Travel + Leisure (TNL) Financials

$46.53 -0.38 (-0.81%)

Closing price 03:59 PM Eastern

Extended Trading

$46.50 -0.03 (-0.07%)

As of 06:39 PM Eastern

Annual Income Statements for Travel + Leisure

This table shows Travel + Leisure's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	612	611	854	672	507	-255	308	357	396	411
Consolidated Net Income / (Loss)	612	612	855	672	507	-255	308	357	396	411
Net Income / (Loss) Continuing Operations	552	352	646	266	489	-253	313	356	391	378
Total Pre-Tax Income	837	542	318	396	680	-276	429	486	485	513
Total Operating Income	935	658	439	523	812	-105	618	653	720	733
Total Gross Profit	4,639	3,471	3,656	3,525	3,812	2,070	2,973	3,329	3,505	3,636
Total Revenue	4,878	3,692	3,806	3,931	4,043	2,160	3,134	3,567	3,750	3,864
Operating Revenue	4,566	3,692	3,806	3,931	4,043	2,160	3,134	3,567	3,750	3,864
Total Cost of Revenue	239	221	150	406	231	90	161	238	245	228
Operating Cost of Revenue	239	221	150	406	231	90	161	238	245	228
Total Operating Expenses	3,704	2,813	3,217	3,002	3,068	2,175	2,355	2,676	2,785	2,903
Selling, General & Admin Expense	2,781	2,175	2,216	2,155	2,139	1,528	1,793	2,082	2,138	2,219
Marketing Expense	723	499	546	609	666	329	363	451	507	550
Depreciation Expense	187	127	136	138	121	126	124	119	112	115
Other Operating Expenses / (Income)	0.00	0.00	100	88	106	101	81	0.00	2.00	0.00
Impairment Charge	7.00	0.00	205	-4.00	27	52	-5.00	10	0.00	3.00
Restructuring Charge	6.00	12	14	16	9.00	39	-1.00	14	26	16
Total Other Income / (Expense), net	-98	-116	-121	-127	-64	-171	-189	-167	-235	-220
Interest Expense	122	144	155	170	162	192	198	195	251	249
Interest & Investment Income	8.00	7.00	6.00	5.00	7.00	7.00	3.00	6.00	13	14
Other Income / (Expense), net	16	21	28	38	91	14	6.00	22	3.00	15
Income Tax Expense	285	190	-328	130	191	-23	116	130	94	135
Net Income / (Loss) Discontinued Operations	60	260	209	406	18	-2.00	-5.00	1.00	5.00	33
Basic Earnings per Share	$5.18	$5.56	$8.29	$6.80	$5.50	($2.97)	$3.56	$4.28	$5.31	$5.87
Weighted Average Basic Shares Outstanding	118M	109.90M	103M	94.46M	87.30M	85.93M	85.71M	77.56M	71.03M	66.70M
Diluted Earnings per Share	$5.14	$5.52	$8.24	$6.77	$5.48	($2.97)	$3.52	$4.24	$5.28	$5.82
Weighted Average Diluted Shares Outstanding	118M	109.90M	103M	94.46M	87.30M	85.93M	85.71M	77.56M	71.03M	66.70M
Weighted Average Basic & Diluted Shares Outstanding	118M	109.90M	103M	94.46M	87.30M	85.93M	85.71M	77.56M	71.03M	66.70M
Cash Dividends to Common per Share	$1.68	$2.00	$2.32	$1.89	$1.80	$1.60	$1.25	$1.60	$1.80	$2.00

This table shows Travel + Leisure's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Income / (Loss) Attributable to Common Shareholders	116	90	64	94	110	128	66	129	97	119	73
Consolidated Net Income / (Loss)	116	90	64	94	110	128	66	129	97	119	73
Net Income / (Loss) Continuing Operations	116	89	63	89	110	129	66	97	97	118	73
Total Pre-Tax Income	162	118	85	125	148	127	92	133	130	158	101
Total Operating Income	189	162	138	183	207	192	150	189	189	205	156
Total Gross Profit	898	788	849	916	943	797	882	964	966	824	911
Total Revenue	937	899	879	949	986	936	916	985	993	970	934
Operating Revenue	937	899	879	949	986	936	916	985	993	970	934
Total Cost of Revenue	39	111	30	33	43	139	34	21	27	146	23
Operating Cost of Revenue	39	111	30	33	43	139	34	21	27	146	23
Total Operating Expenses	709	626	709	733	736	607	732	775	777	619	755
Selling, General & Admin Expense	534	522	544	541	536	517	550	570	545	554	567
Marketing Expense	125	113	112	127	141	127	121	144	152	133	124
Depreciation Expense	30	28	28	28	28	28	28	28	29	30	30
Other Operating Expenses / (Income)	20	-54	25	27	29	-79	33	33	35	-101	34
Total Other Income / (Expense), net	-27	-44	-55	-58	-59	-63	-58	-56	-59	-47	-55
Interest Expense	48	53	58	61	64	68	64	63	63	59	57
Interest & Investment Income	2.00	2.00	3.00	3.00	3.00	4.00	4.00	3.00	3.00	4.00	1.00
Other Income / (Expense), net	19	7.00	0.00	0.00	2.00	1.00	2.00	4.00	1.00	8.00	1.00
Income Tax Expense	46	29	22	36	38	-2.00	26	36	33	40	28
Basic Earnings per Share	$1.39	$1.13	$0.82	$1.25	$1.50	$1.74	$0.93	$1.82	$1.40	$1.72	$1.09
Weighted Average Basic Shares Outstanding	81.28M	77.56M	76.30M	73.92M	72.42M	71.03M	71.26M	69.76M	68.41M	66.70M	66.42M
Diluted Earnings per Share	$1.38	$1.11	$0.81	$1.25	$1.49	$1.73	$0.92	$1.81	$1.39	$1.70	$1.07
Weighted Average Diluted Shares Outstanding	81.28M	77.56M	76.30M	73.92M	72.42M	71.03M	71.26M	69.76M	68.41M	66.70M	66.42M
Weighted Average Basic & Diluted Shares Outstanding	81.28M	77.56M	76.30M	73.92M	72.42M	71.03M	71.26M	69.76M	68.41M	66.70M	66.42M
Cash Dividends to Common per Share	$0.40	-	$0.45	$0.45	$0.45	-	$0.50	$0.50	$0.50	-	$0.56

