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TD Ameritrade Holding

Nasdaq:AMTD
Snowflake Description

Solid track record and good value.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
AMTD
Nasdaq
$30B
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 82 days ago. More info.


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AMTD Share Price and Events
7 Day Returns
-0.6%
NasdaqGS:AMTD
-0.1%
US Capital Markets
-0.8%
US Market
1 Year Returns
-9.1%
NasdaqGS:AMTD
-7.3%
US Capital Markets
7%
US Market
AMTD Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
TD Ameritrade Holding (AMTD) -0.6% 8% -2.5% -9.1% 67.8% 68.1%
US Capital Markets -0.1% 7.9% 3.4% -7.3% 54% 71.3%
US Market -0.8% 2.7% 7.5% 7% 37.9% 47%
1 Year Return vs Industry and Market
  • AMTD underperformed the Capital Markets industry which returned -7.3% over the past year.
  • AMTD underperformed the Market in United States of America which returned 7% 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 7 analysts.
= Stable Book Value * Return on Equity
= $17.35 * 25.2%
$4.37
Book Value of Equity per Share Weighted future Book Value estimates from 4 analysts. $17.35
Discount Rate (Cost of Equity) See below 7.9%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

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 2.7%
Equity Risk Premium S&P Global 6%
Capital Markets Unlevered Beta Simply Wall St/ S&P Global 0.73
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.727 (1 + (1- 21%) (11.73%))
0.862
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.86
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (0.862 * 5.96%)
7.87%

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)
= (25.2% – 7.87%) * $17.35)
$3.01
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= $3.01 / (7.87% - 2.73%)
$58.51
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= $17.35 + $58.51
$75.86
NasdaqGS:AMTD Discount to Share Price
Calculation Result
Value per share (USD) From above. $75.86
Current discount Discount to share price of $53.67
= -1 x ($53.67 - $75.86) / $75.86
29.3%

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
29%
Share price is $53.67 vs Future cash flow value of $75.86
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, and 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 (2018-12-31) in USD $3.15
NasdaqGS:AMTD Share Price ** NasdaqGS (2019-04-22) in USD $53.67
United States of America Capital Markets Industry PE Ratio Median Figure of 87 Publicly-Listed Capital Markets Companies 30.77x
United States of America Market PE Ratio Median Figure of 3,080 Publicly-Listed Companies 18.21x

* 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)

= 53.67 ÷ 3.15

17.06x

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 17.06x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 15 Analysts
6%per year
United States of America Capital Markets Industry PEG Ratio Median Figure of 34 Publicly-Listed Capital Markets Companies 2.67x
United States of America Market PEG Ratio Median Figure of 2,109 Publicly-Listed Companies 1.56x

*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

= 17.06x ÷ 6%

2.86x

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 (2018-12-31) in USD $14.90
NasdaqGS:AMTD Share Price * NasdaqGS (2019-04-22) in USD $53.67
United States of America Capital Markets Industry PB Ratio Median Figure of 170 Publicly-Listed Capital Markets Companies 7.11x
United States of America Market PB Ratio Median Figure of 5,186 Publicly-Listed Companies 1.91x
NasdaqGS:AMTD PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

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

= 53.67 ÷ 14.90

3.6x

* 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 4/6, 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 15 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
6%
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 expected to exceed the low risk savings rate of 2.7%.
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 revenue growth is positive but not above 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 15 Analysts 6%
NasdaqGS:AMTD Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 15 Analysts 4.7%
United States of America Capital Markets Industry Earnings Growth Rate Market Cap Weighted Average 6.9%
United States of America Capital Markets Industry Revenue Growth Rate Market Cap Weighted Average 4.1%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 13.5%
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 15 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
2023-09-30 7,100 2,656 1
2022-09-30 7,042 2,501 2
2021-09-30 6,413 2,343 7
2020-09-30 6,198 2,490 2,231 15
2019-09-30 5,937 2,436 2,137 14
NasdaqGS:AMTD Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2018-12-31 5,600 5,088 1,780
2018-09-30 5,353 1,908 1,473
2018-06-30 4,942 90 1,230
2018-03-31 4,499 -232 1,010
2017-12-31 3,997 362 953
2017-09-30 3,605 699 872
2017-06-30 3,461 1,100 846
2017-03-31 3,375 1,084 855
2016-12-31 3,319 1,236 846
2016-09-30 3,274 1,484 842
2016-06-30 3,277 1,135 873
2016-03-31 3,233 1,705 829

