Travel+Leisure (TNL)
Market Price (4/22/2026): $76.3 | Market Cap: $4.9 BilSector: Consumer Discretionary | Industry: Hotels, Resorts & Cruise Lines
Travel+Leisure (TNL)
Market Price (4/22/2026): $76.3Market Cap: $4.9 BilSector: Consumer DiscretionaryIndustry: Hotels, Resorts & Cruise Lines
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.8%, 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 3.8%, FCF Yield is 11% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 16%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 13% Low stock price volatilityVol 12M is 33% Megatrend and thematic driversMegatrends include Experience Economy & Premiumization. Themes include Travel & Leisure Tech. | Trading close to highsDist 52W High is -3.3%, Dist 3Y High is -3.3% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 112% Key risksTNL key risks include [1] significant debt levels and elevated loan portfolio delinquencies, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.8%, 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 3.8%, FCF Yield is 11% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 16%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 13% |
| Low stock price volatilityVol 12M is 33% |
| Megatrend and thematic driversMegatrends include Experience Economy & Premiumization. Themes include Travel & Leisure Tech. |
| Trading close to highsDist 52W High is -3.3%, Dist 3Y High is -3.3% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 112% |
| Key risksTNL key risks include [1] significant debt levels and elevated loan portfolio delinquencies, Show more. |
Qualitative Assessment
AI Analysis | Feedback
1. Strong Fourth Quarter 2025 Financial Results and Positive 2026 Outlook.
Travel + Leisure reported robust financial performance for Q4 2025, with revenue of $1.03 billion exceeding analysts' expectations of $1 billion and growing 5.7% year-over-year. Adjusted EBITDA also increased by 8% to $272 million. For the full year 2025, revenue grew 4% to $4.02 billion, Adjusted EBITDA increased 7% to $990 million, and EPS rose 10% to $6.34. The company provided an optimistic outlook for 2026, forecasting Adjusted EBITDA to be between $1.03 billion and $1.055 billion (4%-7% growth) and Gross Vacation Ownership Interest (VOI) sales to increase by 1% to 5%.
2. Enhanced Shareholder Return Initiatives.
In a move demonstrating confidence in future performance and commitment to shareholders, Travel + Leisure announced plans to increase its first quarter 2026 dividend by 7% to $0.60 per share. Additionally, the company's Board of Directors approved a new $750 million share repurchase authorization, signaling a strategic approach to capital allocation that can boost shareholder value.
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Stock Movement Drivers
Fundamental Drivers
The 8.9% change in TNL stock from 12/31/2025 to 4/21/2026 was primarily driven by a 90.5% change in the company's P/E Multiple.| (LTM values as of) | 12312025 | 4212026 | Change |
|---|---|---|---|
| Stock Price ($) | 69.93 | 76.15 | 8.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,967 | 4,021 | 1.4% |
| Net Income Margin (%) | 10.4% | 5.7% | -44.6% |
| P/E Multiple | 11.1 | 21.1 | 90.5% |
| Shares Outstanding (Mil) | 65 | 64 | 1.7% |
| Cumulative Contribution | 8.9% |
Market Drivers
12/31/2025 to 4/21/2026| Return | Correlation | |
|---|---|---|
| TNL | 8.9% | |
| Market (SPY) | -5.4% | 54.5% |
| Sector (XLY) | -0.4% | 65.6% |
Fundamental Drivers
The 30.1% change in TNL stock from 9/30/2025 to 4/21/2026 was primarily driven by a 116.9% change in the company's P/E Multiple.| (LTM values as of) | 9302025 | 4212026 | Change |
|---|---|---|---|
| Stock Price ($) | 58.52 | 76.15 | 30.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,916 | 4,021 | 2.7% |
| Net Income Margin (%) | 10.1% | 5.7% | -43.3% |
| P/E Multiple | 9.7 | 21.1 | 116.9% |
| Shares Outstanding (Mil) | 66 | 64 | 3.1% |
| Cumulative Contribution | 30.1% |
