Tearsheet

Travel+Leisure (TNL)

Market Price (12/25/2025): $72.55 | Market Cap: $4.7 Bil
Sector: Consumer Discretionary | Industry: Hotels, Resorts & Cruise Lines

Travel+Leisure (TNL)

Market Price (12/25/2025): $72.55
Market Cap: $4.7 Bil
Sector: Consumer Discretionary
Industry: Hotels, Resorts & Cruise Lines

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 12%, Dividend Yield is 3.1%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 7.7%, FCF Yield is 11%	Trading close to highs Dist 52W High is -0.3%, Dist 3Y High is -0.3%	Debt is significant Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 113%
1	Attractive operating margins Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 20%		Key risks TNL key risks include [1] significant debt levels and elevated loan portfolio delinquencies, Show more.
2	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 15%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 13%
3	Low stock price volatility Vol 12M is 38%
4	Megatrend and thematic drivers Megatrends include Experience Economy & Premiumization. Themes include Travel & Leisure Tech.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 12%, Dividend Yield is 3.1%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 7.7%, FCF Yield is 11%
1	Attractive operating margins Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 20%
2	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 15%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 13%
3	Low stock price volatility Vol 12M is 38%
4	Megatrend and thematic drivers Megatrends include Experience Economy & Premiumization. Themes include Travel & Leisure Tech.
5	Trading close to highs Dist 52W High is -0.3%, Dist 3Y High is -0.3%
6	Debt is significant Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 113%
7	Key risks TNL key risks include [1] significant debt levels and elevated loan portfolio delinquencies, Show more.

Valuation, Metrics & Events

	12/25/25	2024	2023	2022	2021
Share Price CYE	$72.55	$48.49	$35.98	$31.98	$46.80
Market Cap CYE ($ Bil)	4.7	3.3	2.6	2.6	4.0
Total Debt ($ Bil)	5.6	5.7	5.7	5.8	5.4
Total Cash ($ Bil)	0.2	0.2	0.3	0.6	0.4
Enterprise Value ($ Bil)	10.1	9.0	8.3	8.4	9.4
Valuation Ratios
P/S TTM	1.2	0.9	0.8	0.9	1.5
P/EBIT TTM	5.9	4.6	4.0	4.5	7.6
P/E TTM	11.5	8.6	7.4	8.5	15.5
P/FCF TTM	9.3	9.2	10.6	7.8	9.4
Sector Ratios
P/S TTM (Sector)	0.8	0.8	0.9	0.8	1.4
P/EBIT TTM (Sector)	7.7	8.3	7.8	6.5	8.4
P/E TTM (Sector)	10.4	11.1	10.4	8.4	10.7
P/FCF TTM (Sector)	11.3	12.4	9.6	7.3	10.5

	12/25/25	2024	2023
Share Price CYE	$72.55	$48.49	$35.98
Market Cap CYE ($ Bil)	4.7	3.3	2.6
Total Debt ($ Bil)	5.6	5.7	5.7
Total Cash ($ Bil)	0.2	0.2	0.3
Enterprise Value ($ Bil)	10.1	9.0	8.3
Valuation Ratios
P/S TTM	1.2	0.9	0.8
P/EBIT TTM	5.9	4.6	4.0
P/E TTM	11.5	8.6	7.4
P/FCF TTM	9.3	9.2	10.6
Sector Ratios
P/S TTM (Sector)	0.8	0.8	0.9
P/EBIT TTM (Sector)	7.7	8.3	7.8
P/E TTM (Sector)	10.4	11.1	10.4
P/FCF TTM (Sector)	11.3	12.4	9.6

	TNL	S&P 500
REVENUE GROWTH	POOR
Rev LTM ($ Bil)	4.0
Rev Chg Q	5.1%	7.3%
Rev Chg LTM	3.6%	6.1%
Rev Chg 3Y Avg	3.9%	5.5%
PROFITABILITY	FAIR
Op Inc LTM ($ Bil)	0.8
CFO LTM ($ Bil)	0.6
Net Inc LTM ($ Bil)	0.4
Op Mgn LTM	19.8%	18.8%
CFO/Rev LTM	15.5%	20.4%
Net Inc Mgn	10.4%	13.1%
VALUATION	LOW
P/S	1.2	3.2
P/CFO	7.7	15.7
P/FCF	9.3	20.6
P/E	11.5	23.5
STABILITY	POOR
Debt/Equity	1.18	0.21
Cash/Assets	0.03	0.07

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Metric	Value	Date	Source
Volume per guest (VPG)	$3,304	9302025	Link
Gross VOI sales growth	13%	9302025	Link
Tours growth	2%	9302025	Link
Travel and Membership transactions growth	12%	9302025	Link
Leverage ratio for covenant purposes	3.3x	9302025	Link

Recent
12/12/2025	Dividend	Amount: $0.56 Payment On: 12/31/2025
Upcoming
2/18/2026	Earnings Release	Rev: - EPS: -
4/21/2026	Earnings Release	Rev: - EPS: -

TNL Stock

Return (1M):

Why The Stock Moved

Qualitative Assessment

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Here are key points that could generally influence the stock movement of Travel+Leisure (TNL), based on recent market information: 1. Travel + Leisure Co. has demonstrated strong market performance, outperforming both the US Hospitality industry, which returned 4%, and the broader US Market, which returned 14.2% over the past year.

2. The company is actively pursuing expansion into new brands and markets, alongside technological investments, which is broadening its customer base and improving operational efficiency and margins.

Show more

Stock Movement Drivers

Fundamental Drivers

The 21.2% change in TNL stock from 9/24/2025 to 12/24/2025 was primarily driven by a 15.5% change in the company's P/E Multiple.

	9242025	12242025	Change
Stock Price ($)	59.91	72.63	21.23%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	3916.00	3967.00	1.30%
Net Income Margin (%)	10.14%	10.36%	2.20%
P/E Multiple	9.97	11.52	15.51%
Shares Outstanding (Mil)	66.10	65.20	1.36%
Cumulative Contribution			21.21%

LTM = Last Twelve Months as of date shown

Market Drivers

9/24/2025 to 12/24/2025

	Return	Correlation
TNL	21.2%
Market (SPY)	4.4%	22.4%
Sector (XLY)	2.3%	27.6%

Fundamental Drivers

The 46.5% change in TNL stock from 6/25/2025 to 12/24/2025 was primarily driven by a 44.8% change in the company's P/E Multiple.

