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Travel+Leisure CoTNL -2.59%82 Net-Net Working Capital is $-113.08 as of Jun. 2026. GuruFocus rates TNL with a GF Score™ of 82/100 and a GF Value™ of $59.40 (Modestly Overvalued). The stock has 8 warning signs investors should review. Among 207 Travel & Leisure companies, Travel+Leisure Co ranks worse than 483091.3% on this metric.
In calculating the Net-Net Working Capital (NNWC), Benjamin Graham assumed that a company's accounts receivable is only worth 75% its value, its inventory is only worth 50% of its value, but its liabilities have to be paid in full. In addition, Graham believed that preferred stock belongs on the liability side of the balance sheet, not as part of capital and surplus. This is a conservative way of estimating the company's value.
Travel+Leisure Co's Net-Net Working Capital for the quarter that ended in Jun. 2026 was $-113.08.
The industry rank for Travel+Leisure Co's Net-Net Working Capital or its related term are showing as below:
TNL's Price-to-Net-Net-Working-Capital is not ranked *
in the Travel & Leisure industry.
Industry Median: 6.46 * Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.
Travel+Leisure Co (NYSE:TNL) Net-Net Working Capital Explanation
One research study, covering the years 1970 through 1983 showed that portfolios picked at the beginning of each year, and held for one year, returned 29.4 percent, on average, over the 13-year period, compared to 11.5 percent for the S&P 500 Index. Other studies of Graham's strategy produced similar results.
Benjamin Graham looked for companies whose market values were less than two-thirds of their net-net value. They are collected under our Net-Net screener.
Travel+Leisure Co Net-Net Working Capital Related Terms
Travel+Leisure Co Net-Net Working Capital Historical Data
* Premium members only.
The historical data trend for Travel+Leisure Co's Net-Net Working Capital can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
TNL vs MMYT, GBTG, LIND: Net-Net Working Capital Comparison
For the Travel Services subindustry, Travel+Leisure Co's Price-to-Net-Net-Working-Capital, along with its competitors' market caps and Price-to-Net-Net-Working-Capital data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Travel+Leisure Co Price-to-Net-Net-Working-Capital vs Travel & Leisure Industry
For the Travel & Leisure industry and Consumer Cyclical sector, Travel+Leisure Co's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Travel+Leisure Co's Price-to-Net-Net-Working-Capital falls into.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
In calculating the Net-Net Working Capital (NNWC), Benjamin Graham assumed that a company's accounts receivable is only worth 75% its value, its inventory is only worth 50% of its value, but its liabilities have to be paid in full.
In addition, Graham believed that preferred stock belongs on the liability side of the balance sheet, not as part of capital and surplus. In "Security Analysis", preferred stock is dubbed "an imperfect creditorship position" that is best placed on the balance sheet alongside funded debt.
This is a conservative way of estimating the company's value.
What does a Net-Net Working Capital of $-113.08 mean?
Travel+Leisure Co (TNL) has a Net-Net Working Capital of $-113.08 as of Jun. 2026. Ben Graham defined net-net working capital as the per-share sum of cash, 75% of receivables and 50% of inventory less total liabilities. View historical data on Travel+Leisure Co According to the industry distribution chart, Travel+Leisure Co ranks #999999 out of 207 companies in the Travel & Leisure industry.
Is Travel+Leisure Co's Net-Net Working Capital too high?
Travel+Leisure Co's current Net-Net Working Capital is $-113.08. Based on the distribution chart, Travel+Leisure Co ranks #999999 out of 207 companies in the Travel & Leisure industry, which is in the bottom quartile relative to peers. Overall, Travel+Leisure Co has a GF Score™ of 82/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Travel+Leisure Co's Net-Net Working Capital compare to MMYT and GBTG?
According to the Travel & Leisure industry distribution chart, Travel+Leisure Co ranks #999999 out of 207 companies for Net-Net Working Capital. This places Travel+Leisure Co in the lower half of its industry. The industry median Net-Net Working Capital is 6.46. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Net-Net Working Capital for a Travel & Leisure company?
The median Net-Net Working Capital among Travel & Leisure companies is 6.46, based on 207 companies in the industry. Companies in the top quartile (top 25%) have a Net-Net Working Capital significantly above this median, while those in the bottom quartile fall well below. However, Net-Net Working Capital should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Net-Net Working Capital mean?
A high Net-Net Working Capital can signal that a stock is expensive relative to its fundamentals. Ben Graham defined net-net working capital as the per-share sum of cash, 75% of receivables and 50% of inventory less total liabilities. View historical data on Travel+Leisure Co For the Travel & Leisure industry, the median Net-Net Working Capital is 6.46 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Travel+Leisure Co's current Net-Net Working Capital is $-113.08. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Travel+Leisure Co stock overvalued right now?
Based on GuruFocus' analysis, Travel+Leisure Co (TNL) is currently considered Modestly Overvalued. The stock's GF Value™ is $59.40, compared to a current price of $71.10 — trading 19.7% above its estimated fair value. The current Net-Net Working Capital is $-113.08. Travel+Leisure Co's overall GF Score™ is 82/100 with 8 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Net-Net Working Capital calculated?
Net-Net Working Capital is calculated from a company's financial statements. For Travel+Leisure Co (TNL), the current Net-Net Working Capital is $-113.08 as of Jun. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Travel+Leisure Co (TNL) Overvalued in 2026?
Based on GuruFocus' analysis, Travel+Leisure Co stock appears to be overvalued.
The current stock price of $71.10 is trading 19.7% above its estimated GF Value™ of $59.40.
GuruFocus considers Travel+Leisure Co to be Modestly Overvalued.
Key valuation signals for TNL:
Net-Net Working Capital: $-113.08
GF Value™: $59.40 vs. price of $71.10 (19.7% above fair value)
No single metric tells the full story. See the TNL stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Travel+Leisure Co is a membership and leisure travel company. It provides hospitality services and travel products. The company operates in the segments of Vacation Ownership, which is the key revenue-driving segment, develops, markets and sells vacation ownership interests (VOIs) to individual consumers, provides consumer financing in connection with the sale of VOIs, and provides property management services at resorts, and Travel and Membership which operates a variety of travel businesses, including two vacation exchange brands, Vacation Ownership and Travel and Membership The majority of the revenue is earned from the United States.
82GF Score
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