The Toronto-Dominion BankTD -0.56%73 Piotroski F-Score is 3 as of Jun. 24, 2026, which is 50% below its 10-year median of 6.00. GuruFocus rates TD with a GF Score™ of 73/100 and a GF Value™ of $76.52 (Significantly Overvalued). The stock has 8 warning signs investors should review. Among 1,498 Banks companies, The Toronto-Dominion Bank ranks worse than 88.05% on this metric.
Warning Sign:
Piotroski F-Score of 3 is low, which usually implies poor business operation.
The zones of discrimination were as such:
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
The Toronto-Dominion Bank has an F-score of 3. It is a bad or low score, which usually implies poor business operation.
The historical rank and industry rank for The Toronto-Dominion Bank's Piotroski F-Score or its related term are showing as below:
TD'
s Piotroski F-Score Range Over the Past 10 Years
Min: 3 Med: 6 Max: 8
Current: 3
During the past 13 years, the highest Piotroski F-Score of The Toronto-Dominion Bank was 8. The lowest was 3. And the median was 6.
The Toronto-Dominion Bank (NYSE:TD) Piotroski F-Score Explanation
The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.
He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.
He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.
What he found was something that exceeded his most optimistic expectations.
Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.
Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).
Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.
The Toronto-Dominion Bank Piotroski F-Score Related Terms
The Toronto-Dominion Bank Piotroski F-Score Historical Data
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
For the Banks - Diversified subindustry, The Toronto-Dominion Bank's Piotroski F-Score, along with its competitors' market caps and Piotroski F-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
The Toronto-Dominion Bank Piotroski F-Score vs Banks Industry
For the Banks industry and Financial Services sector, The Toronto-Dominion Bank's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where The Toronto-Dominion Bank's Piotroski F-Score falls into.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
This Year (Apr26) TTM:
Last Year (Apr25) TTM:
Net Income was 2436.637 + 2344.867 + 2935.88 + 3090.737 = $10,808 Mil. Cash Flow from Operations was -15843.985 + -6729.339 + 9138.77 + 7445.834 = $-5,989 Mil. Revenue was 11308.159 + 11362.597 + 11982.427 + 11560.273 = $46,213 Mil.
Average Total Assets from the begining of this year (Apr25)
to the end of this year (Apr26) was
(1476485.23 + 1486496.238 + 1497396.34 + 1524439.765 + 1515998.982) / 5 = $1500163.311 Mil. Total Assets at the begining of this year (Apr25) was $1,476,485 Mil. Long-Term Debt & Capital Lease Obligation was $165,891 Mil. Total Assets was $1,515,999 Mil. Total Liabilities was $1,425,612 Mil.
Net Income was -131.982 + 2642.291 + 1941.066 + 7960.089 = $12,411 Mil.
Revenue was 10290.944 + 10716.726 + 10355.827 + 10731.707 = $42,095 Mil.
Average Total Assets from the begining of last year (Apr24)
to the end of last year (Apr25) was
(1438253.62 + 1434432.697 + 1498692.302 + 1454968.379 + 1476485.23) / 5 = $1460566.4456 Mil. Total Assets at the begining of last year (Apr24) was $1,438,254 Mil. Long-Term Debt & Capital Lease Obligation was $157,156 Mil. Total Assets was $1,476,485 Mil. Total Liabilities was $1,386,298 Mil.
*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.
Profitability
Question 1. Return on Assets (ROA)
Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.
Score 1 if positive, 0 if negative.
The Toronto-Dominion Bank's current Net Income (TTM) was 10,808.
==> Positive ==> Score 1.
Question 2. Cash Flow Return on Assets (CFROA)
Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.
Score 1 if positive, 0 if negative.
The Toronto-Dominion Bank's current Cash Flow from Operations (TTM) was -5,989.
==> Negative ==> Score 0.
Question 3. Change in Return on Assets
Compare this year's return on assets (1) to last year's return on assets.
The Toronto-Dominion Bank's return on assets of this year was 0.00732017. The Toronto-Dominion Bank's return on assets of last year was 0.00862954.
==> Last year is higher ==> Score 0.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
The Toronto-Dominion Bank's gearing of this year was 0.11058173. The Toronto-Dominion Bank's gearing of last year was 0.10759945.
==> Last year is lower than this year ==> Score 0.
Question 6. Change in Working Capital (Liquidity)
Compare this year's current ratio (current assets divided by current liabilities) to last year's current ratio.
Score 1 if this year's current ratio is higher, 0 if it's lower
* Note that for banks and insurance companies, there's no Total Current Assets and Total Current Liabilities reported. Thus, we use Total Assets and Total Liabilities to calculate current ratio for banks and insurance companies.
The Toronto-Dominion Bank's current ratio of this year was 1.06340209. The Toronto-Dominion Bank's current ratio of last year was 1.06505629.
==> Last year's current ratio is higher ==> Score 0.
Question 7. Change in Shares in Issue
Compare the number of shares in issue this year, to the number in issue last year.
Score 0 if there is larger number of shares in issue this year, 1 otherwise.
The Toronto-Dominion Bank's number of shares in issue this year was 1665.5. The Toronto-Dominion Bank's number of shares in issue last year was 1741.7.
==> There is smaller number of shares in issue this year, or the same. ==> Score 1.
