Toll Brothers, Inc. (TOL): Business Model Canvas [Jan-2025 Mis à jour]

Toll Brothers, Inc. (TOL) se dresse au sommet du développement de la maison de luxe, transformant le paysage immobilier résidentiel avec son modèle commercial innovant qui mélange de manière transparente une conception haut de gamme, des expériences client personnalisées et un positionnement stratégique sur le marché. En ciblant les acheteurs riches et en tirant parti d'une approche complète de la construction résidentielle, Toll Brothers a conçu une proposition de valeur unique qui va au-delà du simple logement, offrant des espaces de vie méticuleusement conçus qui reflètent les aspirations et les modes de vie des professionnels exigeants et des familles à la recherche de solutions de logements premium.

Toll Brothers, Inc. (TOL) - Modèle commercial: partenariats clés

Promoteurs fonciers et propriétaires

Toll Brothers maintient des partenariats stratégiques avec des promoteurs fonciers dans 24 États. Au cours de l'exercice 2023, la société contrôlait environ 57 900 lots, avec un Portefeuille de terres d'une valeur de 4,7 milliards de dollars.

Type de partenariat	Nombre de partenariats	Couverture géographique
Partenariats d'acquisition de terrains	78	24 États
Accords de développement conjoints	42	Principales zones métropolitaines

Fournisseurs de matériaux de construction et entrepreneurs

Toll Brothers travaille avec plusieurs fournisseurs nationaux et régionaux pour assurer une qualité de matériau et une fiabilité cohérentes de la chaîne d'approvisionnement.

• Fournisseurs de matériaux de construction primaires: 12 grands vendeurs nationaux
• Aachat annuel des matériaux de construction: environ 1,2 milliard de dollars
• Durée moyenne des relations avec les fournisseurs: 7-10 ans

Institutions financières

Toll Brothers collabore avec plusieurs institutions financières pour les services hypothécaires et de prêt.

Type de partenaire financier	Volume total de prêt (2023)	Valeur moyenne du prêt
Prêteurs hypothécaires	3,8 milliards de dollars	625 000 $ par maison
Fournisseurs de prêts à la construction	1,5 milliard de dollars	450 000 $ par développement

Brokers et agents immobiliers

Toll Brothers entretient de vastes réseaux avec des professionnels de l'immobilier sur les marchés cibles.

• Partenariats de courtier immobilier actif: 1 200+
• Structure de la commission: 2,5 à 3% par vente à domicile
• Ventes totales assistées par courtier en 2023: 4 751 maisons

Gouvernement local et autorités de zonage

Engagement complet avec les organismes de réglementation locaux dans les régions de développement.

Interaction réglementaire	Nombre de juridictions	Temps d'approbation moyen
Approbations de zonage	186	8-12 mois
Partenariats municipaux	124	Collaboration continue

Toll Brothers, Inc. (TOL) - Modèle d'entreprise: activités clés

Conception et construction de maisons résidentielles de luxe

En 2023, Toll Brothers a complété 9 202 maisons avec un prix de vente moyen de 1 030 000 $. La société opère dans 24 États et se concentre sur la construction résidentielle haut de gamme.

Métrique de construction	2023 données
Total des maisons terminées	9,202
Prix ​​de vente moyen à domicile	$1,030,000
Présence géographique	24 États

Acquisition de terres et développement du site

Toll Brothers possédait 69 200 lots au 31 octobre 2023, avec un portefeuille de lots contrôlés d'une valeur d'environ 8,3 milliards de dollars.

• Total des lots détenus: 69 200
• Valeur du portefeuille de lots contrôlés: 8,3 milliards de dollars
• Coût moyen de lot: 120 000 $ par lot

Marketing et ventes de propriétés résidentielles haut de gamme

Au cours de l'exercice 2023, Toll Brothers a généré 9,8 milliards de dollars de revenus avec un budget marketing d'environ 180 millions de dollars.

Métrique des ventes	2023 données
Revenus totaux	9,8 milliards de dollars
Dépenses de marketing	180 millions de dollars
Canaux de vente	Ventes directes, plateformes en ligne, maisons modèles

Services de personnalisation et de personnalisation des clients

Toll Brothers propose des options de personnalisation approfondies avec 85% des acheteurs sélectionnant des fonctionnalités de conception personnalisées.

• Taux de personnalisation: 85% des acheteurs
• Dépenses de personnalisation moyenne: 75 000 $ par maison
• Emplacements du centre de conception: 30+ à l'échelle nationale

Planification communautaire urbaine et suburbaine

Toll Brothers a développé 57 communautés adultes actives et 42 développements urbains / mixtes en 2023.

