OneSpaWorld Holdings Limited

OneSpaWorld Holdings Limited

OSW·NASDAQ

$23.69

-0.63%
Consumer CyclicalLeisure

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-service fitness facilities, specialized fitness classes, and personal fitness training; pain management, detoxifying programs, and body composition analyses; weight management programs and products; and medi-spa services. The company also provides its guests access to beauty and wellness brands, including ELEMIS, Kérastase, and Dysport, with various brands offered exclusively in the cruise market. As of December 31, 2021, it offered health, wellness, fitness, beauty services, treatments, and products onboard 170 cruise ships and at 52 destination resorts. The company is based in Nassau, Bahamas.

At a Glance

Live Snapshot
Market Cap$2.40B
EPS0.6900
P/E Ratio34.33
Earnings Date07/29/2026

Intrinsic Alpha Methodology

Thesis Lenses

Signal · Driver · Risk

Signal

High confidence

Valuation multiple is elevated (P/E 34.3).

Valuation inputs: P/E 34.3, earnings yield +2.9%, momentum -0.6%.

If multiples stay elevated while momentum fades, downside repricing risk rises.

Driver

High confidence

Return profile is acceptable (ROE +13.2%, ROIC +12.9%).

Profitability stack: net margin +7.4%, ROE +13.2%, ROIC +12.9%.

Quality deterioration often appears in margins before it shows up in headline EPS.

Risk

High confidence

Risk profile is balanced but has notable pressure points to monitor.

Risk factors: liabilities/assets +23.3%, momentum -0.6%, net margin +7.4%.

Higher leverage with weak momentum and thin margins can amplify drawdown severity.

osw

OneSpaWorld Holdings Limited Market vs Earnings Trajectory

OSW · NASDAQ

Loading price and EPS data...

OneSpaWorld Holdings Limited

OneSpaWorld Holdings Limited Fair Value Envelope

OSW · NASDAQ

Our analysis suggests that OSW has a fair value of HIDDEN per share in the Base Case projection. With shares currently trading at $23.69, this represents a potential HIDDEN relative to our calculated worth for OneSpaWorld Holdings Limited.

Intrinsic Value
Current Price: $23.69
3Y+21.0%
5Y-118.0%
10Y+187.0%
3Y+76.0%
5Y+695.0%
10Y+102.0%
3Y+35.0%
5Y-125.0%
10Y+381.0%
3Y+237.0%
5Y-329.0%
10Y+9.0%
3Y+243.0%
5Y-277.0%
10Y-7.0%
3Y-1.0%
5Y+1.0%
10Y+157.0%
OneSpaWorld Holdings Limited

OneSpaWorld Holdings Limited Profit Bridge

OSW · NASDAQ
Revenue961.00M
Cost of Goods Sold (855.45M)
Gross Profit105.55M
Operating Expenses (18.06M)
Operating Income87.48M
Interest Expense (5.18M)
Other Income/Expense-11.37M
Pretax Income76.11M
Income Tax (4.49M)
Net Income71.62M
Net Income
71.62M

Profitability Analysis

Gross Margin

11.0%

Thin margins leave little room for error. Cost management and pricing strategy are critical.

Operating Margin

9.1%

Acceptable margins but limited operational leverage. Operating expense control is important.

Net Profit Margin

7.5%

Moderate profitability with room for improvement. Monitor interest expenses and tax efficiency.

Effective Tax Rate

5.9%

Below-average tax rate suggests effective tax planning, favorable jurisdictions, or tax credits.

Profitability Insight

Efficient profit conversion: Minimal margin compression from gross to net indicates lean operations and favorable tax/interest environment.

10.98%
Gross Profit Margin
-34%
3Y-28.0%
5Y-173.0%
10Y+1.0%
9.10%
Operating Profit Margin
4%
3Y+229.0%
5Y-104.0%
10Y+84.0%
7.45%
Net Profit Margin
-8%
3Y-23.0%
5Y-103.0%
10Y+138.0%
13.20%
Return on Equity
3Y-9.0%
5Y-115.0%
10Y+111.0%
10.13%
Return on Assets
4%
3Y+37.0%
5Y-125.0%
10Y+87.0%
12.92%
Return on Invested Capital
18%
3Y+463.0%
5Y-132.0%
10Y+78.0%
OSW

OneSpaWorld Holdings Limited Cash Conversion Engine

OSW · NASDAQ
Net Income71.62M
Depreciation & Amortization25.33M
Stock-Based Compensation10.09M
Change in Working Capital-28.70M
Others4.28M
Capital Expenditures-15.07M
Free Cash Flow68.45M

Cash Flow Quality Analysis

FCF Conversion Rate

95.6%

Strong cash conversion. Most reported earnings translate into actual cash flow, suggesting solid fundamentals.