This table details how cash moves in and out of Travel + Leisure's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	-12	31	66	-3.00	98	815	-820	191	-230	-129
Net Cash From Operating Activities	991	963	986	442	452	374	568	442	350	464
Net Cash From Continuing Operating Activities	871	441	500	292	453	374	568	442	350	464
Net Income / (Loss) Continuing Operations	552	352	646	266	489	-253	313	356	391	378
Consolidated Net Income / (Loss)	612	612	855	672	507	-255	308	357	396	411
Net Income / (Loss) Discontinued Operations	60	260	209	406	18	-2.00	-5.00	1.00	5.00	33
Depreciation Expense	187	127	136	138	121	126	124	119	112	115
Non-Cash Adjustments To Reconcile Net Income	318	424	706	610	523	533	230	19	-78	-36
Changes in Operating Assets and Liabilities, net	-186	-462	-988	-722	-680	-32	-99	-52	-75	7.00
Net Cash From Investing Activities	-302	-346	-362	-725	-66	-65	-93	-50	-80	-124
Net Cash From Continuing Investing Activities	-264	-140	-151	-99	-44	-60	-93	-45	-80	-125
Purchase of Property, Plant & Equipment	-189	-117	-107	-99	-108	-69	-57	-52	-74	-81
Acquisitions	-101	-21	-48	-5.00	-51	0.00	-37	-2.00	-6.00	-44
Sale of Property, Plant & Equipment	21	16	6.00	12	6.00	0.00	0.00	8.00	0.00	1.00
Other Investing Activities, net	4.00	-18	-2.00	-8.00	3.00	9.00	1.00	1.00	0.00	-1.00
Net Cash From Discontinued Investing Activities	-38	-206	-211	-626	-22	-5.00	0.00	-5.00	0.00	1.00
Net Cash From Financing Activities	-675	-586	-558	280	-289	502	-1,288	-196	-500	-458
Net Cash From Continuing Financing Activities	-667	-574	-536	-1,786	-289	502	-1,288	-196	-500	-458
Repayment of Debt	-2,015	-2,533	-3,940	-7,194	-4,985	-2,478	-3,198	-1,869	-3,991	-3,794
Repurchase of Common Equity	-658	-619	-599	-330	-340	-128	-25	-351	-309	-234
Payment of Dividends	-202	-223	-242	-194	-166	-138	-109	-135	-136	-142
Issuance of Debt	2,170	2,834	4,325	6,480	5,276	3,268	2,072	2,181	3,957	3,715
Issuance of Common Equity	-	-	0.00	0.00	11	7.00	11	10	9.00	15
Other Financing Activities, net	38	-33	-80	-548	-85	-29	-39	-32	-30	-18
Effect of Exchange Rate Changes	-26	-	-	-	1.00	4.00	-7.00	-5.00	0.00	-11

This table details how cash moves in and out of Travel + Leisure's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Change in Cash & Equivalents	-73	383	-354	44	14	66	189	-315	17	-20	38
Net Cash From Operating Activities	37	175	7.00	103	88	152	47	174	145	98	121
Net Cash From Continuing Operating Activities	37	175	7.00	103	88	152	47	174	145	98	121
Net Income / (Loss) Continuing Operations	115	90	63	89	110	129	66	97	97	118	73
Consolidated Net Income / (Loss)	115	91	64	93	110	129	66	129	97	119	73
Depreciation Expense	30	28	28	27	28	29	28	28	30	29	30
Non-Cash Adjustments To Reconcile Net Income	-174	27	10	-28	-19	-41	5.00	-11	-24	-6.00	115
Changes in Operating Assets and Liabilities, net	66	30	-94	15	-31	35	-52	60	42	-43	-97
Net Cash From Investing Activities	-5.00	-16	-17	-16	-13	-34	-57	-24	-20	-23	-22
Net Cash From Continuing Investing Activities	1.00	-17	-17	-16	-13	-34	-57	-24	-20	-24	-22
Purchase of Property, Plant & Equipment	-12	-16	-12	-16	-14	-32	-17	-21	-20	-23	-21
Acquisitions	-2.00	-	-6.00	-	-	-	-40	-4.00	-	-	-1.00
Net Cash From Financing Activities	-99	218	-343	-43	-58	-56	203	-464	-113	-84	-63
Net Cash From Continuing Financing Activities	-99	218	-343	-43	-58	-56	203	-464	-113	-84	-63
Repayment of Debt	-466	-649	-945	-893	-820	-1,333	-662	-1,027	-1,160	-945	-1,075
Repurchase of Common Equity	-113	-111	-101	-101	-67	-40	-25	-69	-68	-72	-70
Payment of Dividends	-33	-32	-37	-34	-33	-32	-38	-35	-35	-34	-41
Issuance of Debt	520	1,006	751	998	862	1,346	937	669	1,148	961	1,134
Issuance of Common Equity	-	4.00	-	-	-	3.00	-	-	2.00	6.00	2.00
Other Financing Activities, net	-7.00	-	-11	-19	-	-	-9.00	-9.00	-	-	-13
Effect of Exchange Rate Changes	-6.00	6.00	-1.00	-	-3.00	4.00	-4.00	-1.00	5.00	-11	2.00

This table presents Travel + Leisure's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	9,591	9,819	10,450	7,158	7,453	7,613	6,588	6,757	6,738	6,735
Total Current Assets	1,743	1,812	4,511	4,600	1,919	2,658	1,943	2,105	1,825	1,763
Cash & Equivalents	171	113	48	218	355	1,196	369	550	282	167
Accounts Receivable	586	376	195	121	144	115	131	160	179	155
Inventories, net	295	310	1,249	1,224	1,199	1,347	1,216	1,193	1,135	1,227
Prepaid Expenses	153	131	118	-	221	-	227	202	229	214
Plant, Property, & Equipment, net	1,399	1,028	822	712	680	666	689	658	655	591
Total Noncurrent Assets	6,449	6,979	5,117	1,846	4,854	4,289	3,956	3,994	4,258	4,381
Noncurrent Note & Lease Receivables	2,438	2,515	-	-	3,120	2,482	2,309	2,370	2,527	2,619
Goodwill	1,563	1,221	911	922	970	964	961	955	962	966
Intangible Assets	1,123	1,018	143	109	143	131	219	207	199	209
Other Noncurrent Operating Assets	1,325	1,390	499	612	621	712	467	462	570	587
Total Liabilities & Shareholders' Equity	9,591	9,819	10,450	7,158	7,453	7,613	6,588	6,757	6,738	6,735
Total Liabilities	8,638	9,101	9,676	7,727	7,977	8,581	7,382	7,661	7,655	7,615
Total Current Liabilities	1,957	2,032	1,079	1,070	1,046	991	1,001	941	880	845
Accounts Payable	394	213	232	66	73	62	62	65	73	67
Accrued Expenses	-	-	847	1,004	973	929	939	876	807	778
Total Noncurrent Liabilities	6,681	7,069	8,597	6,657	6,931	7,590	6,381	6,720	6,775	6,770
Long-Term Debt	4,928	5,224	6,006	5,238	3,034	4,184	5,313	5,642	5,646	5,591
Noncurrent Deferred Revenue	198	194	-	518	541	447	382	399	442	457
Noncurrent Deferred & Payable Income Tax Liabilities	1,154	1,167	613	736	815	725	686	679	687	722
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	953	718	774	-569	-524	-968	-794	-904	-917	-880
Total Preferred & Common Equity	950	714	769	-574	-530	-975	-801	-913	-918	-881
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	950	714	769	-574	-530	-975	-801	-913	-918	-881
Common Stock	3,925	3,968	3,998	4,079	4,120	4,159	4,194	4,244	4,281	4,330
Retained Earnings	1,592	1,977	2,501	1,442	1,785	1,390	1,587	1,808	2,067	2,334
Treasury Stock	-4,493	-5,118	-5,719	-6,043	-6,383	-6,508	-6,534	-6,886	-7,196	-7,433
Accumulated Other Comprehensive Income / (Loss)	-74	-113	-11	-52	-52	-16	-48	-79	-70	-112
Noncontrolling Interest	3.00	4.00	5.00	5.00	6.00	7.00	7.00	9.00	1.00	1.00

