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TD Ameritrade Holding

Nasdaq:AMTD
Snowflake Description

Proven track record and fair value.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
AMTD
Nasdaq
$19B
Market Cap
  1. Home
  2. US
  3. Diversified Financials
Company description

TD Ameritrade Holding Corporation provides securities brokerage and related technology-based financial services to retail investors and traders, and independent registered investment advisors (RIAs) in the United States. The last earnings update was 65 days ago. More info.


Add to Portfolio Compare Print
  • TD Ameritrade Holding has significant price volatility in the past 3 months.
AMTD Share Price and Events
7 Day Returns
0.9%
NasdaqGS:AMTD
-1.1%
US Capital Markets
-2.8%
US Market
1 Year Returns
-33.2%
NasdaqGS:AMTD
-14.5%
US Capital Markets
-15.9%
US Market
AMTD Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
TD Ameritrade Holding (AMTD) 0.9% -1% -29.8% -33.2% -9.4% -7%
US Capital Markets -1.1% -17.6% -24.9% -14.5% 0.6% 18.4%
US Market -2.8% -18.8% -24% -15.9% 2.8% 13.3%
1 Year Return vs Industry and Market
  • AMTD underperformed the Capital Markets industry which returned -14.5% over the past year.
  • AMTD underperformed the Market in United States of America which returned -15.9% over the past year.
Price Volatility
AMTD
Industry
5yr Volatility vs Market

AMTD Value

 Is TD Ameritrade Holding undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of TD Ameritrade Holding to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for TD Ameritrade Holding.

NasdaqGS:AMTD Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Excess Returns Model
Stable EPS Weighted future Return on Equity estimates from 5 analysts.
= Stable Book Value * Return on Equity
= $17.50 * 14%
$2.44
Book Value of Equity per Share Weighted future Book Value estimates from 2 analysts. $17.50
Discount Rate (Cost of Equity) See below 6.7%
Perpetual Growth Rate 10-Year US Government Bond Rate 1.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for NasdaqGS:AMTD
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 1.7%
Equity Risk Premium S&P Global 5.4%
Capital Markets Unlevered Beta Simply Wall St/ S&P Global 0.75
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.745 (1 + (1- 21%) (20.96%))
0.912
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.91
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 1.74% + (0.912 * 5.44%)
6.7%

Discounted Cash Flow Calculation for NasdaqGS:AMTD using Excess Returns Model Model

The calculations below outline how an intrinsic value for TD Ameritrade Holding is arrived at using the Excess Return Model. This approach is used for finance firms where free cash flow is difficult to estimate.

In the Excess Return Model the value of a firm can be written as the sum of capital invested currently in the firm and the present value of excess returns that the firm expects to make in the future.

The model is sensitive to the Return on Equity of the company versus the Cost of Equity, how these are calculated is detailed below the main calculation.

Note the calculations below are per share.

See our documentation to learn about this calculation.

NasdaqGS:AMTD Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (14% – 6.7%) * $17.50)
$1.27
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= $1.27 / (6.7% - 1.74%)
$25.62
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= $17.50 + $25.62
$43.11
NasdaqGS:AMTD Discount to Share Price
Calculation Result
Value per share (USD) From above. $43.11
Current discount Discount to share price of $34.81
= -1 x ($34.81 - $43.11) / $43.11
19.3%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price TD Ameritrade Holding is available for.
Intrinsic value
19%
Share price is $34.81 vs Future cash flow value of $43.11
Current Discount Checks
For TD Ameritrade Holding to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • TD Ameritrade Holding's share price is below the future cash flow value, but not at a moderate discount (< 20%).
  • TD Ameritrade Holding's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for TD Ameritrade Holding's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are TD Ameritrade Holding's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NasdaqGS:AMTD PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-12-31) in USD $3.61
NasdaqGS:AMTD Share Price ** NasdaqGS (2020-04-03) in USD $34.81
United States of America Capital Markets Industry PE Ratio Median Figure of 92 Publicly-Listed Capital Markets Companies 33.66x
United States of America Market PE Ratio Median Figure of 2,947 Publicly-Listed Companies 12.21x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of TD Ameritrade Holding.