Développement communautaire	2023 métriques
Communautés adultes actives	57
Développements urbains / à usage mixte	42
Taille moyenne de la communauté	250-500 maisons

Toll Brothers, Inc. (TOL) - Modèle commercial: Ressources clés

Équipes architecturales et de conception qualifiées

Depuis le quatrième trimestre 2023, Toll Brothers a employé 2 850 professionnels de la conception et de l'architecte dans plusieurs bureaux régionaux. La société maintient une équipe de conception interne avec une expérience moyenne de 14,6 ans dans le développement résidentiel de luxe.

Métrique de l'équipe de conception	Données quantitatives
Total des professionnels du design	2,850
Expérience moyenne de l'équipe	14,6 ans

Portefeuille de banque terrestre étendue

Toll Brothers contrôlait environ 59 100 lots à l'exercice 2023, avec un portefeuille total total d'une valeur de 4,2 milliards de dollars. La rupture de la banque terrestre comprend:

Catégorie de banque terrestre	Nombre de lots	Valeur estimée
Bien possédé	23,600	1,8 milliard de dollars
Lots optionnés	35,500	2,4 milliards de dollars

Fer solides lignes de capital financier et de crédit

Ressources financières au quatrième trimestre 2023:

• Total des équivalents en espèces et en espèces: 1,47 milliard de dollars
• Facilités de crédit disponibles: 1,2 milliard de dollars
• Dette totale: 3,6 milliards de dollars
• Ratio dette / fonds propres: 0,62

Capacités avancées de construction et de technologie

Investissement technologique en 2023:

• Budget technologique annuel: 42,3 millions de dollars
• Licences logicielles de conception numérique: 287
• BIM (Modélisation des informations du bâtiment) Taux de mise en œuvre: 94%

Équipes de gestion et de vente expérimentées

Composition de l'équipe de gestion et de vente:

Catégorie d'équipe	Total des employés	Tenure moyenne
Direction	42	16,3 ans
Professionnels des ventes	1,275	9,7 ans

Toll Brothers, Inc. (TOL) - Modèle d'entreprise: propositions de valeur

Designs de maisons de luxe et personnalisables

Toll Brothers propose des maisons avec des prix de base moyens allant de 700 000 $ à 1 200 000 $ en 2024. La société fournit Plus de 200 options de personnalisation pour les acheteurs de maisons dans 22 États.

Catégorie de conception	Options de personnalisation	Fourchette
Finitions intérieures	78 options	$5,000 - $75,000
Configurations de cuisine	42 options	$10,000 - $50,000
Modifications extérieures	54 options	$8,000 - $65,000

Construction et artisanat de haute qualité

Toll Brothers maintient Évaluation de satisfaction du client 98,2% avec qualité de construction. Le temps moyen de construction de maisons est de 8 à 12 mois.

• Garantie structurelle: couverture complète à 10 ans
• Évaluation de la qualité des matériaux: 9.6 / 10
• Certifications de qualité de construction tierces: 5 prix nationaux en 2023

Emplacements premium sur les marchés résidentiels souhaitables

Toll Brothers opère dans 22 États avec Focus primaire sur les zones métropolitaines à revenu élevé.

Région	Nombre de communautés	Valeur moyenne de la maison
Nord-est	87	$1,100,000
Sud-ouest	62	$850,000
Côte ouest	45	$1,250,000

Expérience d'achat de maisons complète

Toll Brothers fournit des services d'achat de maison de bout en bout avec Options de consultation numérique et en personne.

• Centre de conception en ligne: Accès 24/7
• Consultants en design personnel: support 1: 1
• Assistance au financement: services hypothécaires internes

Espaces de vie innovants et intégrés technologiquement

Investissement dans Smart Home Technologies estimé à 15 millions de dollars en 2024.

Intégration technologique	Caractéristiques standard	Mises à niveau facultative
Systèmes de maison intelligente	Automatisation de base incluse	Intégration AI avancée disponible
Efficacité énergétique	Préparation du panneau solaire	Packages d'énergie renouvelable complète
Systèmes de sécurité	Surveillance de base	Surveillance avancée de l'IA

Toll Brothers, Inc. (TOL) - Modèle d'entreprise: relations avec les clients

Consultations de vente et de conception personnalisées

Toll Brothers fournit des consultations en conception individuelles avec une moyenne de 2,5 heures par interaction client. La société maintient 85 studios de conception dans 24 États, offrant des expériences personnalisées de personnalisation des maisons.

