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Travel + Leisure Co.

TNL Consumer Cyclical Travel Services

Travel + Leisure Co.’s revenue for fiscal 2025 (year ended December 2025) was $4.0 billion, up 4.06% from fiscal 2024.

Revenue
+4.42%
EPS
+7.36%
Free cash flow
0.00%
Total debt
+2.20%

Quarter to June 2026, against a year earlier

71.67 0.18 +0.25%
Market cap
$4.3B
P/E
19.1×
Fwd P/E
10.4×
Dividend yield
3.30%
F-score
6/9
Altman Z
2.28
Beneish M
−2.71
Dividend safety
53/100
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Bought, $m 0.07
Sold, $m 26.89
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — 1 — — — — — — —
Sell — — 2 1 2 1 2 2 5 — — —
Insider Ownership 7.45%

Capital & Financial Ratios $m

Size
Market Cap 4,310.00
Revenue ttm 4,093.00
Net income ttm 237.00
Free cash flow ttm 452.00
Net debt Q 5,239.00
Valuation
P/E 19.07
Forward P/E 10.40
Price / sales 1.09
Forward P/S Powerpack
Price / FCF 9.86
Price / book 0.00
Financial health
Current ratio Q 3.15 (at or above 1.5: strong)
Debt / equity Q (5.60) (negative: negative equity)
Interest coverage Q 3.56
Growth
Revenue growth Q +4.42% (above 0%: growing)
Operating income growth Q +1.94% (above 0%: growing)
EPS, this year +21.72% (at or above 15%: strong)
EPS, next year A +12.56%
Revenue, next year A +4.28%
EPS, past 5 yrs —
EPS, next 5 yrs A +16.53% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 2.8×, against a ten-year median of 2.8×; over the ten years it ranged from 1.7× in 2016 to 5.2× in 2021.
P/E against its own 10 years 89.36%
10-year low 10-year high
P/S against its own 10 years 56.92%
10-year low 10-year high
EV/Sales against its own 10 years 60.41%
10-year low 10-year high
EV/FCF against its own 10 years 57.18%
10-year low 10-year high

Dividends raised 4 years running

Yield
3.30%
Annual rate
2.36
Payout ratio
64.5%
Growth, 2016–25
+10.6%/yr
  1. 0.90 ’16
  2. 1.05 ’17 +16%
  3. 1.53 ’18 +46%
  4. 1.80 ’19 +18%
  5. 1.60 ’20 −11%
  6. 1.25 ’21 −22%
  7. 1.60 ’22 +28%
  8. 1.80 ’23 +13%
  9. 2.00 ’24 +11%
  10. 2.24 ’25 +12%
  11. 2.43 ’26e +8%
paid forecast Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 458 329 426 471
Receivables 2,706 2,774 2,803 2,741
Inventory 1,135 1,227 1,128 1,179
Other — — — —
4,528 4,544 4,571 4,655
2023 2024 2025 Q'26
Payables 73 67 62 59
ST’ Debt — — — —
Other — — — —
1,322 1,302 1,440 1,478

Compound Annual Growth %

10y 5y 3y
Sales (1.91%) 13.23% 4.07%
Cash Flow (4.28%) 11.34% 13.13%
Earnings (9.32%) 0.00% (13.63%)
Book Value 0.00% 0.00% 0.00%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 2.04 Actual 2.21

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 1.83 1.83 Met by 0.00
Q1 FY26 1.31 1.45 Beat by 0.14
Q2 FY26 1.93 1.88 Miss by 0.05
Q3 FY26 2.04 2.21 Beat by 0.17
Q4 FY26 2.32 — Reports 17 February 2027

