Travel + Leisure Co (TNL)

Debt-to-capital ratio

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Long-term debt	US$ in thousands	—	—	—	—	5,575,000
Total stockholders’ equity	US$ in thousands	-918,000	-913,000	-801,000	-975,000	-530,000
Debt-to-capital ratio		—	—	—	—	1.11

December 31, 2023 calculation

Debt-to-capital ratio = Long-term debt ÷ (Long-term debt + Total stockholders’ equity)
= $—K ÷ ($—K + $-918,000K)
= —

The debt-to-capital ratio of Travel+Leisure Co has remained relatively stable over the past five years, ranging from 1.11 in 2019 to 1.19 in 2023 and 2022. This ratio indicates that the company's total debt represents around 118% to 119% of its total capital structure, including both debt and equity.

A debt-to-capital ratio above 1 suggests that the company has more debt than equity in its capital structure. While the stability of the ratio may indicate a consistent financing strategy, it also suggests that the company relies heavily on debt to finance its operations and investments.

Investors and creditors may monitor this ratio closely to assess the company's financial risk and leverage levels. It is essential for Travel+Leisure Co to manage its debt levels prudently to ensure its long-term financial health and stability.