Toll Brothers, Inc. (TOL) Balance Sheet
TOL balance sheet, FY2025
October 31, 2025 · U.S. dollars$14.52B assets = $6.23B liabilities + $8.29B equity
Both columns are drawn to the same scale: what TOL owns equals what it owes plus shareholders’ equity. Hover a block for its value.
TOL financial health
Current ratio4.17
Comfortable · current assets cover current liabilities 4.17×
Debt / equity0.35
Low leverage · $0.35 of debt for each $1 of equity
Equity / assets57.0%
Equity-funded · of assets funded by shareholders
Cash / debt43.2%
Low cash cover · cash & short-term investments vs total debt
Goodwill & intangibles0.0%
Mostly tangible · of total assets
Descriptive bands, not a rating. Fiscal FY2025.
TOL balance sheet trends, FY2016–FY2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $9.74BFY2016 | $14.52BFY2025 | +4.5%/yr | |
| Total liabilities | $5.50BFY2016 | $6.23BFY2025 | +1.4%/yr | |
| Shareholders’ equity | $4.23BFY2016 | $8.27BFY2025 | +7.7%/yr | |
| Cash & short-term investments | $633.7MFY2016 | $1.26BFY2025 | +7.9%/yr | |
| Total debt | $3.78BFY2016 | $2.92BFY2025 | −2.8%/yr | |
| Net cash (debt) | −$3.14BFY2016 | −$1.66BFY2025 | +$1.5B | |
| Working capital | $7.15BFY2016 | $9.84BFY2025 | +$2.7B | |
| Book value per share | $24.03FY2016 | $82.89FY2025 | +14.7%/yr | |
| Current ratio | 5.50FY2016 | 4.17FY2025 | −1.34 | |
| Debt / equity | 0.89FY2016 | 0.35FY2025 | −0.54 | |
| Shares outstanding | 176.0MFY2016 | 99.8MFY2025 | −6.1%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
TOL assets
Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current
TOL liabilities and equity
Current liabilitiesLong-term debtOther long-term liabilitiesEquity
TOL debt vs cash
Total debtCash & ST investmentsNet cash (debt)
Debt includes short- and long-term borrowings and, where reported, lease obligations.
TOL balance sheet
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $1.26B | $1.30B | $1.30B | $1.35B | $1.64B | $1.37B | $1.29B | $1.18B | $712.8M | $633.7M |
| Cash & equivalents | $1.26B | $1.30B | $1.30B | $1.35B | $1.64B | $1.37B | $1.29B | $1.18B | $712.8M | $633.7M |
| Short-term investments | — | — | — | $343.3M | — | — | — | $33.5M | $2.5M | $11.6M |
| Receivables | $157.9M | $150.7M | $136.0M | $747.2M | $738.1M | $980.0M | $235.8M | $223.2M | $253.1M | $251.3M |
| Inventory | $11.10B | $9.71B | $9.06B | $8.73B | $7.92B | $7.66B | $7.87B | $7.60B | $7.28B | $7.35B |
| Other current assets | $427.5M | $403.4M | $283.1M | $321.3M | $335.8M | $309.1M | $352.1M | $344.8M | $304.1M | $497.2M |
| Total current assets | $12.94B | $11.57B | $10.78B | $11.15B | $10.63B | $10.32B | $9.75B | $9.35B | $8.55B | $8.74B |
| Property, plant & equipment (net) | $382.4M | $561.3M | $426.8M | $287.8M | $310.5M | $316.1M | $273.4M | $193.3M | $189.5M | $169.6M |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $1.03B | $1.01B | $959.0M | $852.3M | $599.1M | $662.5M | $218.8M | $170.7M | $132.9M | $248.6M |
| Other non-current assets | $167.7M | $229.1M | $364.5M | $0 | $0 | $0 | $589.0M | $532.1M | $571.3M | $582.4M |
