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Sells vacation ownership (timeshare) interests and runs the RCI vacation exchange and travel membership network.
Sells vacation ownership (timeshare) interests and runs the RCI vacation exchange and travel membership network.
Sells vacation ownership, a right to use resorts rather than property, and finances part of the price, so interest income on those loans and fees for managing the resorts follow every sale. RCI and travel clubs add membership fees. It was Wyndham Destinations until 2021 and was earlier part of the Wyndham hotels group.
Moat: narrow (network effects, installed base, brand). RCI's large resort exchange network and owner base are hard for new entrants to replicate.
Headquarters: Orlando, Florida, United States · Founded: 2006 · Employees: 19,300
Size Travel + Leisure (TNL) is a United States Consumer Discretionary company (Hotels/Resorts/Cruise lines) with a market value of $4.54B, the 1252nd largest of 3,117 United States companies the cockpit tracks. Shares closed at $75.33 on 6 Nov 2026.
Performance Over six months the shares gained 14.5%, against +4.9% for the median peer and -1.1% for the United States market (cap-weighted) — 8th highest of 21 in its peer set.
Growth Revenue grew 4.6% over the last twelve months (peer median +4.3%); the operating margin is 17.1% (peer median 14.9%).
Valuation It trades at 8.8× forward earnings against a peer median of 17.1× (cheapest of 19).
Price implies For today's price to make sense, revenue must grow about 3% a year for seven years (Req g). Recent delivered growth is +11%, so the hurdle is -8 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 4.2 points above its cost of capital (7.8% WACC).
Credit Travel + Leisure has 3 bonds outstanding ($1.55B), rated BB- by the agencies and trading like BB+ at a weighted spread of 169 bp.
Short interest Short interest is 10.6% of the free float (15 Oct 2026).
Next results Next results expected around 24 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $4.15B | $4.02B | $3.86B | $3.75B | $3.57B |
| Revenue growth | — | +4% | +3% | +5% | — |
| Gross profit | $1.23B | $1.22B | $1.36B | $1.31B | $1.24B |
| EBITDA | $843M | $841M | $1.00B | $973M | $878M |
| Net income | $235M | $230M | $378M | $391M | $356M |
| Free cash flow | $417M | $523M | $383M | $276M | $390M |
| Capital expenditure | $95.0M | $117M | $81.0M | $74.0M | $52.0M |
| Total debt | $6.20B | $5.73B | $5.67B | $5.73B | $5.75B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Travel + Leisure TNL | $4.54B | +15% | +5% | 17% | 8.8× | 3.2% |
| Marriott Vacations Worldwide VAC | $3.80B | +43% | +5% | 11% | 11.4× | 7.7% |
| Hilton Grand Vacations HGV | $3.33B | -10% | +19% | 17% | 9.4× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | TNL | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +20.3% | +9.7% | 4th highest of 21 |
| 6-month return | +14.5% | +4.9% | 8th highest of 21 |
| Distance from 52-week high | -7.0% | -13.6% | 7th highest of 21 |
| Revenue growth (TTM) | +4.6% | +4.3% | 11th highest of 21 |
| Operating margin | 17.1% | 14.9% | 10th highest of 21 |
| Forward P/E | 8.8× | 17.1× | cheapest of 19 |
| Growth the price implies (Req g, 7 yrs) | 3.2% | 4.0% | 9th least demanding of 17 |
| Growth delivered (Del g) | +11.2% | +17.2% | 6th lowest of 17 |
| Hurdle (Req g minus delivered) | -8.0 pp | -19.3 pp | 5th most demanding of 17 |
| ROIC minus cost of capital | +4.2 pp | -0.2 pp | 7th highest of 20 |
| EV / EBITDA | 12.1× | 12.7× | 8th cheapest of 18 |
| Net debt / EBITDA | 6.8× | 3.9× | most indebted of 19 |
| Bond spread | 169 bp | 159 bp | 2nd widest of 4 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Travel + Leisure TNL | United States | $4.54B | +15% | +5% | 17% | 8.8× | 3.2% | +11.2% |
| Atour Lifestyle Holdings Ltd. Sponsored ADR ATAT | United States | $4.82B | -6% | +45% | 21% | 15.8× | 1.8% | +43.1% |
| Red Rock Resorts RRR | United States | $5.06B | -11% | +1% | 23% | 17.9× | 13.3% | +11.2% |
| Monte-Carlo Societe des Bains de Mer BAIN.PA | France | $4.06B | +9% | +12% | 9% | n/a | 24.2% | +20.7% |
| Choice Hotels International CHH | United States | $5.29B | +12% | +2% | 25% | 15.8× | 4.8% | +15.6% |
| ITC Hotels ITCHOTELS.NS | India | $3.85B | +5% | +65% | 25% | 34.6× | 37.0% | +64.8% |
| Wyndham Hotels & Resorts WH | United States | $5.64B | -6% | +1% | 37% | 15.2× | 1.8% | +1.8% |
| Vail Resorts MTN | United States | $5.66B | +26% | -4% | 16% | 27.9× | 9.6% | +8.2% |
| Seibu 9024.T | Japan | $6.11B | +2% | -41% | 10% | 29.6× | n/a | n/a |
| Whitbread WTB.L | United Kingdom | $6.37B | +25% | +2% | 21% | 15.8× | 9.7% | +37.7% |
| Shanghai Jin Jiang International Hotels 600754.SS | China | $3.18B | -16% | +5% | 14% | 19.5× | -8.1% | +6.9% |
| Guoco 0053.HK | Hong Kong | $2.90B | 0% | -11% | 13% | n/a | -3.9% | +16.0% |
| Melia Hotels International MEL.MC | Spain | $2.67B | -10% | +5% | 13% | 15.2× | 7.3% | +31.5% |
| Norwegian Cruise Line NCLH | United States | $8.23B | +5% | +5% | 14% | 13.8× | n/a | n/a |
| Leela Palaces Hotels & Resorts THELEELA.NS | India | $2.45B | +65% | +17% | 42% | 43.7× | n/a | n/a |
| Resorttrust 4681.T | Japan | $2.36B | -1% | +8% | 12% | 16.4× | -6.4% | +9.4% |
| Scandic Hotels SHOT.ST | Sweden | $2.29B | +16% | +3% | 13% | 17.2× | 3.2% | +24.4% |
| BTG Hotels (Group) Co Ltd Shs -A- 600258.SS | China | $2.25B | -14% | -3% | 18% | 17.0× | -11.1% | +7.6% |
| Lindblad Expeditions LIND | United States | $2.23B | +61% | +17% | 8% | 89.0× | 33.0% | +56.4% |
| Hbx Group International HBX.MC | Spain | $2.19B | +29% | +4% | 38% | 9.6× | -4.2% | +18.4% |
| Hanjinkal 180640.KS | South Korea | $9.60B | +74% | +7% | 1% | 43.3× | n/a | n/a |
Travel + Leisure has 3 bonds outstanding with $1.55B face value. The agencies rate it BB-; its bonds trade like BB+. Weighted yield 6.40%, a spread of 169 bp over government bonds.