	6252025	12242025	Change
Stock Price ($)	49.57	72.63	46.51%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	3883.00	3967.00	2.16%
Net Income Margin (%)	10.76%	10.36%	-3.76%
P/E Multiple	7.96	11.52	44.78%
Shares Outstanding (Mil)	67.10	65.20	2.83%
Cumulative Contribution			46.39%

LTM = Last Twelve Months as of date shown

Market Drivers

6/25/2025 to 12/24/2025

	Return	Correlation
TNL	46.5%
Market (SPY)	14.0%	33.3%
Sector (XLY)	15.3%	38.2%

Fundamental Drivers

The 47.7% change in TNL stock from 12/24/2024 to 12/24/2025 was primarily driven by a 41.3% change in the company's P/E Multiple.

	12242024	12242025	Change
Stock Price ($)	49.17	72.63	47.71%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	3830.00	3967.00	3.58%
Net Income Margin (%)	10.99%	10.36%	-5.75%
P/E Multiple	8.15	11.52	41.33%
Shares Outstanding (Mil)	69.80	65.20	6.59%
Cumulative Contribution			47.07%

LTM = Last Twelve Months as of date shown

Market Drivers

12/24/2024 to 12/24/2025

	Return	Correlation
TNL	47.7%
Market (SPY)	15.8%	66.2%
Sector (XLY)	5.3%	67.3%

Fundamental Drivers

The 128.7% change in TNL stock from 12/25/2022 to 12/24/2025 was primarily driven by a 63.5% change in the company's P/E Multiple.

	12252022	12242025	Change
Stock Price ($)	31.75	72.63	128.74%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	3538.00	3967.00	12.13%
Net Income Margin (%)	10.57%	10.36%	-1.99%
P/E Multiple	7.05	11.52	63.51%
Shares Outstanding (Mil)	83.00	65.20	21.45%
Cumulative Contribution			118.22%

LTM = Last Twelve Months as of date shown

Market Drivers

12/25/2023 to 12/24/2025

	Return	Correlation
TNL	95.5%
Market (SPY)	48.9%	61.3%
Sector (XLY)	38.7%	61.7%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
TNL Return	-9%	26%	-32%	13%	35%	49%	78%
Peers Return	-6%	37%	-16%	22%	18%	4%	63%
S&P 500 Return	16%	27%	-19%	24%	23%	18%	115%
Monthly Win Rates [3]
TNL Win Rate	58%	58%	42%	42%	75%	75%
Peers Win Rate	50%	52%	45%	50%	57%	60%
S&P 500 Win Rate	58%	75%	42%	67%	75%	73%
Max Drawdowns [4]
TNL Max Drawdown	-67%	-3%	-37%	-7%	-1%	-22%
Peers Max Drawdown	-62%	-10%	-29%	-12%	-9%	-28%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: HGV, VAC, MAR, HLT, H.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/24/2025 (YTD)

How Low Can It Go

Unique Key	Event	TNL	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-50.8%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	103.4%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	726 days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-68.2%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	214.2%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	331 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-41.5%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	71.0%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	853 days	120 days
2008 Global Financial Crisis	2008 Global Financial Crisis
2008 Global Financial Crisis% Loss	% Loss	-92.3%	-56.8%
2008 Global Financial Crisis% Gain to Breakeven	% Gain to Breakeven	1198.3%	131.3%
2008 Global Financial CrisisTime to Breakeven	Time to Breakeven	1,147 days	1,480 days

Compare to RRR, PK, MCRI, SHO, XHR

In The Past

Travel+Leisure's stock fell -50.8% during the 2022 Inflation Shock from a high on 5/14/2021. A -50.8% loss requires a 103.4% gain to breakeven.

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About Travel+Leisure (TNL)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

Travel + 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.

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Here are 1-2 brief analogies for Travel+Leisure Co. (TNL):

1. It's like **Marriott or Hilton**, but focused on selling fractional ownership of vacation properties (timeshares) and vacation club memberships rather than just nightly hotel stays.

2. It's like **Netflix for vacation properties**, offering members recurring access to a global network of resorts and travel experiences.

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Vacation Ownership Interests: Sales of fractional interests or points that grant customers access to a portfolio of resorts for a specific period each year.
Vacation Exchange Services: Operating global exchange networks that allow vacation owners to trade their owned weeks or points for stays at thousands of affiliated resorts worldwide.
Travel Clubs and Membership Programs: Offering membership-based programs that provide exclusive travel discounts, curated experiences, and concierge services.

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Travel+Leisure Co. (symbol: TNL) primarily sells its vacation ownership products and related services directly to **individual consumers** rather than to other businesses.

The company serves the following categories of individual customers:

Families and Multi-Generational Travelers: These customers are typically seeking spacious accommodations (e.g., multi-bedroom suites, full kitchens) and resort amenities that cater to groups and children. They often desire a consistent and convenient vacation option for their family's annual trips, providing a home-away-from-home experience.
Frequent Leisure Travelers and Explorers: This category includes individuals or couples who vacation regularly and value the flexibility and variety offered by vacation ownership. They are attracted to the ability to exchange their ownership points or weeks for stays at a diverse portfolio of resorts across various destinations worldwide, allowing them to explore new places and experiences.
Vacationers Seeking Predictability and Value: These customers are motivated by the desire for predictable vacation planning and perceived long-term value. They appreciate the ability to pre-book quality accommodations and commit to taking regular vacations, often viewing it as a disciplined approach to leisure travel and a way to secure future vacation experiences (beyond annual maintenance fees).

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Michael D. Brown President and Chief Executive Officer

Michael D. Brown serves as President and Chief Executive Officer (CEO) of Travel + Leisure Co. and is a member of its Board of Directors. He joined the company in 2017, and in June 2018, he led its evolution to Wyndham Destinations as an independent public company, following the spin-off of Wyndham Hotels & Resorts. In 2021, Wyndham Destinations acquired the Travel + Leisure brand, subsequently becoming Travel + Leisure Co. Brown is a leisure travel industry veteran with over 30 years of experience. Prior to his current role, he served as Chief Operating Officer at Hilton Grand Vacations (HGV), where he also held leadership positions in sales and marketing. Before joining HGV in 2008, Brown spent more than 16 years at Marriott International and Marriott Vacation Club International, holding various leadership roles in sales, operations, development, and finance across the U.S., Europe, and the Caribbean.

Erik Hoag Chief Financial Officer

Erik Hoag was appointed Chief Financial Officer (CFO) of Travel + Leisure Co. in May 2025. As CFO, he leads the company's global finance organization, including accounting and controls, financial planning and analysis, treasury, tax, investor relations, consumer finance, and all operational finance activities. With over 25 years of financial leadership expertise, Hoag previously served as Chief Financial Officer and Chief Integration Officer of FIS, a global provider of technology solutions for financial institutions. During his tenure at FIS, he was involved in numerous acquisitions and played a key role in the sale of FIS's merchant acquiring business to private equity firm GTCR in 2023. Hoag also served on the Board of Directors of private equity-owned Capco until its sale to Wipro in 2021. His prior experience includes leadership positions in finance at Bank of America, Truist, and HSBC.