NasdaqGS:AMTD PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NasdaqGS:AMTD Share Price ÷ EPS (both in USD)

= 34.81 ÷ 3.61

9.65x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • TD Ameritrade Holding is good value based on earnings compared to the US Capital Markets industry average.
  • TD Ameritrade Holding is good value based on earnings compared to the United States of America market.
Price based on expected Growth
Does TD Ameritrade Holding's expected growth come at a high price?
Raw Data
NasdaqGS:AMTD PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 9.65x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 12 Analysts
0.7%per year
United States of America Capital Markets Industry PEG Ratio Median Figure of 36 Publicly-Listed Capital Markets Companies 2.03x
United States of America Market PEG Ratio Median Figure of 2,010 Publicly-Listed Companies 0.88x

*Line of best fit is calculated by linear regression .

NasdaqGS:AMTD PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 9.65x ÷ 0.7%

13.63x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • TD Ameritrade Holding is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on TD Ameritrade Holding's assets?
Raw Data
NasdaqGS:AMTD PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-12-31) in USD $16.17
NasdaqGS:AMTD Share Price * NasdaqGS (2020-04-03) in USD $34.81
United States of America Capital Markets Industry PB Ratio Median Figure of 182 Publicly-Listed Capital Markets Companies 7.67x
United States of America Market PB Ratio Median Figure of 5,146 Publicly-Listed Companies 1.2x
NasdaqGS:AMTD PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NasdaqGS:AMTD Share Price ÷ Book Value per Share (both in USD)

= 34.81 ÷ 16.17

2.15x

* Primary Listing of TD Ameritrade Holding.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • TD Ameritrade Holding is good value based on assets compared to the US Capital Markets industry average.
X
Value checks
We assess TD Ameritrade Holding's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Capital Markets industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Capital Markets industry average (and greater than 0)? (1 check)
  5. TD Ameritrade Holding has a total score of 3/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

AMTD Future Performance

 How is TD Ameritrade Holding expected to perform in the next 1 to 3 years based on estimates from 12 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
0.7%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is TD Ameritrade Holding expected to grow at an attractive rate?
  • TD Ameritrade Holding's earnings growth is positive but not above the low risk savings rate of 1.7%.
Growth vs Market Checks
  • TD Ameritrade Holding's earnings growth is positive but not above the United States of America market average.
  • TD Ameritrade Holding's revenues are expected to decrease over the next 1-3 years, this is below the United States of America market average.
Annual Growth Rates Comparison
Raw Data
NasdaqGS:AMTD Future Growth Rates Data Sources
Data Point Source Value (per year)
NasdaqGS:AMTD Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 12 Analysts 0.7%
NasdaqGS:AMTD Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 12 Analysts -0.8%
United States of America Capital Markets Industry Earnings Growth Rate Market Cap Weighted Average 5.3%
United States of America Capital Markets Industry Revenue Growth Rate Market Cap Weighted Average 2.3%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 13.4%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
NasdaqGS:AMTD Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 12 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NasdaqGS:AMTD Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2024-09-30 5,731 1,950 1
2023-09-30 5,089 1,502 1
2022-09-30 4,478 1,164 4
2021-09-30 4,686 1,277 1,167 11
2020-09-30 4,981 1,568 1,408 12
2020-04-05
NasdaqGS:AMTD Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-12-31 5,647 4,385 1,983
2019-09-30 5,872 7,620 2,208
2019-06-30 5,723 6,251 2,112
2019-03-31 5,623 1,959 2,008
2018-12-31 5,600 -1,342 1,780
2018-09-30 5,353 -4,522 1,473
2018-06-30 4,942 -4,965 1,230
2018-03-31 4,499 -3,084 1,010
2017-12-31 3,997 362 953
2017-09-30 3,605 402 872
2017-06-30 3,461 1,100 846
2017-03-31 3,375 1,084 855

