MoatScopeMoatScope

Travel & Leisure

Hotels, cruise lines, online travel, resorts, theme parks and fitness clubs.

Companies
64
With a moat
48%
Average quality
34
5 wide moat · 25 narrow moat · 33 no moat · Open in screener →
Updated 27 Sep 2026

Travel & Leisure covers hotels, online travel, cruise lines, ski and mountain resorts and live venues. MoatScope covers 67 companies here. Five have a wide moat, 27 a narrow moat and 35 none.

How the industry makes money

The industry mixes asset-light and asset-heavy models. Hotel franchisors such as Marriott and Hilton earn fees for their brands and loyalty programs while owners carry the buildings. Online travel companies earn commissions on bookings. Cruise lines and resorts own their ships and mountains and earn on every guest.

Where the moats are

Brands appear in 24 of the 32 moat-rated companies, switching costs in 14 and network effects in 11, from loyalty programs and booking platforms.

  • Marriott and Hilton: the largest hotel brand families, whose loyalty programs draw travelers and whose travelers draw owners.
  • Booking Holdings: an online travel network where more properties attract more travelers and the reverse.
  • Vail Resorts: a network of mountain resorts in North America, Europe and Australia.
  • Sphere Entertainment: the Las Vegas Sphere, an immersive venue with no direct equivalent.

The narrow-moat group includes Airbnb, Royal Caribbean, Viking, Expedia, Trip.com, H World and Carnival. Companies without a moat include Norwegian Cruise Line.

What wears moats down

Travel demand swings with the economy and with shocks such as pandemics, new ships and hotels add capacity, and hotels push travelers to book direct rather than through online agencies.

What to watch

  • Travel demand and pricing.
  • New hotel and cruise capacity.
  • The balance between direct and online bookings.

Moat ratings and quality scores on this page update as companies report. Price versus fair value for every company in the industry is in the screener.

Markets

MoatScope splits Travel & Leisure into 4 markets. Each table ranks the businesses in one market by revenue and shows each one's share of the market's total: companies filed under this industry, the segments of companies filed elsewhere that compete in it, and the largest companies MoatScope doesn't cover, such as private companies and companies listed outside the US. Each market's total comes from a cited source and covers the geography its businesses compete in (a national market counts only US revenue). A company that runs several businesses is split by the segments it reports.

Hotels, resorts & timeshares

Hotel brands, resorts and vacation ownership.

17 businesses MoatScope covers, ranked by revenue. No reliable figure for this market's total yet, so shares aren't shown. Hotel brands report franchise fees, not the room revenue of their hotels, so a share of the accommodation market would understate them.

#BusinessRevenue
1MAR · MARRIOTT INTERNATIONAL INC /MD/$26.2B
2HLT · Hilton Worldwide Holdings Inc.$12.0B
3H · Hyatt Hotels Corp$7.1B
4IHG · INTERCONTINENTAL HOTELS GROUP PLC /NEW/$5.2B
5HGV · Hilton Grand Vacations Inc.$5.0B
6VAC · MARRIOTT VACATIONS WORLDWIDE Corp$5.0B
7TNL · Travel & Leisure Co.$4.0B
8HTHT · H World Group Ltd$3.5B
9CHH · CHOICE HOTELS INTERNATIONAL INC /DE$1.6B
10WH · WYNDHAM HOTELS & RESORTS, INC.$1.4B

Cruise lines

Ocean and river cruise operators.

Global market · $74.4B total revenue in 2025 · source: Skift Research. Shares are of the whole market, including companies MoatScope doesn't cover; company revenue is for the fiscal year closest to 2025.

#BusinessMarket shareRevenue
1CCL · CARNIVAL CORP35.8%$26.6B
2RCL · ROYAL CARIBBEAN CRUISES LTD24.1%$17.9B
3NCLH · Norwegian Cruise Line Holdings Ltd.13.2%$9.8B
4VIK · Viking Holdings Ltd8.7%$6.5B
5LIND · LINDBLAD EXPEDITIONS HOLDINGS, INC.1.0%$771M
All other companies17.1%$12.8B

Online travel & booking

Online travel agencies, travel search and booking systems.

9 businesses MoatScope covers, ranked by revenue. No reliable figure for this market's total yet, so shares aren't shown. The published total is the value of bookings, while booking sites report commissions as revenue.