Market Drivers
9/30/2025 to 4/21/2026| Return | Correlation | |
|---|---|---|
| TNL | 30.1% | |
| Market (SPY) | -2.9% | 35.7% |
| Sector (XLY) | -0.5% | 46.0% |
Fundamental Drivers
The 70.6% change in TNL stock from 3/31/2025 to 4/21/2026 was primarily driven by a 184.9% change in the company's P/E Multiple.| (LTM values as of) | 3312025 | 4212026 | Change |
|---|---|---|---|
| Stock Price ($) | 44.63 | 76.15 | 70.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,865 | 4,021 | 4.0% |
| Net Income Margin (%) | 10.6% | 5.7% | -46.0% |
| P/E Multiple | 7.4 | 21.1 | 184.9% |
| Shares Outstanding (Mil) | 68 | 64 | 6.6% |
| Cumulative Contribution | 70.6% |
Market Drivers
3/31/2025 to 4/21/2026| Return | Correlation | |
|---|---|---|
| TNL | 70.6% | |
| Market (SPY) | 16.3% | 64.5% |
| Sector (XLY) | 21.2% | 67.0% |
Fundamental Drivers
The 120.3% change in TNL stock from 3/31/2023 to 4/21/2026 was primarily driven by a 174.2% change in the company's P/E Multiple.| (LTM values as of) | 3312023 | 4212026 | Change |
|---|---|---|---|
| Stock Price ($) | 34.57 | 76.15 | 120.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,567 | 4,021 | 12.7% |
| Net Income Margin (%) | 10.0% | 5.7% | -42.8% |
| P/E Multiple | 7.7 | 21.1 | 174.2% |
| Shares Outstanding (Mil) | 80 | 64 | 24.5% |
| Cumulative Contribution | 120.3% |
Market Drivers
3/31/2023 to 4/21/2026| Return | Correlation | |
|---|---|---|
| TNL | 120.3% | |
| Market (SPY) | 63.3% | 58.0% |
| Sector (XLY) | 62.7% | 59.2% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| TNL Return | 26% | -32% | 13% | 35% | 45% | 11% | 110% |
| Peers Return | 37% | -16% | 22% | 18% | 3% | 19% | 103% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 4% | 89% |
Monthly Win Rates [3] | |||||||
| TNL Win Rate | 58% | 42% | 42% | 75% | 75% | 50% | |
| Peers Win Rate | 52% | 45% | 50% | 57% | 58% | 65% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| TNL Max Drawdown | -3% | -37% | -7% | -1% | -22% | -4% | |
| Peers Max Drawdown | -10% | -29% | -12% | -9% | -28% | -7% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -7% | |
[1] Cumulative total returns since the beginning of 2021
[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] 2026 data is for the year up to 4/21/2026 (YTD)
How Low Can It Go
| Event | TNL | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -50.8% | -25.4% |
| % Gain to Breakeven | 103.4% | 34.1% |
| Time to Breakeven | 726 days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -68.2% | -33.9% |
| % Gain to Breakeven | 214.2% | 51.3% |
| Time to Breakeven | 331 days | 148 days |
| 2018 Correction | ||
| % Loss | -41.5% | -19.8% |
| % Gain to Breakeven | 71.0% | 24.7% |
| Time to Breakeven | 853 days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -92.3% | -56.8% |
| % Gain to Breakeven | 1198.3% | 131.3% |
| Time to Breakeven | 1,147 days | 1,480 days |
Compare to HGV, VAC, MAR, HLT, H
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)
AI Analysis | Feedback
Analogy 1: It's like a Costco for vacation ownership and travel memberships.
Analogy 2: It's like a Marriott, but specializing in vacation ownership and resort clubs.
AI Analysis | Feedback
- Vacation Ownership Interests (VOIs): Sells fractional ownership of vacation properties, commonly known as timeshares, to individual consumers.
- Consumer Financing: Provides financing options to customers specifically for the purchase of vacation ownership interests.
- Resort Property Management: Manages the operations, maintenance, and services at vacation ownership resorts.
- Vacation and Home Exchange Programs: Operates networks that allow members to exchange their vacation ownership interests or homes for stays at other properties globally.
- Travel Memberships: Offers various membership programs providing travel-related benefits, discounts, and access to exclusive travel services.
- Direct-to-Consumer Vacation Rentals: Rents vacation properties directly to individual consumers for leisure stays.
