The Toronto-Dominion Bank

TSX:TD Stock Report

Market Cap: CA$289.6b

Toronto-Dominion Bank Valuation

Is TD undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

0/6

Valuation Score 0/6

  • Below Future Cash Flow Value

  • Significantly Below Future Cash Flow Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of TD when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Ultimate guide to DCF valuation for stock investing

Learn how to determine fair value like the best investors in the world.

Below Future Cash Flow Value: TD (CA$174.06) is trading above our estimate of future cash flow value (CA$173.99)

Significantly Below Future Cash Flow Value: TD is trading above our estimate of future cash flow value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for TD?

Key metric: As TD is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for TD. This is calculated by dividing TD's market cap by their current earnings.
What is TD's PE Ratio?
PE Ratio20.1x
EarningsCA$14.33b
Market CapCA$289.55b

Price to Earnings Ratio vs Peers

How does TD's PE Ratio compare to its peers?

The above table shows the PE ratio for TD vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average18.1x
RY Royal Bank of Canada
19.5x4.11%CA$424.9b
BMO Bank of Montreal
19.4x5.63%CA$180.5b
CM Canadian Imperial Bank of Commerce
16.5x2.99%CA$154.7b
BNS Bank of Nova Scotia
17.1x7.54%CA$155.5b
TD Toronto-Dominion Bank
20.1x2.83%CA$289.6b

Price-To-Earnings vs Peers: TD is expensive based on its Price-To-Earnings Ratio (20.1x) compared to the peer average (18.1x).

Historical Price to Earnings Ratio

Historical Price to Earnings Ratio compares a stock's price to its earnings over time. Higher ratios indicate that investors are willing to pay more for the stock.

Fetching historical data

Price to Earnings Ratio vs Industry

How does TD's PE Ratio compare vs other companies in the North American Banks Industry?

4 CompaniesPrice / EarningsEstimated GrowthMarket Cap
TD 20.1xIndustry Avg. 12.5xNo. of Companies97PE0612182430+
4 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: TD is expensive based on its Price-To-Earnings Ratio (20.1x) compared to the North American Banks industry average (12.5x).

Price to Earnings Ratio vs Fair Ratio

What is TD's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

TD PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio20.1x
Fair PE Ratio18.2x

Price-To-Earnings vs Fair Ratio: TD is expensive based on its Price-To-Earnings Ratio (20.1x) compared to the estimated Fair Price-To-Earnings Ratio (18.2x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst TD forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentCA$174.06
CA$160.69
-7.68%
8.34%CA$185.00CA$136.00n/a13
Jul ’27CA$172.44
CA$160.50
-6.92%
7.43%CA$181.00CA$136.00n/a14
Jun ’27CA$153.33
CA$155.14
+1.18%
8.94%CA$169.00CA$115.00n/a14
May ’27CA$145.84
CA$140.43
-3.71%
5.96%CA$150.00CA$115.00n/a14
Apr ’27CA$131.31
CA$140.43
+6.94%
5.96%CA$150.00CA$115.00n/a14
Mar ’27CA$132.88
CA$140.47
+5.71%
5.87%CA$150.00CA$115.00n/a15
Feb ’27CA$127.26
CA$128.67
+1.11%
4.45%CA$135.00CA$115.00n/a15
Jan ’27CA$129.36
CA$127.87
-1.15%
4.36%CA$135.00CA$115.00n/a15
Dec ’26CA$116.96
CA$118.13
+1.00%
6.59%CA$130.00CA$95.00n/a15
Nov ’26CA$115.16
CA$112.36
-2.43%
7.92%CA$125.00CA$95.00n/a14
Oct ’26CA$112.13
CA$108.79
-2.98%
8.80%CA$125.00CA$93.00n/a14
Sep ’26CA$103.12
CA$105.86
+2.65%
7.27%CA$120.00CA$93.00n/a14
Aug ’26CA$100.09
CA$98.40
-1.69%
4.60%CA$109.00CA$91.00n/a15
Jul ’26CA$100.16
CA$97.93
-2.22%
3.77%CA$103.00CA$91.00CA$172.4415
Jun ’26CA$94.77
CA$97.20
+2.56%
5.14%CA$103.00CA$83.00CA$153.3315
May ’26CA$87.41
CA$91.00
+4.11%
6.09%CA$96.00CA$80.00CA$145.8415
Apr ’26CA$84.89
CA$91.87
+8.22%
6.09%CA$99.00CA$81.00CA$131.3115
Mar ’26CA$86.64
CA$90.53
+4.49%
10.05%CA$100.00CA$65.00CA$132.8815
Feb ’26CA$82.91
CA$86.47
+4.29%
6.73%CA$95.00CA$77.00CA$127.2615
Jan ’26CA$76.53
CA$84.36
+10.23%
6.46%CA$94.00CA$77.00CA$129.3614
Dec ’25CA$79.23
CA$88.07
+11.16%
6.64%CA$99.00CA$79.00CA$116.9614
Nov ’25CA$76.76
CA$85.30
+11.13%
6.55%CA$96.00CA$75.00CA$115.1615
Oct ’25CA$85.89
CA$86.97
+1.25%
6.74%CA$100.00CA$77.00CA$112.1315
Sep ’25CA$80.75
CA$86.22
+6.78%
5.39%CA$93.50CA$77.00CA$103.1216
Aug ’25CA$80.57
CA$85.60
+6.24%
6.83%CA$93.50CA$73.00CA$100.0916
Jul ’25CA$75.20
CA$85.84
+14.15%
6.94%CA$93.50CA$73.00CA$100.1615
CA$160.69
Fair Value
8.3% overvalued intrinsic discount
13
Number of Analysts

Analyst Forecast: Target price is lower than the current share price.

Discover undervalued companies

7D

1Y

7D

1Y

7D

1Y

Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/07/16 04:10
End of Day Share Price 2026/07/16 00:00
Earnings2026/04/30
Annual Earnings2025/10/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

The Toronto-Dominion Bank is covered by 23 analysts. 6 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Mark RosenAccountability Research Corporation
Lemar PersaudATB Cormark Historical (Cormark Securities)
John AikenBarclays