The company maintains a strained capital structure characterized by a persistent negative equity position of $1.0B and a substantial total debt load of $5.8B as of 2026Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 |
|---|
| Total Current Assets | 1.59B | 1.55B | 4.78B | 4.76B | 4.77B | 4.53B | 5.59B | 5.36B | 5.23B | 8.38B | 1.74B | 1.67B | 1.78B | 1.85B | 1.83B | 1.7B | 1.75B | 1.74B | 1.91B | 2.06B | 2.05B | 2.57B |
| Cash & Short-Term Investments | 254M | 253M | 184M | 296M | 562M | 396M | 1.21B | 400M | 243M | 72M | 127M | 183M | 183M | 194M | 195M | 142M | 156M | 155M | 136M | 210M | 269M | 99M |
| Cash Only | 254M | 253M | 167M | 282M | 550M | 369M | 1.2B | 355M | 218M | 48M | 113M | 171M | 183M | 194M | 195M | 142M | 156M | 155M | 136M | 210M | 269M | 99M |
| Short-Term Investments | 0 | 0 | 17M | 14M | 12M | 27M | 9M | 45M | 25M | 24M | 14M | 12M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 152M | 165M | 2.95B | 2.89B | 2.64B | 2.54B | 115M | 3.38B | 3.23B | 3.18B | 676M | 901M | 897M | 925M | 823M | 775M | 720M | 693M | 751M | 767M | 819M | 1.74B |
| Days Sales Outstanding | 131.27 | 14.98 | 279.04 | 281.59 | 270.14 | 295.59 | 19.43 | 305.22 | 299.63 | 228.66 | 44.07 | 59.4 | 62 | 67.4 | 66.25 | 66.5 | 68.24 | 67.45 | 64.03 | 64.21 | 77.81 | 189.89 |
| Inventory | 1.18B | 1.13B | 1.23B | 1.14B | 1.19B | 1.22B | 1.35B | 1.2B | 1.22B | 340M | 315M | 295M | 302M | 346M | 379M | 351M | 348M | 354M | 414M | 586M | 520M | 446M |
| Days Inventory Outstanding | 191.79 | 140.61 | 227.11 | 214.76 | 236.78 | 283.79 | 400.37 | 225.59 | 233.54 | 66.72 | 62.9 | 46.11 | 44.02 | 52.8 | 66.09 | 63.27 | 67.71 | 70.88 | 74.4 | 100.99 | 105.97 | 105.71 |
| Other Current Assets | 0 | 0 | 181M | 176M | 138M | 128M | 2.7B | 147M | 358M | 3.73B | 494M | 134M | 249M | 237M | 311M | 314M | 424M | 422M | 462M | 333M | 276M | 288M |
| Total Non-Current Assets | 2.43B | 2.41B | 1.96B | 1.98B | 1.99B | 2.06B | 2.02B | 2.09B | 1.93B | 2.07B | 8.08B | 7.92B | 7.9B | 7.89B | 7.63B | 7.32B | 7.66B | 7.61B | 7.66B | 8.4B | 7.47B | 6.6B |
| Property, Plant & Equipment | 523M | 531M | 638M | 701M | 720M | 768M | 758M | 816M | 712M | 1.08B | 1.34B | 1.4B | 1.5B | 1.55B | 1.29B | 1.12B | 1.04B | 953M | 1.04B | 1.01B | 916M | 718M |
| Fixed Asset Turnover | 7.22x | 7.57x | 6.06x | 5.35x | 4.95x | 4.08x | 2.85x | 4.95x | 5.52x | 4.70x | 4.18x | 3.96x | 3.52x | 3.22x | 3.51x | 3.81x | 3.70x | 3.93x | 4.12x | 4.32x | 4.19x | 4.64x |
| Goodwill | 971M | 972M | 966M | 962M | 955M | 961M | 964M | 970M | 922M | 1.34B | 1.6B | 1.56B | 1.55B | 1.59B | 1.57B | 1.48B | 1.48B | 1.39B | 1.35B | 2.72B | 2.7B | 2.65B |
| Intangible Assets | 200M | 201M | 209M | 199M | 207M | 219M | 131M | 143M | 109M | 1.08B | 1.13B | 1.12B | 1.11B | 1.15B | 1.19B | 1.13B | 731M | 1.05B | 1.08B | 1.04B | 1.04B | 992M |
| Long-Term Investments | 32M | 31M | 18M | 19M | 18M | 21M | 26M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | -1M | -31M | 104M | 77M | 66M | 69M | 116M | 136M | 157M | 171M | 4.81B | 3.84B | 3.74B | 3.59B | 3.59B | 3.59B | 4.41B | 4.22B | 4.19B | 3.63B | 2.81B | 2.24B |
