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Toast, Inc.

TOST · Technology · FY2025 filings · · not refreshed in 35 days · Shallow moat ·

Doesn't clear the bar

Shallow moat
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The five investor questions

85

2021–2025 (latest 5 aligned FYs; v3 window cap 5): revenue $1.7B to $6.2B, increasing; diluted EPS -1.68 to 0.56, increasing.

8

Median gross margin 18.7% over 7y, variable.

7

Median ROIC -38.5%, above the 12% hurdle in 20% of years.

100

Net cash position — no leverage risk.

44

Owner earnings changed trend unclear over up to the ten most recent annual observations, share count n/a.

Price vs. value if growth stopped today

A cautious baseline, not a price target: what the shares may support if normalized owner earnings simply hold steady.

Above value if growth stopped todayBelow value if growth stopped today
No price data
Not reported
Unavailable — insufficient owner-earnings data
Unavailable — insufficient growth-model data
$29.04
No price data

This zero-growth estimate assumes trailing owner earnings persist — unreliable for declining businesses. The recent FY revenue series does not trigger the three-consecutive-declines flag.

Among the current top-score group, the median current price is 239% above the zero-growth estimate across 48 of the current top 50 companies by Moat Score with both values.

Score records captured Jul 26, 2026.

Exactly which 50 companies?

FTNT, META, MEDP, IBEX, MSFT, GOOGL, LULU, ANF, IDXX, TXRH, FHI, QLYS, FFIV, ADBE, LLY, MANH, VEEV, GRMN, SSD, MNST, DOCS, MCO, CPRT, NTAP, LRCX, NVDA, CORT, SFM, MPTI, ULTA, SN, RMD, ROL, PAYC, IRMD, INTU, DECK, MORN, LGCY, DAL, GWW, ISRG, MPWR, CTAS, LOPE, MRK, CMG, FAST, BKNG, ORLY

Missing a usable price or zero-growth estimate: ANF, BKNG.

Model details under moat-index@3.0.0: zero-growth multiple 11.1×, capped-growth comparison at no more than 18×; 9% discount rate; high-end growth 0% (capped at 4%) using min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%; maintenance capex uses min(capex, D&A); abstain when D&A is unavailable. This is a disclosed model range, not intrinsic value as fact.

8 years of fundamentals

The business, in plain English

Toast, Inc. booked $6.2B of revenue in FY2025 in the Technology sector and kept 25.9% of it as gross profit — a moderate-margin business by that measure. After every other cost, 5.6% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $665M (FY2019) to $6.2B (FY2025) — about 44.9% a year compounded over 6 years.

It earned 37.4% on invested capital in the latest filed year, FY2025. Across the full 5-year measurable filed record, median ROIC was −38.5%. Over the v3 recent window (5 measurable filed years), median ROIC was −38.5%. The Returns on Capital filter above scores it 7/100.

TOST's latest filed year, FY2025, doesn't disclose total debt in a form the methodology can use, so current leverage is treated as unmeasured — never assumed to be zero.

Put together: Balance-Sheet Safety is the strongest of the five filters (100/100) and Returns on Capital the weakest (7/100), which is how TOST lands at 49/100 — a Shallow moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

FY2018–FY2025 · 8 fiscal years, normalized from TOST’s SEC filings

Sales, as filed$6.2B FY2025
$0$2.5B$5B201820212025
Revenue kept after cost of goods25.9% FY2025
0%10%20%201820212025
Standard ROIC or separately labeled Operating ROICROIC 37.4% FY2025

Not meaningful FY2020: invested capital is negative (cash exceeds debt + equity)

−50%0%201820212025
Cash an owner could take out$353M FY2025
−$500M$0201820212025

The explained ROIC gaps have filed inputs but no meaningful positive invested-capital denominator. Other gaps mean the item is not in the filings for that year. The series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Flagship explainer

How Toast, Inc. makes its money

Start with a dollar of revenue and follow what the filing says remains.

revenueBranching filed flows with values and percentages directly labeled. Missing filing concepts are omitted rather than estimated.Revenue$6.2B · 100%Cost of revenue$4.6B · 74%Gross profit$1.6B · 26%Operating income$292M · 5%Income before tax$346M · 6%Income tax$4M · 0%Net income$342M · 6%As of 2025-12-31 · 1 SEC filing sourceBuy Like Buffett · buylikebuffett.com

Honest partial: the filing did not provide a normalized tag for Research and development, Selling, general and administrative; those components are omitted, not plugged.

