TNLTravel & Leisure Co.
Hotels & Motels
- Revenue
- $4.0B
- 4.1% YoY
- Operating margin
- 13.8%
- 28% YoY
- EBITDA
- $677M
- 20% YoY
- Market cap
- $4.3B
- Employees
- 19,300
- $208K revenue each
- Net debt / EBITDA
- 8.5×
- $5.8B net debt
- AI in 10-K
- 1.5
- mentions per 10K words
Takeover score 3 of 13
Fixable underperformance 1 of 7
- TSR below peersYes4 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo$12M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo278% of net incomeCash flow under 80% of net income
- Dilutive SBCNo1% of revenueOver 10% of revenue
- Payouts exceed cash flowNo70% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo14% of assetsOver 40% of assets
- Shareholder dissentNo93% lowest supportAny vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeNo$208K · 29th pctBottom quartile of its SIC industry
- Quiet on AINo1.5 per 10K words · 45th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo8.5× EBITDA net debtMore cash than debt, positive EBITDA
- Buyout-sizedYes$4.3B market capMarket cap $500M–$5B
Catalysts 1 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingYes−$32M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $3.1B | $3.6B | $3.8B | $3.9B | $4.0B | 4.1% |
| Operating income | $618M | $653M | $720M | $733M | $553M | 25% |
| Net income | $308M | $356M | $396M | $411M | $230M | 44% |
| Operating cash flow | $568M | $442M | $350M | $464M | $640M | 38% |
| Capex | $57M | $52M | $74M | $81M | $117M | 44% |
| Stock-based comp | $32M | $45M | $38M | $41M | $57M | 39% |
| Buybacks | $25M | $351M | $309M | $234M | $301M | 29% |
| Dividends | $109M | $135M | $136M | $142M | $149M | 4.9% |
Deal filings
None.
13D filers
None on file.
Insider trading
- Open-market buys, 12 mo
- $66K · 1
- Open-market sells, 12 mo
- $32M · 28
- Net
- −$32M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $16M | $33M | 190 | 227 |
| FY2024 | $15M | $25M | 130 | 200 |
| FY2023 | $12M | $8M | 97 | 151 |
| FY2022 | $12M | $5M | 86 | 91 |
| FY2021 | $11M | $16M | 126 | 120 |