OneSpaWorld Holdings
OSWNASDAQUSD
- Source valuation snapshot. Not a live recalculation.
- Latest filed annual earnings; price snapshot date unavailable. Not forward P/E.
- Diluted earnings per share from the latest filed annual.
- $32.22 Prior regular-session close from the quote source.
- $31.08–$32.23 Regular-session low and high so far today.
- 1.2M Regular-session shares traded · Nov 11, 4:00 PM ET.
- Feb 17 projected Projected for 2027-02-17 from the company’s own results filings (SEC 8-K Item 2.02). The company has not confirmed the date.
- $19.06–$33.05 52-week trading low and high returned by the quote source.
Understand the Business
Why the Stock Moved
Period-matched expectations history is not yet available. Current metrics are not a substitute for a historical explanation.
The core investment thesis
Own OSW if that growth and margin profile keeps outpacing what today’s rich multiple already prices.
OSW price history
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Investment thesis
What must happen next
Exclusive, multi-year cruise contracts and very high historical renewal rates causally protect OneSpaWorld’s revenue base and limit pricing competition, making top-line durability the result of contract economics rather than spot selling.StrengtheningMateriality: High
Item 1 Business: Company states average contract length ~5 years and that most agreements cover 100% of a partner's existing fleet and new ships introduced during the term. If contract exclusivity and renewal remain intact, revenue volatility is low and organic growth comes from fleet expansion and per-ship productivity; if contracts are renegotiated or lost, revenue could fall quickly despite overall cruise demand.
Watch: A major cruise line decides to insource health-and-wellness operations or split exclusivity and either terminates or refuses to renew agreements (vertical integration).
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Item 1 Business: Company states average contract length ~5 years and that most agreements cover 100% of a partner's existing.
Open source ↗Revenue growth will continue to be driven primarily by higher ship coverage and rising per-ship productivity (revenue per ship), not by large capital investments, because the firm’s product mix and revenue-management capabilities raise yield per guest.StrengtheningMateriality: High
MD&A KPIs: Period End Ship Count rose to 206 in 2025 (from 193 in 2023) and Average Weekly Revenues Per Ship increased from $80,013 (2023) to $90,608 (2025). If per-ship productivity and ship count keep rising, the company can scale revenue without proportionate incremental fixed costs; if per-ship revenue weakens or fleet coverage declines, revenue growth will slow quickly.
Watch: A sustained drop in cruise passenger volumes or cancellations of ship deployments that reduces Average Ship Count (e.g., macro travel downturn or major ship retirements).
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
MD&A KPIs: Period End Ship Count rose to 206 in 2025 (from 193 in 2023) and Average Weekly Revenues Per.
Open source ↗The revenue-share, asset-light operating model and scale of recruiting/logistics convert revenue reliably into operating cash flow, supporting strong free-cash generation and margin resilience even as the business scales.StrengtheningMateriality: Medium
Fundamentals: operating_cash_flow increased from 63,376,000 (2023) to 78,798,000 (2024) to 83,519,000 (2025). If operating cash conversion remains high, OneSpaWorld can self-fund growth, repay liabilities and potentially return capital; if cash conversion erodes (higher fixed costs, wage inflation, or worse revenue-share economics), the cash-based advantage disappears and capital strain can follow.
Watch: Sustained wage inflation or labor shortages that raise crew or onboard-staff costs materially versus revenue growth.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Fundamentals: operating_cash_flow increased from 63,376,000 (2023) to 78,798,000 (2024) to 83,519,000 (2025).
Open source ↗
Full investment case & evidence
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Original research
Exclusive, multi-year cruise contracts and very high historical renewal rates causally protect OneSpaWorld’s revenue base and limit pricing competition, making top-line durability the result of contract economics rather than spot selling. If contract exclusivity and renewal remain intact, revenue volatility is low and organic growth comes from fleet expansion and per-ship productivity; if contracts are renegotiated or lost, revenue could fall quickly despite overall cruise demand.