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • TD Ameritrade Holding's earnings are expected to grow by 0.7% yearly, however this is not considered high growth (20% yearly).
  • TD Ameritrade Holding's revenue is expected to decrease over the next 1-3 years, this is not considered high growth.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NasdaqGS:AMTD Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 12 Analyst Estimates (S&P Global) See Below

All data from TD Ameritrade Holding Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NasdaqGS:AMTD Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2024-09-30 3.53 3.53 3.53 1.00
2023-09-30 2.73 2.73 2.73 1.00
2022-09-30 2.14 2.14 2.14 1.00
2021-09-30 2.12 2.96 1.69 4.00
2020-09-30 2.58 2.89 1.79 6.00
2020-04-05
NasdaqGS:AMTD Past Financials Data
Date (Data in USD Millions) EPS *
2019-12-31 3.61
2019-09-30 3.98
2019-06-30 3.77
2019-03-31 3.56
2018-12-31 3.15
2018-09-30 2.60
2018-06-30 2.20
2018-03-31 1.84
2017-12-31 1.77
2017-09-30 1.65
2017-06-30 1.60
2017-03-31 1.62

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • TD Ameritrade Holding is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess TD Ameritrade Holding's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
TD Ameritrade Holding has a total score of 0/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

AMTD Past Performance

  How has TD Ameritrade Holding performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare TD Ameritrade Holding's growth in the last year to its industry (Capital Markets).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • TD Ameritrade Holding has delivered over 20% year on year earnings growth in the past 5 years.
  • TD Ameritrade Holding's 1-year earnings growth is less than its 5-year average (11.4% vs 24%)
  • TD Ameritrade Holding's earnings growth has exceeded the US Capital Markets industry average in the past year (11.4% vs 9.7%).
Earnings and Revenue History
TD Ameritrade Holding's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from TD Ameritrade Holding Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NasdaqGS:AMTD Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-12-31 5,647.00 1,983.00 2,212.00
2019-09-30 5,872.00 2,208.00 2,181.00
2019-06-30 5,723.00 2,112.00 2,133.00
2019-03-31 5,623.00 2,008.00 2,108.00
2018-12-31 5,600.00 1,780.00 2,156.00
2018-09-30 5,353.00 1,473.00 2,177.00
2018-06-30 4,942.00 1,230.00 2,084.00
2018-03-31 4,499.00 1,010.00 1,971.00
2017-12-31 3,997.00 953.00 1,784.00
2017-09-30 3,605.00 872.00 1,657.00
2017-06-30 3,461.00 846.00 1,563.00
2017-03-31 3,375.00 855.00 1,518.00
2016-12-31 3,319.00 846.00 1,473.00
2016-09-30 3,274.00 842.00 1,448.00
2016-06-30 3,277.00 873.00 1,397.00
2016-03-31 3,233.00 829.00 1,378.00
2015-12-31 3,194.00 814.00 1,379.00
2015-09-30 3,204.00 813.00 1,377.00
2015-06-30 3,174.00 808.00 1,366.00
2015-03-31 3,150.00 802.00 1,345.00
2014-12-31 3,162.00 806.00 1,341.00
2014-09-30 3,098.00 787.00 1,321.00
2014-06-30 3,012.00 777.00 1,309.00
2014-03-31 2,973.00 770.00 1,301.00
2013-12-31 2,840.00 720.00 1,264.00
2013-09-30 2,739.00 675.00 1,236.00
2013-06-30 2,677.00 618.00 1,231.00

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • TD Ameritrade Holding has efficiently used shareholders’ funds last year (Return on Equity greater than 20%).
  • TD Ameritrade Holding used its assets more efficiently than the US Capital Markets industry average last year based on Return on Assets.
  • Unable to establish if TD Ameritrade Holding improved its use of capital last year versus 3 years ago (Return on Capital Employed) due to insufficient past data.
X
Past performance checks
We assess TD Ameritrade Holding's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Capital Markets industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
TD Ameritrade Holding has a total score of 4/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

AMTD Health

 How is TD Ameritrade Holding's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up TD Ameritrade Holding's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • TD Ameritrade Holding is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • TD Ameritrade Holding's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of TD Ameritrade Holding's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Debt is covered by short term assets, assets are 9.8x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from TD Ameritrade Holding Company Filings, last reported 3 months ago.

