For informational purposes only. Not financial advice, not a recommendation to buy or sell any security. Standing Order is a directory and research project, not an advisory service.
Price · 6M
$24.64
Thesis
Toast is the leading vertical software-and-payments platform for US restaurants. The franchise bundles point-of-sale software with embedded payment processing and a growing portfolio of adjacent products (Toast Capital, payroll, scheduling), and the combination earns higher effective take-rates than horizontal acquirers can capture.
The company crossed into sustained GAAP profitability in 2024 and has continued to scale net-revenue retention through cross-sell. Risks: restaurant-cycle exposure on the SMB customer base, competition from Square Restaurants and Shift4, and capex on R&D / hardware that compresses near-term margin even as the long-run economics improve.
Catalysts
- Locations added and net-revenue retention
- Toast Capital loan book growth and credit performance
- International expansion economics
- Margin progression as fixed-cost base levers
Recent events
Material filings, federal awards, and regulatory activity from the last 30 days. Impact is scored against market cap.
- May 7Financial resultsSEC
Toast filed 8-K (items 2.02, 9.01) disclosing results of operations.