Travel + Leisure Co. (TNL) 10-Year Financial Performance & Capital Metrics

TNL • • Industrial / General

Consumer CyclicalTravel ServicesTravel Technology & B2B SolutionsTravel Management Services

AboutTravel + Leisure Co., together with its subsidiaries, provides hospitality services and 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; provides consumer financing in connection with the sale of VOIs; and provides property management services at resorts. The Travel and Membership segment operates various businesses, including three vacation exchange brands, a home exchange network, travel technology platforms, travel memberships, and direct-to-consumer rentals. As of January 26, 2022, it had approximately 245 vacation ownership resorts. It also offers private-label travel booking technology solutions. 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.Show more

Revenue $3.86B +3.0%
EBITDA $848M +1.9%
Net Income $411M +3.8%
EPS (Diluted) 5.35 +1.3%
Gross Margin 48.96% +0.8%
EBITDA Margin 21.95% -1.1%
Operating Margin 18.97% -1.2%
Net Margin 10.64% +0.7%
ROE -
ROIC 12.01% -1.8%
Debt/Equity -
Interest Coverage 2.94 +2.6%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong Piotroski F-Score: 9/9
✓Momentum leader: RS Rating 80 (top 20%)
✓Healthy dividend yield of 2.7%
✓Share count reduced 5.7% through buybacks
✓Trading near 52-week high

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-3.08%

5Y-0.9%

3Y7.23%

TTM3.58%

Profit (Net Income) CAGR

10Y-2.49%

5Y-4.11%

3Y10.09%

TTM-2.38%

EPS CAGR

10Y2.5%

5Y0.23%

3Y13.91%

TTM11.38%

ROCE

10Y Avg9.42%

5Y Avg9.33%

3Y Avg12.62%

Latest13.16%

Peer Comparison

Travel Management Services

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
TNLTravel + Leisure Co.	4.82B	74.86	13.99	3.04%	10.36%		7.95%
AHMAAmbitions Enterprise Management Co. L.L.C	135.31M	12.34		-0.44%	5.13%	16.12%	0.83%	0.01

