Toll Brothers, Inc. (TOL): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Toll Brothers, Inc. (TOL) se encuentra en el pináculo del desarrollo del hogar de lujo, transformando el panorama inmobiliario residencial con su innovador modelo de negocio que combina perfectamente el diseño de alta gama, las experiencias personalizadas del cliente y el posicionamiento estratégico del mercado. Al apuntar a los compradores de viviendas ricos y aprovechar un enfoque integral para la construcción residencial, Toll Brothers ha creado una propuesta de valor única que va más allá de la mera vivienda, ofreciendo espacios de vida meticulosamente diseñados que reflejan las aspiraciones y estilos de vida de profesionales y familias discernibles que buscan soluciones de vivienda premium.

Toll Brothers, Inc. (TOL) - Modelo de negocios: asociaciones clave

Desarrolladores de tierras y propietarios

Toll Brothers mantiene asociaciones estratégicas con desarrolladores de tierras en 24 estados. En el año fiscal 2023, la compañía controlaba aproximadamente 57,900 lotes, con un Portafolio terrestre valorada en $ 4.7 mil millones.

Tipo de asociación	Número de asociaciones	Cobertura geográfica
Asociaciones de adquisición de tierras	78	24 estados
Acuerdos de desarrollo conjunto	42	Principales áreas metropolitanas

Proveedores de materiales de construcción y contratistas

Toll Brothers trabaja con múltiples proveedores nacionales y regionales para garantizar la calidad consistente de materiales y la confiabilidad de la cadena de suministro.

• Proveedores de materiales de construcción primarios: 12 proveedores nacionales principales
• Adquisición anual de material de construcción: aproximadamente $ 1.2 mil millones
• Duración promedio de la relación del proveedor: 7-10 años

Instituciones financieras

Toll Brothers colabora con múltiples instituciones financieras para servicios hipotecarios y de préstamos.

Tipo de socio financiero	Volumen total de préstamos (2023)	Valor promedio de préstamo
Prestamistas hipotecarios	$ 3.8 mil millones	$ 625,000 por casa
Proveedores de préstamos de construcción	$ 1.5 mil millones	$ 450,000 por desarrollo

Corredores de bienes raíces y agentes

Toll Brothers mantiene extensas redes con profesionales de bienes raíces en los mercados objetivo.

• Asociaciones activas de corredor de bienes raíces: más de 1,200
• Estructura de la Comisión: 2.5-3% por venta de vivienda
• Ventas asistidas por corredores totales en 2023: 4,751 casas

Gobierno local y autoridades de zonificación

Compromiso integral con organismos reguladores locales en las regiones de desarrollo.

Interacción regulatoria	Número de jurisdicciones	Tiempo de aprobación promedio
Aprobaciones de zonificación	186	8-12 meses
Asociaciones municipales	124	Colaboración en curso

Toll Brothers, Inc. (TOL) - Modelo de negocios: actividades clave

Diseño y construcción de viviendas residenciales de lujo

En 2023, Toll Brothers completó 9,202 casas con un precio de venta promedio de $ 1,030,000. La compañía opera en 24 estados y se centra en la construcción residencial de alta gama.

Métrica de construcción	2023 datos
Total de casas completadas	9,202
Precio promedio de venta de viviendas	$1,030,000
Presencia geográfica	24 estados

Adquisición de tierras y desarrollo del sitio

Toll Brothers poseía 69,200 lotes al 31 de octubre de 2023, con una cartera de lote controlada valorada en aproximadamente $ 8.3 mil millones.

• Lotes totales de propiedad: 69,200
• Valor de la cartera de lote controlado: $ 8.3 mil millones
• Costo promedio del lote: $ 120,000 por lote

Marketing y ventas de propiedades residenciales de alta gama

En el año fiscal 2023, Toll Brothers generó $ 9.8 mil millones en ingresos con un presupuesto de marketing de aproximadamente $ 180 millones.

Métrico de ventas	2023 datos
Ingresos totales	$ 9.8 mil millones
Gasto de marketing	$ 180 millones
Canales de ventas	Ventas directas, plataformas en línea, casas modelo

Servicios de personalización y personalización del cliente

Toll Brothers ofrece amplias opciones de personalización con el 85% de los compradores que seleccionan características de diseño personalizadas.

• Tasa de personalización: 85% de los compradores
• Gasto promedio de personalización: $ 75,000 por casa
• Ubicaciones del centro de diseño: 30+ en todo el país

Planificación comunitaria urbana y suburbana

Toll Brothers desarrolló 57 comunidades de adultos activos y 42 desarrollos de uso urbano/mixto en 2023.

