olivLaw · US equity research
Travel + Leisure Co. TNL
Hotels & Motels · SIC 7011 · Vertical: Hotels & Motels (SIC 7011)
Travel + Leisure Co. is a leisure travel company that sells vacation ownership interests and runs exchange and travel club networks for members. In the first half of 2026 revenue and adjusted results rose in the Vacation Ownership segment, and the company raised its annual guidance. However, results remain sensitive to demand and to pressure in the loan portfolio and the exchange business.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Travel + Leisure Co. (TNL) stock was 77.62 USD (+2.94% on the day), with market capitalisation 4.7 bn USD, P/E 20.7 on diluted EPS of 3.76 USD over the last 12 months, dividend yield 3.04%, beta 1.22, 52-week range 61.25–78.74 USD. Latest reported quarter (Q3 2026): revenue of 1.1 bn USD (+5.5% YoY), net income of 108.0 m USD (−2.7% YoY), diluted EPS 1.73 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 79.5
- overbought (≥ 70)
- Bollinger (20, 2)
- 58.28 – 76.47
- above the upper band · %B 1.06 · band width 27.0%
- SMA 50 / 200
- 66.04 / 70.45
- mixed trend
- MACD (12, 26, 9)
- 2.67 / 1.31
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +25.8% | −1.1% | +26.9 pp | — |
| 3 months | −0.4% | −0.5% | +0.1 pp | — |
| 6 months | +19.5% | +4.4% | +15.1 pp | — |
| Year to date | +10.1% | +12.3% | −2.3 pp | — |
| 1 year | +23.8% | +13.5% | +10.3 pp | +1.1% |
| 3 years | +119.0% | +76.4% | +42.5 pp | +9.1% |
| 5 years | +30.6% | +63.7% | −33.0 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 971.0 m | 934.0 m | 1.0 bn | 1.0 bn | 1.0 bn | 961.0 m | 1.1 bn | 1.1 bn |
| Cost of revenue | 10.0 m | 23.0 m | 21.0 m | 13.0 m | 215.0 m | 35.0 m | 29.0 m | 22.0 m |
| Operating income | 206.0 m | 156.0 m | 206.0 m | 214.0 m | -23.0 m | 159.0 m | 210.0 m | 195.0 m |
| Depreciation & amortisation | 29.0 m | 30.0 m | 31.0 m | 31.0 m | 32.0 m | 32.0 m | 32.0 m | 35.0 m |
| Interest expense | 60.0 m | 57.0 m | 57.0 m | 60.0 m | 57.0 m | 56.0 m | 59.0 m | 56.0 m |
| Pre-tax income | 157.0 m | 101.0 m | 152.0 m | 158.0 m | -73.0 m | 108.0 m | 155.0 m | 146.0 m |
| Income tax | 39.0 m | 28.0 m | 44.0 m | 47.0 m | -12.0 m | 29.0 m | 46.0 m | 38.0 m |
| Net income | 119.0 m | 73.0 m | 108.0 m | 111.0 m | -61.0 m | 79.0 m | 109.0 m | 108.0 m |
| Diluted EPS | 1.70 ≈ | 1.07 | 1.62 | 1.67 | -0.91 ≈ | 1.22 | 1.72 | 1.73 |
| Operating cash flow | 98.0 m | 121.0 m | 232.0 m ≈ | 163.0 m ≈ | 124.0 m | 38.0 m | 220.0 m ≈ | 130.0 m ≈ |
| Capex | 23.0 m | 21.0 m | 37.0 m ≈ | 27.0 m ≈ | 32.0 m | 19.0 m | 25.0 m ≈ | 19.0 m ≈ |
| Dividends paid | 34.0 m | 41.0 m | 37.0 m | 36.0 m | 35.0 m | 41.0 m | 37.0 m | 36.0 m |
| Share repurchases | 72.0 m | 70.0 m | 70.0 m ≈ | 71.0 m ≈ | 90.0 m | 87.0 m | 88.0 m ≈ | 75.0 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 92 percentile of its own 36-quarter history (min 4.1, median 8.7, max 36.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 3.9 bn | 4.0 bn | 2.2 bn | 3.1 bn | 3.6 bn | 3.8 bn | 3.9 bn | 4.0 bn |
| Revenue YoY | +3.3% | +2.8% | −46.6% | +45.1% | +13.8% | +5.1% | +3.0% | +4.1% |