NasdaqGS:AMTD Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-12-31 8,747.00 3,572.00 11,652.00
2019-09-30 8,700.00 3,597.00 12,139.00
2019-06-30 8,493.00 3,574.00 10,440.00
2019-03-31 8,323.00 3,535.00 8,420.00
2018-12-31 8,357.00 3,528.00 8,413.00
2018-09-30 8,003.00 2,631.00 6,033.00
2018-06-30 7,936.00 2,633.00 6,150.00
2018-03-31 7,595.00 2,857.00 8,655.00
2017-12-31 7,433.00 2,695.00 12,389.00
2017-09-30 7,247.00 2,655.00 12,512.00
2017-06-30 5,460.00 2,561.00 10,645.00
2017-03-31 5,325.00 1,765.00 11,341.00
2016-12-31 5,199.00 1,769.00 11,132.00
2016-09-30 5,051.00 1,817.00 10,994.00
2016-06-30 4,972.00 1,828.00 9,308.00
2016-03-31 4,872.00 1,814.00 10,451.00
2015-12-31 4,974.00 1,783.00 8,084.00
2015-09-30 4,903.00 1,800.00 8,771.00
2015-06-30 4,993.00 1,810.00 7,107.00
2015-03-31 4,874.00 1,864.00 6,115.00
2014-12-31 4,760.00 1,225.00 6,892.00
2014-09-30 4,748.00 1,278.00 6,940.00
2014-06-30 4,698.00 1,215.00 6,930.00
2014-03-31 4,667.00 1,164.00 6,580.00
2013-12-31 4,528.00 1,196.00 7,051.00
2013-09-30 4,676.00 1,052.00 7,331.00
2013-06-30 4,551.00 1,148.00 7,144.00
  • TD Ameritrade Holding's level of debt (40.8%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (24.1% vs 40.8% today).
  • Debt is well covered by operating cash flow (122.8%, greater than 20% of total debt).
  • Unable to confirm if the interest payments on TD Ameritrade Holding's debt are well covered by earnings due to lack of past financial data.
X
Financial health checks
We assess TD Ameritrade Holding's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. TD Ameritrade Holding has a total score of 3/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

AMTD Dividends

 What is TD Ameritrade Holding's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
3.56%
Current annual income from TD Ameritrade Holding dividends. Estimated to be 3.7% next year.
If you bought $2,000 of TD Ameritrade Holding shares you are expected to receive $71 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • TD Ameritrade Holding's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (2.07%).
  • TD Ameritrade Holding's dividend is below the markets top 25% of dividend payers in United States of America (5.82%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
NasdaqGS:AMTD Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 12 Analyst Estimates (S&P Global) See Below
United States of America Capital Markets Industry Average Dividend Yield Market Cap Weighted Average of 44 Stocks 2.6%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 1936 Stocks 3.1%
United States of America Minimum Threshold Dividend Yield 10th Percentile 1.1%
United States of America Bottom 25% Dividend Yield 25th Percentile 2.1%
United States of America Top 25% Dividend Yield 75th Percentile 5.8%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

