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

Simplified Detailed

	FY'25	FY'24	FY'23	FY'22
Profitability
Gross margin	93.2%-4.4pp	97.6%+1.1pp	96.5%+0.9pp	95.6%+0.6pp
Operating margin	14.3%-4.7pp	19%-0.2pp	19.2%+0.9pp	18.3%-1.4pp
EBITDA margin	17.4%-4.6pp	22%-0.2pp	22.2%+0.5pp	21.6%-2.1pp
Free cash flow margin	13%+3.1pp	9.9%+2.5pp	7.4%-3.6pp	10.9%-5.4pp
Returns
Return on invested capital	25.2%+1.9pp	23.2%-2.4pp	25.7%+4.0pp	21.7%+0.5pp
Efficiency
Asset turnover	0.6×0.0×	0.6×0.0×	0.6×0.0×	0.5×+0.1×
Inventory turnover	0.2×+0.2×	0.1×0.0×	0.1×0.0×	0.1×0.0×
Leverage
Debt-to-assets	0.5×0.0×	0.5×0.0×	0.5×0.0×	0.6×0.0×
Net debt / EBITDA	4.6×+0.8×	3.8×-0.1×	3.9×-0.1×	4×-0.1×
Interest coverage	2.5×-0.4×	2.9×+0.1×	2.9×-0.5×	3.4×+0.2×
Valuation
Market capitalization	$4.54B+31.6%	$3.45B+22.2%	$2.82B-2.8%	$2.9B-38.8%
Enterprise value	$7.74B+15.7%	$6.69B+10.6%	$6.05B+0.6%	$6.01B-22.7%
Price / sales	1.1×+0.2×	0.9×+0.1×	0.8×-0.1×	0.8×-0.7×
EV / EBITDA	11.1×+3.2×	7.9×+0.6×	7.3×-0.5×	7.8×-2.7×
EV / sales	1.9×+0.2×	1.7×+0.1×	1.6×-0.1×	1.7×-0.8×
Free cash flow yield	11.5%+0.4pp	11.1%+1.3pp	9.8%-3.6pp	13.4%+2.7pp
Dividend yield	3.3%-0.8pp	4.1%-0.7pp	4.9%+0.2pp	4.6%+2.4pp

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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.