This table presents Travel + Leisure's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025
Total Assets	6,380	6,477	6,602	6,655	7,023	6,693	6,698	6,764
Total Current Assets	1,688	1,764	1,769	1,818	2,122	1,800	1,787	1,833
Cash & Equivalents	169	196	214	238	479	166	194	188
Accounts Receivable	167	157	160	184	187	176	152	171
Inventories, net	1,146	1,158	1,148	1,149	1,187	1,206	1,208	1,221
Prepaid Expenses	206	253	247	247	269	252	233	253
Plant, Property, & Equipment, net	736	670	665	655	614	596	594	587
Total Noncurrent Assets	3,956	4,043	4,168	4,182	4,287	4,297	4,317	4,344
Noncurrent Note & Lease Receivables	2,358	2,379	2,426	2,460	2,535	2,562	2,612	2,580
Goodwill	950	961	961	959	993	968	971	968
Intangible Assets	211	207	204	201	197	216	215	209
Other Noncurrent Operating Assets	437	496	577	562	562	551	519	587
Total Liabilities & Shareholders' Equity	6,380	6,477	6,602	6,655	7,023	6,693	6,698	6,764
Total Liabilities	7,283	7,452	7,606	7,652	7,948	7,577	7,559	7,667
Total Current Liabilities	918	869	896	889	863	838	834	779
Accounts Payable	66	61	70	71	65	50	55	67
Accrued Expenses	852	808	826	818	798	788	779	712
Total Noncurrent Liabilities	6,365	6,583	6,710	6,763	7,085	6,739	6,725	6,888
Long-Term Debt	5,273	5,454	5,572	5,622	5,924	5,577	5,577	5,658
Noncurrent Deferred Revenue	393	417	423	435	452	453	450	486
Noncurrent Deferred & Payable Income Tax Liabilities	699	712	715	706	709	709	698	744
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	-903	-975	-1,004	-997	-925	-884	-861	-903
Total Preferred & Common Equity	-911	-984	-1,014	-1,008	-926	-885	-862	-903
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	-911	-984	-1,014	-1,008	-926	-885	-862	-903
Common Stock	4,229	4,249	4,260	4,270	4,283	4,300	4,311	4,334
Retained Earnings	1,750	1,836	1,895	1,971	2,097	2,189	2,250	2,367
Treasury Stock	-6,778	-6,988	-7,090	-7,155	-7,221	-7,292	-7,362	-7,504
Accumulated Other Comprehensive Income / (Loss)	-112	-81	-79	-94	-85	-82	-61	-100
Noncontrolling Interest	8.00	9.00	10	11	1.00	1.00	1.00	0.00

