Start here if you're new
what it is
It runs spas, fitness, and beauty services on cruise ships and at resorts.
how it gets paid
Last year Onespaworld Hldgs made $961M in revenue.
why it's growing
Revenue grew 7.4% last year. Revenue grew 7.4% vs. prior year, from $895M to $961M.
what just happened
Trailing revenue hit $961M, above Value Line's $895M estimate, while EPS came in at $0.66.
At a glance
B+ balance sheet — decent shape, but not bulletproof
25/100 earnings predictability — expect surprises
30.7x trailing p/e — you're paying up for this one
1.0% dividend yield — cash in your pocket every quarter
12.0% return on capital — nothing to write home about
xvary composite: 55/100 — below average
What they do
It runs spas, fitness, and beauty services on cruise ships and at resorts.
OneSpaWorld sits on 199 ships and 50 resorts. That is not a normal customer list. It is built into your trip, so leaving is painful. The spa is already inside the ship.
How they make money
$961M
annual revenue · their business grew +7.4% last year
total revenue
$961M
+7.4%
The products that matter
operates onboard wellness centers
Cruise Ship Spas
204 ships · 82% of revenue
this is the business. 82% of revenue comes from shipboard operations, so occupancy, onboard traffic, and passenger spending matter more than almost anything else you can model from the outside.
core engine
runs land-based spa locations
Resort Spas
51 locations
the resort network gives you some diversification away from the ships. not enough to change the story today. enough to matter if management keeps growing it faster than the cruise base.
small hedge
sells beauty and wellness products
Retail Product Sales
$44.8M in the quarter · 18.5% mix
retail added $44.8M in the latest quarter. that's meaningful. we do not get segment margin detail here, so we are not going to pretend the add-on sale carries the whole thesis.
upsell layer
Key numbers
$961M
trailing sales
This is a $961M business. That gives the stock real scale, but it still depends on vacation spending.
30.7x
price/profit
You pay 30.7 dollars for each dollar of annual profit. That is a rich price for a service business.
11.5%
run margin
The business keeps 11.5 cents from each sales dollar after running costs. That is decent, not elite.
12.0%
capital return
It earns 12 cents for every dollar tied up in operations. That says the business works, but not at a superstar pace.
Financial health
B+
strength
- balance sheet grade B+ — solid but not elite
- risk rank 3 — safer than 50% of stocks
- price stability 40 / 100
- long-term debt $95M (4% of capital)
B+ — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for OSW right now.
source: institutional data · return history unavailable
What just happened
beat estimates
Trailing revenue hit $961M, above Value Line's $895M estimate, while EPS came in at $0.66.
Revenue grew 7.4% vs. prior year, from $895M to $961M. EPS sat just under Value Line's $0.69 estimate, so the report was good, not perfect.
$240M
revenue
$0.66
eps
16.5%
gross margin
the number that mattered
Revenue was $961M. That beat the $895M estimate by $66M.
source: company earnings report, 2026
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What could go wrong
OSW's risk profile is unusually simple: record revenue does not matter much if cruise traffic softens, onboard spending slips, or the billion-dollar guide turns out to be too ambitious.
high
cruise concentration
OSW operates on 204 ships, and 82% of revenue comes from that shipboard network. if cruise traffic softens or a major operator changes terms, the hit lands in the core business immediately.
more than four-fifths of the $961M revenue base is tied to one channel
med
the spend is optional by definition
massages, salon treatments, and beauty products are add-ons. passengers can skip them without canceling the trip. that makes OSW more exposed to onboard wallet share than to headline cruise bookings alone.
a weaker onboard spend mix would pressure a business already showing uneven earnings conversion
med
the billion-dollar guide now has to show up
management guided to $1.01B–$1.03B for 2026. after a quarter where EPS came in at $0.24 versus a $0.26 estimate, the market has less patience for another gap between promise and delivery.
if revenue drifts toward the $895M view instead of pushing past $1B, the 30.7x multiple gets hard to defend
low
insider selling adds noise, not a thesis break
a director sold 6,000 shares at $20.86 on march 11, 2026. that is small relative to the whole company. it still matters because premium-multiple stocks do not get much benefit of the doubt.
minor signal, but it does not help sentiment when expectations already run high
between cruise concentration and optional onboard spending, OSW needs both passenger volume and passenger willingness to spend. one without the other is not the same story.
source: institutional data · regulatory filings · risk analysis
Pay attention to
metric
$1.01B–$1.03B 2026 revenue guide
this is the central target. hitting it would turn the record $961M year into a stepping stone. missing it would make the current valuation look optimistic fast.
risk
cruise line cost pressure
carnival shares dropped 27% in a month. that's not an OSW number. it is a reminder that the host economics matter when your business lives onboard someone else's ships.
calendar
q1 2026 earnings around apr 29, 2026
watch for quarterly revenue in the $241M–$246M range and, more important, any change to the full-year guide. the market cares less about the quarter than about whether management still sounds confident.
trend
shipboard mix versus resort diversification
51 resort locations give OSW a second lane, but 82% of revenue still comes from ships. if the land business starts becoming material, your risk profile changes with it.
Analyst rankings
earnings predictability
25 / 100
low score. in human-speak, analysts do not trust this business to deliver smooth, boring quarters.
risk rank
3
middle-of-the-road risk. safer than the fragile names, but not a bunker stock when travel spending gets shaky.
price stability
40 / 100
the shares move around. you should expect more chop here than in a classic steady compounder.
source: institutional data
Institutional activity
institutional ownership data for OSW is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$22
current price
n/a
target midpoint · n/a from current
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