Travel + Leisure Co.
- Open
- 75.23
- Day high
- 76.07
- Day low
- 72.77
- Prev close
- 75.48
- Volume
- 675K
- Mkt cap
- $4.6B
- P/E (TTM)
- 20.3
- EPS (TTM)
- $3.61
- P/B
- -4.5
- P/S
- 1.1
- Yield
- 1.64%
- Per share
- $1.20
- ▼Insiders net selling -$3.8M over the last 3 months (1 open-market buy, 7 sales)
- 🏛Institutions accumulating (13F)
Travel + Leisure Co. (TNL) is a Consumer Cyclical company listed on NYSE. The stock is up 28% over the past year. Over the trailing 3 months, insiders filed 1 open-market buy and 7 sales (SEC Form 4).
Travel + Leisure Co. (TNL) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 4 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
TNL earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 22, 2026 | $1.31 | $1.45 | +10.7% | $961M | +0.6% |
| Feb 18, 2026 | $1.83 | $1.83 | +0.0% | $1.0B | +7.1% |
| Oct 22, 2025 | $1.72 | $1.80 | +4.7% | $1.0B | +4.4% |
| Jul 23, 2025 | $1.66 | $1.65 | -0.6% | $1.0B | -2.1% |
| Apr 23, 2025 | $1.10 | $1.11 | +0.9% | $934M | -7.3% |
| Feb 19, 2025 | $1.68 | $1.72 | +2.4% | $971M | +1.8% |
| Oct 23, 2024 | $1.49 | $1.57 | +5.4% | $993M | +3.3% |
| Jul 24, 2024 | $1.40 | $1.52 | +8.6% | $985M | -0.3% |
| Feb 21, 2024 | $1.38 | $1.98 | +43.5% | $936M | -0.8% |
| Oct 25, 2023 | $1.46 | $1.54 | +5.5% | $986M | +0.1% |
| Jul 26, 2023 | $1.33 | $1.33 | +0.0% | $949M | -0.6% |
| Feb 22, 2023 | $1.22 | $1.30 | +6.6% | $899M | -1.1% |
TNL insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 17, 2026 | HERRERA GEORGEdirector | Sell | 500 | $75.16 |
| Jun 8, 2026 | MARSHALL KIMBERLYofficer: Chief Human Resources Officer | Sell | 28,000 | $70.17 |
| May 27, 2026 | Hoag Erik Dofficer: Chief Financial Officer | Tax | 9,658 | $65.12 |
| May 27, 2026 | Hoag Erik Dofficer: Chief Financial Officer | Grant | 24,541 | — |
| May 15, 2026 | Post Denny Mariedirector | Sell | 2,500 | $63.83 |
| Apr 23, 2026 | Hoag Erik Dofficer: Chief Financial Officer | Buy | 1,000 | $65.67 |
| Apr 20, 2026 | Brown Michael Deandirector, officer: See Remarks | Sell | 1,109 | $79.13 |
| Apr 20, 2026 | Brown Michael Deandirector, officer: See Remarks | Sell | 9,443 | $79.11 |
| Apr 20, 2026 | Brown Michael Deandirector, officer: See Remarks | Option | 1,109 | $44.38 |
| Apr 20, 2026 | Brown Michael Deandirector, officer: See Remarks | Option | 9,443 | $44.38 |
| Apr 16, 2026 | Brown Michael Deandirector, officer: See Remarks | Option | 8,910 | $44.38 |
| Apr 16, 2026 | Brown Michael Deandirector, officer: See Remarks | Option | 2,612 | $44.38 |
| Apr 16, 2026 | Brown Michael Deandirector, officer: See Remarks | Sell | 2,612 | $79.00 |
| Apr 16, 2026 | Brown Michael Deandirector, officer: See Remarks | Sell | 8,910 | $79.02 |
| Apr 2, 2026 | BUCKMAN JAMES Edirector | Grant | 1,188 | — |
Source: TNL SEC Form 4 filings, latest Jun 17, 2026. For informational purposes only — not investment advice.
