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Earnings transcript
Read the complete earnings call transcript.
TNL
Travel + Leisure Co.
$72.17
0.97
(1.36%)
| Exchange: | NYSE |
| Market Cap: | 4.505B |
| Shares Outstanding: | 201.961M |
Delayed data
About The Company
| Sector: | Consumer Cyclical | |||||
| Industry: | Travel Services | |||||
| CEO: | Michael D. Brown | |||||
| Full Time Employees: | 19000 | |||||
| Address: |
| |||||
| Website: | https://www.travelandleisureco.com |
Travel + Leisure Co. functions as a global hospitality enterprise, delivering a diverse range of services and products through its two primary divisions: Vacation Ownership and Travel & Membership. The Vacation Ownership segment focuses on the development, marketing, and sale of fractional vacation ownership interests (VOIs) directly to individual consumers. This division also provides consumer financing for these purchases and manages properties, overseeing approximately 245 vacation ownership resorts as of January 26, 2022. The Travel & Membership division encompasses a variety of ventures, including the operation of three distinct vacation exchange brands, a home exchange network, advanced travel technology platforms, exclusive travel memberships, and direct-to-consumer rental services. Beyond its core segments, the company also offers private-label travel booking technology solutions. Originally founded in 1990 and headquartered in Orlando, Florida, the company adopted its current name, Travel + Leisure Co., in February 2021, having previously operated as Wyndham Destinations, Inc.
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Revenue Segmentation
EPS
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Earnings Call
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Key takeaways
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Login — it's freeIncome Statement
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 3,750,000 | 3,864,000 | 4,021,000 |
| Gross Profit | 1,821,000 | 1,892,000 | 1,093,000 |
| EBITDA | 848,000 | 877,000 | 828,000 |
| Operating Income | 720,000 | 733,000 | 717,000 |
| Net Income | 396,000 | 411,000 | 230,000 |
(* All numbers are in thousands)
Balance Sheet
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Total Assets | 6,738,000 | 6,735,000 | 6,760,000 |
| Total Liabilities | 7,655,000 | 7,615,000 | 7,742,000 |
| Total Stockholders Equity | -918,000 | -881,000 | -982,000 |
| Total Debt | 5,733,000 | 5,670,000 | 0 |
| Cash and Cash Equivalents | 282,000 | 167,000 | 253,000 |
(* All numbers are in thousands)
Cash Flow Statement
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating Cash Flow | 350,000 | 464,000 | 640,000 |
| Capital Expenditure | -74,000 | -81,000 | -117,000 |
| Free Cash Flow | 276,000 | 383,000 | 523,000 |
| Net Income | 391,000 | 378,000 | 230,000 |
| Net Change in Cash | -230,000 | -129,000 | 97,000 |
(* All numbers are in thousands)
Analyst Estimates
| Fiscal Year | 2028 | Full Access | Full Access | Full Access | Full Access |
|---|---|---|---|---|---|
| Estimated Revenue (Low) | 4,347,887.545 | Full Access | Full Access | Full Access | Full Access |
| Estimated Revenue (High) | 4,347,887.548 | Full Access | Full Access | Full Access | Full Access |
| Estimated Revenue (Avg) | 4,347,887.547 | Full Access | Full Access | Full Access | Full Access |
| Estimated Ebitda (Low) | 976,472.153 | Full Access | Full Access | Full Access | Full Access |
| Estimated Ebitda (High) | 976,472.154 | Full Access | Full Access | Full Access | Full Access |
| Estimated Ebitda (Avg) | 976,472.153 | Full Access | Full Access | Full Access | Full Access |
| Estimated Net Income (Low) | 657,173.427 | Full Access | Full Access | Full Access | Full Access |
| Estimated Net Income (High) | 685,328.293 | Full Access | Full Access | Full Access | Full Access |
| Estimated Net Income (Avg) | 668,832.759 | Full Access | Full Access | Full Access | Full Access |
| Estimated SGA Expense (Low) | 1,135,583.612 | Full Access | Full Access | Full Access | Full Access |
| Estimated SGA Expense (High) | 1,135,583.613 | Full Access | Full Access | Full Access | Full Access |
| Estimated SGA Expense (Avg) | 1,135,583.612 | Full Access | Full Access | Full Access | Full Access |
| Estimated EPS (Avg) | 10 | Full Access | Full Access | Full Access | Full Access |
| Estimated EPS (High) | 10.240 | Full Access | Full Access | Full Access | Full Access |
| Estimated EPS (Low) | 9.820 | Full Access | Full Access | Full Access | Full Access |
| Number of Analysts (Estimated Revenue) | 4 | Full Access | Full Access | Full Access | Full Access |
| Number of Analysts (Estimated EPS) | 1 | Full Access | Full Access | Full Access | Full Access |
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Current Key Metrics
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Login — it's freeForward P/E Ratios
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Login — it's freeSWOT Analysis
Strengths (preview)
- Robust Revenue Performance: Travel + Leisure reported over $1 billion in revenue for Q2 2025, as highlighted in the earnings call transcript, reflecting strong top-line growth and operational scale within the travel and leisure sector.
