ONESPAWORLD HOLDINGS Ltd (OSW) stock analysis
Close on Nov 11, 2026Market cap $3.15BP/E 37.4Yield –
StockData Score
Prices as of Nov 11, 2026How the score works
Solid16 of 30 checks passed
Onespaworld passes 16 of the 30 checks behind our score; 4 could not be run for lack of data and count as not passed. Each dot in the shape is one check — hover it for the numbers.
- Valuation
- 0/6
- Growth
- 3/6
- Past performance
- 4/6
- Financial health
- 6/6
- Dividend
- 3/6
What stands out
Return on capital over 10%
Return on invested capital was 14.7%, above the 10% that usually covers the cost of capital.
Low debt
Debt is 12.4% of shareholders' equity, under the 40% we consider low.
Revenue growing 10%+ a year
Revenue grew 20.7% a year over the last three fiscal years.
EPS growing 10%+ a year
Diluted EPS grew 12.1% a year over the last three fiscal years.
What to watch
Margin of safety under 20%
The price is 47.8% above fair value, so there is no margin of safety.
Trading above fair value
The share price of $31.42 is above our fair value estimate of $21.26.
Return on equity under 15%
Return on equity was 15.1% over the last twelve months and averaged 4.2% over five years; we look for 15% on both.
P/E above its 5-year median
Onespaworld's P/E of 37.4 is above its own 5-year median of 32.5.
Valuation0/6
P/E above its 5-year median
Onespaworld's P/E of 37.4 is above its own 5-year median of 32.5.
P/E above the industry
Onespaworld's P/E of 37.4 is above the Miscellaneous Amusement and Recreation median of 35.3.
EV/EBITDA above its 5-year median
Onespaworld's EV/EBITDA of 26.3 is above its 5-year median of 21.1.
P/B above the industry
Onespaworld's price-to-book of 5.51 is above the Miscellaneous Amusement and Recreation median of 3.09.
Trading above fair value
The share price of $31.42 is above our fair value estimate of $21.26.
Margin of safety under 20%
The price is 47.8% above fair value, so there is no margin of safety.
Growth3/6
Revenue growing 10%+ a year
Revenue grew 20.7% a year over the last three fiscal years.
EPS growing 10%+ a year
Diluted EPS grew 12.1% a year over the last three fiscal years.
Earnings acceleration
Needs positive net income now, a year ago and five years ago.
Growing slower than the industry
Revenue grew 9.8% over the last twelve months; the Miscellaneous Amusement and Recreation median is 9.8%.
Guidance raised
Onespaworld raised its FY 2026 Total Revenues outlook on Jul 29, 2026.
Gross margin trend
This company does not report gross profit.
Past performance4/6
Return on equity under 15%
Return on equity was 15.1% over the last twelve months and averaged 4.2% over five years; we look for 15% on both.
Return on capital over 10%
Return on invested capital was 14.7%, above the 10% that usually covers the cost of capital.
Return on equity above the industry
Onespaworld's return on equity of 15.1% is above the Miscellaneous Amusement and Recreation median of 4.4%.
Earnings over 5 years
Needs positive net income five years ago and in the latest year.
Net margin above its 5-year average
Net margin was 8.3% over the last twelve months, against a 5-year average of -4.5%.
Net margin above the industry
Onespaworld's net margin of 8.3% is above the Miscellaneous Amusement and Recreation median of 1.6%.
Financial health6/6
Low debt
Debt is 12.4% of shareholders' equity, under the 40% we consider low.
Debt falling against equity
Debt to equity fell from 71.5% five years ago to 12.4%.
Debt covered by cash flow
Operating cash flow over the last twelve months equals 153% of total debt.
Interest well covered
Operating income covers interest expense 18.2 times.
Short-term assets cover short-term debts
Current assets are 2.22 times current liabilities.
Low bankruptcy risk
The Altman Z-score is 14.13; above 3 is the safe zone and below 1.8 the distress zone.