Desarrollo comunitario	2023 métricas
Comunidades de adultos activos	57
Desarrollos urbanos/de uso mixto	42
Tamaño promedio de la comunidad	250-500 casas

Toll Brothers, Inc. (TOL) - Modelo de negocios: recursos clave

Equipos de arquitectura y diseño calificados

A partir del cuarto trimestre de 2023, Toll Brothers empleó a 2.850 profesionales de diseño y arquitectura en múltiples oficinas regionales. La compañía mantiene un equipo de diseño interno con una experiencia promedio de 14.6 años en desarrollo residencial de lujo.

Métrica del equipo de diseño	Datos cuantitativos
Profesionales de diseño totales	2,850
Experiencia de equipo promedio	14.6 años

Cartera extensa del banco de tierras

Toll Brothers controlaba aproximadamente 59,100 lotes a partir del año fiscal 2023, con una cartera de tierras total valorada en $ 4.2 mil millones. El desglose del banco de tierras incluye:

Categoría de banco de tierras	Número de lotes	Valor estimado
Lotes de propiedad	23,600	$ 1.8 mil millones
Lotes opcionales	35,500	$ 2.4 mil millones

Fuerte capital financiero y líneas de crédito

Recursos financieros a partir del cuarto trimestre 2023:

• Total de efectivo y equivalentes de efectivo: $ 1.47 mil millones
• Facilidades de crédito disponibles: $ 1.2 mil millones
• Deuda total: $ 3.6 mil millones
• Relación de deuda / capital: 0.62

Capacidades avanzadas de construcción y tecnología

Inversión tecnológica en 2023:

• Presupuesto de tecnología anual: $ 42.3 millones
• Licencias de software de diseño digital: 287
• BIM (modelado de información de construcción) Tasa de implementación: 94%

Equipos de gestión y ventas experimentados

Composición del equipo de gestión y ventas:

Categoría de equipo	Total de empleados	Tenencia promedio
Gestión ejecutiva	42	16.3 años
Profesionales de ventas	1,275	9.7 años

Toll Brothers, Inc. (TOL) - Modelo de negocio: propuestas de valor

Diseños de casas de lujo y personalizables

Toll Brothers ofrece casas con precios base promedio que van desde $ 700,000 a $ 1,200,000 en 2024. La compañía proporciona Más de 200 opciones de personalización para compradores de viviendas en 22 estados.

Categoría de diseño	Opciones de personalización	Gama de precios
Acabados interiores	78 opciones	$5,000 - $75,000
Configuraciones de cocina	42 opciones	$10,000 - $50,000
Modificaciones exteriores	54 opciones	$8,000 - $65,000

Construcción y artesanía de alta calidad

Toll Brothers Mantiene 98.2% Calificación de satisfacción del cliente con calidad de construcción. El tiempo promedio de construcción de viviendas es de 8-12 meses.

• Garantía estructural: cobertura integral de 10 años
• Calificación de calidad de los materiales: 9.6/10
• Certificaciones de calidad de construcción de terceros: 5 premios nacionales en 2023

Ubicaciones premium en mercados residenciales deseables

Toll Brothers opera en 22 estados con Enfoque principal en áreas metropolitanas de altos ingresos.

Región	Número de comunidades	Valor promedio de la casa
Nordeste	87	$1,100,000
Suroeste	62	$850,000
Costa oeste	45	$1,250,000

Experiencia integral de compra de viviendas

Toll Brothers ofrece servicios de compra de viviendas de extremo a extremo con Opciones de consulta digital y en persona.

• Centro de diseño en línea: acceso 24/7
• Consultores de diseño personal: soporte 1: 1
• Asistencia para financiamiento: Servicios hipotecarios internos

Espacios de vida innovadores y tecnológicamente integrados

La inversión en tecnologías del hogar inteligente estimado en $ 15 millones en 2024.

Integración tecnológica	Características estándar	Actualizaciones opcionales
Sistemas de hogar inteligentes	Automatización básica incluida	Integración avanzada de IA disponible
Eficiencia energética	Preparación para panel solar	Paquetes completos de energía renovable
Sistemas de seguridad	Monitoreo básico	Vigilancia avanzada de IA

Toll Brothers, Inc. (TOL) - Modelo de negocios: relaciones con los clientes

Consultas personalizadas de ventas y diseño

Toll Brothers ofrece consultas de diseño individuales con un promedio de 2.5 horas por interacción con el cliente. La compañía mantiene 85 estudios de diseño en 24 estados, ofreciendo experiencias personalizadas de personalización del hogar.