- Travel Technology Solutions: Develops and provides travel booking technology platforms, including private-label solutions for other businesses.
AI Analysis | Feedback
Travel+Leisure (symbol: TNL) primarily sells its hospitality services and products to **individual consumers** rather than other companies. Based on the company description, here are the major categories of customers it serves:
- Vacation Ownership Purchasers: These are individual consumers who purchase Vacation Ownership Interests (VOIs), commonly known as timeshares, for recurring vacation accommodations. This forms the core of its Vacation Ownership segment.
- Travel Club and Membership Subscribers: This category includes individuals who subscribe to the company's various travel club brands, vacation exchange networks (like RCI), or home exchange networks. These customers seek access to exclusive travel benefits, discounts, flexible travel options, and a wide array of resort and property choices through a membership model.
- Direct-to-Consumer Renters: These are individuals who utilize Travel+Leisure's platforms for direct-to-consumer rentals of vacation properties, without necessarily purchasing a vacation ownership interest or a membership. They are seeking short-term vacation accommodations for specific trips.
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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 led its evolution to Wyndham Destinations as an independent public company in June 2018, after spinning off Wyndham Hotels & Resorts. In 2021, he led the acquisition of the iconic Travel + Leisure brand, and the company subsequently became Travel + Leisure Co. Prior to his current role, Brown served as Chief Operating Officer at Hilton Grand Vacations (HGV) from 2014 to 2017. He also held roles as Executive Vice President, Sales and Marketing – Mainland U.S. and Europe at HGV and spent more than 16 years in various leadership positions at Marriott International and Marriott Vacation Club International. Brown is a leisure travel industry veteran with over 30 years of experience.
Erik Hoag Chief Financial Officer
Erik Hoag was appointed Chief Financial Officer (CFO) of Travel + Leisure Co. in May 2025, succeeding Mike Hug, who retired. He brings more than 25 years of financial leadership expertise to the company. Before joining Travel + Leisure Co., Hoag served as CFO and Chief Integration Officer at FIS. As CFO, he is responsible for leading 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.
James Savina General Counsel and Corporate Secretary
James Savina serves as Executive Vice President, General Counsel, and Corporate Secretary of Travel + Leisure Co. He joined the company in 2018 and played a crucial role in establishing Wyndham Destinations as an independent public company following the spin-off of Wyndham Hotels & Resorts. He was also instrumental in the 2021 acquisition of the Travel + Leisure brand and the company's rebranding to Travel + Leisure Co. Savina leads the company's legal function.
Jeff Myers Chief Sales and Marketing Officer – Vacation Ownership
Jeff Myers serves as Chief Sales and Marketing Officer for the Vacation Ownership business line of Travel + Leisure Co. In this capacity, he is responsible for overseeing the development and implementation of sales and marketing strategies, programs, and sales training across all of the company's Vacation Ownership brands in the United States, Canada, Mexico, and the Caribbean.
Geoff Richards Chief Operating Officer – Vacation Ownership
Geoff Richards serves as Chief Operating Officer for the Vacation Ownership business line of Travel + Leisure Co. In this role, he oversees the core Vacation Ownership business segment.
AI Analysis | Feedback
The key risks to Travel + Leisure Co. (TNL) are primarily centered around its reliance on consumer financing, its sensitivity to macroeconomic conditions, and the competitive pressures within its travel and membership segment.
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Consumer Financing Risk and Debt Load: Travel + Leisure Co. heavily relies on providing consumer financing for its vacation ownership interest (VOI) sales, essentially operating as a bank in this regard. This exposes the company to significant risks related to the health of its loan portfolio. The company has acknowledged "Loan Portfolio Pressures" and "elevated delinquencies over historical levels". Furthermore, rising interest rates pose a direct threat to profitability and consumer affordability for VOI sales. The company also carries a substantial corporate debt load, which was approximately $3.47 billion as of December 31, 2025, excluding non-recourse debt, and has been noted to be overleveraged with a 5x net-debt-to-EBITDA ratio.
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Sensitivity to Economic Conditions and Travel Industry Health: As a provider of discretionary hospitality services and products, Travel + Leisure Co.'s revenues are closely tied to the overall health of the travel industry and consumer spending. Economic downturns, inflationary pressures, and the risk of recession can significantly reduce consumer spending on travel and leisure activities, thereby negatively impacting the company's performance. External shocks such as natural disasters and pandemics have also demonstrated the travel industry's vulnerability.
