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Toro Co key statistics and ratios

In fiscal 2025, Toro Co had return on equity of 21.0%, an operating margin of 9.1%, debt equal to 63.4% of equity and a current ratio of 1.87. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year2009Oct 20092010Oct 20102011Oct 20112012Oct 20122013Oct 20132014Oct 20142015Oct 20152016Oct 20162017Oct 20172018Oct 20182019Oct 20192020Oct 20202021Oct 20212022Oct 20222023Oct 20232024Oct 20242025Oct 2025LTMJul 2026
Gross margin33.5%34.1%33.8%34.4%35.5%35.6%35.0%36.6%36.8%35.9%33.4%35.2%33.8%33.3%34.6%33.8%33.4%33.4%
Operating margin7.6%8.9%9.8%10.5%11.3%12.1%12.5%14.0%14.2%14.2%10.4%12.6%13.1%12.8%9.5%11.6%9.1%10.3%
Net margin4.1%5.5%6.2%6.6%7.6%8.0%8.4%9.7%10.7%10.4%8.7%9.8%10.4%9.8%7.2%9.1%7.0%7.6%
Free-cash-flow margin14.0%8.6%3.0%7.3%8.4%5.1%8.1%13.9%12.1%10.5%7.8%13.7%11.4%3.4%3.5%10.2%12.8%15.0%
Return on equity19.9%31.6%43.4%44.7%46.1%45.3%46.3%45.6%45.9%42.3%35.9%33.4%36.2%35.4%23.0%27.4%21.0%26.0%
Return on assets7.2%10.6%13.4%14.3%16.0%15.8%16.2%17.2%18.6%17.7%14.0%12.7%14.2%13.7%9.2%11.6%9.0%10.4%
Asset turnover1.751.922.152.172.111.981.921.781.741.711.611.301.371.391.261.271.281.36
Current ratio1.841.591.481.621.682.061.521.681.651.681.481.671.591.581.901.811.871.58
Debt to equity74.0%82.2%85.7%72.6%62.3%91.7%81.8%63.8%53.8%46.7%81.5%71.0%60.1%73.3%68.3%59.4%63.4%72.0%
Interest cover (operating income ÷ interest)6.6x8.8x10.9x12.2x14.2x17.1x15.9x17.3x18.6x19.5x11.3x12.9x18.1x16.1x7.3x8.6x6.9x8.7x
Effective tax rate34.4%34.0%32.7%34.0%31.7%32.2%30.7%30.1%24.2%27.0%14.9%19.0%18.0%19.8%17.7%18.3%16.3%21.4%
R&D as % of revenue———————3.2%3.2%3.2%3.5%3.7%3.6%3.4%3.8%3.8%3.6%—
SG&A as % of revenue26.0%25.1%24.0%23.9%24.2%23.5%22.5%22.6%22.6%21.7%23.0%22.6%20.7%20.6%21.9%22.2%22.5%22.2%
Capital spending as % of revenue2.5%2.9%3.0%2.2%2.4%3.3%2.4%2.1%2.3%3.4%3.0%2.3%2.6%3.2%3.3%2.3%1.9%1.6%
Free cash flow ÷ net income339.8%155.3%48.0%110.0%111.4%64.0%95.8%144.4%113.0%101.0%89.2%139.9%110.1%34.7%47.7%111.3%182.9%195.8%
Dividends ÷ net income34.1%25.4%21.2%20.2%21.0%25.9%27.6%28.5%28.3%31.3%35.1%32.7%27.4%28.4%43.0%35.7%47.8%41.3%
Dividends and buybacks ÷ free cash flow64.0%110.1%274.5%83.9%76.6%133.1%83.6%52.7%77.7%89.4%47.5%23.3%91.8%172.9%128.4%84.7%76.3%71.4%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

4 of 6 checks passed · July 31, 2026
What it owns · $3.5bn
Short-term assets $1.7bnLonger-term assets $1.9bn
What it owes, and who funded it · $2.4bn
Short-term liabilities $1.1bnShareholders' equity $1.3bn
  • Short-term assets cover short-term liabilities $1.7bn of assets due within a year against $1.1bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt $175m of cash against $962m of debt.
  • Debt below 40% of shareholders' equity Debt is 72% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 89% to 72% over five years.
  • A year's operating cash flow covers at least 20% of debt $789m of operating cash flow against $962m of debt.
  • Operating profit covers interest at least five times over Operating income of $490m against $56m of interest.

From Toro Co's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

78 /100

Strong moat

How hard Toro's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 18 / 20

    Net income has been a median 11.0% of total assets over 10 years.

  • Pricing power 12 / 20

    Gross margin has been a median 34.4%, moving by 1.4 percentage points (standard deviation) across 10 years.

  • Durability 13 / 20

    Operating margin has been a median 11.5%; its worst year was 9.4%.

  • Cash conversion 15 / 20

    Free cash flow was positive in 10 of 10 years, at a median 9.9% of revenue.

  • Discipline 20 / 20

    The diluted share count fell 10.6% over five years; stock-based pay has been a median 0.5% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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Figures from Toro Co's SEC filings (10-K and 10-Q), retrieved October 20, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Toro Co.