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	5.54B	5.6B	5.08B	3.93B	4.04B	2.16B	3.13B	3.57B	3.75B	3.86B
Revenue Growth %	0.05%	0.01%	-0.09%	-0.23%	0.03%	-0.47%	0.45%	0.14%	0.05%	0.03%
Cost of Goods Sold+	2.33B	1.83B	1.86B	1.91B	1.94B	1.23B	1.56B	1.84B	1.93B	1.97B
COGS % of Revenue	0.42%	0.33%	0.37%	0.49%	0.48%	0.57%	0.5%	0.52%	0.51%	0.51%
Gross Profit+	2.54B	1.86B	1.95B	2.02B	2.1B	932M	1.57B	1.73B	1.82B	1.89B
Gross Margin %	0.46%	0.33%	0.38%	0.51%	0.52%	0.43%	0.5%	0.48%	0.49%	0.49%
Gross Profit Growth %	-0.08%	-0.27%	0.04%	0.04%	0.04%	-0.56%	0.68%	0.1%	0.05%	0.04%
Operating Expenses+	1.61B	1.21B	1.51B	1.5B	1.29B	1.04B	952M	1.07B	1.1B	1.16B
OpEx % of Revenue	0.29%	0.22%	0.3%	0.38%	0.32%	0.48%	0.3%	0.3%	0.29%	0.3%
Selling, General & Admin	1.41B	1.07B	1.13B	1.12B	1.16B	727M	797M	930M	961M	1.02B
SG&A % of Revenue	0.25%	0.19%	0.22%	0.29%	0.29%	0.34%	0.25%	0.26%	0.26%	0.27%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	200M	139M	381M	373M	136M	310M	155M	145M	140M	134M
Operating Income+	935M	658M	439M	523M	812M	-105M	618M	653M	720M	733M
Operating Margin %	0.17%	0.12%	0.09%	0.13%	0.2%	-0.05%	0.2%	0.18%	0.19%	0.19%
Operating Income Growth %	-0.01%	-0.3%	-0.33%	0.19%	0.55%	-1.13%	6.89%	0.06%	0.1%	0.02%
EBITDA+	1.12B	785M	575M	661M	933M	21M	742M	772M	832M	848M
EBITDA Margin %	0.2%	0.14%	0.11%	0.17%	0.23%	0.01%	0.24%	0.22%	0.22%	0.22%
EBITDA Growth %	-0.04%	-0.3%	-0.27%	0.15%	0.41%	-0.98%	34.33%	0.04%	0.08%	0.02%
D&A (Non-Cash Add-back)	187M	127M	136M	138M	121M	126M	124M	119M	112M	115M
EBIT	959M	675M	473M	566M	842M	-84M	627M	681M	736M	762M
Net Interest Income+	-114M	-126M	-149M	-165M	-155M	-185M	-195M	-189M	-238M	-235M
Interest Income	8M	7M	7M	5M	7M	7M	3M	6M	13M	14M
Interest Expense	122M	133M	156M	170M	162M	192M	198M	195M	251M	249M
Other Income/Expense	-98M	-116M	-121M	-127M	-132M	-171M	-189M	-167M	-235M	-220M
Pretax Income+	916M	940M	590M	396M	680M	-276M	429M	486M	485M	513M
Pretax Margin %	0.17%	0.17%	0.12%	0.1%	0.17%	-0.13%	0.14%	0.14%	0.13%	0.13%
Income Tax+	304M	328M	-229M	130M	191M	-23M	116M	130M	94M	135M
Effective Tax Rate %	0.67%	0.65%	1.45%	1.7%	0.75%	0.92%	0.72%	0.73%	0.82%	0.8%
Net Income+	612M	611M	854M	672M	507M	-253M	308M	357M	396M	411M
Net Margin %	0.11%	0.11%	0.17%	0.17%	0.13%	-0.12%	0.1%	0.1%	0.11%	0.11%
Net Income Growth %	0.16%	-0%	0.4%	-0.21%	-0.25%	-1.5%	2.22%	0.16%	0.11%	0.04%
Net Income (Continuing)	612M	545M	646M	266M	489M	-253M	313M	356M	391M	378M
Discontinued Operations	60M	260M	209M	406M	18M	0	-5M	1M	5M	33M
Minority Interest	3M	4M	5M	5M	6M	7M	7M	9M	1M	1M
EPS (Diluted)+	5.14	5.53	8.40	6.77	5.29	-2.94	3.62	4.23	5.28	5.35
EPS Growth %	0.23%	0.08%	0.52%	-0.19%	-0.22%	-1.56%	2.23%	0.17%	0.25%	0.01%
EPS (Basic)	5.18	5.56	8.46	6.79	5.31	-2.94	3.62	4.27	5.32	5.39
Diluted Shares Outstanding	119M	111M	104M	99.2M	92.4M	86.1M	86.5M	84.2M	75M	70.7M
Basic Shares Outstanding	118M	110M	103M	98.9M	92.1M	86.1M	86.5M	83.4M	74.5M	70.1M
Dividend Payout Ratio	0.33%	0.36%	0.28%	0.29%	0.33%	-	0.35%	0.38%	0.34%	0.35%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	1.67B	1.74B	8.38B	5.23B	5.36B	5.59B	4.53B	4.77B	4.76B	4.78B
Cash & Short-Term Investments	183M	127M	72M	243M	400M	1.21B	396M	562M	296M	184M
Cash Only	171M	113M	48M	218M	355M	1.2B	369M	550M	282M	167M
Short-Term Investments	12M	14M	24M	25M	45M	9M	27M	12M	14M	17M