This table displays calculated financial ratios and metrics derived from Travel + Leisure's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-7.63%	-24.31%	3.09%	3.28%	2.85%	-46.57%	45.09%	13.82%	5.13%	3.04%
EBITDA Growth	-3.64%	-29.17%	-25.19%	15.92%	46.50%	-96.58%	2,037.14%	6.15%	5.16%	3.35%
EBIT Growth	0.32%	-28.60%	-31.22%	20.13%	60.96%	-110.08%	785.71%	8.17%	7.11%	3.46%
NOPAT Growth	4.67%	-30.70%	108.69%	-60.61%	66.21%	-112.59%	713.46%	6.08%	21.35%	-6.95%
Net Income Growth	15.69%	0.00%	39.71%	-21.40%	-24.55%	-150.30%	220.78%	15.91%	10.92%	3.79%
EPS Growth	22.97%	0.00%	39.71%	-17.84%	-19.05%	-154.20%	218.52%	20.45%	24.53%	10.23%
Operating Cash Flow Growth	0.71%	-2.83%	2.39%	-55.17%	2.26%	-17.26%	51.87%	-22.18%	-20.81%	32.57%
Free Cash Flow Firm Growth	6.34%	20.97%	85.40%	-70.00%	441.00%	-97.84%	-2,830.25%	126.22%	-27.00%	37.84%
Invested Capital Growth	-2.68%	-8.67%	-15.77%	-3.79%	-51.17%	-6.26%	105.45%	0.92%	6.18%	2.18%
Revenue Q/Q Growth	-10.58%	-25.16%	146.34%	-15.46%	0.65%	-13.46%	7.73%	0.82%	1.00%	0.89%
EBITDA Q/Q Growth	-5.56%	-30.22%	79.46%	23.06%	19.49%	-87.41%	17.43%	-4.11%	3.09%	2.37%
EBIT Q/Q Growth	-2.36%	-28.83%	57.77%	31.38%	23.02%	-159.48%	21.88%	-4.39%	3.43%	2.75%
NOPAT Q/Q Growth	0.95%	-29.25%	248.40%	-57.76%	8.04%	-252.17%	33.67%	-3.99%	14.08%	-7.05%
Net Income Q/Q Growth	11.07%	3.73%	42.03%	-31.15%	12.42%	-183.33%	50.24%	-4.29%	10.61%	-2.14%
EPS Q/Q Growth	8.21%	3.73%	42.03%	-32.30%	10.26%	-182.86%	51.72%	-2.53%	13.30%	-0.51%
Operating Cash Flow Q/Q Growth	9.87%	0.31%	17.24%	-34.71%	11.06%	5.06%	-2.91%	10.50%	-6.17%	-10.42%
Free Cash Flow Firm Q/Q Growth	13.17%	49.17%	2,530.80%	-79.70%	697.21%	-82.24%	-399.14%	-1.09%	-0.42%	-0.67%
Invested Capital Q/Q Growth	0.34%	-7.91%	-26.51%	-1.63%	-53.85%	-53.80%	0.05%	-0.31%	1.37%	0.49%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	95.10%	94.01%	96.06%	89.67%	94.29%	95.83%	94.86%	93.33%	93.47%	94.10%
EBITDA Margin	23.33%	21.83%	15.84%	17.78%	25.33%	1.62%	23.87%	22.26%	22.27%	22.33%
Operating Margin	19.17%	17.82%	11.53%	13.30%	20.08%	-4.86%	19.72%	18.31%	19.20%	18.97%
EBIT Margin	19.50%	18.39%	12.27%	14.27%	22.33%	-4.21%	19.91%	18.92%	19.28%	19.36%
Profit (Net Income) Margin	12.55%	16.58%	22.46%	17.09%	12.54%	-11.81%	9.83%	10.01%	10.56%	10.64%
Tax Burden Percent	73.12%	112.92%	268.87%	169.70%	74.56%	92.39%	71.79%	73.46%	81.65%	80.12%
Interest Burden Percent	88.01%	79.82%	68.09%	70.59%	75.30%	303.30%	68.75%	72.00%	67.08%	68.58%
Effective Tax Rate	34.05%	35.06%	-103.14%	32.83%	28.09%	0.00%	27.04%	26.75%	19.38%	26.32%
Return on Invested Capital (ROIC)	10.20%	7.49%	17.78%	7.81%	17.78%	-3.52%	14.62%	11.47%	13.44%	12.01%
ROIC Less NNEP Spread (ROIC-NNEP)	10.11%	11.28%	16.92%	15.10%	15.77%	-9.93%	11.01%	9.06%	9.92%	9.62%
Return on Net Nonoperating Assets (RNNOA)	45.18%	65.76%	96.83%	647.80%	-110.55%	37.70%	-49.58%	-53.52%	-56.94%	-57.76%
Return on Equity (ROE)	55.38%	73.25%	114.61%	655.61%	-92.77%	34.18%	-34.96%	-42.05%	-43.49%	-45.74%
Cash Return on Invested Capital (CROIC)	12.91%	16.55%	34.90%	11.67%	86.54%	2.95%	-54.43%	10.56%	7.45%	9.86%
Operating Return on Assets (OROA)	9.87%	7.00%	4.61%	6.37%	12.36%	-1.21%	8.79%	10.12%	10.72%	11.10%
Return on Assets (ROA)	6.35%	6.31%	8.44%	7.63%	6.94%	-3.39%	4.34%	5.35%	5.87%	6.10%
Return on Common Equity (ROCE)	55.26%	72.94%	113.92%	623.63%	-93.71%	34.48%	-35.24%	-42.45%	-43.73%	-45.79%
Return on Equity Simple (ROE_SIMPLE)	64.42%	85.71%	111.18%	-117.07%	-95.66%	26.15%	-38.45%	-39.10%	-43.14%	-46.65%
Net Operating Profit after Tax (NOPAT)	617	427	892	351	584	-74	451	478	580	540
NOPAT Margin	12.64%	11.57%	23.43%	8.94%	14.44%	-3.40%	14.39%	13.41%	15.48%	13.98%
Net Nonoperating Expense Percent (NNEP)	0.09%	-3.79%	0.86%	-7.29%	2.01%	6.41%	3.60%	2.42%	3.53%	2.39%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	10.10%	12.27%	11.46%
Cost of Revenue to Revenue	4.90%	5.99%	3.94%	10.33%	5.71%	4.17%	5.14%	6.67%	6.53%	5.90%
SG&A Expenses to Revenue	57.01%	58.91%	58.22%	54.82%	52.91%	70.74%	57.21%	58.37%	57.01%	57.43%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	75.93%	76.19%	84.52%	76.37%	75.88%	100.69%	75.14%	75.02%	74.27%	75.13%
Earnings before Interest and Taxes (EBIT)	951	679	467	561	903	-91	624	675	723	748
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	1,138	806	603	699	1,024	35	748	794	835	863
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	6.54	8.73	11.84	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	1.27	1.69	2.39	0.71	0.97	1.57	1.37	0.76	0.72	0.89
Price to Earnings (P/E)	10.14	10.20	10.66	4.18	7.73	0.00	13.95	7.58	6.85	8.40
Dividend Yield	3.14%	3.46%	2.58%	5.31%	4.17%	4.05%	2.51%	4.81%	4.81%	3.96%
Earnings Yield	9.86%	9.81%	9.38%	23.95%	12.94%	0.00%	7.17%	13.20%	14.61%	11.91%
Enterprise Value to Invested Capital (EV/IC)	1.88	2.12	3.29	1.77	3.06	3.16	2.23	1.86	1.82	1.95
Enterprise Value to Revenue (EV/Rev)	2.30	3.13	3.96	1.99	1.63	2.96	2.95	2.19	2.15	2.30
Enterprise Value to EBITDA (EV/EBITDA)	9.86	14.35	24.99	11.20	6.45	182.47	12.36	9.83	9.67	10.29
Enterprise Value to EBIT (EV/EBIT)	11.80	17.03	32.27	13.96	7.31	0.00	14.82	11.56	11.17	11.87
Enterprise Value to NOPAT (EV/NOPAT)	18.20	27.06	16.90	22.29	11.31	0.00	20.51	16.32	13.91	16.43
Enterprise Value to Operating Cash Flow (EV/OCF)	11.32	12.01	15.28	17.72	14.61	17.08	16.28	17.66	23.07	19.13
Enterprise Value to Free Cash Flow (EV/FCFF)	14.37	12.24	8.61	14.91	2.32	103.84	0.00	17.73	25.12	20.03
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	5.44	7.58	7.76	-9.21	-5.79	-4.32	-6.69	-6.24	-6.16	-6.35
Long-Term Debt to Equity	5.17	7.28	7.76	-9.21	-5.79	-4.32	-6.69	-6.24	-6.16	-6.35
Financial Leverage	4.47	5.83	5.72	42.90	-7.01	-3.80	-4.50	-5.91	-5.74	-6.00
Leverage Ratio	8.72	11.62	13.59	85.89	-13.37	-10.10	-8.06	-7.86	-7.41	-7.50
Compound Leverage Factor	7.67	9.27	9.25	60.63	-10.07	-30.63	-5.54	-5.66	-4.97	-5.14
Debt to Total Capital	84.46%	88.34%	88.58%	112.19%	120.88%	130.10%	117.57%	119.08%	119.39%	118.68%
