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OneSpaWorld Holdings
(NASDAQ:OSW)
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Rating:74Outperform
Price Target:
$32.00
▲(29.55% Upside)
Action:Reiterated
Date:06/05/26
OSW scores well primarily on strong financial performance (debt-free TTM balance sheet, solid profitability, and healthy cash generation) and a positive earnings-call outlook with continued growth guidance and operational momentum. The score is tempered by a relatively expensive valuation (P/E ~31 with a low ~0.8% yield) and a largely neutral technical picture with subdued momentum indicators.
Positive Factors
Balance Sheet Strength
OneSpaWorld’s TTM debt-free position and sizable equity base materially reduce financial risk and increase strategic optionality. A conservative capital structure supports investment in fleet rollouts, share buybacks and dividends, and provides resilience through cruise-demand cycles.
Negative Factors
Free Cash Flow Momentum
Although absolute free cash flow is positive, recent negative FCF growth signals weakening cash conversion or elevated investments. If the trend persists it could constrain capital returns, limit reinvestment capacity, or necessitate balance‑sheet adjustments during weaker cruise cycles.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance Sheet Strength
OneSpaWorld’s TTM debt-free position and sizable equity base materially reduce financial risk and increase strategic optionality. A conservative capital structure supports investment in fleet rollouts, share buybacks and dividends, and provides resilience through cruise-demand cycles.
Read all positive factors
OneSpaWorld Holdings Key Performance Indicators (KPIs)
Any
Revenue by Type
Breaks revenue into major types such as services (spa treatments, wellness programs, managed operations) versus product sales (retail skincare, packaged goods), highlighting differences in margin and predictability. The mix matters because services tend to be tied to guest volumes while products can scale differently and offer higher or lower margins.
Breaks revenue into major types such as services (spa treatments, wellness programs, managed operations) versus product sales (retail skincare, packaged goods), highlighting differences in margin and predictability. The mix matters because services tend to be tied to guest volumes while products can scale differently and offer higher or lower margins.
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The Fly
The FlyOneSpaWorld Holdings (OSW) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$2.91B
Dividend Yield0.79%
Average Volume (3M)623.14K
Price to Earnings (P/E)37.7
Beta (1Y)0.99
Revenue Growth9.47%
EPS Growth18.45%
CountryUS
Employees5,395
SectorConsumer Cyclical
Sector Strength84
IndustryLeisure
Share Statistics
EPS (TTM)0.76
Shares Outstanding101,514,850
10 Day Avg. Volume582,550
30 Day Avg. Volume623,139
Financial Highlights & Ratios
PEG Ratio-21.04
Price to Book (P/B)3.94
Price to Sales (P/S)2.23
P/FCF Ratio31.27
Enterprise Value/Market Cap0.96
Enterprise Value/Revenue2.82
Enterprise Value/Gross Profit20.69
Enterprise Value/Ebitda23.29
Forecast
1Y Price Target
$30.00Price Target Upside21.46% 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 in the United States and internationally. It offers massage and body care services and therapies, and aesthetics treatments; medi-spa...
How the Company Makes Money
OSW primarily makes money by operating spas and wellness facilities under agreements with cruise lines (and, in some cases, destination resorts), earning revenue from (1) service fees paid by guests for spa and wellness treatments (e.g., massage, ...
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 | 119.95M | 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 | 92.61M | 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
24.97
Positive
23.68
Positive
22.24
Positive
Market Momentum
1.10
Negative
69.82
Neutral
68.74
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 below the 20-day moving average (MA) of 26.44, below the 50-day MA of 24.97, and above the 200-day MA of 22.24, indicating a bullish trend. The MACD of 1.10 indicates Negative momentum. The RSI at 69.82 is Neutral, neither overbought nor oversold. The STOCH value of 68.74 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 |
|---|---|---|---|---|---|---|---|
74 Outperform | $2.91B | 37.74 | 14.09% | 0.79% | 9.47% | 18.45% | |
74 Outperform | $9.08B | 23.19 | 12.64% | ― | 12.73% | 73.50% | |
62 Neutral | $2.28B | 18.07 | -35.46% | ― | -3.55% | -29.18% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
61 Neutral | $2.49B | 101.23 | -6.18% | ― | -3.26% | ― | |
60 Neutral | $4.25B | 19.30 | -69.35% | ― | 14.41% | 31.33% | |
44 Neutral | $301.47M | -4.91 | 14.36% | ― | -5.80% | 32.11% |
* Consumer Cyclical Sector Average
OSW
OneSpaWorld Holdings
28.68
7.48
35.28%
PRKS
United Parks & Resorts
48.44
-0.57
-1.16%
PLNT
Planet Fitness
53.45
-54.30
-50.39%
PTON
Peloton Interactive
5.75
-0.89
-13.40%
XPOF
Xponential Fitness
6.78
-2.65
-28.10%
LTH
Life Time Group Holdings
40.81
11.61
39.76%
OneSpaWorld Holdings Corporate Events
Executive/Board ChangesShareholder Meetings
OneSpaWorld Shareholders Approve Proposals at 2026 Meeting
Positive
Jun 4, 2026
On June 3, 2026, OneSpaWorld Holdings Limited held its 2026 Annual Meeting of Shareholders, with approximately 96% of eligible common shares represented, reflecting strong shareholder engagement. All director nominees were elected, although direct...
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.