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Intense Competition and Pressure on the Travel and Membership Segment: Travel + Leisure Co. operates in a highly competitive environment, contending with major players in the vacation ownership and travel industry. Specifically, its Travel and Membership segment has faced challenges, including a decline in revenues and member counts. This segment's struggles are attributed partly to industry consolidation, evolving market structures, and shifts in consumer behavior, necessitating continuous innovation and value offerings to maintain competitiveness.
AI Analysis | Feedback
The clear emerging threat for Travel + Leisure Co. (TNL), particularly for its core Vacation Ownership segment, is the sustained and growing consumer preference for flexible, on-demand vacation rental platforms (such as Airbnb and Vrbo) that offer diverse accommodations without the long-term financial commitment, high upfront costs, and ownership obligations inherent in the traditional vacation ownership (timeshare) model. These platforms provide an alternative that emphasizes flexibility, variety, and a pay-as-you-go approach, fundamentally challenging the value proposition of fixed-term or recurring-fee vacation property ownership.
AI Analysis | Feedback
Travel + Leisure Co. (TNL) operates in two primary segments: Vacation Ownership and Travel and Membership. The addressable markets for these main products and services are substantial, both globally and within the U.S.
Vacation Ownership
- Globally, the vacation ownership (timeshare) market was valued at approximately USD 12.7 billion in 2024 and is projected to grow to around USD 23.8 billion by 2034, with a compound annual growth rate (CAGR) of roughly 6.5% between 2025 and 2034. Other estimates place the global market at USD 13.14 billion in 2024, with a projection to reach USD 23.78 billion by 2032 at a CAGR of 7.7%.
- In the U.S., the vacation ownership market was projected to reach USD 15.32 billion by 2028, up from USD 10.08 billion in 2022, growing at a CAGR of 7.2%. North America, encompassing the U.S., accounted for approximately 41% of the global timeshare volume in 2024. The U.S. timeshare industry's sales volume increased to USD 10.5 billion in 2022.
Travel and Membership
This segment encompasses various services, including travel clubs, loyalty programs, and direct-to-consumer rentals (vacation rentals).
- The global travel club membership market size reached USD 14.8 billion in 2024 and is projected to expand to USD 31.3 billion by 2033, demonstrating a CAGR of 8.7%. North America leads this market, with a size of USD 5.6 billion in 2024, representing approximately 37.8% of the global total.
- The global travel loyalty programs market was estimated at USD 28.62 billion in 2025 and is expected to boost sales to USD 69.87 billion by 2033, with a CAGR of 11.80%. In 2025, North America held a significant share, with a market size of over USD 10.59 billion.
- The global vacation rental market size was valued at USD 95.07 billion in 2024 and is projected to reach USD 137.88 billion by 2034, growing at a CAGR of 3.85% during 2025–2034. Another estimate places the global market at USD 88.26 billion in 2024, anticipated to reach USD 138.57 billion by 2032 with a CAGR of 5.80%.
- For the U.S. specifically, the short-term vacation rental market is expected to be worth USD 68.86 billion in 2024 and is projected to grow to USD 144.05 billion by 2034, with a CAGR of 7.66% between 2025 and 2034. Other data indicates the U.S. short-term vacation rental market size was valued at USD 96.34 billion in 2025 and is projected to reach USD 260.62 billion by 2034, with a CAGR of 11.68%.
AI Analysis | Feedback
Here are the expected drivers of future revenue growth for Travel + Leisure Co. (TNL) over the next 2-3 years:1. Growth in Vacation Ownership Interest (VOI) Sales
Travel + Leisure Co. anticipates continued growth in its core Vacation Ownership business, which is a significant revenue driver. The company projects gross VOI sales to increase by 1% to 5% year-over-year in 2026, reaching a range of $2.5 billion to $2.6 billion. Underlying VOI growth is expected to be even higher, at 5% to 9%, when excluding the impact of sales office closures. This growth is driven by sustained strength in tour flow, effective pricing strategies, and improved close rates. The company also aims for a higher mix of new owners.
