OneSpaWorld Holdings Ltd (OSW)
NASDAQ:OSW
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OneSpaWorld Holdings
(NASDAQ:OSW)
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Rating:78Outperform
Price Target:
$29.00
▲(17.41% Upside)
Action:Reiterated
Date:05/04/26
The score is driven primarily by strong financial quality (debt-free TTM balance sheet, solid profitability, and robust cash generation) and supportive technical momentum (price above major moving averages with positive MACD). The main offset is valuation (P/E ~27.4 with a modest ~0.71% dividend yield), while the latest earnings call adds support via constructive growth guidance tempered by macro/geopolitical and execution risks.
Positive Factors
Debt-free balance sheet
A trailing-twelve-month debt-free position with sizable equity provides durable financial flexibility. It lowers refinancing risk through travel cycles, enables opportunistic capex or buybacks, and supports investment in growth or AI initiatives without relying on new leverage.
Negative Factors
Revenue & margin volatility
Margins and profitability have fluctuated across cycles, reflecting sensitivity to passenger volumes, ship availability and pricing actions. That structural variability means operating leverage can swing materially and makes steady margin improvement dependent on sustained demand and execution.
Read all positive and negative factors
Positive Factors
Negative Factors
Debt-free balance sheet
A trailing-twelve-month debt-free position with sizable equity provides durable financial flexibility. It lowers refinancing risk through travel cycles, enables opportunistic capex or buybacks, and supports investment in growth or AI initiatives without relying on new leverage.
Read all positive factors
OneSpaWorld Holdings Key Performance Indicators (KPIs)
OneSpaWorld Holdings (OSW) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$2.44B
Dividend Yield0.79%
Average Volume (3M)1.35M
Price to Earnings (P/E)27.4
Beta (1Y)1.00
Revenue Growth9.47%
EPS Growth18.45%
CountryUS
Employees5,191
SectorConsumer Cyclical
Sector Strength84
IndustryLeisure
Share Statistics
EPS (TTM)0.76
Shares Outstanding101,514,850
10 Day Avg. Volume2,925,607
30 Day Avg. Volume1,353,420
Financial Highlights & Ratios
PEG Ratio-20.92
Price to Book (P/B)3.94
Price to Sales (P/S)2.23
P/FCF Ratio31.27
Enterprise Value/Market Cap0.99
Enterprise Value/Revenue2.45
Enterprise Value/Gross Profit17.92
Enterprise Value/Ebitda21.37
Forecast
1Y Price Target
$28.00Price Target Upside13.36% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering5
EPS Forecast (FY)1.15
Revenue Forecast (FY)$1.03B
OneSpaWorld Holdings Business Overview & Revenue Model
Company Description
OneSpaWorld Holdings Limited operates health and wellness centers onboard cruise ships and at destination resorts worldwide. Its health and wellness centers offer services, such as traditional body, salon, and skin care services and products; self...
How the Company Makes Money
OSW generates revenue mainly by operating outsourced spa and wellness concessions for third-party hospitality partners—most prominently cruise lines—under agreements where OSW runs the onboard spa/wellness facilities. Its core revenue streams incl...
OneSpaWorld Holdings Earnings Call Summary
Earnings Call Date:Apr 29, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 05, 2026
Earnings Call Sentiment Positive
The call conveyed strong, broad-based operational momentum and record financial results: double-digit revenue growth, meaningful adjusted EBITDA improvement, expansion of medi-spa and high-value services, improved productivity and retention, and scaled AI deployments. Management provided constructive full-year and Q2 guidance. Key risks and lowlights include geopolitical uncertainty (potential softness in Europe), a decline in destination-resort revenues from closures, cost-shifting that increased administrative expenses (~48% YoY), and certain AI-driven yield initiatives and prebooking inclusions that are not yet fully implemented. Overall, positives (revenue, margins, product expansion, AI adoption, liquidity access and capital returns) materially outweigh the noted headwinds and execution/time risks.Positive Updates
Record Revenues and Profitability
Total revenues increased 13% year-over-year to $247.6 million; adjusted EBITDA rose 21% to $32.2 million; income from operations increased 36% to $22.9 million; net income increased 40% to $21.3 million, marking the company's 20th consecutive quarter of record total revenues and adjusted EBITDA.
Negative Updates
Geopolitical Risk and Potential Europe Demand Softness
Management flagged potential softness in North American-to-Europe demand and noted cancellations and industry price cuts (notably in late March for some banners), which could pressure back-half bookings and passenger mix; guidance states the company has considered these risks but uncertainty remains.
Read all updates
Q1-2026 Updates
Positive
Negative
Record Revenues and Profitability
Total revenues increased 13% year-over-year to $247.6 million; adjusted EBITDA rose 21% to $32.2 million; income from operations increased 36% to $22.9 million; net income increased 40% to $21.3 million, marking the company's 20th consecutive quarter of record total revenues and adjusted EBITDA.
