Discounted Cash Flow

Toronto Dominion Bank Foreign

TD · Based on 10 years of SEC filings · Converted from CAD to USD

—

⚠ Cash flow predictability 47/100 (moderate) — FCF YoY std dev 85%, net income 41% (full history)

▲ Accelerating sales growth

Sales growth has accelerated: 3.0% (2023) → 13.3% (2024) → 18.4% (2025). Revenue growth has been accelerating in recent years and is now 18.4% — rapidly accelerating growth may be difficult to sustain at this pace, or the DCF (based on historical averages) may understate future momentum.

Average annual growth rates

Metric	10-Year	5-Year	3-Year
Sales	—	—	—
Free Cash Flow	—	—	—
Average (FCF & NI)	—	—	—
Net Income	—	—	—
Dividends	—	—	—

Average annual growth is the mean year-over-year change across each period.

Endpoint CAGR (better for long term trend)

Metric	10-Year	5-Year	3-Year
Sales	—	—	—
Free Cash Flow	—	—	—
Average (FCF & NI)	—	—	—
Net Income	—	—	—

Endpoint CAGR is the compound annual rate from the first to last year in each period.

Projections use average year-over-year growth. Change this in Settings.

Projected growth rate

—

Free cash flow growth —

10-year: — 5-year: — 3-year: —

Averaged growth (FCF & NI) —

10-year: — 5-year: — 3-year: —

Net income growth —

10-year: — 5-year: — 3-year: —

Sales growth (not added to calculations) —

10-year: — 5-year: — 3-year: —

Click a greyed-out slider to switch metrics. Slide between the 10-year, 5-year, and 3-year historic growth rates for FCF, net income, or their average.

Or enter your own rate

Inflation rate (used with B/E only)

Historical inputs (10 fiscal years)

YEAR	Sales	Net Income	Free Cash Flow	Net Margin	EPS (diluted)
2016	$24.8b	$7.7b	$27.0b	31.0%	$4.68
2017	$26.1b (5.3%)	$8.9b (15.7%)	$18.9b (-30.1%)	34.1% (9.9%)	$5.51 (17.7%)
2018	$28.0b (7.4%)	$9.9b (11.8%)	$4.1b (-78.2%)	35.5% (4.1%)	$6.02 (9.3%)
2019	$29.6b (5.7%)	$9.5b (-3.9%)	$195.6m (-95.2%)	32.2% (-9.2%)	$6.26 (4.0%)
2020	$31.5b (6.3%)	$8.6b (-9.9%)	$8.6b (4296.3%)	27.3% (-15.3%)	$6.43 (2.7%)
2021	$30.8b (-2.2%)	$12.4b (43.8%)	$36.2b (320.8%)	40.1% (47.0%)	$7.73 (20.2%)
2022	$35.4b (14.8%)	$14.7b (19.2%)	$28.1b (-22.3%)	41.7% (3.8%)	$9.48 (22.6%)
2023	$36.4b (3.0%)	$9.4b (-35.9%)	$-47.1b (-267.7%)	25.9% (-37.8%)	$5.61 (-40.8%)
2024	$41.3b (13.3%)	$507.3m (-94.6%)	$507.3m (101.1%)	1.2% (-95.3%)	$4.73 (-15.7%)
2025	$48.9b (18.4%)	$220.1m (-56.6%)	$-50.3b (-10007.0%)	0.5% (-63.4%)	$11.57 (144.6%)

Base FCF: — (latest fiscal year)

Discount rate: %

Terminal growth: —

Projection period: — years

Alt A decline yrs:

Alt B total yrs:

SEC filings report in CAD. Values above are converted to USD for comparison with the US-listed share price.

Values abbreviated: b = billions, m = millions, k = thousands.

Projected cash flows

Year	Projected cash flow	Discount Factor	Present Value

PV of projected FCF: —

Terminal FCF: —

Terminal value: —

PV of terminal value: —

Enterprise value (DCF): —

Current price: —

Alternative DCF Models

Model	Fair Value	Upside	PV(FCFs)	PV(Terminal)	Total Years
Standard (10yr→TV) ⓘ	—	—	—	—	10 + TV
Alt A (Gradual Decline) ⓘ	—	—	—	—	—
Alt B (30yr Hard Stop) ⓘ	—	—	—	N/A	—

This is a simplified DCF model for illustration. It uses reported free cash flow, a single growth assumption, fixed WACC, and a Gordon Growth terminal value. It is not investment advice.

+ 10YR Financials Balance Sheet (10YR) Cash Flow (10YR) DCF Model