Jeffrey Myers Chief Sales and Marketing Officer – Vacation Ownership

Jeffrey Myers serves as Chief Sales and Marketing Officer for the Vacation Ownership business line of Travel + Leisure Co., and is a member of the Executive Committee. In this capacity, he oversees the development and delivery of sales and marketing strategies, programs, and sales training across the company’s Vacation Ownership brands in the United States, Canada, Mexico, and the Caribbean. With over 30 years of industry experience, Myers joined the company in 1991. He has held progressive leadership roles, including Executive Vice President of Sales for Club Wyndham and WorldMark by Wyndham. Myers was appointed Chief Sales and Marketing Officer in 2009, a role he held for Wyndham Vacation Ownership from 2008 to 2018.

Sy Esfahani Chief Technology Officer

Sy Esfahani serves as Chief Technology Officer of Travel + Leisure Co., a position he has held since November 2021. Prior to joining Travel + Leisure Co., Esfahani was Chief Information Officer at Qatar Airways Group from February 2019 to June 2021. He also served as Global Chief Information Officer for MGM Resorts International from 2013 to 2019. Esfahani has held various technology leadership roles in the trade show production and financial services industries.

Kimberly A. Marshall Chief Human Resources Officer

Kimberly A. Marshall serves as Chief Human Resources Officer of Travel + Leisure Co. since June 2018. Before this role, she was Executive Vice President, Human Resources, for Wyndham Vacation Ownership, which she initially joined as Senior Vice President of Human Resources. Her previous experience includes leading Human Resources for PSS World Medical, serving as Senior Vice President of Human Resources at CHEP Americas, and Vice President of Human Resources at Centex Corporation. Marshall also held roles in Finance and Human Resources at The Walt Disney Company, and worked with PricewaterhouseCoopers and Arthur Andersen & Co.

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Key Risks to Travel+Leisure (TNL)

Economic Uncertainty and Consumer Behavior: Travel+Leisure's business, particularly its Vacation Ownership and Travel and Membership segments, is highly susceptible to adverse economic conditions. Sustained inflation, high interest rates, and the risk of recession create uncertainty in consumer spending on travel and leisure activities. This economic environment also contributes to pressure on the company's loan portfolio, with delinquencies remaining above historical levels, potentially impacting financial stability and growth prospects.
High Debt Levels and Loan Portfolio Pressures: Travel+Leisure carries significant debt, which exceeds the cash on its balance sheet, and its debt is not well covered by operating cash flow. The company has acknowledged experiencing elevated delinquencies in its loan portfolio, which poses a risk to its consumer financing operations and could affect the profitability and financial stability of the Vacation Ownership segment.
Industry Consolidation and Competitive Pressures: The Travel and Membership segment of Travel+Leisure has experienced a decline in revenues, partly attributed to industry consolidation and increasing competition in the travel and leisure market. To maintain its competitive edge, the company needs to differentiate its offerings and enhance member benefits.

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The emergence of flexible, subscription-based luxury travel clubs and membership models that offer access to diverse high-end properties and curated experiences without the significant upfront purchase cost, long-term commitment, and resale difficulties associated with traditional timeshare ownership. This evolving segment directly competes for consumers seeking premium vacation experiences by providing greater variety, convenience, and financial flexibility, potentially eroding the addressable market for new timeshare sales.

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Travel + Leisure Co. (TNL) operates primarily in two segments: Vacation Ownership and Travel and Membership. The addressable markets for these main products and services are as follows:

Vacation Ownership

The global vacation ownership (timeshare) market was valued at approximately USD 22.4 billion in 2023 and is projected to reach USD 39.6 billion by 2032, growing at a compound annual growth rate (CAGR) of 6.5%. Other estimates for the global market include USD 11.9 billion in 2023, anticipated to reach USD 23.7 billion by 2032 with a CAGR of over 8%, and USD 12.2 billion in 2023, projected to reach USD 25.1 billion by 2032 at a CAGR of 7.9%. In 2024, the market size was also reported at $17.9 billion, with a projected increase to $19.23 billion in 2025 at a CAGR of 7.4%. Additionally, the global market size was recorded as $16.54 billion in 2021, expected to reach $22.17 billion by the end of 2025, and $39.80 billion by 2033, with a CAGR of 7.59% from 2025 to 2033. For the North America region, the vacation ownership (timeshare) market was valued at approximately USD 10.5 billion in 2023, with a projected CAGR of 5.8% by 2032. North America held a significant share of the global market, accounting for over 33% in 2023. Specifically, the North American market is estimated to hold 35.54% of the global market revenue of $22.17 billion in 2025.

Travel and Membership (Travel Clubs and Exchange Services)

The global travel club membership market reached USD 32.7 billion in 2024 and is expected to grow to USD 64.5 billion by 2033, demonstrating a robust CAGR of 7.8% from 2025 to 2033. Another assessment indicates the global travel club membership market size was USD 14.8 billion in 2024, with a projection to reach USD 31.3 billion by 2033, at a CAGR of 8.7%.

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Travel+Leisure (TNL) is expected to drive future revenue growth over the next 2-3 years through several key strategies:

Expansion of the Vacation Ownership Business: Travel+Leisure continues to focus on growing its core vacation ownership segment. This includes increasing gross Vacation Ownership Interest (VOI) sales by attracting more first-time buyers and maintaining strong Volume Per Guest (VPG) performance. The company has seen consistent VPG above $3,000 and an increase in tours, particularly new owner tours.
Strategic Brand Expansion and New Product Offerings: The company is broadening its brand portfolio and launching new initiatives to attract a wider and younger demographic of travelers. Examples include the introduction of Sports Illustrated Resorts and the Eddie Bauer Adventure Club, as well as the expansion of existing brands like Accor Vacation Club in Asia and Margaritaville.
Digital Innovation and Enhanced Owner Experience: Investments in technology and digital platforms are aimed at improving the overall owner experience and engagement. The successful adoption of apps like Club Wyndham, which now accounts for a significant portion of bookings, and the launch of the Worldmark app, are key to driving increased usage and loyalty within their membership base.
Favorable Leisure Travel Demand: A robust and sustained demand for leisure travel provides a positive underlying market for Travel+Leisure's products and services. The company emphasizes that its business model, built on recurring behavior, is less sensitive to short-term economic fluctuations and benefits from a highly visible recurring revenue base from sources like owner upgrades, financing, and management fees.

