A toe valve having an outer tubular member, including at least one outer flow port, and an inner tubular member positioned at least partially within the outer tubular member and including a central flow passage. An indexing mechanism is positioned within the outer tubular member and there is a flow path allowing fluid pressure from the central passage to act against a first side of the indexing mechanism. A biasing device acts on a second side of the indexing mechanism and the indexing mechanism is configured to allow communication between the central flow passage and the outer flow port after the indexing mechanism is subject to a plurality of pressure cycles within the central flow passage.