Travel + Leisure Co. (TNL) Stock Analysis
Consumer Cyclical · Travel Services · NYSE
Travel + Leisure Co. (TNL) posted $4.02B in revenue for fiscal 2025 (up 4.1% year over year), at a 5.7% net margin, and has compounded revenue about 13.2%/yr over five years, per its SEC filings.
Data last refreshed August 2, 2026 from SEC filings · how we compute this
The analyst's take on Travel + Leisure Co.
Travel + Leisure Co. has grown revenue from $3.69B to $4.02B over the last 10 fiscal years, compounding about 13.2% a year. The most recent year was up 4.1%, so growth has cooled from its longer-run pace.
Net margin sits at 5.7%, down 4.9 points year over year on a 93.2% gross margin. It carries about $5.60B of total debt.
At today's valuation the market is pricing in roughly -4.2% annual free-cash-flow growth — versus the 11.4% it actually delivered over the last five years, so the price is arguably undemanding against what it has already proven. The one thing worth a second look in the filings is heavy debt load.
Synthesised from Travel + Leisure Co.'s SEC filings — descriptive, not advice. Ask the analyst your own question →
Travel + Leisure Co. revenue & earnings — last 10 fiscal years
| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.69B | $3.81B | $3.93B | $4.04B | $2.16B | $3.13B | $3.57B | $3.75B | $3.86B | $4.02B |
| Gross profit | — | $3.66B | $3.75B | $3.86B | $2.16B | $2.98B | $3.41B | $3.62B | $3.77B | $3.75B |
| Net income | $611.00M | $854.00M | $672.00M | $507.00M | $-255.00M | $308.00M | $357.00M | $396.00M | $411.00M | $230.00M |
| Net margin | 16.5% | 22.4% | 17.1% | 12.5% | -11.8% | 9.8% | 10.0% | 10.6% | 10.6% | 5.7% |
Source: Travel + Leisure Co. SEC filings (10-K). 18 years of history available in the interactive view.
Travel + Leisure Co.: 2 potential red flags in the filings
Patterns in the filed statements worth a second look — computed and cited, not AI guesswork, and not a signal to sell. The kind of thing that hides in a 10-K.
- Heavy debt loadTotal debt of $5598M is 8.7× last year's operating cash flow — it would take years of cash flow to clear.
- Net margin shrinkingNet margin fell from 10.0% to 5.7% over ~3 years — profitability is compressing.
What growth is priced into TNL stock?
At today's market cap of $4.45B, Travel + Leisure Co. is priced for free-cash-flow growth of about -4.2% per year for 10 years (assuming a 10% discount rate and 2.5% terminal growth, base FCF $523.00M from the FY ending 2025-12-31). For comparison, free cash flow actually grew 11.4%/yr over the last five fiscal years and revenue 13.2%/yr, computed from its SEC filings. This is a reverse DCF — a translation of the price into a growth assumption you can judge, not a fair value and not advice. Change the assumptions yourself in the interactive view →
Explore 18 years of Travel + Leisure Co. financials — interactive
Full income statement, balance sheet and cash flow with CAGR and trend on every row, 48 quarters, valuation ratios, plain-English health checks, and Ask — our SEC-grounded research assistant.
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Travel + Leisure Co. financial history by metric
Compare Travel + Leisure Co. with peers
About Travel + Leisure Co.
Travel + Leisure Co., together with its subsidiaries, provides hospitality services and travel products in the United States and internationally. The company operates in two segments, Vacation Ownership; and Travel and Membership. The Vacation Ownership segment develops, markets, and sells vacation ownership interests (VOIs) to individual consumers, as well as offers consumer financing in connection with the sale of VOIs; and property management services at resorts; and This segment also experiences under hospitality and leisure brands, including Club Wyndham, WorldMark, Margaritaville Vacation Club, Sports Illustrated Resorts, Eddie Bauer Adventure Club, And Accor Vacation Club. The Travel and Membership segment operates various travel businesses, including vacation exchange brands, travel technology platforms, travel memberships, and direct-to-consumer rentals. This segment also offers business-to-business private-label travel club solutions and facilitates bookings. Travel + Leisure Co. has a strategic alliance with Hornblower Group, Inc. The company was formerly known as Wyndham Destinations, Inc. and changed its name to Travel + Leisure Co. in February 2021. Travel + Leisure Co. was founded in 1990 and is headquartered in Orlando, Florida.
Travel + Leisure Co. — frequently asked questions
What is Travel + Leisure Co.'s revenue?
Travel + Leisure Co. (TNL) reported revenue of $4.02B for fiscal year 2025, up 4.1% from the prior year, according to its SEC filings.
Is Travel + Leisure Co. profitable?
Yes. TNL earned net income of $230.00M in fiscal 2025, a net margin of 5.7%.
What is TNL's P/E ratio?
Travel + Leisure Co. trades at a price-to-earnings ratio of about 19.9 based on the latest data in our nightly-refreshed cache.
How fast is Travel + Leisure Co. growing?
TNL's revenue grew at roughly 13.2% per year over the last five fiscal years (compound annual growth rate), computed from SEC-filed statements.
How much debt does Travel + Leisure Co. have?
As of fiscal year 2025, TNL carried roughly $5.60B in total debt (short- plus long-term borrowings), per its filed balance sheet.
What is Travel + Leisure Co.'s gross margin?
TNL's gross margin was 93.2% in fiscal 2025 — gross profit of $3.75B on revenue of $4.02B.
What is Travel + Leisure Co.'s market cap?
Travel + Leisure Co. (TNL) has a market capitalization of about $4.45B, based on the latest data in our nightly-refreshed cache.
When does Travel + Leisure Co.'s fiscal year end?
TNL's fiscal year ends in December. Its most recent annual filing covers the fiscal year ending 2025-12-31.
What growth is priced into TNL stock?
At today's market cap of $4.45B, Travel + Leisure Co. is priced for free-cash-flow growth of about -4.2% per year for 10 years (assuming a 10% discount rate and 2.5% terminal growth, base FCF $523.00M from the FY ending 2025-12-31). For comparison, free cash flow actually grew 11.4%/yr over the last five fiscal years and revenue 13.2%/yr, computed from its SEC filings.
Where does this data come from?
All figures are computed from Travel + Leisure Co.'s official SEC filings (10-K and 10-Q), covering 18 years of history, refreshed nightly. stockportfolio.pro does not provide investment advice.