| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 69 | 12.3x | 17.8x | Top tier | |
Growth | 49 | 29.3% | 7.1% | Around median | |
Quality | 75 | — | — | Top tier | |
Safety | 10 | — | — | Bottom tier | |
Capital Return | 73 | 2.48% | 2.12% | Top tier | |
Momentum | 97 | 61.1% | 2.9% | Top tier | |
Sentiment | 76 | 7 | 3 | Top tier |
Estimates — analyst targets and a simplified DCF, 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 operates through a diversified banking group that includes Canadian Personal and Commercial Banking, U.S. Retail, Wealth Management and Insurance, and Wholesale Banking through TD Securities. The bank earns revenue from lending and deposit spreads, service, transaction, asset management, and insurance fees, as well as capital markets, financing, and advisory activities; its Q3 fiscal 2026 results showed broad contributions from these activities, with record earnings in its Canadian businesses, Wealth Management and Insurance, and Wholesale Banking, and 11% year-over-year earnings growth in the U.S. segment.
In Q3 fiscal 2026, TD reported, under the adjusted measures used by management, revenue of $16.89 billion, up 8% year over year, record earnings of approximately $4.7 billion, and record adjusted earnings per share of $2.77 versus analyst expectations of $2.47. Return on equity reached 16%, up 280 basis points year over year, while the efficiency ratio excluding insurance service expenses reached 55.2%, and the bank delivered positive operating leverage for the fifth consecutive quarter.
The performance mix was supported by volume and margin growth in Canadian Personal and Commercial Banking, where personal loans rose 4% and business loans 8% year over year, as well as record results in Wealth Management and Insurance and Wholesale Banking. In the United States, card balances rose 20%, middle-market loans 15%, and home equity loans 6% year over year, while the net interest margin reached a record 3.47%. The CET1 capital ratio was also approximately 14.3%, giving the bank capacity to fund growth and return capital to shareholders.
The analyst consensus is Buy, with an average target of $89.52 and a range of $87.53 to $91.51, while the 52-week range extends from $73.80 to $125.47; the average target is approximately 21% above the low and approximately 29% below the high. On August 28, 2026, Scotiabank raised its separate target to C$187 with an Outperform rating, but the difference in currency and methodology makes this target not directly comparable with the U.S. dollar-denominated consensus range, while the consensus average remaining far from the 52-week high reflects a degree of caution regarding regulatory remediation risks and the trade environment.
Figures in the text are as of 2026-09-02; the live price is shown at the top of the page.
Adjusted earnings per share reached $2.77 versus analyst expectations of $2.47, with revenue growing 8% to $16.89 billion. The results benefited from margin expansion and volume growth in Canadian banking, alongside strong activity and favorable market conditions in Wealth Management and Wholesale Banking. Impaired loan provisions also declined by $108 million quarter over quarter to $865 million, supporting adjusted earnings of approximately $4.7 billion.
TD plans, subject to regulatory approval, to open 100 branches from Maine to Florida by the end of 2028, accelerating some openings during 2027 and concentrating most of them in 2028. The plan follows the consolidation of 91 branches over the previous two years and aims to reposition the network and deepen its presence in major urban markets on the East Coast. The bank will also add approximately 450 retail and business bankers, while aiming to fund a large portion of the investment through cost reductions and productivity gains.
Regulatory consent orders remained in effect through Q3 fiscal 2026, and the bank described completing remediation comprehensively and urgently as the top priority for the U.S. segment. TD expects total expenses of approximately $550 million for the U.S. remediation program during fiscal 2026. Management reported progress in reviewing historical transactions and expanding financial-crime risk assessments, transaction monitoring, and specialized training, but it did not announce the program's completion.
Automated analysis for informational purposes only — not investment advice.
The provision for credit losses ratio was 37 basis points, down six basis points quarter over quarter, while gross impaired loans fell to 51 basis points. Impaired loan provisions declined by $108 million to $865 million, with improvement in business and government lending portfolios. Management expects fiscal 2026 provisions to approach the lower end of the 40 to 50 basis-point range, with approximately $500 million in reserves for policy and trade risks.
Wealth Management and Insurance achieved record revenue, earnings, and assets in Q3 fiscal 2026, with new accounts growing 26% and daily trades 20% year over year. The direct-investing platform referred $1.4 billion to advisory services during the quarter, up 34%, while wealth referrals since the beginning of the year reached $24 billion. At TD Securities, equities, commodities, underwriting, and advisory services contributed to record results, while Global Transaction Banking deposits rose 18% year over year.
After three quarters of fiscal 2026, TD had nearly achieved its annual target of $200 million in artificial intelligence-related value. More than 20 thousand customer-facing employees in Canada use generative knowledge-management solutions, while TD Auto Finance Canada has automated approximately one-third of manual financing processes. The bank also expanded use cases to credit decisions, document review, software development, and contact centers, in addition to artificial intelligence-based vehicle damage assessment at TD Insurance.