Table alternative
Filed lineValue% of revenueSource
$6.2B100%
Cost of revenue$4.6B74%
$1.6B26%
$292M5%
Income before tax$346M6%
Income tax$4M0%
$342M6%
Source: · event Dec 31, 2025 · retrieved Jul 26, 2026 · annual-row source set
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Flagship explainer

What Toast, Inc. owns — and owes

Toast, Inc.'s filing tags don't support a full breakdown — here's what is filed:

Table alternative
Filed lineValue% of assetsSource
Total assets$3.1B100%
Cash and equivalents$1.4B43%
Stockholders’ equity$2.1B68%
Source: · event Dec 31, 2025 · retrieved Jul 26, 2026 · annual-row source set

Flagship explainer

What drives Toast, Inc.’s return on equity?

ROE is five filed business factors multiplied together.

DuPont return on equity factor treeReturn on equity branches into tax burden, interest burden, operating margin, asset turnover, and the equity multiplier.Return on equity19%Tax burden99%net income ÷ pretax incomeInterest burden118%pretax ÷ operating incomeOperating margin5%operating income ÷ revenueAsset turnover2.22×revenue ÷ average assetsEquity multiplier1.51×average assets ÷ average equityAs of 2025-12-31 · 1 SEC filing sourceBuy Like Buffett · buylikebuffett.com
DuPont source inputs
InputValueFiscal yearSource
$342MFY2025
Income before tax$346MFY2025
Operating income$292MFY2025
$6.2BFY2025
Ending assets$3.1BFY2025
Beginning assets$2.4BFY2024
$2.1BFY2025
$1.5BFY2024
Source:
  • SEC filingFiling detailsAccession 0001650164-26-000057
· event Dec 31, 2025 · retrieved Jul 26, 2026 · annual-row source set
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Flagship explainer

Where Toast, Inc.'s cash went

Toast, Inc.’s filing does not supply enough provenance-matched cash-flow lines for a truthful flow chart — here’s what is filed:

Table alternative
Filed lineValue% of cash from operationsSource
Cash from operations$661M100%
Depreciation and amortization$64M10%
Source: · event Dec 31, 2025 · retrieved Jul 26, 2026 · annual-row source set

Curated 19-manager tier

Who reported holding Toast, Inc.

Delayed public 13F reports for 2026-Q2—not live positions, trades, or recommendations.

0 holding0 exited0 not holding0/19 resolved19 not retrieved

Named manager positions and quarter-over-quarter changes
ManagerReported positionQuarter-over-quarterFiling accession
Abrams CapitalNot retrievedComparison not retrievedFiling not retrieved
Akre CapitalNot retrievedComparison not retrievedFiling not retrieved
Baupost GroupNot retrievedComparison not retrievedFiling not retrieved
Berkshire HathawayNot retrievedComparison not retrievedFiling not retrieved
Brave Warrior AdvisorsNot retrievedComparison not retrievedFiling not retrieved
Dodge & CoxNot retrievedComparison not retrievedFiling not retrieved
First EagleNot retrievedComparison not retrievedFiling not retrieved
FundsmithNot retrievedComparison not retrievedFiling not retrieved
Gardner Russo & QuinnNot retrievedComparison not retrievedFiling not retrieved
Gates Foundation TrustNot retrievedComparison not retrievedFiling not retrieved
Mairs & PowerNot retrievedComparison not retrievedFiling not retrieved
Markel / Markel-GaynerNot retrievedComparison not retrievedFiling not retrieved
Oakmark / Harris AssociatesNot retrievedComparison not retrievedFiling not retrieved
Pershing SquareNot retrievedComparison not retrievedFiling not retrieved
Polen CapitalNot retrievedComparison not retrievedFiling not retrieved
Sequoia / Ruane CunniffNot retrievedComparison not retrievedFiling not retrieved
Southeastern Asset ManagementNot retrievedComparison not retrievedFiling not retrieved
Tweedy, BrowneNot retrievedComparison not retrievedFiling not retrieved
Yacktman Asset ManagementNot retrievedComparison not retrievedFiling not retrieved

Position size uses shares and filed value from each manager’s 13F. Portfolio weight uses the eligible long-share filing denominator. Changes compare only with the immediately preceding calendar quarter.

