Sabre vs Travel + Leisure
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The short version
- Travel + Leisure is the larger business, with $4.0B of revenue in fiscal 2025 against $2.8B for Sabre.
- Travel + Leisure grew revenue faster (4.1%, against 1.0%).
- Travel + Leisure kept more of each dollar of sales as operating profit (13.8% operating margin, against 10.7%).
- Travel + Leisure turned more of its sales into free cash flow (13.0% FCF margin, against −6.9%).
- Investors pay more for each dollar of Travel + Leisure’s earnings: a P/E of 17.5x against 0.9x for Sabre.
| Latest fiscal year | SABR · FY25 | TNL · FY25 |
|---|---|---|
| Size | ||
| Market cap | $607M | $4.1B |
| Revenue | $2.8B | $4.0B |
| Free cash flow | −$192M | $523M |
| Net income | $525M | $230M |
| Growth | ||
| Revenue growth | 1.0% | 4.1% |
| 5-year growth | 15.7% | 13.2% |
| Share count change | 2.1% | −5.4% |
| Profitability | ||
| Gross margin | 56.4% | — |
| Operating margin | 10.7% | 13.8% |
| Net margin | 18.9% | 5.7% |
| FCF margin | −6.9% | 13.0% |
| Return on capital | 8.9% | 8.5% |
| Return on equity | — | — |
| Balance sheet | ||
| Net debt | $3.6B | $5.3B |
| Net debt / EBITDA | 8.9x | 7.9x |
| Dividends and buybacks | $0.0M | $450M |
| Valuation & quality | ||
| P/E | 0.9x | 17.5x |
| Piotroski F-score | 5 | — |
Revenue
FY16
SABR $3.4B
TNL $3.7B
FY17
SABR $3.6B
TNL $3.8B
FY18
SABR $3.9B
TNL $3.9B
FY19
SABR $4.0B
TNL $4.0B
FY20
SABR $1.3B
TNL $2.2B
FY21
SABR $1.7B
TNL $3.1B
FY22
SABR $2.5B
TNL $3.6B
FY23
SABR $2.6B
TNL $3.8B
FY24
SABR $2.7B
TNL $3.9B
FY25
SABR $2.8B
TNL $4.0B
SABR
TNL
Operating margin
FY16
SABR 13.6%
TNL 17.8%
FY17
SABR 13.7%
TNL 11.5%
FY18
SABR 14.5%
TNL 13.3%
FY19
SABR 9.1%
TNL 20.1%
FY20
SABR −74.1%
TNL −4.9%
FY21
SABR −39.4%
TNL 19.7%
FY22
SABR −10.3%
TNL 18.3%
FY23
SABR 1.2%
TNL 19.2%
FY24
SABR 8.8%
TNL 19.0%
FY25
SABR 10.7%
TNL 13.8%
SABR
TNL
Free cash flow
FY16
SABR $372M
TNL $846M
FY17
SABR $362M
TNL $879M
FY18
SABR $441M
TNL $343M
FY19
SABR $466M
TNL $344M
FY20
SABR −$836M
TNL $305M
FY21
SABR −$469M
TNL $511M
FY22
SABR −$346M
TNL $390M
FY23
SABR −$13.6M
TNL $276M
FY24
SABR −$9.3M
TNL $383M
FY25
SABR −$192M
TNL $523M
SABR
TNL
Return on capital
FY16
SABR 8.9%
TNL —
FY17
SABR 8.4%
TNL —
FY18
SABR 12.4%
TNL —
FY19
SABR 7.6%
TNL —
FY20
SABR —
TNL −1.9%
FY21
SABR —
TNL 10.8%
FY22
SABR −6.5%
TNL 11.5%
FY23
SABR 0.9%
TNL 13.5%
FY24
SABR 6.9%
TNL 12.0%
FY25
SABR 8.9%
TNL 8.5%
SABR
TNL
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.