Emplacements de studio de conception	Temps de consultation moyen	Options de personnalisation
85 studios de design	2,5 heures par client	Plus de 500 choix de conception

Soutien client post-vente et services de garantie

Toll Brothers propose un programme de garantie complet couvrant:

• Garantie structurelle à 10 ans
• Couverture de systèmes mécaniques à 2 ans
• Garantie complète d'un an

Type de garantie	Période de couverture	Temps de réponse du service
Garantie structurelle	10 ans	Garantie de réponse de 48 heures

Plateformes numériques pour la sélection et la personnalisation des maisons

Métriques d'engagement numérique pour Toll Brothers:

• 87% des clients utilisent des plateformes en ligne pour la recherche initiale à domicile
• 65% utilisent des technologies de tournée virtuelle
• La plate-forme numérique génère 42% des demandes initiales des clients

Engagement communautaire et marketing de style de vie

Toll Brothers investit 3,2 millions de dollars par an dans des initiatives de marketing axées sur la communauté. L'engagement des médias sociaux atteint environ 250 000 abonnés sur toutes les plateformes.

Investissement en marketing	Abonnés des médias sociaux	Événements communautaires
3,2 millions de dollars par an	250 000 abonnés	72 événements communautaires annuels

Programmes de clients et de référence répétés

Statistiques du programme de référence:

• 15% des ventes de clients réguliers
• Les incitations de référence varient de 1 000 $ à 5 000 $
• Taux de rétention de la clientèle de 68%

Pourcentage de clientèle répété	Plage d'incitation de référence	Taux de rétention de la clientèle
15%	$1,000 - $5,000	68%

Toll Brothers, Inc. (TOL) - Modèle commercial: canaux

Centres de vente directs et maisons modèles

Toll Brothers exploite 364 centres de vente et des maisons modèles dans 24 États en 2023. Investissement moyen du modèle à domicile: 1,2 million de dollars par emplacement. Trafic annuel: environ 87 500 acheteurs potentiels.

Région	Nombre de centres de vente	Compte moyen des visiteurs annuels moyens
Nord-est	98	25,600
Au sud-est	76	19,400
Ouest	112	29,500
Midwest	78	13,000

Site Web en ligne et plateformes de marketing numérique

Métriques des canaux numériques pour 2023:

• Visiteurs mensuels du site Web: 1,2 million
• Budget de marketing numérique: 18,4 millions de dollars
• Taux de conversion en ligne du plomb: 3,7%
• Téléchargements d'applications mobiles: 245 000

Réseaux de courtiers immobiliers

Statistiques du réseau de courtiers pour 2023:

Métrique du réseau	Valeur
Partenaires de courtier enregistrés	2,750
Taux de commission	2.5% - 3.0%
Maisons de référence vendues	1,425
Revenus de référence du courtier total	412 millions de dollars

Spectacles à domicile et expositions de l'industrie

Performance du canal d'exposition en 2023:

• Total des expositions de l'industrie présente: 87
• Dépenses de marketing d'exposition: 3,2 millions de dollars
• Leads généré: 6,750
• Taux de conversion des expositions: 2,1%

Outils de consultation de conception mobile et numérique

Métriques de la plate-forme de consultation numérique:

• Consultations en conception virtuelle: 42 500 par an
• Utilisateurs d'outils de conception 3D: 175 000
• Durée moyenne de la consultation: 45 minutes
• Investissement de développement d'outils de conception numérique: 4,7 millions de dollars

Toll Brothers, Inc. (TOL) - Modèle d'entreprise: segments de clientèle

Acheteurs de maisons riches

Revenu médian des ménages pour le segment de la clientèle primaire des frères Toll: 200 000 $ à 250 000 $ par an. Gamme de prix moyenne: 600 000 $ à 1 500 000 $.

Tranche de revenu	Pourcentage de clientèle	Valeur d'achat moyen
$200,000 - $250,000	42%	$850,000
$250,000 - $350,000	33%	$1,200,000

Consommateurs de marchés de mouvement et de luxe

Target démographique de la tranche d'âge: 35 à 55 ans. Le segment du marché de luxe représente 38% de la clientèle de Toll Brothers.

