A Business at a Glance
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Travel & Leisure Co.
TNL
$5.0B
Mkt Cap
$74.05
+0.82%
Travel & Leisure Co. (TNL) has a current P/E ratio of 21.5, compared to its historical median P/E of 7.5. The stock is currently considered Expensive based on its historical valuation range.
Travel & Leisure Co. (TNL) has a 5-year average return on invested capital (ROIC) of 11.3%. This indicates solid capital allocation.
Travel & Leisure Co. (TNL) has a market capitalization of $4.6B. It is classified as a mid-cap stock.
Yes, Travel & Leisure Co. (TNL) pays a dividend with a trailing twelve-month yield of 3.22%. The company also returns capital through share buybacks, with a buyback yield of 6.88%.
Based on historical P/E analysis, Travel & Leisure Co. (TNL) appears expensive. The current P/E of 21.5 is 189% above its historical median of 7.5. The estimated fair value CAGR (P/E method) is 5.1%.
Travel & Leisure Co. (TNL) operates in the Hotels & Motels industry, within the Consumer Cyclical sector.
Travel & Leisure Co. (TNL) reported annual revenue of $4.0 billion in its most recent fiscal year, based on SEC EDGAR filings.
Travel + Leisure Co. is a leading leisure travel company operating two primary segments: Vacation Ownership and Travel and Membership. The Vacation Ownership segment comprises the world's largest vacation ownership business by number of owners and resorts, with 797,000 owner families across more than 280 resort locations under brands including Club Wyndham, WorldMark, Margaritaville Vacation Club, Sports Illustrated Resorts, Eddie Bauer Adventure Club, and Accor Vacation Club. The Travel and Membership segment includes RCI, the world's largest exchange company with 3.3 million members and 3,600 affiliated resorts, alongside travel club offerings such as Travel + Leisure GO and Travel + Leisure For Business. The company generates revenue through vacation ownership sales (46% of 2025 revenues), fee-for-service streams from exchange and travel club operations (40%), consumer financing (11%), and ancillary services (3%), with 88% of revenues derived domestically and 12% internationally. The business model relies on recurring membership and exchange transactions combined with upfront vacation ownership sales, supported by developer-offered financing options and a points-based or weekly interval ownership structure that provides flexibility to owners. The company's competitive moat is built on its scale—the largest owner and member bases in the industry—combined with its multi-brand portfolio that reaches diverse customer segments and geographic markets, enabling it to capture a greater share of members' travel budgets through tailored products and services.
【Strong execution and brand expansion】 Management expects continued momentum in the Vacation Ownership business driven by tour flow growth and disciplined pricing, with the multi-brand strategy—particularly Accor Vacation Club, Eddie Bauer Adventure Club, and Sports Illustrated Resorts—positioned to nearly double or significantly expand sales contribution in 2026 and beyond. The company anticipates mid-single-digit gross VOI sales growth and mid-single-digit EBITDA growth, supported by operational leverage and cost management initiatives, while the Travel and Membership segment is expected to remain challenged but stabilize through targeted revenue and cost actions. Management is confident in converting approximately half of EBITDA into free cash flow, with capital allocation focused on share repurchases and a growing dividend, while maintaining flexibility for strategic opportunities and opportunistic M&A when returns are compelling.