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Capital Allocation Decisions (Last 3-5 Years)

Share Repurchases

Travel + Leisure Co. repurchased $235 million of common stock in full-year 2024.
For the nine months ended September 30, 2025, the company repurchased $210 million of common stock.
As of May 2024, the Board approved an increase to the authorized capacity of the share repurchase program by $0.5 billion, with $253 million remaining in the authorization as of September 30, 2025.

Share Issuance

The company reported proceeds from the issuance of common stock totaling $27 million for the nine months ended September 30, 2025.

Inbound Investments

Travel + Leisure Co. completed a $300 million term securitization on October 15, 2025, and a $325 million term securitization on October 18, 2024, to access capital markets.
In the second quarter of 2025, the company renewed its $600 million USD timeshare receivables conduit facility, extending its maturity to August 2027.

Outbound Investments

The company announced plans to develop sports-themed resorts, starting with the Sports Illustrated brand, and launched the Eddie Bauer Adventure Club.
Travel + Leisure Co. acquired the Accor Vacation Club in early 2024, expanding its presence in Asia-Pacific.
The company acquired the Travel + Leisure brand to broaden its reach and expand its membership travel business.

Capital Expenditures

For the three months ended March 31, 2025, net cash used in investing activities, which includes property and equipment additions (capital expenditures), was $22 million.
The company is investing in digital and AI tools to enhance customer engagement and streamline vacation planning.
Capital allocation also focuses on growth initiatives, including new brands and sales infrastructure, and maintaining operational efficiency through disciplined capital allocation and low-cost recovery programs for inventory.

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Airbnb

MELI (32.9%)

MercadoLibre

BKNG (31.9%)

Booking

MCD (28.1%)

McDonald's

DASH (15.8%)

DoorDash

Higher Total Yield (Value for TNL: 11.8%)

BYD (27.3%)

Boyd Gaming

LKQ (13.1%)

LKQ

F (12.2%)

Ford Motor

LEN (12.0%)

Lennar

PHM (12.0%)

PulteGroup

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for TNL: 3.9% | 1.2x)

UNH (11.4% | 0.7x)

UnitedHealth

MCK (12.6% | 0.3x)

McKesson

CVS (7.7% | 0.3x)

CVS Health

ELV (8.4% | 0.4x)

Elevance Health

CI (13.6% | 0.3x)

Cigna

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for TNL: 3.9% | 6.0x)

FI (7.5% | 5.5x)

Fiserv

IBKR (48.1% | 3.5x)

Interactive Brokers

RCI (11.8% | 4.1x)

Rogers Communications

JEF (14.6% | 2.9x)

Jefferies Financial

AAL (6.5% | 4.6x)

American Airlines

Higher Rev Chg LTM (Value for TNL: 3.6%)

NVDA (65.2%)

NVIDIA

META (21.3%)

Meta Platforms

MSFT (15.6%)

Microsoft

GOOGL (13.4%)

Alphabet

AAPL (6.0%)

Apple

Higher Rev Chg 3Y Avg (Value for TNL: 3.9%)

NVDA (91.6%)

NVIDIA

AVGO (25.2%)

Broadcom

META (17.3%)

Meta Platforms

MSFT (13.2%)

Microsoft

GOOGL (11.0%)

Alphabet

Higher Op Mgn LTM (Value for TNL: 19.8%)

NVDA (58.8%)

NVIDIA

MSFT (46.3%)

Microsoft

META (43.2%)

Meta Platforms

GOOGL (32.2%)

Alphabet

AAPL (31.9%)

Apple

Higher CFO/Rev LTM (Value for TNL: 15.5%)

META (56.8%)

Meta Platforms

MSFT (50.0%)

Microsoft

NVDA (44.4%)

NVIDIA

GOOGL (39.3%)

Alphabet

AAPL (26.6%)

Apple

Higher FCF/Rev LTM (Value for TNL: 12.8%)

NVDA (41.3%)

NVIDIA

MSFT (26.6%)

Microsoft

META (23.7%)

Meta Platforms

AAPL (23.5%)

Apple

GOOGL (19.1%)

Alphabet

Higher Total Yield (Value for TNL: 11.8%)

CMCSA (25.1%)

Comcast

VZ (18.3%)

Verizon Communications

PFE (13.7%)

Pfizer

TD (12.8%)

Toronto-Dominion Bank

T (12.6%)

AT&T

		Best Bets In Consumer Discretionary Sector
	TNL	ABNB	BKNG	DUOL	MCD	ETSY	LOPE	ALSN	GRMN	CROX	WH
What You Pay
P/E	11.5	31.8	35.0	21.5	26.5	30.5	22.1	12.1	25.1	21.4	17.3
P/EBIT	5.9	30.9	21.0	78.3	18.3	13.4	14.7	8.9	22.2	18.6	10.2
What You Get
Rev Chg Q	5.1%	9.7%	12.7%	41.1%	3.0%	2.4%	9.6%	-15.9%	11.7%	3.4%	-3.5%
Rev Chg LTM	3.6%	10.2%	13.0%	39.9%	1.2%	2.0%	7.0%	-4.2%	16.6%	2.0%	3.4%
Rev Chg 3Y Avg	3.9%	14.2%	17.8%	41.7%	4.2%	4.9%	6.5%	4.6%	12.2%	14.5%	-2.5%
FCF/Rev 3Y Avg	10.8%	40.2%	35.6%	30.3%	27.4%	23.8%	21.8%	21.0%	20.5%	19.8%	19.0%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 14%, alpha of 2.9%, and sharpe of 0.61

Latest Trefis Analyses

	Title	Topic
0	DASHBOARDS
1	Travel+Leisure Earnings Notes
2	Can Travel+Leisure Stock Hold Up When Markets Turn?	Return
3	Travel+Leisure vs Interactive Brokers: Which Is A Better Investment?	Counter-Intuitive Comparisons
4	How Does Travel+Leisure Stock Compare With Peers?	Peer Comparison
5	Better Bet Than TNL Stock: Pay Less Than Travel+Leisure To Get More From IBKR, JEF
6	Why Travel+Leisure Stock Moved: TNL Stock Has Gained 125% Since 2022 Fiscal End, Primarily Due To Favorable Change In Price To Sales Multiple (P/S)
7	TNL Dip Buy Analysis
8	Travel+Leisure (TNL) Valuation Ratios Comparison	Financials
9	Travel+Leisure Total Shareholder Return (TSR): 37.7% in 2024 and 5.4% 3-yr compounded annual returns (below peer average)
10	Time To Buy Travel+Leisure Stock?	Buy or Fear

