# OneSpaWorld Holdings (OSW.US)

Canonical: https://gigainvestors.com/s/OSW

Analysis as of: 2026-10-16T07:30:59.258Z. Financial observations: FY2016–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $23.91 per share; close as of 2026-10-15.

Estimated value: low $9.46 per share, central $10.74 per share, high $12.44 per share. Buy at or below the central value $10.74 per share. Valuation as of 2026-10-16T07:30:59.258Z; scenarios are not confidence intervals.

Expected annual return: 6.1% at the stated quote. About 6.1% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: fail

- 1 revenue decline in the last 10 years (informational)

- more than 2 net loss years

- negative average operating margin

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 4

- Operating margin variation: 3.31×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.08×

- FY2018: 0.09×

- FY2019: -0.02×

- FY2020: -2.19×

- FY2021: -0.36×

- FY2022: 0.03×

- FY2023: 0.07×

- FY2024: 0.09×

- FY2025: 0.09×

- LTM to Jun 2026: 0.09×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 8.3%

- ROIC, second-lowest year: -8.3%

- Typical minus recent gross margin: 1.1 pp

- Typical gross margin (annual median): 12.0%

- Recent gross margin (lower of latest and 3-year median): 11.0%

- Years with nonpositive capital: 0

- Capital spending / revenue: 0.8%

- ROIC including acquisitions, ten-year median: 8.6%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 9.1%

- FY2017: 18.6%

- FY2018: 26.1%

- FY2019: -2.3%

- FY2020: -34.0%

- FY2021: -8.3%

- FY2022: 2.7%

- FY2023: 7.4%

- FY2024: 12.1%

- FY2025: 13.3%

### economics: pass

- Owner earnings / net income, 5-yr: 1.65×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $208M

- Net income, five-year total: $126M

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -0.1 pp

- Working capital / revenue, change between three-year averages: -1.0 pp

- Working capital / revenue, final three-year average: 7.3%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 0.71×

- FY2022: 1.33×

- FY2023: -4.59×

- FY2024: 1.24×

- FY2025: 1.14×

### management: pass

- Historical market-dollar context (not the management verdict): 2017 to 2025 (8 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 18.6% vs 12.1%

- Per-share earnings: 0.21 to 0.69 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 6.9%

- Market cap gain: $1.5B

- Cumulative retained earnings: -$253M

- Diluted shares, 5-year annual growth: 6.9%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 18.3%

- Per-share value change: $0.48

- Per-share value, starting three-year median: $0.21

- Per-share value, ending three-year median: $0.69

- Buybacks concentrated in cheaper years (correlation): 0.50

- Average buyback yield: 1.7%

- Buyback history: 3 years

- Debt-funded buybacks: No

- Cumulative net income, 10 years: -$167M

- ROIC, first three-year median: 18.6%

- ROIC, last three-year median: 12.1%

Chart: Earnings per share; fiscal year observations.

- FY2016: $0.21

- FY2017: $0.49

- FY2018: $0.16

- FY2019: -$0.81

- FY2020: -$3.87

- FY2021: -$0.76

- FY2022: $0.56

- FY2023: -$0.03

- FY2024: $0.69

- FY2025: $0.69

### accounting: pass

- Sloan accruals: -1.7%

- Receivables to sales index (DSRI): 0.96×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 12.1%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.17×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.94×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -22.5%

- FY2017: -14.6%

- FY2018: -8.3%

- FY2019: -5.9%

- FY2020: -35.8%

- FY2021: -4.9%

- FY2022: 4.0%

- FY2023: -9.4%

- FY2024: -0.8%

- FY2025: -1.7%

## Holders

- [John Rogers](https://gigainvestors.com/AI): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Price needs cash profits to grow 11.1% a year for ten years · "OneSpaWorld Keeps Turning Cruise Demand Into Record Earnings" (finance.yahoo.com, Aug 2026) · sales +5%

Story as of 2026-10-16T09:59:21.140Z; price observation 2026-10-15.

Price needs cash profits to grow 11.1% a year for ten years

- 2025-07-30: OneSpaWorld raises 2025 adjusted EBITDA guidance to $117M–$127M as AI initiatives advance ([seekingalpha.com](https://seekingalpha.com/news/4474504-onespaworld-raises-2025-adjusted-ebitda-guidance-to-117m-127m-as-ai-initiatives-advance?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

- 2026-01-12: OneSpaWorld lowers Q4, FY25 revenue outlook, sets preliminary FY26 view ([seekingalpha.com](https://seekingalpha.com/news/4538359-onespaworld-lowers-q4-fy25-revenue-outlook-sets-preliminary-fy26-view?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

### Sales · FY2025–2026

sales +5%; source https://www.sec.gov/Archives/edgar/data/1758488/000119312526062456/osw-20251231.htm; observed 2026-02-23.