Accounts Receivable	901M	676M	3.18B	3.23B	3.38B	115M	2.54B	2.64B	2.89B	2.95B
Days Sales Outstanding	59.4	44.07	228.66	299.63	305.22	19.43	295.59	270.14	281.59	279.04
Inventory	295M	315M	340M	1.22B	1.2B	1.35B	1.22B	1.19B	1.14B	1.23B
Days Inventory Outstanding	46.11	62.9	66.72	233.54	225.59	400.37	283.79	236.78	214.76	227.11
Other Current Assets	134M	494M	3.73B	358M	147M	2.7B	128M	138M	176M	181M
Total Non-Current Assets+	7.92B	8.08B	2.07B	1.93B	2.09B	2.02B	2.06B	1.99B	1.98B	1.96B
Property, Plant & Equipment	1.4B	1.34B	1.08B	712M	816M	758M	768M	720M	701M	638M
Fixed Asset Turnover	3.96x	4.18x	4.70x	5.52x	4.95x	2.85x	4.08x	4.95x	5.35x	6.06x
Goodwill	1.56B	1.6B	1.34B	922M	970M	964M	961M	955M	962M	966M
Intangible Assets	1.12B	1.13B	1.08B	109M	143M	131M	219M	207M	199M	209M
Long-Term Investments	0	0	0	0	0	26M	21M	18M	19M	18M
Other Non-Current Assets	3.84B	4.81B	171M	157M	136M	116M	69M	66M	77M	104M
Total Assets+	9.72B	9.82B	10.4B	7.16B	7.45B	7.61B	6.59B	6.76B	6.74B	6.74B
Asset Turnover	0.57x	0.57x	0.49x	0.55x	0.54x	0.28x	0.48x	0.53x	0.56x	0.57x
Asset Growth %	0%	0.01%	0.06%	-0.31%	0.04%	0.02%	-0.13%	0.03%	-0%	-0%
Total Current Liabilities+	1.96B	2.03B	2.91B	1.65B	772M	1.16B	1.16B	1.14B	1.17B	1.17B
Accounts Payable	394M	213M	232M	66M	73M	62M	62M	65M	73M	67M
Days Payables Outstanding	61.59	42.53	45.53	12.59	13.73	18.43	14.47	12.9	13.81	12.4
Short-Term Debt	253M	217M	321M	0	0	0	0	0	0	0
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	44M	549M	1.15B	217M	0	0	0	13M	0	0
Current Ratio	0.85x	0.86x	2.88x	3.17x	6.95x	4.81x	3.90x	4.18x	4.07x	4.09x
Quick Ratio	0.70x	0.70x	2.76x	2.43x	5.39x	3.65x	2.86x	3.13x	3.10x	3.04x
Cash Conversion Cycle	43.93	64.44	249.86	520.58	517.07	401.38	564.9	494.03	482.53	493.75
Total Non-Current Liabilities+	6.68B	7.07B	6.77B	6.08B	7.21B	7.42B	6.22B	6.52B	6.49B	6.45B
Long-Term Debt	4.93B	5.22B	5.93B	5.24B	5.57B	6.41B	5.3B	5.63B	5.63B	5.57B
Capital Lease Obligations	0	0	72M	3M	185M	164M	145M	122M	107M	100M
Deferred Tax Liabilities	1.15B	1.17B	613M	736M	815M	725M	686M	679M	687M	722M
Other Non-Current Liabilities	401M	484M	-464M	-643M	94M	-1.06B	88M	87M	67M	54M
Total Liabilities	8.76B	9.1B	9.52B	7.73B	7.98B	8.58B	7.38B	7.66B	7.66B	7.62B
Total Debt+	5.18B	5.44B	6.33B	5.24B	5.75B	6.58B	5.45B	5.75B	5.73B	5.67B
Net Debt	5.01B	5.33B	6.28B	5.02B	5.4B	5.38B	5.08B	5.2B	5.45B	5.5B
Debt / Equity	5.44x	7.58x	7.17x	-	-	-	-	-	-	-
Debt / EBITDA	4.62x	6.93x	11.00x	7.92x	6.17x	313.10x	7.34x	7.45x	6.89x	6.69x
Net Debt / EBITDA	4.47x	6.79x	10.92x	7.59x	5.79x	256.14x	6.85x	6.74x	6.55x	6.49x
Interest Coverage	7.66x	4.95x	2.81x	3.08x	5.01x	-0.55x	3.12x	3.35x	2.87x	2.94x
Total Equity+	953M	718M	883M	-569M	-524M	-968M	-794M	-904M	-917M	-880M
Equity Growth %	-0.24%	-0.25%	0.23%	-1.64%	0.08%	-0.85%	0.18%	-0.14%	-0.01%	0.04%
Book Value per Share	8.01	6.47	8.49	-5.74	-5.67	-11.24	-9.18	-10.74	-12.23	-12.45
Total Shareholders' Equity	950M	714M	878M	-574M	-530M	-975M	-801M	-913M	-918M	-881M
Common Stock	2M	2M	2M	2M	2M	2M	2M	2M	2M	2M
Retained Earnings	1.59B	1.98B	2.61B	1.44B	1.78B	1.39B	1.59B	1.81B	2.07B	2.33B
Treasury Stock	-4.49B	-5.12B	-5.72B	-6.04B	-6.38B	-6.51B	-6.53B	-6.89B	-7.2B	-7.43B
Accumulated OCI	-74M	-113M	-10M	-52M	-52M	-16M	-48M	-79M	-70M	-112M
Minority Interest	3M	4M	5M	5M	6M	7M	7M	9M	1M	1M