| Net income | 672.0 m | 507.0 m | -255.0 m | 308.0 m | 357.0 m | 396.0 m | 411.0 m | 230.0 m |
| Net income YoY | −21.3% | −24.6% | −150.3% | unavailable | +15.9% | +10.9% | +3.8% | −44.0% |
| Diluted EPS | 6.77 | 5.48 | -2.97 | 3.52 | 4.24 | 5.28 | 5.82 | 3.44 |
| Diluted EPS YoY | −17.8% | −19.1% | −154.2% | unavailable | +20.5% | +24.5% | +10.2% | −40.9% |
| net % | 17.1% | 12.5% | -11.8% | 9.8% | 10.0% | 10.6% | 10.6% | 5.7% |
| Free cash flow | 343.0 m | 344.0 m | 305.0 m | 511.0 m | 390.0 m | 276.0 m | 383.0 m | 523.0 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 253.0 m USD
- Financial debt
- 5.6 bn USD
- Net debt
- 5.3 bn USD
- Equity
- -982.0 m USD
- Total assets
- 6.8 bn USD
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- unavailable
- ROA
- 3.4%
- FCF margin
- 13.0%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 2.2 bn | 3.1 bn | 3.6 bn | 3.8 bn | 3.9 bn | 4.0 bn | SEC (XBRL)· 18 Feb 2026verified |
| Cost of revenue | 2.0 m | 157.0 m | 157.0 m | 133.0 m | 92.0 m | 273.0 m | SEC (XBRL)· 18 Feb 2026verified |
| Gross profit | 2.2 bn ≈ | 3.0 bn ≈ | 3.4 bn ≈ | 3.6 bn ≈ | 3.8 bn ≈ | 3.7 bn ≈ | SEC (XBRL)· 18 Feb 2026derived |
| Operating income | -105.0 m | 618.0 m | 653.0 m | 720.0 m | 733.0 m | 553.0 m | SEC (XBRL)· 18 Feb 2026verified |
| Depreciation & amortisation | 126.0 m | 124.0 m | 119.0 m | 112.0 m | 115.0 m | 124.0 m | SEC (XBRL)· 18 Feb 2026verified |
| EBITDA | 21.0 m ≈ | 742.0 m ≈ | 772.0 m ≈ | 832.0 m ≈ | 848.0 m ≈ | 677.0 m ≈ | SEC (XBRL)· 18 Feb 2026derived |
| Interest expense | 192.0 m | 198.0 m | 195.0 m | 251.0 m | 249.0 m | 232.0 m | SEC (XBRL)· 18 Feb 2026verified |
| Pre-tax income | -276.0 m | 429.0 m | 486.0 m | 485.0 m | 513.0 m | 337.0 m | SEC (XBRL)· 18 Feb 2026verified |
| Income tax | -23.0 m | 116.0 m | 130.0 m | 94.0 m | 135.0 m | 107.0 m | SEC (XBRL)· 18 Feb 2026verified |
| Net income | -255.0 m | 308.0 m | 357.0 m | 396.0 m | 411.0 m | 230.0 m | SEC (XBRL)· 18 Feb 2026verified |
| Diluted EPS | -2.97 | 3.52 | 4.24 | 5.28 | 5.82 | 3.44 | SEC (XBRL)· 18 Feb 2026verified |
| Weighted average diluted shares | 86.1 m | 87.3 m | 84.2 m | 75.0 m | 70.7 m | 66.9 m | SEC (XBRL)· 18 Feb 2026verified |
| Dividend per share | 1.60 | 1.25 | 1.60 | 1.80 | 2.00 | 2.24 | SEC (XBRL)· 18 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 1.2 bn | 369.0 m | 550.0 m | 282.0 m | 167.0 m | 253.0 m | SEC (XBRL)· 18 Feb 2026verified |
| Inventories | 1.3 bn | 1.2 bn | 1.2 bn | 1.1 bn | 1.2 bn | 1.1 bn | SEC (XBRL)· 18 Feb 2026verified |
| Property, plant & equipment, net | 666.0 m | 689.0 m | 658.0 m | 655.0 m | 591.0 m | 531.0 m | SEC (XBRL)· 18 Feb 2026verified |
| Goodwill | 964.0 m | 961.0 m | 955.0 m | 962.0 m | 966.0 m | 972.0 m | SEC (XBRL)· 18 Feb 2026verified |
| Intangibles (excl. goodwill) | 131.0 m | 219.0 m | 207.0 m | 199.0 m | 209.0 m | 201.0 m | SEC (XBRL)· 18 Feb 2026verified |
| Total assets | 7.6 bn | 6.6 bn | 6.8 bn | 6.7 bn | 6.7 bn | 6.8 bn | SEC (XBRL)· 18 Feb 2026verified |
| Long-term debt | 6.4 bn | 5.3 bn | 5.6 bn | 5.6 bn | 5.6 bn | 5.6 bn | SEC (XBRL)· 18 Feb 2026verified |