See the full TNL insider & 13F page →Travel + Leisure Co. company profile
Overview
Travel + Leisure Co. (NYSE:TNL) is a hospitality and vacation services company that was spun off from Wyndham Worldwide Corporation in 2018 and rebranded from Wyndham Destinations in February 2021. Founded in 1990 and headquartered in Orlando, Florida, the company has evolved into one of the world's largest vacation ownership and exchange companies. Travel + Leisure Co. operates approximately 245 vacation ownership resorts globally and serves millions of members through its vacation exchange and travel membership programs. The company went public in 2006 and has established itself as a leading player in the vacation ownership industry through both organic growth and strategic acquisitions.
Business
Travel + Leisure Co. operates in the vacation ownership and travel services industry, providing hospitality products and services primarily to leisure travelers seeking vacation experiences. The company operates through two main business segments that generate distinct revenue streams. The Vacation Ownership segment represents the company's core business, accounting for approximately 80% of total revenues. This segment develops, markets, and sells vacation ownership interests (VOIs) to individual consumers. VOIs are essentially fractional ownership stakes in vacation resort properties that give owners the right to use accommodations for a specified period each year. Think of it as buying a slice of a vacation home that you can use annually, often with the flexibility to exchange your time for stays at other resorts in the network. The segment also provides consumer financing to help customers purchase these ownership interests and offers property management services at the resort properties. The company maintains a portfolio of approximately 245 vacation ownership resorts under brands including Club Wyndham, WorldMark, and newer additions like Margaritaville and Sports Illustrated. The Travel and Membership segment generates roughly 20% of revenues and operates various travel-related businesses. This includes three vacation exchange brands that allow vacation owners to trade their ownership weeks for stays at different properties, a home exchange network, travel technology platforms, travel club memberships, and direct-to-consumer vacation rentals. The segment also provides private-label travel booking technology solutions to other companies. The flagship RCI exchange brand allows members to deposit their vacation ownership time and exchange it for stays at thousands of affiliated resorts worldwide, creating a global network of vacation options.
Revenue model
Travel + Leisure Co. generates revenue through multiple complementary business models centered around vacation ownership and travel services. The primary revenue driver is product sales from selling vacation ownership interests, which typically range from $15,000 to $50,000 per purchase. The company also operates a significant financing business, providing consumer loans to help customers purchase VOIs and earning interest income on these loans. Additionally, the company generates service fees through property management services at its resort properties and membership fees from its various travel and exchange programs. The paying customers are primarily middle-to-upper-middle-class leisure travelers, with the average owner being 59 years old with a household income exceeding $110,000. Notably, 80% of current owners have fully paid off their ownership, and 65% of new buyers are from younger demographics (Gen X, Millennials, and Gen Z), indicating successful demographic diversification. Several factors significantly impact the company's margins and profitability. Interest rate environments directly affect both the company's financing costs and customer affordability, as higher rates increase the cost of consumer loans. Economic conditions and consumer confidence heavily influence discretionary spending on vacation ownership, as these are typically considered luxury purchases. The company's Volume per Guest (VPG) metric, which measures sales productivity per prospective customer tour, is crucial for profitability - the company targets VPG above $3,000 and has consistently achieved this benchmark. Credit quality management is essential, as the company must balance loan accessibility with default risk; they've maintained average FICO scores around 742 for new originations. Marketing efficiency and tour conversion rates directly impact customer acquisition costs, while resort utilization rates and maintenance fee collections affect ongoing profitability from the existing owner base.
