Valuation, from the filing
| Public float | $3.30B | Market value of stock held by non-affiliates, as stated on the cover page for 2025-06-30 |
|---|---|---|
| Float per share | $52.92 | Float divided by shares outstanding in the same filing. A floor under the share price on that date, not the price itself. |
| Float / net income | 14.4× | A lower bound on the multiple, because affiliate holdings are excluded. |
| Float / revenue | 0.8× | A lower bound on the multiple, because affiliate holdings are excluded. |
Every figure here is drawn from the 10-K cover page and the statements behind it, so each one traces to a filing. Public float counts only stock held by non-affiliates, which makes these floors rather than estimates: a high multiple is conclusive, a low one may mean cheap or may mean closely held. The float was measured on 2025-06-30, not today, and each multiple below it uses the figures for the fiscal year ending 2025-12-31 — the year that filing covered.
Valuation over time
14.4× earnings today, against a median of 8.9× across 9 years on record. Above its own history.
| Float measured | Public float | Float / net income | |
|---|---|---|---|
| 2025-06-30 | $3.30B | 14.4× | |
| 2024-06-30 | $3.08B | 7.5× | |
| 2023-06-30 | $2.90B | 7.3× | |
| 2022-06-30 | $3.19B | 8.9× | |
| 2021-06-30 | $5.06B | 16.4× | |
| 2019-06-30 | $3.93B | 7.8× | |
| 2018-06-30 | $4.36B | 6.5× | |
| 2017-06-30 | $10.17B | 11.9× | |
| 2016-06-30 | $7.72B | 12.6× |
Each float is paired with the fiscal year the filing that stated it covers. Only years where the company reported positive net income appear, because a multiple against a loss is not a multiple.
How this compares in its industry
Percentile among the Hotels & Motels filers on this site, highest value first. A high percentile means a large figure, which is good for a margin and not for leverage — the ranking says where the company sits, not whether that is where it should be.
| Measure | Reported | Percentile | |
|---|---|---|---|
| CapEx / revenue | 2.9% | 8th | |
| Effective tax rate | 31.8% | 92th | |
| SBC / revenue | 1.4% | 82th | |
| Gross margin | 93.2% | 75th | |
| FCF margin | 13.0% | 69th | |
| Revenue YoY growth | 4.1% | 60th | |
| Operating margin | 13.8% | 47th | |
| Net margin | 5.7% | 50th |
Travel & Leisure Co. (TNL) reported revenue of $1.10B and net income of $108.00M for the fiscal year ended 2026-09-30. This page shows 10 annual periods of income statement, balance sheet and cash flow figures normalized from Travel & Leisure Co.’s SEC filings, each linked to the filing it came from. It is classified by the SEC under Hotels & Motels.
Income
| Metric | 2026-09-30 | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.10B | $1.06B | $961.00M | $1.02B | $1.04B | $1.02B | $934.00M | $971.00M | $993.00M | $985.00M |
| Cost of revenue | $22.00M | $29.00M | $35.00M | $215.00M | $13.00M | $21.00M | $23.00M | $10.00M | $27.00M | $21.00M |
| Gross profit | $1.08B | $1.03B | $926.00M | $810.00M | $1.03B | $997.00M | $911.00M | $961.00M | $966.00M | $964.00M |
| Operating income | $195.00M | $210.00M | $159.00M | -$23.00M | $214.00M | $206.00M | $156.00M | $206.00M | $189.00M | $189.00M |
| Net income | $108.00M | $109.00M | $79.00M | -$61.00M | $111.00M | $108.00M | $73.00M | $119.00M | $97.00M | $129.00M |
| Research & development | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Weighted-average diluted shares | shares 62.60M | shares 63.40M | shares 64.40M | Unavailable | shares 66.10M | shares 66.50M | shares 68.20M | Unavailable | shares 70.20M | shares 71.00M |
| Pretax income | $146.00M | $155.00M | $108.00M | -$73.00M | $158.00M | $152.00M | $101.00M | $157.00M | $130.00M | $133.00M |
| Income tax expense | $38.00M | $46.00M | $29.00M | -$12.00M | $47.00M | $44.00M | $28.00M | $39.00M | $33.00M | $36.00M |
| Diluted EPS | $1.73 | $1.72 | $1.22 | Unavailable | $1.67 | $1.62 | $1.07 | Unavailable | $1.39 | $1.81 |
| Selling, general & administrative | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| General & administrative | $125.00M | $130.00M | $121.00M | $139.00M | $122.00M | $116.00M | $122.00M | $125.00M | $111.00M | $128.00M |
