Financials Travel + Leisure Co.

Equities

TNL

US8941641024

Hotels, Motels & Cruise Lines

Market Closed - Nyse Other stock markets 04:00:02 2026-01-15 pm EST			5-day change	1st Jan Change
73.48 ^USD	+0.03%		-1.97%	+4.18%

Dec. 17	Barclays Upgrades Travel + Leisure to Equal Weight From Underweight, Adjusts PT to $70 From $63	MT
Dec. 10	Travel & Leisure Co enters eighth amendment to credit agreement - SEC filing	RE

Projected Income Statement: Travel + Leisure Co.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	2,160	3,134	3,567	3,750	3,864	3,996	4,167	4,288
Change	-	45.09%	13.82%	5.13%	3.04%	3.41%	4.28%	2.91%
EBITDA ¹	259	778	859	908	929	974.8	1,027	1,058
Change	-	200.39%	10.41%	5.7%	2.31%	4.93%	5.37%	2.99%
EBIT ¹	133	654	749	806	824	815.2	863.7	908.5
Change	-	391.73%	14.53%	7.61%	2.23%	-1.07%	5.95%	5.2%
Interest Paid ¹	-192	-198	-195	-251	-249	-232.6	-232.6	-225.5
Earnings before Tax (EBT) ¹	-276	429	486	485	513	567.8	626.2	621
Change	-	255.43%	13.29%	-0.21%	5.77%	10.68%	10.29%	-0.83%
Net income ¹	-255	308	357	396	411	407.3	460.2	441
Change	-	220.78%	15.91%	10.92%	3.79%	-0.91%	13%	-4.17%
Announcement Date	2/24/21	2/23/22	2/22/23	2/21/24	2/19/25	-	-	-

¹USD in Million

Estimates

Fiscal Period: December	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4	2027 Q1	2027 Q2	2027 Q3
Net sales ¹	645	628	797	839	870	809	922	937	899	879	949	986	935	916	985	993	971	934	1,018	1,044	1,000	968.6	1,071	1,091	1,049	965	1,087	1,124
Change	-	-2.64%	26.91%	5.27%	3.69%	-7.01%	13.97%	1.63%	-4.06%	-2.22%	7.96%	3.9%	-5.17%	-2.03%	7.53%	0.81%	-2.22%	-3.81%	8.99%	2.55%	-4.17%	-3.18%	10.54%	1.88%	-3.82%	-8.03%	12.64%	3.36%
EBITDA ¹	148	129	193	228	228	170	230	234	225	184	236	248	240	191	244	242	252	202	250	266	256.6	212.5	269.4	278.5	263.8	211	268.5	285
Change	-	-12.84%	49.61%	18.13%	0%	-25.44%	35.29%	1.74%	-3.85%	-18.22%	28.26%	5.08%	-3.23%	-20.42%	27.75%	-0.82%	4.13%	-19.84%	23.76%	6.4%	-3.53%	-17.2%	26.81%	3.37%	-5.3%	-20%	27.25%	6.15%
EBIT ¹	116	98	164	197	197	140	202	206	199	156	211	223	214	163	218	212	225	174	219	237	222.8	176.1	229.1	238.5	-	-	-	-
Change	-	-15.52%	67.35%	20.12%	0%	-28.93%	44.29%	1.98%	-3.4%	-21.61%	35.26%	5.69%	-4.04%	-23.83%	33.74%	-2.75%	6.13%	-22.67%	25.86%	8.22%	-6.01%	-20.94%	30.08%	4.1%	-	-	-	-
Charge d'intérêts ¹	-54	-53	-47	-47	-50	-47	-47	-48	-52	-58	-61	-64	-68	-64	-63	-63	-59	-57	-57	-60	-58.8	-58.33	-58.33	-58.33	-58.67	-58.5	-55.5	-55.5
Earnings before Tax (EBT) ¹	35	35	105	140	150	74	132	162	119	85	125	148	127	92	133	130	158	101	152	158	156.2	111.3	169.3	175.7	177.3	97	174	181
Change	-	0%	200%	33.33%	7.14%	-50.67%	78.38%	22.73%	-26.54%	-28.57%	47.06%	18.4%	-14.19%	-27.56%	44.57%	-2.26%	21.54%	-36.08%	50.5%	3.95%	-1.14%	-28.72%	52.1%	3.74%	0.95%	-45.3%	79.38%	4.02%
Net income ¹	2	29	72	101	107	51	100	116	90	64	94	110	129	66	129	97	119	73	108	111	114.5	85.89	125.9	131.3	127.3	69	123	128
Change	-	1,350%	148.28%	40.28%	5.94%	-52.34%	96.08%	16%	-22.41%	-28.89%	46.88%	17.02%	17.27%	-48.84%	95.45%	-24.81%	22.68%	-38.66%	47.95%	2.78%	3.17%	-25%	46.61%	4.27%	-3.02%	-45.81%	78.26%	4.07%
Announcement Date	2/24/21	4/28/21	7/28/21	10/27/21	2/23/22	4/28/22	7/28/22	10/27/22	2/22/23	4/26/23	7/26/23	10/25/23	2/21/24	4/24/24	7/24/24	10/23/24	2/19/25	4/23/25	7/23/25	10/22/25	-	-	-	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: Travel + Leisure Co.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	2,988	3,010	3,119	3,293	3,301	3,217	3,083	2,951
Change	-	0.74%	3.62%	5.58%	0.24%	-2.54%	-4.17%	-4.28%
Announcement Date	2/24/21	2/23/22	2/22/23	2/21/24	2/19/25	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: Travel + Leisure Co.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	69	57	52	74	81	91.18	91.5	68
Change	-	-17.39%	-8.77%	42.31%	9.46%	12.56%	0.36%	-25.68%
Free Cash Flow (FCF) ¹	305	223	390	379	446	494.2	554.1	560
Change	-	-26.89%	74.89%	-2.82%	17.68%	10.81%	12.11%	1.07%
Announcement Date	2/24/21	2/23/22	2/22/23	2/21/24	2/19/25	-	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: Travel + Leisure Co.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	11.99%	24.82%	24.08%	24.21%	24.04%	24.39%	24.65%	24.67%
EBIT Margin (%)	6.16%	20.87%	21%	21.49%	21.33%	20.4%	20.73%	21.19%
EBT Margin (%)	-12.78%	13.69%	13.62%	12.93%	13.28%	14.21%	15.03%	14.48%
Net margin (%)	-11.81%	9.83%	10.01%	10.56%	10.64%	10.19%	11.04%	10.28%
FCF margin (%)	14.12%	7.12%	10.93%	10.11%	11.54%	12.37%	13.3%	13.06%
FCF / Net Income (%)	-119.61%	72.4%	109.24%	95.71%	108.52%	121.35%	120.4%	126.98%
Profitability
ROA	-3.38%	4.34%	5.35%	6.33%	6.03%	9.03%	8.98%	-
ROE	-	-	-	-	-	-	-	-
Financial Health
Leverage (Debt/EBITDA)	11.54x	3.87x	3.63x	3.63x	3.55x	3.3x	3x	2.79x
Debt / Free cash flow	9.8x	13.5x	8x	8.69x	7.4x	6.51x	5.57x	5.27x
Capital Intensity
CAPEX / Current Assets (%)	3.19%	1.82%	1.46%	1.97%	2.1%	2.28%	2.2%	1.59%
CAPEX / EBITDA (%)	26.64%	7.33%	6.05%	8.15%	8.72%	9.35%	8.91%	6.43%
CAPEX / FCF (%)	22.62%	25.56%	13.33%	19.53%	18.16%	18.45%	16.51%	12.14%
Items per share
Cash flow per share ¹	4.344	6.506	5.249	4.667	6.563	9.277	9.663	-
Change	-	49.78%	-19.32%	-11.1%	40.63%	41.36%	4.16%	-
Dividend per Share ¹	1.6	1.25	1.6	1.8	2	2.262	2.303	2.378
Change	-	-21.88%	28%	12.5%	11.11%	13.08%	1.84%	3.22%
Book Value Per Share ¹	-11.35	-9.175	-11.65	-12.24	-	-14.26	-13.91	-
Change	-	19.16%	-26.93%	-5.1%	-	-	2.45%	-
EPS ¹	-2.97	3.52	4.24	5.28	5.82	6.095	7.24	7
Change	-	218.52%	20.45%	24.53%	10.23%	4.72%	18.8%	-3.32%
Nbr of stocks (in thousands)	85,865	86,356	81,161	72,420	68,342	64,329	64,329	64,329
Announcement Date	2/24/21	2/23/22	2/22/23	2/21/24	2/19/25	-	-	-