Ubicaciones de estudio de diseño	Tiempo de consulta promedio	Opciones de personalización
85 estudios de diseño	2.5 horas por cliente	Más de 500 opciones de diseño

Servicios de asistencia al cliente y garantía posterior a la venta

Toll Brothers ofrece un programa de garantía integral:

• Garantía estructural de 10 años
• Cobertura de sistemas mecánicos de 2 años
• Garantía integral de 1 año

Tipo de garantía	Período de cobertura	Tiempo de respuesta del servicio
Garantía estructural	10 años	Garantía de respuesta de 48 horas

Plataformas digitales para la selección y personalización del hogar

Métricas de compromiso digital para Toll Brothers:

• El 87% de los clientes usan plataformas en línea para la investigación inicial del hogar
• 65% utiliza tecnologías de tour virtual
• La plataforma digital genera el 42% de las consultas iniciales de los clientes

Compromiso comunitario y marketing de estilo de vida

Toll Brothers invierte $ 3.2 millones anuales en iniciativas de marketing centradas en la comunidad. El compromiso de las redes sociales alcanza aproximadamente 250,000 seguidores en las plataformas.

Inversión de marketing	Seguidores de redes sociales	Eventos comunitarios
$ 3.2 millones anualmente	250,000 seguidores	72 eventos comunitarios anuales

Repetir programas de clientes y referencias

Estadísticas del programa de referencia:

• 15% de las ventas de clientes habituales
• Los incentivos de referencia varían de $ 1,000 a $ 5,000
• Tasa de retención de clientes del 68%

Porcentaje de cliente repetido	Rango de incentivos de referencia	Tasa de retención de clientes
15%	$1,000 - $5,000	68%

Toll Brothers, Inc. (TOL) - Modelo de negocios: canales

Centros de ventas directos y casas modelo

Toll Brothers opera 364 centros de ventas y casas modeladas en 24 estados a partir de 2023. Inversión promedio de inicio en el hogar modelo: $ 1.2 millones por ubicación. Tráfico peatonal anual: aproximadamente 87,500 compradores potenciales.

Región	Número de centros de ventas	Recuento promedio de visitantes anuales
Nordeste	98	25,600
Sudeste	76	19,400
Oeste	112	29,500
Medio oeste	78	13,000

Sitio web en línea y plataformas de marketing digital

Métricas de canal digital para 2023:

• Sitio web Visitantes mensuales: 1.2 millones
• Presupuesto de marketing digital: $ 18.4 millones
• Tasa de conversión de plomo en línea: 3.7%
• Descargas de aplicaciones móviles: 245,000

Redes de corredores de bienes raíces

Estadísticas de la red de corredores para 2023:

Métrico de red	Valor
Broker Partners registrados	2,750
Tarifa de comisión	2.5% - 3.0%
Casas de referencia vendidas	1,425
Ingresos de referencia total de corredores	$ 412 millones

Espectáculos en casa y exhibiciones de la industria

Rendimiento del canal de exhibición en 2023:

• Asiste las exposiciones de la industria total: 87
• Gastos de marketing de exhibición: $ 3.2 millones
• Cables generados: 6.750
• Tasa de conversión de las exposiciones: 2.1%

Herramientas de consulta de diseño móvil y digital

Métricas de la plataforma de consulta digital:

• Consultas de diseño virtual: 42,500 anualmente
• Usuarios de herramientas de diseño 3D: 175,000
• Duración de consulta promedio: 45 minutos
• Inversión en desarrollo de herramientas de diseño digital: $ 4.7 millones

Toll Brothers, Inc. (TOL) - Modelo de negocios: segmentos de clientes

Compradores de viviendas ricos

Ingreso familiar promedio para el segmento principal de clientes de Toll Brothers: $ 200,000 a $ 250,000 anuales. Rango promedio de precios de la vivienda: $ 600,000 a $ 1,500,000.

Soporte de ingresos	Porcentaje de la base de clientes	Valor promedio de compra de la casa
$200,000 - $250,000	42%	$850,000
$250,000 - $350,000	33%	$1,200,000

Consumidores del mercado de ascenso y de lujo

Rango de edad demográfica objetivo: 35-55 años. El segmento de mercado de lujo representa el 38% de la base de clientes de Toll Brothers.