NasdaqGS:AMTD Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2024-09-30
2023-09-30
2022-09-30 1.32 5.00
2021-09-30 1.32 8.00
2020-09-30 1.24 8.00
2020-04-05
NasdaqGS:AMTD Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2020-01-31 1.240 3.198
2020-01-21 1.240 2.522
2019-11-15 1.240 2.501
2019-10-21 1.240 3.148
2019-08-01 1.200 2.823
2019-07-22 1.200 2.324
2019-04-29 1.200 2.342
2019-04-23 1.200 2.283
2019-01-31 1.200 2.217
2019-01-22 1.200 2.155
2018-11-16 1.200 2.369
2018-10-22 1.200 2.328
2018-08-07 0.840 1.525
2018-07-23 0.840 1.439
2018-05-08 0.840 1.432
2018-04-23 0.840 1.425
2017-10-24 0.840 1.543
2017-07-24 0.720 1.580
2017-07-18 0.720 1.542
2017-05-08 0.720 1.791
2017-04-19 0.720 1.860
2016-10-24 0.720 1.772
2016-08-05 0.680 2.047
2016-07-19 0.680 2.244
2016-01-20 0.680 2.298
2015-11-20 0.680 2.002
2015-10-27 0.680 1.890
2015-08-07 0.600 1.815
2015-07-21 0.600 1.620
2015-05-07 0.600 1.602
2015-04-21 0.600 1.657
2015-02-05 0.600 1.635
2015-01-21 0.600 1.792
2014-11-21 1.100 3.153
2014-10-28 1.100 3.207
2014-04-23 0.980 3.096
2013-10-29 0.980 3.153
2013-08-07 0.360 1.339
2013-07-23 0.360 1.325
2013-01-22 0.360 1.686
2012-10-31 0.360 2.166
2012-07-17 0.240 1.477
2012-04-17 0.240 1.390
2012-01-17 0.240 1.317
2011-10-25 0.240 1.490
2011-07-19 0.200 1.294
2011-04-18 0.200 1.001
2011-01-18 0.200 0.948
2010-10-26 0.200 1.099

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • TD Ameritrade Holding has been paying a dividend for less than 10 years and during this time payments have been volatile (annual drop of over 20%).
  • Dividend payments have increased, but TD Ameritrade Holding only paid a dividend in the past 9 years.
Current Payout to shareholders
What portion of TD Ameritrade Holding's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (3x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be covered by earnings (1.7x coverage).
X
Income/ dividend checks
We assess TD Ameritrade Holding's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.1%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can TD Ameritrade Holding afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. TD Ameritrade Holding has a total score of 3/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

AMTD Management

 What is the CEO of TD Ameritrade Holding's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Steve Boyle
COMPENSATION $2,980,405
AGE 58
TENURE AS CEO 4.5 years
CEO Bio

Mr. Stephen John Boyle, also known as Steve, serves as Board of Managers Member in TD Ameritrade Investment Management, LLC. He serves as Interim President & Chief Executive Officer of TD Ameritrade Clearing, Inc. (“TD Ameritrade Clearing”). He serves as Interim President and Chief Executive Officer at TD Ameritrade Holding Corporation since November 25, 2019 and its Director since November 2019 and was its Chief Financial Officer until November 25, 2019. Mr. Boyle joined TD Ameritrade Holding Corporation in July 2015. He was Executive Vice President of TD Ameritrade Holding Corporation until November 25, 2019. In his role as Chief Financial Officer, Mr. Boyle is responsible for the Company’s investor relations and finance operations functions, including accounting, business planning and forecasting, external and internal reporting, procurement, tax, treasury and asset/liability management. He served as Executive Vice President of Finance at TD Ameritrade Clearing from July 2015 to October 1, 2015. Mr. Boyle has experience in the financial services industry. He served as an Executive Vice President of Finance and Chief Financial Officer - TD Bank America at TD Bank, N.A. (The Toronto-Dominion Bank) until 2015. Mr. Boyle served as the Chief Financial Officer of TD Banknorth Inc. since April 28, 2003 and served as its Executive Vice President of Finance. He served as Senior Vice President, U. S. Personal and Commercial Banking of Toronto-Dominion Bank. Mr. Boyle has served as Controller of TB Banknorth since 1997 and was named executive vice president and chief financial officer in 2004, where he was responsible for finance, accounting, treasury and tax functions. He served as Executive Vice President of Specialty Business and Principal Accounting Officer of TD Bank, N.A. Mr. Boyle served as Director of Financial Reporting at Barnett Banks, Inc. from 1994 to 1997 and Manager of Corporate Accounting of Fleet Financial Group, Inc from 1991 to 1994. Mr. Boyle served at Arthur Andersen LLP, serving as a senior audit manager primarily focusing on financial services clients. He is a Member of the American Institute of Certified Public Accountants and serves on numerous civic boards. Mr. Boyle holds a BA in Economics from Wake Forest University and an M.S. in Accounting from New York University Business School.

