable.
Key indicators
Coverage and freshness
Score by group
36% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 36.0% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROE · Quality | 16.9% | 89 (vs peers) | 44% |
| ROA · Quality | 1.0% | 42 (on a fixed band) | 17% |
| Cost-to-income · Quality | unavailable | unavailable | — |
| Net interest margin · Quality | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | 6.9% | 57 (on a fixed band) | 22% |
| Revenue CAGR 3Y · Growth | 11.4% | 100 (on a fixed band) | 17% |
| NPL ratio · Balance sheet | unavailable | unavailable | — |
| Cost of risk · Balance sheet | unavailable | unavailable | — |
| Loan-to-deposit · Balance sheet | unavailable | unavailable | — |
| P/B · Valuation | unavailable | unavailable | — |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| Dividend yield · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partialunavailable · 0/3 factors with a value
- Growth76/100 · 2/2 factors with a value
- Quality77/100 · 2/4 factors with a value
- Returns· partialunavailable · 0/1 factors with a value
- Valuation· partialunavailable · 0/2 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
TORONTO DOMINION BANK (TD). Latest full fiscal year: 2025; data up to 2025-10-31.
Figures computed from the financial statements: YoY growth 18.4%; net margin 30.3%; ROE 16.9%.
The estimated value range is 81.16–123.77 CAD per share (median of 5 methods, agreement: high); assumptions are illustrative. The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 36.0% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROE: 16.9%
- Revenue CAGR 3Y: 11.4%
What contradicts it
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
Not assessed (insufficient data or a ratio without meaning): Cost-to-income, Net interest margin, NPL ratio, Cost of risk, Loan-to-deposit, P/B, P/E (TTM), Dividend yield.
Versus the vertical median
Commercial Banks, NEC (SIC 6029) · same industry (4-digit SIC) · compared with 20 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BCHBank of Chile | 3,989.2 bn | 3.2 | 25,665.4% | 1,571,522.8% | −10.7% | +5% / +74% |
| HDBHdfc Bank Limited | 186.2 bn | 23.4 | 9.1% | 30.8% | +15.2% | −34% / −19% |
| KBKB Financial Group Inc. | 41.2 bn | 13.4 | 8.3% | 0.0% | +17.8% | +35% / +185% |
| NTBThe Bank of N.T. Butterfield & Son Limited | 2.2 bn | 10.1 | 21.4% | 38.2% | +4.6% | +19% / +100% |
| BLXForeign Trade Bank Of Latin America, Inc. | 1.9 bn | 9.2 | 16.2% | 67.8% | +14.1% | +14% / +110% |
| PGCPeapack Gladstone Financial Corp | 839.4 m | 16.4 | 7.7% | 16.4% | +24.1% | +75% / +91% |
| AVALGrupo Aval Acciones Y Valores S.A. | 30 | 0.1 | — | — | −2.4% | +3% / +93% |
| BMOBank Of Montreal | — | — | 10.1% | 24.0% | +10.6% | +41% / +116% |
| SUPVGrupo Supervielle S.A. | — | — | 13.6% | 12.2% | −13.9% | −48% / +73% |
| CMCanadian Imperial Bank Of Commerce | — | — | 13.7% | 28.9% | +13.8% | +39% / +190% |
| BAPCredicorp Ltd | — | — | 16.5% | 20.0% | +7.0% | +40% / +186% |
| VBNKVersaBank | — | — | 6.1% | 22.8% | +11.7% | +90% / +193% |
| LYGLloyds Banking Group plc | — | — | 10.0% | 24.0% | +7.9% | +3% / +141% |
| NWGNatWest Group plc | — | — | 14.2% | 19.3% | +3.1% | −1% / +209% |
| TDToronto Dominion Bank | — | — | 16.9% | 30.3% | +18.4% | +59% / +116% |
| INTRINTER & Co, INC. | — | — | 11.1% | 14.2% | +34.7% | −56% / −25% |
| SANBanco Santander, S.A. | — | — | 12.8% | — | +0.0% | +12% / +194% |
| MUFGMitsubishi UFJ Financial Group, Inc. | — | — | 9.1% | 14.6% | +9.5% | +39% / +156% |
| INGIng Groep NV | — | — | 15.6% | 32.4% | +21.8% | +27% / +133% |
| BCSBarclays PLC | — | — | 9.6% | 64.6% | +3.7% | +4% / +228% |
| RYRoyal Bank Of Canada | — | — | 15.3% | 30.6% | +16.1% | +36% / +132% |
1- and 3-year price returns: for TD from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 04 Dec 2025; since then the company filed 6-K (02 Nov 2026), 6-K (09 Oct 2026), 6-K (30 Sept 2026), 6-K (28 Sept 2026), 6-K (11 Sept 2026), 6-K (04 Sept 2026).
In brief
The Toronto-Dominion Bank is a Canadian bank that files its annual report with the SEC on Form 40-F for the fiscal year ended October 31, 2025. The source provided contains only the filing documents and exhibit list, not detailed financial figures, so the analysis stays limited to the structure of its issuances and its compliance disclosures.
SWOT
Strengths
- Independent audit of internal control by a registered auditor provides a high level of verification of financial reporting 1.
- The bank has a diversified capital structure, with several series of preferred shares and limited recourse capital notes 1.
- The document shows a formalised governance framework, with a code of conduct and clawback policy 1.
Weaknesses
- The source provided contains no detailed financial data on revenue or profitability, which limits the analysis.
- The structure with multiple preferred share series and trusts adds complexity for investors.
- The bank had relationships with sanctioned persons, even if at small amounts, indicating compliance vulnerabilities 1.
Opportunities
- The US market, suggested by the NYSE listing, could offer opportunities for additional funding 1.
