TNLNYSEHotels & MotelsFiscal year ends December 31
Travel & Leisure Co.
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Jul 22, 2026
$65.23+0.64 (+0.99%)
Close on Oct 19, 2026
- Market cap
- $4.14B
- P/E (TTM)
- 17.6
- Dividend yield
- 3.43%
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
93.2%−6.7 pts over 5 years
Operating margin
13.8%+18.6 pts over 5 years
Net margin
5.7%+17.5 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +4.1% | +4.1% | +13.2% | -1.9% | |
| Gross profit | -0.6% | +3.2% | +11.7% | – | |
| Operating income | -24.6% | -5.4% | – | -5.1% | |
| Net income | -44.0% | -13.6% | – | -9.3% | |
| EPS, diluted | -40.9% | -6.7% | – | -3.9% | |
| Free cash flow | +36.6% | +10.3% | +11.4% | -4.2% | |
| Dividend per share | +12.0% | +11.9% | +7.0% | +2.9% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 73.4% | 33.9% | -24.7% | |
| Return on assets | 6.3% | -3.4% | 3.4% | |
| Current ratio | 0.89 | – | – | |
| Interest coverage | 4.9× | -0.5× | 2.4× | |
| Inventory turnover | – | 0.0× | 0.2× | |
| Capex to revenue | 3.2% | 3.2% | 2.9% | |
| Diluted shares | 111M | 86M | 67M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Travel & Leisure generated $2.46B from operations and spent $2.27B on capital expenditure, dividends and share buybacks. 17% of that went back into the business.
Generated
$2.46B
Used
$2.27B
Capital expenditure$381.00M17%Dividends$671.00M30%Share buybacks$1.22B54%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin5.7%
×Asset turnover0.60×
×Equity multiplier-7.25×
=Return on equity, FY2025-24.7%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 5.7% | 0.60× | -7.25× | -24.7% |
| FY2024 | 10.6% | 0.57× | -7.49× | -45.7% |
| FY2023 | 10.6% | 0.56× | -7.37× | -43.3% |
| FY2022 | 10.0% | 0.53× | -7.79× | -41.7% |
| FY2021 | 9.8% | 0.44× | -8.00× | -34.7% |
| FY2020 | -11.8% | 0.29× | -10.01× | 33.9% |
| FY2019 | 12.5% | 0.55× | -13.23× | -91.8% |
| FY2018 | 17.1% | 0.45× | 90.30× | 689.2% |
| FY2017 | 22.4% | 0.38× | 13.67× | 115.2% |
| FY2016 | 16.5% | 0.38× | 11.66× | 73.4% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
5of 7 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero$230.00M
- Cash generatingOperating cash flow above zero$640.00M
- Return on assets improvedROA up on the prior year6.1% → 3.4%
- Earnings backed by cashOperating cash flow above net income$640.00M vs $230.00M
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose– → –
- No dilutionShare count did not rise71M → 67M
- Gross margin improvedGross margin up on the prior year97.62% → 93.21%
- More efficientAsset turnover rose0.57 → 0.60