One-glance verdict
Undervalued
$25.80 our estimate vs market $0.90
97% below our estimate, below the bear case
Fundamentals snapshot
XWELL, Inc.
XWEL · NCM · Healthcare · Diagnostics & Research
Current price
$0.90
52-week range
$0.26 - $2.20
Market cap
$7.73M
Balance sheet
Healthy
-69.82x Concerning
Net cash $4.49M. Interest coverage shows how many times profit covers the interest bill.
What stands out
1 Reward
1 Risk
1 rewards · 1 risks
- Reward Free cash flow was positive in 1/10 years.
- Risk Return on equity was -361.4% last year — the company lost money on shareholders' equity.
What this company does
XWELL, Inc.
XWELL provides health and wellness services to people in transit, primarily through its XpresSpa and XpresTest locations inside airports. The company makes money by selling spa treatments, wellness products, and medical tests to travelers and airport employees. This means its success is closely tied to the amount of passenger traffic in airports, as more travelers create more potential customers.
How the company got here
Originally a holding company for various businesses, the company acquired the airport spa brand XpresSpa in 2016 and renamed itself XpresSpa Group to focus on health and wellness. When the COVID-19 pandemic hit, it quickly adapted by launching XpresCheck to provide testing services in airports. To reflect its broader mission beyond just spas, the company rebranded to XWELL, Inc. in October 2022. In a major strategic shift, the company announced in mid-2026 that it plans to sell its main airport-based businesses, XpresSpa and XpresTest.
What it actually does
XWELL is a wellness company that has traditionally focused on travelers in airports and other transportation hubs. It provides services aimed at health, beauty, and self-care for people on the move. This includes spa services like massages and nail care, medical testing, and biosurveillance (the process of monitoring for disease outbreaks). The company also operates off-airport waxing centers.
XpresSpa
This is the company's largest and most well-known business, operating spa locations primarily in airports. Travelers pay for services like massages, manicures, pedicures, and skin care treatments to relax before or after a flight. This segment also sells travel and spa-related products. XpresSpa has historically generated the majority of the company's revenue (the total money earned from sales).
XpresTest
Born out of the pandemic, this part of the company provides medical testing services at airports. Its customers include travelers, airline crews, and airport employees who need diagnostic tests. This segment also works with the U.S. Centers for Disease Control and Prevention (CDC) on a biosurveillance program, which involves testing airplane wastewater to monitor for new viruses and other pathogens entering the country.
Naples Wax Center
This is a smaller, off-airport business that operates a chain of upscale skincare boutiques. Customers pay for face and body waxing services, similar to a traditional salon. The centers also sell related skincare and cosmetic products. This business represents the company's effort to expand its wellness services beyond travel hubs and into local communities.
What management is betting on now
The company is making a dramatic change in direction by selling its two core airport businesses, XpresSpa and XpresTest. This move, known as a divestiture (the sale of a part of a company), is intended to simplify its operations and strengthen its balance sheet (a snapshot of the company's financial health). Management plans to use the money from the sale to pivot and pursue new opportunities in the national security sector. This represents a fundamental shift away from traveler wellness and toward an entirely new industry.
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 Q3
$-3.83M
FY2024 Q4
$-4.19M
FY2025 Q1
$-4.60M
FY2025 Q2
$-3.27M
FY2025 Q3
$-3.05M
FY2025 Q4
$-748.00K
FY2026 Q1
$-4.99M
FY2026 Q2
$-4.68M
Revenue
$7.14M
Net income
$-2.24M
Diluted EPS
-0.26
Operating cash flow
$-4.51M
Free cash flow
$-4.68M
Fetching…
Sources
Revenue
$6.64M
Net income
$-11.20M
Diluted EPS
-1.51
Operating cash flow
$-4.60M
Free cash flow
$-4.99M
Fetching…
Sources
Revenue
$7.15M
Net income
$-9.28M
Diluted EPS
-3.26
Operating cash flow
$-42.00K
Free cash flow
$-748.00K
Fetching…
Sources
Revenue
$7.34M
Net income
$-724.00K
Diluted EPS
-0.26
Operating cash flow
$-2.11M
Free cash flow
$-3.05M
Fetching…
Sources
Revenue
$7.69M
Net income
$-2.27M
Diluted EPS
-0.56
Operating cash flow
$-2.39M
Free cash flow
$-3.27M
Fetching…
Sources
Revenue
$7.02M
Net income
$-4.72M
Diluted EPS
-1.00
Operating cash flow
$-4.18M
Free cash flow
$-4.60M
Fetching…
Sources
Revenue
$7.47M
Net income
$-7.59M
Diluted EPS
-1.59
Operating cash flow
$-3.46M
Free cash flow
$-4.19M
Fetching…
Sources
Revenue
$8.42M
Net income
$-4.75M
Diluted EPS
-0.99
Operating cash flow
$-3.42M
Free cash flow
$-3.83M
Fetching…
Sources
Is it cheap or expensive?
Fair value $25.80 vs current price $0.90
Our most-likely fair value is $25.80 a share — about 2,766.5% above today's price of $0.90, so the stock currently looks cheap (undervalued).
Is it drowning in debt?
Healthy
Net cash $4.5M - more cash than debt. Interest coverage -69.8x.
Net debt
$-4.49M
Interest coverage
-69.82x
XWELL, Inc.'s profit covers its interest bill about 0.0 times over. which is weaker than most peers 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
XWEL
BASELINE
XWELL, Inc.
Total debt $7.29M Interest coverage -69.82x This is the baseline the peer rows are being compared against.
Total debt $301.43M Interest coverage 1.19x This peer still has a real interest-payment cushion, while XWEL does not.
Total debt $90.85M Interest coverage 15.44x This peer still has a real interest-payment cushion, while XWEL does not.
Total debt $426.31M Interest coverage 0.73x This peer still has a real interest-payment cushion, while XWEL does not.
What you should know
The case for and against XWEL
1 Reward
1 Risk
Rewards
-
Free cash flow was positive in 1/10 years.
Risks
-
Return on equity was -361.4% last year — the company lost money on shareholders' equity.
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)
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Forward P/E
-0.34x
P/B
-4.11x
P/S
0.27x
EV/EBITDA
-1.34x
PEG ratio
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Profitability
How much profit each dollar creates
Gross margin
34.3%
Operating margin
-26.1%
Net margin
-82.9%
ROE
-361.4%
ROA
-31.4%
Health
Liquidity and balance-sheet strength
Debt / equity
0.88x
Current ratio
2.27x
Quick ratio
2.04x
Total debt
$7.29M
Total cash
$11.78M
Growth
How the business has been compounding
Revenue TTM
$28.28M
Revenue 5Y CAGR
-20.7%
EPS TTM
-5.21
EPS 5Y CAGR
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Cash flow
How much cash the business throws off
Operating CF TTM
$-11.27M
Free CF TTM
$-11.68M
FCF margin
-41.3%
Dividend
Shareholder payout
Yield
—
Payout ratio
0.0%
Last ex-div date
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