OSW

MKT CAP:$2B

OneSpaWorld Holdings Limited

Market Cap

$2B

Consumer Cyclical·Leisure· Bahamas·NASDAQ

Consumer Cyc.·Leisure·NASDAQ

Stock Price

$23.47+$2.83 (+13.71%)

Apr 23, 2026

Company Details

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 product...

CEO

Leonard I. Fluxman

IPO Date

Nov 17, 2017

Website

onespaworld.com

Key Metrics TTM

Revenue

$961M

+7.4% YoY

Net Income

$72M

EPS (Diluted)

$0.69

Free Cash Flow

$68M

Revenue / Share

$9.39

Gross Margin

13.9%

Operating Margin

9.1%

Net Margin

7.5%

FCF Margin

7.1%

P/S

2.6x

P/E

34.3x

Earnings Reports

Q1 2026

Apr 29, 2026

PENDING

FY 2025

Feb 23, 2026

$961M+7.4%EPS $0.69

Q4 2025

Feb 23, 2026

$242M+11.5%EPS $0.12

Q3 2025

Oct 30, 2025

$259M+7.0%EPS $0.23

Q2 2025

Jul 31, 2025

$241M+7.0%EPS $0.19

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$88M	$10M	-$6M
Q2 22	$127M	$17M	$1M
Q3 22	$162M	$26M	$10M
Q4 22	$169M	$30M	$11M
Q1 23	$182M	$28M	$11M
Q2 23	$201M	$31M	$13M
Q3 23	$216M	$36M	$17M
Q4 23	$195M	$32M	$13M
Q1 24	$211M	$21M	$17M
Q2 24	$225M	$24M	$19M
Q3 24	$242M	$42M	$25M
Q4 24	$217M	$37M	$17M
Q1 25	$220M	$36M	$17M
Q2 25	$241M	$31M	$22M
Q3 25	$259M	$39M	$26M
Q4 25	$242M	$27M	$22M

Valuation

Quarter	P/S	P/E
Q1 22	10.9x	—
Q2 22	7.1x	93.3x
Q3 22	5.3x	55.1x
Q4 22	4.5x	46.2x
Q1 23	3.8x	56.4x
Q2 23	3.4x	—
Q3 23	3.2x	1228.3x
Q4 23	3.1x	—
Q1 24	3.0x	72.0x
Q2 24	2.9x	46.3x
Q3 24	2.8x	48.0x
Q4 24	2.7x	33.7x
Q1 25	2.7x	36.7x
Q2 25	2.7x	34.5x
Q3 25	2.6x	33.2x
Q4 25	2.6x	34.3x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$561.0K	-$1M
Q2 22	$5M	$4M
Q3 22	$13M	$11M
Q4 22	$8M	$6M
Q1 23	$2M	$873.0K
Q2 23	$25M	$24M
Q3 23	$19M	$18M
Q4 23	$17M	$14M
Q1 24	$15M	$14M
Q2 24	$19M	$18M
Q3 24	$29M	$27M
Q4 24	$17M	$13M
Q1 25	$10M	$8M
Q2 25	$20M	$18M
Q3 25	$33M	$28M
Q4 25	$20M	$15M

Capital Expenditures

Quarter	CapEx
Q1 22	$919.0K
Q2 22	$1M
Q3 22	$1M
Q4 22	$2M
Q1 23	$1M
Q2 23	$882.0K
Q3 23	$670.0K
Q4 23	$3M
Q1 24	$1M
Q2 24	$1M
Q3 24	$1M
Q4 24	$3M
Q1 25	$2M
Q2 25	$3M
Q3 25	$6M
Q4 25	$5M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+1468.2%	+284.3%
Q2 22	+1291.4%	+383.7%
Q3 22	+271.9%	+173.2%
Q4 22	+97.2%	+76.4%
Q1 23	+108.1%	+82.1%
Q2 23	+57.4%	+48.1%
Q3 23	+33.3%	+30.7%
Q4 23	+15.3%	+15.2%
Q1 24	+15.8%	+13.4%
Q2 24	+12.2%	+10.1%
Q3 24	+11.8%	+8.7%
Q4 24	+11.5%	+9.8%
Q1 25	+4.0%	+4.4%
Q2 25	+7.0%	+6.1%
Q3 25	+7.0%	+7.2%
Q4 25	+11.5%	+10.1%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$3M	3.7%
Q2 22	$3M	2.2%
Q3 22	$3M	2.0%
Q4 22	$4M	2.1%
Q1 23	$3M	1.4%
Q2 23	$2M	1.1%
Q3 23	$2M	1.0%
Q4 23	$3M	1.6%
Q1 24	$2M	1.0%
Q2 24	$2M	0.9%
Q3 24	$2M	0.8%
Q4 24	$3M	1.3%
Q1 25	$4M	1.6%
Q2 25	$2M	0.9%
Q3 25	$2M	0.8%
Q4 25	$2M	1.0%

