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 $4.15B and net income of $235.00M for the fiscal year ended 2026-09-30. This page shows 1 annual period 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 |
|---|---|
| Revenue | $4.15B |
| Cost of revenue | $301.00M |
| Gross profit | $3.85B |
| Operating income | $541.00M |
| Net income | $235.00M |
| Research & development | Unavailable |
| Weighted-average diluted shares | Unavailable |
| Pretax income | $336.00M |
| Income tax expense | $101.00M |
| Diluted EPS | Unavailable |
| Selling, general & administrative | Unavailable |
| General & administrative | $515.00M |
| Selling & marketing | Unavailable |
Balance
| Metric | 2026-09-30 |
|---|---|
| Cash & equivalents | $306.00M |
| Total assets | $7.30B |
| Current assets | Unavailable |
| Total liabilities | $8.31B |
| Current liabilities | Unavailable |
| Total equity incl. NCI | -$1.01B |
| Temporary (mezzanine) equity | Unavailable |
| Inventory | $1.15B |
| Accounts receivable | $183.00M |
| Goodwill | $1.04B |
| Long-term debt | $6.07B |
| Accounts payable | Unavailable |
Cash flow
| Metric | 2026-09-30 |
|---|---|
| Operating cash flow | $512.00M |
| Capital expenditures | $95.00M |
| Investing cash flow | -$382.00M |
| Financing cash flow | -$50.00M |
| Net change in cash | $85.00M |
| Stock-based compensation | $62.00M |
| Common dividends paid | $149.00M |
| Common share repurchases | $340.00M |
| Depreciation & amortization | $131.00M |
Derived
| Metric | 2026-09-30 |
|---|---|
| Free cash flow | $417.00M |
| Gross margin | 92.7% |
| Operating margin | 13.0% |
| FCF margin | 10.0% |
| SBC / revenue | 1.5% |
| Current ratio | Unavailable |
| Revenue YoY growth | 4.6% |
| Net margin | 5.7% |
| R&D / revenue | Unavailable |
| CapEx / revenue | 2.3% |
| Long-term debt / equity | Unavailable |
| Effective tax rate | 30.1% |
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.