Toll Brothers, Inc. (TOL): Modelo de negócios Canvas [Jan-2025 Atualizado]

A Toll Brothers, Inc. (Tol) está no auge do desenvolvimento de casas de luxo, transformando o cenário imobiliário residencial com seu inovador modelo de negócios que combina perfeitamente o design de ponta, as experiências personalizadas dos clientes e o posicionamento estratégico do mercado. Ao direcionar os compradores de casas ricais e alavancar uma abordagem abrangente da construção residencial, a Toll Brothers criou uma proposta de valor única que vai além de meras moradias, oferecendo espaços de estar meticulosamente projetados que refletem as aspirações e estilos de vida de profissionais discernindo e famílias que buscam soluções de habitação premium.

Toll Brothers, Inc. (TOL) - Modelo de negócios: Parcerias -chave

Desenvolvedores de terras e proprietários de imóveis

A Toll Brothers mantém parcerias estratégicas com desenvolvedores de terras em 24 estados. No ano fiscal de 2023, a empresa controlava aproximadamente 57.900 lotes, com um Portfólio de terras avaliado em US $ 4,7 bilhões.

Tipo de parceria	Número de parcerias	Cobertura geográfica
Parcerias de aquisição de terras	78	24 estados
Acordos de desenvolvimento conjunto	42	Principais áreas metropolitanas

Fornecedores de materiais de construção e contratados

A Toll Brothers trabalha com vários fornecedores nacionais e regionais para garantir a qualidade consistente da qualidade e da cadeia de suprimentos.

• Fornecedores de materiais de construção primários: 12 principais fornecedores nacionais
• Aquisição anual de material de construção: aproximadamente US $ 1,2 bilhão
• Duração média do relacionamento do fornecedor: 7-10 anos

Instituições financeiras

A Toll Brothers colabora com várias instituições financeiras para serviços de hipoteca e empréstimos.

Tipo de parceiro financeiro	Volume total de empréstimos (2023)	Valor médio do empréstimo
Credores hipotecários	US $ 3,8 bilhões	US $ 625.000 por casa
Fornecedores de empréstimos de construção	US $ 1,5 bilhão	US $ 450.000 por desenvolvimento

Corretores e agentes imobiliários

A Toll Brothers mantém extensas redes com profissionais imobiliários nos mercados -alvo.

• Parcerias de corretor imobiliário ativo: 1.200+
• Estrutura da comissão: 2,5-3% por venda em casa
• Total de vendas assistidas por corretores em 2023: 4.751 casas

O governo local e as autoridades de zoneamento

Engajamento abrangente com órgãos regulatórios locais nas regiões de desenvolvimento.

Interação regulatória	Número de jurisdições	Tempo médio de aprovação
Aprovações de zoneamento	186	8-12 meses
Parcerias municipais	124	Colaboração em andamento

Toll Brothers, Inc. (TOL) - Modelo de negócios: Atividades -chave

Design e construção residencial de luxo residencial

Em 2023, a Toll Brothers completou 9.202 casas com um preço médio de venda de US $ 1.030.000. A empresa opera em 24 estados e se concentra na construção residencial de ponta.

Métrica de construção	2023 dados
Casas totais concluídas	9,202
Preço médio de venda em casa	$1,030,000
Presença geográfica	24 estados

Aquisição de terras e desenvolvimento do local

A Toll Brothers possuía 69.200 lotes em 31 de outubro de 2023, com um portfólio de lotes controlados avaliado em aproximadamente US $ 8,3 bilhões.

• Lotes de propriedade total: 69.200
• Valor da portfólio de lote controlado: US $ 8,3 bilhões
• Custo médio do lote: US $ 120.000 por lote

Marketing e vendas de propriedades residenciais de ponta

No ano fiscal de 2023, a Toll Brothers gerou US $ 9,8 bilhões em receita com um orçamento de marketing de aproximadamente US $ 180 milhões.

Métrica de vendas	2023 dados
Receita total	US $ 9,8 bilhões
Gasto de marketing	US $ 180 milhões
Canais de vendas	Vendas diretas, plataformas online, casas modelo

Serviços de personalização e personalização do cliente

A Toll Brothers oferece extensas opções de personalização, com 85% dos compradores selecionando recursos de design personalizados.

• Taxa de personalização: 85% dos compradores
• Gasto médio de personalização: US $ 75.000 por casa
• Locais do Centro de Design: 30+ em todo o país

Planejamento comunitário urbano e suburbano

A Toll Brothers desenvolveu 57 comunidades adultas ativas e 42 desenvolvimentos de uso urbano/misto em 2023.

