The company has achieved a robust financial turnaround by eliminating its total debt by 2026Q1, down from a $170.6M load in 2023Q4.
| Total Current Assets | 144.07M | 137.67M | 161.5M | 126.72M | 117.89M | 88.95M | 82.18M | 90.66M | 80.96M | 63.09M | 66.65M |
| Cash & Short-Term Investments | 16.08M | 16.31M | 57.44M | 27.7M | 32.06M | 30.94M | 43.45M | 13.86M | 15.3M | 8.67M | 6.61M |
| Cash Only | 16.08M | 16.31M | 57.44M | 27.7M | 32.06M | 30.94M | 43.45M | 13.86M | 15.3M | 8.67M | 6.61M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 49.26M | 47.93M | 46.26M | 40.78M | 33.56M | 19.48M | 2.99M | 30.51M | 25.35M | 23.26M | 20.84M |
| Days Sales Outstanding | 17.75 | 18.2 | 18.87 | 18.75 | 22.42 | 49.37 | 9.04 | 19.81 | 17.11 | 16.76 | 15.97 |
| Inventory | 64.05M | 58.84M | 46.75M | 47.5M | 39.84M | 29.48M | 27.2M | 36.07M | 32.27M | 25.3M | 33.46M |
| Days Inventory Outstanding | 25.92 | 25.1 | 22.89 | 26 | 31.42 | 79.37 | 71.3 | 25.36 | 25.43 | 20.97 | 28.79 |
| Other Current Assets | 14.68M | 14.6M | 7.21M | 7.56M | 5.35M | 2.47M | 1.59M | 2.56M | 1.42M | 1.04M | 1.14M |
| Total Non-Current Assets | 565.81M | 569.42M | 584.92M | 579.42M | 599.54M | 599.92M | 620.1M | 833.01M | 191.7M | 203.98M | 208.13M |
| Property, Plant & Equipment | 40.15M | 38.94M | 31.58M | 27.14M | 28.45M | 14.11M | 17.06M | 22.74M | 16.24M | 17.37M | 21.34M |
| Fixed Asset Turnover | 26.71x | 24.68x | 28.34x | 29.26x | 19.20x | 10.21x | 7.09x | 24.72x | 33.30x | 29.17x | 22.32x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 190.08M | 33.86M | 33.86M | 33.86M |
| Intangible Assets | 506.94M | 511.01M | 530.03M | 546.97M | 565.47M | 582.29M | 599.11M | 616.64M | 131.52M | 135.04M | 138.56M |
| Long-Term Investments | 0 | 0 | 711K | 0 | 1.91M | 0 | 0 | 652K | 0 | 6.73M | 5.6M |
| Other Non-Current Assets | 18.4M | 19.15M | 21.37M | 2.97M | 3.49M | 3.45M | 3.83M | 854K | 5.81M | 6.52M | 1.16M |
| Total Assets | 709.88M | 707.1M | 746.42M | 706.14M | 717.43M | 688.87M | 702.28M | 923.67M | 272.66M | 267.07M | 274.78M |
| Asset Turnover | 1.37x | 1.36x | 1.20x | 1.12x | 0.76x | 0.21x | 0.17x | 0.61x | 1.98x | 1.90x | 1.73x |
| Asset Growth % | -8.6% | -5.27% | 5.7% | -1.57% | 4.15% | -1.91% | -23.97% | 238.76% | 2.09% | -2.81% | - |
| Total Current Liabilities | 57.2M | 71.95M | 79.41M | 80.86M | 69.56M | 51.87M | 37.08M | 51.41M | 43.24M | 37.16M | 26.2M |
| Accounts Payable | 25.43M | 31.79M | 29.75M | 31.7M | 24.12M | 15.85M | 8.6M | 23.44M | 14.15M | 16.07M | 4.62M |
| Days Payables Outstanding | 13.34 | 13.56 | 14.56 | 17.35 | 19.03 | 42.66 | 22.55 | 16.48 | 11.15 | 13.32 | 3.97 |
| Short-Term Debt | 0 | 1.98M | 5M | 0 | 2.08M | 1.78M | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 31.77M | 38.18M | 884K | 899K | 32.15M | 2.01M | 23.96M | 25.41M | 1.88M | 1.58M | 541K |
| Current Ratio | 2.52x | 1.91x | 2.03x | 1.57x | 1.69x | 1.71x | 2.22x | 1.76x | 1.87x | 1.70x | 2.54x |
| Quick Ratio | 1.40x | 1.10x | 1.45x | 0.98x | 1.12x | 1.15x | 1.48x | 1.06x | 1.13x | 1.02x | 1.27x |
| Cash Conversion Cycle | 30.33 | 29.74 | 27.19 | 27.39 | 34.82 | 86.08 | 57.79 | 28.69 | 31.39 | 24.41 | 40.79 |
| Total Non-Current Liabilities | 90.94M | 92.57M | 112.52M | 191.21M | 282.06M | 343.1M | 344.38M | 225.89M | 357M | 4.63M | 3.71M |
| Long-Term Debt | 0 | 92.38M | 93.56M | 158.21M | 210.7M | 228.68M | 229.43M | 221.41M | 352.44M | 0 | 0 |
| Capital Lease Obligations | 29.25M | 8.41M | 11.63M | 10.16M | 12.1M | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | -341K | 0 | 375K | 0 | 197K | 0 |
| Other Non-Current Liabilities | 90.94M | -8.23M | 7.33M | 22.85M | 59.26M | 114.42M | 114.66M | 4.11M | 4.56M | 4.63M | 3.71M |
| Total Liabilities | 148.13M | 164.52M | 191.93M | 272.07M | 351.63M | 394.96M | 381.45M | 277.3M | 400.24M | 41.79M | 29.92M |
| Total Debt | 0 | 102.77M | 112.74M | 170.63M | 227.13M | 230.46M | 229.43M | 221.41M | 352.44M | 0 | 0 |
| Net Debt | -16.08M | 86.47M | 55.3M | 142.92M | 195.06M | 199.52M | 185.99M | 207.54M | 337.14M | -8.67M | -6.61M |
| Debt / Equity | 0.00x | 0.19x | 0.20x | 0.39x | 0.62x | 0.78x | 0.72x | 0.34x | - | - | - |
| Debt / EBITDA | 0.00x | 0.91x | 1.10x | 2.24x | 6.06x | - | - | 28.47x | 6.02x | - | - |
| Net Debt / EBITDA | -0.14x | 0.77x | 0.54x | 1.88x | 5.20x | - | - | 26.69x | 5.76x | -0.18x | -0.18x |
