A Business at a Glance
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ITEM 1. BUSINESS Company Overview Travel + Leisure Co. is a leading leisure travel company. We provide vacation experiences and travel inspiration to millions of owners, members, and subscribers through our diverse portfolio of products and services. Travel + Leisure Co. has the following segments as of December 31, 2025: •Vacation Ownership includes the world’s largest vacation ownership business based on number of owners and resorts, with 797,000 owner families and more than 280 vacation club resort locations. We provide vacation ownership experiences under popular hospitality and leisure brands, including Club Wyndham, WorldMark, Margaritaville Vacation Club, Sports Illustrated Resorts, Eddie Bauer Adventure Club, and Accor Vacation Club. •Travel and Membership includes our Exchange and Travel Club business lines. RCI is the world’s largest exchange company based on the number of members and affiliated resorts, with 3.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 4.0B | 4.0B | 3.9B | 3.8B | 3.6B | 3.1B |
| Net Income | 230M | 230M | 411M | 396M | 357M | 308M |
| EPS | $3.44 | $3.44 | $5.82 | $5.28 | $4.24 | $3.52 |
| Free Cash Flow | 523M | 523M | 383M | 276M | 390M | 511M |
| ROIC | 8.6% | 8.5% | 12.1% | 13.5% | 11.5% | 10.8% |
| Gross Margin | 35.0% | 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 | $2.23 | $2.24 | $2.00 | $1.80 | $1.60 | $1.25 |
| Operating Income | 553M | 553M | 733M | 720M | 653M | 618M |
| Operating Margin | 13.8% | 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 | 67M | 67M | 71M | 75M | 84M | 88M |
Travel & Leisure Co. passes 1 of 9 quality checks, indicating weak fundamentals.
Travel & Leisure Co. trades at 22.9x 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 9.4x 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 8.5%. At current prices, the estimated annualized return to fair value is +7.5%.
Travel & Leisure Co. (TNL) has a current P/E ratio of 22.9, 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 $5.3B. It is classified as a mid-cap stock.
Yes, Travel & Leisure Co. (TNL) pays a dividend with a trailing twelve-month yield of 2.83%. The company also returns capital through share buybacks, with a buyback yield of 5.72%.
Based on historical P/E analysis, Travel & Leisure Co. (TNL) appears expensive. The current P/E of 22.9 is 207% above its historical median of 7.5. The estimated fair value CAGR (P/E method) is 1.2%.
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. (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.
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