TNL Consumer Cyclical

Travel + Leisure Co.

$75.40-0.16%

Price as of close on Nov 3, 2026 · Financials updated Sep 30, 2026

Basics

Sector: Consumer Cyclical
Industry: Travel Services
Country: United States
Market cap: 4.6B USD
Enterprise value: 9.4B USD
Full-time employees: 19,000

Overall health

Drawback: growing more slowly than most peersgrowing more slowly than peers
Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 1.17 vs a peer median of 0.63)higher risk: bigger price swings (beta 1.17 vs peers 0.63)
About average: valuation

Ranks #1,105 of 1,502 consumer cyclical companies (bottom 27%)

See how it ranks against its peers

Worth knowing

Negative shareholders' equity. Liabilities exceed assets on the balance sheet.
Travel + Leisure's liabilities exceed its assets on the balance sheet. Large share buybacks can cause this in healthy companies, but so can accumulated losses; either way, debt-based ratios need care.
Sales growing faster than profits. Since 2022: revenue +13%, operating profit −15%.
Since 2022, Travel + Leisure's revenue changed +13% while operating profit fell 15%: costs rose faster than sales.
Annual revenue rose 5 years in a row. Fiscal-year revenue rose from $2.2B in 2020 to $4.0B in 2025.
Travel + Leisure's fiscal-year revenue rose in each of the five years to 2025, from $2.2B to $4.0B.
Profit is backed by cash. Free cash flow is 186% of reported profit.
Travel + Leisure's free cash flow is 186% of its reported profit, so its earnings are turning into cash it can reinvest, pay out or use to reduce debt.

StockQuotient Score

39/ 100▼ 1 since Oct 27 close

Oct 5 41 → Nov 4 39 (-2)

Valuation

Is the price right?

47/100

Moderate▼ 4 since Oct 27 close

3/3 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why it changed since the Oct 27, 2026 close: Score 51 → 47

Share price +12.2%-5
Company's reported figures updated+1

Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.

Why

Mixed versus peers:

▲ FCF yield
▼ EBITDA yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield5.1%

SEC filings · 12 months to Jun 2026Reported value30% base weight · Z-score 0.23Sector median: 0.0439 · MAD: 0.0329

EBITDA yield6.9%

SEC filings · 12 months to Jun 2026Reported value50% base weight · Z-score -0.41Sector median: 0.0877 · MAD: 0.0461

Free cash flow yield9.6%

SEC filings · 12 months to Jun 2026 · operating cash flow − capital spendingReported value20% base weight · Z-score 0.63Sector median: 0.0614 · MAD: 0.0545

Other data (not scored)

Book yield-22.1%

SEC filings · latest balance sheetOutlier capped at sector 5th/95th percentileInformational · 0% composite weightSector median: 0.5650 · MAD: 0.3500

Growth

Is it growing?

33/100

Weak

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ EPS growth

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growth-36.6%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -1.61Sector median: 0.0420 · MAD: 0.2537

3-year revenue growth3.8%

SEC filings · 3 years to Jun 2026Reported value33% base weight · Z-score -0.08Sector median: 0.0425 · MAD: 0.0636

Revenue growth4.6%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 0.13Sector median: 0.0373 · MAD: 0.0653

Profitability

Does it earn well?

65/100

Moderate

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Stronger than most peers on:

▲ Operating margin
▲ ROIC

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin13.7%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 1.58Sector median: 0.0638 · MAD: 0.0461

Return on assets3.4%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 0.05Sector median: 0.0331 · MAD: 0.0254

Return on invested capital10.0%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 0.45Sector median: 0.0733 · MAD: 0.0600

Other data (not scored)

Gross margin92.9%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentileInformational · 0% composite weightSector median: 0.3025 · MAD: 0.1399

Return on equityUnavailable

Missing · left out of the scoreInformational · 0% composite weightSector median: 0.0746 · MAD: 0.0674

Risk

Debt, liquidity, price swings

Higher

Higher relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ Debt / equity
▼ Beta