• Compradores de la vivienda de la edad media de lujo: 45 años
• Piso neto promedio del hogar: $ 1.8 millones
• Típico Houndage Square: 3,500 - 5,000 pies cuadrados

Profesionales urbanos y suburbanos

Distribución geográfica de segmentos de clientes:

Región	Porcentaje del cliente	Precio promedio de la vivienda
Nordeste	28%	$975,000
Suroeste	22%	$650,000
Costa oeste	35%	$1,250,000

Nesters vacíos y compradores de la edad de jubilación

Características del segmento de clientes:

• Rango de edad: 55-75 años
• Representar el 25% de la base de clientes de Toll Brothers
• Precio promedio de compra de la casa de jubilación: $ 550,000 - $ 850,000

Familias de altos ingresos que buscan viviendas premium

Métricas demográficas clave:

Ingresos familiares	Segmento de compra de vivienda	Porcentaje de mercado
$300,000 - $500,000	Vivienda premium	29%
$500,000+	Vivienda ultra lujosa	15%

Toll Brothers, Inc. (TOL) - Modelo de negocio: Estructura de costos

Gastos de adquisición y desarrollo de tierras

A partir del cuarto trimestre de 2023, Toll Brothers reportó costos de desarrollo de tierras y tierras de $ 4.02 mil millones. La compañía poseía o controlaba aproximadamente 65,000 lotes en 22 estados.

Categoría de costos	Cantidad (en millones)
Costos de adquisición de tierras	$2,510
Gastos de desarrollo de tierras	$1,510

Materiales de construcción y costos de mano de obra

Para el año fiscal 2023, Toll Brothers experimentaron costos de construcción por un total de $ 5.87 mil millones.

• Costo promedio de construcción por casa: $ 521,000
• Costos laborales que representan aproximadamente el 40% de los gastos totales de construcción
• Costos de materiales que representan aproximadamente el 60% de los gastos totales de construcción

Gastos de marketing y ventas

Los gastos de marketing y venta para el año fiscal 2023 fueron de $ 471.8 millones.

Categoría de gastos de marketing	Cantidad (en millones)
Marketing digital	$87.3
Publicidad tradicional	$62.5
Compensación del equipo de ventas	$322

Investigación de investigación y diseño

Los gastos de investigación y desarrollo para 2023 totalizaron $ 23.6 millones, centrándose en la innovación del diseño y el desarrollo de productos.

Sobrecarga administrativa y operativa

Los gastos generales y administrativos para el año fiscal 2023 fueron de $ 362.4 millones.

• Sobrecoss corporativos: $ 178.6 millones
• Infraestructura tecnológica: $ 54.2 millones
• Cumplimiento y gastos legales: $ 129.6 millones

Toll Brothers, Inc. (TOL) - Modelo de negocios: flujos de ingresos

Ventas de viviendas en mercados residenciales de lujo

Para el año fiscal 2023, Toll Brothers reportó ingresos totales de $ 9.19 mil millones. La compañía entregó 9,972 casas durante este período, con un precio promedio de $ 922,000 por casa.

Año fiscal	Total de casas entregadas	Precio promedio de la vivienda	Ingresos totales de las ventas de viviendas
2023	9,972	$922,000	$ 9.19 mil millones

Tarifas de personalización y actualización

Toll Brothers genera ingresos adicionales a través de opciones de personalización del hogar. La compañía ofrece paquetes de personalización extensos que contribuyen a flujos de ingresos incrementales.

• Las opciones de diseño personalizadas varían de $ 5,000 a $ 150,000 por casa
• Las tarifas de actualización representan aproximadamente el 7-10% de los ingresos por venta de vivienda total
• Ingresos anuales estimados de la personalización: $ 640 millones a $ 919 millones

Servicios de hipotecas y financiamiento

A través de Toll Brothers Mortgage, la compañía genera ingresos adicionales con respecto a los servicios de financiación.

Servicio	Contribución de ingresos	Penetración del mercado
Servicios hipotecarios	$ 87 millones (2023)	Aproximadamente el 60% de los compradores de viviendas

Desarrollo comunitario y ventas de lotes

Toll Brothers genera ingresos a través del desarrollo estratégico de tierras y ventas de lotes en ubicaciones principales.

• Portafolio de banca terrestre valorada en $ 2.3 mil millones
• Ingresos de ventas de lotes: $ 215 millones en el año fiscal 2023
• Comunidades de venta activa: 340 a noviembre de 2023

Servicios potenciales de bienes raíces auxiliares

Los flujos de ingresos adicionales incluyen propiedades de alquiler y asociaciones de inversión.

Servicio	Ganancia	Potencial de crecimiento
Propiedades de alquiler	$ 42 millones	Segmento del mercado emergente
Asociaciones de inversión	$ 76 millones	Oportunidad de expansión

Toll Brothers, Inc. (TOL) - Canvas Business Model: Value Propositions

You're looking at the core reasons why Toll Brothers, Inc. (TOL) commands its position in the luxury segment. It's not just about building houses; it's about delivering a specific, high-end experience grounded in customization and financial strength.