Desenvolvimento comunitário	2023 Métricas
Comunidades adultas ativas	57
Desenvolvimentos de uso urbano/misto	42
Tamanho médio da comunidade	250-500 casas

Toll Brothers, Inc. (TOL) - Modelo de negócios: Recursos -chave

Equipes de arquitetura e design qualificadas

A partir do quarto trimestre de 2023, a Toll Brothers empregava 2.850 profissionais de design e arquitetura em vários escritórios regionais. A empresa mantém uma equipe de design interna com uma experiência média de 14,6 anos em desenvolvimento residencial de luxo.

Métrica da equipe de design	Dados quantitativos
Total de Profissionais de Design	2,850
Experiência média da equipe	14,6 anos

Portfólio de bancos de terra extensa

A Toll Brothers controlava aproximadamente 59.100 lotes a partir do ano fiscal de 2023, com um portfólio total de terras no valor de US $ 4,2 bilhões. O colapso do banco de terras inclui:

Categoria do banco de terras	Número de lotes	Valor estimado
Possuía lotes	23,600	US $ 1,8 bilhão
Lotes opcionais	35,500	US $ 2,4 bilhões

Fortes linhas de capital financeiro e crédito

Recursos Financeiros a partir do quarto trimestre 2023:

• Total de caixa e equivalentes em dinheiro: US $ 1,47 bilhão
• Linhas de crédito disponíveis: US $ 1,2 bilhão
• Dívida total: US $ 3,6 bilhões
• Taxa de dívida / patrimônio: 0,62

Capacidades avançadas de construção e tecnologia

Investimento de tecnologia em 2023:

• Orçamento de tecnologia anual: US $ 42,3 milhões
• Licenças de software de design digital: 287
• BIM (modelagem de informações de construção) Taxa de implementação: 94%

Equipes de gestão e vendas experientes

Composição da equipe de gerenciamento e vendas:

Categoria de equipe	Total de funcionários	Posse média
Gestão executiva	42	16,3 anos
Profissionais de vendas	1,275	9,7 anos

Toll Brothers, Inc. (TOL) - Modelo de negócios: proposições de valor

Designs domésticos de luxo e personalizáveis

Toll Brothers oferece casas com preços base médios que variam de US $ 700.000 a US $ 1.200.000 em 2024. A empresa fornece Mais de 200 opções de personalização Para compradores de casas em 22 estados.

Categoria de design	Opções de personalização	Faixa de preço
Acabamentos internos	78 opções	$5,000 - $75,000
Configurações da cozinha	42 opções	$10,000 - $50,000
Modificações externas	54 opções	$8,000 - $65,000

Construção e habilidade de alta qualidade

Brothers Toll sustenta 98,2% Classificação de satisfação do cliente com qualidade de construção. O tempo médio de construção da casa é de 8 a 12 meses.

• Garantia estrutural: cobertura abrangente de 10 anos
• Classificação de qualidade dos materiais: 9.6/10
• Certificações de qualidade de construção de terceiros: 5 prêmios nacionais em 2023

Locais premium em mercados residenciais desejáveis

Brothers Toll opera em 22 estados com Foco primário em áreas metropolitanas de alta renda.

Região	Número de comunidades	Valor médio da casa
Nordeste	87	$1,100,000
Sudoeste	62	$850,000
Costa Oeste	45	$1,250,000

Experiência abrangente de compra em casa

Toll Brothers fornece serviços de compra de casa de ponta a ponta com Opções de consulta digital e pessoal.

• Centro de design online: acesso 24/7
• Consultores de design pessoal: 1: 1 suporte
• Assistência de financiamento: Serviços de hipoteca interna

Espaços inovadores e tecnologicamente integrados

Investimento em tecnologias domésticas inteligentes estimadas em US $ 15 milhões em 2024.

Integração de tecnologia	Recursos padrão	Atualizações opcionais
Sistemas domésticos inteligentes	Automação básica incluída	Integração avançada de IA disponível
Eficiência energética	Prontidão do painel solar	Pacotes de energia renovável completos
Sistemas de segurança	Monitoramento básico	Vigilância avançada de IA

Toll Brothers, Inc. (TOL) - Modelo de Negócios: Relacionamentos do Cliente

Consultas personalizadas de vendas e design

A Toll Brothers oferece consultas de design individuais com uma média de 2,5 horas por interação do cliente. A empresa mantém 85 estúdios de design em 24 estados, oferecendo experiências personalizadas de personalização doméstica.