| Total liabilities | 8.6 bn | 7.4 bn | 7.7 bn | 7.7 bn | 7.6 bn | 7.7 bn | SEC (XBRL)· 18 Feb 2026verified |
| Equity | -968.0 m | -794.0 m | -904.0 m | -917.0 m | -880.0 m | -982.0 m | SEC (XBRL)· 18 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 374.0 m | 568.0 m | 442.0 m | 350.0 m | 464.0 m | 640.0 m | SEC (XBRL)· 18 Feb 2026verified |
| Capex | 69.0 m | 57.0 m | 52.0 m | 74.0 m | 81.0 m | 117.0 m | SEC (XBRL)· 18 Feb 2026verified |
| Free cash flow | 305.0 m ≈ | 511.0 m ≈ | 390.0 m ≈ | 276.0 m ≈ | 383.0 m ≈ | 523.0 m ≈ | SEC (XBRL)· 18 Feb 2026derived |
| Investing cash flow | -65.0 m | -93.0 m | -50.0 m | -80.0 m | -124.0 m | -107.0 m | SEC (XBRL)· 18 Feb 2026verified |
| Financing cash flow | 502.0 m | -1.3 bn | -196.0 m | -500.0 m | -458.0 m | -443.0 m | SEC (XBRL)· 18 Feb 2026verified |
| Dividends paid | 138.0 m | 109.0 m | 135.0 m | 136.0 m | 142.0 m | 149.0 m | SEC (XBRL)· 18 Feb 2026verified |
| Share repurchases | 128.0 m | 25.0 m | 351.0 m | 309.0 m | 234.0 m | 301.0 m | SEC (XBRL)· 18 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 52 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 4.7 bn USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet12
- Valuation67
- Quality74
- Growth17
- Returns100
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 0.00 – 317.67 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)95.35 – 317.67 (Mid 164.06)WACC 6.4% · starting FCFF 576.5 m USD · terminal value share of EV 83%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): -12.3%
- Peers: EV/EBITDA0.00 – 86.88 (Mid 17.79)14 companies used · median multiple 10.2x · quartiles 6.1x – 16.4xBYD, CHH, CNTY, CZR, FLL, HLT, IHG, LVS, MGM, MLCO, PK, WH, WYNN, XHR
- Peers: P/E69.10 – 153.49 (Mid 110.78)14 companies used · median multiple 29.5x · quartiles 18.4x – 40.8xATAT, BYD, CHH, HLT, IHG, LVS, MAR, MCRI, MGM, MLCO, RRR, SHO, WH, WYNN
- Dividend discount (DDM)29.44 – 39.59 (Mid 33.76)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 52/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 5.7% | 48 (vs peers) | 7% |
| FCF conversion · Quality | 177.4% | 100 (on a fixed band) | 7% |
| Revenue CAGR 3Y · Growth | 4.1% | 34 (on a fixed band) | 10% |
| EPS CAGR 3Y · Growth | -6.7% | 0 (on a fixed band) | 10% |
| Net debt / EBITDA · Balance sheet | 8.6x | 11 (vs peers) | 12% |
| Interest coverage · Balance sheet | 2.4x | 13 (on a fixed band) | 7% |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | 20.7x | 71 (vs peers) | 12% |
| EV/EBITDA · Valuation | 15.5x | 38 (vs peers) | 12% |
| FCF yield · Valuation | 8.9% | 100 (on a fixed band) | 10% |
| Shareholder yield (distributions) · Returns | 10.5% | 100 (on a fixed band) | 7% |
| Payout ratio (FCF) · Returns | 35.7% | 100 (on a fixed band) | 5% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet12/100 · 2/3 factors with a value
- Growth17/100 · 2/2 factors with a value
- Quality74/100 · 2/3 factors with a value
- Returns100/100 · 2/2 factors with a value
- Valuation67/100 · 3/3 factors with a value
Memo
Travel & Leisure Co. (TNL). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 4.0 bn USD in 2025; YoY growth 4.1%; net margin 5.7%; net debt/EBITDA 8.6x.