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	991M	973M	987M	442M	452M	374M	568M	442M	350M	464M
Operating CF Margin %	0.18%	0.17%	0.19%	0.11%	0.11%	0.17%	0.18%	0.12%	0.09%	0.12%
Operating CF Growth %	0.01%	-0.02%	0.01%	-0.55%	0.02%	-0.17%	0.52%	-0.22%	-0.21%	0.33%
Net Income	612M	612M	872M	266M	489M	-253M	313M	356M	391M	378M
Depreciation & Amortization	234M	252M	213M	138M	121M	126M	124M	119M	112M	115M
Stock-Based Compensation	58M	68M	70M	129M	24M	20M	32M	45M	38M	41M
Deferred Taxes	40M	93M	-404M	122M	79M	-88M	-39M	-4M	8M	26M
Other Non-Cash Items	260M	336M	758M	638M	507M	504M	164M	355M	385M	471M
Working Capital Changes	-213M	-388M	-522M	-851M	-768M	65M	-26M	-429M	-584M	-567M
Change in Receivables	-341M	-429M	-529M	-642M	-577M	267M	20M	-401M	-522M	-514M
Change in Inventory	-25M	-27M	-71M	-27M	13M	-119M	-6M	31M	25M	-16M
Change in Payables	109M	39M	92M	-146M	-64M	15M	24M	-71M	-70M	-19M
Cash from Investing+	-302M	-353M	-394M	-725M	-66M	-65M	-93M	-50M	-80M	-124M
Capital Expenditures	-222M	-191M	-153M	-99M	-108M	-69M	-57M	-52M	-74M	-81M
CapEx % of Revenue	0.04%	0.03%	0.03%	0.03%	0.03%	0.03%	0.02%	0.01%	0.02%	0.02%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-92M	-152M	-223M	-621M	-13M	4M	1M	4M	0	1M
Cash from Financing+	-675M	-586M	-559M	280M	-289M	502M	-1.29B	-196M	-500M	-458M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-202M	-223M	-242M	-194M	-166M	-138M	-109M	-135M	-136M	-142M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	6M	-44M	-116M	1.51B	-107M	-49M	-59M	-51M	-30M	-38M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	769M	782M	834M	343M	344M	305M	511M	390M	276M	383M
FCF Margin %	0.14%	0.14%	0.16%	0.09%	0.09%	0.14%	0.16%	0.11%	0.07%	0.1%
FCF Growth %	0.03%	0.02%	0.07%	-0.59%	0%	-0.11%	0.68%	-0.24%	-0.29%	0.39%
FCF per Share	6.46	7.05	8.02	3.46	3.72	3.54	5.91	4.63	3.68	5.42
FCF Conversion (FCF/Net Income)	1.62x	1.59x	1.16x	0.66x	0.89x	-1.48x	1.84x	1.24x	0.88x	1.13x
Interest Paid	0	0	0	0	0	0	0	0	0	0
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	55.38%	73.13%	106.68%	428.03%	-	-	-	-	-	-
Return on Invested Capital (ROIC)	11.6%	8.22%	4.99%	6.76%	13.06%	-1.7%	10.66%	11.41%	12.23%	12.01%
Gross Margin	45.94%	33.29%	38.34%	51.34%	52%	43.15%	50.1%	48.44%	48.56%	48.96%
Net Margin	11.05%	10.91%	16.82%	17.09%	12.54%	-11.71%	9.83%	10.01%	10.56%	10.64%
Debt / Equity	5.44x	7.58x	7.17x	-	-	-	-	-	-	-
Interest Coverage	7.66x	4.95x	2.81x	3.08x	5.01x	-0.55x	3.12x	3.35x	2.87x	2.94x
FCF Conversion	1.62x	1.59x	1.16x	0.66x	0.89x	-1.48x	1.84x	1.24x	0.88x	1.13x
Revenue Growth	4.83%	1.14%	-9.34%	-22.56%	2.82%	-46.56%	45.09%	13.82%	5.13%	3.04%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Vacation Ownership	2.77B	2.79B	2.9B	-	-	-	2.4B	2.83B	3.04B	3.17B
Vacation Ownership Growth	-	0.79%	3.97%	-	-	-	-	17.98%	7.27%	4.27%
Travel and Membership	-	-	-	-	-	-	752M	735M	711M	695M
Travel and Membership Growth	-	-	-	-	-	-	-	-2.26%	-3.27%	-2.25%
Service and Membership Fees	-	-	-	1.61B	1.61B	1.14B	-	-	-	-
Service and Membership Fees Growth	-	-	-	-	-0.31%	-29.08%	-	-	-	-
Vacation Ownership Interest Sales	-	-	-	1.77B	1.85B	505M	-	-	-	-
Vacation Ownership Interest Sales Growth	-	-	-	-	4.47%	-72.67%	-	-	-	-
Consumer Financing	-	-	-	491M	515M	467M	-	-	-	-
Consumer Financing Growth	-	-	-	-	4.89%	-9.32%	-	-	-	-
VOI Trial Package Revenue	-	-	-	125M	145M	115M	-	-	-	-
VOI Trial Package Revenue Growth	-	-	-	-	16.00%	-20.69%	-	-	-	-
Subscription Revenue	-	-	-	123M	122M	105M	-	-	-	-
Subscription Revenue Growth	-	-	-	-	-0.81%	-13.93%	-	-	-	-
VOI Incentive Revenue	-	-	-	96M	107M	74M	-	-	-	-
VOI Incentive Revenue Growth	-	-	-	-	11.46%	-30.84%	-	-	-	-
Other Exchange-Related Revenue	-	-	-	52M	52M	55M	-	-	-	-
Other Exchange-Related Revenue Growth	-	-	-	-	0.00%	5.77%	-	-	-	-
Other Revenue	-	-	-	60M	74M	49M	-	-	-	-
Other Revenue Growth	-	-	-	-	23.33%	-33.78%	-	-	-	-
Other Products and Services	-	-	-	8M	4M	8M	-	-	-	-
Other Products and Services Growth	-	-	-	-	-50.00%	100.00%	-	-	-	-
Credit Card	-	-	-	7M	4M	4M	-	-	-	-
Credit Card Growth	-	-	-	-	-42.86%	0.00%	-	-	-	-
Ancillary Revenues	-	-	-	-	1M	-	-	-	-	-
Ancillary Revenues Growth	-	-	-	-	-	-	-	-	-	-
Eliminations	-	-	-	-	-7M	-	-	-	-	-
Eliminations Growth	-	-	-	-	-	-	-	-	-	-
Lodging	71M	67M	73M	-	-	-	-	-	-	-
Lodging Growth	-	-5.63%	8.96%	-	-	-	-	-	-	-
Vacation Exchange And Rentals	1.54B	8M	11M	-	-	-	-	-	-	-
Vacation Exchange And Rentals Growth	-	-99.48%	37.50%	-	-	-	-	-	-	-