Revenue growth will continue to be driven primarily by higher ship coverage and rising per-ship productivity (revenue per ship), not by large capital investments, because the firm’s product mix and revenue-management capabilities raise yield per guest. If per-ship productivity and ship count keep rising, the company can scale revenue without proportionate incremental fixed costs; if per-ship revenue weakens or fleet coverage declines, revenue growth will slow quickly.
The revenue-share, asset-light operating model and scale of recruiting/logistics convert revenue reliably into operating cash flow, supporting strong free-cash generation and margin resilience even as the business scales. If operating cash conversion remains high, OneSpaWorld can self-fund growth, repay liabilities and potentially return capital; if cash conversion erodes (higher fixed costs, wage inflation, or worse revenue-share economics), the cash-based advantage disappears and capital strain can follow.
All standing thesis claims
Original report summary
that growth and margin profile keeps outpacing what today’s rich multiple already prices.
Bull case and bear case
Bull case and bear case for ONESPAWORLD HOLDINGS
Where the evidence on ONESPAWORLD HOLDINGS stands: Strengthening on the latest evidence (Nov 8, 2026). Of its 3 thesis points, 3 strengthening.
Bull case: what the evidence supports
Exclusive, multi-year cruise contracts and very high historical renewal rates causally protect OneSpaWorld’s revenue base and limit pricing competition, making top-line durability the result of contract economics rather than spot selling.
Revenue growth will continue to be driven primarily by higher ship coverage and rising per-ship productivity (revenue per ship), not by large capital investments, because the firm’s product mix and revenue-management capabilities raise yield per guest.
The revenue-share, asset-light operating model and scale of recruiting/logistics convert revenue reliably into operating cash flow, supporting strong free-cash generation and margin resilience even as the business scales.
Bear case: what would count against it
A major cruise line decides to insource health-and-wellness operations or split exclusivity and either terminates or refuses to renew agreements (vertical integration).
A sustained drop in cruise passenger volumes or cancellations of ship deployments that reduces Average Ship Count (e.g., macro travel downturn or major ship retirements).
Sustained wage inflation or labor shortages that raise crew or onboard-staff costs materially versus revenue growth.
Thesis-Break Engine
Thesis-break watch · ONESPAWORLD HOLDINGS
No break has crossed ONESPAWORLD HOLDINGS’s thesis. Its break conditions are checked against every new filing as it lands.
MARKET + FINANCIAL SNAPSHOT
The numbers behind the thesis
What Changed
- MixedReported results of operations (earnings release).
ONESPAWORLD HOLDINGS filed an SEC 8-K on 2026-10-28: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
- MixedReported results of operations (earnings release).
ONESPAWORLD HOLDINGS filed an SEC 8-K on 2026-07-29: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
- MixedReported results of operations (earnings release).
ONESPAWORLD HOLDINGS filed an SEC 8-K on 2026-04-29: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
Risks / falsifiers
What could break the thesis
- A major cruise line decides to insource health-and-wellness operations or split exclusivity and either terminates or refuses to renew agreements (vertical integration).
- A sustained drop in cruise passenger volumes or cancellations of ship deployments that reduces Average Ship Count (e.g., macro travel downturn or major ship retirements).
- Sustained wage inflation or labor shortages that raise crew or onboard-staff costs materially versus revenue growth.
OSW news
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Financial statements
OSW income statement
Annual filed results · USD · Oldest to newest. Margins are calculated from the reported figures.
OSW: quick answers
- When does ONESPAWORLD HOLDINGS (OSW) report earnings next?
- ONESPAWORLD HOLDINGS's next results are projected for February 17, 2027, from the dates of its own results filings with the SEC. The company has not confirmed the date. It last reported on October 28, 2026. Earnings calendar
- What is OSW's short interest?
- As of October 30, 2026, 6.0M OSW shares were sold short, 5.98% of its shares outstanding, down 10.7% from the count before. At the stock's average daily volume that is 6.6 days to cover. FINRA publishes the count twice a month. OSW short interest history
- Have members of Congress traded OSW?
- Reports made public in the last 90 days disclose 1 trade in OSW by 1 filer: 0 purchases and 1 sale. They are filed under the STOCK Act by members of Congress, the President and senior officials. Every disclosed OSW trade