Hilton Grand Vacations vs Travel + Leisure
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KIRA’s take AI analyst
I put Hilton Grand Vacations and Travel + Leisure side by side, using each one’s latest annual report. Here is what stands out:
- 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%).
- 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 20.4x against 17.7x for Travel + Leisure.
Who comes out ahead
Of the 7 measures where higher (or lower) is clearly better, how many each company leads.
Hilton Grand Vacations
HGV
3/7
5-year growthNet debt / EBITDAShare count change
Travel + Leisure
TNL
4/7
Revenue growthNet marginFCF marginReturn on capital
Side by side
Best in the row
| Latest fiscal year | HGV FY25 | TNL FY25 |
|---|---|---|
| Size | ||
| Market cap | $2.9B | $4.2B |
| 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 | 20.4x | 17.7x |
| Piotroski F-score | — | — |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
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.