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Operates spa, fitness and beauty services onboard cruise ships and at land-based destination resorts.
Operates spa, fitness and beauty services onboard cruise ships and at land-based destination resorts.
Holds exclusive concessions on cruise ships, selling treatments, fitness and beauty products to passengers and paying the cruise line a commission or fee for the space, so passenger numbers and onboard spending drive it. It was formed in 2019 by merging with a blank-check company.
Moat: narrow (scale, distribution, installed base). Long-term exclusive service contracts with major cruise lines create high switching costs for the cruise operators.
Headquarters: Nassau, Bahamas · Founded: 2004 · Employees: 5,395
Size OneSpaWorld (OSW) is a United States Consumer Discretionary company (Other Consumer Services) with a market value of $3.12B, the 1520th largest of 3,117 United States companies the cockpit tracks. Shares closed at $31.13 on 6 Nov 2026.
Performance Over six months the shares gained 25.4%, against -1.8% for the median peer and -1.1% for the United States market (cap-weighted) — 6th highest of 21 in its peer set.
Growth Revenue grew 9.8% over the last twelve months (peer median +10.5%); the operating margin is 9.7% (peer median 13.3%).
Valuation It trades at 24.5× forward earnings against a peer median of 12.0× (2nd most expensive of 20).
Price implies For today's price to make sense, revenue must grow about 20% a year for seven years (Req g). Recent delivered growth is +51%, so the hurdle is -32 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 3.7 points above its cost of capital (9.0% WACC).
Next results Next results expected around 3 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $1.03B | $961M | $895M | $794M | $546M |
| Revenue growth | — | +7% | +13% | +45% | — |
| Gross profit | $125M | $106M | $97.3M | $73.4M | $30.9M |
| EBITDA | $131M | $113M | $103M | $78.3M | $37.8M |
| Net income | $84.8M | $71.6M | $72.9M | -$2.97M | $53.2M |
| Free cash flow | $94.3M | $68.4M | $72.1M | $58.0M | $19.9M |
| Capital expenditure | $13.9M | $15.1M | $6.74M | $5.42M | $4.83M |
| Total debt | $79.3M | $94.4M | $113M | $171M | $227M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | OSW | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +32.5% | +4.6% | 2nd highest of 21 |
| 6-month return | +25.4% | -1.8% | 6th highest of 21 |
| Distance from 52-week high | -1.7% | -24.4% | highest of 21 |
| Revenue growth (TTM) | +9.8% | +10.5% | 11th highest of 21 |
| Operating margin | 9.7% | 13.3% | 7th lowest of 21 |
| Forward P/E | 24.5× | 12.0× | 2nd most expensive of 20 |
| Growth the price implies (Req g, 7 yrs) | 19.5% | 5.6% | 2nd most demanding of 19 |
| Growth delivered (Del g) | +51.4% | +14.9% | highest of 19 |
| Hurdle (Req g minus delivered) | -31.9 pp | -15.7 pp | 3rd least demanding of 19 |
| ROIC minus cost of capital | +3.7 pp | +5.2 pp | 10th lowest of 20 |
| EV / EBITDA | 24.2× | 9.7× | most expensive of 20 |
| Net debt / EBITDA | 0.4× | 1.4× | 8th least indebted of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| OneSpaWorld OSW | United States | $3.12B | +25% | +10% | 10% | 24.5× | 19.5% | +51.4% |
| Stride LRN | United States | $3.15B | -15% | +2% | 19% | 9.5× | -19.1% | +10.4% |
| Ferrotec (An Hui) Technology Development 301297.SZ | China | $3.21B | -30% | +37% | 10% | n/a | n/a | n/a |
| Tongcheng Travel 0780.HK | Hong Kong | $3.38B | -37% | +15% | 17% | 6.1× | -15.0% | +25.8% |
| Jet2 JET2.L | United Kingdom | $3.61B | +34% | +4% | 6% | 11.1× | n/a | n/a |
| Covista CVSA | United States | $3.67B | -18% | +9% | 20% | 12.0× | -3.7% | +16.6% |
| Marriott Vacations Worldwide VAC | United States | $3.80B | +43% | +5% | 11% | 11.4× | 7.7% | +11.8% |
| Indian Railway Catering & Tourism IRCTC.NS | India | $3.87B | -20% | +15% | 30% | 24.2× | 28.7% | +46.4% |
| Peloton Interactive PTON | United States | $2.50B | -1% | -2% | 9% | 18.7× | 7.2% | -9.5% |
| Boyd Group Services BYD.TO | Canada | $2.48B | -24% | +16% | 5% | 22.1× | 9.4% | +16.0% |
| Tui TUI1.DE | Germany | $4.31B | +17% | -2% | 4% | 7.4× | -2.0% | +24.9% |
| Basic-Fit BFIT.AS | Netherlands | $2.23B | +2% | +18% | 12% | 22.0× | 6.5% | +30.4% |
| Valvoline VVV | United States | $4.44B | -2% | +16% | 18% | 19.4× | 10.3% | -6.2% |
| Planet Fitness PLNT | United States | $4.56B | +31% | +13% | 31% | 17.3× | 4.8% | +26.6% |
| Kakaku.com 2371.T | Japan | $4.63B | +42% | +17% | 27% | 31.3× | 4.6% | +13.0% |
| Driven Brands DRVN | United States | $1.96B | -11% | -11% | 15% | 9.6× | 3.3% | +15.5% |
| Park24 4666.T | Japan | $1.93B | -2% | +4% | 10% | 6.8× | -5.2% | +8.6% |
| Graham GHC | United States | $5.05B | +7% | +4% | 6% | 16.4× | 8.6% | +11.2% |
| Flight Centre Travel FLT.AX | Australia | $1.72B | +17% | +3% | 7% | 11.4× | 8.5% | +48.5% |
| Perdoceo Education PRDO | United States | $1.68B | -25% | +12% | 25% | 9.1× | -16.0% | +4.2% |
| Saga SAGA.L | United Kingdom | $1.67B | +56% | +37% | 16% | 18.6× | 12.6% | +14.3% |