# OneSpaWorld Holdings Limited (OSW)

> Source: Nexqual · https://nexqual.com/OSW · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, OneSpaWorld Holdings Limited (OSW), nexqual.com/OSW" · informational, not investment advice.

**Price:** USD 24.29 (+1.50% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 23.93 · day 23.62–24.4 · 52w 19.06–29.25 · market cap $2.47B · NCM

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $1.01B, net income $81.0M (8.0% margin), free cash flow $78.2M (SEC filings).
- Valuation: P/E 30.5x (avg 29.4x at the last 2 fiscal year-ends), EV/EBITDA 21.4x, net debt $41.2M.
- 1 of 80 tracked superinvestors hold OSW (13F, Q2 2026): 0 new, 0 added, 1 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 7 Form 4 filings, $7.2M; 7 not under a Rule 10b5-1 plan ($7.2M); 4 by opportunistic insiders (4 outside 10b5-1 plans), 3 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Total return with dividends: 1Y +17.1% vs S&P 500 +14.9%; 5Y +123.0% vs S&P 500 +80.3%.
- Next earnings: 2026-10-28, EPS estimate USD 0.31, revenue estimate $272M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $144M | $546M | $794M | $895M | $961M | $1.01B |
| Operating income | -$52.1M | $15.1M | $54.2M | $78.1M | $81.6M | $90.0M |
| Net income | -$68.5M | $53.2M | -$3.0M | $72.9M | $71.6M | $81.0M |
| EPS (diluted) | -$0.76 | $0.49 | -$0.03 | $0.69 | $0.69 | — |
| Free cash flow | -$38.0M | $19.9M | $58.0M | $72.1M | $68.4M | $78.2M |
| Operating margin | -36.1% | 2.8% | 6.8% | 8.7% | 8.5% | 8.9% |
| Net margin | -47.6% | 9.7% | -0.4% | 8.1% | 7.5% | 8.0% |
| Revenue growth | +19.1% | +279.3% | +45.4% | +12.7% | +7.4% | — |
| Cash + short-term investments | $30.9M | $32.1M | $27.7M | $57.4M | $16.3M | — |
| Total debt | $230M | $213M | $158M | $98.6M | $84.0M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 30.5x · P/S 2.4x · EV/EBITDA 21.4x · EV/Sales 2.5x · P/FCF 31.5x · P/B 4.2x · FCF yield 3.17% · Earnings yield 3.28% · Dividend yield (paid, TTM) 0.78% · Buyback yield (TTM) 1.54% · Net debt $41.2M · EV $2.51B
P/E at fiscal year-ends: Dec 2025 30.0x, Dec 2024 28.7x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold OSW. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| John Rogers | Ariel Investments | 4.19% | $420M | Reduced -3.5% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 7 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-08-06…2026-08-10 | Heyer Andrew R | Director | 60,000 | $1.6M | 7.1% | No | Routine (sold in Aug each year 2023–2025) |
| 2026-06-15 | Heyer Andrew R | Director | 20,000 | $521K | 2.4% | No | Routine (sold in Aug each year 2023–2025; this trade is outside those months) |
| 2026-06-11 | McLallen Walter Field | Director | 10,500 | $259K | 7.1% | No | Routine (sold in May each year 2023–2025; this trade is outside those months) |
| 2026-06-08 | Fluxman Leonard I | See Remarks | 58,642 | $1.4M | 4% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-06-03…2026-06-05 | Fluxman Leonard I | See Remarks | 89,986 | $2.2M | 5.8% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-27 | Fluxman Leonard I | See Remarks | 42,883 | $1.1M | 2.7% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-07 | Fluxman Leonard I | See Remarks | 8,489 | $214K | 0.5% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-07-30 | Stifel | Target raised | Buy | $28 → $32 |
| 2026-07-30 | Truist Securities | Target raised | Buy | $28 → $29 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +17.1% | +123.0% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +17.2% | +17.4% |
| Volatility (annualized) | 34.9% | 35.7% |
| Max drawdown | -24.2% (Jul 2026→Sep 2026) | -45.0% (Nov 2021→Jul 2022) |

## Peers (Leisure)
PTON (Peloton Interactive, Inc.) USD 5.46 +4.20% · CALY (Callaway Golf Company) USD 14.36 +2.21% · YETI (YETI Holdings, Inc.) USD 44.03 +2.95% · PLNT (Planet Fitness, Inc.) USD 53.27 +3.06% · PRKS (United Parks & Resorts Inc.) USD 31.08 +1.87% · GOLF (Acushnet Holdings Corp.) USD 81.97 +2.50%

## More
Full page: https://nexqual.com/OSW · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Service | $207.7M | 79.5% | +12.0% |
| Product | $45.9M | 17.6% | -1.1% |
| Total revenue | $261.2M | 100% | — |
The lines above cover 97.1% of total revenue.

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Not Connected Country | $253.4M | 97.0% | +9.5% |
| United States | $4.2M | 1.6% | +3.4% |
| Other | $3.7M | 1.4% | -29.4% |
| Total revenue | $261.2M | 100% | — |

## Customer concentration

Period ended 2025-12-31: 39.6%, 28.2%, 17.7% of revenue from unnamed direct customers (10-K, filed 2026-02-23).

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.30 | $0.32 | -3.7% | $272.3M | 6 |
| Next quarter (ends 2026-12-31) | $0.27 | $0.26 | +2.5% | $252.8M | 6 |
| Current fiscal year (ends 2026-12-31) | $1.14 | $1.14 | +0.1% | $1.03B | 6 |
| Next fiscal year (ends 2027-12-31) | $1.29 | $1.30 | -0.5% | $1.12B | 6 |