Logo

OSW

OneSpaWorld Holdings Limited

OSW

OneSpaWorld Holdings Limited • NASDAQ
$20.42 ▲ 0.15% (+0.03)
Market Cap $2.08 B
52w High $23.49
52w Low $14.21
Dividend Yield 0.17%
P/E 29.17
Volume 203.32K
Outstanding Shares 101.95M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $258.518M ▲ $13.15M ▲ $24.345M ▲ 9.417% ▲ $0.24 ▲ $37.568M ▲
Q2-2025 $240.726M ▲ $9.097M ▼ $19.94M ▲ 8.283% ▲ $0.19 ▲ $28.15M ▲
Q1-2025 $219.63M ▲ $19.342M ▼ $15.271M ▲ 6.953% ▲ $0.15 ▲ $23.016M ▼
Q4-2024 $217.206M ▼ $19.659M ▲ $14.388M ▼ 6.624% ▼ $0.14 ▼ $24.584M ▼
Q3-2024 $241.696M $16.938M $21.551M 8.917% $0.21 $31.024M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $29.556M ▼ $732.595M ▲ $179.804M ▼ $552.791M ▲
Q2-2025 $35.028M ▲ $731.818M ▲ $183.49M ▲ $548.328M ▲
Q1-2025 $22.605M ▼ $708.715M ▼ $178.151M ▼ $530.564M ▼
Q4-2024 $57.439M ▲ $746.423M ▲ $191.926M ▼ $554.497M ▲
Q3-2024 $48.795M $734.029M $193.91M $540.119M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $24.345M ▲ $33.163M ▲ $-5.598M ▼ $-32.99M ▼ $-5.472M ▼ $27.565M ▲
Q2-2025 $19.94M ▲ $20.294M ▲ $-2.729M ▼ $-5.358M ▲ $12.423M ▲ $17.565M ▲
Q1-2025 $15.271M ▲ $10.107M ▼ $-1.697M ▲ $-43.347M ▼ $-34.834M ▼ $8.41M ▼
Q4-2024 $14.388M ▼ $16.551M ▼ $-3.31M ▼ $-4.347M ▲ $8.644M ▲ $13.241M ▼
Q3-2024 $21.551M $28.605M $-1.111M $-41.403M $-13.673M $27.494M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Product
Product
 $40.00M ▲$40.00M ▲$50.00M ▲$50.00M ▲
Service
Service
 $180.00M ▲$180.00M ▲$190.00M ▲$210.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has climbed steadily over the past few years, recovering strongly from the pandemic slump and moving back into healthy growth territory. Profitability has improved meaningfully: the business shifted from sizable losses in 2020–2021 to solid operating and net profits more recently. Margins have expanded as volumes returned and costs were brought under control, suggesting good operating leverage in the model. There was a bit of noise in the earnings pattern around 2023, but the overall multi‑year trend is one of rising sales, better efficiency, and a return to consistent profitability.

Balance Sheet

Balance Sheet The balance sheet looks sturdier than a few years ago. Total assets have been relatively stable, but the mix has improved as debt has gradually come down and equity has built up. That points to a company that has been repairing its capital structure and de‑risking over time. Cash levels are modest rather than abundant, so liquidity is adequate but not excessive, and debt is now at a more comfortable level compared with the early recovery years. Overall, financial flexibility appears to be getting better, not worse.

Cash Flow

Cash Flow Cash generation has improved markedly. Operating cash flow moved from negative during the pandemic to clearly positive, and free cash flow has followed the same path. The business model is capital‑light, with only small ongoing investment needs, which helps convert earnings into cash. This gives the company more internal resources to manage debt, fund technology and service upgrades, and navigate any short‑term setbacks in cruising or resort traffic.

Competitive Edge

Competitive Edge OneSpaWorld occupies a dominant niche: outsourced spa and wellness services on cruise ships and at select resorts. It holds a very large share of the cruise market, supported by long‑term, often exclusive contracts with the major cruise lines. The asset‑light model, global recruiting and training infrastructure, and deep operational know‑how at sea create real barriers for new entrants. Partnerships with premium brands and a broad menu of wellness and medi‑spa services help the company capture more guest spending. The main structural risk is heavy dependence on the health of the cruise industry and on renewing those key contracts over time.

Innovation and R&D

Innovation and R&D Innovation is focused less on traditional R&D and more on guest experience, technology, and service design. The company uses proprietary spa management and revenue‑optimization systems, and is layering in AI and machine learning to personalize treatments, cross‑sell products, and streamline back‑office tasks. It is also pushing higher‑end medi‑spa offerings and tech‑enabled treatments, often in partnership with recognized beauty and wellness brands. These efforts aim to lift average spend per guest and deepen its differentiation, but their long‑term impact on margins and growth still needs to be proven over multiple years.

Summary

OneSpaWorld has transitioned from a pandemic‑hit operator to a growing, profitable, cash‑generating business again. Its core niche—outsourced spa and wellness services at sea—comes with a strong competitive moat built on scale, contracts, and specialized operations. Financially, earnings and cash flow trends are moving in the right direction, leverage is easing, and the capital‑light model supports solid free cash generation. Key opportunities lie in expanding higher‑value medi‑spa services and leveraging technology to boost productivity and guest spend. Key risks center on concentration in the cruise industry, sensitivity to discretionary travel and tourism, and the need to continually refresh contracts and service offerings to stay ahead of evolving consumer preferences.

NEWS

November 3, 2025 · 3:03 PM UTC

OneSpaWorld Publishes Second Annual Sustainability and Social Responsibility Report

Read more

October 29, 2025 · 6:53 AM UTC

OneSpaWorld Reports Record Third Quarter Fiscal 2025 Results

Read more

October 22, 2025 · 6:45 AM UTC

OneSpaWorld Announces Third Quarter Fiscal 2025 Financial Results on October 29, 2025

Read more