EPS $

Mar Jun Sep Dec Year
’26 1.22 1.72 — — —
’25 1.07 1.62 1.67 (0.95) 3.44
’24 0.92 1.81 1.39 1.72 5.82
’23 0.81 1.25 1.49 1.77 5.28
’22 0.59 1.16 1.38 1.12 4.24
’21 0.33 0.82 1.15 1.22 3.52
’20 (1.54) (1.92) 0.47 0.03 (2.97)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 961 1,063 — — —
’25 934 1,018 1,044 1,025 4,021
’24 916 985 993 970 3,864
’23 879 949 986 936 3,750
’22 809 922 937 899 3,567
’21 628 797 839 870 3,134
’20 558 343 614 645 2,160
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 38 220 — — —
’25 121 232 163 124 640
’24 47 174 145 98 464
’23 7 103 88 152 350
’22 141 89 37 175 442
’21 78 212 145 133 568
’20 57 73 94 150 374
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 19 195 — — —
’25 100 195 136 102 533
’24 30 154 125 75 384
’23 (5) 87 74 120 276
’22 131 75 25 167 398
’21 66 199 130 116 511
’20 36 55 77 137 305
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.3
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 3,692 3,806 3,931 4,043 2,160 3,134 3,567 3,750 3,864 4,021 4,093 +1.0% 4,193 4,405 4,537 +4.1%
Gross margin, % 50.49 51.13 51.34 52.02 42.92 49.04 48.44 48.56 48.96 44.49 45.13 (6.0) pt
EBT 542 318 396 680 (276) 429 486 485 513 337 347 (5.1%)
EBT margin, % 14.68 8.36 10.07 16.82 (12.78) 13.69 13.62 12.93 13.28 8.38 8.48 (6.3) pt
Net income 612 855 672 507 (255) 308 357 396 411 230 237 (10.3%)
Per share, $
Per share, $ Revenue 33.59 36.95 39.75 43.90 25.09 36.23 42.77 50.34 55.12 61.30 65.70 +6.9%
Earnings 5.56 8.46 6.80 5.50 (2.97) 3.56 4.28 5.31 5.87 3.51 3.75 (5.0%)
Cash flow 8.76 9.57 4.47 4.91 4.34 6.57 5.30 4.70 6.62 9.76 8.75 +1.2%
Capex (1.06) (1.04) (1.00) (1.17) (0.80) (0.66) (0.53) (0.99) (1.14) (1.63) (1.49) +4.9%
Free cash flow 7.70 8.53 3.47 3.74 3.54 5.91 4.77 3.70 5.48 8.13 7.26 +0.6%
Book value 6.53 7.51 (5.75) (5.69) (11.24) (9.18) (10.84) (12.31) (12.55) (14.97) (16.37) n/m
Shares, m 110 103 99 92 86 87 83 75 70 66 64 (5.6%)
Valuation, ×
Valuation, × P/E 6.36 6.40 5.29 9.35 0.00 15.57 8.26 7.62 8.55 20.33 19.07 8.8
P/S 1.06 1.48 0.90 1.18 1.79 1.53 0.83 0.81 0.92 1.15 1.09 1.2
P/B 5.43 7.26 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1.3
EV/Sales 2.50 3.06 2.74 2.51 4.15 3.21 2.73 2.69 2.75 2.90 2.82 2.9
EV/FCF 10.91 13.24 31.39 29.45 29.39 19.69 24.49 36.48 27.71 21.84 25.53 24.5
Cash, $m
Cash, $m Operating cash flow 963 986 442 452 374 568 442 350 464 640 545 (4.4%)
Capex (117) (107) (99) (108) (69) (57) (44) (74) (80) (107) (93) (1.0%)
Free cash flow 846 879 343 344 305 511 398 276 384 533 452 (5.0%)
Balance, $m
Balance, $m Working capital (220) 3,044 3,320 3,599 1,793 2,997 3,273 3,206 3,242 3,131 3,177 n/m
Net debt 5,328 5,787 5,098 5,331 5,101 4,816 4,954 5,188 5,262 5,172 5,239 (0.3%)
Shareholders’ equity 718 774 (569) (524) (968) (794) (904) (917) (880) (982) (1,020) n/m
Returns, %
Returns, % ROA 6.30 8.43 7.63 6.94 (3.39) 4.34 5.35 5.87 6.10 3.41 3.46 (2.9) pt
ROIC 6.80 4.18 7.22 10.56 (1.59) 9.60 10.08 10.54 10.45 8.25 8.30 +1.5 pt
ROE 73.13 114.48 655.61 (92.77) 34.18 (34.96) (42.05) (43.49) (45.74) (24.70) (25.31) (97.8) pt
People
People Employees 37,800 39,200 24,500 22,500 15,500 16,800 18,200 19,000 19,000 19,300 — (7.2%)
Revenue/emp, $m 0.10 0.10 0.16 0.18 0.14 0.19 0.20 0.20 0.20 0.21 — +8.8%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Travel + Leisure Co. vs peers in Travel Services (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
CCL Carnival Corporation $38.8B 12.5× 13.1× +3.46% (above 0%: growing) +0.06% (above 0%: growing) −3.26% (below 0%: shrinking) 45.13% 26.31% Compare
EXPE Expedia Group, Inc. $33.9B 17.1× 15.2× +13.97% (above 0%: growing) +179.69% (above 0%: growing) +38.87% (above 0%: growing) 90.66% 18.54% Compare
TCOM Trip.com Group Limited Sponsored ADR $25.1B 7.4× 24.4× +11.39% (above 0%: growing) n/m +531.82% (above 0%: growing) 79.81% (9.36%) Compare
NCLH Norwegian Cruise Line Holdings Ltd. $8.4B 10.5× 11.1× +4.89% (above 0%: growing) +585.71% (above 0%: growing) −61.99% (below 0%: shrinking) 39.91% 13.76% Compare
TNL Travel + Leisure Co. $4.3B 19.1× 10.4× +4.42% (above 0%: growing) +7.36% (above 0%: growing) 0.00% 51.18% 19.76%
MMYT MakeMyTrip Limited $4.0B 122× 123× +6.22% (above 0%: growing) −60.87% (below 0%: shrinking) −36.17% (below 0%: shrinking) 74.55% 15.30% Compare
LIND Lindblad Expeditions $2.5B — (loss-making) 172× +18.64% (above 0%: growing) n/m +279.01% (above 0%: growing) 48.50% 6.00% Compare
PRSU Pursuit Attractions and Hospitality, Inc. $1.5B 40.8× 29.9× +14.35% (above 0%: growing) +175.00% (above 0%: growing) −139.39% (below 0%: shrinking) 92.82% 18.59% Compare
TRIP TripAdvisor, Inc. $1.1B 231× 40.7× −16.47% (below 0%: shrinking) −34.48% (below 0%: shrinking) −26.17% (below 0%: shrinking) 92.98% 8.55% Compare
Median of peers $6.2B 17.1× 27.2× +8.81% +87.53% −14.71% 77.18% 14.53%

All 17 Travel Services stocks →

Pay and ownership Proxy statement filed 10 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 16.00m 32.97m 189.60
2024 14.66m 24.74m 130.29
2023 12.42m 8.47m 96.70
2022 11.60m 5.23m 86.07
2021 10.62m 16.33m 125.96
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Read the proxy statement

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stockrow.com/TNL · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com