Source: Filing source not retrieved · event Jun 30, 2026 · retrieved Jul 26, 2026

Flagship explainer

What Toast, Inc. insiders reported

Records still being gathered — partial as of retrieval Aug 30, 2026.

Partial coverage: the incomplete Form 4 walk cannot establish no activity, an activity date, or zero counts.

Moat Score history

16 logged readings since Jul 17, 2026 · append-only, never rewritten

Moat Score over timeLast scored reading of each day, on the 0–100 scale48.8 / 100
0406080100WideNarrowShallowNo moatJul 17, 2026Jul 26, 2026

Breaks in the line mark methodology or normalizer upgrades — readings across versions aren’t compared, so a level shift there isn’t a change in the business.

Tier changesSame-methodology and same-normalizer crossings of the Wide / Narrow / Shallow bars

  1. Normalizer upgraded unstamped (version unknown)moat-xbrl-normalizer@1.1.0 — readings across versions aren’t comparedJul 26, 2026
  2. Methodology upgraded moat-index@2.0.0moat-index@3.0.0 — readings across versions aren’t comparedJul 23, 2026
  3. Methodology upgraded moat-index@1.2.0moat-index@2.0.0 — readings across versions aren’t comparedJul 20, 2026

Scores are logged append-only and never overwritten — this record cannot be reconstructed retroactively, which is exactly why it’s worth keeping.

Insider activity

Form 4 reports mix P/S market or private transactions with compensation-plan mechanics. Activity casually described as “insider selling” can include compensation mechanics; awards, tax withholding, and option exercises are shown by their exact filed class here, never collapsed into “Bought” or “Sold.”

These are disclosed filing facts and arithmetic aggregates, not a signal or verdict.

This machine-readable surface covers SEC ownership filings from 2003; it does not represent earlier paper-era records.

Records still being gathered — partial as of retrieval Aug 30, 2026.

Among the rows shown, A/F/M acquisition, payment or withholding, and exercise or conversion rows outnumber S sale rows (20 versus 16). The filing codes alone do not establish that every such row arose from a compensation plan.

Trailing-12-month totals and the 90-day cluster result are withheld because this issuer walk is incomplete.

