Travel + Leisure vs Wyndham Hotels & Resorts
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The short version
- Travel + Leisure is the larger business, with $4.0B of revenue in fiscal 2025 against $1.4B for Wyndham Hotels & Resorts, about 2.8 times as much.
- Travel + Leisure grew revenue faster (4.1%, against 1.5%).
- Wyndham Hotels & Resorts kept more of each dollar of sales as operating profit (28.1% operating margin, against 13.8%).
- Wyndham Hotels & Resorts turned more of its sales into free cash flow (22.5% FCF margin, against 13.0%).
- Wyndham Hotels & Resorts earned a higher return on the capital invested in it (9.9%, against 8.5%).
- Investors pay more for each dollar of Wyndham Hotels & Resorts’s earnings: a P/E of 26.5x against 17.5x for Travel + Leisure.
| Latest fiscal year | TNL · FY25 | WH · FY25 |
|---|---|---|
| Size | ||
| Market cap | $4.1B | $5.4B |
| Revenue | $4.0B | $1.4B |
| Free cash flow | $523M | $321M |
| Net income | $230M | $193M |
| Growth | ||
| Revenue growth | 4.1% | 1.5% |
| 5-year growth | 13.2% | 1.9% |
| Share count change | −5.4% | −3.6% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 13.8% | 28.1% |
| Net margin | 5.7% | 13.5% |
| FCF margin | 13.0% | 22.5% |
| Return on capital | 8.5% | 9.9% |
| Return on equity | — | 34.5% |
| Balance sheet | ||
| Net debt | $5.3B | $2.5B |
| Net debt / EBITDA | 7.9x | 5.4x |
| Dividends and buybacks | $450M | $393M |
| Valuation & quality | ||
| P/E | 17.5x | 26.5x |
| Piotroski F-score | — | 4 |
Revenue
FY16
TNL $3.7B
WH $1.3B
FY17
TNL $3.8B
WH $1.3B
FY18
TNL $3.9B
WH $1.9B
FY19
TNL $4.0B
WH $2.1B
FY20
TNL $2.2B
WH $1.3B
FY21
TNL $3.1B
WH $1.6B
FY22
TNL $3.6B
WH $1.5B
FY23
TNL $3.8B
WH $1.4B
FY24
TNL $3.9B
WH $1.4B
FY25
TNL $4.0B
WH $1.4B
TNL
WH
Operating margin
FY16
TNL 17.8%
WH 23.3%
FY17
TNL 11.5%
WH 19.5%
FY18
TNL 13.3%
WH 15.2%
FY19
TNL 20.1%
WH 15.0%
FY20
TNL −4.9%
WH −3.5%
FY21
TNL 19.7%
WH 28.5%
FY22
TNL 18.3%
WH 37.3%
FY23
TNL 19.2%
WH 36.0%
FY24
TNL 19.0%
WH 35.2%
FY25
TNL 13.8%
WH 28.1%
TNL
WH
Free cash flow
FY16
TNL $846M
WH $222M
FY17
TNL $879M
WH $232M
FY18
TNL $343M
WH $158M
FY19
TNL $344M
WH $50.0M
FY20
TNL $305M
WH $34.0M
FY21
TNL $511M
WH $389M
FY22
TNL $390M
WH $360M
FY23
TNL $276M
WH $339M
FY24
TNL $383M
WH $241M
FY25
TNL $523M
WH $321M
TNL
WH
Return on capital
FY16
TNL —
WH —
FY17
TNL —
WH —
FY18
TNL —
WH 9.4%
FY19
TNL —
WH 7.2%
FY20
TNL −1.9%
WH −1.2%
FY21
TNL 10.8%
WH 10.7%
FY22
TNL 11.5%
WH 14.2%
FY23
TNL 13.5%
WH 12.7%
FY24
TNL 12.0%
WH 13.2%
FY25
TNL 8.5%
WH 9.9%
TNL
WH
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.