| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 64 | 12.8x | 17.3x | Around median | |
Growth | 49 | 29.3% | 7.1% | Around median | |
Quality | 75 | — | — | Top tier | |
Safety | 11 | — | — | Bottom tier | |
Capital Return | 94 | 2.63% | 0.06% | Top tier | |
Momentum | 98 | 47.5% | -1.6% | Top tier | |
Sentiment | 77 | 7 | 3 | Top tier |
10-year US Treasury yield 4.96% as of 2026-10-22. Estimates computed from company data and analyst targets, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
The Toronto-Dominion Bank combines retail and business banking in Canada and the United States, wealth management and insurance, and wholesale banking through TD Securities. It generates net revenue from net interest income, after deducting interest expense, and from fees and non-interest services, including trading, advisory services, and wealth management. Its strategy connects these activities by referring branch customers to investment services and providing capital markets services to U.S. middle-market corporate clients.
In quarter 3 of fiscal 2026, ended 2026-07-31, net revenue reached 16.9 billion Canadian dollars, up 10.6% from the same quarter a year earlier, while net income reached 4.6 billion Canadian dollars and diluted earnings per share were 2.77 Canadian dollars. The operating margin calculated by EL7 was 34.6%, while management reported a return on equity of 16%. Operating cash flow, according to EL7 data, was negative 11.1 billion Canadian dollars during the same quarter; this is a different measure from accounting net income.
Results for quarter 3 of fiscal 2026, ended 2026-07-31, reflected broad-based performance: Canadian banking and wholesale banking recorded record earnings according to management's presentation, while wealth management and insurance achieved record net revenue, earnings, and assets. In the United States, segment earnings grew 11% from the same quarter a year earlier, and the net interest margin reached 3.47%. However, the improvement in U.S. activity coincided with the continuing regulatory consent order and the program to remediate anti-money laundering deficiencies, making regulatory execution a central part of assessing TD's ability to expand.
Q3 FY2026
When: 2026-12-03
Sustaining year-over-year net revenue growth at the 10.6% threshold
Changes in the U.S. net interest margin relative to 3.47%
The industry-multiple value is 118 dollars, within a range of 102 dollars to 134 dollars, based on a book-value valuation using a median multiple of 1.5 across 16 companies, a method that prices TD relative to its peers. The median analyst target in the 2026-10-19 snapshot is 90 dollars, within a range of 88 dollars to 92 dollars, a low-confidence indicative estimate because it covers one analyst and reflects expectations for performance and growth. The ranges do not overlap; the book-value comparison is above the target range because the former is based on sector multiples while the latter is based on the analyst's expectations. Analyst targets tend to be optimistic by nature, but that does not prevent them from being below the industry-multiple value here.
Figures in the text are as of 2026-10-20; the live price is shown at the top of the page.
In quarter 3 of fiscal 2026, ended 2026-07-31, net revenue reached 16.9 billion Canadian dollars, net income 4.6 billion Canadian dollars, and diluted earnings per share 2.77 Canadian dollars. The bank benefited from loan and margin expansion in Canada, improving U.S. operations, and strength in wealth management and TD Securities. The operating margin calculated by EL7 was 34.6%, while structural cost reductions supported positive operating leverage for the fifth consecutive quarter.
Management confirmed during the 2026-08-27 call that the regulatory consent order remained in force and that completing its remediation was a priority. The bank's plan targets opening 100 branches by the end of 2028, subject to regulatory approval. Management denied that the branch opening announcement provided a basis for concluding that the status of the U.S. asset cap had changed. The viability of the expansion therefore depends on progress in regulatory remediation alongside commercial execution.
Automated analysis for informational purposes only — not investment advice.
Provisions for credit losses for fiscal 2026 approaching 40 basis points
The diluted share count was 1.18 billion shares in quarter 3 of fiscal 2026, ended 2026-07-31, compared with 1.72 billion shares in quarter 3 of fiscal 2025, down 31.5% from the same quarter a year earlier. Diluted earnings per share were 2.77 Canadian dollars in quarter 3 of fiscal 2026, compared with 1.89 Canadian dollars in quarter 3 of fiscal 2025. Earnings per share therefore reflect both earnings performance and the change in the number of shares over which earnings are distributed. Management reported repurchasing approximately 14.5 million shares during quarter 3 of fiscal 2026, while prioritizing organic growth in its use of capital.
Provisions for credit losses were 37 basis points in quarter 3 of fiscal 2026, ended 2026-07-31, down 6 basis points from the previous quarter, while gross impaired loans were 51 basis points. Management expects provisions for fiscal 2026 to be near the lower end of the range of 40 to 50 basis points. However, it noted a limited increase in mortgage delinquencies and some consumer credit provisions, alongside continued trade uncertainty. The earnings announcement expected on 2026-12-03 provides an opportunity to test whether the improvement continues and to update credit expectations.
The industry-multiple value is 118 dollars within a range of 102 dollars to 134 dollars, based on book value and a median multiple of 1.5 across 16 companies. The analyst target snapshot dated 2026-10-19 places the median at 90 dollars and the range between 88 dollars and 92 dollars, with low confidence because it covers one analyst. The first method measures the bank's valuation relative to its peers, while the second reflects the analyst's expectations for growth and results. The difference in values therefore reflects different measurement bases and does not justify combining them into a single figure.