	Title
0	ARTICLES

Trade Ideas

Select ideas related to TNL. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
BBWI_11302025_Dip_Buyer_1M_Insider_Buying_GTE_1Mil_EBITp+DE	11302025	BBWI	Bath & Body Works	Dip Buy	DB \| Insider Buys \| Low D/EDip Buy with Strong Insider Buying Buying dips for companies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap	13.3%	13.3%	0.0%
HRB_11262025_Dip_Buyer_FCFYield	11262025	HRB	H&R Block	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	5.3%	5.3%	-0.1%
LRN_11262025_Dip_Buyer_FCFYield	11262025	LRN	Stride	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	3.4%	3.4%	-4.4%
ABNB_11212025_Dip_Buyer_FCFYield	11212025	ABNB	Airbnb	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	19.7%	19.7%	0.0%
MTN_11212025_Dip_Buyer_FCFYield	11212025	MTN	Vail Resorts	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	1.8%	1.8%	-1.6%
TNL_6302022_Dip_Buyer_ValueBuy	06302022	TNL	Travel+Leisure	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	-5.0%	8.5%	-11.3%

Recent Active Movers

Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
OMER	Omeros	0.9	75.5%	55.5%
DVAX	Dynavax Technologies	1.8	38.2%	20.4%
EWTX	Edgewise Therapeutics	2.9	25.5%	2.2%
AGIO	Agios Pharmaceuticals	1.7	18.6%	-11.2%
TVTX	Travere Therapeutics	3.6	13.9%	131.2%
KOD	Kodiak Sciences	1.6	13.2%	212.4%
RZLT	Rezolute	0.3	13.2%	-44.1%
UP	Wheels Up Experience	0.5	11.7%	-57.4%
FBYD	Falcons Beyond Global	0.7	9.5%	129.7%
BW	Babcock & Wilcox Enterprises	0.5	8.5%	226.2%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
ASTS	AST SpaceMobile	18.9	-8.9%	269.9%
QBTS	D-Wave Quantum	9.4	-5.5%	227.6%
NNE	Nano Nuclear Energy	1.2	-4.6%	21.7%
MNMD	Mind Medicine	1.2	-4.2%	93.0%
PPTA	Perpetua Resources	2.0	-4.0%	149.1%
KOS	Kosmos Energy	0.4	-4.0%	-73.6%
FRMI	Fermi	5.5	-4.0%	-75.7%
EXOD	Exodus Movement	0.4	-3.9%	-50.5%
TLRY	Tilray Brands	10.8	-3.6%	-23.7%
AEHR	Aehr Test Systems	0.7	-3.1%	32.7%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
OMER	Omeros	0.9	74.0%	55.5%
LUNR	Intuitive Machines	2.0	63.7%	-8.0%
AAOI	Applied Optoelectronics	2.6	51.1%	11.2%
FBYD	Falcons Beyond Global	0.7	47.2%	129.7%
FLY	Firefly Aerospace	3.8	45.9%	-55.2%
RKLB	Rocket Lab	39.8	43.0%	203.0%
DVAX	Dynavax Technologies	1.8	42.5%	20.4%
UAMY	United States Antimony	0.8	39.9%	258.8%
DJT	Trump Media & Technology	4.0	36.7%	-58.0%
RZLT	Rezolute	0.3	36.3%	-44.1%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
NOW	ServiceNow	31.7	-80.5%	-28.0%
TPL	Texas Pacific Land	6.8	-66.5%	-19.2%
LW	Lamb Weston	6.0	-28.6%	-34.8%
TLRY	Tilray Brands	10.8	-21.2%	-23.7%
INSP	Inspire Medical Systems	2.8	-19.1%	-48.4%
TDUP	ThredUp	0.8	-17.1%	354.7%
OLMA	Olema Pharmaceuticals	2.3	-15.8%	370.8%
IIPR	Innovative Industrial Properties	1.4	-12.9%	-15.7%
ABM	ABM Industries	2.6	-12.6%	-15.8%
FRMI	Fermi	5.5	-12.6%	-75.7%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
WVE	WAVE Life Sciences	3.0	144.6%	47.5%
TE	T1 Energy	1.1	124.5%	418.4%
ANF	Abercrombie & Fitch	6.0	93.2%	-15.2%
VERA	Vera Therapeutics	3.6	90.4%	31.6%
LUNR	Intuitive Machines	2.0	85.7%	-8.0%
AAOI	Applied Optoelectronics	2.6	82.5%	11.2%
RKLB	Rocket Lab	39.8	81.8%	203.0%
PL	Planet Labs PBC	6.2	76.1%	403.0%
NRGV	Energy Vault	0.8	66.9%	118.9%
FLY	Firefly Aerospace	3.8	60.4%	-55.2%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
RZLT	Rezolute	0.3	-72.0%	-44.1%
JANX	Janux Therapeutics	0.9	-54.6%	-73.3%
LENZ	LENZ Therapeutics	0.5	-46.3%	-40.6%
FRMI	Fermi	5.5	-45.2%	-75.7%
GOGO	Gogo	0.6	-34.1%	-43.0%
HPK	HighPeak Energy	0.6	-30.8%	-69.2%
ORIC	ORIC Pharmaceuticals	0.7	-28.5%	4.5%
FDMT	4D Molecular Therapeutics	0.5	-25.6%	45.4%
NKTR	Nektar Therapeutics	0.6	-25.1%	215.0%
LW	Lamb Weston	6.0	-24.8%	-34.8%

Peer Comparisons for Travel+Leisure

Peers to compare with:

Financials

	TNL	HGV	VAC	MAR	HLT	H	Median
Name	Travel+L.	Hilton G.	Marriott.	Marriott.	Hilton W.	Hyatt Ho.
Mkt Price	72.63	45.04	58.28	315.16	293.30	165.48	119.05
Mkt Cap	4.7	4.0	2.0	85.7	68.6	15.8	10.3
Rev LTM	3,967	4,998	5,036	25,925	11,735	6,914	5,975
Op Inc LTM	787	551	505	4,137	2,580	449	669
FCF LTM	506	77	63	1,927	2,296	107	306
FCF 3Y Avg	416	129	117	2,323	1,916	397	406
CFO LTM	614	238	122	2,701	2,508	301	458
CFO 3Y Avg	502	246	200	2,914	2,122	590	546

