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Toll Brothers Ends Strongest Year Ever

publication date: Dec 11, 2024
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Image Source: Toll Brothers. 

Looking to fiscal 2025, Toll Brothers' deliveries are expected in the range of 11,200-11,600 units with an average delivered price per home of $945,000-$965,000 and adjusted home sales gross margin expected at 27.25%. The company’s pace of deliveries is expected to be strong, but the company’s gross margin isn’t as strong as we would like, facing pressure from last year’s adjusted mark. SG&A, as a percentage of home sales revenue is expected in the range of 9.4%-9.5%, up from last year’s measure of 9.3%. Toll Brothers ended its fiscal fourth quarter with $1.3 billion in cash and cash equivalents and $2.7 billion in loans payable and senior notes. The company continues to return cash to shareholders in the form of buybacks and dividends. Though we don’t include Toll Brothers in any newsletter portfolio, the bellwether’s fiscal fourth quarter report indicates the housing market remains healthy.


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