Short-Term Debt to Total Capital	4.12%	3.52%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	80.34%	84.82%	88.58%	112.19%	120.88%	130.10%	117.57%	119.08%	119.39%	118.68%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.05%	0.06%	0.07%	0.11%	0.24%	0.22%	0.15%	0.19%	0.02%	0.02%
Common Equity to Total Capital	15.49%	11.59%	11.34%	-12.29%	-21.12%	-30.32%	-17.73%	-19.27%	-19.41%	-18.70%
Debt to EBITDA	4.55	6.75	9.96	7.49	2.96	119.54	7.10	7.11	6.76	6.48
Net Debt to EBITDA	4.40	6.61	9.88	7.18	2.62	85.37	6.61	6.41	6.42	6.29
Long-Term Debt to EBITDA	4.33	6.48	9.96	7.49	2.96	119.54	7.10	7.11	6.76	6.48
Debt to NOPAT	8.40	12.73	6.73	14.91	5.20	-56.93	11.78	11.80	9.73	10.35
Net Debt to NOPAT	8.12	12.47	6.68	14.29	4.59	-40.65	10.96	10.65	9.24	10.04
Long-Term Debt to NOPAT	7.99	12.22	6.73	14.91	5.20	-56.93	11.78	11.80	9.73	10.35
Altman Z-Score	1.47	1.27	1.81	1.90	1.71	1.00	1.65	1.65	1.72	1.86
Noncontrolling Interest Sharing Ratio	0.23%	0.42%	0.60%	4.88%	-1.01%	-0.87%	-0.79%	-0.94%	-0.55%	-0.11%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.89	0.89	4.18	4.30	1.83	2.68	1.94	2.24	2.07	2.09
Quick Ratio	0.53	0.37	2.91	3.16	0.48	1.32	0.50	0.75	0.52	0.38
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	781	944	1,751	525	2,842	62	-1,679	440	321	443
Operating Cash Flow to CapEx	589.88%	953.47%	976.24%	508.05%	443.14%	542.03%	996.49%	1,004.55%	472.97%	580.00%
Free Cash Flow to Firm to Interest Expense	6.40	6.56	11.30	3.09	17.54	0.32	-8.48	2.26	1.28	1.78
Operating Cash Flow to Interest Expense	8.12	6.69	6.36	2.60	2.79	1.95	2.87	2.27	1.39	1.86
Operating Cash Flow Less CapEx to Interest Expense	6.75	5.99	5.71	2.09	2.16	1.59	2.58	2.04	1.10	1.54
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.51	0.38	0.38	0.45	0.55	0.29	0.44	0.53	0.56	0.57
Accounts Receivable Turnover	8.85	7.68	13.33	24.88	30.51	16.68	25.48	24.52	22.12	23.14
Inventory Turnover	0.80	0.73	0.19	0.33	0.19	0.07	0.13	0.20	0.21	0.19
Fixed Asset Turnover	3.37	3.04	4.11	5.13	5.81	3.21	4.63	5.30	5.71	6.20
Accounts Payable Turnover	0.61	0.73	0.67	2.72	3.32	1.33	2.60	3.75	3.55	3.26
Days Sales Outstanding (DSO)	41.23	47.55	27.38	14.67	11.96	21.88	14.33	14.89	16.50	15.78
Days Inventory Outstanding (DIO)	455.87	499.60	1,896.78	1,111.63	1,914.27	5,162.72	2,905.26	1,847.24	1,734.12	1,890.64
Days Payable Outstanding (DPO)	594.84	501.26	541.42	133.95	109.82	273.75	140.56	97.38	102.80	112.06
Cash Conversion Cycle (CCC)	-97.75	45.90	1,382.75	992.35	1,816.42	4,910.86	2,779.03	1,764.74	1,647.82	1,794.35
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	5,963	5,446	4,587	4,413	2,155	2,020	4,150	4,188	4,447	4,544
Invested Capital Turnover	0.81	0.65	0.76	0.87	1.23	1.03	1.02	0.86	0.87	0.86
Increase / (Decrease) in Invested Capital	-164	-517	-859	-174	-2,258	-135	2,130	38	259	97
Enterprise Value (EV)	11,221	11,562	15,068	7,831	6,604	6,386	9,247	7,806	8,076	8,876
Market Capitalization	6,208	6,230	9,105	2,806	3,919	3,391	4,296	2,705	2,711	3,451
Book Value per Share	$8.18	$6.62	$7.59	($5.89)	($5.84)	($11.36)	($9.28)	($11.23)	($12.68)	($12.88)
Tangible Book Value per Share	($14.95)	($14.15)	($2.81)	($16.47)	($18.11)	($24.11)	($22.94)	($25.53)	($28.71)	($30.06)
Total Capital	6,134	6,159	6,780	4,669	2,510	3,216	4,519	4,738	4,729	4,711
Total Debt	5,181	5,441	6,006	5,238	3,034	4,184	5,313	5,642	5,646	5,591
Total Long-Term Debt	4,928	5,224	6,006	5,238	3,034	4,184	5,313	5,642	5,646	5,591
Net Debt	5,010	5,328	5,958	5,020	2,679	2,988	4,944	5,092	5,364	5,424
Capital Expenditures (CapEx)	168	101	101	87	102	69	57	44	74	80
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-132	-116	3,384	3,312	518	471	573	614	663	751
Debt-free Net Working Capital (DFNWC)	39	-3.00	3,432	3,530	873	1,667	942	1,164	945	918
Net Working Capital (NWC)	-214	-220	3,432	3,530	873	1,667	942	1,164	945	918
Net Nonoperating Expense (NNE)	4.63	-185	37	-321	77	182	143	121	184	129
Net Nonoperating Obligations (NNO)	5,010	4,728	3,813	4,982	2,679	2,988	4,944	5,092	5,364	5,424
Total Depreciation and Amortization (D&A)	187	127	136	138	121	126	124	119	112	115
Debt-free, Cash-free Net Working Capital to Revenue	-2.71%	-3.14%	88.91%	84.25%	12.81%	21.81%	18.28%	17.21%	17.68%	19.44%
Debt-free Net Working Capital to Revenue	0.80%	-0.08%	90.17%	89.80%	21.59%	77.18%	30.06%	32.63%	25.20%	23.76%
Net Working Capital to Revenue	-4.39%	-5.96%	90.17%	89.80%	21.59%	77.18%	30.06%	32.63%	25.20%	23.76%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$2.34	$2.51	$3.82	$6.80	$5.50	($2.97)	$3.56	$4.28	$5.31	$5.87
Adjusted Weighted Average Basic Shares Outstanding	249.21M	232.53M	220.89M	94.46M	87.30M	85.93M	85.71M	77.56M	71.03M	66.70M
Adjusted Diluted Earnings per Share	$2.32	$2.50	$3.79	$6.77	$5.48	($2.97)	$3.52	$4.24	$5.28	$5.82
Adjusted Weighted Average Diluted Shares Outstanding	249.21M	232.53M	220.89M	94.46M	87.30M	85.93M	85.71M	77.56M	71.03M	66.70M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$6.80	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	249.21M	232.53M	220.89M	94.46M	87.30M	85.93M	85.71M	77.56M	71.03M	66.70M
Normalized Net Operating Profit after Tax (NOPAT)	625	435	461	359	610	-9.80	447	496	601	554
Normalized NOPAT Margin	12.82%	11.79%	12.10%	9.14%	15.08%	-0.45%	14.25%	13.90%	16.04%	14.34%
Pre Tax Income Margin	17.16%	14.68%	8.36%	10.07%	16.82%	-12.78%	13.69%	13.62%	12.93%	13.28%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	7.80	4.72	3.01	3.30	5.57	-0.47	3.15	3.46	2.88	3.00
NOPAT to Interest Expense	5.05	2.97	5.75	2.07	3.60	-0.38	2.28	2.45	2.31	2.17
EBIT Less CapEx to Interest Expense	6.42	4.01	2.36	2.79	4.94	-0.83	2.86	3.24	2.59	2.68
NOPAT Less CapEx to Interest Expense	3.68	2.27	5.10	1.55	2.97	-0.74	1.99	2.23	2.02	1.85
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	33.01%	36.44%	28.30%	28.87%	32.74%	-54.12%	35.39%	37.82%	34.34%	34.55%
Augmented Payout Ratio	140.52%	137.58%	98.36%	77.98%	99.80%	-104.31%	43.51%	136.13%	112.37%	91.48%