| Total Assets | 6.84B | 6.76B | 6.74B | 6.74B | 6.76B | 6.59B | 7.61B | 7.45B | 7.16B | 10.4B | 9.82B | 9.72B | 9.68B | 9.74B | 9.46B | 9.02B | 9.42B | 9.35B | 9.57B | 10.46B | 9.52B | 9.17B |
| Asset Turnover | 0.59x | 0.59x | 0.57x | 0.56x | 0.53x | 0.48x | 0.28x | 0.54x | 0.55x | 0.49x | 0.57x | 0.57x | 0.55x | 0.51x | 0.48x | 0.47x | 0.41x | 0.40x | 0.45x | 0.42x | 0.40x | 0.36x |
| Asset Growth % | 6.12% | 0.37% | -0.04% | -0.28% | 2.57% | -13.46% | 2.15% | 4.12% | -31.19% | 5.95% | 1.06% | 0.38% | -0.64% | 2.94% | 4.88% | -4.17% | 0.68% | -2.31% | -8.47% | 9.86% | 3.85% | - |
| Total Current Liabilities | 1.38B | 945M | 1.17B | 1.17B | 1.14B | 1.16B | 1.16B | 772M | 1.65B | 2.91B | 2.03B | 1.96B | 1.86B | 1.74B | 1.93B | 1.56B | 1.57B | 1.89B | 2.17B | 2.18B | 1.98B | 1.29B |
| Accounts Payable | 63M | 62M | 67M | 73M | 65M | 62M | 62M | 73M | 66M | 232M | 213M | 394M | 385M | 360M | 307M | 278M | 274M | 260M | 316M | 380M | 377M | 239M |
| Days Payables Outstanding | 10.32 | 7.73 | 12.4 | 13.81 | 12.9 | 14.47 | 18.43 | 13.73 | 12.59 | 45.53 | 42.53 | 61.59 | 56.12 | 54.93 | 53.54 | 50.11 | 53.31 | 52.06 | 56.79 | 65.49 | 76.83 | 56.65 |
| Short-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 321M | 217M | 253M | 261M | 233M | 544M | 242M | 234M | 175M | 169M | 175M | 293M | 355M |
| Deferred Revenue (Current) | 1.45B | 0 | 457M | 442M | 411M | 392M | 457M | 20M | 531M | 559M | 421M | 483M | 464M | 451M | 383M | 402M | 401M | 417M | 672M | 612M | 545M | 271M |
| Other Current Liabilities | 0 | 412M | 0 | 0 | 13M | 0 | 0 | 0 | 217M | 1.15B | 549M | 44M | 15M | 0 | 0 | 0 | 0 | 209M | 294M | 237M | 187M | 0 |
| Current Ratio | 1.15x | 1.64x | 4.09x | 4.07x | 4.18x | 3.90x | 4.81x | 6.95x | 3.17x | 2.88x | 0.86x | 0.85x | 0.96x | 1.06x | 0.95x | 1.09x | 1.11x | 0.92x | 0.88x | 0.94x | 1.04x | 1.98x |
| Quick Ratio | 0.29x | 0.44x | 3.04x | 3.10x | 3.13x | 2.86x | 3.65x | 5.39x | 2.43x | 2.76x | 0.70x | 0.70x | 0.79x | 0.87x | 0.75x | 0.87x | 0.89x | 0.74x | 0.69x | 0.67x | 0.77x | 1.64x |
| Cash Conversion Cycle | 312.74 | 147.86 | 493.75 | 482.53 | 494.03 | 564.9 | 401.38 | 517.07 | 520.58 | 249.86 | 64.44 | 43.93 | 49.9 | 65.27 | 78.81 | 79.65 | 82.64 | 86.27 | 81.64 | 99.71 | 106.95 | 238.95 |
| Total Non-Current Liabilities | 6.49B | 6.8B | 6.45B | 6.49B | 6.52B | 6.22B | 7.42B | 7.21B | 6.08B | 6.77B | 7.07B | 6.68B | 6.56B | 6.37B | 5.6B | 5.23B | 4.92B | 4.78B | 5.06B | 4.76B | 3.98B | 2.84B |
| Long-Term Debt | 5.75B | 4.78B | 5.57B | 5.63B | 5.63B | 5.3B | 6.41B | 5.57B | 5.24B | 5.93B | 5.22B | 4.93B | 4.79B | 4.61B | 4.02B | 3.77B | 3.51B | 1.84B | 1.81B | 1.35B | 2.61B | 1.69B |
| Capital Lease Obligations | 164M | 128M | 100M | 107M | 122M | 145M | 164M | 185M | 3M | 72M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 2.96B | 716M | 722M | 687M | 679M | 686M | 725M | 815M | 736M | 613M | 1.17B | 1.15B | 1.2B | 1.17B | 1.14B | 1.06B | 1.02B | 1.14B | 966M | 927M | 782M | 823M |
| Other Non-Current Liabilities | 0 | 705M | 54M | 67M | 87M | 88M | -1.06B | 94M | -643M | -464M | 484M | 401M | 370M | 400M | 235M | 208M | 187M | 1.53B | 1.97B | 2.22B | 595M | 329M |
