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%-4.9pp	93.2%-4.4pp	98.3%+1.1pp	97.9%+1.2pp	97.9%+1.5pp
Operating margin	14.3%-4.8pp	14.3%-4.7pp	19.7%+0.9pp	19.3%+0.1pp	19.1%-0.2pp
EBITDA margin	17.4%-4.7pp	17.4%-4.6pp	22.8%+1.0pp	22.4%+0.2pp	22.1%-0.2pp
Free cash flow margin	10.9%-0.7pp	13%+3.1pp	12.8%+1.6pp	12.6%+2.8pp	11.7%+3.5pp
Returns
Return on invested capital	18.8%+0.1pp	25.2%+1.9pp	17.8%-1.7pp	18.3%-1.6pp	18.6%-2.7pp
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×+0.2×	0.2×+0.2×	0.1×0.0×	0.1×0.0×	0.1×0.0×
Leverage
Debt-to-assets	0.7×+0.1×	0.5×0.0×	0.7×0.0×	0.6×0.0×	0.6×0.0×
Net debt / EBITDA	6×+1.6×	4.6×+0.8×	4.6×+0.1×	4.5×-0.1×	4.5×-0.1×
Interest coverage	2.5×-0.5×	2.5×-0.4×	3.3×+0.6×	3.2×+0.3×	3×+0.2×
Per Share
Book value per share	-$15.87-19.9%	——	-$12.42-1.2%	-$12.81-2.8%	-$13.24-2.9%
Valuation
Market capitalization	$4.32B+39.8%	$4.54B+31.6%	$3.87B+18.5%	$3.34B+4.0%	$3.09B-11.8%
Enterprise value	$8.57B+23.7%	$7.74B+15.7%	$8.06B+13.9%	$7.28B+2.8%	$6.93B-5.9%
Price / sales	1.1×+0.3×	1.1×+0.2×	1×+0.1×	0.9×0.0×	0.8×-0.1×
EV / EBITDA	12.2×+4.1×	11.1×+3.2×	8.9×+0.4×	8.3×0.0×	8.1×-0.6×
EV / sales	2.1×+0.3×	1.9×+0.2×	2×+0.2×	1.9×0.0×	1.8×-0.2×
Free cash flow yield	10.2%-4.4pp	11.5%+0.4pp	13.1%0.0pp	14.8%+3.1pp	14.7%+5.8pp
Dividend yield	3.5%-1.2pp	3.3%-0.8pp	3.8%-0.5pp	4.4%+0.1pp	4.7%+0.8pp

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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.