IHG Hotels & Resorts vs Travel + Leisure
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The short version
- IHG Hotels & Resorts is the larger business, with $5.2B of revenue in fiscal 2025 against $4.0B for Travel + Leisure.
- IHG Hotels & Resorts grew revenue faster (5.4%, against 4.1%).
- IHG Hotels & Resorts kept more of each dollar of sales as operating profit (23.1% operating margin, against 13.8%).
- IHG Hotels & Resorts turned more of its sales into free cash flow (16.8% FCF margin, against 13.0%).
| Latest fiscal year | IHG · FY25 | TNL · FY25 |
|---|---|---|
| Size | ||
| Market cap | $25.3B | $4.1B |
| Revenue | $5.2B | $4.0B |
| Free cash flow | $870M | $523M |
| Net income | $758M | $230M |
| Growth | ||
| Revenue growth | 5.4% | 4.1% |
| 5-year growth | 16.7% | 13.2% |
| Share count change | −4.4% | −5.4% |
| Profitability | ||
| Gross margin | 85.3% | — |
| Operating margin | 23.1% | 13.8% |
| Net margin | 14.6% | 5.7% |
| FCF margin | 16.8% | 13.0% |
| Return on capital | — | 8.5% |
| Return on equity | — | — |
| Balance sheet | ||
| Net debt | $3.1B | $5.3B |
| Net debt / EBITDA | 2.4x | 7.9x |
| Dividends and buybacks | $1.2B | $450M |
| Valuation & quality | ||
| P/E | — | 17.5x |
| Piotroski F-score | 8 | — |
Revenue
FY16
IHG $1.7B
TNL $3.7B
FY17
IHG $1.8B
TNL $3.8B
FY18
IHG $4.3B
TNL $3.9B
FY19
IHG $4.6B
TNL $4.0B
FY20
IHG $2.4B
TNL $2.2B
FY21
IHG $2.9B
TNL $3.1B
FY22
IHG $3.9B
TNL $3.6B
FY23
IHG $4.6B
TNL $3.8B
FY24
IHG $4.9B
TNL $3.9B
FY25
IHG $5.2B
TNL $4.0B
IHG
TNL
Operating margin
FY16
IHG 41.5%
TNL 17.8%
FY17
IHG 41.7%
TNL 11.5%
FY18
IHG 13.4%
TNL 13.3%
FY19
IHG 13.6%
TNL 20.1%
FY20
IHG −6.4%
TNL −4.9%
FY21
IHG 17.0%
TNL 19.7%
FY22
IHG 16.1%
TNL 18.3%
FY23
IHG 23.1%
TNL 19.2%
FY24
IHG 21.2%
TNL 19.0%
FY25
IHG 23.1%
TNL 13.8%
IHG
TNL
Free cash flow
FY16
IHG $678M
TNL $846M
FY17
IHG $572M
TNL $879M
FY18
IHG $663M
TNL $343M
FY19
IHG $578M
TNL $344M
FY20
IHG $111M
TNL $305M
FY21
IHG $619M
TNL $511M
FY22
IHG $592M
TNL $390M
FY23
IHG $865M
TNL $276M
FY24
IHG $695M
TNL $383M
FY25
IHG $870M
TNL $523M
IHG
TNL
Return on capital
FY16
IHG —
TNL —
FY17
IHG —
TNL —
FY18
IHG —
TNL —
FY19
IHG —
TNL —
FY20
IHG —
TNL −1.9%
FY21
IHG —
TNL 10.8%
FY22
IHG —
TNL 11.5%
FY23
IHG —
TNL 13.5%
FY24
IHG —
TNL 12.0%
FY25
IHG —
TNL 8.5%
IHG
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.