This table displays calculated financial ratios and metrics derived from Travel + Leisure's official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	11.68%	3.33%	8.65%	2.93%	5.23%	4.12%	4.21%	3.79%	0.71%	3.63%	1.97%
EBITDA Growth	10.19%	-14.72%	10.67%	0.48%	-0.42%	12.69%	8.43%	5.24%	-7.17%	9.01%	3.89%
EBIT Growth	11.83%	-15.50%	15.00%	2.81%	0.48%	14.20%	10.14%	5.46%	-9.09%	10.36%	3.29%
NOPAT Growth	0.86%	-13.90%	26.85%	-7.03%	13.68%	59.61%	5.21%	5.79%	-8.34%	-21.50%	4.78%
Net Income Growth	14.85%	-15.09%	25.49%	-6.00%	-5.17%	42.22%	3.13%	37.23%	-11.82%	-7.03%	10.61%
EPS Growth	20.00%	-9.02%	37.29%	7.76%	7.97%	55.86%	13.58%	44.80%	-6.71%	-1.73%	16.30%
Operating Cash Flow Growth	-74.48%	31.58%	-95.04%	15.73%	137.84%	-13.14%	571.43%	68.93%	64.77%	-35.53%	157.45%
Free Cash Flow Firm Growth	-77.01%	104.23%	-192.10%	-154.98%	-139.05%	-175.99%	93.51%	60.81%	118.74%	187.69%	150.82%
Invested Capital Growth	1.28%	0.92%	95.84%	5.32%	4.43%	6.18%	5.53%	3.97%	3.08%	2.18%	1.04%
Revenue Q/Q Growth	1.63%	-4.06%	-2.22%	7.96%	3.90%	-5.07%	-2.14%	7.53%	0.81%	-2.32%	-3.71%
EBITDA Q/Q Growth	13.88%	-17.23%	-15.74%	26.51%	12.86%	-6.33%	-18.92%	22.78%	-0.45%	10.00%	-22.73%
EBIT Q/Q Growth	16.85%	-18.75%	-18.34%	32.61%	14.21%	-7.66%	-21.24%	26.97%	-1.55%	12.11%	-26.29%
NOPAT Q/Q Growth	-3.44%	-9.71%	-16.29%	27.39%	18.08%	26.76%	-44.82%	28.10%	2.31%	8.56%	-26.35%
Net Income Q/Q Growth	16.00%	-22.41%	-28.89%	46.88%	17.02%	16.36%	-48.44%	95.45%	-24.81%	22.68%	-38.66%
EPS Q/Q Growth	18.97%	-19.57%	-27.03%	54.32%	19.20%	16.11%	-46.82%	96.74%	-23.20%	22.30%	-37.06%
Operating Cash Flow Q/Q Growth	-58.43%	372.97%	-96.00%	1,371.43%	-14.56%	72.73%	-69.08%	270.21%	-16.67%	-32.41%	23.47%
Free Cash Flow Firm Q/Q Growth	-49.54%	2.25%	-2,468.22%	95.50%	64.16%	-99.00%	-102.25%	72.83%	117.13%	831.44%	17.20%
Invested Capital Q/Q Growth	1.62%	-0.31%	2.27%	1.66%	0.76%	1.37%	1.64%	0.15%	-0.11%	0.49%	0.51%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	95.84%	87.65%	96.59%	96.52%	95.64%	85.15%	96.29%	97.87%	97.28%	84.95%	97.54%
EBITDA Margin	25.40%	21.91%	18.89%	22.13%	24.04%	23.72%	19.65%	22.44%	22.16%	24.95%	20.02%
Operating Margin	20.17%	18.02%	15.70%	19.28%	20.99%	20.51%	16.38%	19.19%	19.03%	21.13%	16.70%
EBIT Margin	22.20%	18.80%	15.70%	19.28%	21.20%	20.62%	16.59%	19.59%	19.13%	21.96%	16.81%
Profit (Net Income) Margin	12.38%	10.01%	7.28%	9.91%	11.16%	13.68%	7.21%	13.10%	9.77%	12.27%	7.82%
Tax Burden Percent	71.60%	76.27%	75.29%	75.20%	74.32%	100.79%	71.74%	96.99%	74.62%	75.32%	72.28%
Interest Burden Percent	77.88%	69.82%	61.59%	68.31%	70.81%	65.80%	60.53%	68.91%	68.42%	74.18%	64.33%
Effective Tax Rate	28.40%	24.58%	25.88%	28.80%	25.68%	-1.57%	28.26%	27.07%	25.38%	25.32%	27.72%
Return on Invested Capital (ROIC)	12.24%	11.63%	13.08%	11.85%	13.49%	18.10%	10.11%	12.05%	12.21%	13.57%	10.31%
ROIC Less NNEP Spread (ROIC-NNEP)	11.86%	10.99%	12.15%	11.15%	12.66%	16.82%	9.33%	11.88%	11.39%	12.93%	9.59%
Return on Net Nonoperating Assets (RNNOA)	-68.37%	-64.94%	-56.19%	-62.31%	-69.86%	-96.55%	-52.56%	-67.78%	-66.02%	-77.65%	-57.24%
Return on Equity (ROE)	-56.13%	-53.31%	-43.10%	-50.46%	-56.37%	-78.45%	-42.45%	-55.74%	-53.81%	-64.08%	-46.92%
Cash Return on Invested Capital (CROIC)	10.66%	10.56%	-49.36%	6.35%	7.52%	7.45%	7.93%	9.47%	10.01%	9.86%	10.96%
Operating Return on Assets (OROA)	12.10%	10.05%	8.73%	10.80%	12.08%	11.46%	9.31%	11.27%	10.98%	12.60%	9.47%
Return on Assets (ROA)	6.75%	5.35%	4.05%	5.55%	6.36%	7.60%	4.04%	7.53%	5.60%	7.04%	4.40%
Return on Common Equity (ROCE)	-56.64%	-53.81%	-43.52%	-50.95%	-56.93%	-78.88%	-42.67%	-56.06%	-54.16%	-64.15%	-46.95%
Return on Equity Simple (ROE_SIMPLE)	-40.94%	0.00%	-37.60%	-35.90%	-35.52%	0.00%	-42.98%	-48.93%	-48.72%	0.00%	-46.29%
Net Operating Profit after Tax (NOPAT)	135	122	102	130	154	195	108	138	141	153	113
NOPAT Margin	14.44%	13.59%	11.64%	13.73%	15.60%	20.84%	11.75%	13.99%	14.20%	15.78%	12.07%
Net Nonoperating Expense Percent (NNEP)	0.38%	0.64%	0.93%	0.70%	0.84%	1.28%	0.78%	0.16%	0.82%	0.63%	0.73%
Return On Investment Capital (ROIC_SIMPLE)	-	2.58%	-	-	-	4.12%	-	-	-	3.25%	2.37%
Cost of Revenue to Revenue	4.16%	12.35%	3.41%	3.48%	4.36%	14.85%	3.71%	2.13%	2.72%	15.05%	2.46%
SG&A Expenses to Revenue	56.99%	58.06%	61.89%	57.01%	54.36%	55.24%	60.04%	57.87%	54.88%	57.11%	60.71%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	75.67%	69.63%	80.66%	77.24%	74.65%	64.85%	79.91%	78.68%	78.25%	63.81%	80.84%
Earnings before Interest and Taxes (EBIT)	208	169	138	183	209	193	152	193	190	213	157
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	238	197	166	210	237	222	180	221	220	242	187
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	0.75	0.76	0.79	0.80	0.70	0.72	0.93	0.84	0.84	0.89	0.80
Price to Earnings (P/E)	7.09	7.58	7.77	8.08	7.25	6.85	8.81	7.40	7.65	8.40	7.39
Dividend Yield	4.92%	4.81%	4.45%	4.41%	4.99%	4.81%	3.82%	4.22%	4.23%	3.96%	4.45%
Earnings Yield	14.11%	13.20%	12.87%	12.38%	13.80%	14.61%	11.35%	13.51%	13.07%	11.91%	13.54%
Enterprise Value to Invested Capital (EV/IC)	1.85	1.86	1.90	1.91	1.82	1.82	1.98	1.90	1.90	1.95	1.87
Enterprise Value to Revenue (EV/Rev)	2.19	2.19	2.24	2.27	2.15	2.15	2.36	2.25	2.25	2.30	2.20
Enterprise Value to EBITDA (EV/EBITDA)	9.37	9.83	10.05	10.25	9.86	9.67	10.54	10.02	10.20	10.29	9.84
Enterprise Value to EBIT (EV/EBIT)	10.98	11.56	11.75	11.90	11.43	11.17	12.15	11.54	11.81	11.87	11.36
Enterprise Value to NOPAT (EV/NOPAT)	15.57	16.32	16.31	16.97	15.70	13.91	15.27	14.52	14.80	16.43	15.70
Enterprise Value to Operating Cash Flow (EV/OCF)	19.39	17.66	26.43	25.80	21.42	23.07	22.95	18.69	16.60	19.13	15.91
Enterprise Value to Free Cash Flow (EV/FCFF)	17.42	17.73	0.00	30.82	24.75	25.12	25.64	20.50	19.28	20.03	17.18
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	-5.84	-6.24	-5.59	-5.55	-5.64	-6.16	-6.40	-6.31	-6.48	-6.35	-6.27
Long-Term Debt to Equity	-5.84	-6.24	-5.59	-5.55	-5.64	-6.16	-6.40	-6.31	-6.48	-6.35	-6.27
Financial Leverage	-5.77	-5.91	-4.62	-5.59	-5.52	-5.74	-5.63	-5.70	-5.79	-6.00	-5.97
Leverage Ratio	-7.41	-7.86	-7.32	-7.07	-6.86	-7.41	-7.11	-7.04	-7.19	-7.50	-7.54
Compound Leverage Factor	-5.77	-5.49	-4.51	-4.83	-4.86	-4.88	-4.30	-4.85	-4.92	-5.56	-4.85
