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Travel & Leisure Co. key statistics and ratios

In fiscal 2025, Travel & Leisure Co. had an operating margin of 13.8%. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year2009Dec 20092010Dec 20102011Dec 20112012Dec 20122013Dec 20132014Dec 20142015Dec 20152016Dec 20162017Dec 20172018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMSept 2026
Gross margin————————96.1%95.3%95.4%99.9%95.0%95.6%96.5%97.6%93.2%92.7%
Operating margin15.8%18.6%18.0%18.8%18.2%17.8%19.2%17.8%11.5%13.3%20.1%−4.9%19.7%18.3%19.2%19.0%13.8%13.0%
Net margin7.8%9.8%9.8%8.8%8.6%10.0%12.5%16.5%22.4%17.1%12.5%−11.8%9.8%10.0%10.6%10.6%5.7%5.7%
Free-cash-flow margin14.8%12.2%18.0%17.6%15.4%14.2%16.4%22.9%23.1%8.7%8.5%14.1%16.3%10.9%7.4%9.9%13.0%10.0%
Return on equity10.9%13.5%16.2%19.2%24.3%36.8%55.5%73.4%115.2%—————————
Return on assets3.1%4.0%4.5%4.3%4.5%5.5%6.4%6.3%8.4%7.6%6.9%−3.4%4.3%5.4%5.9%6.1%3.4%3.3%
Asset turnover0.400.410.460.490.520.550.510.380.380.450.550.290.440.530.560.570.600.59
Current ratio0.921.111.110.971.081.000.890.891.14—————————
Debt to equity75.0%128.4%179.9%236.4%298.3%402.6%545.4%762.0%781.0%—————————
Interest cover (operating income ÷ interest)5.2x5.2x5.5x6.5x6.9x8.3x7.7x4.9x2.8x3.1x5.0xn/m3.1x3.3x2.9x2.9x2.4x2.4x
Effective tax rate40.6%32.7%35.8%36.5%36.6%37.4%34.1%35.1%—32.8%28.1%—27.0%26.7%19.4%26.3%31.8%30.1%
Capital spending as % of revenue3.6%4.3%5.6%4.6%4.8%4.4%3.9%3.2%2.8%2.5%2.7%3.2%1.8%1.5%2.0%2.1%2.9%2.3%
Free cash flow ÷ net income189.1%123.5%183.2%199.0%178.2%141.6%131.0%138.5%102.9%51.0%67.9%—165.9%109.2%69.7%93.2%227.4%177.4%
Dividends ÷ net income9.9%22.7%23.7%33.5%36.1%33.8%33.0%36.5%28.3%28.9%32.7%—35.4%37.8%34.3%34.5%64.8%63.4%
Dividends and buybacks ÷ free cash flow5.2%68.6%129.8%96.1%97.3%110.1%107.2%99.5%95.7%152.8%147.1%87.2%26.2%124.6%161.2%98.2%86.0%117.3%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

0 of 3 checks passed · September 30, 2026
  • Short-term assets cover short-term liabilities The company doesn't report a short-term split. Not assessable.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt $306m of cash against $6.1bn of debt.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt $512m of operating cash flow against $6.1bn of debt.
  • Operating profit covers interest at least five times over Operating income of $541m against $228m of interest.

From Travel & Leisure Co.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

70 /100

Strong moat

How hard Travel & Leisure's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 8 / 20

    Net income has been a median 5.9% of total assets over 10 years.

  • Pricing power 20 / 20

    Gross margin has been a median 95.9%, moving by 1.9 percentage points (standard deviation) across 8 years.

  • Durability 7 / 20

    Operating margin has been a median 17.6%; its worst year was 2.7%.

  • Cash conversion 16 / 20

    Free cash flow was positive in 10 of 10 years, at a median 10.9% of revenue.

  • Discipline 20 / 20

    The diluted share count fell 26.2% over five years; stock-based pay has been a median 1.2% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Compare with peers

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More: Hotels, Resorts & Cruise Lines stocks compared, Consumer Discretionary sector, rankings of US companies

Figures from Travel & Leisure Co.'s SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Travel & Leisure Co.