- FY2017: $507M 

- FY2018: $541M 

- FY2019: $562M 

- FY2020: $121M 

- FY2021: $144M 

- FY2022: $546M 

- FY2023: $794M 

- FY2024: $895M 

- FY2025: $961M 

- FY2026: $1.0B 

### Gross margin · FY2025

gross margin 11%; source https://www.sec.gov/Archives/edgar/data/1758488/000119312526062456/osw-20251231.htm; observed 2026-02-23.

- FY2016: 10.9% 

- FY2017: 13.1% 

- FY2018: 14.4% 

- FY2019: 7.7% 

- FY2021: 5.9% 

- FY2022: 15.3% 

- FY2023: 16.0% 

- FY2024: 16.7% 

- FY2025: 11.0% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in leisure; annual sales are USD 961 million.

- Source: https://www.sec.gov/Archives/edgar/data/1758488/000119312526062456/osw-20251231.htm (filed 2026-02-23); FY2025: revenue 961001000; grossProfit 105548000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); OSW.US: 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 services; and acupuncture, electric stimulation acupuncture, LED therapy, cupping, posture and gait analysis, and therapy for recovery. The company also provides fitness centers, and personalized training services and consultation; personal nutritional and dietary consultation, weight management, nutrition coaching and detoxification; hot and cold hydro-therapies and related amenities, such as thermal loungers, infrared saunas, snow rooms, laconiums, caldarium chambers, and hammams, as well as cold plunge pools, large therapeutic jacuzzis, and rooms surrounding occupants with layers of body cleansing salt crystals. In addition, the company offers products under the ELEMIS, Grown Alchemist, Kerastase, Keratin Complex, Thermage, Dysport, GoodFeet arch supports, Hyperice, and Megawhite teeth whitening brands. OneSpaWorld Holdings Limited was founded in 2017 and is based in Nassau, Bahamas.

### Why customers stay

Margins ranged from 11% to 16.7% during 2023–25; it earns 8.3% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-23); FY2023: grossProfit / revenue = 16%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-23); FY2024: grossProfit / revenue = 16.7%.

- Source: https://www.sec.gov/Archives/edgar/data/1758488/000119312526062456/osw-20251231.htm (filed 2026-02-23); FY2025: grossProfit / revenue = 11%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-23); 10-year return on capital observations [[2016,0.0914375025392723],[2017,0.18558022683227135],[2018,0.26124462686523636],[2019,-0.023034456422579265],[2020,-0.34029820953990947],[2021,-0.0833506949370321],[2022,0.026677018801777842],[2023,0.07417066441129166],[2024,0.12136002184886542],[2025,0.1326385868423804]]; median 0.08280408347528198. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Reinvests 2% of cash earnings; paid dividends in 8 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-23); FY2016: growth capex 0; upkeep 3081000; owner earnings 24706000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-23); FY2017: growth capex 0; upkeep 2683000; owner earnings 38263000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-23); FY2018: growth capex 0; upkeep 4983000; owner earnings 14958000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-23); FY2022: growth capex 0; upkeep 4825000; owner earnings 70687000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-23); FY2023: growth capex 0; upkeep 5415000; cash acquisitions 0; owner earnings 13651000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-23); FY2024: growth capex 0; upkeep 6743000; cash acquisitions 0; owner earnings 90397000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/1758488/000119312526062456/osw-20251231.htm (filed 2026-02-23); FY2025: growth capex 0; upkeep 15073000; cash acquisitions 1643000; owner earnings 81877000. Growth capex plus acquisitions / owner earnings = 0.020066685393944576.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-23); Dividend observations: [[2016,70348000],[2017,60893000],[2018,15690000],[2019,4262000],[2020,2445000],[2021,0],[2022,0],[2023,53616000],[2024,8331000],[2025,17465000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1758488/000119312526062456/osw-20251231.htm (filed 2026-02-23); FY2025: cash repurchases 75441000 USD.

### Are managers owners

Insiders own 3.6% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); OSW.US SharesStats.PercentInsiders = 3.615 percentage points; cache date 2026-10-15.