CEO Compensation
  • Steve's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Steve's remuneration is lower than average for companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the TD Ameritrade Holding management team in years:

4.5
Average Tenure
54
Average Age
  • The tenure for the TD Ameritrade Holding management team is about average.
Management Team

Steve Boyle

TITLE
Interim President
COMPENSATION
$3M
AGE
58
TENURE
4.5 yrs

Steve Quirk

TITLE
Executive Vice President of Trading & Education
COMPENSATION
$3M
AGE
54
TENURE
9.8 yrs

Peter deSilva

TITLE
President of Retail
COMPENSATION
$4M
AGE
57
TENURE
2.6 yrs

Tom Nally

TITLE
President of TD Ameritrade Institutional
COMPENSATION
$3M
AGE
47

Jon Peterson

TITLE
Interim Chief Financial Officer
AGE
45
TENURE
0.4 yrs

Vijay Sankaran

TITLE
MD & Chief Information Officer
TENURE
3.7 yrs

Jeff Goeser

TITLE
Managing Director of Investor Relations

Kim Hillyer

TITLE
Managing Director of Corporate Communications

Prashant Bhatia

TITLE
Managing Director of Corporate Strategy & Business Development
TENURE
4.7 yrs

Karen Ganzlin

TITLE
Executive VP & Chief Human Resources Officer
TENURE
11.6 yrs
Board of Directors Tenure

Average tenure and age of the TD Ameritrade Holding board of directors in years:

7.5
Average Tenure
61
Average Age
  • The tenure for the TD Ameritrade Holding board of directors is about average.
Board of Directors

Joe Moglia

TITLE
Independent Chairman of the Board
COMPENSATION
$468K
AGE
69
TENURE
11.5 yrs

Steve Boyle

TITLE
Interim President
COMPENSATION
$3M
AGE
58
TENURE
0.4 yrs

Bharat Masrani

TITLE
Vice Chairman of the Board
AGE
62
TENURE
5.3 yrs

Peter Williams

TITLE
Chairman of Ameritrade Canada Inc
AGE
72

Mark Mitchell

TITLE
Independent Director
COMPENSATION
$364K
AGE
58
TENURE
13.4 yrs

Bill Prezzano

TITLE
Lead Director
COMPENSATION
$247K
AGE
78

Allan Tessler

TITLE
Independent Director
COMPENSATION
$352K
AGE
82
TENURE
13.4 yrs

Karen Maidment

TITLE
Independent Director
COMPENSATION
$264K
AGE
60
TENURE
9.7 yrs

Todd Ricketts

TITLE
Independent Director
COMPENSATION
$257K
AGE
49
TENURE
5.3 yrs

Larry Bettino

TITLE
Independent Director
COMPENSATION
$261K
AGE
58
TENURE
5.4 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month open market individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
18. Dec 19 Sell Ellen L. Koplow Individual 17. Dec 19 17. Dec 19 -17,241 $52.01 $-896,704
18. Dec 19 Sell Stephen Boyle Individual 16. Dec 19 16. Dec 19 -18,180 $52.25 $-949,905
16. Dec 19 Sell Steven Quirk Individual 12. Dec 19 12. Dec 19 -24,043 $53.46 $-1,285,339
09. Dec 19 Sell Ellen L. Koplow Individual 05. Dec 19 05. Dec 19 -7,533 $51.04 $-384,484
04. Dec 19 Sell Joseph Moglia Individual 02. Dec 19 02. Dec 19 -15,000 $52.37 $-785,550
27. Nov 19 Sell The Toronto-Dominion Bank Company 16. Oct 19 21. Nov 19 -11,104 $48.38 $-481,156
27. Nov 19 Buy The Toronto-Dominion Bank Company 01. Oct 19 22. Nov 19 51,252 $47.91 $1,941,408
X
Management checks
We assess TD Ameritrade Holding's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. TD Ameritrade Holding has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

AMTD News

Simply Wall St News

Should TD Ameritrade Holding (NASDAQ:AMTD) Be Disappointed With Their 38% Profit?