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
UNITED STATES	4.25B	4.24B	4.41B	3.5B	3.51B	1.9B	2.75B	3.17B	3.32B	3.4B
UNITED STATES Growth	-	-0.24%	4.03%	-20.62%	0.37%	-45.80%	44.59%	15.00%	4.86%	2.53%
All Other Countries	777M	865M	667M	431M	530M	256M	381M	401M	430M	460M
All Other Countries Growth	-	11.33%	-22.89%	-35.38%	22.97%	-51.70%	48.83%	5.25%	7.23%	6.98%
NETHERLANDS	239M	253M	-	-	-	-	-	-	-	-
NETHERLANDS Growth	-	5.86%	-	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Travel + Leisure Co. (TNL) has a price-to-earnings (P/E) ratio of 14.0x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Travel + Leisure Co. (TNL) reported $3.97B in revenue for fiscal year 2024. This represents a 7% decrease from $4.25B in 2011.

Travel + Leisure Co. (TNL) grew revenue by 3.0% over the past year. Growth has been modest.

Yes, Travel + Leisure Co. (TNL) is profitable, generating $411.0M in net income for fiscal year 2024 (10.6% net margin).

Dividend & Returns

Yes, Travel + Leisure Co. (TNL) pays a dividend with a yield of 2.68%. This makes it attractive for income-focused investors.

Travel + Leisure Co. (TNL) generated $801.0M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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