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Leisure · Consumer Cyclical · Fiscal year ends Dec 31
Onespaworld reported revenue of $961M in the fiscal year ended Dec 2025, up 7.4% from the year before. Operating income was $82M, an operating margin of 8.5%, and net income was $72M. Operating cash flow of $84M less capital expenditure of $15M left free cash flow of $68M. Net debt was $68M.
Ranks among the 21 leisure companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 144 | 546 | 794 | 895 | 961 |
| Operating income | −52.1 | 15.1 | 54.2 | 78.1 | 81.6 |
| Interest expense | 13.5 | 15.8 | 21.4 | 10.0 | 5.7 |
| Pre-tax income | −68.1 | 53.8 | −4.5 | 76.9 | 76.1 |
| Income tax | 0.4 | 0.6 | −1.5 | 4.0 | 4.5 |
| Net income | −68.5 | 53.2 | −3.0 | 72.9 | 71.6 |
| Diluted EPS | −0.76 | 0.49 | −0.03 | 0.69 | 0.69 |
| Diluted shares | 90.1 | 95.1 | 97.8 | 105 | 104 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 30.9 | 32.1 | 27.7 | 57.4 | 16.3 |
| Receivables | 19.5 | 33.6 | 40.8 | 46.3 | 47.9 |
| Inventory | 29.5 | 39.8 | 47.5 | 46.7 | 58.8 |
| Current assets | 88.9 | 118 | 127 | 162 | 138 |
| Net PP&E | 14.1 | 14.5 | 15.0 | 17.7 | 27.3 |
| Total assets | 689 | 717 | 706 | 746 | 707 |
| Payables | 15.8 | 24.1 | 31.7 | 29.7 | 31.8 |
| Current liabilities | 51.9 | 69.6 | 80.9 | 79.4 | 72.0 |
| Short-term debt | 1.8 | 2.1 | – | 5.0 | – |
| Long-term debt | 229 | 211 | 158 | 93.6 | 84.0 |
| Total liabilities | 395 | 352 | 272 | 192 | 165 |
| Shareholders' equity | 294 | 366 | 434 | 554 | 543 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −35.1 | 24.8 | 63.4 | 78.8 | 83.5 |
| Capital expenditure | 2.9 | 4.8 | 5.4 | 6.7 | 15.1 |
| Free cash flow | −38.0 | 19.9 | 58.0 | 72.1 | 68.4 |
| Depreciation & amortisation | 22.5 | 22.4 | 22.0 | 24.3 | 25.3 |
| Stock-based compensation | 10.6 | 12.9 | 10.1 | 9.1 | 10.1 |
| Share buybacks | – | – | 9.0 | 19.0 | 75.4 |
| Dividends paid | – | – | – | 8.3 | 17.5 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 279.3% | 45.4% | 12.7% | 7.4% |
| Operating income growth (YoY) | – | – | 257.9% | 44.1% | 4.6% |
| EPS growth (YoY) | – | – | −106.1% | – | 0.0% |
| Operating margin | −36.1% | 2.8% | 6.8% | 8.7% | 8.5% |
| Net margin | −47.6% | 9.7% | −0.4% | 8.1% | 7.5% |
| Return on equityBlank when equity is negative | −23.3% | 14.5% | −0.7% | 13.1% | 13.2% |
| ROCEEBIT ÷ (assets − current liabilities) | −8.2% | 2.3% | 8.7% | 11.7% | 12.9% |
| Free cash flow margin | −26.4% | 3.6% | 7.3% | 8.1% | 7.1% |
| Cash conversion (CFO ÷ net income) | 0.51x | 0.47x | −21.3x | 1.08x | 1.17x |
| Receivable days | 49 | 22 | 19 | 19 | 18 |
| Interest cover | −3.86x | 0.96x | 2.53x | 7.77x | 14.4x |
| Debt ÷ equity | 0.78x | 0.58x | 0.36x | 0.18x | 0.15x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 200 | 181 | 131 | 41.1 | 67.7 |
| Current ratio | 1.71x | 1.69x | 1.57x | 2.03x | 1.91x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.