| Total assets | $14.52B | $13.37B | $12.53B | $12.29B | $11.54B | $11.07B | $10.83B | $10.24B | $9.45B | $9.74B |
| Liabilities | ||||||||||
| Accounts payable | $615.8M | $492.2M | $597.6M | $619.4M | $562.5M | $411.4M | $348.6M | $362.1M | $275.2M | $282.0M |
| Short-term debt | $128.3M | $128.6M | $100.1M | $139.7M | $116.2M | $124.8M | $150.0M | $150.0M | $521.2M | $552.8M |
| Deferred revenue | $471.4M | $539.8M | $593.6M | $680.6M | $636.4M | $459.4M | $437.3M | $453.0M | $438.8M | $352.6M |
| Total current liabilities | $3.11B | $2.51B | $2.52B | $2.94B | $2.63B | $2.18B | $1.60B | $1.62B | $1.54B | $1.59B |
| Long-term debt | $2.79B | $2.83B | $2.86B | $3.33B | $3.56B | $3.96B | $1.11B | $686.8M | $637.4M | $871.1M |
| Lease obligations | $128.3M | $128.6M | $123.9M | $139.7M | $116.2M | $124.8M | — | — | — | — |
| Other long-term liabilities | $338.2M | $337.0M | $336.6M | $0 | $0 | $0 | $2.99B | $3.17B | $2.73B | $3.04B |
| Total liabilities | $6.23B | $5.68B | $5.71B | $6.27B | $6.20B | $6.14B | $5.71B | $5.48B | $4.91B | $5.50B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $1.0M | $1.1M | $1.1M | $1.3M | $1.3M | $1.5M | $1.5M | $728.8M | $721.9M | $730.2M |
| Retained earnings (deficit) | $8.57B | $8.15B | $6.68B | $6.17B | $4.97B | $5.16B | $4.77B | $5.16B | $4.47B | $3.98B |
| Treasury stock | — | — | — | −$916.3M | −$391.7M | −$1.00B | −$425.2M | −$1.13B | −$662.9M | −$474.9M |
| Accumulated other comprehensive income | $22.3M | $31.3M | $40.9M | $37.6M | $1.1M | −$7.2M | −$5.8M | $694,000 | −$1.9M | −$3.3M |
| Minority interest | $15.4M | $15.8M | $16.0M | $15.8M | $45.4M | $52.2M | $46.9M | $8.7M | $5.9M | $5.9M |
| Total shareholders' equity | $8.27B | $7.67B | $6.80B | $6.02B | $5.34B | $4.93B | $5.07B | $4.76B | $4.53B | $4.23B |
| Key figures | ||||||||||
| Total debt | $2.92B | $2.96B | $2.98B | $3.47B | $3.68B | $4.08B | $3.92B | $3.70B | $3.22B | $3.78B |
| Net cash (debt) | −$1.66B | −$1.66B | −$1.68B | −$2.12B | −$2.04B | −$2.71B | −$2.64B | −$2.52B | −$2.51B | −$3.14B |
| Working capital | $9.84B | $9.06B | $8.26B | $8.21B | $7.99B | $8.14B | $8.14B | $7.73B | $7.01B | $7.15B |
| Tangible book value | $8.27B | $7.67B | $6.80B | $6.02B | $5.34B | $4.93B | $5.07B | $4.76B | $4.53B | $4.23B |
| Book value per share | $82.89 | $73.27 | $61.23 | $51.04 | $42.45 | $37.54 | $34.62 | $30.87 | $26.73 | $24.03 |
| Shares outstanding | 99.8M | 104.7M | 111.0M | 118.0M | 125.8M | 131.2M | 146.5M | 154.2M | 169.5M | 176.0M |
| Current ratio | 4.17 | 4.61 | 4.28 | 3.80 | 4.03 | 4.73 | 6.07 | 5.78 | 5.56 | 5.50 |
| Quick ratio | 0.46 | 0.58 | 0.57 | 0.71 | 0.90 | 1.08 | 0.95 | 0.87 | 0.63 | 0.56 |
| Debt / equity | 0.35 | 0.39 | 0.44 | 0.58 | 0.69 | 0.83 | 0.77 | 0.78 | 0.71 | 0.89 |
| Equity / assets | 57.0% | 57.4% | 54.3% | 49.0% | 46.3% | 44.5% | 46.8% | 46.5% | 48.0% | 43.4% |
| Jul '26 | Apr '26 | Jan '26 | Oct '25 | Jul '25 | Apr '25 | Jan '25 | Oct '24 | Jul '24 | Apr '24 | Jan '24 | Oct '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $1.06B | $1.11B | $1.20B | $1.26B | $852.3M | $686.5M | $574.8M | $1.30B | $893.4M | $1.03B | $754.8M | $1.30B |
