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Steven Mia

Research Analyst at RBC Capital Markets

Stephen Mea is an Equity Research Analyst at RBC Capital Markets specializing in the U.S. homebuilding and residential construction sector. He covers a range of publicly traded homebuilders and related residential construction companies, providing fundamental research and investment recommendations, though detailed third‑party performance metrics or rankings are not publicly disclosed. Mea has built his career in equity research with a focus on this niche sector at RBC Capital Markets, but publicly available sources do not provide a precise career timeline, prior firm history, or quantified track record. Information on his specific securities licenses, FINRA registrations, and formal professional credentials is also not publicly accessible, so any such registrations would need to be confirmed directly through regulatory databases or RBC disclosures.

Steven Mia's questions to Toll Brothers (TOL) leadership

Question · Q4 2025

Steven Mia, on behalf of Mike Dahl, asked for further color on Toll Brothers' fiscal '26 delivery guidance, specifically the confidence in achieving over two times beginning backlog, and the role of the spec strategy.

Answer

Chairman and CEO Douglas Yearley provided a detailed quantitative breakdown for the 10,500 delivery midpoint, combining 4,500 backlog homes, 3,000 spec homes under construction, 1,500 build-to-order homes expected to sell and settle, and 1,500 spec permits to be started for summer deliveries. He also explained the decision to exit the multifamily business, citing a lack of full public market credit for its earnings and a desire to focus on core homebuilding, with proceeds used for business growth and shareholder returns.

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Question · Q4 2025

Steven Mia asked for more detail on the confidence behind Toll Brothers' fiscal 2026 delivery guide, specifically how the spec strategy contributes to achieving over two times the beginning backlog. He also inquired about the rationale for fully exiting the multifamily business and the planned use of additional proceeds.

Answer

Douglas Yearley, Chairman and CEO, provided a quantitative breakdown for the 10,500 delivery target, combining backlog, spec homes under construction, anticipated build-to-order sales, and planned spec starts from permits. He explained the decision to exit the multifamily business, despite its success, was driven by the public market's preference for a pure-play homebuilding focus. Proceeds from the sale will be allocated to growing the core homebuilding business and returning capital to shareholders.

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