InsiderShares owned afterDateFiling detail
Vassil JonathanChief Revenue OfficerExercise or conversion of derivative security (M)Table I · Acquired · Class A Common Stock · 2 paired events85,280$17.358$1,480,286See lot detailAug 21, 2026
2 filed lots
  • Table I · Class A Common Stock: 47,673 shares at $17.38 · code M · owned after 117,639 · Paired event: 47,673 Stock Option (Right to Buy) → 47,673 Class A Common Stock ·
  • Table I · Class A Common Stock: 37,607 shares at $17.33 · code M · owned after 155,246 · Paired event: 37,607 Stock Option (Right to Buy) → 37,607 Class A Common Stock ·
Vassil JonathanChief Revenue OfficerOpen-market or private sale (S)Table I · Disposed · Class A Common Stock85,280$36.34$3,099,07569,966Aug 21, 2026
1 filed lot
  • Table I · Class A Common Stock: 85,280 shares at $36.34 · code S · owned after 69,966 ·
Vassil JonathanChief Revenue OfficerExercise or conversion of derivative security (M)Table II · Disposed · Stock Option (Right to Buy) · 2 paired events85,280—Exercise or conversion of derivative security (M)—See lot detailAug 21, 2026
2 filed lots
  • Table II · Stock Option (Right to Buy): 47,673 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 190,575 · Paired event: 47,673 Stock Option (Right to Buy) → 47,673 Class A Common Stock ·
  • Table II · Stock Option (Right to Buy): 37,607 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 175,256 · Paired event: 37,607 Stock Option (Right to Buy) → 37,607 Class A Common Stock ·
Vassil JonathanChief Revenue OfficerExercise or conversion of derivative security (M)Table I · Acquired · Class A Common Stock · 2 paired events13,931$17.3566$241,794See lot detailAug 19, 2026
2 filed lots
  • Table I · Class A Common Stock: 7,399 shares at $17.38 · code M · owned after 77,365 · Paired event: 7,399 Stock Option (Right to Buy) → 7,399 Class A Common Stock ·
  • Table I · Class A Common Stock: 6,532 shares at $17.33 · code M · owned after 83,897 · Paired event: 6,532 Stock Option (Right to Buy) → 6,532 Class A Common Stock ·
Vassil JonathanChief Revenue OfficerOpen-market or private sale (S)Table I · Disposed · Class A Common Stock13,931$36.013$501,69769,966Aug 19, 2026
1 filed lot
  • Table I · Class A Common Stock: 13,931 shares at $36.013 · code S · owned after 69,966 ·
Vassil JonathanChief Revenue OfficerExercise or conversion of derivative security (M)Table II · Disposed · Stock Option (Right to Buy) · 2 paired events13,931—Exercise or conversion of derivative security (M)—See lot detailAug 19, 2026
2 filed lots
  • Table II · Stock Option (Right to Buy): 7,399 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 238,248 · Paired event: 7,399 Stock Option (Right to Buy) → 7,399 Class A Common Stock ·
  • Table II · Stock Option (Right to Buy): 6,532 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 212,863 · Paired event: 6,532 Stock Option (Right to Buy) → 6,532 Class A Common Stock ·
Vassil JonathanChief Revenue OfficerExercise or conversion of derivative security (M)Table I · Acquired · Class A Common Stock · 2 paired events13,797$17.3577$239,485See lot detailAug 11, 2026
2 filed lots
  • Table I · Class A Common Stock: 7,651 shares at $17.38 · code M · owned after 77,617 · Paired event: 7,651 Stock Option (Right to Buy) → 7,651 Class A Common Stock ·
  • Table I · Class A Common Stock: 6,146 shares at $17.33 · code M · owned after 83,763 · Paired event: 6,146 Stock Option (Right to Buy) → 6,146 Class A Common Stock ·
Vassil JonathanChief Revenue OfficerOpen-market or private sale (S)Table I · Disposed · Class A Common Stock13,797$36.012$496,85869,966Aug 11, 2026
1 filed lot
  • Table I · Class A Common Stock: 13,797 shares at $36.012 · code S · owned after 69,966 ·
Vassil JonathanChief Revenue OfficerExercise or conversion of derivative security (M)Table II · Disposed · Stock Option (Right to Buy) · 2 paired events13,797—Exercise or conversion of derivative security (M)—See lot detailAug 11, 2026
2 filed lots
  • Table II · Stock Option (Right to Buy): 7,651 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 245,647 · Paired event: 7,651 Stock Option (Right to Buy) → 7,651 Class A Common Stock ·
  • Table II · Stock Option (Right to Buy): 6,146 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 219,395 · Paired event: 6,146 Stock Option (Right to Buy) → 6,146 Class A Common Stock ·
Narang AmanDirector, CEOOpen-market or private sale (S)Table I · Disposed · Class A Common Stock119,843$35.379$4,239,9250Aug 10, 2026
1 filed lot
  • Table I · Class A Common Stock: 119,843 shares at $35.379 · code S · owned after 0 ·
Gomez ElenaPresident, CFOOpen-market or private sale (S)Table I · Disposed · Class A Common Stock5,761$35.371$203,772160,150Aug 10, 2026
1 filed lot
  • Table I · Class A Common Stock: 5,761 shares at $35.371 · code S · owned after 160,150 ·
Narang AmanDirector, CEOOpen-market or private sale (S)Table I · Disposed · Class A Common Stock42,105$35.13$1,479,149119,843Aug 7, 2026
1 filed lot