Locais de estúdio de design	Tempo médio de consulta	Opções de personalização
85 estúdios de design	2,5 horas por cliente	Mais de 500 opções de design

Pós-venda de suporte ao cliente e serviços de garantia

Toll Brothers oferece um programa de garantia abrangente que abrange:

• Garantia estrutural de 10 anos
• Cobertura de sistemas mecânicos de 2 anos
• Garantia abrangente de 1 ano

Tipo de garantia	Período de cobertura	Tempo de resposta do serviço
Garantia estrutural	10 anos	Garantia de resposta de 48 horas

Plataformas digitais para seleção e personalização doméstica

Métricas de engajamento digital para irmãos Toll:

• 87% dos clientes usam plataformas on -line para pesquisa inicial inicial
• 65% Utiliza tecnologias de turismo virtual
• A plataforma digital gera 42% das consultas iniciais do cliente

Engajamento da comunidade e marketing de estilo de vida

A Toll Brothers investe US $ 3,2 milhões anualmente em iniciativas de marketing focadas na comunidade. O envolvimento da mídia social atinge aproximadamente 250.000 seguidores entre plataformas.

Investimento de marketing	Seguidores de mídia social	Eventos da comunidade
US $ 3,2 milhões anualmente	250.000 seguidores	72 eventos anuais da comunidade

Repetir programas de cliente e referência

Estatísticas do programa de referência:

• 15% das vendas de clientes recorrentes
• Os incentivos de referência variam de US $ 1.000 a US $ 5.000
• Taxa de retenção de clientes de 68%

Repetir a porcentagem do cliente	Intervalo de incentivo de referência	Taxa de retenção de clientes
15%	$1,000 - $5,000	68%

Toll Brothers, Inc. (Tol) - Modelo de Negócios: Canais

Centros de vendas diretas e casas modelo

A Toll Brothers opera 364 centros de vendas e modelos de casas em 24 estados a partir de 2023. Investimento médio doméstico modelo: US $ 1,2 milhão por local. Tráfego anual de pedestres: aproximadamente 87.500 compradores em potencial.

Região	Número de centros de vendas	Contagem média anual de visitantes
Nordeste	98	25,600
Sudeste	76	19,400
Oeste	112	29,500
Centro -Oeste	78	13,000

Site on -line e plataformas de marketing digital

Métricas de canal digital para 2023:

• Website Visitantes mensais: 1,2 milhão
• Orçamento de marketing digital: US $ 18,4 milhões
• Taxa de conversão de leads online: 3,7%
• Downloads de aplicativos móveis: 245.000

Redes de corretores imobiliários

Estatísticas de rede de corretoras para 2023:

Métrica de rede	Valor
Parceiros de corretores registrados	2,750
Taxa de comissão	2.5% - 3.0%
Casas de referência vendidas	1,425
Receita total de referência de corretores	US $ 412 milhões

Exposições em casa e exposições da indústria

Performance de canal de exposição em 2023:

• Exposições totais da indústria frequentadas: 87
• Despesas de marketing de exposições: US $ 3,2 milhões
• Leads gerados: 6.750
• Taxa de conversão de exposições: 2,1%

Ferramentas de consulta móvel e de design digital

Métricas da plataforma de consulta digital:

• Consultas de design virtual: 42.500 anualmente
• Usuários da ferramenta de design 3D: 175.000
• Duração média da consulta: 45 minutos
• Investimento de desenvolvimento de ferramentas de design digital: US $ 4,7 milhões

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

Compradores de casas ricais

Renda familiar média para o segmento de clientes do Toll Brothers: US $ 200.000 a US $ 250.000 anualmente. Faixa média de preço da casa: US $ 600.000 a US $ 1.500.000.

Faixa de renda	Porcentagem de base de clientes	Valor médio de compra da casa
$200,000 - $250,000	42%	$850,000
$250,000 - $350,000	33%	$1,200,000

Consumidores de mudança e mercado de luxo

Faixa de idade demográfica alvo: 35-55 anos. O segmento de mercado de luxo representa 38% da base de clientes da Toll Brothers.

