TNL
Market read
The latest filing evidence is available. 0 of 2 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 4 directly disclosed connections are confirming.
Invalidation: The isolated read changes if TNL's group or a disclosed connection begins moving with it.
Research brief
The latest filing evidence is available. 0 of 2 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 4 directly disclosed connections are confirming.
Company research
Use the company’s filings to identify the few operating, demand, cost, capital and regulatory variables that determine its earnings power.
Reported annual revenue and per-share history. This is accounting history, not a forecast.
What management says matters
“Total liabilities increased by $174 million from December 31, 2025 to June 30, 2026, primarily due to: • $226 million increase in Debt primarily due to the issuance of $900 million 6.25% secured notes due June 2031, partially offset by repayment of the $650 m…”10-Q · Jul 22, 2026 ↗
“In addition to the revenue change explained above, Adjusted EBITDA was further impacted by: • $5 million of cost savings mostly due to the 2025 strategic restructuring of this segment, which focused on enhancing organizational efficiency and rationalizing ope…”10-Q · Jul 22, 2026 ↗
“These increases were partially offset by a $114 million decrease in Non-recourse vacation ownership debt driven by $119 million of net repayments, partially offset by $4 million of foreign exchange impacts.”10-Q · Jul 22, 2026 ↗
“This decrease was primarily due to $44 million paid for the acquisition of Accor Vacation Club during 2024 and $10 million of net proceeds from the sale of a building in 2025, partially offset by a $36 million increase in capital expenditures.”10-K · Feb 18, 2026 ↗
Valuation discipline
Price/sales 1.1× · EV/sales 2.4×. Comparisons use only industry-matched filing peers.
Mechanical 2.0-year scenarios are available as editable assumptions, not consensus.
Price action
Jodie does not have enough daily observations to draw a useful short-term chart for this asset. The latest quoted price was checked 11 Sept, 15:55 GMT-4; this is a coverage limitation, not a flat-price conclusion.
Developments
Jodie has not returned a relevant primary source or news item for TNL. This is an evidence-coverage gap, not a conclusion that nothing material happened.
Business and financial condition
Jodie has not returned structured SEC XBRL fundamentals for this asset. This is a coverage limitation, not an assessment of the business or its financial health.
Latest filing assessment · baseline
10-Q filed 2026-04-22 against the comparable filing from 2025-04-23.
“Total liabilities increased by $121 million from December 31, 2025 to March 31, 2026, primarily due to: • $174 million increase in Debt primarily due to $177 million of net borrowings on the revolving credit facility; and a • $28 million increase in Deferred income taxes primarily related to installment sales and inventory.”
“Excluding the impacts of foreign currency, the increase in net revenues was primarily the result of: • $37 million of increased revenues at our Vacation Ownership segment primarily due to an increase in net VOI sales resulting from an increase in VPG due to a higher mix of owner upgrade transactions which generally produce higher VPGs and increased tours; and higher VOI travel package and incentive revenues; partially offset by a decrease in commission revenues; partially offset by • $17 million of decreased revenues at our Travel and Membership segment primarily due to a decrease in transaction revenue as a result of a higher mix of Travel Club transactions which generally produce lower re...”
“The net revenue increase, excluding the foreign currency impacts, was primarily driven by: • $47 million increase in Gross VOI sales, net of Fee-for-Service sales, due to a 3.4% increase in VPG due to a higher owner upgrade transaction mix (69% in the current period compared to 68% in the same period of 2025) which generally produce higher VPGs, and a 4.9% increase in tours; and a • $5 million increase in other revenues due to higher VOI travel package and incentive revenues.”
Retrospective baseline calibration. It was generated after the filing date and is not part of Jodie's live track record.
Business ecosystem
Customers, suppliers, partners and competitors named in company filings—not inferred from headlines.
Depends on
“Legacy items include the resolution of and adjustments to certain contingent assets and liabilities related to acquisitions of continuing businesses and dispositions, including the separation of Wyndham Hotels & Resorts, Inc.”
“The Wyndham Hotels loyalty program, Wyndham Rewards, had approximately 121 million enrolled members as of September 30, 2025, many of whom fit our target new-customer demographic, providing us with a substantial customer sourcing opportunity to drive future V…”
“Legacy items include the resolution of and adjustments to certain contingent assets and liabilities related to acquisitions of continuing businesses and dispositions, including the separation of Wyndham Hotels & Resorts, Inc.”
Filing peers
Companies whose filings use similar operating language.
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What is moving around it
TNL is currently a Leader in the organic co-movement group Vacation Ownership. This group is discovered from market behaviour rather than assigned from an industry taxonomy. 3 filing-linked names are in the relationship map; none is currently confirmed as moving with the group.
Context history
No durable theme membership has been observed for this name yet.