CapEx Intensity

18.0%

Asset-light business model. Low capital requirements leave more cash available for shareholders and growth investments.

FCF Growth Trend

-5.0%

Declining FCF warrants attention. Investigate whether due to temporary factors or fundamental deterioration.

Working Capital Impact

-$28.70M

Moderate working capital outflow. Typical for growing businesses, but ensure it's supporting revenue growth, not inefficiency.

Cash Flow Quality Insight

Asset-light with strong cash conversion: Low capital requirements combined with efficient cash generation creates significant shareholder value through dividends, buybacks, or strategic investments.

osw

OneSpaWorld Holdings Limited Funding & Solvency Profile

OSW · NASDAQ
Cash & Cash Equivalents16.08M
Net Receivables49.26M
Inventory64.05M
Other Current Assets14.68M
Total Current Assets144 M
Property, Plant & Equipment40.15M
Goodwill & Intangible Assets506.94M
Long-Term Investments0.00
Other Non-Current Assets18.40M
Total Non-Current Assets59 M
Total Assets
709.88M

Financial Health Analysis

Current Ratio

2.52x

Excellent liquidity position. The company can easily cover its short-term obligations with substantial cushion.

Debt-to-Equity Ratio

0.26x

Conservative capital structure. The company relies primarily on equity financing, indicating low financial risk.

Working Capital

87 M

Strong working capital position provides significant operational flexibility and financial cushion.

Asset Composition

20% Current

Capital-intensive business with significant long-term investments in property, equipment, or intangibles.

Financial Health Insight

Strong financial foundation: Excellent liquidity combined with conservative leverage suggests the company is well-positioned to weather economic uncertainties and fund growth opportunities.

osw

OneSpaWorld Holdings Limited Street Expectations Map

OSW · NASDAQ

Wall Street analysts project that OSW stock may rise significantly over the coming 12 months. The consensus 1-year price target stands at 27.67, with estimates ranging from a low of 26.00 to a high of 29.00.

Lowest Target
26.00
9.75%
Consensus Target
27.67
16.80%
Highest Target
29.00
22.41%

The consensus 1-year price target stands at 27.67, with estimates ranging from a low of 26.00 to a high of 29.00.

Analyst Consensus Analysis

Upside Potential

+16.8%

Strong upside potential. Consensus indicates attractive return opportunity with favorable risk-reward profile.

Analyst Agreement

10.8% spread

High analyst agreement. Narrow target range indicates strong consensus on valuation, suggesting clear investment thesis and predictable outlook.

Analyst Conviction

Very High

Strong buy conviction: High upside with tight consensus suggests compelling investment opportunity backed by analyst confidence.

Market Sentiment Insight

Monitor and evaluate: Current analyst consensus suggests limited conviction or near-term catalysts. Stay informed on company developments and reassess positioning as new information emerges.

osw

OneSpaWorld Holdings Limited Insider Positioning

OSW · NASDAQ

During the last 12 months, insiders have sold $1.40M worth of OSW shares, with no buying activity reported.

3 Months

Bought

0

0.00

Sold

57.4K

1.39M

Net Activity

-1.4M

-$1.39M

3-6 Months

Bought

0

0.00

Sold

472

9.55K

Net Activity

-10K

-$10K

6-9 Months

Bought

0

0.00

Sold

0

0.00

Net Activity

+0

+$0

9-12 Months

Bought

0

0.00

Sold

0

0.00

Net Activity

+0

+$0

Top Buyers

No buying activity

Top Sellers

1
FLI

Fluxman Leonard I

Director, 10 Percent Owner, Officer: See Remarks

51.4K shares2 transactions

$1.27M

2
MWF

Mclallen Walter Field

Director

6.5K shares2 transactions

$135K

Insider Activity Analysis

Net Insider Sentiment

Bearish

Strong bearish signal with $1.40M net selling. Heavy insider selling may indicate concerns about valuation or near-term prospects.

Buy/Sell Ratio

0.00:1

Very poor ratio. Heavy selling with minimal buying suggests insiders may be concerned about valuation or outlook.

Recent Trend (3 Months)

$1.39M

Heavy recent selling activity. Recent insider sales notably exceed purchases—may warrant investigation into company developments.

Insider Participation

High Selling

2 insider sellers vs. 0 buyers. Widespread selling across multiple insiders may signal concerns.

Insider Activity Insight

Persistent selling pressure: Consistent insider selling with weak buy/sell ratio suggests insiders may be capitalizing on current valuation. Exercise caution and review recent earnings quality and management commentary.

0.22%
Dividend Yield
-10%
3Y-
5Y-
10Y-93.0%
 

osw Dividend History

OSW
10Y CAGR +2%
Latest $0.05
Annual $0.23
5 year growth trend
Last Period: +0%