| Total Liabilities | 7.86B | 7.74B | 7.62B | 7.66B | 7.66B | 7.38B | 8.58B | 7.98B | 7.73B | 9.52B | 9.1B | 8.76B | 8.42B | 8.12B | 7.53B | 6.79B | 6.5B | 6.66B | 7.23B | 6.94B | 5.96B | 4.13B |
| Total Debt | 5.75B | 4.91B | 5.67B | 5.73B | 5.75B | 5.45B | 6.58B | 5.75B | 5.24B | 6.33B | 5.44B | 5.18B | 5.05B | 4.84B | 4.56B | 4.01B | 3.74B | 2.02B | 1.98B | 1.53B | 2.9B | 2.04B |
| Net Debt | 5.5B | 4.66B | 5.5B | 5.45B | 5.2B | 5.08B | 5.38B | 5.4B | 5.02B | 6.28B | 5.33B | 5.01B | 4.87B | 4.65B | 4.37B | 3.87B | 3.59B | 1.86B | 1.85B | 1.32B | 2.63B | 1.94B |
| Debt / Equity | -5.62x | - | - | - | - | - | - | - | - | 7.17x | 7.58x | 5.44x | 4.02x | 2.98x | 2.36x | 1.80x | 1.28x | 0.75x | 0.85x | 0.43x | 0.81x | 0.41x |
| Debt / EBITDA | 7.73x | 5.84x | 6.69x | 6.89x | 7.45x | 7.34x | 313.10x | 6.17x | 7.92x | 11.00x | 6.93x | 4.62x | 4.30x | 4.30x | 4.40x | 4.25x | 4.20x | 2.61x | - | 1.74x | 4.00x | 2.72x |
| Net Debt / EBITDA | 7.39x | 5.54x | 6.49x | 6.55x | 6.74x | 6.85x | 256.14x | 5.79x | 7.59x | 10.92x | 6.79x | 4.47x | 4.15x | 4.13x | 4.21x | 4.10x | 4.03x | 2.41x | - | 1.50x | 3.63x | 2.59x |
| Interest Coverage | 1.56x | 1.92x | 3.06x | 2.93x | 3.49x | 3.17x | -0.44x | 5.20x | 3.33x | 3.03x | 5.08x | 7.86x | 8.48x | 6.21x | 5.76x | 5.20x | 4.19x | 5.32x | -10.09x | 9.97x | 8.61x | - |
| Total Equity | -1.02B | -983M | -880M | -917M | -904M | -794M | -968M | -524M | -569M | 883M | 718M | 953M | 1.26B | 1.63B | 1.93B | 2.23B | 2.92B | 2.69B | 2.34B | 3.52B | 3.56B | 5.03B |
| Equity Growth % | -16.95% | -11.7% | 4.03% | -1.44% | -13.85% | 17.98% | -84.73% | 7.91% | -164.44% | 22.98% | -24.66% | -24.18% | -22.65% | -15.85% | -13.49% | -23.48% | 8.52% | 14.77% | -33.39% | -1.21% | -29.29% | - |
| Book Value per Share | -15.81 | -14.69 | -12.45 | -12.23 | -10.74 | -9.18 | -11.24 | -5.67 | -5.74 | 8.49 | 6.47 | 8.01 | 9.90 | 12.04 | 13.32 | 13.45 | 15.77 | 14.77 | 13.16 | 19.21 | 17.86 | 25.11 |
| Total Shareholders' Equity | -1.02B | -982M | -881M | -918M | -913M | -801M | -975M | -530M | -574M | 878M | 714M | 950M | 1.25B | 1.62B | 1.93B | 2.23B | 2.92B | 2.69B | 2.34B | 3.52B | 3.56B | 5.03B |
| Common Stock | 3M | 3M | 2M | 2M | 2M | 2M | 2M | 2M | 2M | 2M | 2M | 2M | 2M | 2M | 2M | 2M | 2M | 2M | 2M | 2M | 2M | 0 |
| Retained Earnings | 2.45B | 2.41B | 2.33B | 2.07B | 1.81B | 1.59B | 1.39B | 1.78B | 1.44B | 2.61B | 1.98B | 1.59B | 1.18B | 832M | 558M | 293M | -25M | -315M | -578M | 525M | 156M | 0 |
| Treasury Stock | -7.82B | -7.74B | -7.43B | -7.2B | -6.89B | -6.53B | -6.51B | -6.38B | -6.04B | -5.72B | -5.12B | -4.49B | -3.84B | -3.19B | -2.6B | -2.01B | -1.11B | -870M | -870M | -857M | -349M | 0 |
| Accumulated OCI | -63M | -67M | -112M | -70M | -79M | -48M | -16M | -52M | -52M | -10M | -113M | -74M | 24M | 122M | 151M | 128M | 155M | 138M | 98M | 194M | 184M | 5.03B |
| Minority Interest | -1M | -1M | 1M | 1M | 9M | 7M | 7M | 6M | 5M | 5M | 4M | 3M | 2M | 2M | 1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Negative equity and leverage