| Selling & marketing | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
Balance
| Metric | 2026-09-30 | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $306.00M | $282.00M | $254.00M | $253.00M | $240.00M | $212.00M | $188.00M | $167.00M | $194.00M | $166.00M |
| Total assets | $7.30B | $6.90B | $6.84B | $6.76B | $6.89B | $6.81B | $6.76B | $6.74B | $6.70B | $6.69B |
| Current assets | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Total liabilities | $8.31B | $7.92B | $7.86B | $7.74B | $7.71B | $7.66B | $7.67B | $7.62B | $7.56B | $7.58B |
| Current liabilities | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Total equity incl. NCI | -$1.01B | -$1.02B | -$1.02B | -$982.00M | -$821.00M | -$853.00M | -$903.00M | -$880.00M | -$861.00M | -$884.00M |
| Temporary (mezzanine) equity | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Inventory | $1.15B | $1.18B | $1.18B | $1.13B | $1.27B | $1.25B | $1.22B | $1.23B | $1.21B | $1.21B |
| Accounts receivable | $183.00M | $152.00M | $152.00M | $165.00M | $173.00M | $175.00M | $171.00M | $155.00M | $152.00M | $176.00M |
| Goodwill | $1.04B | $972.00M | $971.00M | $972.00M | $971.00M | $972.00M | $968.00M | $966.00M | $971.00M | $968.00M |
| Long-term debt | $6.07B | $5.71B | $5.75B | $5.60B | $5.58B | $5.59B | $5.66B | $5.59B | $5.58B | $5.58B |
| Accounts payable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
Cash flow
| Metric | 2026-09-30 | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $130.00M | $220.00M | $38.00M | $124.00M | $163.00M | $232.00M | $121.00M | $98.00M | $145.00M | $174.00M |
| Capital expenditures | $19.00M | $25.00M | $19.00M | $32.00M | $27.00M | $37.00M | $21.00M | $23.00M | $20.00M | $21.00M |
| Investing cash flow | -$309.00M | -$26.00M | -$18.00M | -$29.00M | -$30.00M | -$26.00M | -$22.00M | -$23.00M | -$20.00M | -$24.00M |
| Financing cash flow | $205.00M | -$179.00M | $7.00M | -$83.00M | -$105.00M | -$192.00M | -$63.00M | -$84.00M | -$113.00M | -$464.00M |
| Net change in cash | $28.00M | $15.00M | $30.00M | $12.00M | $27.00M | $20.00M | $38.00M | -$20.00M | $17.00M | -$315.00M |
| Stock-based compensation | $15.00M | $15.00M | $13.00M | $19.00M | $12.00M | $12.00M | $14.00M | $12.00M | $9.00M | $11.00M |
| Common dividends paid | $36.00M | $37.00M | $41.00M | $35.00M | $36.00M | $37.00M | $41.00M | $34.00M | $35.00M | $35.00M |
| Common share repurchases | $75.00M | $88.00M | $87.00M | $90.00M | $71.00M | $70.00M | $70.00M | $72.00M | $68.00M | $69.00M |
| Depreciation & amortization | $35.00M | $32.00M | $32.00M | $32.00M | $31.00M | $31.00M | $30.00M | $29.00M | $29.00M | $28.00M |
Derived
| Metric | 2026-09-30 | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|
| Free cash flow | $111.00M | $195.00M | $19.00M | $92.00M | $136.00M | $195.00M | $100.00M | $75.00M | $125.00M | $153.00M |
| Gross margin | 98.0% | 97.3% | 96.4% | 79.0% | 98.8% | 97.9% | 97.5% | 99.0% | 97.3% | 97.9% |
| Operating margin | 17.7% | 19.8% | 16.5% | -2.2% | 20.5% | 20.2% | 16.7% | 21.2% | 19.0% | 19.2% |
| FCF margin | 10.1% | 18.3% | 2.0% | 9.0% | 13.0% | 19.2% | 10.7% | 7.7% | 12.6% | 15.5% |
| SBC / revenue | 1.4% | 1.4% | 1.4% | 1.9% | 1.1% | 1.2% | 1.5% | 1.2% | 0.9% | 1.1% |
| Current ratio | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Revenue YoY growth | 5.5% | 4.4% | 2.9% | 5.6% | 5.1% | 3.4% | 2.0% | 3.7% | 0.7% | 3.8% |
| Net margin | 9.8% | 10.3% | 8.2% | -6.0% | 10.6% | 10.6% | 7.8% | 12.3% | 9.8% | 13.1% |
| R&D / revenue | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| CapEx / revenue | 1.7% | 2.4% | 2.0% | 3.1% | 2.6% | 3.6% | 2.2% | 2.4% | 2.0% | 2.1% |
| Long-term debt / equity | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Effective tax rate | 26.0% | 29.7% | 26.9% | Unavailable | 29.7% | 28.9% | 27.7% | 24.8% | 25.4% | 27.1% |
Amounts are abbreviated; the exact reported value is carried in each cell. — means unavailable, not zero. Open TNL in the interactive workspace to inspect any figure back to its filing.
Source filings
Every accounting identity this site checks — the balance sheet, the gross profit bridge and the cash flow statement — reconciles in every period shown.