Travel & Leisure Co. (TNL) intrinsic value & 10-year financials
Travel & Leisure Co. (TNL) has no Graham intrinsic value right now because the formula needs positive earnings. Over the last 10 fiscal years revenue grew 0.9% a year to $4.0B, with an average return on invested capital of 25.1%.
- Graham intrinsic value
- —
- Share price (Oct 17, 2026)
- $64.59
- Market cap
- $4.3B
- Revenue (FY2025)
- $4.0B
- Revenue growth (10-yr CAGR)
- 0.9%
- ROIC (10-yr avg)
- 25.1%
- Free cash flow (FY2025)
- $523.0M
TNL 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $4.0B | $230.0M | $3.44 | $523.0M | 13.8% | 16.2% |
| FY2024 | $3.9B | $411.0M | $5.82 | $383.0M | 19.0% | 23.0% |
| FY2023 | $3.8B | $396.0M | $5.28 | $276.0M | 19.2% | 25.4% |
| FY2022 | $3.6B | $357.0M | $4.24 | $390.0M | 18.3% | 21.7% |
| FY2021 | $3.1B | $308.0M | $3.52 | $511.0M | 19.7% | 21.3% |
| FY2020 | $2.2B | -$255.0M | -$2.97 | $305.0M | -4.9% | -4.6% |
| FY2019 | $4.0B | $507.0M | $5.48 | $344.0M | 20.1% | 27.4% |
| FY2018 | $3.9B | $672.0M | $6.77 | $343.0M | 13.3% | 9.4% |
| FY2017 | $3.8B | $871.0M | $8.40 | $834.0M | 18.7% | 15.2% |
| FY2016 | $3.7B | $611.0M | $5.53 | $782.0M | 28.6% | 96.3% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Travel & Leisure Co. has demonstrated mature, steady growth, with revenue compounding at 1.0% annually over the past decade.
Travel & Leisure Co. has earned high returns on invested capital, averaging 17.2% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
Over the decade, Travel & Leisure Co. shows that management has aggressively returned capital to shareholders by retiring 39.7% of outstanding shares.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Travel & Leisure Co. is modeled at -5.1% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $-5.28 per share.