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Stock

The Toronto-Dominion Bank

TD
38
Banks - Diversified · Financial Services
Also trades as: 0VL8.L GBP 1.71 (+1.24%) · TD.TO CAD 170.26 (+0.14%)
Price
$120.39
+0.62 (+0.52%)
Market Cap
$203.40B
Exchange
New York Stock Exchange
Winston Score
38
Winston is serious
Below-average fundamentals — multiple weak pillars.
Data as of Oct 18, 2026 · filings through Jul 31, 2026

§How the score breaks down

Bank Quality
Not counted
n/a
Growth
Mixed
5/20
Capital Strength
Not counted
n/a
Asset Quality
Not counted
n/a
Valuation
Good
5/10
Ownership
Mixed
6/15
Dividends
Good
3/5

19 of 50 counted points = Winston Score 38. Pillars marked n/a do not apply to this company and are left out of the total.

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Share count falling — buybacks

−5.6% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 1.82B (2021) → 1.72B (2025)

§Winston Score History

The full picture

The Toronto-Dominion Bank, known as TD Bank, is one of the largest banks in North America. It offers everyday banking services like checking accounts, savings accounts, mortgages, credit cards, and loans to regular people and businesses. TD also runs a large wealth management and insurance business, and it owns a significant stake in Charles Schwab, the U.S. brokerage firm.

TD makes money by charging interest on loans, collecting fees on accounts and services, and earning commissions through its investment and insurance arms. It operates across Canada and the United States, where it has a major retail banking presence along the East Coast, making it one of the few Canadian banks with a truly large U.S. footprint. However, TD recently faced serious regulatory scrutiny in the U.S. related to anti-money laundering failures, resulting in heavy fines and growth restrictions on its American operations — a key risk that will shape the bank's near-term performance.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-0.4% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+45.5% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

C$0/ year

0.0% of revenue

Below sector average (7%)

Research and development spending

Insider Activity

3.8%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

5+ years

Quarterly Free Cash Flow

↑ Burn rate improving

C$2.0T cash & investments at current burn rate

Revenue declining

The Toronto-Dominion Bank's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Bank Quality

Not applicable for this business.

Growth

Sales growth
Sales YoY
-4.4%
Shrinking sales (-4.4% YoY)
Profit growth
EPS YoY
-22.3%
Earnings shrinking (-22.3% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is
EPS Consistency
5/8 quarters
Mixed — about half the quarters showed growth

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Capital Strength

Not applicable for this business.

Asset Quality

Not applicable for this business.

Valuation

Price vs profit
P/E Ratio (TTM)
12.9x
Attractive valuation — P/E 12.9

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year
P/E vs Forward
-3.1
SLOWING
Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend
Dividend Yield
2.67%
Moderate income — 2.67% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record
Dividend Growth
+4.8%
Dividend growing modestly (4.8% YoY)
Payout Ratio
48%
no trend
Pays out a modest share of profit and keeps the rest to reinvest. Room to keep paying through a weak year.

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