OpEx Breakdown

Quarter	G&A	SG&A
Q1 22	$13M	—
Q2 22	$12M	—
Q3 22	$12M	—
Q4 22	$15M	—
Q1 23	$12M	—
Q2 23	$13M	—
Q3 23	$15M	—
Q4 23	$13M	—
Q1 24	$13M	—
Q2 24	$14M	—
Q3 24	$13M	—
Q4 24	$15M	—
Q1 25	$4M	—
Q2 25	$13M	—
Q3 25	$17M	—
Q4 25	—	$5M

Revenue Segments

Quarter	Product	Service
Q1 22	$17M	$71M
Q2 22	$24M	$104M
Q3 22	$30M	$133M
Q4 22	$30M	$139M
Q1 23	$32M	$150M
Q2 23	$37M	$163M
Q3 23	$40M	$176M
Q4 23	$36M	$159M
Q1 24	$39M	$172M
Q2 24	$44M	$181M
Q3 24	$47M	$194M
Q4 24	$41M	$176M
Q1 25	$41M	$179M
Q2 25	$47M	$193M
Q3 25	$50M	$208M
Q4 25	$45M	$197M

Revenue by Geography

Quarter	Not Connected Country	Other	United States
Q1 22	$77M	$4M	$6M
Q2 22	$119M	$5M	$4M
Q3 22	$152M	$5M	$5M
Q4 22	$158M	$5M	$5M
Q1 23	$171M	$6M	$5M
Q2 23	$189M	$6M	$5M
Q3 23	$206M	$5M	$5M
Q4 23	$184M	$6M	$5M
Q1 24	$199M	$7M	$5M
Q2 24	$215M	$6M	$4M
Q3 24	$233M	$5M	$4M
Q4 24	$208M	$5M	$4M
Q1 25	$209M	$6M	$4M
Q2 25	$231M	$5M	$4M
Q3 25	$251M	$4M	$4M
Q4 25	$234M	$4M	$4M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$29M	$0	$29M
Q2 22	$32M	$0	$32M
Q3 22	$35M	$0	$35M
Q4 22	$32M	$0	$32M
Q1 23	$23M	$0	$23M
Q2 23	$30M	$0	$30M
Q3 23	$27M	$0	$27M
Q4 23	$28M	$0	$28M
Q1 24	$65M	$0	$65M
Q2 24	$62M	$0	$62M
Q3 24	$49M	$0	$49M
Q4 24	$57M	$0	$57M
Q1 25	$23M	$0	$23M
Q2 25	$35M	$0	$35M
Q3 25	$30M	$0	$30M
Q4 25	$16M	$0	$16M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	92M	+0.3%	+5.8%
Q2 22	95M	+2.8%	+2.0%
Q3 22	94M	-0.4%	+3.9%
Q4 22	93M	-1.6%	+1.0%
Q1 23	93M	+0.5%	+1.3%
Q2 23	97M	+4.3%	+2.8%
Q3 23	101M	+4.0%	+7.3%
Q4 23	100M	-1.1%	+7.9%
Q1 24	103M	+2.7%	+10.2%
Q2 24	106M	+2.8%	+8.5%
Q3 24	106M	-0.2%	+4.2%
Q4 24	105M	-0.1%	+5.2%
Q1 25	105M	-0.4%	+2.1%
Q2 25	104M	-0.7%	-1.3%
Q3 25	104M	-0.2%	-1.4%
Q4 25	102M	-1.7%	-2.9%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$30.2K	3K
Q2 22	$43.8K	3K
Q3 22	$55.9K	3K
Q4 22	$37.9K	4K
Q1 23	$41.0K	4K
Q2 23	$45.0K	4K
Q3 23	$48.6K	4K
Q4 23	$38.8K	5K
Q1 24	$42.0K	5K
Q2 24	$44.8K	5K
Q3 24	$48.1K	5K
Q4 24	$35.0K	6K
Q1 25	$35.4K	6K
Q2 25	$38.8K	6K
Q3 25	$41.7K	6K
Q4 25	$36.7K	7K

Revenue / Employee