| Metric | Target | Period |
|---|---|---|
| Gross VOI Sales | $2.5 billion–$2.6 billion | FY2026 |
| EBITDA | $1.03 billion–$1.055 billion | FY2026 |
| Volume Per Guest (VPG) | $3,175–$3,275 | FY2026 |
| Free Cash Flow Conversion | roughly 50% of EBITDA | FY2026 |
| Adjusted Tax Rate | approximately 29% | FY2026 |
Gross VOI Sales (FY2026): “For the full year, we continue to expect gross VOI sales to be in the range of $2.5 billion-$2.6 billion”
EBITDA (FY2026): “For the full year, we continue to expect gross VOI sales to be in the range of $2.5 billion-$2.6 billion, EBITDA in the range of $1.03 billion-$1.055 billion”
Volume Per Guest (VPG) (FY2026): “and volume per guest to be in the range of $3,175-$3,275”
Free Cash Flow Conversion (FY2026): “We continue to expect to convert roughly half of our full year EBITDA into free cash flow”
Adjusted Tax Rate (FY2026): “We continue to expect our full year adjusted tax rate to be approximately 29%”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q1 FY2025 Earnings Call, Q4 FY2024 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 4.0B | 4.0B | 3.9B | 3.8B | 3.6B | 3.1B |
| Net Income | 236M | 230M | 411M | 396M | 357M | 308M |
| EPS | $3.73 | $3.44 | $5.82 | $5.28 | $4.24 | $3.52 |
| Free Cash Flow | 442M | 523M | 383M | 276M | 390M | 511M |
| ROIC | 8.5% | 8.5% | 12.1% | 13.5% | 11.5% | 10.8% |
| Gross Margin | - | 35.0% | 40.7% | 41.0% | 40.5% | 43.8% |
| Debt/Equity | 0.00 | -5.71 | -6.35 | -6.15 | -6.18 | -6.63 |
| Dividends/Share | $2.39 | $2.24 | $2.00 | $1.80 | $1.60 | $1.25 |
| Operating Income | 556M | 553M | 733M | 720M | 653M | 618M |
| Operating Margin | 13.7% | 13.8% | 19.0% | 19.2% | 18.3% | 19.7% |
| ROE | 0.0% | -24.7% | -45.7% | -43.3% | -41.7% | -34.7% |
| Shares Outstanding | 62M | 67M | 71M | 75M | 84M | 88M |
| Metric | 2015 | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 5.3B | 5.5B | 4.9B | 5.1B | 3.9B | 4.0B | 2.2B | 3.1B | 3.6B | 3.8B | 3.9B | 4.0B | 4.0B |
| Gross Margin | 38.0% | 46.2% | 56.1% | 50.8% | 34.2% | 37.5% | 28.3% | 43.8% | 40.5% | 41.0% | 40.7% | 35.0% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 755M | 685M | 568M | 580M | 513M | 491M | 398M | 434M | 479M | 454M | 475M | 498M | 497M |
| EBIT | 941M | 935M | 658M | 439M | 523M | 812M | -105M | 618M | 653M | 720M | 733M | 553M | 556M |
| Op. Margin | 17.8% | 16.9% | 13.4% | 8.6% | 13.3% | 20.1% | -4.9% | 19.7% | 18.3% | 19.2% | 19.0% | 13.8% | 13.7% |
| Net Income | 529M | 612M | 611M | 854M | 672M | 507M | -255M | 308M | 357M | 396M | 411M | 230M | 236M |
| Net Margin | 10.0% | 11.1% | 12.4% | 16.8% | 17.1% | 12.5% | -11.8% | 9.8% | 10.0% | 10.6% | 10.6% | 5.7% | 5.8% |
| Non-Recurring | 11M | 6.0M | 12M | 14M | 16M | 77M | 39M | 1.0M | 14M | 24M | 16M | 19M | 17M |
| Returns on Capital | |||||||||||||
| ROIC | 13.3% | 15.0% | 9.7% | 10.3% | 11.3% | 17.8% | -4.9% | 10.8% | 11.5% | 13.5% | 12.1% | 8.5% | 8.5% |
| ROE | 36.8% | 55.5% | 73.4% | 115.2% | N/A | -91.8% | 33.9% | -34.7% | -41.7% | -43.3% | -45.7% | -24.7% | 0.0% |
| ROA | 5.5% | 6.4% | 6.3% | 8.4% | 7.6% | 6.9% | -3.4% | 4.3% | 5.4% | 5.9% | 6.1% | 3.4% | 3.5% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 984M | 991M | 963M | 986M | 442M | 452M | 374M | 568M | 442M | 350M | 464M | 640M | 557M |
| Free Cash Flow | 749M | 802M | 846M | 879M | 343M | 344M | 305M | 511M | 390M | 276M | 383M | 523M | 442M |