Highly personalized luxury homes via the BTO model

Toll Brothers, Inc. focuses heavily on the Build-to-Order (BTO) model. This lets buyers tailor their homes extensively. For example, in fiscal year 2024, home buyers added an average of approximately $203,000 in lot premiums and structural and design options to their base homes. This customization supports premium pricing. By the second quarter of fiscal year 2025, approximately 50% of Toll Brothers' homes were built-to-order, which helps align supply directly with demand and reduces inventory risk. The average sales price for new contracts in the third quarter of fiscal year 2025 hit $1.0 million, showing the continued strength of their pricing power in this segment.

Here are some recent delivery metrics reflecting this luxury focus:

• Delivered homes in Q3 FY2025: 2,959 units.
• Average delivered home price in Q3 FY2025: $974,000.
• Delivered homes in Q2 FY2025: 2,899 units.
• Average delivered home price in Q2 FY2025: $934,000.

Superior quality and craftsmanship in prime US markets

The company's value proposition rests on superior quality, backed by consistent recognition. Toll Brothers, Inc. operates in over 24 states and across more than 60 markets, giving them broad geographic reach in prime locations. This scale allows for operational efficiencies. The company delivered over 10,800 homes in fiscal year 2024. For fiscal year 2025, Toll Brothers, Inc. reaffirmed guidance projecting home sales revenue of $10.9 billion, with expected deliveries between 11,400 and 11,600 homes. This commitment to quality is recognized; Toll Brothers, Inc. marked 10 years in a row being named to the Fortune World's Most Admired Companies™ list as of fiscal year 2024.

Comprehensive one-stop shop for mortgage, title, and insurance

Toll Brothers, Inc. integrates several key services internally to streamline the buying process for you. They operate their own subsidiaries for critical functions. This vertical integration is a key part of the convenience factor. You get access to in-house services that help control timelines and potentially costs.

The company's wholly-owned subsidiaries include:

• Architectural and engineering services.
• Mortgage and title services.
• Insurance and landscaping operations.
• Smart home technology integration.

Access to exclusive, amenity-rich master-planned communities

A significant portion of the value comes from the communities themselves, not just the house. Toll Brothers, Inc. develops and sells homes within master-planned communities, often featuring resort-style golf and country club living. As of the end of fiscal year 2024, the company was selling from 408 communities. By the third quarter of fiscal year 2025, this count stood at 420 selling communities, showing active expansion in their selling footprint.

Financial stability and low cancellation rates for buyers

The financial health of Toll Brothers, Inc. translates into buyer confidence, especially in uncertain times. A lower cancellation rate suggests buyers are more committed, often due to better pre-qualification or stronger financial footing. In the third quarter of fiscal year 2025, the quarterly cancellation rate as a percentage of beginning-quarter backlog was 3.2%, up slightly from 2.4% the prior year, but still relatively low for the industry. Furthermore, 26% of buyers paid all cash in Q3 FY2025, indicating a strong base of affluent, less rate-sensitive customers. The company's balance sheet reflects this stability.

Here's a snapshot of the financial footing at the end of Q3 FY2025:

Metric	Amount (End of Q3 FY2025)
Stockholders' Equity	$8.10 billion
Debt-to-Capital Ratio	26.7%
Net Debt-to-Capital Ratio	19.3%
Backlog Value	$6.38 billion
Homes in Backlog	5,492 units

The company's ability to generate cash flow and maintain a strong equity base supports buyer assurance. Finance: draft 13-week cash view by Friday.

Toll Brothers, Inc. (TOL) - Canvas Business Model: Customer Relationships

You're looking at how Toll Brothers, Inc. maintains its relationship with its affluent customer base as the market shifts in late 2025. The focus here is on high-touch service supporting high-value transactions.

Dedicated Onsite Sales Consultants for guidance

Toll Brothers, Inc. relies on its sales force to establish the initial, personal connection with buyers, who are primarily move-up or move-down customers, with the median age of all buyers being approximately 56.

• Online Sales Teams offer initial assistance via email, call, text, or live chat.
• Knowledgeable Sales Consultants provide details on home designs, area specifics, and pricing upon scheduling an appointment.
• Buyer agents are compensated through fair and competitive programs across all communities.
• For sales professionals, compensation structures have included a base salary in the range of $30-45K plus a flat fee per signing and closing, or a commission rate between 0.3% and 1% per closing.

High-touch, consultative experience at Design Studios

The Design Studios serve as a critical touchpoint for personalization, which is a key differentiator for the luxury segment. In the year leading up to the fourth quarter of 2024, these studios generated over $1 billion in sales.

