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Toast, Inc.
Information Technology · Application Software
Structural: US restaurant POS is mid-cycle on cloud replacement of Aloha/Micros; Toast is the category leader by net adds with ~140k+ locations and the only pure-play vertical SaaS comp at scale. Payments-attach is the core unit economic - every new location lifts GPV which compounds high-margin take-rate revenue on top of low-margin subscription.
- Location growth still double-digit with TAM coverage under 20% of US restaurants
- International (UK/Canada/Ireland) early-innings - incremental TAM with no incumbent SaaS competitor at scale
- Fintech attach (Toast Capital, payroll, marketing) layers high-margin revenue on installed base - ARPU expansion lever independent of new locations
- Aman Narang/Steve Fredette founder-led; capital discipline visible post-2024 reset
- Enterprise wins (Marriott, Choice Hotels F&B, Topgolf) validate move upmarket beyond SMB independents
- Payment take rate is the P&L - any interchange compression or competitive repricing hits GP$ directly
- $SQ Square for Restaurants + Clover (Fiserv) + Lightspeed compete on price; churn in SMB tail is structural
- Restaurant macro sensitive - same-store GPV softens in consumer-spending downturns
- Toast Capital is a credit book; charge-off cycle untested at scale
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