#BusinessRevenue
1BKNG · Booking Holdings Inc.$26.9B
2EXPE · Expedia Group, Inc.$14.3B
3ABNB · Airbnb, Inc.$12.2B
4TCOM · Trip.com Group Ltd$8.7B
5SABR · Sabre Corp$2.8B
6GBTG · Global Business Travel Group, Inc.$2.7B
7TRIP · TripAdvisor, Inc.$1.9B
8MMYT · MakeMyTrip Ltd$978M
9NAVN · Navan, Inc.$702M

Theme parks, ski resorts, fitness & attractions

Theme parks, ski resorts, gyms, bowling and live attractions.

29 businesses MoatScope covers, ranked by revenue. No reliable figure for this market's total yet, so shares aren't shown.

#BusinessRevenue
1DIS · Walt Disney Co
Experiences · filed under Entertainment, Streaming & Games
$36.2B
2CMCSA · COMCAST CORP
Theme Parks · filed under Telecom & Cable
$9.8B
3FUN · Six Flags Entertainment Corporation/NEW$3.1B
4LTH · Life Time Group Holdings, Inc.$3.0B
5MTN · VAIL RESORTS INC$3.0B
6PRKS · United Parks & Resorts Inc.$1.7B
7SRAD · Sportradar Group AG$1.4B
8PLNT · Planet Fitness, Inc.$1.3B
9SPHR · Sphere Entertainment Co.$1.2B
10LUCK · Lucky Strike Entertainment Corp$1.2B