The estimated value range is 49.27–120.18 USD per share (median of 4 methods, agreement: low); assumptions are illustrative. Against the central value of 72.27 USD, the price of 77.62 USD leaves a potential of -6.9% (value / price − 1) and a margin of safety of -7.4% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 52/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 177.4%
- P/E (TTM): 20.7x
- FCF yield: 8.9%
- Shareholder yield (distributions): 10.5%
- Payout ratio (FCF): 35.7%
What contradicts it
- EPS CAGR 3Y: -6.7%
- Net debt / EBITDA: 8.6x
- Interest coverage: 2.4x
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, Current ratio.
Versus the vertical median
Hotels & Motels (SIC 7011) · same industry (4-digit SIC) · compared with 26 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| HTHTH World Group Ltd | 154.3 bn | 218.4 | 41.5% | 20.1% | +10.5% | +9% / +37% |
| MARMarriott International Inc | 109.4 bn | 42.4 | — | 9.7% | +4.3% | +39% / +110% |
| HLTHilton Worldwide Holdings Inc. | 83.8 bn | 50.8 | — | 13.4% | +7.7% | +32% / +125% |
| IHGInterContinental Hotels Group PLC | 29.0 bn | 36.2 | — | 14.6% | +5.4% | +31% / +124% |
| LVSLas Vegas Sands Corp. | 25.5 bn | 16.7 | 262.8% | 11.8% | +15.2% | −40% / −12% |
| ATATAtour Lifestyle Holdings Limited | 14.5 bn | 63.7 | 50.5% | 16.6% | +41.0% | −9% / +97% |
| WYNNWynn Resorts, Limited | 8.5 bn | 19.7 | — | 6.1% | +0.1% | −36% / −2% |
| MGMMGM Resorts International | 8.3 bn | 12.7 | 26.8% | 3.9% | +1.7% | −7% / −17% |
| CZRCaesars Entertainment, Inc. | 6.0 bn | — | -15.1% | -4.5% | +2.1% | +26% / −34% |
| WHWyndham Hotels & Resorts, Inc. | 5.9 bn | 29.8 | 38.2% | 14.0% | +1.5% | +10% / +4% |
| MLCOMelco Resorts & Entertainment Limited | 5.7 bn | 30.6 | — | 3.6% | +11.3% | −48% / −33% |
| BYDBoyd Gaming Corp | 5.5 bn | 11.7 | 19.6% | 12.3% | +4.1% | −7% / +32% |
| CHHChoice Hotels International Inc | 5.4 bn | 26.7 | 146.5% | 12.7% | +0.8% | +32% / +9% |
| TNLTravel & Leisure Co. | 4.7 bn | 20.7 | — | 5.7% | +4.1% | +24% / +119% |
| PKPark Hotels & Resorts Inc. | 3.4 bn | — | -5.0% | -6.4% | −2.2% | +57% / +14% |
| SHOSunstone Hotel Investors, Inc. | 2.4 bn | 54.7 | 2.8% | 5.3% | +6.0% | +39% / +32% |
| PENNPenn Entertainment, Inc. | 2.3 bn | — | -37.4% | -12.7% | +5.8% | +18% / −29% |
| XHRXenia Hotels & Resorts, Inc. | 2.0 bn | 628.9 | 0.3% | 0.3% | +3.8% | +57% / +79% |
| MCRIMonarch Casino & Resort, Inc. | 2.0 bn | 17.9 | 20.4% | 20.4% | +4.4% | +17% / +80% |
| BALYBally’s Corporation | 680.3 m | — | — | — | +0.1% | −23% / unavailable |
| FLLFull House Resorts Inc | 29.1 m | — | -936.4% | -12.1% | +3.5% | −70% / −84% |
| CNTYCentury Casinos, Inc. | 16.9 m | — | — | -9.6% | −0.5% | −61% / −86% |
| RRRRed Rock Resorts, Inc. | — | 29.1 | 60.8% | 5.8% | +3.7% | −17% / +9% |
| MRNOMurano Global Investments Plc | — | — | -54.7% | -488.8% | +154.6% | −88% / −98% |
| HHyatt Hotels Corporation | — | 98.6 | 5.6% | 2.6% | +6.8% | +16% / +66% |
1- and 3-year price returns: for TNL from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 47.41 Total return -36% · Per year -36% | 83.83 Total return 11% · Per year 11% | 126.30 Total return 67% · Per year 67% |
| 3 years | 45.62 Total return -34% · Per year -13% | 90.80 Total return 27% · Per year 8% | 150.26 Total return 107% · Per year 27% |