| Cash & equivalents | $1.06B | $1.11B | $1.20B | $1.26B | $852.3M | $686.5M | $574.8M | $1.30B | $893.4M | $1.03B | $754.8M | $1.30B |
| Short-term investments | — | — | — | — | — | — | — | — | −$68.2M | — | — | — |
| Receivables | $151.7M | $543.8M | $156.3M | $157.9M | $153.7M | $148.8M | $141.7M | $150.7M | $127.0M | $144.4M | $139.0M | $136.0M |
| Inventory | $11.65B | $11.38B | $11.20B | $11.10B | $11.07B | $10.99B | $10.68B | $9.71B | $10.20B | $9.93B | $9.58B | $9.06B |
| Other current assets | $838.3M | $266.8M | $361.6M | $427.5M | $412.7M | $412.2M | $327.6M | $403.4M | $352.3M | $332.5M | $247.2M | $283.1M |
| Total current assets | $13.69B | $13.29B | $12.92B | $12.94B | $12.49B | $12.24B | $11.72B | $11.57B | $11.57B | $11.43B | $10.72B | $10.78B |
| Property, plant & equipment (net) | $416.4M | $283.9M | $390.6M | $382.4M | $558.4M | $559.6M | $562.6M | $561.3M | $566.2M | $422.9M | $424.5M | $426.8M |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $907.1M | $955.5M | $956.5M | $1.03B | $1.12B | $1.17B | $1.11B | $1.01B | $983.6M | $1.00B | $995.8M | $959.0M |
| Other non-current assets | $0 | $0 | $160.7M | $167.7M | $225.8M | $221.6M | $231.3M | $229.1M | $239.1M | $390.7M | $379.1M | $364.5M |
| Total assets | $14.69B | $14.53B | $14.43B | $14.52B | $14.40B | $14.20B | $13.62B | $13.37B | $13.36B | $13.25B | $12.52B | $12.53B |
| Liabilities | ||||||||||||
| Accounts payable | $589.4M | $461.4M | $536.1M | $615.8M | $619.6M | $666.5M | $650.7M | $492.2M | $675.5M | $694.4M | $610.5M | $597.6M |
| Short-term debt | $276.2M | $139.8M | $132.7M | $128.3M | $129.3M | $129.3M | $244.0M | $128.6M | $127.4M | $122.2M | $123.4M | $100.1M |
| Deferred revenue | $39.9M | $40.5M | $496.4M | $471.4M | $537.8M | $567.3M | $568.9M | $539.8M | $576.6M | $597.2M | $589.1M | $593.6M |
| Total current liabilities | $3.51B | $3.26B | $2.99B | $3.11B | $3.02B | $3.12B | $2.77B | $2.51B | $2.79B | $2.78B | $2.48B | $2.52B |
| Long-term debt | $2.77B | $2.78B | $2.72B | $2.79B | $2.94B | $2.80B | $2.75B | $2.83B | $2.82B | $2.84B | $2.72B | $2.86B |
| Lease obligations | $147.3M | $139.8M | $132.7M | $128.3M | $129.3M | $129.3M | $127.2M | $128.6M | $127.4M | $122.2M | $123.4M | $123.9M |
| Other long-term liabilities | $0 | $0 | $304.4M | $338.2M | $326.0M | $308.7M | $299.3M | $337.0M | $321.3M | $307.1M | $283.0M | $336.6M |
| Total liabilities | $6.14B | $6.05B | $6.01B | $6.23B | $6.29B | $6.23B | $5.81B | $5.68B | $5.93B | $5.93B | $5.49B | $5.71B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $1.0M | $1.0M | $1.0M | $1.0M | $1.1M | $1.1M | $1.1M | $1.1M | $1.1M | $1.1M | $1.1M | $1.1M |
| Retained earnings (deficit) | $9.25B | $9.00B | $8.76B | $8.57B | $8.98B | $8.63B | $8.31B | $8.15B | $7.70B | $7.35B | $6.89B | $6.68B |
| Accumulated other comprehensive income | $17.0M | $19.0M | $20.9M | $22.3M | $25.8M | $28.1M | $30.4M | $31.3M | $36.0M | $39.8M | $37.0M | $40.9M |