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • TD Ameritrade Holding's earnings are expected to grow by 6% yearly, however this is not considered high growth (20% yearly).
  • TD Ameritrade Holding's revenue is expected to grow by 4.7% yearly, however this is not considered high growth (20% yearly).
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 15 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
2023-09-30 5.62 5.62 5.62 1.00
2022-09-30 5.03 5.03 5.03 1.00
2021-09-30 4.38 4.54 4.23 2.00
2020-09-30 4.08 4.32 3.84 8.00
2019-09-30 3.82 3.91 3.66 8.00
NasdaqGS:AMTD Past Financials Data
Date (Data in USD Millions) EPS *
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
2016-12-31 1.60
2016-09-30 1.59
2016-06-30 1.63
2016-03-31 1.54

*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 expected to efficiently use shareholders’ funds in the future (Return on Equity greater 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 2/6, 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's year on year earnings growth rate has been positive over the past 5 years.
  • TD Ameritrade Holding's 1-year earnings growth exceeds its 5-year average (86.8% vs 13.3%)
  • TD Ameritrade Holding's earnings growth has exceeded the US Capital Markets industry average in the past year (86.8% vs 37.1%).
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
2018-12-31 5,600.00 1,780.00 2,195.00
2018-09-30 5,353.00 1,473.00 2,218.00
2018-06-30 4,942.00 1,230.00 2,110.00
2018-03-31 4,499.00 1,010.00 1,992.00
2017-12-31 3,997.00 953.00 1,784.00
2017-09-30 3,605.00 872.00 1,614.00
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
2013-03-31 2,618.00 588.00 1,225.00
2012-12-31 2,612.00 581.00 1,274.00
2012-09-30 2,613.00 586.00 1,256.00
2012-06-30 2,669.03 605.90 1,367.02

*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 5/6, 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 8.4x 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
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 1,151.00 7,144.00
2013-03-31 4,412.00 1,248.00 6,045.00
2012-12-31 4,278.00 1,366.00 6,933.00
2012-09-30 4,425.00 1,350.00 5,384.00
2012-06-30 4,340.39 1,348.36 4,894.65
  • TD Ameritrade Holding's level of debt (42.2%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (26.4% vs 42.2% today).
  • Debt is well covered by operating cash flow (144.2%, 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
2.24%
Current annual income from TD Ameritrade Holding dividends. Estimated to be 2.55% next year.
If you bought $2,000 of TD Ameritrade Holding shares you are expected to receive $45 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 (1.39%).
  • TD Ameritrade Holding's dividend is below the markets top 25% of dividend payers in United States of America (3.62%).
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 15 Analyst Estimates (S&P Global) See Below
United States of America Capital Markets Industry Average Dividend Yield Market Cap Weighted Average of 43 Stocks 2%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2008 Stocks 2.4%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.4%
United States of America Top 25% Dividend Yield 75th Percentile 3.6%

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
2023-09-30
2022-09-30
2021-09-30 1.57 7.00
2020-09-30 1.39 11.00
2019-09-30 1.22 11.00
NasdaqGS:AMTD Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
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 8 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 (3.4x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (3.3x 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 0.8%) - 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
Tim Hockey
COMPENSATION $8,577,509
AGE 54
TENURE AS CEO 2.5 years
CEO Bio

Mr. Timothy D. Hockey, also known as Tim, has been the President of TD Ameritrade Holding Corporation since January 2, 2016 and became its Chief Executive Officer since October 1, 2016. Mr. Hockey served as the Chief Executive Officer and President of TD Canada Trust at The Toronto-Dominion Bank since June 2008 until January 02, 2016, and was primarily responsible for the leadership of Canadian banking, which included Canadian personal banking, business banking, auto finance, global direct investing, advisory and Canadian asset management businesses. He served as Group Head, Canadian Banking and Wealth Management and Co-Chairman of TD Canada Trust at TD Bank US Holding Company. He served as Group Head of Canadian Banking and Wealth Management at The Toronto-Dominion Bank Group since May 1, 2015 and served as its Group Head of Canadian Banking, Auto Finance & Wealth Management from July 01, 2013 to May 1, 2015 and also its Group Head of Canadian Banking, Auto Finance & Credit Cards from October 03, 2011 to July 01, 2013. Mr. Hockey’s responsibilities include leadership for TD’s Personal Banking business including its distribution channels and personal financial products and services. Over a 30 year career with TD, He has held senior positions in a variety of areas including mutual funds, retail delivery, information technology, core banking and small business, credit cards, Visa and personal lending. He has significant financial services and management experience, having worked in the financial services industry for over 30 years. He served as Executive Vice President, Retail Distribution of e. Bank until November 2005. He served as Group Head of Personal Banking of The Toronto-Dominion Bank since November 1, 2005 and served as its Group Head of Canadian Banking. He served as Vice-President of Investment and Banking Services of Development Finance Corporation of Ceylon (DFCC Bank Ltd). He has 22 years of banking experience, including his most recent position as the Head of the retail branch network and electronic channels, ideally positions him to take on this expanded role. He served as Vice President of Investment & Banking Services of CT Financial Services Inc. He served as the Co-Chairman of TD Canada Trust since January 2005. He served as Chair of the Canadian Bankers Association from June 2007 to 2008 and serves as its Executive Member. He served as Chairman of the Canadian Bankers Association’s Executive Council. He has been a Director of SickKids Foundation since September 2007. Mr. Hockey has been a Director of TD Ameritrade Holding Corporation since January 2, 2016. Mr. Hockey serves on the advisory Board of the Richard Ivey School of Business and as Chairman of the CivicAction Leadership Foundation. He serves as a Member of Advisory Board of University of Western Ontario, Ivey School of Business. He served as a Director of VFC Inc. since April 2006. He served as a Director at TD Financing Services Inc. since April 2006. He has significant financial services and management experience, having worked in the financial services industry for over 35 years. He served as a Trustee of The Toronto-Dominion Bank and TD Canada Trust. A recipient of Canada’s "Top 40 Under 40" Award, Mr. Hockey obtained an MBA from the University of Western Ontario in 1997.