Read all positive updates
Company Guidance
OneSpaWorld guided Q2 FY2026 total revenue of $257.0–$262.0 million and adjusted EBITDA of $32.5–$34.5 million (midpoints $259.5M and $33.5M), which the company said implies ~10% growth at the midpoints, and full‑year 2026 total revenue of $1.014–$1.034 billion and adjusted EBITDA of $129–$139 million (midpoints $1.024B and $134M), implying ~9% growth at the midpoints; the Q2 commentary noted these comparisons exclude results of exited/reorganized operations. Management also reminded investors that fiscal 2025 included $23 million of revenue related to U.K./Italy reorganizations and Asia exits, and highlighted quarter‑end liquidity and capital‑allocation metrics (cash $17.3M, $67.3M total liquidity including a $50M revolver, total debt $82.8M, $5.1M dividend paid, $1.3M term‑loan paydown, and $37.5M remaining on a $75M repurchase program), saying the guidance reflects current momentum while acknowledging a dynamic operating environment.OneSpaWorld Holdings Financial Statement Overview
Summary
Income Statement
82
Very Positive
Balance Sheet
88
Very Positive
Cash Flow
76
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 989.00M | 961.00M | 895.02M | 794.04M | 546.26M | 144.03M |
| Gross Profit | 135.02M | 105.55M | 149.46M | 127.04M | 83.57M | 8.45M |
| EBITDA | 113.22M | 106.62M | 111.18M | 38.94M | 91.89M | -32.14M |
| Net Income | 77.68M | 71.62M | 72.86M | -2.97M | 53.16M | -68.52M |
Balance Sheet | ||||||
| Total Assets | 709.88M | 707.10M | 746.42M | 706.14M | 717.43M | 688.87M |
| Cash, Cash Equivalents and Short-Term Investments | 16.08M | 16.31M | 57.44M | 27.70M | 32.06M | 30.94M |
| Total Debt | 0.00 | 102.77M | 112.74M | 170.63M | 227.13M | 230.46M |
| Total Liabilities | 148.13M | 164.52M | 191.93M | 272.07M | 351.63M | 394.96M |
| Stockholders Equity | 561.75M | 542.58M | 554.50M | 434.07M | 365.81M | 293.90M |
Cash Flow | ||||||
| Free Cash Flow | 64.78M | 68.45M | 72.06M | 57.96M | 19.94M | -37.97M |
| Operating Cash Flow | 82.51M | 83.52M | 78.80M | 63.38M | 24.76M | -35.10M |
| Investing Cash Flow | -18.04M | -16.72M | -6.74M | -5.42M | -4.83M | -2.87M |
| Financing Cash Flow | -70.89M | -107.92M | -42.21M | -62.66M | -18.72M | 27.47M |
OneSpaWorld Holdings Technical Analysis
Positive
24.70
Price Trends
23.49
Positive
22.24
Positive
21.72
Positive
Market Momentum
0.05
Positive
51.27
Neutral
60.38
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For OSW, the sentiment is Positive. The current price of 24.7 is above the 20-day moving average (MA) of 24.05, above the 50-day MA of 23.49, and above the 200-day MA of 21.72, indicating a neutral trend. The MACD of 0.05 indicates Positive momentum. The RSI at 51.27 is Neutral, neither overbought nor oversold. The STOCH value of 60.38 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for OSW.
OneSpaWorld Holdings Risk Analysis
OneSpaWorld Holdings disclosed 31 risk factors in its most recent earnings report. OneSpaWorld Holdings reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
OneSpaWorld Holdings Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | $2.44B | 27.43 | 14.09% | 0.79% | 9.47% | 18.45% | |
74 Outperform | $7.14B | 16.96 | 12.64% | ― | 12.73% | 73.50% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
61 Neutral | $2.47B | 17.11 | -6.18% | ― | -3.26% | ― | |
54 Neutral | $4.13B | 28.70 | -69.35% | ― | 14.41% | 31.33% | |
53 Neutral | $1.73B | -11.84 | -35.46% | ― | -3.55% | -29.18% | |
42 Neutral | $253.90M | -77.46 | 14.36% | ― | -5.80% | 32.11% |
* Consumer Cyclical Sector Average
OSW
OneSpaWorld Holdings
23.99
5.65
30.84%
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36.78
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PLNT
Planet Fitness
52.05
-53.35
-50.62%
PTON
Peloton Interactive
5.71
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-24.57%
XPOF
Xponential Fitness
5.71
-3.44
-37.60%
LTH
Life Time Group Holdings
32.07
3.27
11.35%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.