Efficiency
Question 8. Change in Gross Margin
Compare this year's gross margin (Gross Profit divided by sales) to last year's.
Score 1 if this year's gross margin is higher, 0 if it's lower.
* Note that for banks and insurance companies, there's no Gross Profit reported. Thus, we use net income instead of gross profit and calculate Net Margin for this score.
The Toronto-Dominion Bank's net margin of this year was 0.2338739. The Toronto-Dominion Bank's net margin of last year was 0.29484271.
==> Last year's net margin is higher ==> Score 0.
Question 9. Change in asset turnover
Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.
Score 1 if this year's asset turnover ratio is higher, 0 if it's lower
The Toronto-Dominion Bank's asset turnover of this year was 0.03129964. The Toronto-Dominion Bank's asset turnover of last year was 0.02926828.
==> This year's asset turnover is higher. ==> Score 1.
Evaluation
Piotroski F-Score
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Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
The Toronto-Dominion Bank has an F-score of 3. It is a bad or low score, which usually implies poor business operation.
The Toronto-Dominion Bank (TD) has a Piotroski F-Score of 3 as of Jun. 24, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on The Toronto-Dominion Bank and its competitors. This is 50% below median its historical median of 6.00. Over the past decade, The Toronto-Dominion Bank's Piotroski F-Score has ranged from 3.00 to 8.00. According to the industry distribution chart, The Toronto-Dominion Bank ranks #1319 out of 1498 companies in the Banks industry, placing it in the top 88.1%.
Is The Toronto-Dominion Bank's Piotroski F-Score too high?
The Toronto-Dominion Bank's current Piotroski F-Score of 3 is 50% below median its 10-year median of 6.00. Over the past 10 years, this metric has ranged from a low of 3.00 to a high of 8.00. The Banks industry median Piotroski F-Score is 6.00. The Toronto-Dominion Bank's value of 3 is 50% below this industry median. Based on the distribution chart, The Toronto-Dominion Bank ranks #1319 out of 1498 companies in the Banks industry, which is in the bottom quartile relative to peers. Overall, The Toronto-Dominion Bank has a GF Score™ of 73/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does The Toronto-Dominion Bank's Piotroski F-Score compare to JPM and BAC?
According to the Banks industry distribution chart, The Toronto-Dominion Bank ranks #1319 out of 1498 companies for Piotroski F-Score. This places The Toronto-Dominion Bank in the lower half of its industry. The industry median Piotroski F-Score is 6.00. The Toronto-Dominion Bank's value of 3 is 50% below this benchmark. Historically, The Toronto-Dominion Bank's own Piotroski F-Score has ranged from 3.00 to 8.00 over the past decade. While the company's 10-year median is 6.00 vs. the industry median of 6.00, The Toronto-Dominion Bank has consistently been below the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Piotroski F-Score for a Banks company?
The median Piotroski F-Score among Banks companies is 6.00, based on 1,498 companies in the industry. Companies in the top quartile (top 25%) have a Piotroski F-Score significantly above this median, while those in the bottom quartile fall well below. However, Piotroski F-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. The Toronto-Dominion Bank's current Piotroski F-Score of 3 is 50% below the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Piotroski F-Score mean?
A high Piotroski F-Score can signal that a stock is expensive relative to its fundamentals. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on The Toronto-Dominion Bank and its competitors. For the Banks industry, the median Piotroski F-Score is 6.00 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. The Toronto-Dominion Bank's current Piotroski F-Score is 3, which is 50% below median its own 10-year median of 6.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is The Toronto-Dominion Bank stock overvalued right now?
Based on GuruFocus' analysis, The Toronto-Dominion Bank (TD) is currently considered Significantly Overvalued. The stock's GF Value™ is $76.52, compared to a current price of $118.82 — trading 55.3% above its estimated fair value. The current Piotroski F-Score is 3, which is 50% below median its 10-year median of 6.00 and 50% below the Banks industry median of 6.00. The Toronto-Dominion Bank's overall GF Score™ is 73/100 with 8 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Piotroski F-Score calculated?
Piotroski F-Score is calculated from a company's financial statements. For The Toronto-Dominion Bank (TD), the current Piotroski F-Score is 3 as of Jun. 24, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is The Toronto-Dominion Bank (TD) Overvalued in 2026?
Based on GuruFocus' analysis, The Toronto-Dominion Bank stock appears to be overvalued.
The current stock price of $118.82 is trading 55.3% above its estimated GF Value™ of $76.52.
GuruFocus considers The Toronto-Dominion Bank to be Significantly Overvalued.
Key valuation signals for TD:
Piotroski F-Score: 3 (50% below median its 10-year median of 6.00)
GF Value™: $76.52 vs. price of $118.82 (55.3% above fair value)
Industry Position: 50% below the Banks median (#1319 of 1498)
No single metric tells the full story. See the TD stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Toronto-Dominion is one of Canada's two largest banks with over CAD 2 trillion in assets by the end of April 2026. TD Bank operates four business segments: Canadian personal and commercial banking, US retail banking, wealth management and insurance, and wholesale banking. The bank derives more than 50% of its revenue from Canada and has dominant market shares in nearly all banking products and services. TD has around 44% of its revenue from its US operations. Its US footprint spans from Maine to Florida, with a strong presence in the Northeast.
73GF Score
Get the complete analysis for TD
Piotroski F-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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