- Positive Free Cash Flow: The company's cash flow statements indicate consistent free cash flow generation, supported by net cash provided by operating activities, which provides financial flexibility for reinvestment and debt management.
- Strategic Brand Positioning: The earnings call emphasized a strong brand portfolio and high consumer demand in core business segments, positioning TNL favorably against competitors in the industry.
- Operational Efficiency: Key metrics such as gross profit margin TTM and net profit margin TTM suggest effective cost management and profitability, enhancing the company’s financial stability.
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At what price to buy it? -
Intrinsic Value Calculator
Based on current fundamentals and analyst forecasts, MARKETSnap estimates TNL intrinsic value between $65.61 – $79.71 per share. This depends on revenue growth, margins, and discount rate.
This is an automatic estimate. The most reliable way to know fair value for your own assumptions is to run the calculator below.
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Common questions about TNL valuation
Is Travel + Leisure Co. (TNL) overvalued or undervalued right now?
MARKETSnap estimates intrinsic value for Travel + Leisure Co. (TNL) using its proprietary valuation methodology, which incorporates discounted cash flow (DCF) analysis together with long-term earnings and fundamentals assumptions. By comparing intrinsic value to the current market price, long-term investors can see whether the stock screens as potentially overvalued, fairly valued, or undervalued today.
Is TNL a buy, hold, or sell for long-term investors?
MARKETSnap does not give one-word “buy” or “sell” calls. Instead, it shows whether TNL trades at a premium or discount to its estimated intrinsic value, how sensitive that value is to growth and margin assumptions, and how the stock fits into a diversified, long-term portfolio so investors can make their own buy, hold, or sell decision.
What is TNL’s P/E ratio?
You can see TNL’s trailing P/E (TTM) and forward P/E estimates in the Current Key Metrics and Forward P/E Ratios sections above. The P/E ratio compares the current share price to earnings per share and helps investors gauge valuation relative to earnings.
How is intrinsic value calculated for TNL?
MARKETSnap uses its own valuation framework—not a generic spreadsheet DCF alone. Future cash flows and earnings are projected, discounted, and combined with MARKETSnap’s methodology so intrinsic value reflects fundamentals and long-term assumptions. You can run your own inputs and see the result using the Intrinsic Value Calculator above.
Is TNL a good long-term investment?
Whether TNL fits a long-term portfolio depends on your assumptions about growth, margins, and risk. MARKETSnap provides the metrics, intrinsic value calculator, and SWOT context so you can form your own view rather than rely on a single buy/sell rating.
TNL
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Daily snapshot
1.36
Trading Metrics:
| Open: | 72 | Previous Close: | 71.2 | |
| Day Low: | 70.91 | Day High: | 73.22 | |
| Year Low: | 47.61 | Year High: | 81 | |
| Price Avg 50: | 68.63 | Price Avg 200: | 67.73 | |
| Volume: | 958805 | Average Volume: | 839046 |
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Login — it's freeTNL full analysis
Welcome to MARKETSNAP’s SWOT analysis for Travel + Leisure, a name many of you might recognize in the travel and hospitality space. If you’re not familiar, Travel + Leisure is a key player in the leisure travel industry, focusing on vacation ownership, travel clubs, and curated experiences. They operate within the broader consumer discretionary sector, and their business model thrives on helping people escape the daily grind through memorable getaways. Today, we’re diving deep into what makes this company tick,…