As reported in recent financial statements, TNL's equity position has remained consistently negative over the last ten quarters, reaching -$1.0B in 2026Q1, which suggests that aggressive capital return policies and accumulated deficits continue to outpace the company's ability to generate retained earnings growth.
The persistent negative equity indicates that the company is effectively operating with a balance sheet that relies entirely on debt financing rather than shareholder capital. Investors should monitor whether this trajectory reflects a deliberate capital-light strategy or a structural erosion of the company's net worth over time.
Based on the latest quarterly filings, TNL maintains a substantial debt load of $5.8B as of 2026Q1, which represents a significant portion of the company's $6.8B in total assets and highlights the reliance on external financing to fund resort development and shareholder distributions.
The high debt-to-asset ratio suggests that the company's financial health is highly sensitive to interest rate fluctuations and the availability of the ABS market. This leverage profile may limit the company's ability to navigate cyclical downturns without further straining its already negative equity position.
According to the provided balance sheet data, TNL's current ratio dropped to 1.15 in 2026Q1 from a peak of 4.09 in 2024Q4, indicating a notable reduction in the company's short-term liquidity buffer relative to its immediate obligations as of the most recent reporting period.
The sharp decline in the current ratio suggests that the company's working capital management has become more aggressive or that cash reserves are being depleted faster than they are being replenished. This trend warrants further investigation into whether the company is facing increased pressure to meet short-term debt maturities.
As evidenced by the company's balance sheet, goodwill remains a significant asset at $971.0M in 2026Q1, which represents a substantial portion of total assets and suggests that future impairment risks could further exacerbate the company's existing negative equity position if acquisition synergies fail to materialize.
The reliance on intangible assets like goodwill to bolster the asset side of the balance sheet may mask the underlying volatility of the core business. If the expected returns from the T+L brand acquisition do not meet management's internal projections, the company may be forced to recognize significant write-downs.
Quick answers to the most common questions about buying TNL stock.
As of 2025, Travel + Leisure Co. (TNL) had total assets of $6.76B including $1.55B in current assets.
Travel + Leisure Co. (TNL) carries total debt of $4.91B, offset by $253.0M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Travel + Leisure Co. (TNL) has total shareholders' equity (book value) of $-982.0M ($-14.69 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Travel + Leisure Co. (TNL) reported a current ratio of 1.64x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.