TNL
Travel + Leisure Co.
TNL's fundamentals are mixed, but it looks expensive: trading at 21x earnings, about twice its usual 9.6x. Analysts expect strong earnings growth.
TNL Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Stable | |
| Stable | |
| Weak |
TNL's revenue, profitability and cash flow are currently stable, but its balance sheet is weak.
TNL PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 8.1x | $30.55 | -61% |
| Forward | 9.2x | $78.24 | — |
| Fair | 9.6x | $35.89 | -54% |
| Expensive | 19x | $72.44 | -7.4% |
| Current | 21x | $78.24 | — |
Historical ranges are pointers, not guarantees.
TNL's PE is in its expensive range at 21x. If earnings grow as analysts expect, today's price would be 9.2x next year's earnings, in its fair range.
TNL Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Growth | |
| Weakening | |
| Limited | |
| Moderate |
Analysts expect earnings and revenue growth for TNL, but weaker profitability.
TNL Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $8.52 | +127% |
| Q3 2026 | $3.75 | -38% |
| Q2 2026 | $3.69 | -36% |
| Q1 2026 | $3.59 | -40% |
| Q4 2025 | $3.44 | -41% |
| Q3 2025 | $6.06 | +3.6% |
| Q2 2025 | $5.78 | -2.9% |
| Q1 2025 | $5.97 | +11% |
| Q4 2024 | $5.82 | +10% |
TNL's earnings per share have fallen from their peak: $3.75 over the past year, against $6.06 in late 2025.
TNL Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $1.1B | +5.5% |
| Q2 2026 | $1.1B | +4.4% |
| Q1 2026 | $961M | +2.9% |
| Q4 2025 | $1B | +5.6% |
| Q3 2025 | $1B | +5.1% |
| Q2 2025 | $1B | +3.4% |
| Q1 2025 | $934M | +2% |
| Q4 2024 | $971M | +3.7% |
TNL's revenue has grown year over year for 23 quarters in a row: $1.1B last quarter, up 5.5% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 18% | -2.8 points |
| Q2 2026 | 20% | -0.5 points |
| Q1 2026 | 17% | -0.1 points |
| Q4 2025 | -2.2% | -24 points |
| Q3 2025 | 21% | +1.5 points |
| Q2 2025 | 20% | +1 points |
| Q1 2025 | 17% | +0.3 points |
| Q4 2024 | 21% | +0.8 points |
TNL's operating margin was 18% last quarter, down 2.8 points from the same quarter a year ago.
TNL Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $111M | -18% |
| Q2 2026 | $195M | 0% |
| Q1 2026 | $19M | -81% |
| Q4 2025 | $92M | +23% |
| Q3 2025 | $136M | +8.8% |
| Q2 2025 | $195M | +27% |
| Q1 2025 | $100M | +233% |
| Q4 2024 | $75M | -38% |
TNL generated $417M in free cash flow over the past year, down 18% from the year before.
TNL Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -1.3% | -800K shares |
| 1 year | -5.3% | -3.5M shares |
| 3 years | -15% | -11M shares |
| 5 years | -28% | -24.8M shares |
| Available history | -30% | -27.2M shares |
TNL has 63M diluted shares, down 5.3% from a year ago, with $340M in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q3 2026 | $75M |
| Q2 2026 | $88M |
| Q1 2026 | $87M |
| Q4 2025 | $90M |
| Q3 2025 | $71M |
| Q2 2025 | $70M |
| Q1 2025 | $70M |
| Q4 2024 | $72M |
TNL spent $340M buying back its own shares over the past year, up 20% from the year before.
TNL Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 8.6x | High |
| Q2 2026 | 7.9x | High |
| Q1 2026 | 8.1x | High |
| Q4 2025 | 7.9x | High |
| Q3 2025 | 5.9x | High |
| Q2 2025 | 6.1x | High |
| Q1 2025 | 6.4x | High |
| Q4 2024 | 6.4x | High |
TNL's net debt is about 8.6 years of its operating earnings (EBITDA), up from 5.9 years a year ago.
TNL Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 63.8 | Neutral |
| Stochastic | 73.9 | Neutral |
TNL's weekly RSI is 64 (neutral) and its Stochastic is 74 (neutral).
TNL PE vs Consumer Cyclical Sector
| Metric | TNL | Sector median | Relative |
|---|---|---|---|
| PE | 21x | 18x | 16% above |
| PE % | 88 | 47 | 41 pts above |
TNL is trading at 21x earnings, a 16% premium to the Consumer Cyclical sector's median of 18x.
TNL Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $68.0 | 15% above |
| 20 week MA | $70.5 | 11% above |
| 50 week MA | $70.9 | 10% above |
| 100 week MA | $62.8 | 25% above |
| 200 week MA | $52.5 | 49% above |
TNL is in an uptrend: it's above all five of its weekly moving averages, and 49% above its 200-week average.
TNL Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $51.9 | $43.0 | -17% |
| 2021 | $43.0 | $53.9 | +25% |
| 2022 | $53.9 | $36.1 | -33% |
| 2023 | $36.1 | $39.1 | +8.2% |
| 2024 | $39.1 | $50.6 | +29% |
| 2025 | $50.6 | $72.5 | +44% |
| 2026 YTD | $72.5 | $78.2 | +7.9% |
TNL has finished higher in four of the last six years. It's up 7.9% so far in 2026.