At a glance
OneSpaWorld Holdings Ltd is worth $2.81B, about 41 times its fiscal 2025 earnings. Revenue grew 7.4% to $961.0M in fiscal 2025, with 7.5% kept as profit; over 5 years it has grown 51.4% a year. It pays a 0.71% dividend yield, and returned $129.3M to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +33.0% over the past year with dividends reinvested and +21.5% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 82.9% in the 2020 crash (S&P 500: 33.7%) and 36.2% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 47 months and 6 months after the lows.
The business in plain English
OneSpaWorld runs the spas, salons and fitness centers on most of the world's cruise ships. It estimates that its share of the outsourced onboard health and wellness market is more than 90%. As of December 31, 2025, it operated 206 centers on cruise ships and 48 at destination resorts, with partners such as Atlantis, Marriott and Hilton. Its offerings range from body, hair and skin care to fitness classes and medical spa services such as dermal fillers and IV therapies.
Most of its revenue and profit comes from long-term contracts with cruise lines, including Carnival, Royal Caribbean, Princess, Norwegian and Virgin Voyages. These contracts last three to 8.6 years, about five on average. They give OneSpaWorld the exclusive right to sell wellness services and products onboard. The cruise line keeps a set percentage of every sale. The company says it renewed about 97% of its contracts, by ship count, over the prior 15 years.
In 2025, revenue was $961.0 million and net income was $71.6 million. Services made up about 81% of revenue. Retail products, such as ELEMIS skin care, made up about 19%. Guests spent about $305 per visit. Cruise lines and resorts usually pay to build and refurbish the centers, so the company spends little on equipment and buildings. It is incorporated in the Bahamas and earns much of its revenue in places with low or no taxes, which keeps its cash tax rate low.
Price history
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OSW +33.0% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Service | $777.3M | 80.9% |
| Product | $183.7M | 19.1% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $276.5M, up 7% from a year earlier, and net income was $28.2M (+16.0%).
- For fiscal 2025, revenue was $961.0M (+7.4% year over year; +51.4% a year from FY2020 to FY2025) with a 7.5% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +51.4% good |
|---|---|
| Operating margin | 8.5% watch |
| Free cash flow margin | 7.1% watch |
| Return on equity (FY2025) | 13.2% watch |
| Return on assets (FY2025) | 10.1% good |
| Net cash (cash minus debt) | $-38.4M weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $120.9M | $-288.0M | $-38.7M |
| FY2021 | $144.0M | $-68.5M | $-38.0M |
| FY2022 | $546.3M | $53.2M | $19.9M |
| FY2023 | $794.0M | $-3.0M | $58.0M |
| FY2024 | $895.0M | $72.9M | $72.1M |
| FY2025 | $961.0M | $71.6M | $68.4M |
Valuation snapshot
| Market value | $2.81B |
|---|---|
| P/E ratio | 40.7 |
| Dividend yield | 0.71% |
Rank among 1514 US companies
Market value at each year end
OneSpaWorld Holdings Ltd’s market value went from $1.03B at the end of 2019 to $2.81B on Oct 28, 2026, about 2.7 times as much; since the end of 2025 it is up 33%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $2.81B | +32.9% |
| 2025 | $2.11B | +2.2% |
| 2024 | $2.07B | +46.9% |
| 2023 | $1.41B | +146.6% |
| 2022 | $571.2M | -6.9% |
| 2021 | $613.4M | -1.2% |
| 2020 | $620.8M | -39.7% |
| 2019 | $1.03B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| OSW price data to Oct 28, 2026 | +36.2% | +33.0% | +40.4% | +21.5% | — |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +36.2% |
| 2025 | +5.2% |
| 2024 | +41.8% |
| 2023 | +51.1% |
| 2022 | -6.9% |
| 2021 | -1.2% |
| 2020 | -39.0% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 79.3% over that stretch · deepest drop along the way 82.9%, back to its old high 46.8 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 22.7% over that stretch · deepest drop along the way 36.2%, back to its old high 6 months after the low |
Insider activity
Form 4 filings from 2025-10-30 to 2026-10-30 (25 read): 0 open-market purchases and 18 sales ($8.2M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Jun 8, 2026 | Leonard I Fluxman See Remarks, Director, 10% owner | sell | $1.4M |
| Jun 5, 2026 | Leonard I Fluxman See Remarks, Director, 10% owner | sell | $1.4M |
| May 27, 2026 | Leonard I Fluxman See Remarks, Director, 10% owner | sell | $1.1M |
| Jun 4, 2026 | Leonard I Fluxman See Remarks, Director, 10% owner | sell | $755K |
| Aug 7, 2026 | Andrew R Heyer Director | sell | $666K |
Who owns it
Large shareholders (13G filings)
| Ariel Investments, LLC | 15.2% | Mar 31, 2026 |
| BlackRock, Inc. | 14.6% | Sep 30, 2026 |
| Franklin Resources, Inc. | 3.9% | Sep 30, 2024 |
ETFs with the most weight in OSW
| IWC iShares Micro-Cap ETF | 0.48% |
| SDVY First Trust SMID Cap Rising Dividend Achievers ETF | 0.44% |
| SDVD FT Vest SMID Rising Dividend Achievers Target Income ETF | 0.41% |
| SFLO VictoryShares Small Cap Free Cash Flow ETF | 0.38% |
| TPSC Timothy Plan US Small Cap Core ETF | 0.23% |
| SMMV iShares MSCI USA Small-Cap Min Vol Factor ETF | 0.23% |
| AVSC Avantis U.S Small Cap Equity ETF | 0.21% |
| SCDS JPMorgan Fundamental Data Science Small Core ETF | 0.21% |
What could go wrong
- Heavy reliance on a few cruise companies. Most revenue comes from cruise line contracts that may not renew on similar terms. Some can end with little notice, for example when a ship is sold. A few cruise companies dominate the industry.
