cloudedjudgement.substack.com · 2021-08-31 · 1738d

Toast: Benchmarking the S-1 Data

This article provides a detailed financial analysis of Toast's S-1 filing, benchmarking the cloud-based restaurant POS platform against comparable SaaS businesses across key metrics including revenue growth, gross margin, net retention rate, and Rule of 40 performance. Toast demonstrates strong unit economics with low S&M spend, blended revenue streams (subscription + fintech), and accelerating ARR growth, positioning it as a well-capitalized pre-IPO SaaS company.

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Metrics in this report

Restaurant Technology Spending

25billion USD

actual

U.S. restaurant industry 2019 baseline

Restaurant Technology Spending Forecast

55billion USD

target

U.S. restaurant industry projected 2024

Toast Customers Served

29000count

actual

Approximate customer count as of June 30, 2021 filing date

Toast Gross Payment Volume

38billion USD

actual

Trailing twelve months GPV processed through Toast as of filing

Toast Payment Processing Take Rate

55basis points

average

Toast's average take rate as percentage of gross payment volume

Toast Restaurant Locations Live

48000count

actual

Restaurant locations operating on Toast platform as of June 30, 2021

Toast Serviceable Addressable Market

15billion USD

target

Toast's estimated current SAM across software and fintech products

U.S. Restaurant Locations

860000count

estimate

Total addressable restaurant locations across all segments in U.S.