TD Ameritrade Holding Corporation (NASDAQ:AMTD) shareholders might be concerned after seeing the share price drop 15% in the last quarter. … During three years of share price growth, TD Ameritrade Holding achieved compound earnings per share growth of 32% per year. … We note that for TD Ameritrade Holding the TSR over the last 3 years was 46%, which is better than the share price return mentioned above.

Simply Wall St -

Should You Worry About TD Ameritrade Holding Corporation's (NASDAQ:AMTD) CEO Pay Cheque?

Check out our latest analysis for TD Ameritrade Holding How Does Tim Hockey's Compensation Compare With Similar Sized Companies? … At the time of writing our data says that TD Ameritrade Holding Corporation has a market cap of US$24b, and is paying total annual CEO compensation of US$8.6m. … The graphic below shows how CEO compensation at TD Ameritrade Holding has changed from year to year.

Simply Wall St -

What Type Of Shareholder Owns TD Ameritrade Holding Corporation's (NASDAQ:AMTD)?

See our latest analysis for TD Ameritrade Holding NasdaqGS:AMTD Ownership Summary, August 11th 2019 What Does The Institutional Ownership Tell Us About TD Ameritrade Holding? … We can see that TD Ameritrade Holding does have institutional investors; and they hold 51% of the stock. … Insider Ownership Of TD Ameritrade Holding While the precise definition of an insider can be subjective, almost everyone considers board members to be insiders.

Simply Wall St -

TD Ameritrade Holding Corporation (NASDAQ:AMTD) Looks Like A Good Stock, And It's Going Ex-Dividend Soon

Readers hoping to buy TD Ameritrade Holding Corporation (NASDAQ:AMTD) for its dividend will need to make their move shortly, as the stock is about to trade ex-dividend. … See our latest analysis for TD Ameritrade Holding Dividends are typically paid from company earnings. … Final Takeaway Is TD Ameritrade Holding an attractive dividend stock, or better left on the shelf?

Simply Wall St -

Is Now An Opportune Moment To Examine TD Ameritrade Holding Corporation (NASDAQ:AMTD)?

Let’s take a look at TD Ameritrade Holding’s outlook and value based on the most recent financial data to see if there are any catalysts for a price change. … What’s more interesting is that, TD Ameritrade Holding’s share price is quite volatile, which gives us more chances to buy since the share price could sink lower (or rise higher) in the future. … What does the future of TD Ameritrade Holding look like?

Simply Wall St -

These Factors Make TD Ameritrade Holding Corporation (NASDAQ:AMTD) An Interesting Investment

TD Ameritrade Holding Corporation (NASDAQ:AMTD) is a stock with outstanding fundamental characteristics. … For those interested in digging a bit deeper into my commentary, take a look at the report on TD Ameritrade Holding here. … NasdaqGS:AMTD Income Statement, July 13th 2019 Next Steps: For TD Ameritrade Holding, there are three pertinent aspects you should further research: Future Outlook: What are well-informed industry analysts predicting for AMTD’s future growth?

Simply Wall St -

Who Has Been Selling TD Ameritrade Holding Corporation (NASDAQ:AMTD) Shares?

So before you buy or sell TD Ameritrade Holding Corporation (NASDAQ:AMTD), you may well want to know whether insiders have been buying or selling. … For example, a Harvard University study found that 'insider purchases earn abnormal returns of more than 6% per year.' View our latest analysis for TD Ameritrade Holding TD Ameritrade Holding Insider Transactions Over The Last Year Over the last year, we can see that the biggest insider sale was by the Executive Vice President, Thomas Nally, for US$1.4m worth of shares, at about US$56.10 per share. … It's great to see high levels of insider ownership, but looking back at the last year, we don't gain confidence from the TD Ameritrade Holding insiders selling.