- Cruise shutdowns and disease outbreaks. The pandemic stopped cruising completely. Revenue was $120.9 million in 2020, against $961.0 million in 2025. Outbreaks, recessions or ship accidents could cut demand, and a bankrupt cruise line might not pay what it owes.
- Minimum payments owed to partners. OneSpaWorld must make minimum payments to cruise lines and resort owners under its agreements. Those payments may rise, which would squeeze profits if guest spending does not keep pace.
- Lower-spending passengers and less profitable itineraries. Ships serving North America earn the most, but much cruise growth is expected elsewhere, where the company believes passengers spend less. Cruise lines also choose routes and may switch to longer, exotic trips that earn less per voyage.
- Delays in new cruise ships. Most of its contracts automatically cover new ships that a partner adds, so new ships are a key source of growth. If new ships arrive late, that growth could slow.
- Tax law changes could raise its bill. OneSpaWorld is incorporated in the Bahamas and earns much of its revenue in places with low or no taxes, so it pays comparatively little cash tax. Changes to US or foreign tax laws could raise that bill.
Recent events
- Quarterly results released
- Quarterly results released
- Shareholder vote results
- Quarterly results released
- Quarterly results released
For income and retirement investors
OneSpaWorld pays a small dividend. It paid about $0.03 per share in fiscal 2020, and its filings show no dividend for fiscal 2021 through 2023. The dividend restarted at about $0.08 in fiscal 2024 and more than doubled to about $0.17 in fiscal 2025. That was roughly a quarter of both earnings and free cash flow (the cash left after running and investing in the business). The yield was 0.71% as of October 28, 2026, so an income investor would get little cash, and most of any return would depend on the share price. Share repurchases were larger, at $75.4 million in fiscal 2025, yet the share count still rose about 2% between June 2023 and July 2026.
The stock has fallen hard in downturns. It dropped 82.9% in the 2020 COVID crash and took about 47 months to recover. In the 2022 bear market, it fell 36.2% and recovered in about six months. A single stock carries more risk than a diversified fund.
Questions investors ask
How does OneSpaWorld make money?
OneSpaWorld runs spas, salons and fitness centers on cruise ships and at destination resorts. Cruise lines such as Carnival, Royal Caribbean and Norwegian sign contracts with it that average about five years. These give it the exclusive right to sell services and products onboard, and the cruise line keeps a set percentage of the revenue. In 2025, services made up about 81% of its $961.0 million in revenue and retail products about 19%. Guests spent about $305 per visit.
Does OneSpaWorld pay a dividend?
Yes, but it is small. The company's filings show no dividend for fiscal 2021 through 2023. The dividend restarted in fiscal 2024 at about $0.08 per share and rose to about $0.17 in fiscal 2025. The yield was 0.71% as of October 28, 2026. The fiscal 2025 dividend used about 24% of earnings. In the same year, the company spent much more, $75.4 million, buying back its own shares.
What happened to OneSpaWorld stock during COVID?
It collapsed. The share price fell 82.9% between February 19 and March 19, 2020, as the pandemic stopped cruising completely. The stock did not get back to its earlier peak until February 12, 2024, nearly 47 months later. Revenue was just $120.9 million in 2020, and the company lost $288.0 million that year. The episode shows how closely the stock is tied to the cruise industry.
Is OneSpaWorld stock expensive?
It trades at a high price compared with its earnings. As of October 28, 2026, the shares traded at about 40.7 times fiscal 2025 diluted earnings per share of $0.69, and the company's market value was about $2.85 billion. The price had risen 36.2% in 2026 through that date. Earnings growth has been mixed: net income slipped 1.7% in fiscal 2025, but rose 16.4% from a year earlier in the quarter ended June 30, 2026.
Are OneSpaWorld insiders selling shares?
Yes. In the year to October 29, 2026, insiders filed 18 sales worth about $8.2 million and made no purchases. None of the sales were under prearranged trading plans. Leonard I. Fluxman, a director and 10% owner, made the largest sales, including about $1.4 million on June 8, 2026. Large outside holders include Ariel Investments, which reported owning 15.2% as of March 31, 2026, and BlackRock, which reported 14.6% as of September 30, 2026.