The initial appointment at a Design Studio typically lasts around three hours, where Design Consultants guide the buyer through selections.

Long-term relationship management with homeowners post-closing

Toll Brothers, Inc. ties construction manager compensation to customer satisfaction metrics to ensure quality extends past the closing date. This is measured through buyer responses on pre- and post-closing questionnaires.

Personalized service to manage the complex customization process

The company balances efficiency with customization, a strategy described as mass personalization. Buyers are making significant investments in tailoring their homes.

Metric	Amount/Value	Period/Context
Average Customization Spend Per Home	$203,000	Q4 (2024) for structural options, finishes, and lot premiums.
Total Options Available in Digital Tool	Nearly 500 options	For the Design Your Own Home tool.
Average Sales Price of New Contracts	$1.0 million	Q3 FY 2025.
All-Cash Buyer Percentage	28%	Q3 FY 2025, above the long-term average of 20%.
Average Loan-to-Value (LTV) for Financed Buyers	69%	Q3 FY 2025.

Digital tools for home design and community exploration

Digital tools are used to help customers visualize their selections before construction begins, reducing uncertainty. The company piloted a Virtual Reality (VR) application called Kitchen 360, which allows buyers to envision design selections in a photo-real 3D environment, often using a networked HTC Vive or tablet.

The Design Your Own Home floor plan personalization tool allows exploration of available options in real time across hundreds of communities nationwide.

• The digital tool works best on tablets, laptops, and desktop computers.
• The platform allows users to explore base designs and customize features like sunrooms or in-law suites.

Finance: draft 13-week cash view by Friday.

Toll Brothers, Inc. (TOL) - Canvas Business Model: Channels

You're looking at how Toll Brothers, Inc. gets its luxury homes in front of buyers, and it's a mix of physical presence and integrated services. The core of their physical channel is their expansive network of selling locations.

The company ended its Fiscal Year 2025 second quarter with 421 active selling communities. This represents growth from the 386 communities they had at the end of the second quarter of Fiscal Year 2024.

The primary physical touchpoints are the onsite model homes and dedicated sales centers within these communities. These locations showcase the product and facilitate the sales process, which is critical for their discretionary luxury buyer base.

You see the integration of customization through their in-house Design Studios across the country. Homes in new communities, like the Rivercrest townhomes announced for Reno, Nevada, feature Designer Appointed Collections from the Toll Brothers Design Studio. These studios help deliver the personalization that affluent buyers expect.

The digital channel supports the physical experience. Toll Brothers maintains an online presence, which includes the capability for customers to use the Design Your Own Home digital tool, facilitating pre-visit exploration and customization choices.

The company uses its wholly-owned subsidiaries to capture more of the transaction value and streamline the customer journey. This vertical integration is a key channel strategy.

• Toll Brothers Mortgage Company
• Title subsidiary
• Land development operations
• Smart home technology subsidiary

Here's a quick look at the scale of the physical channel and associated pricing metrics from the first half of Fiscal Year 2025:

Metric	Value (Q2 FY2025 End)	Value (Q3 FY2025)
Active Selling Communities	421	Not specified
Home Sales Revenues	$2.71 billion	$2.9 billion
Homes Delivered	2,899 units	2,959 units
Average Delivered Price (Approximate)	$933,600	$974,000
Average Price Per Home in Backlog	$1,128,100	Not specified

The Mortgage Company and other subsidiaries act as integrated channels, helping to secure financing and manage related services for buyers, which is a defintely sticky part of their sales process.

Toll Brothers, Inc. (TOL) - Canvas Business Model: Customer Segments

You're looking at who Toll Brothers, Inc. is actually selling to right now, late in 2025. Honestly, their success hinges on targeting buyers who aren't as sensitive to the current, higher mortgage rate environment. They focus on the luxury tier, which is a different game than the entry-level market.

Affluent move-up and move-down buyers with significant equity

This group forms the core of the Toll Brothers customer base, often driven by life events rather than just market timing. They have the financial muscle because of substantial home equity. At the end of fiscal 2024, Toll Brothers noted that 73% of their buyers were leveraging existing equity for large down payments or all-cash purchases. This financial cushion is key to their resilience. For the third quarter of fiscal 2025, the average sales price for new contracts hit $1.0 million, showing the high-end nature of these move-up/move-down transactions. Toll Brothers was selling from 420 active communities as of July 31, 2025, up from 408 at the end of fiscal 2024, indicating continued expansion to meet this demand.