Growth & Margins

	TNL	HGV	VAC	MAR	HLT	H	Median
Name	Travel+L.	Hilton G.	Marriott.	Marriott.	Hilton W.	Hyatt Ho.
Rev Chg LTM	3.6%	6.0%	4.2%	4.7%	6.7%	3.1%	4.4%
Rev Chg 3Y Avg	3.9%	10.9%	3.3%	10.6%	13.1%	9.1%	9.9%
Rev Chg Q	5.1%	-0.5%	-3.2%	3.7%	8.8%	9.6%	4.4%
QoQ Delta Rev Chg LTM	1.3%	-0.1%	-0.8%	0.9%	2.2%	2.3%	1.1%
Op Mgn LTM	19.8%	11.0%	10.0%	16.0%	22.0%	6.5%	13.5%
Op Mgn 3Y Avg	19.6%	14.4%	11.7%	16.3%	22.0%	5.8%	15.3%
QoQ Delta Op Mgn LTM	-0.0%	-1.1%	-1.6%	0.6%	0.8%	0.0%	0.0%
CFO/Rev LTM	15.5%	4.8%	2.4%	10.4%	21.4%	4.4%	7.6%
CFO/Rev 3Y Avg	13.0%	5.5%	4.2%	11.8%	19.4%	8.8%	10.3%
FCF/Rev LTM	12.8%	1.5%	1.3%	7.4%	19.6%	1.5%	4.5%
FCF/Rev 3Y Avg	10.8%	3.0%	2.4%	9.4%	17.5%	5.9%	7.7%

Valuation

	TNL	HGV	VAC	MAR	HLT	H	Median
Name	Travel+L.	Hilton G.	Marriott.	Marriott.	Hilton W.	Hyatt Ho.
Mkt Cap	4.7	4.0	2.0	85.7	68.6	15.8	10.3
P/S	1.2	0.8	0.4	3.3	5.8	2.3	1.7
P/EBIT	5.9	8.9	4.8	20.4	26.5	51.5	14.7
P/E	11.5	75.0	11.8	32.8	41.2	-179.6	22.3
P/CFO	7.7	16.7	16.7	31.7	27.4	52.5	22.0
Total Yield	11.8%	1.3%	15.2%	3.9%	2.5%	-0.2%	3.2%
Dividend Yield	3.1%	0.0%	6.7%	0.8%	0.1%	0.4%	0.6%
FCF Yield 3Y Avg	12.7%	3.2%	4.0%	3.5%	3.8%	3.1%	3.6%
D/E	1.2	1.8	2.8	0.2	0.2	0.4	0.8
Net D/E	1.1	1.8	2.5	0.2	0.2	0.4	0.7

Returns

	TNL	HGV	VAC	MAR	HLT	H	Median
Name	Travel+L.	Hilton G.	Marriott.	Marriott.	Hilton W.	Hyatt Ho.
1M Rtn	11.5%	11.9%	13.4%	6.4%	6.9%	2.4%	9.2%
3M Rtn	21.2%	4.3%	-18.7%	20.5%	11.5%	18.3%	14.9%
6M Rtn	46.5%	11.0%	-16.8%	19.1%	15.7%	20.9%	17.4%
12M Rtn	47.7%	12.8%	-33.3%	11.1%	16.1%	4.8%	12.0%
3Y Rtn	128.7%	15.6%	-51.6%	118.6%	134.1%	83.9%	101.2%
1M Excs Rtn	8.1%	8.5%	10.0%	3.0%	3.5%	-0.9%	5.8%
3M Excs Rtn	17.8%	0.0%	-20.9%	16.1%	7.4%	13.4%	10.4%
6M Excs Rtn	30.6%	-3.3%	-31.5%	4.6%	1.2%	6.5%	2.9%
12M Excs Rtn	32.3%	-2.3%	-49.2%	-4.8%	1.0%	-12.9%	-3.5%
3Y Excs Rtn	51.6%	-67.6%	-133.3%	33.0%	46.3%	-4.0%	14.5%

Comparison Analyses

	Title
0	How Does Travel+Leisure Stock Compare With Peers?

FDIC Bank Data

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020	2019
Period End	9/30/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019
Filing Date	10/22/2025	2/19/2025	2/21/2024	2/22/2023	2/23/2022	2/24/2021	2/26/2020
Key Financials
Total Revenue	3,967	3,864	3,750	3,567	3,134	2,160	4,043
EBITDA	923	877	848	800	751	42	963
Operating Income	787	752	748	679	616	74	825
Net Income	411	411	396	357	308	-255	507
EPS	6.17	5.87	5.31	4.28	3.56	-2.97	5.50
Growth Rates
Total Revenue Growth	3.6%	3.0%	5.1%	13.8%	45.1%	-46.6%	2.8%
EBITDA Growth	8.0%	3.4%	6.0%	6.5%	1688.1%	-95.6%	36.8%
Operating Income Growth	4.9%	0.5%	10.2%	10.2%	732.4%	-91.0%	8.8%
Net Income Growth	-2.4%	3.8%	10.9%	15.9%	220.8%	-150.3%	-24.6%
Margins
EBITDA Margin	23.3%	22.7%	22.6%	22.4%	24.0%	1.9%	23.8%
Operating Income Margin	19.8%	19.5%	19.9%	19.0%	19.7%	3.4%	20.4%
Net Income Margin	10.4%	10.6%	10.6%	10.0%	9.8%	-11.8%	12.5%
Cash & Debt
Total Cash	240	184	296	562	396	1,205	400
Total Debt	5,578	5,670	5,733	5,753	5,449	6,575	5,755
Net Debt / (Cash)	5,338	5,486	5,437	5,191	5,053	5,370	5,355
Cash Flows
Net Cash from Operations	614	464	350	442	568	374	452
Free Cash from Operations	506	383	276	390	511	305	344
Returns to Shareholders
Dividends	148	142	136	135	109	138	166
Share Repurchases	283	234	309	351	25	128	340