Competitive moat
Travel + Leisure Co. possesses a moderate but meaningful economic moat built primarily around its established customer base and network effects. The company's strongest competitive advantage lies in its large, sticky customer base of vacation owners who have made substantial upfront investments and tend to remain engaged with the brand for an average of 17 years. This creates a recurring revenue stream through annual maintenance fees and provides a captive audience for additional sales, as existing owners typically purchase 2.6 times their initial investment over time. The company benefits from network effects through its vacation exchange programs, particularly RCI, where the value proposition increases as more resorts and members join the network. The broader the network, the more attractive it becomes to both resort developers and vacation owners, creating a self-reinforcing cycle. The company's brand portfolio strategy, including partnerships with recognizable names like Margaritaville and Sports Illustrated, helps differentiate its offerings and attract specific demographic segments. However, the moat faces several challenges. The vacation ownership industry has a somewhat tarnished reputation due to aggressive sales tactics historically employed across the sector, creating consumer skepticism. The business model is also vulnerable to economic downturns, as vacation ownership represents discretionary spending that consumers readily cut during financial stress. Regulatory risks pose ongoing challenges, as the industry faces scrutiny over sales practices and consumer protection. Additionally, changing consumer preferences toward experience-based travel and short-term rentals (like Airbnb) present potential disruption to the traditional vacation ownership model. The company's moat is further limited by the capital-intensive nature of resort development and the challenge of maintaining aging resort properties, which requires continuous investment to remain competitive.
Risks & safety
The company presents a moderate margin of safety with some concerning debt levels but strong cash generation capabilities. **Solvency and Debt Concerns:** - Total liabilities of $7.6 billion significantly exceed total assets of $6.7 billion, creating negative shareholders' equity of approximately $900 million - Debt-to-equity ratio of -6.4x reflects the negative equity position - However, much of the debt relates to securitized vacation ownership loans, which are asset-backed - Current ratio of 4.1x indicates strong short-term liquidity with current assets of $4.8 billion versus current liabilities of $1.2 billion - Cash and short-term investments of $167 million provide modest liquidity buffer **Cash Flow and Profitability:** - Strong free cash flow generation of $383 million annually (2024) - Consistent EBITDA of $910 million with margins around 24% - Positive operating cash flow of $464 million demonstrates underlying business health **Valuation Metrics:** - P/E ratio of 8.6x appears reasonable for the cyclical nature of the business - EV/EBITDA of 9.9x suggests moderate valuation - Price-to-book ratio is negative due to negative book value, making this metric unusable **Other Considerations:** - High customer retention (98%) and long average ownership tenure (17 years) provide revenue stability - Diversified geographic footprint helps mitigate regional economic risks - Exposure to discretionary consumer spending creates cyclical vulnerability
Recent development
Over the past few years, Travel + Leisure Co. has pursued an aggressive multi-brand expansion strategy to diversify beyond its traditional Wyndham-branded properties. The company acquired the rights to develop Sports Illustrated-branded vacation ownership resorts in 2023, with the first property planned for Tuscaloosa, Alabama, launching in 2025. This represents a strategic move to tap into sports tourism and attract younger demographics. Similarly, the company secured exclusive licensing rights for Accor Vacation Club in the Asia Pacific region, acquiring 24 resorts and 30,000 existing members to establish an international footprint. The company has also focused heavily on digital transformation initiatives, launching the Club Wyndham mobile app which has achieved nearly 100,000 downloads and developing WorldMark apps to enhance the customer experience. These digital platforms aim to improve member engagement and streamline the vacation booking process. Strategic partnerships have become a cornerstone of the company's growth strategy. The Blue Thread partnership with Wyndham Hotels has proven particularly successful, generating approximately 8-10% of new owner tours and contributing significantly to customer acquisition. The company has also formed partnerships with Allegiant Airlines and Live Nation to expand its marketing reach and tap into new customer segments. A key operational focus has been improving the new owner acquisition mix, successfully increasing the percentage of new owners (versus existing owner upgrades) from around 30% to 35-37% of total sales. This strategy aims to expand the customer base and drive long-term growth, as new owners typically make additional purchases over time. The company has also maintained strict credit quality standards, increasing average FICO scores for new originations to 742 to mitigate default risk in a higher interest rate environment.
TNL company profile · for informational purposes only — not investment advice.
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