• Âge médian des acheteurs de maisons de luxe: 45 ans
• Valeur nette moyenne du ménage: 1,8 million de dollars
• Maison de maison typique: 3 500 - 5 000 pieds carrés

Professionnels urbains et suburbains

Distribution géographique des segments de clientèle:

Région	Pourcentage de clientèle	Prix ​​moyen des maisons
Nord-est	28%	$975,000
Sud-ouest	22%	$650,000
Côte ouest	35%	$1,250,000

Nicheurs vides et acheteurs de la retraite

Caractéristiques du segment de la clientèle:

• Tranche d'âge: 55 à 75 ans
• Représentent 25% de la clientèle de Toll Brothers
• Prix ​​d'achat moyen de la retraite moyenne: 550 000 $ - 850 000 $

Les familles à revenu élevé à la recherche de logements premium

Mesures démographiques clés:

Revenu familial	Segment d'achat d'une maison	Pourcentage de marché
$300,000 - $500,000	Logement premium	29%
$500,000+	Logement ultra-luxueux	15%

Toll Brothers, Inc. (TOL) - Modèle d'entreprise: Structure des coûts

Frais d'acquisition et de développement des terres

Au quatrième trimestre 2023, Toll Brothers a déclaré des coûts de développement foncier et foncières de 4,02 milliards de dollars. La société possédait ou contrôlait environ 65 000 lots dans 22 États.

Catégorie de coûts	Montant (en millions)
Coûts d'acquisition de terres	$2,510
Frais de développement des terres	$1,510

Matériaux de construction et coûts de main-d'œuvre

Pour l'exercice 2023, Toll Brothers a connu des coûts de construction totalisant 5,87 milliards de dollars.

• Coût de construction moyen par maison: 521 000 $
• Les coûts de main-d'œuvre représentant environ 40% du total des dépenses de construction
• Les coûts des matériaux représentant environ 60% du total des dépenses de construction

Dépenses de marketing et de vente

Les frais de commercialisation et de vente pour l'exercice 2023 étaient de 471,8 millions de dollars.

Catégorie de dépenses de marketing	Montant (en millions)
Marketing numérique	$87.3
Publicité traditionnelle	$62.5
Compensation de l'équipe de vente	$322

Investissement de recherche et de conception

Les frais de recherche et de développement pour 2023 ont totalisé 23,6 millions de dollars, en se concentrant sur l'innovation de conception et le développement de produits.

Surfaçon administratives et opérationnelles

Les frais généraux et administratifs pour l'exercice 2023 étaient de 362,4 millions de dollars.

• Offres des entreprises: 178,6 millions de dollars
• Infrastructure technologique: 54,2 millions de dollars
• Compliance et dépenses juridiques: 129,6 millions de dollars

Toll Brothers, Inc. (TOL) - Modèle commercial: Strots de revenus

Ventes de maisons sur les marchés résidentiels de luxe

Pour l'exercice 2023, Toll Brothers a déclaré des revenus totaux de 9,19 milliards de dollars. La société a livré 9 972 maisons au cours de cette période, avec un prix moyen de 922 000 $ par domicile.

Exercice fiscal	Total des maisons livrées	Prix ​​moyen des maisons	Revenus totaux des ventes de maisons
2023	9,972	$922,000	9,19 milliards de dollars

Frais de personnalisation et de mise à niveau

Toll Brothers génère des revenus supplémentaires grâce à des options de personnalisation domestique. La société propose packages de personnalisation étendus qui contribuent à des sources de revenus supplémentaires.

• Les options de conception personnalisées varient de 5 000 $ à 150 000 $ par maison
• Les frais de mise à niveau représentent environ 7 à 10% des revenus totaux de vente de maisons
• Revenus annuels estimés de la personnalisation: 640 millions de dollars à 919 millions de dollars

Services d'hypothèque et de financement

Grâce à l'hypothèque Toll Brothers, la société génère des revenus supplémentaires des services de financement.

Service	Contribution des revenus	Pénétration du marché
Services hypothécaires	87 millions de dollars (2023)	Environ 60% des acheteurs de maisons

Développement communautaire et ventes de lots

Toll Brothers génère des revenus grâce au développement stratégique des terres et aux ventes de lots dans des emplacements privilégiés.

• Portefeuille de banques foncières d'une valeur de 2,3 milliards de dollars
• Revenus de ventes de lots: 215 millions de dollars au cours de l'exercice 2023
• Communautés de vente active: 340 en novembre 2023

Services immobiliers auxiliaires potentiels

Des sources de revenus supplémentaires comprennent les propriétés locatives et les partenariats d'investissement.

Service	Revenu	Potentiel de croissance
Propriétés locatives	42 millions de dollars	Segment de marché émergent
Partenariats d'investissement	76 millions de dollars	Opportunité en expansion

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.