Travel & Leisure Co. earns about 12% on invested capital, and has bought back 23% of its shares over 5 years. The applicable estimate puts fair value near $53.36 a share. Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|
| Revenue | $3.13B1 | $3.57B2 | $3.75B3 | $3.86B3 | $4.02B3 |
| Net income | $308M4 | $357M5 | $396M6 | $411M6 | $230M6 |
| Operating cash flow | $568M7 | $442M8 | $350M9 | $464M9 | $640M9 |
| Capital expenditure | $57M10 | $52M11 | $74M12 | $81M12 | $117M12 |
| Free cash flow (derived) | $511M7,10 | $390M8,11 | $276M9,12 | $383M9,12 | $523M9,12 |
| Total debt | $5.31B13 | $5.64B14 | $5.65B15 | $5.59B16 | $5.6B17 |
| Cash & equivalents | $369M18 | $550M19 | $282M20 | $167M20 | $253M20 |
| Diluted shares | 87.3M | 84.2M | 75.0M | 70.7M | 66.9M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom). A derived or summed figure cites every filing line it was built from.
10 shares is a claim on −$146.64 of net worth that earned you $34.38 and generated $78.18 of cash last year, against $836.77 of debt.
It earned an average 12% on invested capital over 5 years. Compare that to what it costs to fund the business.
seeing a moat in the numbers →Share count is down 23% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has held roughly steady.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
assumptions (10)
- Risk-free rate (10Y Treasury)5.00%
- Equity risk premium5.00%
- Beta (β)1.00
- Equity share of capital85.0%
- Debt spread over risk-free1.50%
- Tax rate21.0%
- Terminal growth2.50%
- Projection period10 years
- FCF growth0.0%
- Starting free cash flow$383M
assumptions (10)
- Risk-free rate (10Y Treasury)5.00%
- Equity risk premium5.00%
- Beta (β)1.00
- Equity share of capital85.0%
- Debt spread over risk-free1.50%
- Tax rate21.0%
- Terminal growth2.50%
- Projection period5 years
- FCF growth0.0%
- Starting free cash flow$383M
assumptions (8)
- Risk-free rate (10Y Treasury)5.00%
- Equity risk premium5.00%
- Beta (β)1.00
- Equity share of capital85.0%
- Debt spread over risk-free1.50%
- Tax rate21.0%
- Normalized earnings$357M
- Growth assumed0.0%
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MeritValue on the App Store →- 10-K filed 2024-02-21 · period ending 2021-12-31 · accession 0001361658-24-000007 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K filed 2025-02-19 · period ending 2022-12-31 · accession 0001361658-25-000012 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K filed 2026-02-18 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001361658-26-000009 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K filed 2024-02-21 · period ending 2021-12-31 · accession 0001361658-24-000007 (NetIncomeLoss)
- 10-K filed 2025-02-19 · period ending 2022-12-31 · accession 0001361658-25-000012 (NetIncomeLoss)
- 10-K filed 2026-02-18 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001361658-26-000009 (NetIncomeLoss)
- 10-K filed 2024-02-21 · period ending 2021-12-31 · accession 0001361658-24-000007 (NetCashProvidedByUsedInOperatingActivities)
- 10-K filed 2025-02-19 · period ending 2022-12-31 · accession 0001361658-25-000012 (NetCashProvidedByUsedInOperatingActivities)
- 10-K filed 2026-02-18 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001361658-26-000009 (NetCashProvidedByUsedInOperatingActivities)
- 10-K filed 2024-02-21 · period ending 2021-12-31 · accession 0001361658-24-000007 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K filed 2025-02-19 · period ending 2022-12-31 · accession 0001361658-25-000012 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K filed 2026-02-18 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001361658-26-000009 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K filed 2022-02-23 · period ending 2021-12-31 · accession 0001361658-22-000013 (LongTermDebt)
- 10-K filed 2023-02-22 · period ending 2022-12-31 · accession 0001361658-23-000012 (LongTermDebt)
- 10-K filed 2024-02-21 · period ending 2023-12-31 · accession 0001361658-24-000007 (LongTermDebt)
- 10-K filed 2025-02-19 · period ending 2024-12-31 · accession 0001361658-25-000012 (LongTermDebt)
- 10-K filed 2026-02-18 · period ending 2025-12-31 · accession 0001361658-26-000009 (LongTermDebt)
- 10-K filed 2024-02-21 · period ending 2021-12-31 · accession 0001361658-24-000007 (CashAndCashEquivalentsAtCarryingValue)
- 10-K filed 2025-02-19 · period ending 2022-12-31 · accession 0001361658-25-000012 (CashAndCashEquivalentsAtCarryingValue)
- 10-K filed 2026-02-18 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001361658-26-000009 (CashAndCashEquivalentsAtCarryingValue)