Hilton Grand Vacations
HGV · Hotels, Resorts & Cruise Lines
$35.89
3.2%Travel + Leisure
TNL · Hotels, Resorts & Cruise Lines
$64.93
3.6%The short version
- Hilton Grand Vacations is the larger business, with $5.0B of revenue in fiscal 2025 against $4.0B for Travel + Leisure.
- Travel + Leisure grew revenue faster (4.1%, against 1.3%).
- Travel + Leisure turned more of its sales into free cash flow (13.0% FCF margin, against 4.6% FCF margin).
- Travel + Leisure earned a higher return on the capital invested in it (8.5%, against 4.6%).
- Investors pay more for each dollar of Hilton Grand Vacations’s earnings: a P/E of 20.5x against 17.5x for Travel + Leisure.
| Latest fiscal year | HGV · FY25 | TNL · FY25 |
|---|---|---|
| Size | ||
| Market cap | $2.9B | $4.1B |
| Revenue | $5.0B | $4.0B |
| Free cash flow | $230M | $523M |
| Net income | $81.0M | $230M |
| Growth | ||
| Revenue growth | 1.3% | 4.1% |
| 5-year growth | 41.4% | 13.2% |
| Share count change | −11.3% | −5.4% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | — | 13.8% |
| Net margin | 1.6% | 5.7% |
| FCF margin | 4.6% | 13.0% |
| Return on capital | 4.6% | 8.5% |
| Return on equity | 5.3% | — |
| Balance sheet | ||
| Net debt | $4.3B | $5.3B |
| Net debt / EBITDA | 5.7x | 7.9x |
| Dividends and buybacks | $600M | $450M |
| Valuation & quality | ||
| P/E | 20.5x | 17.5x |
| Piotroski F-score | — | — |
FY16
HGV $1.6B
TNL $3.7B
FY17
HGV $1.7B
TNL $3.8B
FY18
HGV $2.0B
TNL $3.9B
FY19
HGV $1.8B
TNL $4.0B
FY20
HGV $894M
TNL $2.2B
FY21
HGV $2.3B
TNL $3.1B
FY22
HGV $3.8B
TNL $3.6B
FY23
HGV $4.0B
TNL $3.8B
FY24
HGV $5.0B
TNL $3.9B
FY25
HGV $5.0B
TNL $4.0B
HGV
TNL
FY16
HGV —
TNL 17.8%
FY17
HGV —
TNL 11.5%
FY18
HGV —
TNL 13.3%
FY19
HGV —
TNL 20.1%
FY20
HGV —
TNL −4.9%
FY21
HGV —
TNL 19.7%
FY22
HGV —
TNL 18.3%
FY23
HGV —
TNL 19.2%
FY24
HGV —
TNL 19.0%
FY25
HGV —
TNL 13.8%
HGV
TNL
FY16
HGV $156M
TNL $846M
FY17
HGV $321M
TNL $879M
FY18
HGV −$208M
TNL $343M
FY19
HGV $106M
TNL $344M
FY20
HGV $71.0M
TNL $305M
FY21
HGV $150M
TNL $511M
FY22
HGV $689M
TNL $390M
FY23
HGV $281M
TNL $276M
FY24
HGV $267M
TNL $383M
FY25
HGV $230M
TNL $523M
HGV
TNL
FY16
HGV —
TNL —
FY17
HGV 49.6%
TNL —
FY18
HGV 34.3%
TNL —
FY19
HGV 20.5%
TNL —
FY20
HGV −15.4%
TNL −1.9%
FY21
HGV 8.8%
TNL 10.8%
FY22
HGV 10.1%
TNL 11.5%
FY23
HGV 9.6%
TNL 13.5%
FY24
HGV 4.3%
TNL 12.0%
FY25
HGV 4.6%
TNL 8.5%
HGV
TNL
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