CEO Compensation
  • Tim's compensation has been consistent with company performance over the past year.
  • Tim's remuneration is about 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:

3.6
Average Tenure
55
Average Age
  • The tenure for the TD Ameritrade Holding management team is about average.
Management Team

Tim Hockey

TITLE
President
COMPENSATION
$9M
AGE
54
TENURE
2.5 yrs

Steve Boyle

TITLE
Executive VP & CFO
COMPENSATION
$3M
AGE
57
TENURE
3.5 yrs

Tom Nally

TITLE
Executive Vice President
COMPENSATION
$4M
AGE
46
TENURE
7.2 yrs

Steve Quirk

TITLE
Executive Vice President of Trading & Education
COMPENSATION
$2M
AGE
53
TENURE
8.8 yrs

Peter deSilva

TITLE
Executive Vice President of Retail Distribution
COMPENSATION
$7M
AGE
56
TENURE
1.6 yrs

Vijay Sankaran

TITLE
MD & Chief Information Officer
TENURE
2.7 yrs

Jeff Goeser

TITLE
Director of Finance & Investor Relations

Ellen L. Koplow

TITLE
Executive VP
AGE
58
TENURE
17.8 yrs

Bill Murray

TITLE
Head of Investor Relations and MD of Communications & Public Affairs

Prashant Bhatia

TITLE
Managing Director of Corporate Strategy & Business Development
TENURE
3.7 yrs
Board of Directors Tenure

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

6.5
Average Tenure
60
Average Age
  • The tenure for the TD Ameritrade Holding board of directors is about average.
Board of Directors

Joe Moglia

TITLE
Chairman of the Board
COMPENSATION
$415K
AGE
68
TENURE
10.5 yrs

Tim Hockey

TITLE
President
COMPENSATION
$9M
AGE
54
TENURE
3.3 yrs

Bharat Masrani

TITLE
Vice Chairman of the Board
AGE
61
TENURE
4.3 yrs

Peter Williams

TITLE
Chairman of Ameritrade Canada Inc
AGE
71

Mark Mitchell

TITLE
Director
COMPENSATION
$266K
AGE
57
TENURE
12.4 yrs

Bill Prezzano

TITLE
Lead Director
COMPENSATION
$230K
AGE
77

Allan Tessler

TITLE
Director
COMPENSATION
$235K
AGE
81
TENURE
12.4 yrs

Karen Maidment

TITLE
Director
COMPENSATION
$247K
AGE
59
TENURE
8.7 yrs

Larry Bettino

TITLE
Director
COMPENSATION
$245K
AGE
57
TENURE
4.4 yrs

Todd Ricketts

TITLE
Director
COMPENSATION
$240K
AGE
48
TENURE
4.3 yrs
Who owns this company?
Recent Insider Trading
  • TD Ameritrade Holding insiders have only sold shares in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
25. Feb 19 Sell Thomas Nally Individual 21. Feb 19 21. Feb 19 -25,000 $56.10 $-1,402,500
23. Aug 18 Buy Peter deSilva Individual 21. Aug 18 21. Aug 18 5,000 $56.73 $283,650
18. Jun 18 Sell Joseph Moglia Individual 14. Jun 18 14. Jun 18 -10,000 $60.00 $-600,000
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

What Did TD Ameritrade Holding Corporation's (NASDAQ:AMTD) CEO Take Home Last Year?

This analysis aims first to contrast CEO compensation with other large companies. … Our data indicates that TD Ameritrade Holding Corporation is worth US$29b, and total annual CEO compensation is US$8.6m. … When we examined a group of companies with market caps over US$8.0b, we found that their median CEO total compensation was US$11m

Simply Wall St -

How TD Ameritrade Holding Corporation (NASDAQ:AMTD) Could Add Value To Your Portfolio

As an investor, I look for investments which does not compromise one fundamental factor for another. … By this I mean, I look at stocks holistically, from their financial health to their future outlook. … In the case of TD Ameritrade Holding Corporation (NASDAQ:AMTD), it.