Empty nesters and active adults (55+) seeking lifestyle communities

Toll Brothers specifically caters to this demographic through its Regency brand of active-adult communities. These buyers prioritize lifestyle amenities over just raw square footage. The company continues to expand this offering, announcing new Regency communities, such as the one coming soon to Sienna in Missouri City, Texas, which will feature home designs from 1,599 to over 3,200+ square feet. The median age of all buyers across the market is cited as 56, which aligns perfectly with this segment's focus on retirement or downsizing into a maintenance-free, amenity-rich setting. These customers are looking for resort-style living, which Toll Brothers delivers with features like pools, fitness centers, and pickleball courts in dedicated 55+ enclaves.

Wealthy first-time homebuyers less constrained by rates

This segment is smaller but financially robust enough to absorb higher borrowing costs. In the fourth quarter of fiscal 2024, Toll Brothers reported that approximately 28% of their buyers paid all cash, which is significantly above their long-term average of about 20%. This trend continued into Q3 2025, where the share of all-cash buyers remained elevated at 26%. The company explicitly targets these affluent first-time buyers, who made up about 28% of their business as of late 2024. For those taking mortgages, the average loan-to-value ratio was just 69% at the end of fiscal 2024, meaning even with higher rates, their debt burden relative to the home value is manageable. The average sales price for new contracts in Q3 2025 was $1.0 million, confirming the wealth profile of this group.

Buyers seeking luxury single-family, townhome, and condo residences

Toll Brothers serves a diverse product need within the luxury space, moving beyond just detached single-family homes. They offer luxury mid- and high-rise urban for-sale communities under Toll Brothers City Living, alongside townhomes and traditional luxury single-family residences. For instance, they announced a new townhome community, Rivercrest in Reno, Nevada, indicating a commitment to higher-density luxury options. The overall average price for homes delivered in fiscal 2024 was approximately $976,900, though the projection for the full fiscal year 2025 suggests a slightly lower average delivered price between $945,000 and $965,000. Still, the average delivered price in Q3 2025 was $974,000, showing strong pricing power across their product mix.

Here's a quick look at the financial profile of the transactions supporting these segments as of the latest reported quarter:

Metric	Value (Q3 FY2025)	Comparison/Context
Average Sales Price (New Contracts)	$1.0 million	Up 4.5% year-over-year
Average Delivered Price	$974,000	FY 2024 delivered average was $976,900
All-Cash Buyer Share	26%	Elevated from long-term average of ~20%
Average Incentive (New Contracts)	8%	Up from 7% in Q2 2025
Selling Communities Count	420	Up from 408 at FYE 2024

The customer base is defined by their financial capacity and life stage, which dictates their purchasing priorities. You can see the focus on high-value transactions through these key characteristics:

• Affluent buyers are insulated by significant home equity.
• Low cancellation rate, just 2.5% in Q4 2024, shows commitment.
• Build-to-order model allows for an average of approximately $203,000 in options in FY 2024.
• The company serves buyers across 24 states and Washington, DC.

Finance: draft 13-week cash view by Friday.

Toll Brothers, Inc. (TOL) - Canvas Business Model: Cost Structure

The Cost Structure for Toll Brothers, Inc. (TOL) is heavily weighted toward the direct costs of building luxury homes and securing future inventory. This structure reflects a commitment to high-quality product and disciplined land management.

The primary driver of cost is the Cost of home sales. Toll Brothers, Inc. (TOL) has projected an adjusted gross margin of 27.25% for Fiscal Year 2025, which implies that the Cost of home sales represents approximately 72.75% of home sales revenue for the year based on guidance. This margin target is a key focus area for operational efficiency.

A significant portion of capital outlay is dedicated to Significant land acquisition and development costs. This is the upfront investment required to secure future revenue streams. For instance, in the third quarter of FY 2025, Toll Brothers, Inc. (TOL) spent approximately $432.7 million on land to purchase approximately 2,755 lots. This ongoing investment is managed through a strategy favoring options over outright purchases to enhance capital efficiency.

The operating overhead is captured in the Selling, General, and Administrative (SG&A) expenses. The guidance for this category is projected to be in the range of 9.4% to 9.5% of home sales revenue for FY2025. To give you a view of recent performance against this guidance, the SG&A as a percentage of home sales revenue was reported at 9.5% in the second quarter of FY 2025, and improved to 8.8% in the third quarter of FY 2025.

Financing costs are a distinct cost element. The guidance for interest expense is expected to be approximately 1.2% of home sales revenues for the full year 2025, which is a slight variation from the outline's reference to cost of sales. This reflects the cost of carrying debt used to finance operations and land inventory.

The direct construction costs are variable but critical. These costs are composed of several key elements that Toll Brothers, Inc. (TOL) actively manages:

• Labor costs, including direct trade partners.
• Material costs, subject to commodity price fluctuations.
• Subcontractor costs for specialized construction tasks.