- Hybrid instruments could allow flexible adjustment of the capital structure to regulatory requirements.
- A strengthened compliance framework could support expansion into jurisdictions with strict regulation.
Threats
- International sanctions and OFAC requirements could create additional operational pressure 1.
- Regulatory changes on capital and hybrid instruments could affect the cost of funding.
- Possible penalties for breaches of compliance rules could affect the bank's reputation.
Risks
- Sanctions compliance riskmedium
The bank identified relationships with persons designated by OFAC and froze accounts, indicating an ongoing sanctions risk 1.
- Complexity of hybrid instrumentsmedium
Trust structures and limited recourse capital notes could make risk assessment harder for investors 1.
- Reporting riskmedium
The source does not contain all financial data, and its absence could limit analysis of credit and market risks.
- Code of conduct compliancelow
Successive amendments to the code indicate exposure to new reporting obligations for employees 1.
- Reliance on the external auditorlow
The internal control opinion rests on a single auditor, and any deficiencies could affect its conclusions 1.
Investment thesis
What would need to be true (bull case)
- If the capital structure proves effective, hybrid instruments could support growth in banking activity.
- Audited internal control and formalised governance could reduce operational risk.
- The NYSE listing could facilitate access to capital in larger markets.
What would break the thesis
- The lack of detailed financial data in the source could conceal pressure on profitability.
- Earlier relationships with sanctioned persons could attract further scrutiny from authorities.
- The complexity of the capital structures could make correct valuation harder for investors.
What to watch
- Consolidated revenue and profit figures from the financial statements annexfiscal 2025
- Quarterly results and management guidanceQ1 2026
- Any new sanctions or compliance reviews2026
- Next Form 40-F and the auditor's opinion on internal controlnext 40-F
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 04 Dec 2025; since then the company filed 6-K (02 Nov 2026), 6-K (09 Oct 2026), 6-K (30 Sept 2026), 6-K (28 Sept 2026), 6-K (11 Sept 2026), 6-K (04 Sept 2026).
The business
According to the Form 40-F filed on December 4, 2025, The Toronto-Dominion Bank is a bank headquartered in Toronto, Canada, which reports consolidated financial statements for the year ended October 31, 2025 1. The auditor is Ernst & Young LLP, based in Toronto 1. The document also references the Code of Conduct and Ethics, applicable to all employees and directors, as well as a comparison with NYSE governance rules 1.
The bank has issued several classes of preferred shares, including non-cumulative five-year rate reset preferred shares with non-viability contingent capital features, and Class A First Preferred Shares in series 26 through 33 1. These are issued in connection with limited recourse capital notes, and the series 26, 29, 30 and 31 shares were issued to a trust and are eliminated from the consolidated statements 1.
The filing also contains a Section 13(r) disclosure in which the bank reports three banking relationships involving persons designated by OFAC, with de minimis amounts, which the bank has closed or frozen 1.
Segments
Preferred share issuances
The document presents a portfolio of non-cumulative rate reset preferred shares, some of which are sold in connection with limited recourse capital note structures in CAD or USD 1. These issuances are described only by share count and issue price, without segment revenue data 1.
Market context
The source provided does not describe the Canadian or US banking market and contains no comparable data on the bank's market share. The only relevant information is in the Form 40-F, which indicates the bank is listed on the NYSE and subject to SEC rules 1.
A presence in the US market is suggested by the Form 40-F filing and the comparison with NYSE rules 1. A full market assessment would require the complete annual report, not just the filing document 1.
Trends
- Heightened compliance obligationsheadwind
The filing indicates the bank amended its Code of Conduct in March 2025, expanding obligations to report criminal charges and adverse regulatory findings 1. If regulation keeps expanding, compliance costs could rise.
- Audited internal controltailwind
The bank reported that its external auditor issued an opinion on internal control over financial reporting, and management disclosed no material changes to it 1. Strong internal control could support investor confidence.
- Sanctions and compliance screeningmixed
The bank identified and closed relationships with persons sanctioned by OFAC, indicating ongoing pressure from sanctions regimes on the banking system 1. If such cases increase, operational pressure could grow.
- Hybrid instrument fundingmixed
Issuances of preferred shares and limited recourse capital notes indicate capital strengthening through hybrid instruments 1. These could support capital requirements but add structural complexity.
Competitive position
The source provided contains no information on competitors. The Form 40-F mentions only a comparison with NYSE governance rules, without naming other banks 1. Competitive analysis would need data from other documents.
Competition is therefore only implicit, through the common listing and reporting requirements imposed on banks filing with the SEC 1. The bank's relative position cannot be assessed from the document provided.
- Other bank issuers listed on the NYSE
The source does not identify competitors; the NYSE comparison is mentioned only generically 1.
- Other Canadian banks filing on Form 40-F
The source does not name other Canadian banks; the filing only describes this bank's filing regime 1.
- US banks with similar activity
Not mentioned in the source; competitive relationships cannot be established from this document.
- Financial institutions issuing capital notes
The source describes the bank's issuance structure but does not identify comparable issuers 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report (foreign issuer)02 Nov 2026
- Current report (foreign issuer)09 Oct 2026
- Current report (foreign issuer)30 Sept 2026
- Current report (foreign issuer)28 Sept 2026
- Current report (foreign issuer)11 Sept 2026
- Current report (foreign issuer)04 Sept 2026
- Current report (foreign issuer)27 Aug 2026
- Current report (foreign issuer)12 Aug 2026
- Current report (foreign issuer)29 Jul 2026
- Current report (foreign issuer)28 Jul 2026
Sources
- [1] Form 40-F, fiscal year ended 2025-10-31 · SEC / The Toronto-Dominion Bank · 04 Dec 2025
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.