One-glance verdict
Within fair range
$24.47 our estimate vs market $30.04
Wall Street consensus: $33.00 (34.9% higher than our fair-value estimate)
23% above our estimate
Fundamentals snapshot
OneSpaWorld Holdings Limited
OSW · NCM · Consumer Cyclical · Leisure
Current price
$30.04
52-week range
$19.06 - $30.93
Market cap
$3.01B
Balance sheet
Healthy
15.44x Strong cushion
Net debt $46.41M. Interest coverage shows how many times profit covers the interest bill.
What stands out
3 Rewards
1 Risk
3 rewards · 1 risks
- Reward Revenue grew 6.9% last year.
- Reward Returns 15.1% on equity, ahead of 50% of its peers.
- Reward Free cash flow was positive in 6/10 years.
- Risk Stock trades 39.3% above its 5-year average P/E.
What this company does
OneSpaWorld Holdings Limited
OneSpaWorld Holdings Limited provides spa and wellness services, like massages and skin treatments, primarily on cruise ships and at resorts, with most of its money coming from these services. This is important because their business is directly tied to the travel and hospitality industries.
How the company got here
OneSpaWorld Holdings Limited, while officially founded in 2017, has a history that stretches back much further through its predecessor, Steiner Leisure. [5, 6] The company became publicly traded in 2019 after merging with Haymaker Acquisition Corp. [6] The global cruise industry shutdown in 2020 severely impacted OneSpaWorld's revenue, but as travel resumed, the company focused on rebuilding its operations and improving its financial performance. [6]
What it actually does
OneSpaWorld operates health and wellness centers that offer a variety of services and products. [1, 3, 4, 9, 10] These include massages, body treatments, skincare services, medi-spa treatments, acupuncture, and fitness programs. [3, 4, 9] The company also sells a range of beauty and wellness products from well-known brands. [3, 4]
Maritime and Destination Resorts
OneSpaWorld operates under a single business segment, encompassing all its health and wellness activities, whether they are on cruise ships or at land-based resorts. [1, 9] This segment offers a comprehensive suite of services, including various types of massage, body and skin treatments, fitness classes, acupuncture, and medi-spa services. [9] Additionally, the company sells premium health, wellness, fitness, and beauty products, with the primary revenue generated from services and products sold on cruise ships and at resorts. [9]
What management is betting on now
Management is focused on strengthening relationships with cruise lines and resort operators, securing new cruise ship opportunities, and expanding the range of services offered. [2] They aim to increase prices and enhance their product offerings, utilizing their expertise in staffing, logistics, and training to maintain their leading position in the travel wellness sector. [2] The company is also investing in artificial intelligence and advanced technologies to improve operations. [5] Furthermore, OneSpaWorld is prioritizing responsible business practices, employee development, data security, and community support to foster sustainable long-term growth. [5, 8]
Price history
How the share price has moved
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Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2024 Q4
$13.24M
FY2025 Q1
$8.41M
FY2025 Q2
$17.57M
FY2025 Q3
$27.57M
FY2025 Q4
$14.91M
FY2026 Q1
$4.75M
FY2026 Q2
$31.01M
FY2026 Q3
$43.60M
Revenue
$276.53M
Net income
$28.24M
Diluted EPS
0.28
Operating cash flow
$45.78M
Free cash flow
$43.60M
Fetching…
Sources
Revenue
$261.25M
Net income
$23.21M
Diluted EPS
0.23
Operating cash flow
$33.29M
Free cash flow
$31.01M
Fetching…
Sources
Revenue
$247.63M
Net income
$21.33M
Diluted EPS
0.21
Operating cash flow
$9.09M
Free cash flow
$4.75M
Fetching…
Sources
Revenue
$242.13M
Net income
$12.06M
Diluted EPS
0.12
Operating cash flow
$19.95M
Free cash flow
$14.91M
Fetching…
Sources
Revenue
$258.52M
Net income
$24.34M
Diluted EPS
0.23
Operating cash flow
$33.16M
Free cash flow
$27.57M
Fetching…
Sources
Revenue
$240.73M
Net income
$19.94M
Diluted EPS
0.19
Operating cash flow
$20.29M
Free cash flow
$17.57M
Fetching…
Sources
Revenue
$219.63M
Net income
$15.27M
Diluted EPS
0.15
Operating cash flow
$10.11M
Free cash flow
$8.41M
Fetching…
Sources
Revenue
$217.21M
Net income
$14.39M
Diluted EPS
0.13
Operating cash flow
$16.55M
Free cash flow
$13.24M
Fetching…
Sources
Is it cheap or expensive?
Fair value $24.47 vs current price $30.04
Wall Street consensus is the average analyst price target: $33.00 (34.9% higher than our fair-value estimate).
Our most-likely fair value is $24.47 a share — about 18.5% away from today's price of $30.04, so the stock currently looks fairly priced.
Is it drowning in debt?
Healthy
Net debt $46.4M. Interest coverage 15.4x.
Net debt
$46.41M
Interest coverage
15.44x
OneSpaWorld Holdings Limited's profit covers its interest bill about 15.4 times over. which is stronger than every peer shown here and 1 peers sit below 1x, which is the danger zone where profit does not fully cover the interest bill.
Healthy
Worse cushion
Baseline
Better cushion
OSW
BASELINE
OneSpaWorld Holdings Limited
Total debt $79.27M Interest coverage 15.44x This is the baseline the peer rows are being compared against.
Total debt $3.01B Interest coverage 3.65x -76% vs OSW Carries about 4.2x less debt cushion than OSW.
Total debt $7.88B Interest coverage 2.10x -86% vs OSW Carries about 7.4x less debt cushion than OSW.
Total debt $5.52B Interest coverage 3.28x -79% vs OSW Carries about 4.7x less debt cushion than OSW.
Total debt $5.16B Interest coverage 0.51x -97% vs OSW Carries about 30.1x less debt cushion than OSW.
Total debt $2.41B Interest coverage 2.74x -82% vs OSW Carries about 5.6x less debt cushion than OSW.
What you should know
The case for and against OSW
3 Rewards
1 Risk
Rewards
-
Revenue grew 6.9% last year.
-
Returns 15.1% on equity, ahead of 50% of its peers.
-
Free cash flow was positive in 6/10 years.
Risks
-
Stock trades 39.3% above its 5-year average P/E.
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
36.19x
Forward P/E
22.73x
P/B
5.27x
P/S
2.93x
EV/EBITDA
24.03x
PEG ratio
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Profitability
How much profit each dollar creates
Gross margin
13.7%
Operating margin
10.8%
Net margin
8.3%
ROE
15.1%
ROA
8.6%
Health
Liquidity and balance-sheet strength
Debt / equity
0.14x
Current ratio
2.22x
Quick ratio
1.15x
Total debt
$79.27M
Total cash
$32.86M
Growth
How the business has been compounding
Revenue TTM
$1.03B
Revenue 5Y CAGR
60.7%
EPS TTM
0.83
EPS 5Y CAGR
12.1%
Cash flow
How much cash the business throws off
Operating CF TTM
$108.12M
Free CF TTM
$68.45M
FCF margin
6.7%
Dividend
Shareholder payout
Yield
0.8%
Payout ratio
24.1%
Last ex-div date
2026-11-18