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta1.17

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score -1.81Sector median: 0.6345 · MAD: 0.2980

Current ratio3.20×

Yahoo Finance fallback · SEC figure unavailable or out of dateReported value33% base weight · Z-score 3.09Sector median: 1.4800 · MAD: 0.5570

Debt / equityUnavailable

Shareholders' equity is negative, so debt/equity counts as among the highest in its peer group33% base weight · Z-score -9.02Sector median: 0.4646 · MAD: 0.3556

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Travel + Leisure

Is Travel + Leisure getting weaker?: Its latest SEC filing (Jul 22, 2026) showed no major changes. Its overall score is 39/100, down 1 since Oct 28, 2026.
How is Travel + Leisure valued vs its peers?: Priced about in line with its peers. Valuation scores 47/100 against 1,612 consumer cyclical peers. Free cash flow yield 9.6% vs a peer median of 6.1% (stronger than 68% of peers).Free cash flow yield 9.6% vs peers 6.1% (stronger than 68% of peers). EBITDA yield 6.9% vs a peer median of 8.8% (weaker than 61% of peers).EBITDA yield 6.9% vs peers 8.8% (weaker than 61% of peers).
Is Travel + Leisure growing?: More slowly than most of its peers. Growth scores 33/100 against 1,612 consumer cyclical peers. Earnings per share growth -36.6% vs a peer median of 4.2% (weaker than 85% of peers).Earnings per share growth -36.6% vs peers 4.2% (weaker than 85% of peers).
How profitable is Travel + Leisure?: More profitable than most of its peers. Profitability scores 65/100 against 1,612 consumer cyclical peers. Operating margin 13.7% vs a peer median of 6.4% (stronger than 80% of peers).Operating margin 13.7% vs peers 6.4% (stronger than 80% of peers).
How risky is Travel + Leisure?: Higher risk relative to 1,612 consumer cyclical peers, judged on debt, liquidity and share-price swings. Current ratio 3.20× vs a peer median of 1.48× (stronger than 88% of peers).Current ratio 3.20× vs peers 1.48× (stronger than 88% of peers). Beta 1.17 vs a peer median of 0.63 (weaker than 82% of peers).Beta 1.17 vs peers 0.63 (weaker than 82% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Jul 22, 2026 · compared with the quarter ended Mar 31, 2026

No major changes

	Previous quarter	Latest quarter	Change
Revenue (12 months)	4.0B USD	4.1B USD	+1.1%
Net income (12 months)	236.2M USD	237.2M USD	+0.4%
Operating margin	13.7%	13.7%	−0.1 pts
Free cash flow (12 months)	442.0M USD	442.0M USD	0.0%
Debt	5.8B USD	5.7B USD	−0.8%
Cash	254.0M USD	282.0M USD	+11.0%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Sector: Consumer Cyclical · 182 companies

Valuations in Consumer Cyclical are within their usual range since 2016.

36% of months since 2016 were valued lower than now.
15% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values +0% and earnings +10% (medians): prices and earnings moved broadly together.
Median price-to-sales is −55% vs the whole market, against a usual −41%.

2016Shaded: most expensive fifth of its range2026

Shown for Consumer Cyclical: too few Travel Services companies have a long enough history of their own.

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Gross margin	95.0%	95.6%	96.5%	97.6%	93.2%	▼ 4.4 pts
Operating margin	19.7%	18.3%	19.2%	19.0%	13.8%	▼ 5.2 pts
Net margin	9.8%	10.0%	10.6%	10.6%	5.7%	▼ 4.9 pts
Return on assets (ROA)	4.7%	5.3%	5.9%	6.1%	3.4%	▼ 2.7 pts
Free cash flow margin	16.3%	10.9%	7.4%	9.9%	13.0%	▲ 3.1 pts
Interest coverage	3.12×	3.35×	2.87×	2.94×	2.38×	▼ 19%

TNL price history

Price history is added with the daily price update and will appear after the next one.

