Shares of Toast (NYSE: TOST) have gained an eye-popping 38% in less than three months. The maker of cloud-based restaurant management software also looks expensive in terms of profit-based valuation ratios, trading at 62 times forward earnings and 611 times free cash flows today.

These figures make Toast seem like an overpriced market darling, but that's not the full story. Is it too late to jump aboard Toast's high-growth bandwagon in February 2024?

Let's take a closer look.

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Source Fool.com