Simply Wall St -

TD Ameritrade Holding Corporation (NASDAQ:AMTD): What We Can Expect From This Growth Stock

In December 2018, TD Ameritrade Holding Corporation (NASDAQ:AMTD) announced its earnings update. … the consensus outlook from analysts appear fairly confident, … the past 5-year average growth rate of 13%

Simply Wall St -

At US$56.33, Is It Time To Put TD Ameritrade Holding Corporation (NASDAQ:AMTD) On Your Watch List?

received a lot of attention from a substantial price increase on the NASDAQGS over the last few months. … With many analysts covering the large-cap stock, we may expect any price-sensitive announcements have already been factored into the stock’s share price

Simply Wall St -

Here's What TD Ameritrade Holding Corporation's (NASDAQ:AMTD) P/E Ratio Is Telling Us

We'll show how you can use TD Ameritrade Holding Corporation's (NASDAQ:AMTD) P/E ratio to inform your assessment of the investment opportunity. … TD Ameritrade Holding has a price to earnings ratio of 17.23, based on the last twelve months. … Price to Earnings Ratio = Share Price ÷ Earnings per Share (EPS)

Simply Wall St -

Does TD Ameritrade Holding Corporation's (NASDAQ:AMTD) Stock Price Account For Its Growth?

Growth expectations for TD Ameritrade Holding Corporation (NASDAQ:AMTD) are high, but many investors are starting to ask whether its last close at $54.92 can still be rationalized by the future potential. … View our latest analysis for TD Ameritrade Holding? … According to the analysts covering the company, the following few years should bring about good growth prospects for TD Ameritrade Holding

Simply Wall St -

TD Ameritrade Holding Corporation (NASDAQ:AMTD) Insiders Have Been Selling

So shareholders might well want to know whether insiders have been buying or selling shares in TD Ameritrade Holding Corporation (NASDAQ:AMTD). … But logic dictates you should pay some attention to whether insiders are buying or selling shares. … That means that an insider was selling shares at around the current price of US$51.53

Simply Wall St -

A Spotlight On TD Ameritrade Holding Corporation's (NASDAQ:AMTD) Fundamentals

As an investor, I look for investments which does not compromise one fundamental factor for another. … By this I mean, I look at stocks holistically, from their financial health to their future outlook. … In the case of TD Ameritrade Holding Corporation (NASDAQ:AMTD), it

Simply Wall St -

Should TD Ameritrade Holding Corporation (NASDAQ:AMTD) Be Part Of Your Portfolio?

Historically, TD Ameritrade Holding Corporation (NASDAQ:AMTD) has paid a dividend to shareholders. … Let's dig deeper into whether TD Ameritrade Holding should have a place in your portfolio. … View our latest analysis for TD Ameritrade Holding

Simply Wall St -

What Value Should You Place On TD Ameritrade Holding Corporation (NASDAQ:AMTD)?

Pricing AMTD, a financial stock, can be difficult since these capital market businesses have cash flows that are affected by regulations that are not imposed upon other sectors. … Maintaining a certain level of cash capital ratio is common for these financial firms to abide by, in order to minimize risks to their shareholders.

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. It offers trade execution, clearing, and margin lending services; futures and foreign exchange trade execution services; and trustee, custodial, and other trust-related services to retirement plans and other custodial accounts, as well as provides cash sweep and deposit account products through third-party relationships. The company offers retail brokerage services for common and preferred stocks; exchange-traded funds (ETFs); options; futures; foreign exchange; mutual funds; fixed income products; primary and secondary offerings of fixed income securities, closed-end funds, and preferred stocks; margin lending; cash management services; and annuities. It operates tdameritrade.com, a Web platform for self-directed retail investors; thinkorswim, a desktop platform for traders; and TD Ameritrade Mobile, which allows on-the-go investors and traders to trade and monitor accounts from Web-enabled mobile devices. The company also offers investor education services for stocks, options, income investing, and portfolio management; AdvisorDirect, a national referral service for investors; real-time market news, insights, and investor education services; and self-directed brokerage services to employees of corporations. 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
$30,074,708,776
560,363,495
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
Number of employees
Current staff
Staff numbers
9,314
TD Ameritrade Holding employees.
Industry
Investment Banking and Brokerage
Diversified Financials
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/04/23 00:07
End of day share price update: 2019/04/22 00:00
Last estimates confirmation: 2019/04/17
Last earnings filing: 2019/01/31
Last earnings reported: 2018/12/31
Last annual earnings reported: 2018/09/30


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.