OSWOneSpaWorld Holdings Limited
Is the business good?
A genuinely good business: earnings fully cash-backed (1.1×) and margins widening.
Operating profit is fully backed by cash. Conversion is improving vs a year ago.
Profits are tracking sales roughly one-for-one, limited operating leverage either way.
A balanced mix of margins, efficiency, and leverage. ROE 14% = margin × turnover × leverage.
Unless marked, from derived.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is OSW?
OneSpaWorld Holdings Limited earns 11% on the capital it employs against a 9.0% cost of capital, so the business is worth more the bigger it gets.
Return on invested capital · cost of capital 9.0% · 2.4 points above what the capital costs: growth creates value
- Operating margin
- 8.9%
Operating margin · Leisure median 9.6% · 12 months to Q2 2026
- Cash conversion
- 1.11×
Cash conversion · 0.98× a year ago · operating cash flow covers the operating profit after tax
- Share count, year on year
- −1.1%
Share count, year on year · bought back, each share owns more of the company
| Year | Operating margin |
|---|---|
| FY2020 | −219% |
| FY2021 | −36% |
| FY2022 | 2.8% |
| FY2023 | 6.8% |
| FY2024 | 8.7% |
| FY2025 | 8.5% |
Details›
- Operating margin12 months to Q2 2026
- 8.9%
- Net margin12 months to Q2 2026
- 8.0%
- Free cash flow margin
- 7.8%
- Revenue, trailing twelve months
- $1.01B
- Free cash flow, trailing twelve months
- $78M
- Net income, trailing twelve months
- $81M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 11%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.
Customers and suppliers
Who buys from OSW and who it buys from, as the companies report it.
- CCLCarnival Corporation40%
Share of revenue · FY2025 10-K
- RCLRoyal Caribbean Group28%
Share of revenue · FY2025 10-K
- NCLHNorwegian Cruise Line Holdings18%
Share of revenue · FY2025 10-K
None disclosed.
A company has to disclose every customer behind 10% or more of its revenue. Each share comes from the latest annual report of the company that states it and shows on both companies’ pages; OSW’s own figures are from its FY2025 10-K. Smaller customers and suppliers go unreported.