$ Mil \| FY: 12/31	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4
Period End	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022
Filing Date	10/22/2025	7/23/2025	4/23/2025	2/19/2025	10/23/2024	7/24/2024	4/24/2024	2/21/2024	10/25/2023	7/26/2023	4/26/2023	2/22/2023
Key Financials Quarterly
Total Revenue	1,044	1,018	934	971	993	985	916	936	986	949	879	899
Ebitda	249	240	188	246	223	224	184	224	240	214	171	199
Operating Income	215	207	156	209	205	189	150	206	209	193	140	179
Net Income	111	108	73	119	97	129	66	129	110	94	64	91
EPS	1.70	1.63	1.09	1.75	1.40	1.82	0.93	1.78	1.50	1.25	0.82	1.13
Key Financials TTM
Total Revenue TTM	3,967	3,916	3,883	3,865	3,830	3,823	3,787	3,750	3,713	3,664	3,637	3,567
Ebitda TTM	923	897	881	877	855	872	862	849	824	824	820	800
Operating Income TTM	787	777	759	753	750	754	758	748	721	701	692	679
Net Income TTM	411	397	418	411	421	434	399	397	359	365	371	358
Growth Rates Quarterly
Total Revenue Growth	5.1%	3.4%	2.0%	3.7%	0.7%	3.8%	4.2%	4.1%	5.2%	2.9%	8.7%	3.3%
EBITDA Growth	11.7%	7.1%	2.2%	9.8%	-7.1%	4.7%	7.6%	12.6%	0.0%	1.9%	13.2%	-14.2%
Operating Income Growth	4.9%	9.5%	4.0%	1.5%	-1.9%	-2.1%	7.1%	15.1%	10.6%	4.9%	10.2%	-6.3%
Net Income Growth	14.4%	-16.3%	10.6%	-7.8%	-11.8%	37.2%	3.1%	41.8%	-5.2%	-6.0%	25.5%	-15.0%
Margins Quarterly
EBITDA Margin	23.9%	23.6%	20.1%	25.3%	22.5%	22.7%	20.1%	23.9%	24.3%	22.6%	19.5%	22.1%
Operating Income Margin	20.6%	20.3%	16.7%	21.5%	20.6%	19.2%	16.4%	22.0%	21.2%	20.3%	15.9%	19.9%
Net Income Margin	10.6%	10.6%	7.8%	12.3%	9.8%	13.1%	7.2%	13.8%	11.2%	9.9%	7.3%	10.1%
Cash & Debt
Total Cash	240	212	188	184	194	166	479	296	238	214	196	562
Total Debt	5,578	5,587	5,658	5,670	5,577	5,577	5,924	5,733	5,622	5,572	5,454	5,753
Net Debt / (Cash)	5,338	5,375	5,470	5,486	5,383	5,411	5,445	5,437	5,384	5,358	5,258	5,191
Cash Flows Quarterly
FCF from Operations	163	232	121	98	145	174	47	152	88	103	7	175
Cash Flows TTM
FCF from Operations TTM	614	596	538	464	518	461	390	350	373	322	308	442
Returns to Shareholders Quarterly
Dividends	36	37	41	34	35	35	38	32	33	34	37	32
Share Repurchases	71	70	70	72	68	69	25	40	67	101	101	111
Return on Invested Capital (ROIC) Quarterly
ROIC	11.3%	10.9%	8.2%	11.5%	11.4%	10.2%	7.9%	15.2%	11.5%	10.3%	7.9%	10.4%
Return on Invested Capital (ROIC) TTM
ROIC TTM	10.6%	10.6%	10.3%	10.1%	11.2%	11.2%	11.1%	11.1%	9.9%	9.5%	9.8%	9.6%

Segment Financials

Assets by Segment

$ Mil	2024	2023	2022	2021	2020
Vacation Ownership	4,980	4,826	4,743	5,000	5,582
Travel and Membership	1,353	1,335	1,414	1,372	1,482
Corporate and Other	405	596	431	1,241	389
Total	6,738	6,757	6,588	7,613	7,453

Price Behavior

Price Behavior

Market Price	$72.63
Market Cap ($ Bil)	4.7
First Trading Date	07/19/2006
Distance from 52W High	-0.3%
	50 Days	200 Days
DMA Price	$65.70	$55.77
DMA Trend	up	up
Distance from DMA	10.5%	30.2%
	3M	1YR
Volatility	40.9%	38.0%
Downside Capture	6.88	119.30
Upside Capture	95.57	140.84
Correlation (SPY)	22.9%	66.3%

TNL Betas & Captures as of 11/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	1.39	0.74	0.78	1.26	1.30	1.33
Up Beta	1.44	1.34	1.66	2.03	1.31	1.34
Down Beta	0.22	1.56	1.01	0.96	1.32	1.34
Up Capture	232%	80%	63%	156%	160%	252%
Bmk +ve Days	13	26	39	74	142	427
Stock +ve Days	13	25	33	67	125	389
Down Capture	113%	-12%	34%	86%	114%	106%
Bmk -ve Days	7	16	24	52	107	323
Stock -ve Days	7	17	29	58	123	356

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Based On 1-Year Data

		Comparison of TNL With Other Asset Classes (Last 1Y)
	TNL	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	48.3%	8.3%	19.2%	71.9%	8.9%	6.0%	-10.4%
Annualized Volatility	37.8%	24.3%	19.5%	19.3%	15.3%	17.1%	35.0%
Sharpe Ratio	1.11	0.27	0.78	2.69	0.36	0.18	-0.12
Correlation With Other Assets		67.2%	66.0%	-4.8%	23.1%	58.2%	25.1%

ETFs used for asset classes: Sector ETF = XLY, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
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Based On 5-Year Data

		Comparison of TNL With Other Asset Classes (Last 5Y)
	TNL	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	15.1%	9.8%	14.9%	18.7%	11.7%	4.8%	32.6%
Annualized Volatility	37.1%	23.8%	17.1%	15.5%	18.7%	18.9%	48.7%
Sharpe Ratio	0.47	0.37	0.70	0.97	0.51	0.17	0.59
Correlation With Other Assets		61.6%	61.5%	3.4%	18.1%	50.7%	25.0%

Based On 10-Year Data

		Comparison of TNL With Other Asset Classes (Last 10Y)
	TNL	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	12.1%	13.1%	14.7%	14.9%	6.9%	5.2%	69.2%
Annualized Volatility	41.6%	22.0%	18.0%	14.8%	17.6%	20.8%	55.8%
Sharpe Ratio	0.42	0.55	0.70	0.83	0.31	0.22	0.90
Correlation With Other Assets		60.8%	62.4%	-1.9%	24.7%	56.1%	13.2%

Short Interest

Short Interest: As Of Date	12152025
Short Interest: Shares Quantity	3,538,045
Short Interest: % Change Since 11302025	22.1%
Average Daily Volume	607,402
Days-to-Cover Short Interest	5.82
Basic Shares Quantity	65,200,000
Short % of Basic Shares	5.4%

Returns Analyses

	Title
0	Can Travel+Leisure Stock Hold Up When Markets Turn?