| Interest Coverage | 7.88x | 15.70x | 8.65x | 0.79x | 4.41x | -4.06x | -16.85x | 1.02x | 1.42x | - | - |
| Total Equity | 561.75M | 542.58M | 554.5M | 434.07M | 365.81M | 293.9M | 320.83M | 646.37M | -127.58M | 225.28M | 244.86M |
| Equity Growth % | 9.02% | -2.15% | 27.74% | 18.66% | 24.47% | -8.39% | -50.36% | 606.63% | -156.63% | -8% | - |
| Book Value per Share | 5.49 | 5.23 | 5.28 | 4.44 | 3.85 | 3.26 | 4.31 | 10.58 | -2.02 | 3.22 | 3.49 |
| Total Shareholders' Equity | 561.75M | 542.58M | 554.5M | 434.07M | 365.81M | 293.9M | 320.83M | 638.24M | -131.17M | 220.69M | 237.77M |
| Common Stock | 10K | 10K | 10K | 10K | 9K | 9K | 9K | 6K | 0 | 221.04M | 0 |
| Retained Earnings | -231.63M | -252.96M | -279.89M | -344.46M | -338.61M | -391.77M | -323.25M | -15.57M | 0 | 0 | 0 |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 35K | -321K | 397K | 1.46M | 3.8M | -2M | -5.47M | 719K | -649K | -356K | -725K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 8.12M | 3.59M | 4.6M | 7.09M |
Maritime labor supply constraints
As reported in recent financial statements, OSW has successfully eliminated its total debt by 2026Q1, marking a significant improvement from the $170.6M debt load observed in 2023Q4 and signaling a shift toward a more resilient, self-funded capital structure that enhances the company's long-term operational flexibility.
The transition to a debt-free balance sheet appears to be a strategic move to insulate the firm from interest rate volatility and provide a buffer against potential cyclical downturns in the cruise industry. This trajectory suggests management is prioritizing balance sheet health to support future contract renewals and potential expansion without the burden of debt service obligations.
Based on the provided balance sheet data, goodwill accounts for approximately 71% of total assets as of 2026Q1, reflecting the company's reliance on long-term contractual relationships and acquired maritime service rights rather than significant physical infrastructure or tangible capital investments.
The high concentration of goodwill warrants careful monitoring, as it implies that the company's valuation is heavily tied to the durability of its exclusive cruise line partnerships. Investors should consider whether these intangible assets remain fully supported by the underlying cash flows generated from the contracted fleet capacity.
According to quarterly filings, the current ratio has improved to 2.52 in 2026Q1 from 1.57 in 2023Q4, indicating a strengthening ability to meet short-term obligations as the company navigates the seasonal and operational demands of its global maritime wellness service model.
While the current ratio shows a positive trend, the absolute cash position of $16.1M remains relatively modest compared to the scale of operations. This suggests that while liquidity is adequate for day-to-day requirements, the company may remain sensitive to sudden, large-scale disruptions in cruise ship occupancy or unexpected working capital outflows.
As indicated by the latest balance sheet figures, OSW continues to carry a significant deficit in retained earnings of $231.6M, which, despite the recent reduction from $344.5M in 2023Q4, highlights the historical impact of past operational challenges and capital allocation decisions on shareholder equity.
The persistent negative retained earnings balance suggests that the company is still in a recovery phase regarding its cumulative profitability. While the trend is moving in the right direction, the equity base remains sensitive to any future earnings volatility that could further delay the path to a positive retained earnings position.
Quick answers to the most common questions about buying OSW stock.
As of 2025, OneSpaWorld Holdings Limited (OSW) had total assets of $707.1M including $137.7M in current assets.
OneSpaWorld Holdings Limited (OSW) carries total debt of $102.8M, offset by $16.3M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
OneSpaWorld Holdings Limited (OSW) has total shareholders' equity (book value) of $542.6M ($5.23 book value per share). Book value represents the net worth of the company belonging to common stock holders.
OneSpaWorld Holdings Limited (OSW) reported a current ratio of 1.91x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.