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Randa Shaw

Research Analyst at Evercore ISI

Randa Shaw is an Equity Research Associate on the Homebuilding Team at Evercore ISI, specializing in the homebuilding sector. She covers companies such as Toll Brothers and contributes to equity research analysis through earnings call questions and investor insights. Shaw joined Evercore in June 2023 shortly after graduating with an undergraduate degree from Vanderbilt University in 2023, marking the start of her professional career following a summer internship in equity research. No specific performance metrics, FINRA registrations, or notable achievements are publicly detailed in available sources.

Randa Shaw's questions to Toll Brothers (TOL) leadership

Question · Q1 2026

Randa Shaw asked about Toll Brothers' spec strategy, specifically which part (50% ratio or early selling) would be prioritized if demand softened. She also inquired about the company's long-term net debt to capital target and desired cash holdings.

Answer

Executive Vice President Karl Mistry stated that if the market softened, Toll Brothers would pull back on spec starts and lean into their build-to-order business. CFO Gregg Ziegler indicated a long-term net debt to total capital target in the mid-teens and a minimum cash holding of a few hundred million dollars for operating expenses.

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Question · Q1 2026

Randa Shaw asked about Toll Brothers' spec strategy, specifically which aspect would be prioritized—slowing spec starts or maintaining the 50% spec ratio—if demand were insufficient to support both parts of the strategy. She also inquired about the company's long-term net debt to capital target and its desired minimum cash holdings.

Answer

Executive Vice President Karl Mistry stated that Toll Brothers would prioritize pulling back on spec starts and lean into the build-to-order business if the market softened, rather than blindly building specs. CFO Gregg Ziegler indicated a long-term net debt to total capital target in the mid-teens and a minimum cash holding of a few hundred million dollars for normal operating expenses, with cash flows typically accelerating in the second half of the year.

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