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. In the quarter to June 2026, revenue grew 4.42%, EPS grew 7.36%, free cash flow was flat and total debt rose 2.20%, each against the same quarter a year earlier. Dividend growth for five consecutive years, revenue growth for five; insiders bought in the last twelve months.
Follow TNL
Travel + Leisure Co. (TNL) Beneish M-score
Travel + Leisure Co.'s Beneish M-score for fiscal 2025 is −2.71; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
Embed this chart
Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −2.71 | (0.19) |
| FY2024 | −2.52 | (0.16) |
| FY2023 | −2.36 | 0.16 |
| FY2022 | −2.52 | 0.00 |
| FY2021 | −2.52 | 0.29 |
| FY2020 | −2.81 | (0.38) |
| FY2019 | −2.43 | 0.48 |
| FY2018 | −2.91 | (3.55) |
| FY2017 | 0.64 | 3.60 |
| FY2016 | −2.97 | (0.37) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.97 | — | 0.89 | |
| Gross margin index | 1.10 | — | 0.58 | |
| Asset quality index | 1.03 | — | 0.42 | |
| Sales growth index | 1.04 | — | 0.93 | |
| Depreciation index | 0.86 | — | 0.10 | |
| SG&A index | 1.02 | — | −0.17 | |
| Total accruals to total assets | (0.06) | — | −0.28 | |
| Leverage index | 1.02 | — | −0.33 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.71 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| MMYT MakeMyTrip Limited compare | −3.4× |
| TRIP TripAdvisor, Inc. compare | −2.9× |
| PRSU Pursuit Attractions and Hospitality, Inc. compare | −2.8× |
| EXPE Expedia Group, Inc. compare | −2.8× |
| TNL Travel + Leisure Co. | −2.7× |
| CCL Carnival Corporation compare | −2.7× |
| NCLH Norwegian Cruise Line Holdings Ltd. compare | −2.6× |
| TCOM Trip.com Group Limited Sponsored ADR compare | −1.8× |
| LIND Lindblad Expeditions compare | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI