What are Travel + Leisure's profit margins?

Travel + Leisure (TNL) runs a 93.0% gross margin and a 14.3% operating margin, with a 10.4% net margin.

Where do Travel + Leisure's ratios come from?

Every ratio is computed from Travel + Leisure's SEC filings — trailing-twelve-month flows over period-end balances. Valuation multiples combine those fundamentals with market data, recomputed each period. Switch between quarterly, annual, and TTM, or open any ratio for its full history and peer comparisons.

Travel + Leisure TNL Ratios & Valuation

Income Statement Balance Sheet Cash Flow Ratios Segments

Quarterly Annual TTM

YoY QoQ

Simplified Detailed

	Q1 '26	Q4 '25	Q3 '25	Q2 '25	Q1 '25
Profitability
Gross margin	93%-0.3pp	93.2%-5.1pp	98.3%+0.4pp	97.9%0.0pp	97.9%+0.3pp
Operating margin	14.3%0.0pp	14.3%-5.4pp	19.7%+0.4pp	19.3%+0.3pp	19.1%+0.1pp
EBITDA margin	17.4%0.0pp	17.4%-5.4pp	22.8%+0.4pp	22.4%+0.3pp	22.1%+0.1pp
Free cash flow margin	10.9%-2.1pp	13%+0.3pp	12.8%+0.1pp	12.6%+1.0pp	11.7%+1.8pp
Returns
Return on invested capital	18.8%-6.4pp	25.2%+7.3pp	17.8%-0.5pp	18.3%-0.3pp	18.6%-4.6pp
Efficiency
Asset turnover	0.6×0.0×	0.6×0.0×	0.6×0.0×	0.6×0.0×	0.6×0.0×
Inventory turnover	0.2×0.0×	0.2×+0.2×	0.1×0.0×	0.1×0.0×	0.1×0.0×
Leverage
Debt-to-assets	0.7×+0.2×	0.5×-0.1×	0.7×0.0×	0.6×0.0×	0.6×+0.1×
Net debt / EBITDA	6×+1.5×	4.6×-0.1×	4.6×+0.2×	4.5×0.0×	4.5×+0.7×
Interest coverage	2.5×0.0×	2.5×-0.8×	3.3×+0.1×	3.2×+0.1×	3×+0.1×
Per Share
Book value per share	-$15.87—	——	-$12.42+3.1%	-$12.81+3.2%	-$13.24—
Valuation
Market capitalization	$4.32B-4.8%	$4.54B+17.3%	$3.87B+15.6%	$3.34B+8.3%	$3.09B-10.5%
Enterprise value	$8.57B+10.7%	$7.74B-4.0%	$8.06B+10.8%	$7.28B+5.1%	$6.93B+3.6%
Price / sales	1.1×-0.1×	1.1×+0.2×	1×+0.1×	0.9×+0.1×	0.8×-0.1×
EV / EBITDA	12.2×+1.1×	11.1×+2.1×	8.9×+0.6×	8.3×+0.2×	8.1×+0.2×
EV / sales	2.1×+0.2×	1.9×-0.1×	2×+0.2×	1.9×+0.1×	1.8×+0.1×
Free cash flow yield	10.2%-1.3pp	11.5%-1.6pp	13.1%-1.7pp	14.8%+0.1pp	14.7%+3.6pp
Dividend yield	3.5%+0.2pp	3.3%-0.5pp	3.8%-0.6pp	4.4%-0.3pp	4.7%+0.6pp

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Questions, answered.

What are Travel + Leisure's profit margins?: Travel + Leisure (TNL) runs a 93.0% gross margin and a 14.3% operating margin, with a 10.4% net margin.
Where do Travel + Leisure's ratios come from?: Every ratio is computed from Travel + Leisure's SEC filings — trailing-twelve-month flows over period-end balances. Valuation multiples combine those fundamentals with market data, recomputed each period. Switch between quarterly, annual, and TTM, or open any ratio for its full history and peer comparisons.