### What the price says

The price assumes cash profits grow 11.1% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-23); Ten-year compound average after fade. Initial solved rate 0.14699367141018077. Price 23.91; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03.  Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2017-11: $9.50 per share

- 2017-12: $9.56 per share

- 2018-01: $9.56 per share

- 2018-02: $9.55 per share

- 2018-03: $9.59 per share

- 2018-04: $9.64 per share

- 2018-05: $9.63 per share

- 2018-06: $9.76 per share

- 2018-07: $9.75 per share

- 2018-08: $9.80 per share

- 2018-09: $9.76 per share

- 2018-10: $9.90 per share

- 2018-11: $10.05 per share

- 2018-12: $10.01 per share

- 2019-01: $10.15 per share

- 2019-02: $10.23 per share

- 2019-03: $13.66 per share

- 2019-04: $13.58 per share

- 2019-05: $12.51 per share

- 2019-06: $15.50 per share

- 2019-07: $15.66 per share

- 2019-08: $15.70 per share

- 2019-09: $15.53 per share

- 2019-10: $15.55 per share

- 2019-11: $16.33 per share

- 2019-12: $16.84 per share

- 2020-01: $15.01 per share

- 2020-02: $12.22 per share

- 2020-03: $4.06 per share

- 2020-04: $6.51 per share

- 2020-05: $6.54 per share

- 2020-06: $4.77 per share

- 2020-07: $5.56 per share

- 2020-08: $6.93 per share

- 2020-09: $6.50 per share

- 2020-10: $6.21 per share

- 2020-11: $8.84 per share

- 2020-12: $10.14 per share

- 2021-01: $9.49 per share

- 2021-02: $10.91 per share

- 2021-03: $10.65 per share

- 2021-04: $10.66 per share

- 2021-05: $11.21 per share

- 2021-06: $9.69 per share

- 2021-07: $9.88 per share

- 2021-08: $10.50 per share

- 2021-09: $9.97 per share

- 2021-10: $10.80 per share

- 2021-11: $9.43 per share

- 2021-12: $10.02 per share

- 2022-01: $10.32 per share

- 2022-02: $10.34 per share

- 2022-03: $10.20 per share

- 2022-04: $10.04 per share

- 2022-05: $9.40 per share

- 2022-06: $7.17 per share

- 2022-07: $7.21 per share

- 2022-08: $8.81 per share

- 2022-09: $8.40 per share

- 2022-10: $9.07 per share

- 2022-11: $9.97 per share

- 2022-12: $9.33 per share

- 2023-01: $10.51 per share

- 2023-02: $11.59 per share

- 2023-03: $11.99 per share

- 2023-04: $12.00 per share

- 2023-05: $10.43 per share

- 2023-06: $12.10 per share

- 2023-07: $12.85 per share

- 2023-08: $11.44 per share

- 2023-09: $11.22 per share

- 2023-10: $10.48 per share

- 2023-11: $12.05 per share

- 2023-12: $14.10 per share

- 2024-01: $13.63 per share

- 2024-02: $13.04 per share

- 2024-03: $13.23 per share

- 2024-04: $12.72 per share

- 2024-05: $15.55 per share

- 2024-06: $15.37 per share

- 2024-07: $16.09 per share

- 2024-08: $15.87 per share

- 2024-09: $16.51 per share

- 2024-10: $17.51 per share

- 2024-11: $18.99 per share

- 2024-12: $19.90 per share

- 2025-01: $21.36 per share

- 2025-02: $19.08 per share

- 2025-03: $16.79 per share

- 2025-04: $16.70 per share

- 2025-05: $18.86 per share

- 2025-06: $20.39 per share

- 2025-07: $22.12 per share

- 2025-08: $22.57 per share

- 2025-09: $21.14 per share

- 2025-10: $23.27 per share

- 2025-11: $20.42 per share

- 2025-12: $20.74 per share

- 2026-01: $19.65 per share

- 2026-02: $21.53 per share

- 2026-03: $22.95 per share

- 2026-04: $24.66 per share

- 2026-05: $23.75 per share

- 2026-06: $28.24 per share

- 2026-07: $25.76 per share

- 2026-08: $24.83 per share

- 2026-09: $22.49 per share

- 2026-10: $23.91 per share

## Annual estimated value (USD per share)

- FY2020: low $1.02 per share, central $1.09 per share, high $1.18 per share

- FY2024: low $1.98 per share, central $2.20 per share, high $2.49 per share

- FY2025: low $8.63 per share, central $9.82 per share, high $11.41 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1758488/000119312526062456/osw-20251231.htm); period 2025-12-31, filed 2026-02-23.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.