Here is a look at some related financial metrics that frame the overall cost environment:

Cost Component/Metric	Reported/Guidance Figure (FY2025 Context)	Reference Period/Basis
Projected Adjusted Gross Margin (Guidance)	27.25%	FY2025 Full Year Guidance
Implied Cost of Home Sales (Based on Guidance)	72.75%	FY2025 Full Year (100% - 27.25%)
SG&A as % of Home Sales Revenue (Guidance Range)	9.4% to 9.5%	FY2025 Full Year Guidance
SG&A as % of Home Sales Revenue (Reported)	9.5%	Q2 FY2025
SG&A as % of Home Sales Revenue (Reported)	8.8%	Q3 FY2025
Interest Expense as % of Home Sales Revenue (Guidance)	Approximately 1.2%	FY2025 Full Year Guidance
Land Spend (Concrete Example)	Approximately $432.7 million	Q3 FY2025 Spend

The company's strategy involves controlling these costs through disciplined underwriting, demanding high margins, and managing the mix between build-to-order and spec homes to optimize the final cost realization against the sales price.

You should review the latest inventory levels to understand the potential for future cost of sales recognition. At the end of the third quarter of FY 2025, Toll Brothers, Inc. (TOL) owned approximately 19,000 substantially improved lots, which are closer to the point of incurring final construction costs.

Finance: draft 13-week cash view by Friday.

Toll Brothers, Inc. (TOL) - Canvas Business Model: Revenue Streams

You're looking at the core ways Toll Brothers, Inc. brings in money, which is heavily weighted toward home sales, but definitely supported by other financial activities. Honestly, the numbers for late 2025 show a slight moderation from peak performance, but the company is still projecting very strong results.

The largest stream is definitely home sales revenue. For fiscal year 2025, Toll Brothers, Inc. reaffirmed guidance projecting home sales revenue at the midpoint of $10.9 billion. This is based on an expected delivery of 11,200 units for the full fiscal year 2025, with an anticipated average delivered price per home between $950,000 and $960,000. To give you a sense of their recent operational performance within that guidance, in the second quarter of fiscal 2025, they generated record home sales revenues of $2.71 billion on 2,899 delivered homes.

Here's a quick look at some of those key homebuilding metrics from recent reports:

Metric	Value/Range	Period/Context
Projected FY2025 Home Sales Revenue (Midpoint)	$10.9 billion	FY2025 Guidance
Implied FY2025 Full-Year Revenue	About $10.69 billion	FY2025 Projection (Result)
Q2 FY2025 Home Sales Revenue	$2.71 billion	Q2 FY2025 Actual
Q3 FY2025 Home Sales Revenue	$2.9 billion	Q3 FY2025 Actual
Projected FY2025 Deliveries (Units)	11,200 units	Full Fiscal Year 2025 Guidance
Projected FY2025 Adjusted Home Sales Gross Margin	27.25%	Full Fiscal Year 2025 Guidance

Next up, you have financial services revenue. Toll Brothers, Inc. helps buyers with ancillary mortgage, title, insurance, and other related services through its financial services segment. While this is a key part of their integrated model, the specific revenue amount for this segment for FY2025 wasn't explicitly broken out in the guidance summaries I'm looking at right now.

The company also generates revenue from land sales and other real estate transactions. This can be lumpy, but we see real-time data points. For instance, in the second quarter of fiscal 2025, the combined figure for Other income, income from unconsolidated entities, and gross margin from land sales and other was $29.0 million. That figure was $15.0 million in the third quarter of fiscal 2025.

Related to that, income from unconsolidated entities, which often includes their multifamily joint ventures, is bundled into that figure. You saw the impact of one of these when they reported a Q1 2025 shortfall partly due to the delayed sale of a stabilized apartment property in a joint venture.

Finally, a significant component of the total home sale value comes from customer choices in the Design Studios. This is revenue from structural and design upgrades or options selected by buyers. To give you a concrete example from the most recent full-year data, in fiscal 2024, home buyers added an average of approximately $203,000 in lot premiums and structural and design options to their homes. That's a substantial add-on revenue per transaction.

Here are the key components of the non-home sale revenue streams we can quantify:

• Income from unconsolidated entities and land sales (Q2 FY2025): $29.0 million.
• Income from unconsolidated entities and land sales (Q3 FY2025): $15.0 million.
• Average revenue from structural/design upgrades per home (FY2024): Approx. $203,000.
• Analyst forecast for Q4 FY2025 Land Sales Revenue: $65.19 million.

Finance: draft 13-week cash view by Friday.