Debt to Total Capital	120.66%	119.08%	121.77%	121.98%	121.56%	119.39%	118.50%	118.84%	118.26%	118.68%	118.99%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	120.66%	119.08%	121.77%	121.98%	121.56%	119.39%	118.50%	118.84%	118.26%	118.68%	118.99%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.18%	0.19%	0.20%	0.22%	0.24%	0.02%	0.02%	0.02%	0.02%	0.02%	0.00%
Common Equity to Total Capital	-20.85%	-19.27%	-21.97%	-22.20%	-21.79%	-19.41%	-18.52%	-18.86%	-18.28%	-18.70%	-18.99%
Debt to EBITDA	6.37	7.11	6.73	6.87	6.94	6.76	6.98	6.48	6.62	6.48	6.50
Net Debt to EBITDA	6.16	6.41	6.49	6.61	6.65	6.42	6.41	6.29	6.39	6.29	6.29
Long-Term Debt to EBITDA	6.37	7.11	6.73	6.87	6.94	6.76	6.98	6.48	6.62	6.48	6.50
Debt to NOPAT	10.58	11.80	10.93	11.38	11.05	9.73	10.11	9.40	9.60	10.35	10.38
Net Debt to NOPAT	10.25	10.65	10.54	10.94	10.58	9.24	9.29	9.12	9.26	10.04	10.04
Long-Term Debt to NOPAT	10.58	11.80	10.93	11.38	11.05	9.73	10.11	9.40	9.60	10.35	10.38
Altman Z-Score	1.41	1.40	1.43	1.44	1.45	1.46	1.51	1.55	1.56	1.60	1.57
Noncontrolling Interest Sharing Ratio	-0.91%	-0.94%	-0.95%	-0.97%	-1.00%	-0.55%	-0.53%	-0.58%	-0.65%	-0.11%	-0.05%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.84	2.24	2.03	1.97	2.05	2.07	2.46	2.15	2.14	2.09	2.35
Quick Ratio	0.37	0.75	0.41	0.42	0.47	0.52	0.77	0.41	0.41	0.38	0.46
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	82	84	-1,994	-90	-32	-64	-129	-35	6.02	56	66
Operating Cash Flow to CapEx	308.33%	1,093.75%	58.33%	643.75%	628.57%	475.00%	276.47%	828.57%	725.00%	426.09%	576.19%
Free Cash Flow to Firm to Interest Expense	1.72	1.59	-34.37	-1.47	-0.50	-0.94	-2.02	-0.56	0.10	0.95	1.15
Operating Cash Flow to Interest Expense	0.77	3.30	0.12	1.69	1.38	2.24	0.73	2.76	2.30	1.66	2.12
Operating Cash Flow Less CapEx to Interest Expense	0.52	3.00	-0.09	1.43	1.16	1.76	0.47	2.43	1.98	1.27	1.75
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.55	0.53	0.56	0.56	0.57	0.56	0.56	0.58	0.57	0.57	0.56
Accounts Receivable Turnover	24.23	24.52	24.01	24.26	21.16	22.12	22.02	22.76	22.80	23.14	21.69
Inventory Turnover	0.15	0.20	0.13	0.11	0.12	0.21	0.21	0.20	0.19	0.19	0.18
Fixed Asset Turnover	5.00	5.30	5.15	5.25	5.34	5.71	5.90	6.06	6.13	6.20	6.46
Accounts Payable Turnover	2.86	3.75	2.30	1.91	2.01	3.55	3.95	3.95	3.51	3.26	3.29
Days Sales Outstanding (DSO)	15.06	14.89	15.20	15.04	17.25	16.50	16.58	16.04	16.01	15.78	16.83
Days Inventory Outstanding (DIO)	2,449.56	1,847.24	2,839.30	3,186.94	3,035.05	1,734.12	1,718.72	1,812.68	1,946.39	1,890.64	2,025.16
Days Payable Outstanding (DPO)	127.75	97.38	158.91	190.67	181.18	102.80	92.35	92.41	104.05	112.06	111.01
Cash Conversion Cycle (CCC)	2,336.87	1,764.74	2,695.60	3,011.31	2,871.13	1,647.82	1,642.95	1,736.31	1,858.35	1,794.35	1,930.98
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	4,201	4,188	4,283	4,354	4,387	4,447	4,520	4,527	4,522	4,544	4,567
Invested Capital Turnover	0.85	0.86	1.12	0.86	0.86	0.87	0.86	0.86	0.86	0.86	0.85
Increase / (Decrease) in Invested Capital	53	38	2,096	220	186	259	237	173	135	97	47
Enterprise Value (EV)	7,755	7,806	8,141	8,309	7,989	8,076	8,952	8,617	8,599	8,876	8,557
Market Capitalization	2,643	2,705	2,874	2,941	2,594	2,711	3,506	3,205	3,215	3,451	3,087
Book Value per Share	($10.87)	($11.23)	($12.69)	($13.29)	($13.64)	($12.68)	($12.99)	($12.42)	($12.36)	($12.88)	($13.54)
Tangible Book Value per Share	($24.72)	($25.53)	($27.75)	($28.56)	($29.33)	($28.71)	($29.69)	($29.03)	($29.36)	($30.06)	($31.19)
Total Capital	4,370	4,738	4,479	4,568	4,625	4,729	4,999	4,693	4,716	4,711	4,755
Total Debt	5,273	5,642	5,454	5,572	5,622	5,646	5,924	5,577	5,577	5,591	5,658
Total Long-Term Debt	5,273	5,642	5,454	5,572	5,622	5,646	5,924	5,577	5,577	5,591	5,658
Net Debt	5,104	5,092	5,258	5,358	5,384	5,364	5,445	5,411	5,383	5,424	5,470
Capital Expenditures (CapEx)	12	16	12	16	14	32	17	21	20	23	21
Debt-free, Cash-free Net Working Capital (DFCFNWC)	601	614	699	659	691	663	780	796	759	751	866
Debt-free Net Working Capital (DFNWC)	770	1,164	895	873	929	945	1,259	962	953	918	1,054
Net Working Capital (NWC)	770	1,164	895	873	929	945	1,259	962	953	918	1,054
Net Nonoperating Expense (NNE)	19	32	38	36	44	67	42	8.84	44	34	40
Net Nonoperating Obligations (NNO)	5,104	5,092	5,258	5,358	5,384	5,364	5,445	5,411	5,383	5,424	5,470
Total Depreciation and Amortization (D&A)	30	28	28	27	28	29	28	28	30	29	30
Debt-free, Cash-free Net Working Capital to Revenue	16.99%	17.21%	19.22%	17.99%	18.61%	17.68%	20.60%	20.82%	19.82%	19.44%	22.31%
Debt-free Net Working Capital to Revenue	21.76%	32.63%	24.61%	23.83%	25.02%	25.20%	33.25%	25.16%	24.88%	23.76%	27.15%
Net Working Capital to Revenue	21.76%	32.63%	24.61%	23.83%	25.02%	25.20%	33.25%	25.16%	24.88%	23.76%	27.15%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.39	$1.13	$0.82	$1.25	$1.50	$1.74	$0.93	$1.82	$1.40	$1.72	$1.09
Adjusted Weighted Average Basic Shares Outstanding	81.28M	77.56M	76.30M	73.92M	72.42M	71.03M	71.26M	69.76M	68.41M	66.70M	66.42M
Adjusted Diluted Earnings per Share	$1.38	$1.11	$0.81	$1.25	$1.49	$1.73	$0.92	$1.81	$1.39	$1.70	$1.07
Adjusted Weighted Average Diluted Shares Outstanding	81.28M	77.56M	76.30M	73.92M	72.42M	71.03M	71.26M	69.76M	68.41M	66.70M	66.42M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	81.28M	77.56M	76.30M	73.92M	72.42M	71.03M	71.26M	69.76M	68.41M	66.70M	66.42M
Normalized Net Operating Profit after Tax (NOPAT)	135	135	102	137	155	134	108	138	153	153	113
Normalized NOPAT Margin	14.44%	15.02%	11.64%	14.48%	15.75%	14.36%	11.75%	13.99%	15.40%	15.78%	12.07%
Pre Tax Income Margin	17.29%	13.13%	9.67%	13.17%	15.01%	13.57%	10.04%	13.50%	13.09%	16.29%	10.81%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	4.33	3.19	2.38	3.00	3.27	2.84	2.38	3.06	3.02	3.61	2.75
NOPAT to Interest Expense	2.82	2.31	1.76	2.14	2.40	2.87	1.68	2.19	2.24	2.59	1.98
EBIT Less CapEx to Interest Expense	4.08	2.89	2.17	2.74	3.05	2.37	2.11	2.73	2.70	3.22	2.39
NOPAT Less CapEx to Interest Expense	2.57	2.00	1.56	1.87	2.19	2.40	1.42	1.85	1.92	2.21	1.61
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	35.66%	37.82%	37.03%	37.36%	37.99%	34.34%	34.42%	31.87%	33.33%	34.55%	34.69%
Augmented Payout Ratio	106.70%	136.13%	147.03%	154.40%	144.13%	112.37%	92.96%	78.29%	81.43%	91.48%	101.44%