2. Strategic Acquisitions and International Market Expansion
The company is actively pursuing expansion through strategic acquisitions and by targeting high-demand international markets. A notable move was the acquisition of Accor Vacation Club in 2024, which significantly enhanced Travel + Leisure Co.'s presence in the Asia Pacific, Middle East, Africa, and Türkiye regions. The company is also focusing on expanding its geographic footprint in key North American corridors like Orlando, Las Vegas, and Hawaii, as well as in rapidly growing international destinations such as Mexico's Riviera Maya, the Dominican Republic, Portugal, and Australia.
3. New Product Development and Brand Portfolio Expansion
Travel + Leisure Co. is driving revenue growth by developing innovative travel experiences and expanding its brand portfolio. This includes exploring flexible ownership models and experiential travel packages to cater to evolving consumer preferences. The company is also developing sports-themed resorts under the Sports Illustrated Resorts brand, with sales projected to begin in 2026, and launched the Eddie Bauer Adventure Club to attract new customer demographics and diversify its revenue streams.
4. Enhanced Digital Engagement and Lead Generation
A key driver for future revenue growth is the company's focus on improving digital engagement and lead generation. Management aims for sequential growth in qualified tours and an increased volume per guest (VPG) by leveraging digital channels for lead generation. Investments are being prioritized for sales center productivity and digital customer acquisition. Analysts also point to the progress in digital engagement, particularly the effectiveness of newly launched mobile applications and AI Concierge services, as crucial for sustained performance.
5. Pricing and Volume Per Guest (VPG) Optimization
Travel + Leisure Co. is implementing deliberate pricing strategies to optimize revenue. Management commentary highlights proactive choices across pricing in their vacation ownership business, with expectations of continued strength in this area. While there may be a modest year-over-year decrease in overall VPG in 2026 due to a strategic shift towards acquiring new owners, the company's long-term strategy includes targeting higher VPG, which contributes to revenue growth.
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Share Repurchases
- Travel + Leisure Co. authorized a new $750 million share repurchase program in February 2026.
- In 2025, the company repurchased $300 million of its common stock, equating to 5.4 million shares.
- Between 2022 and 2024, approximately $900 million to $1.1 billion in share repurchases were made.
Share Issuance
- Information on significant dollar amounts of share issuances over the last 3-5 years is not readily available. Share repurchases have actively reduced the outstanding share count.
Outbound Investments
- In February 2021, the company acquired the Travel + Leisure brand from Meredith Corporation for $100 million, leading to its rebranding as Travel + Leisure Co.
- Travel + Leisure Co. acquired Accor Vacation Club for $48.4 million in March 2024, which bolstered its international presence.
Capital Expenditures
- Travel + Leisure Co. invested $32.0 million in capital expenditures during the fourth quarter of 2025.
- Higher capital expenditures in 2025 partially offset the increase in Adjusted free cash flow.
- The company initiated a Resort Optimization Initiative in 2025, involving the removal of 17 underperforming resorts, which is expected to yield a net EBITDA benefit of $15 million to $25 million starting in 2026.