Simply Wall St -

How Do Analysts See TD Ameritrade Holding Corporation (NASDAQ:AMTD) Performing In The Next 12 Months?

Based on TD Ameritrade Holding Corporation's (NASDAQ:AMTD) earnings update in March 2019, analysts seem cautiously bearish, with profits predicted to rise by 8.7% next year relative to the higher past 5-year average growth rate of 17%. … To get an idea of the overall earnings growth trend for AMTD, I’ve plotted out each year’s earnings expectations and inserted a line of best fit to determine an annual rate of growth from the slope of this line. … NasdaqGS:AMTD Past and Future Earnings, June 18th 2019 From the current net income level of US$1.5b and the final forecast of US$1.8b by 2022, the annual rate of growth for AMTD’s earnings is 5.9%.

Simply Wall St -

Can You Imagine How TD Ameritrade Holding's (NASDAQ:AMTD) Shareholders Feel About The 80% Share Price Increase?

For example, TD Ameritrade Holding Corporation (NASDAQ:AMTD) shareholders have seen the share price rise 80% over three years, well in excess of the market return (43%, not including dividends). … One imperfect but simple way to consider how the market perception of a company has shifted is to compare the change in the earnings per share (EPS) with the share price movement. … TD Ameritrade Holding was able to grow its EPS at 32% per year over three years, sending the share price higher.

Simply Wall St -

I Ran A Stock Scan For Earnings Growth And TD Ameritrade Holding (NASDAQ:AMTD) Passed With Ease

I like to take a look at earnings before interest and (EBIT) tax margins, as well as revenue growth, to get another take on the quality of the company's growth. … Not all of TD Ameritrade Holding's revenue this year is revenue from operations, so keep in mind the revenue and margin numbers I've used might not be the best representation of the underlying business. … While we note TD Ameritrade Holding's EBIT margins were flat over the last year, revenue grew by a solid 40% to US$5.6b.

Simply Wall St -

AMTD Company Info

Description

TD Ameritrade Holding Corporation provides securities brokerage and related technology-based financial services to retail investors and traders, and independent registered investment advisors (RIAs) in the United States. The company offers trade execution, clearing, and margin lending services; and futures and foreign exchange trade execution services. It offers retail brokerage services for common and preferred stocks; exchange-traded funds (ETFs); mutual funds; options; futures; foreign exchange; fixed income products; primary and secondary offerings of fixed income securities, closed-end funds, common and preferred stocks; margin lending; cash management services; and annuities. The company also offers investor education services for investors to teach how to approach the selection process for investment securities and manage their investment portfolios. TD Ameritrade Holding Corporation provides its services primarily through the Internet, a network of retail branches, mobile trading applications, interactive voice response, and registered representatives through telephone. The company was founded in 1971 and is headquartered in Omaha, Nebraska.

Details
Name: TD Ameritrade Holding Corporation
AMTD
Exchange: NasdaqGS
Founded: 1971
$18,819,920,747
540,646,962
Website: http://www.amtd.com
Address: TD Ameritrade Holding Corporation
200 South 108th Avenue,
Omaha,
Nebraska, 68154,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NasdaqGS AMTD Common Stock Nasdaq Global Select US USD 04. Mar 1997
DB AMT Common Stock Deutsche Boerse AG DE EUR 04. Mar 1997
LSE 0LC9 Common Stock London Stock Exchange GB USD 04. Mar 1997
BRSE AMT Common Stock Berne Stock Exchange CH CHF 04. Mar 1997
Number of employees
Current staff
Staff numbers
9,179
TD Ameritrade Holding employees.
Industry
Investment Banking and Brokerage
Diversified Financials
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/04/05 04:10
End of day share price update: 2020/04/03 00:00
Last estimates confirmation: 2020/04/03
Last earnings filing: 2020/01/31
Last earnings reported: 2019/12/31
Last annual earnings reported: 2019/09/30


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.