Frequently Asked Questions About Travel + Leisure's Financials

When does Travel + Leisure's fiscal year end?

According to the most recent income statement we have on file, Travel + Leisure's financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has Travel + Leisure's net income changed over the last 9 years?

Travel + Leisure's net income appears to be on a downward trend, with a most recent value of $411 million in 2024, falling from $612 million in 2015. The previous period was $396 million in 2023. View Travel + Leisure's forecast to see where analysts expect Travel + Leisure to go next.

What is Travel + Leisure's operating income?

Travel + Leisure's total operating income in 2024 was $733 million, based on the following breakdown:

Total Gross Profit: $3.64 billion
Total Operating Expenses: $2.90 billion

How has Travel + Leisure revenue changed over the last 9 years?

Over the last 9 years, Travel + Leisure's total revenue changed from $4.88 billion in 2015 to $3.86 billion in 2024, a change of -20.8%.

How much debt does Travel + Leisure have?

Travel + Leisure's total liabilities were at $7.62 billion at the end of 2024, a 0.5% decrease from 2023, and a 11.8% decrease since 2015.

How much cash does Travel + Leisure have?

In the past 9 years, Travel + Leisure's cash and equivalents has ranged from $48 million in 2017 to $1.20 billion in 2020, and is currently $167 million as of their latest financial filing in 2024.

How has Travel + Leisure's book value per share changed over the last 9 years?

Over the last 9 years, Travel + Leisure's book value per share changed from 8.18 in 2015 to -12.88 in 2024, a change of -257.4%.

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This page (NYSE:TNL) was last updated on 5/6/2025 by MarketBeat.com Staff

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Travel + Leisure (TNL) Financials

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Travel + Leisure (TNL) Financials

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