| Minority interest | $10.8M | $10.8M | $10.8M | $15.4M | $15.6M | — | — | — | — | — | — | — |
| Total shareholders' equity | $8.53B | $8.48B | $8.41B | $8.27B | $8.10B | $7.95B | $7.80B | $7.67B | $7.41B | $7.31B | $7.02B | $6.80B |
| Key figures | ||||||||||||
| Total debt | $2.91B | $2.92B | $2.85B | $2.92B | $3.07B | $2.93B | $2.87B | $2.96B | $2.95B | $2.96B | $2.85B | $2.98B |
| Net cash (debt) | −$1.85B | −$1.82B | −$1.65B | −$1.66B | −$2.22B | −$2.24B | −$2.30B | −$1.66B | −$2.06B | −$1.93B | −$2.09B | −$1.68B |
| Working capital | $10.19B | $10.03B | $9.94B | $9.84B | $9.47B | $9.12B | $8.96B | $9.06B | $8.79B | $8.65B | $8.24B | $8.26B |
| Tangible book value | $8.53B | $8.48B | $8.41B | $8.27B | $8.10B | $7.95B | $7.80B | $7.67B | $7.41B | $7.31B | $7.02B | $6.80B |
| Book value per share | $89.26 | $88.51 | $87.14 | $84.80 | $80.53 | $79.02 | $76.56 | $74.71 | $71.29 | $69.07 | $66.05 | $62.71 |
| Shares outstanding | 95.6M | 95.8M | 96.5M | 97.5M | 100.5M | 100.6M | 101.8M | 102.7M | 104.0M | 105.8M | 106.3M | 108.4M |
| Current ratio | 3.90 | 4.07 | 4.33 | 4.17 | 4.14 | 3.92 | 4.24 | 4.61 | 4.15 | 4.11 | 4.32 | 4.28 |
| Quick ratio | 0.34 | 0.51 | 0.46 | 0.46 | 0.33 | 0.27 | 0.26 | 0.58 | 0.37 | 0.42 | 0.36 | 0.57 |
| Debt / equity | 0.34 | 0.34 | 0.34 | 0.35 | 0.38 | 0.37 | 0.37 | 0.39 | 0.40 | 0.40 | 0.41 | 0.44 |
| Equity / assets | 58.1% | 58.3% | 58.3% | 57.0% | 56.2% | 56.0% | 57.2% | 57.4% | 55.5% | 55.2% | 56.1% | 54.3% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed December 19, 2025); data from EODHD.
TOL financial position
At the end of fiscal 2025 (October 31, 2025), Toll Brothers had total assets of $14.5 billion (up 8.6% from a year earlier), total liabilities of $6.2 billion and shareholders' equity of $8.3 billion. It held $1.3 billion in cash and short-term investments against $2.9 billion of debt, net debt of $1.7 billion. Its current ratio was 4.17. In the latest quarter (ended July 31, 2026) total assets were $14.7 billion and equity $8.5 billion.
Related: TOL income statement, TOL cash flow statement, TOL key metrics. See the TOL stock overview for the latest quote and news.
TOL balance sheet FAQ
What are Toll Brothers's total assets?
Toll Brothers reported total assets of $14.5 billion at the end of fiscal 2025 (October 31, 2025), compared with $13.4 billion a year earlier.
How much debt does Toll Brothers have?
Toll Brothers had $2.9 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.35.
How much cash does Toll Brothers have?
Toll Brothers held $1.3 billion in cash and short-term investments at the end of fiscal 2025; with $2.9 billion of debt that is net debt of $1.7 billion.
What is Toll Brothers's book value?
Toll Brothers's shareholders' equity (book value) was $8.3 billion at the end of fiscal 2025, or $82.89 per share.
What is Toll Brothers's current ratio?
Toll Brothers had current assets of $12.9 billion and current liabilities of $3.1 billion, a current ratio of 4.17 (it can cover its short-term obligations).