ONESPAWORLD HOLDINGS Ltd financial statements

Income statement, balance sheet and cash flow statement for the last 8 fiscal years, taken from the XBRL data ONESPAWORLD HOLDINGS Ltd files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2017	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	507	541	121	144	546	794	895	961
General and administrative	9.22	9.94	19	15.5	15.8	17.1	18.8	18.1
Operating income	38.3	48.5	-265	-52.1	15.1	54.2	78.1	81.6
Interest expense		34.1	14.7	13.5	15.8	21.4	10	5.67
Interest income	0.41	0.24	0.03	0.06		0.28	1.17	0.49
Other non-operating income	0.19	-33.7	-22.2	-16	38.6	-58.7	-1.2	-5.53
Pre-tax income	38.5	14.8	-287	-68.1	53.8	-4.5	76.9	76.1
Income tax	5.26	1.09	0.81	0.43	0.62	-1.53	3.99	4.49
Net income to minority interests	2.11	3.86
Net income	31.1	9.89	-288	-68.5	53.2	-2.97	72.9	71.6
EBITDA	48.1	58.6	-241	-29.6	37.5	76.2	102	107
EPS, basic			-3.87	-0.76	0.57	-0.03	0.70	0.69
EPS, diluted			-3.87	-0.76	0.49	-0.03	0.69	0.69
Shares, basic (weighted)			74.4	90.1	92.5	97.8	104	103
Shares, diluted (weighted)			74.4	90.1	95.1	97.8	105	104

Balance sheet

	FY2017	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	8.67	15.3	41.6	30.9	32.1	27.7	57.4	16.3
Receivables		25.4	2.99	19.5	33.6	40.8	46.3	47.9
Inventory		32.3	27.2	29.5	39.8	47.5	46.7	58.8
Other current assets		1.42	1.59	0.58	4.15	6.36	6.01	7.23
Total current assets		81	82.2	88.9	118	127	162	138
Property, plant and equipment		16.2	17.1	14.1	14.5	15	17.7	27.3
Lease right-of-use assets					13.9	12.1	13.9	9.66
Goodwill		33.9
Intangible assets		132	599	582	565	547	530	511
Other non-current assets		10.1	3.93	3.52	5.63	5.31	23.3	21.5
Total assets		273	702	689	717	706	746	707
Accounts payable		7.6	8.6	15.8	24.1	31.7	29.7	31.8
Accrued liabilities		27.2	25.8	32.2	40	46	41.2	37.4
Short-term debt				1.78	2.09		5
Total current liabilities		43.2	37.1	51.9	69.6	80.9	79.4	72
Long-term debt		352	229	229	211	158	93.6	84
Lease liabilities					12.1	10.2	11.6	8.41
Other non-current liabilities			5.57	2.65	2.45	2.45	7.33	0.19
Total liabilities		400	381	395	352	272	192	165
Total debt		352	229	230	213	158	98.6	84
Paid-in capital			650	688	701	777	834	796
Retained earnings			-323	-392	-339	-344	-280	-253
Other comprehensive income		-0.65	-5.48	-2	3.8	1.46	0.4	-0.32
Shareholders' equity		-131	321	294	366	434	554	543
Minority interests		3.59
Total equity	225	-128	321	294	366	434	554	543
Total liabilities and equity		273	702	689	717	706	746	707

Cash flow statement

	FY2017	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	33.2	13.7	-288	-68.5	53.2	-2.97	72.9	71.6
Depreciation and amortization	9.83	10.1	24.5	22.5	22.4	22	24.3	25.3
Stock-based compensation			4.95	10.6	12.9	10.1	9.07	10.1
Deferred income tax	3.35	-0	1.58	0.09	-0.18	-2.09	1.14	0.91
Change in receivables	-2.45	-2.11	27.3	-16.9	-14.1	-7.29	-5.5	-2.58
Change in inventory	8.16	-6.97	2.87	-6.26	-10.4	-7.67	0.76	-12.8
Cash from operations	70.1	32.4	-36.6	-35.1	24.8	63.4	78.8	83.5
Capital expenditures	-2.68	-4.98	-2.13	-2.87	-4.83	-5.42	-6.74	-15.1
Cash from investing	-2.68	-4.98	-2.13	-2.87	-4.83	-5.42	-6.74	-16.7
Share buybacks						-9.04	-19	-75.4
Dividends paid			-2.45				-8.33	-17.5
Cash from financing	-65.5	-20.6	68.5	27.5	-18.7	-62.7	-42.2	-108
Net change in cash	2.06	6.63	29.6	-10.6	0.43	-4.36	29.7	-41.1
Free cash flow	67.4	27.4	-38.7	-38	19.9	58	72.1	68.4
Interest paid		30.3	11.7	12.6	14	21.3	11.4	6.1
Income taxes paid	0.36	1.04	0.12	0.16	0.43	4.72	3.26	2.86

