+18%

est. 2Y upside i

FinTechIPO

Restaurant management platform for POS payments and operations

Rank

#1259

Sector

Fintech / Restaurant Technology / SaaS

Est. Liquidity

~2Y

Data Quality

Data: High

At an entry valuation of $8B (secondary market), Toast offers moderate expected upside of ~18% over 2 years.

Last updated: July 3, 2026

Bull (15%)+88%

Multiple expands to 5x as Toast capitalizes on strong restaurant adoption and margin expansion from scale, driving 88% upside from $8B entry valuation.

Base (45%)+32%

Multiple converges to 3.5x in line with public comps, yielding ~32% upside from revenue growth to $3.0B.

Bear (40%)-25%

Multiple compresses to 2x due to increased competition from Square and Clover, leading to ~25% downside.

Est. time to liquidity~2.0 years
Adjusted for competitive dynamics: 35% (raw: 18%, adjustment: +18%)

Preference Stack Risk

high

Funding Intensity

25%

Total preferred funding of $1.96B represents 24.5% of entry valuation, creating a significant overhang for common stock.

Dilution Risk

low

Company is cash-flow positive and not raising new capital; dilution from future grants is minimal.

Secondary Liquidity

active

Stock trades actively on NYSE; liquidity is high.

View all 286 open roles at Toast →

Last updated: March 10, 2026

Questions to Ask at the Interview

Strategic questions based on Toast's data — designed to show you've done your homework.

  • 1

    “How does Toast plan to defend against pricing pressure from Square and Clover given its higher gross margin structure?”

  • 2

    “With EBITDA positive, what is the capital allocation priority between R&D, M&A, and buybacks?”

  • 3

    “Given the secondary market valuation gap, what would be the catalyst to close that gap and realize upside on equity?”

Community

Valuation Sentiment

Our model estimates +18% upside. What do you think?

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Disclaimer: This analysis is AI-generated and does not constitute financial or career advice. Always conduct your own due diligence.