  • Table I · Class A Common Stock: 42,105 shares at $35.13 · code S · owned after 119,843 ·
Gomez ElenaPresident, CFOOpen-market or private sale (S)Table I · Disposed · Class A Common Stock2,163$35.102$75,926165,911Aug 7, 2026
1 filed lot
  • Table I · Class A Common Stock: 2,163 shares at $35.102 · code S · owned after 165,911 ·
Narang AmanDirector, CEOOpen-market or private sale (S)Table I · Disposed · Class A Common Stock13,510$35.021$473,134161,948Aug 6, 2026
1 filed lot
  • Table I · Class A Common Stock: 13,510 shares at $35.021 · code S · owned after 161,948 ·
Gomez ElenaPresident, CFOOpen-market or private sale (S)Table I · Disposed · Class A Common Stock900$35.017$31,515168,074Aug 6, 2026
1 filed lot
  • Table I · Class A Common Stock: 900 shares at $35.017 · code S · owned after 168,074 ·
Narang AmanDirector, CEOOpen-market or private sale (S)Table I · Disposed · Class A Common Stock124,542$35.2946$4,395,654See lot detailAug 5, 2026
2 filed lots
  • Table I · Class A Common Stock: 124,458 shares at $35.294 · code S · owned after 175,542 ·
  • Table I · Class A Common Stock: 84 shares at $36.11 · code S · owned after 175,458 ·
Vassil JonathanChief Revenue OfficerExercise or conversion of derivative security (M)Table I · Acquired · Class A Common Stock · 2 paired events4,700$17.3513$81,551See lot detailAug 5, 2026
2 filed lots
  • Table I · Class A Common Stock: 2,000 shares at $17.38 · code M · owned after 71,966 · Paired event: 2,000 Stock Option (Right to Buy) → 2,000 Class A Common Stock ·
  • Table I · Class A Common Stock: 2,700 shares at $17.33 · code M · owned after 74,666 · Paired event: 2,700 Stock Option (Right to Buy) → 2,700 Class A Common Stock ·
Vassil JonathanChief Revenue OfficerOpen-market or private sale (S)Table I · Disposed · Class A Common Stock4,700$36.023$169,30869,966Aug 5, 2026
1 filed lot
  • Table I · Class A Common Stock: 4,700 shares at $36.023 · code S · owned after 69,966 ·
Vassil JonathanChief Revenue OfficerExercise or conversion of derivative security (M)Table II · Disposed · Stock Option (Right to Buy) · 2 paired events4,700—Exercise or conversion of derivative security (M)—See lot detailAug 5, 2026
2 filed lots
  • Table II · Stock Option (Right to Buy): 2,000 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 253,298 · Paired event: 2,000 Stock Option (Right to Buy) → 2,000 Class A Common Stock ·
  • Table II · Stock Option (Right to Buy): 2,700 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 225,541 · Paired event: 2,700 Stock Option (Right to Buy) → 2,700 Class A Common Stock ·
Gomez ElenaPresident, CFOOpen-market or private sale (S)Table I · Disposed · Class A Common Stock16,176$35.2932$570,903See lot detailAug 5, 2026
2 filed lots
  • Table I · Class A Common Stock: 15,976 shares at $35.283 · code S · owned after 169,174 ·
  • Table I · Class A Common Stock: 200 shares at $36.11 · code S · owned after 168,974 ·
Niola RossanaPrincipal Accounting OfficerOpen-market or private sale (S)Table I · Disposed · Class A Common Stock2,298$33.446$76,8594,306Aug 4, 2026
1 filed lot
  • Table I · Class A Common Stock: 2,298 shares at $33.446 · code S · owned after 4,306 ·
Vassil JonathanChief Revenue OfficerExercise or conversion of derivative security (M)Table I · Acquired · Class A Common Stock · 1 paired event14,280$2.21$31,55984,246Aug 3, 2026
1 filed lot
  • Table I · Class A Common Stock: 14,280 shares at $2.21 · code M · owned after 84,246 · Paired event: 14,280 Stock Option (Right to Buy) → 14,280 Class A Common Stock ·
Vassil JonathanChief Revenue OfficerOpen-market or private sale (S)Table I · Disposed · Class A Common Stock14,280$32.887$469,62669,966Aug 3, 2026
1 filed lot
  • Table I · Class A Common Stock: 14,280 shares at $32.887 · code S · owned after 69,966 ·
Vassil JonathanChief Revenue OfficerExercise or conversion of derivative security (M)Table II · Disposed · Stock Option (Right to Buy) · 1 paired event14,280—Exercise or conversion of derivative security (M)—300,151Aug 3, 2026
1 filed lot
  • Table II · Stock Option (Right to Buy): 14,280 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 300,151 · Paired event: 14,280 Stock Option (Right to Buy) → 14,280 Class A Common Stock ·
Niola RossanaPrincipal Accounting OfficerExercise or conversion of derivative security (M)Table I · Acquired · Class A Common Stock · 1 paired event6,604Not disclosedNot disclosed6,604Aug 1, 2026
1 filed lot
  • Table I · Class A Common Stock: 6,604 shares at Not disclosed · code M · owned after 6,604 · Paired event: 6,604 Restricted Stock Units → 6,604 Class A Common Stock ·
Niola RossanaPrincipal Accounting OfficerExercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Units · 1 paired event6,604—Exercise or conversion of derivative security (M)—46,235Aug 1, 2026
1 filed lot
  • Table II · Restricted Stock Units: 6,604 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 46,235 · Paired event: 6,604 Restricted Stock Units → 6,604 Class A Common Stock ·