Companies

CompanyMoatQualityMarket
BKNG
Booking Holdings Inc.
Wide77Online travel & booking—$122.2B
ABNB
Airbnb, Inc.
Narrow65Online travel & booking—$105.1B
MAR
MARRIOTT INTERNATIONAL INC /MD/
Wide53Hotels, resorts & timeshares—$101.9B
HLT
Hilton Worldwide Holdings Inc.
Wide56Hotels, resorts & timeshares—$77.9B
RCL
ROYAL CARIBBEAN CRUISES LTD
Narrow46Cruise lines24.1%$75.4B
VIK
Viking Holdings Ltd
Narrow64Cruise lines8.7%$39.9B
CCL
CARNIVAL CORP
Narrow38Cruise lines35.8%$35.6B
EXPE
Expedia Group, Inc.
Narrow51Online travel & booking—$35.0B
TCOM
Trip.com Group Ltd
Narrow61Online travel & booking—$30.6B
IHG
INTERCONTINENTAL HOTELS GROUP PLC /NEW/
Narrow67Hotels, resorts & timeshares—$25.6B
H
Hyatt Hotels Corp
Narrow24Hotels, resorts & timeshares—$16.2B
HTHT
H World Group Ltd
Narrow62Hotels, resorts & timeshares—$14.3B
LTH
Life Time Group Holdings, Inc.
Narrow44Theme parks, ski resorts, fitness & attractions—$9.1B
NCLH
Norwegian Cruise Line Holdings Ltd.
None23Cruise lines13.2%$7.0B
NAVN
Navan, Inc.
Narrow35Online travel & booking—$6.7B
WH
WYNDHAM HOTELS & RESORTS, INC.
Narrow53Hotels, resorts & timeshares—$5.7B
MTN
VAIL RESORTS INC
Wide50Theme parks, ski resorts, fitness & attractions—$5.4B
MMYT
MakeMyTrip Ltd
Narrow49Online travel & booking—$5.1B
GBTG
Global Business Travel Group, Inc.
Narrow37Online travel & booking—$5.0B
CHH
CHOICE HOTELS INTERNATIONAL INC /DE
Narrow58Hotels, resorts & timeshares—$4.9B
ATAT
Atour Lifestyle Holdings Ltd
Narrow74Hotels, resorts & timeshares—$4.5B
SRAD
Sportradar Group AG
Narrow63Theme parks, ski resorts, fitness & attractions—$4.2B
VEST
Loan Artificial Intelligence Corp.
None9Theme parks, ski resorts, fitness & attractions—$4.0B
PLNT
Planet Fitness, Inc.
Narrow73Theme parks, ski resorts, fitness & attractions—$4.0B
TNL
Travel & Leisure Co.
Narrow50Hotels, resorts & timeshares—$4.0B
VAC
MARRIOTT VACATIONS WORLDWIDE Corp
Narrow26Hotels, resorts & timeshares—$3.8B
SPHR
Sphere Entertainment Co.
Wide32Theme parks, ski resorts, fitness & attractions—$3.7B
HGV
Hilton Grand Vacations Inc.
Narrow30Hotels, resorts & timeshares—$2.7B
LIND
LINDBLAD EXPEDITIONS HOLDINGS, INC.
None21Cruise lines1.0%$2.3B
TH
Target Hospitality Corp.
None34Hotels, resorts & timeshares—$1.5B
PRSU
Pursuit Attractions & Hospitality, Inc.
None32Theme parks, ski resorts, fitness & attractions—$1.5B
PRKS
United Parks & Resorts Inc.
Narrow48Theme parks, ski resorts, fitness & attractions—$1.5B
TRIP
TripAdvisor, Inc.
Narrow42Online travel & booking—$1.1B
FUN
Six Flags Entertainment Corporation/NEW
Narrow30Theme parks, ski resorts, fitness & attractions—$850M
SABR
Sabre Corp
Narrow30Online travel & booking—$662M
LUCK
Lucky Strike Entertainment Corp
None22Theme parks, ski resorts, fitness & attractions—$640M
TOUR
Tuniu Corp
None26Theme parks, ski resorts, fitness & attractions—$526M
ENHA
Enhanced Group Inc.
None15Theme parks, ski resorts, fitness & attractions—$454M
ISBA
ISABELLA BANK CORP
None44Theme parks, ski resorts, fitness & attractions—$277M
SERV
Serve Robotics Inc. /DE/
None21Theme parks, ski resorts, fitness & attractions—$267M
XPOF
Xponential Fitness, Inc.
None27Theme parks, ski resorts, fitness & attractions—$218M
GHG
GreenTree Hospitality Group Ltd.
None35Hotels, resorts & timeshares—$96M
PAL
Proficient Auto Logistics, Inc
None8Theme parks, ski resorts, fitness & attractions—$81M
OZVN
OZ VISION INC.
None13Theme parks, ski resorts, fitness & attractions—$73M
GAMG
Global Asset Management Group, Inc.
None18Theme parks, ski resorts, fitness & attractions—$72M
VENU
Venu Holding Corp
None13Theme parks, ski resorts, fitness & attractions—$64M
YTRA
Yatra Online, Inc.
None19Theme parks, ski resorts, fitness & attractions—$60M
HFUS
Hartford Creative Group, Inc.
None41Theme parks, ski resorts, fitness & attractions—$50M
PUSA
Aureus Greenway Holdings Inc
None12Theme parks, ski resorts, fitness & attractions—$42M
AAPI
Apple iSports Group, Inc.
None7Theme parks, ski resorts, fitness & attractions—$42M
PRKA
PARKS AMERICA, INC
None42Theme parks, ski resorts, fitness & attractions—$31M
RAVE
RAVE RESTAURANT GROUP, INC.
None53Theme parks, ski resorts, fitness & attractions—$31M
MRNO
Murano Global Investments Plc
None9Hotels, resorts & timeshares—$30M
AIFA
All In FutureTech Alliance, Inc.
None16Theme parks, ski resorts, fitness & attractions—$26M
SSGC
SafeSpace Global Corp
None20Theme parks, ski resorts, fitness & attractions—$15M
FTRKF
Fast Track Group
None21Theme parks, ski resorts, fitness & attractions—$10M
GDHG
GOLDEN HEAVEN GROUP HOLDINGS LTD.
None24Theme parks, ski resorts, fitness & attractions—$4M
PRSI
PORTSMOUTH SQUARE INC
None19Theme parks, ski resorts, fitness & attractions—$4M
BRVO
Bravo Multinational Inc.
None6Theme parks, ski resorts, fitness & attractions—$1M
HIGR
Hi-Great Group Holding Co
None2Hotels, resorts & timeshares—$1M
VIVC
VIVIC CORP.
None13Theme parks, ski resorts, fitness & attractions—$1M
BOTY
LINGERIE FIGHTING CHAMPIONSHIPS, INC.
None13Theme parks, ski resorts, fitness & attractions—$1M
MDLK
ModuLink Inc.
None7Hotels, resorts & timeshares——
TLSSD
Transportation & Logistics Systems, Inc.
—4——†—

64 companies.

Market share is a company's revenue in its main market (Market column) as a share of that market's total: every company in it, including private companies and companies listed outside the US (sources under each market above). Revenue is for the fiscal year closest to 2025, and a market that is national (such as US banking) counts only US revenue. Companies that run several businesses are split by the segments they report, and each segment counts in its own market. A dash means the market has no reliable total yet, or no revenue was reported for that year.

  • † Transportation & Logistics Systems, Inc.: Counted under TLSS.

Price versus fair value for every company is in the screener.

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