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to September 30, 2026; growth uses fiscal years. Valuation uses the share price of $32.47 on November 9, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	9.1%	Operating income / revenue.
EBITDA margin	11.8%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	8.6%	Pre-tax income / revenue.
Net margin	8.3%	Net income / revenue.
FCF margin	9.2%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	10.5%	Cash from operations / revenue.
Effective tax rate	4.3%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	14.9%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	11.8%	Net income / average total assets.
Return on invested capital (ROIC)	14.7%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	1.0%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	1.3%	Capital expenditures / revenue.
D&A / revenue	2.7%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	7.4%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	20.7%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	51.4%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	4.6%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	75.4%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	4.5%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	41.8%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y	-1.7%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	10.4%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	0.0%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	12.1%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	6.0%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	50.0%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow growth, 1y	-5.0%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	50.9%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y	-2.1%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	14.0%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	11.1%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-5.3%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-0.5%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	0.1%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-1.2%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	2.9%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	6.9%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.22x	Current assets / current liabilities.
Quick ratio	1.14x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.44x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.12x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	9.8%	Total debt / total assets.
Liabilities / assets	20.9%	Total liabilities / total assets.
Net debt	$38.4M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	0.32x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	18.2x	Operating income / interest expense.
Working capital	$88.4M	Current assets - current liabilities.
Goodwill and intangibles / assets	69.1%	(Goodwill + intangible assets) / total assets.
Tangible book value	$72.1M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.42x	Revenue / average total assets.
Fixed asset turnover	33.5x	Revenue / average property, plant and equipment.
Receivables turnover	20.3x	Revenue / average receivables.
Days sales outstanding	18 days	365 x average receivables / revenue.
FCF conversion	111.1%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	12.8%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.83	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$10.09	Revenue / diluted weighted shares.
FCF per share	$0.93	Free cash flow / diluted weighted shares.
Operating cash flow per share	$1.06	Cash from operations / diluted weighted shares.
Book value per share	$5.60	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$0.71	Tangible book value / shares outstanding.
Cash per share	$0.32	(Cash + short-term investments) / shares outstanding.
Payout ratio	23.9%	Dividends paid / net income, when net income is positive.
Dividends / FCF	21.5%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	61.0%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$3.30B	Share price x shares outstanding.
Enterprise value	$3.33B	Market cap + total debt - cash - short-term investments.
P/E	38.8x	Market cap / net income. Only when net income is positive.
P/S	3.21x	Market cap / revenue.
P/B	5.77x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	45.7x	Market cap / tangible book value, when positive.
P/FCF	35.0x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	30.5x	Market cap / cash from operations, when positive.
EV/Sales	3.24x	Enterprise value / revenue.
EV/EBIT	35.6x	Enterprise value / operating income, when both are positive.
EV/EBITDA	27.5x	Enterprise value / EBITDA, when both are positive.
EV/FCF	35.4x	Enterprise value / free cash flow, when both are positive.
FCF yield	2.9%	Free cash flow / market cap.
Earnings yield	2.6%	Net income / market cap (the inverse of P/E).
Dividend yield	0.6%	Dividends paid over the period / market cap.
Shareholder yield	2.4%	(Dividends paid + share buybacks) / market cap.
PEG	3.21x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was ONESPAWORLD HOLDINGS Ltd's revenue in fiscal 2025?

ONESPAWORLD HOLDINGS Ltd reported revenue of $961.0M for fiscal 2025, 7.4% higher than the year before.

Was ONESPAWORLD HOLDINGS Ltd profitable in fiscal 2025?

Yes. Net income was $71.6M, a net margin of 7.5%.

How much free cash flow did ONESPAWORLD HOLDINGS Ltd generate in fiscal 2025?

Cash from operations of $83.5M minus capital expenditures of $15.1M left free cash flow of $68.4M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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