What is Travel & Leisure Co. worth?
With the base-case assumptions below, a discounted cash flow model on Travel & Leisure Co.'s reported free cash flow gives $148.98 per share. The share price was $63.66 on September 25, 2026, 57% below that value.
Inputs from the filings
Three sets of assumptions
| Case | Growth yrs 1-5 | Discount rate | Value per share | Value vs price |
|---|---|---|---|---|
| Bear | 8.0% | 10.0% | $59.02 | -7% |
| Base | 13.0% | 9.0% | $148.98 | +134% |
| Bull | 18.0% | 8.0% | $316.61 | +397% |
Sensitivity: base case value per share
| 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | |
|---|---|---|---|---|---|
| 7.0% | $216.39 | $237.32 | $262.90 | $294.88 | $335.99 |
| 8.0% | $165.82 | $179.39 | $195.43 | $214.68 | $238.21 |
| 9.0% | $128.99 | $138.27 | $148.98 | $161.47 | $176.23 |
| 10.0% | $101.04 | $107.64 | $115.12 | $123.67 | $133.53 |
| 11.0% | $79.15 | $83.98 | $89.39 | $95.48 | $102.37 |
Where the presets come from
Base: years 1 to 5 grow at Travel & Leisure Co.'s revenue growth rate over the last 5 fiscal years (13.2% a year), held between -5% and 15%. Years 6 to 10 grow halfway between that and the long-run rate of 2.5%. Future cash is discounted at 9% a year.
Bear: 5 points less growth, 2% long-run growth, 10% discount rate. Bull: 5 points more growth (at most 25%), 3% long-run growth, 8% discount rate.
Value per share = (present value of 10 years of free cash flow + present value of everything after + cash - debt) / diluted shares.
This is a model run on assumptions, not a recommendation or a price target. Small changes in the discount rate or growth move the result a lot, as the table above shows. Change them yourself in the calculator.
Adjust the assumptions
Move the sliders for growth, long-run growth and discount rate, or switch to average free cash flow, and see the value per share change.
Adjust the assumptions