Source-event as of . Retrieved .

Track record

How Toast, Inc.’s moat rated in each of the years we can reconstruct from its filings — scored only on what was knowable at the time — and what its price and returns did afterward. The score never saw a price; the two are joined only in hindsight, for education, not as a signal.

Point-in-time scores 2021–2025, one methodology version · reconstructed from filings on file each Dec 31 — never with hindsight

Point-in-time Moat Score (dot colored by tier)Indexed price (total-return (dividends reinvested))Rated Wide-moat that year

How to read this: each dot is what the engine would have scored TOST on that December 31; the line below is its total-return price path (dividends reinvested) in the years since.

0406080100WideNarrowShallowNo moatPoint-in-time Moat Score51115Indexed price · log scale (2022 = 100)202120222023202420252026

Two tracks, one timeline: the score has its own 0–100 scale (top), the price its own 100-based scale (bottom) — never a shared axis. The price path is a total-return (dividends reinvested) index built from the same data the forward returns use; gaps in the score line are years with no reconstructed rating (see the table for why). The Table view carries every value.

What followed, in the years it rated Wide

In the reconstructed history shown, TOST did not rate Wide-moat in any year, so there is no wide-moat track record to report. That absence is itself the honest answer — we don’t manufacture a comparison where the rating never earned one.

Technology context

#312 of 744 scored Technology companies, ranked by Moat Score.

Nearest peers by Moat Score

  1. #310DSGT DSG Global, Inc.49.1Shallow moat
  2. #311ASAN Asana, Inc.48.8Shallow moat
  3. #313KVYO Klaviyo, Inc.48.8Shallow moat
  4. #314WAY Waystar Holding Corp.48.8Shallow moat

Compare TOST with its nearest peers →All Technology companies on the Index →

Common questions about TOST

Does Toast, Inc. have an economic moat?
Based on its FY2025 SEC filings, the Moat Index scores Toast, Inc. (TOST) 48.8 out of 100 — a Shallow moat. The five questions behind that score begin at 20% each; if exactly one genuinely lacks data, the other four weights are renormalized and disclosed. revenue and EPS trend 85, pricing power 8, returns on capital 7, balance-sheet safety 100, capital allocation 44.
How has TOST's Moat Score changed over time?
The record logs 16 readings since Jul 17, 2026; the latest reads 48.8 out of 100 (shallow moat). No tier changes on record yet. (Methodology or normalizer upgrades on Jul 20, 2026, Jul 23, 2026, Jul 26, 2026 re-based the score; readings across versions aren't compared.) The history is append-only — readings are only ever added, never rewritten.

Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell TOST. See the disclaimer.