| Owner Earnings | 731M | 776M | 734M | 791M | 175M | 307M | 228M | 412M | 278M | 200M | 308M | 459M | 375M |
| CapEx | 235M | 189M | 117M | 107M | 99M | 108M | 69M | 57M | 52M | 74M | 81M | 117M | 115M |
| Maint. CapEx | 196M | 157M | 172M | 136M | 138M | 121M | 126M | 124M | 119M | 112M | 115M | 124M | 126M |
| Growth CapEx | 39M | 32M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 196M | 157M | 172M | 136M | 138M | 121M | 126M | 124M | 119M | 112M | 115M | 124M | 126M |
| CapEx/OCF | 23.9% | 22.4% | 16.4% | 10.9% | 22.4% | 23.9% | 18.4% | 10.0% | 11.8% | 21.1% | 17.5% | 18.3% | 20.6% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 179M | 202M | 223M | 242M | 194M | 166M | 138M | 109M | 135M | 136M | 142M | 149M | 149M |
| Dividend Yield | 6.1% | 6.6% | 9.0% | 7.4% | 5.7% | 5.3% | 5.8% | 2.7% | 4.0% | 5.2% | 4.7% | 4.0% | 3.2% |
| Share Buybacks | 646M | 658M | 619M | 599M | 330M | 340M | 128M | 25M | 351M | 309M | 234M | 301M | 318M |
| Buyback Yield | 8.7% | 10.9% | 10.3% | 15.0% | 12.2% | 9.0% | 4.2% | 0.6% | 13.6% | 11.3% | 6.8% | 6.2% | 6.9% |
| Stock-Based Comp | 57M | 58M | 57M | 59M | 129M | 24M | 20M | 32M | 45M | 38M | 41M | 57M | 56M |
| Debt Repayment | 0 | 0 | 141M | 1.3B | 3.5B | 22M | 20M | 20M | 19M | 2.1B | 2.0B | 2.7B | 2.7B |
| Balance Sheet | |||||||||||||
| Net Debt | 2.7B | 2.8B | 3.5B | 3.6B | 2.5B | 5.2B | 5.2B | 4.9B | 5.1B | 5.3B | 5.4B | 5.3B | 5.5B |
| Cash & Equiv. | 183M | 171M | 113M | 48M | 218M | 355M | 1.2B | 369M | 550M | 282M | 167M | 253M | 263M |
| Long-Term Debt | 2.8B | 3.0B | 3.3B | 3.8B | 2.9B | 5.6B | 6.4B | 5.3B | 5.6B | 5.6B | 5.6B | 5.6B | 5.8B |
| Debt/Equity | 2.28 | 3.15 | 5.07 | 4.72 | -4.76 | -10.52 | -6.58 | -6.63 | -6.18 | -6.15 | -6.35 | -5.71 | 0.00 |
| Interest Coverage | 8.3 | 7.7 | 4.9 | 2.8 | 3.1 | 5.0 | -0.5 | 3.1 | 3.3 | 2.9 | 2.9 | 2.4 | 16.4 |
| Equity | 1.3B | 950M | 714M | 769M | -574M | -530M | -975M | -801M | -913M | -918M | -881M | -981M | -1.0B |
| Total Assets | 9.6B | 9.6B | 9.8B | 10.4B | 7.2B | 7.5B | 7.6B | 6.6B | 6.8B | 6.7B | 6.7B | 6.8B | 6.8B |
| Total Liabilities | 8.4B | 8.6B | 9.1B | 9.7B | 7.7B | 8.0B | 8.6B | 7.4B | 7.7B | 7.7B | 7.6B | 7.7B | 7.9B |
| Intangibles | 401M | 400M | 343M | 143M | 109M | 143M | 131M | 219M | 207M | 199M | 209M | 201M | 200M |
| Retained Earnings | 1.2B | 1.6B | 2.0B | 2.5B | 1.4B | 1.8B | 1.4B | 1.6B | 1.8B | 2.1B | 2.3B | 2.4B | 2.5B |
| Working Capital | 8.0M | -214M | -220M | 425M | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | 1.9B | 1.7B | 1.8B | 3.0B | N/A | 1.8B | 1.8B | 1.9B | 1.8B | 1.8B | 1.8B | 1.7B | 1.7B |
| Current Liabilities | 1.9B | 2.0B | 2.0B | 2.5B | 1.0B | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Per Share Data | |||||||||||||
| EPS | 4.18 | 5.14 | 5.52 | 8.24 | 6.77 | 5.48 | -2.97 | 3.52 | 4.24 | 5.28 | 5.82 | 3.44 | 3.73 |
| Owner EPS | 5.78 | 6.52 | 6.63 | 7.63 | 1.76 | 3.32 | 2.66 | 4.71 | 3.30 | 2.67 | 4.36 | 6.87 | 6.01 |
| Book Value | 9.92 | 7.98 | 6.45 | 7.42 | -5.78 | -5.73 | -11.36 | -9.15 | -10.84 | -12.24 | -12.48 | -14.67 | -16.37 |
| Cash Flow/Share | 7.78 | 8.32 | 8.70 | 9.51 | 4.45 | 4.89 | 4.36 | 6.49 | 5.25 | 4.67 | 6.57 | 9.57 | 5.80 |
| Dividends/Share | 1.40 | 1.68 | 2.00 | 2.32 | 1.89 | 1.80 | 1.60 | 1.25 | 1.60 | 1.80 | 2.00 | 2.24 | 2.39 |
| Shares Out. | 126.6M | 119.1M | 110.7M | 103.6M | 99.3M | 92.5M | 85.9M | 87.5M | 84.2M | 75.0M | 70.6M | 66.9M | 62.4M |
| Valuation | |||||||||||||
