Toast: This Quickly Turned Into My Favorite Fintech Play

Toast is rated a Strong Buy, driven by 22% customer growth and 92.5% YoY earnings expansion despite a 20% share price decline. TOST targets 200,000 locations by 2026, with significant runway remaining in a US restaurant TAM of 875,000, and demonstrates strong pricing power. Shares trade at only 12x forward EPS ($2.71), with robust cash ($1B+), no debt, and rapid customer payback (1.5 years) supporting the investment case.