• Idade média de compradores de casas de luxo: 45 anos
• Patrimônio líquido médio da família: US $ 1,8 milhão
• Mágua quadrada típica de casa: 3.500 - 5.000 pés quadrados

Profissionais urbanos e suburbanos

Distribuição geográfica dos segmentos de clientes:

Região	Porcentagem do cliente	Preço médio da casa
Nordeste	28%	$975,000
Sudoeste	22%	$650,000
Costa Oeste	35%	$1,250,000

Ninhos vazios e compradores em idade de aposentadoria

Características do segmento de clientes:

• Faixa etária: 55-75 anos
• Representar 25% da base de clientes dos irmãos Toll
• Preço médio de compra da casa de aposentadoria: US $ 550.000 - US $ 850.000

Famílias de alta renda que buscam moradia premium

Principais métricas demográficas:

Renda familiar	Segmento de compra de casa	Porcentagem de mercado
$300,000 - $500,000	Moradia premium	29%
$500,000+	Moradia ultra luxuosa	15%

Toll Brothers, Inc. (TOL) - Modelo de negócios: Estrutura de custos

Despesas de aquisição e desenvolvimento de terras

A partir do quarto trimestre de 2023, os irmãos Toll relataram custos de desenvolvimento de terras e terras de US $ 4,02 bilhões. A empresa possuía ou controlava aproximadamente 65.000 lotes em 22 estados.

Categoria de custo	Quantidade (em milhões)
Custos de aquisição de terras	$2,510
Despesas de desenvolvimento da terra	$1,510

Materiais de construção e custos de mão -de -obra

Para o ano fiscal de 2023, os irmãos Toll sofreram custos de construção totalizando US $ 5,87 bilhões.

• Custo médio de construção por lar: US $ 521.000
• Custos de mão -de -obra representando aproximadamente 40% do total de despesas de construção
• Custos de material representando aproximadamente 60% do total de despesas de construção

Despesas de marketing e vendas

As despesas de marketing e venda do ano fiscal de 2023 foram de US $ 471,8 milhões.

Categoria de despesa de marketing	Quantidade (em milhões)
Marketing digital	$87.3
Publicidade tradicional	$62.5
Compensação da equipe de vendas	$322

Pesquisa e investimento de design

As despesas de pesquisa e desenvolvimento de 2023 totalizaram US $ 23,6 milhões, com foco na inovação de design e desenvolvimento de produtos.

Overhead administrativo e operacional

As despesas gerais e administrativas do ano fiscal de 2023 foram de US $ 362,4 milhões.

• Organização corporativa: US $ 178,6 milhões
• Infraestrutura de tecnologia: US $ 54,2 milhões
• Conformidade e despesas legais: US $ 129,6 milhões

Toll Brothers, Inc. (TOL) - Modelo de negócios: fluxos de receita

Vendas domésticas em mercados residenciais de luxo

Para o ano fiscal de 2023, os irmãos Toll relataram receitas totais de US $ 9,19 bilhões. A empresa entregou 9.972 casas durante esse período, com um preço médio de US $ 922.000 por casa.

Ano fiscal	Total de casas entregues	Preço médio da casa	Receita total das vendas domésticas
2023	9,972	$922,000	US $ 9,19 bilhões

Taxas de personalização e atualização

O Toll Brothers gera receita adicional através de opções de personalização doméstica. A empresa oferece Pacotes de personalização extensos que contribuem para fluxos de receita incrementais.

• As opções de design personalizadas variam de US $ 5.000 a US $ 150.000 por casa
• As taxas de atualização representam aproximadamente 7-10% da receita total de venda em casa
• Receita anual estimada da personalização: US $ 640 milhões a US $ 919 milhões

Serviços de hipoteca e financiamento

Através da Toll Brothers Mortgage, a empresa gera receita adicional a partir de serviços de financiamento.

Serviço	Contribuição da receita	Penetração de mercado
Serviços de hipoteca	US $ 87 milhões (2023)	Aproximadamente 60% dos compradores de imóveis

Desenvolvimento comunitário e vendas de lote

O Toll Brothers gera receita através do desenvolvimento estratégico da terra e das vendas de lotes em locais privilegiados.

• Portfólio bancário de terras avaliadas em US $ 2,3 bilhões
• Receita de vendas de lote: US $ 215 milhões em 2023 fiscal
• Comunidades de venda ativa: 340 em novembro de 2023

Serviços imobiliários potenciais potenciais

Os fluxos de receita adicionais incluem propriedades de aluguel e parcerias de investimento.

Serviço	Receita	Potencial de crescimento
Propriedades de aluguel	US $ 42 milhões	Segmento de mercado emergente
Parcerias de investimento	US $ 76 milhões	Expansão da oportunidade

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.