Similar companies

Sector leaderboards

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Bringing the fundamentals into focus…

Overall health

Drawback: growing more slowly than most peersgrowing more slowly than peers

Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 1.17 vs a peer median of 0.63)higher risk: bigger price swings (beta 1.17 vs peers 0.63)

About average: valuation

Ranks #1,105 of 1,502 consumer cyclical companies (bottom 27%)

See how it ranks against its peers

Worth knowing

Negative shareholders' equity. Liabilities exceed assets on the balance sheet.

Travel + Leisure's liabilities exceed its assets on the balance sheet. Large share buybacks can cause this in healthy companies, but so can accumulated losses; either way, debt-based ratios need care.

Sales growing faster than profits. Since 2022: revenue +13%, operating profit −15%.

Since 2022, Travel + Leisure's revenue changed +13% while operating profit fell 15%: costs rose faster than sales.

Annual revenue rose 5 years in a row. Fiscal-year revenue rose from $2.2B in 2020 to $4.0B in 2025.

Travel + Leisure's fiscal-year revenue rose in each of the five years to 2025, from $2.2B to $4.0B.

Profit is backed by cash. Free cash flow is 186% of reported profit.

Travel + Leisure's free cash flow is 186% of its reported profit, so its earnings are turning into cash it can reinvest, pay out or use to reduce debt.

Questions investors ask about Travel + Leisure

Is Travel + Leisure getting weaker?

Its latest SEC filing (Jul 22, 2026) showed no major changes. Its overall score is 39/100, down 1 since Oct 28, 2026.

How is Travel + Leisure valued vs its peers?

Priced about in line with its peers. Valuation scores 47/100 against 1,612 consumer cyclical peers. Free cash flow yield 9.6% vs a peer median of 6.1% (stronger than 68% of peers).Free cash flow yield 9.6% vs peers 6.1% (stronger than 68% of peers). EBITDA yield 6.9% vs a peer median of 8.8% (weaker than 61% of peers).EBITDA yield 6.9% vs peers 8.8% (weaker than 61% of peers).

Is Travel + Leisure growing?

More slowly than most of its peers. Growth scores 33/100 against 1,612 consumer cyclical peers. Earnings per share growth -36.6% vs a peer median of 4.2% (weaker than 85% of peers).Earnings per share growth -36.6% vs peers 4.2% (weaker than 85% of peers).

How profitable is Travel + Leisure?

More profitable than most of its peers. Profitability scores 65/100 against 1,612 consumer cyclical peers. Operating margin 13.7% vs a peer median of 6.4% (stronger than 80% of peers).Operating margin 13.7% vs peers 6.4% (stronger than 80% of peers).

How risky is Travel + Leisure?

Higher risk relative to 1,612 consumer cyclical peers, judged on debt, liquidity and share-price swings. Current ratio 3.20× vs a peer median of 1.48× (stronger than 88% of peers).Current ratio 3.20× vs peers 1.48× (stronger than 88% of peers). Beta 1.17 vs a peer median of 0.63 (weaker than 82% of peers).Beta 1.17 vs peers 0.63 (weaker than 82% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

4.0B USD

4.1B USD

+1.1%

Net income (12 months)

236.2M USD

237.2M USD

+0.4%

Operating margin

13.7%

13.7%

−0.1 pts

Free cash flow (12 months)

442.0M USD

442.0M USD

0.0%

Debt

5.8B USD

5.7B USD

−0.8%

Cash

254.0M USD

282.0M USD

+11.0%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Gross margin

95.0%

95.6%

96.5%

97.6%

93.2%

▼ 4.4 pts

Operating margin

19.7%

18.3%

19.2%

19.0%

13.8%

▼ 5.2 pts

Net margin

9.8%

10.0%

10.6%

5.7%

▼ 4.9 pts

Return on assets (ROA)

4.7%

5.3%

5.9%

6.1%

3.4%

▼ 2.7 pts

Free cash flow margin

16.3%

10.9%

7.4%

9.9%

13.0%

▲ 3.1 pts

Interest coverage

3.12×

3.35×

2.87×

2.94×

2.38×

▼ 19%