| 5 years | 43.90 Total return -32% · Per year -7% | 98.35 Total return 45% · Per year 8% | 178.77 Total return 154% · Per year 20% |
- Exit P/E± 22.70
- Net margin± 15.89
- Annual revenue growth± 13.10
- Annual dilution± 1.34
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 22 Jul 2026; since then the company filed 8-K (27 Oct 2026 · results), 10-Q (27 Oct 2026).
In brief
Travel + Leisure Co. is a leisure travel company that sells vacation ownership interests and runs exchange and travel club networks for members. In the first half of 2026 revenue and adjusted results rose in the Vacation Ownership segment, and the company raised its annual guidance. However, results remain sensitive to demand and to pressure in the loan portfolio and the exchange business.
SWOT
Strengths
- The company holds a leading position in the vacation ownership industry and a large base of owners who can make upgrade purchases.
- The financing and securitization model provides access to capital and supports liquidity, even during periods of volatility.
- The exchange segment generates stable revenue and strong cash flow with low capital requirements.
Weaknesses
- The exchange segment has lost members, and transactions are less profitable due to the higher share of club affiliations.
- Delinquencies in the loan portfolio remain elevated, which could weigh on results.
- Dependence on the health of the travel industry makes results sensitive to economic shocks.
Opportunities
- Recent acquisitions could expand the owner base and resort network and create recurring revenue opportunities.
- Partnerships with hotel and lifestyle brands could bring new customers for interest sales.
- Digital initiatives and new partnerships in travel could help stabilize Travel Club revenue.
Threats
- Climate risks and natural disasters can affect resort access and insurance costs.
- Competition from developers and rental platforms could reduce market share and fees.
- Inflation, high interest rates and recession risk could reduce demand for vacations and affect loan repayment.
Risks
- Competition in timesharehigh
Larger competitors with greater financial resources could reduce fees and the company's share.
- Decline in exchange membershigh
If the member count keeps falling, the exchange network and related revenue could be affected.
- Late loan paymentsmedium
Rising delinquencies could affect the receivables portfolio and financing costs.
- Climate and natural risksmedium
Storms, floods and wildfires can close resorts and increase maintenance costs.
- Dependence on travel industrymedium
A decline in travel caused by economic or geopolitical crises could reduce revenue.
Investment thesis
What would need to be true (bull case)
- Rising tour counts and volume per guest show that the products are valued, and recent acquisitions could widen the owner base.
- Lower interest costs and successful securitizations support the company's liquidity and financial flexibility.
- The raised Adjusted EBITDA guidance could indicate solid operating execution over the year.
What would break the thesis
- The exchange segment keeps losing members and revenue per transaction is falling, which could limit growth.
- Loan delinquencies remain above historical levels, which could weigh on profitability.
- If inflation and high interest rates persist, demand for vacations could weaken.
