Travel + Leisure (TNL)
What the price implies
A reverse DCF: instead of guessing a fair value, it asks what growth today's price already assumes. How it works.
At a market value of $4.0B, Travel + Leisure's free cash flow of $523M (fiscal 2025) would need to grow about -8% a year for the stock to be worth today's price. That is close to what the company has delivered over the last 9 years.
Assumes a 9% discount rate and 3% growth after year 10, on free cash flow (operating cash flow minus capital spending) from Travel + Leisure's SEC filings. Change any assumption, or model revenue and margins instead, in the Modeling tab, or try your own numbers in the reverse DCF calculator.
Fundamental grade
Five factors scored 1 to 9 from TNL's latest numbers, weighted into one grade. It describes the business, not whether the stock is a buy.
Key numbers
Results from SEC filings
Fiscal years, from Travel + Leisure's 10-K filings. Ten years of the full income statement, balance sheet and cash flow.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $3.1B | $3.6B | $3.8B | $3.9B | $4.0B |
| Net income | $308M | $357M | $396M | $411M | $230M |
| Free cash flow | $511M | $390M | $276M | $383M | $523M |
| EPS (diluted) | $3.52 | $4.24 | $5.28 | $5.82 | $3.44 |
| Operating margin | 19.7% | 18.3% | 19.2% | 19.0% | 13.8% |
Where the revenue comes from
Revenue by segments, fiscal 2025. Every breakdown, year by year.
Superinvestors who own TNL
From each investor's latest 13F filing (what a 13F shows). 3 of the investors we track hold it.
| Investor | Last quarter | Value | % of portfolio | Quarter |
|---|---|---|---|---|
| Cliff Asness AQR Capital Management |
Trimmed | $100M | 0.04% | Q2 2026 |
| Joel Greenblatt Gotham Asset Management |
Added | $73M | 0.17% | Q2 2026 |
| Robert Robotti Robotti & Company |
Added | $9M | 1.5% | Q2 2026 |
Insider buying
Open-market purchases by Travel + Leisure's executives and directors in the last 12 months, from SEC Form 4 filings. What insider buying tells you.
| Date | Insider | Shares | Price | Value |
|---|---|---|---|---|
| Apr 23, 2026 | Erik D Hoag CFO |
1,000 | $65.67 | $65,670 |
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In the full deep dive
Questions
What growth does Travel + Leisure's stock price imply?
At a market value of $4.0B, Travel + Leisure would need its free cash flow to grow about -8% a year for 10 years (discounted at 9%, 3% growth after that) to be worth today's price. Over the last 9 years its free cash flow grew -5% a year.
Are Travel + Leisure insiders buying the stock?
1 open-market insider purchase of TNL in the last 12 months, from SEC Form 4 filings.
Which superinvestors own Travel + Leisure?
3 of the superinvestors Investingly tracks hold TNL in their latest 13F, including Cliff Asness, Joel Greenblatt, Robert Robotti.
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Prices and ratios as of Oct 8, 2026; statements from SEC filings. Information only, not investment advice. Superinvestor holdings come from 13F filings, which are filed up to 45 days after each quarter ends.