Earnings Returns History

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
10/22/2025	15.2%	6.6%	2.3%
7/23/2025	6.9%	8.1%	1.5%
2/19/2025	0.7%	-2.8%	-15.4%
10/23/2024	4.0%	7.3%	16.5%
7/24/2024	-9.8%	-5.2%	-13.0%
2/21/2024	5.5%	8.5%	14.9%
10/25/2023	-1.8%	1.9%	12.7%
7/26/2023	-5.3%	-1.4%	-3.4%
...
SUMMARY STATS
# Positive	9	11	11
# Negative	12	10	10
Median Positive	1.8%	5.3%	6.9%
Median Negative	-5.4%	-5.0%	-5.1%
Max Positive	15.2%	8.5%	53.0%
Max Negative	-9.8%	-11.7%	-48.9%

	Forward Returns
10/22/2025	15.2%	6.6%	2.3%
7/23/2025	6.9%	8.1%	1.5%
2/19/2025	0.7%	-2.8%	-15.4%
10/23/2024	4.0%	7.3%	16.5%
7/24/2024	-9.8%	-5.2%	-13.0%
2/21/2024	5.5%	8.5%	14.9%
10/25/2023	-1.8%	1.9%	12.7%
7/26/2023	-5.3%	-1.4%	-3.4%
2/22/2023	1.1%	3.4%	-5.2%
10/27/2022	-7.4%	-11.7%	-5.0%
7/28/2022	-3.2%	-3.0%	1.7%
2/23/2022	-3.7%	-9.8%	-2.9%
10/27/2021	1.8%	5.3%	3.2%
7/28/2021	-5.5%	-11.3%	-3.8%
4/28/2021	0.2%	-3.0%	-0.9%
1/11/2021	-0.9%	0.4%	6.9%
10/28/2020	-5.6%	4.5%	32.1%
7/20/2020	-8.0%	-4.9%	-5.5%
5/6/2020	-7.2%	1.0%	53.0%
2/26/2020	-3.3%	-7.1%	-48.9%
10/30/2019	1.6%	6.2%	6.3%
SUMMARY STATS
# Positive	9	11	11
# Negative	12	10	10
Median Positive	1.8%	5.3%	6.9%
Median Negative	-5.4%	-5.0%	-5.1%
Max Positive	15.2%	8.5%	53.0%
Max Negative	-9.8%	-11.7%	-48.9%

SEC Filings

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Report Date	Filing Date	Filing
9302025	10222025	10-Q 9/30/2025
6302025	7232025	10-Q 6/30/2025
3312025	4232025	10-Q 3/31/2025
12312024	2192025	10-K 12/31/2024
9302024	10232024	10-Q 9/30/2024
6302024	7242024	10-Q 6/30/2024
3312024	4242024	10-Q 3/31/2024
12312023	2212024	10-K 12/31/2023
9302023	10252023	10-Q 9/30/2023
6302023	7262023	10-Q 6/30/2023
3312023	4262023	10-Q 3/31/2023
12312022	2222023	10-K 12/31/2022
9302022	10272022	10-Q 9/30/2022
6302022	7282022	10-Q 6/30/2022
3312022	4282022	10-Q 3/31/2022
12312021	2232022	10-K 12/31/2021

Insider Activity

Expand for More

	Owner	Title	Filing Date	Action	Price	Shares	Transacted Value	Value of Held Shares	Form
0	RICHARDS GEOFFREY	See Remarks	10282025	Sell	66.06	26,838	1,772,803	7,449,564	Form
1	MYERS JEFFREY	See Remarks	10272025	Sell	66.16	21,362	1,413,310	8,018,008	Form
2	ROBIN-CAPLAN AMANDINE	See remarks	10272025	Sell	65.08	1,538	100,093	254,072	Form
3	MARSHALL KIMBERLY	Chief Human Resources Officer	10232025	Sell	65.00	16,500	1,072,500	2,615,340	Form

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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Travel+Leisure (TNL)

Market Price (12/25/2025): $72.55 | Market Cap: $4.7 BilSector: Consumer Discretionary | Industry: Hotels, Resorts & Cruise Lines

Travel+Leisure (TNL)

Market Price (12/25/2025): $72.55Market Cap: $4.7 BilSector: Consumer DiscretionaryIndustry: Hotels, Resorts & Cruise Lines

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Valuation, Metrics & Events

TNL Stock

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Return vs. Risk

Price Returns Compared

How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

About Travel+Leisure (TNL)

Key Risks to Travel+Leisure (TNL)

Vacation Ownership

Travel and Membership (Travel Clubs and Exchange Services)

Capital Allocation Decisions (Last 3-5 Years)

Share Repurchases

Share Issuance

Inbound Investments

Outbound Investments

Capital Expenditures

Interactive Breakdown

Better Bets than Travel+Leisure (TNL)

INDUSTRY: Hotels, Resorts & Cruise Lines

Higher Rev Chg 3Y Avg | Lower P/S (Values for TNL: 3.9% | 1.2x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for TNL: 3.9% | 6.0x)

Higher Rev Chg LTM (Value for TNL: 3.6%)

Higher Rev Chg 3Y Avg (Value for TNL: 3.9%)

Higher Op Mgn LTM (Value for TNL: 19.8%)

Higher CFO/Rev LTM (Value for TNL: 15.5%)

Higher FCF/Rev LTM (Value for TNL: 12.8%)

Higher Total Yield (Value for TNL: 11.8%)

SECTOR: Consumer Discretionary

Higher Rev Chg 3Y Avg | Lower P/S (Values for TNL: 3.9% | 1.2x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for TNL: 3.9% | 6.0x)

Higher Rev Chg LTM (Value for TNL: 3.6%)

Higher Rev Chg 3Y Avg (Value for TNL: 3.9%)

Higher Op Mgn LTM (Value for TNL: 19.8%)

Higher CFO/Rev LTM (Value for TNL: 15.5%)

Higher FCF/Rev LTM (Value for TNL: 12.8%)

Higher Total Yield (Value for TNL: 11.8%)

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for TNL: 3.9% | 1.2x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for TNL: 3.9% | 6.0x)

Higher Rev Chg LTM (Value for TNL: 3.6%)

Higher Rev Chg 3Y Avg (Value for TNL: 3.9%)

Higher Op Mgn LTM (Value for TNL: 19.8%)

Higher CFO/Rev LTM (Value for TNL: 15.5%)

Higher FCF/Rev LTM (Value for TNL: 12.8%)

Higher Total Yield (Value for TNL: 11.8%)

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Valuation

Market Price (12/25/2025): $72.55 | Market Cap: $4.7 Bil
Sector: Consumer Discretionary | Industry: Hotels, Resorts & Cruise Lines

Market Price (12/25/2025): $72.55
Market Cap: $4.7 Bil
Sector: Consumer Discretionary
Industry: Hotels, Resorts & Cruise Lines