What to watch
- Delivery against raised Adjusted EBITDA and gross VOI sales guidanceQ3 2026
- Trend in exchange member count and revenue per transactionQ3 2026
- Level of loan delinquencies and results of securitization financings2027
- Completion of announced acquisitions and their integration into Vacation Ownershipnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 22 Jul 2026; since then the company filed 8-K (27 Oct 2026 · results), 10-Q (27 Oct 2026).
The business
Travel + Leisure Co. develops, markets and sells vacation ownership interests, offers consumer financing and provides property management services for owners' associations. The company is based in the United States, where it generates most of its revenue, according to its annual report. Through RCI and Travel Club it also offers exchange and travel services to members, mainly on a fee basis.
The business model combines ownership interest sales, fee-for-service revenue and customer financing. The loan portfolio is largely funded through securitizations, which supports liquidity. The company has also announced new acquisitions that could expand its owner base and resort network.
Its strategy aims to grow revenue from existing owners through upgrades, expand partnerships with hotel and lifestyle brands and optimize inventory sourcing. The company is also trying to stabilize the exchange segment through new partnerships and digital initiatives.
Segments
Vacation Ownership
The Vacation Ownership segment includes brands such as Club Wyndham, WorldMark and Margaritaville Vacation Club. Revenue rose to 907 million USD in the second quarter of 2026, and gross VOI sales grew 6 percent.
Travel and Membership
The Travel and Membership segment comprises Exchange, including RCI, and Travel Club. Revenue fell to 157 million USD in the second quarter of 2026, due to fewer members and lower revenue per transaction.
Market context
The timeshare industry is competitive and includes companies with large hotel brands. Demand for leisure travel has remained robust, but inflation, high interest rates and recession risk could affect consumer behavior. Climate factors and natural disasters can affect access to and appeal of resorts.
The vacation exchange market depends on developers who bring in new members and maintain affiliations. Competition from developers' own networks and rental platforms reduces the appeal of external exchange.
Trends
- Robust demand for vacationstailwind
Rising tour counts and volume per guest suggest that the company's products are valued, especially in inflationary periods when other accommodation becomes more expensive.
- Resort portfolio optimizationtailwind
The resort optimization initiative could reduce maintenance costs on unsold interests, although it also means lost sales and management fees.
- Decline in exchange membersheadwind
Fewer members and a higher share of club-affiliated members have reduced exchange transactions and revenue per transaction, which could continue if the trend persists.
- Pressure on loan portfoliomixed
Delinquencies remain above historical levels, though they have begun to normalize compared with the first quarter, and this could affect financial results if it worsens.
Competitive position
The company competes with other timeshare companies and short-term lodging options such as hotels, cruises and home rentals. Competition is based on brand recognition, location, quality of accommodation and cost.
In the exchange segment, competition comes from developers' internal programs and online rental platforms. The company argues its global network and brands are an advantage, but the risk of share erosion is real.
- Marriott Vacations WorldwideVAC
Timeshare company with large hotel brands, cited in the annual report as a direct competitor.
- Hilton Grand VacationsHGV
Vacation ownership operator named in company filings as an industry rival.
- Disney Vacation Club
Timeshare program linked to an entertainment group, described as a well-capitalized competitor.
- Holiday Inn Club Vacations
Hotel-branded timeshare operator cited as a rival in the industry.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Travel + Leisure Taps Wyndham to Take Sports Illustrated Resorts Into HotelsSkift · 05 Oct 2026 · EN
- Travel + Leisure Goes Big—Is It Ready to Rally?Yahoo Finance — News · 23 Aug 2026 · EN
The latest news item in our archive is from 05 Oct 2026; the newest SEC filing is from 27 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Quarterly report27 Oct 2026
- Current report27 Oct 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report19 Aug 2026Regulation FD disclosure · Financial statements and exhibits
- Quarterly report22 Jul 2026
- Current report22 Jul 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report22 May 2026Shareholder vote · Financial statements and exhibits
- Current report20 May 2026Material agreement · Creation of a direct financial obligation · Other events · Financial statements and exhibits
- Current report11 May 2026Other events · Financial statements and exhibits
- Quarterly report22 Apr 2026
- Current report22 Apr 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Travel + Leisure Co. · 18 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Travel + Leisure Co. · 22 Jul 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Travel + Leisure Co. · 22 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.