Dividend3/6
Pays a dividend
Onespaworld paid dividends worth 0.6% of the share price over the last twelve months.
Yield below Treasuries
The 0.6% yield is below the 4.4% on a 1-year Treasury.
Yield below the top quarter
The top quarter of US dividend payers yield 3.8% or more; Onespaworld yields 0.6%.
Dividend stability
Fewer than five years of dividend history.
Covered by earnings
Dividends take 23.9% of net income.
Covered by free cash flow
Dividends take 21.5% of free cash flow.
Fair value
How we estimate itOur estimate per share
$21.26
The share price is 48% above this estimate.
| Method | Multiple used | Own 5Y median | Industry median | Value per share | Weight |
|---|---|---|---|---|---|
| P/E | 33.9× | 32.5× | 35.3× | $28.49 | 40% |
| EV/EBITDA | 16.8× | 21.1× | 12.4× | $19.93 | 35% |
| P/B | 3.1× | 3.1× | 3.1× | $17.78 | 10% |
| Earnings power | 8.9% cost of equity | – | – | $7.41 | 15% |
| Fair value | $21.26 | 100% | |||
Valuation over time
Using the earnings and balance sheet published at each date, not today's.
- P/E at month end
- Own 5-year median 32.5
- Miscellaneous Amusement and Recreation median 35.3
An estimate from reported numbers and market multiples, not a price target or investment advice. It can be far off for companies whose profits are about to change sharply.
Market risk
From the past year of daily prices.
Liquidity
Low risk
- Average value traded per day
- $25.67M
- Value traded per 1% price move
- $12.68M
Downside
Medium risk
- Typical loss in a bad month
- 17.3%
- Volatility (annualized)
- 37%
- Sharpe ratio, 1 year
- 1.05
- Beta to the S&P 500 (5Y)
- 0.81
Typical bad-month loss, week by week
Margins
Share of revenue, fiscal years 2017 to 2025
Operating margin
Net margin
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +7.4% | +20.7% | +51.4% | – | |
| Operating income | +4.6% | +75.4% | – | – | |
| Net income | -1.7% | +10.4% | – | – | |
| EPS, diluted | 0.0% | +12.1% | – | – | |
| Free cash flow | -5.0% | +50.9% | – | – |
Returns and balance sheet
9 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2017 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | -63.8% | 13.1% | |
| Return on assets | – | -35.4% | 9.9% | |
| Current ratio | – | 2.22 | 1.91 | |
| Debt to equity | – | 0.72 | 0.15 | |
| Net debt to EBITDA | – | -0.78× | 0.63× | |
| Interest coverage | – | -18.0× | 14.4× | |
| Capex to revenue | 0.5% | 1.8% | 1.6% | |
| Diluted shares | – | 74M | 104M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Onespaworld generated $285.56M from operations and spent $164.19M on capital expenditure, dividends and share buybacks. 21% of that went back into the business.
DuPont analysis
Return on equity split into margin, efficiency and leverage
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 7.5% | 1.32× | 1.32× | 13.1% |
| FY2024 | 8.1% | 1.23× | 1.47× | 14.7% |
| FY2023 | -0.4% | 1.12× | 1.78× | -0.7% |
| FY2022 | 9.7% | 0.78× | 2.13× | 16.1% |
| FY2021 | -47.6% | 0.21× | 2.26× | -22.3% |
| FY2020 | -238.1% | 0.15× | 1.80× | -63.8% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
- ProfitableNet income above zero$71.62M
- Cash generatingOperating cash flow above zero$83.52M
- Return on assets improvedROA up on the prior year10.3% → 9.6%
- Earnings backed by cashOperating cash flow above net income$83.52M vs $71.62M
- Less leverageLong-term debt to assets fell12.5% → 11.9%
- Better liquidityCurrent ratio rose2.03 → 1.91
- No dilutionShare count did not rise105M → 104M
- Gross margin improvedGross margin up on the prior year– → –
- More efficientAsset turnover rose1.27 → 1.29
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