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| 03272026 | OLLI | Ollie's Bargain Outlet | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 3.1% | 3.1% | 0.0% |
| 03272026 | PATK | Patrick Industries | Insider | Insider Buys | Low D/EStrong Insider BuyingCompanies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap | 3.4% | 3.4% | -1.6% |
| 06302022 | TNL | Travel+Leisure | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | -5.0% | 8.5% | -11.3% |
Research & Analysis
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 124.29 |
| Mkt Cap | 10.5 |
| Rev LTM | 6,074 |
| Op Inc LTM | 618 |
| FCF LTM | 341 |
| FCF 3Y Avg | 401 |
| CFO LTM | 510 |
| CFO 3Y Avg | 544 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 4.2% |
| Rev Chg 3Y Avg | 7.3% |
| Rev Chg Q | 4.8% |
| QoQ Delta Rev Chg LTM | 1.2% |
| Op Inc Chg LTM | -2.8% |
| Op Inc Chg 3Y Avg | 2.0% |
| Op Mgn LTM | 13.7% |
| Op Mgn 3Y Avg | 15.8% |
| QoQ Delta Op Mgn LTM | 0.0% |
| CFO/Rev LTM | 9.1% |
| CFO/Rev 3Y Avg | 10.6% |
| FCF/Rev LTM | 6.5% |
| FCF/Rev 3Y Avg | 7.9% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 10.5 |
| P/S | 1.7 |
| P/Op Inc | 16.4 |
| P/EBIT | 16.3 |
| P/E | 30.0 |
| P/CFO | 34.3 |
| Total Yield | 1.9% |
| Dividend Yield | 0.5% |
| FCF Yield 3Y Avg | 3.2% |
| D/E | 0.7 |
| Net D/E | 0.7 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 16.8% |
| 3M Rtn | 13.6% |
| 6M Rtn | 21.5% |
| 12M Rtn | 65.6% |
| 3Y Rtn | 83.2% |
| 1M Excs Rtn | 8.3% |
| 3M Excs Rtn | 9.7% |
| 6M Excs Rtn | 18.1% |
| 12M Excs Rtn | 28.2% |
| 3Y Excs Rtn | 15.9% |
Price Behavior
| Market Price | $76.15 | |
| Market Cap ($ Bil) | 4.9 | |
| First Trading Date | 07/19/2006 | |
| Distance from 52W High | -3.3% | |
| 50 Days | 200 Days | |
| DMA Price | $72.74 | $65.74 |
| DMA Trend | up | indeterminate |
| Distance from DMA | 4.7% | 15.8% |
| 3M | 1YR | |
| Volatility | 32.0% | 33.2% |
| Downside Capture | 0.16 | 0.41 |
| Upside Capture | 124.71 | 142.20 |
| Correlation (SPY) | 45.1% | 47.6% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.03 | 1.15 | 1.28 | 1.00 | 1.29 | 1.30 |
| Up Beta | 0.32 | 1.11 | 1.79 | 1.48 | 1.36 | 1.32 |
| Down Beta | 1.52 | 0.99 | 1.25 | 1.15 | 1.25 | 1.29 |
| Up Capture | 116% | 172% | 147% | 113% | 173% | 230% |
| Bmk +ve Days | 7 | 16 | 27 | 65 | 139 | 424 |
| Stock +ve Days | 10 | 21 | 33 | 68 | 131 | 385 |
| Down Capture | 81% | 90% | 100% | 64% | 106% | 106% |
| Bmk -ve Days | 12 | 23 | 33 | 58 | 110 | 323 |
| Stock -ve Days | 12 | 21 | 29 | 56 | 118 | 359 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with TNL | |
|---|---|---|---|---|
| TNL | 91.2% | 33.2% | 1.98 | - |
| Sector ETF (XLY) | 29.2% | 19.4% | 1.20 | 54.2% |
| Equity (SPY) | 23.7% | 12.7% | 1.52 | 49.4% |
| Gold (GLD) | 41.4% | 27.5% | 1.25 | -7.4% |
| Commodities (DBC) | 22.4% | 16.2% | 1.25 | -1.3% |
| Real Estate (VNQ) | 14.2% | 13.8% | 0.72 | 42.5% |
| Bitcoin (BTCUSD) | -10.4% | 42.7% | -0.14 | 21.9% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with TNL | |
|---|---|---|---|---|
| TNL | 7.7% | 36.5% | 0.29 | - |
| Sector ETF (XLY) | 6.9% | 23.8% | 0.25 | 63.3% |
| Equity (SPY) | 10.8% | 17.1% | 0.49 | 62.4% |
| Gold (GLD) | 21.6% | 17.8% | 0.99 | 3.7% |
| Commodities (DBC) | 10.9% | 18.8% | 0.47 | 17.1% |
| Real Estate (VNQ) | 4.1% | 18.8% | 0.12 | 51.1% |