| P/E Ratio | 14.0 | 9.9 | 9.9 | 4.7 | 4.0 | 7.5 | N/A | 13.2 | 7.2 | 6.9 | 8.3 | 21.1 | 19.9 |
| P/FCF | 4.5 | 3.4 | 3.2 | 4.5 | 7.9 | 11.0 | 10.0 | 7.9 | 6.6 | 9.9 | 9.0 | 9.3 | 10.5 |
| EV/EBIT | 10.8 | 8.9 | 9.5 | 18.0 | 9.8 | 10.6 | N/A | 14.0 | 10.9 | 10.8 | 11.9 | 18.0 | 18.2 |
| Price/Book | 5.9 | 6.4 | 8.4 | 5.2 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Price/Sales | 2.7 | 2.7 | 2.9 | 0.9 | 0.9 | 0.8 | 1.1 | 1.3 | 0.9 | 0.7 | 0.8 | 0.9 | 1.1 |
| FCF Yield | 10.1% | 13.2% | 14.0% | 22.1% | 12.7% | 9.1% | 10.0% | 12.6% | 15.1% | 10.1% | 11.2% | 10.8% | 9.6% |
| Market Cap | 7.4B | 6.1B | 6.0B | 4.0B | 2.7B | 3.8B | 3.1B | 4.1B | 2.6B | 2.7B | 3.4B | 4.9B | 4.6B |
| Avg. Price | 23.03 | 25.58 | 22.41 | 31.53 | 34.37 | 34.04 | 27.82 | 47.00 | 39.89 | 34.69 | 42.78 | 55.04 | 74.05 |
| Year-End Price | 26.43 | 22.95 | 24.61 | 38.43 | 27.18 | 40.83 | 35.61 | 46.30 | 30.69 | 36.39 | 48.58 | 72.54 | 74.05 |
Travel & Leisure Co. passes 1 of 9 quality checks, indicating weak fundamentals.
Travel & Leisure Co. trades at 21.5x trailing earnings, compared to its 15-year median P/E of 7.5x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 8.8x vs a median of 8.4x. The company's 5-year average ROIC is 11.3% with a gross margin of 40.2%. Total shareholder yield (dividends + buybacks) is 10.1%. At current prices, the estimated annualized return to fair value is +8.0%.
Travel & Leisure Co. (TNL) has a net profit margin of 5.7%. This is a modest margin.
Travel & Leisure Co. (TNL) generated $523 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Travel & Leisure Co. (TNL) reported earnings per share (EPS) of $3.44 in its most recent fiscal year.
Travel & Leisure Co. (TNL) has a return on equity (ROE) of -24.7%. A negative ROE may indicate losses or negative equity.
Travel & Leisure Co. (TNL) has a 5-year average gross margin of 40.2%. This indicates decent pricing power.
The Ledger Terminal provides 16 years of financial data for Travel & Leisure Co. (TNL), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Travel & Leisure Co. (TNL) has a book value per share of $-14.67, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects continued momentum in the Vacation Ownership business driven by tour flow growth and disciplined pricing, with the multi-brand strategy—particularly Accor Vacation Club, Eddie Bauer Adventure Club, and Sports Illustrated Resorts—positioned to nearly double or significantly expand sales contribution in 2026 and beyond. The company anticipates mid-single-digit gross VOI sales growth and mid-single-digit EBITDA growth, supported by operational leverage and cost management initiatives, while the Travel and Membership segment is expected to remain challenged but stabilize through targeted revenue and cost actions. Management is confident in converting approximately half of EBITDA into free cash flow, with capital allocation focused on share repurchases and a growing dividend, while maintaining flexibility for strategic opportunities and opportunistic M&A when returns are compelling.
Based on recent SEC filings and earnings calls, Travel & Leisure Co. (TNL) has provided the following forward guidance: Gross VOI Sales: $2.5 billion–$2.6 billion (FY2026); EBITDA: $1.03 billion–$1.055 billion (FY2026); Volume Per Guest (VPG): $3,175–$3,275 (FY2026); Free Cash Flow Conversion: roughly 50% of EBITDA (FY2026); Adjusted Tax Rate: approximately 29% (FY2026).
No recent press releases.