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We provide vacation experiences and travel inspiration to millions of owners, members, and subscribers through our diverse portfolio of products and services. Travel + Leisure Co. has the following segments as of December 31, 2025: Vacation Ownership includes the world s largest vacation ownership business based on number of owners and resorts, with 797,000 owner families and more than 280 vaca…
15.63% operating margin is respectable but not wide. ROIC at 9.31%. Suggests the business covers its cost of capital, but doesn't point to a wide moat.
Revenue grew 3.1%, steady but not accelerating. Margins contracted 5.7pp, which offsets some of the top-line progress.
ROIC dropped from 12.40% to 9.31%, capital efficiency is deteriorating. Net debt of $5.48B represents 10.5x FCF, leverage limits flexibility.
Profitability & Returns
Revenue (TTM)
$3.56B
▲ +3.1% YoY
Net Income (TTM)
$236M
▼ -44.0% YoY
Op. Margin
15.64%
▼ -5.7pp YoY
ROIC
7.76%
▼ -3.1pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$442M
▲ +36.6% YoY
Op. Cash Flow (TTM)
$557M
▲ +37.9% YoY
Net Debt
$5.65B
Cash & Equiv.
$254M
5Y CAGR: +15.2%
5Y CAGR: +11.4%
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