| Bitcoin (BTCUSD) | 3.8% | 56.4% | 0.29 | 24.8% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with TNL | |
|---|---|---|---|---|
| TNL | 12.3% | 41.7% | 0.42 | - |
| Sector ETF (XLY) | 12.9% | 22.0% | 0.54 | 60.8% |
| Equity (SPY) | 13.9% | 17.9% | 0.67 | 62.2% |
| Gold (GLD) | 13.7% | 15.9% | 0.71 | -1.2% |
| Commodities (DBC) | 8.2% | 17.6% | 0.39 | 23.8% |
| Real Estate (VNQ) | 5.4% | 20.7% | 0.23 | 55.8% |
| Bitcoin (BTCUSD) | 68.0% | 66.9% | 1.07 | 12.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 2/18/2026 | 3.5% | 2.9% | -2.9% |
| 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% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 9 | 11 | 10 |
| # Negative | 11 | 9 | 10 |
| Median Positive | 3.5% | 4.5% | 9.8% |
| Median Negative | -5.5% | -4.9% | -4.4% |
| Max Positive | 15.2% | 8.5% | 53.0% |
| Max Negative | -9.8% | -11.7% | -15.4% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 12/31/2025 | 02/18/2026 | 10-K |
| 09/30/2025 | 10/22/2025 | 10-Q |
| 06/30/2025 | 07/23/2025 | 10-Q |
| 03/31/2025 | 04/23/2025 | 10-Q |
| 12/31/2024 | 02/19/2025 | 10-K |
| 09/30/2024 | 10/23/2024 | 10-Q |
| 06/30/2024 | 07/24/2024 | 10-Q |
| 03/31/2024 | 04/24/2024 | 10-Q |
| 12/31/2023 | 02/21/2024 | 10-K |
| 09/30/2023 | 10/25/2023 | 10-Q |
| 06/30/2023 | 07/26/2023 | 10-Q |
| 03/31/2023 | 04/26/2023 | 10-Q |
| 12/31/2022 | 02/22/2023 | 10-K |
| 09/30/2022 | 10/27/2022 | 10-Q |
| 06/30/2022 | 07/28/2022 | 10-Q |
| 03/31/2022 | 04/28/2022 | 10-Q |
Recent Forward Guidance [BETA]
Latest: Q4 2025 Earnings Reported 2/18/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 Adjusted EBITDA | 210.00 Mil | 215.00 Mil | 220.00 Mil | ||||
| Q1 2026 Gross VOI sales | 520.00 Mil | 530.00 Mil | 540.00 Mil | ||||
| Q1 2026 VPG | 3,200 | 3,225 | 3,250 | ||||
| Q1 2026 Dividends | 0.6 | ||||||
| 2026 Adjusted EBITDA | 1.03 Bil | 1.04 Bil | 1.05 Bil | 6.9% | Raised | Actual: 975.00 Mil for 2025 | |
| 2026 Gross VOI sales | 2.50 Bil | 2.55 Bil | 2.60 Bil | 3.0% | Raised | Actual: 2.48 Bil for 2025 | |
| 2026 VPG | 3,175 | 3,225 | 3,275 | -1.2% | Lowered | Actual: 3,262 for 2025 | |
Prior: Q3 2025 Earnings Reported 10/22/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 Adjusted EBITDA | 965.00 Mil | 975.00 Mil | 985.00 Mil | 0.5% | Raised | Guidance: 970.00 Mil for 2025 | |
| 2025 Gross VOI sales | 2.45 Bil | 2.48 Bil | 2.50 Bil | 1.0% | Raised | Guidance: 2.45 Bil for 2025 | |
| 2025 VPG | 3,250 | 3,262 | 3,275 | 1.2% | Raised | Guidance: 3,225 for 2025 | |
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Richards, Geoffrey | See Remarks | Geoffrey S Richards Revocable Trust | Sell | 11262025 | 65.17 | 62,525 | 4,075,036 | 2,581,171 | Form |
| 2 | Herrera, George | Direct | Sell | 11262025 | 68.18 | 559 | Form | |||
| 3 | Richards, Geoffrey | See Remarks | Geoffrey S Richards Revocable Trust | Sell | 11142025 | 65.00 | 4,556 | 296,140 | 6,962,865 | Form |
| 4 | Richards, Geoffrey | See Remarks | Geoffrey S Richards Revocable Trust | Sell | 11142025 | 65.00 | 4,992 | 324,480 | 6,638,385 | Form |
| 5 | Richards, Geoffrey | See Remarks | Geoffrey S Richards Revocable Trust | Sell | 10312025 | 65.00 | 1,100 | 71,502 | 7,259,228 | Form |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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