Onespaworld Holdings
OSW on Nasdaq. OneSpaWorld sells spa and wellness services to cruise ship passengers and resort guests. Market value $2.3bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Good business, but not cheap right now
Why it could be worth it
What to watch out for
See cheaper Retail & consumer stocks on the list
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $3.36 of spare cash in the past 12 months. A savings account pays about $4.
You pay 26.3 years of operating profit for the business. The average large US company costs around 18.
Each dollar kept in the business earns 8 cents a year. Above 10 is good.
Quality score: 75 of 100. Price score: 44 of 100. Our list needs 70 on quality and 60 on price.
$22.92 a share, 20% above its 1-year low
Over the past year the price has ranged from $19.06 to $29.25.
Dividend: 0.8% a year
Paid every year for 2 years
Prices from Monday’s close (5 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $144m | $546m | $794m | $895m | $961m |
| Operating margin | |||||
| Operating margin | -36.1% | 2.8% | 6.8% | 8.7% | 8.5% |
| Debt to equity | |||||
| Debt to equity | 0.78 | 0.58 | 0.36 | 0.18 | 0.15 |
| Shares outstanding | |||||
| Shares outstanding | 0.09bn | 0.10bn | 0.10bn | 0.10bn | 0.10bn |
Health checks
- Free cash flow positive4 of 5 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)6 of 7 checks we could run
- Profit backed by cash (accruals)Yes
- Debt0.15× equity
- Revenue growth, five yearsStrong, 51.4% a year
- Buying back its own sharesNo, 13% more shares since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $261 million last quarter, up 9% on a year ago.
- Profit: $23 million, up 16% on a year ago.
- It keeps 9 cents of each $1 of sales as operating profit, about the same as a year earlier.
- Spare cash over the past 12 months: $78 million, up from $67 million.
- 1% fewer shares than a year ago. Each share owns a bit more of the company.
- Debt is $41 million more than cash, down from $61 million a year ago.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $242m |
| December 2024 | $217m |
| March 2025 | $220m |
| June 2025 | $241m |
| September 2025 | $259m |
| December 2025 | $242m |
| March 2026 | $248m |
| June 2026 | $261m |
| Quarter to | Amount |
|---|---|
| September 2024 | $22m |
| December 2024 | $14m |
| March 2025 | $15m |
| June 2025 | $20m |
| September 2025 | $24m |
| December 2025 | $12m |
| March 2026 | $21m |
| June 2026 | $23m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 23 February 2026
- Next quarterly (estimated, 10-Q)
- 29 October 2026
Who owns it
3 long-term investors we follow own it, down from 4 last quarter. 257 funds in all.
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Ariel InvestmentsJohn Rogers Jr. | $420m | 4.2% | Cut |
| Select Equity GroupGeorge Loening | $61m | 0.3% | Added |
| Fenimore Asset Management (FAM Funds)John Fox | $13m | 0.3% | Cut |
Sold out this quarter
- Royce & AssociatesChuck RoyceSold out
Largest holders overall
- Ariel Investments$420mCut
- BlackRock$278m
- Nomura Asset Management International$122mCut
- Bank of America$120mAdded
- State Street$113mAdded
- Reinhart Partners, Llc.$112mAdded
- Victory Capital Management$91mCut
- Channing Capital Management$87mCut
- Wellington Management Group LLP$77mAdded
- Geode Capital Management$74mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
2 investors own more than 5%.
- Ariel InvestmentsPassive investor15.2%+2.3 ptsSince 31 March 2026
- BlackRock, Inc.Passive investor11.5%+1.9 ptsSince 31 July 2026
| Holder | Stake | Since | |
|---|---|---|---|
Ariel Investments Passive investor | 15.2%+2.3 pts | 31 March 2026 | |
BlackRock, Inc. Passive investor | 11.5%+1.9 pts | 31 July 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 3 sold $8m.
- HEYER ANDREW RDirectorSold
- Date
- 10 August 2026
- Shares
- 4,781
- Price
- $26.07
- Value
- $124,641
- HEYER ANDREW RDirectorSold
- Date
- 7 August 2026
- Shares
- 25,219
- Price
- $26.42
- Value
- $666,286
- HEYER ANDREW RDirectorSold
- Date
- 6 August 2026
- Shares
- 30,000
- Price
- $26.43
- Value
- $793,000
- HEYER ANDREW RDirectorSold
- Date
- 15 June 2026
- Shares
- 20,000
- Price
- $26.04
- Value
- $520,800
- McLallen Walter FieldDirectorSold
- Date
- 11 June 2026
- Shares
- 10,500
- Price
- $24.67
- Value
- $259,035
- FLUXMAN LEONARD ISee Remarks, DirectorSold
- Date
- 8 June 2026
- Shares
- 58,642
- Price
- $24.14
- Value
- $1m
- FLUXMAN LEONARD ISee Remarks, DirectorSold
- Date
- 5 June 2026
- Shares
- 57,051
- Price
- $24.07
- Value
- $1m
- FLUXMAN LEONARD ISee Remarks, DirectorSold
- Date
- 4 June 2026
- Shares
- 31,431
- Price
- $24.03
- Value
- $755,287
- FLUXMAN LEONARD ISee Remarks, DirectorSold
- Date
- 3 June 2026
- Shares
- 1,504
- Price
- $24.01
- Value
- $36,111
- FLUXMAN LEONARD ISee Remarks, DirectorSold
- Date
- 27 May 2026
- Shares
- 42,883
- Price
- $24.56
- Value
- $1m
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 10 August 2026 | HEYER ANDREW R Director | Sold | 4,781 | $26.07 | $124,641 |
| 7 August 2026 | HEYER ANDREW R Director | Sold | 25,219 | $26.42 | $666,286 |
| 6 August 2026 | HEYER ANDREW R Director | Sold | 30,000 | $26.43 | $793,000 |
| 15 June 2026 | HEYER ANDREW R Director | Sold | 20,000 | $26.04 | $520,800 |
| 11 June 2026 | McLallen Walter Field Director | Sold | 10,500 | $24.67 | $259,035 |
| 8 June 2026 | FLUXMAN LEONARD I See Remarks, Director | Sold | 58,642 | $24.14 | $1m |
| 5 June 2026 | FLUXMAN LEONARD I See Remarks, Director | Sold | 57,051 | $24.07 | $1m |
| 4 June 2026 | FLUXMAN LEONARD I See Remarks, Director | Sold | 31,431 | $24.03 | $755,287 |
| 3 June 2026 | FLUXMAN LEONARD I See Remarks, Director | Sold | 1,504 | $24.01 | $36,111 |
| 27 May 2026 | FLUXMAN LEONARD I See Remarks, Director | Sold | 42,883 | $24.56 | $1m |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 23 Feb 2026, plus the 10-Q filed 30 Jul 2026 and 3 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
- It isn't cheap on profits: 26.3× operating profit.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.