Free cash flow generation remains sensitive to operational seasonality, with margins ranging from 1.9% in 2026Q1 to 11.4% in 2024Q3, while maintaining a disciplined CapEx/Revenue ratio consistently below 2.2%.
| Cash from Operations | 82.51M | 83.52M | 78.8M | 63.38M | 24.76M | -35.1M | -36.55M | -6.33M | 32.39M | 70.12M | 76.65M |
| Operating CF Margin % | - | 8.69% | 8.8% | 7.98% | 4.53% | -24.37% | -30.23% | -1.13% | 5.99% | 13.84% | 16.09% |
| Operating CF Growth % | 35.07% | 5.99% | 24.33% | 155.93% | 170.54% | 3.96% | -477.14% | -119.55% | -53.81% | -8.52% | - |
| Net Income | 77.68M | 71.62M | 72.86M | -2.97M | 53.16M | -68.52M | -280.49M | -41.03M | 13.74M | 33.23M | 18.16M |
| Depreciation & Amortization | 25.89M | 25.33M | 24.28M | 22.04M | 22.35M | 22.47M | 24.45M | 21.59M | 10.05M | 9.83M | 12.88M |
| Stock-Based Compensation | 9.09M | 10.09M | 9.07M | 10.14M | 12.89M | 10.65M | 4.95M | 0 | 0 | 0 | 0 |
| Deferred Taxes | 907K | 907K | 1.14M | -5.53M | -181K | 89K | 1.57M | -643K | -1K | 3.35M | -472K |
| Other Non-Cash Items | -17.32M | 4.28M | -5.65M | 41.22M | -53.27M | 8.23M | 198.06M | 22.28M | 12.97M | 11.67M | 11.25M |
| Working Capital Changes | -13.74M | -28.7M | -22.9M | -1.52M | -10.19M | -8.02M | 14.9M | -8.54M | -4.4M | 12.03M | 34.81M |
| Change in Receivables | -5.51M | -2.58M | -5.5M | -7.29M | -14.1M | -16.94M | 27.35M | -5.17M | -2.11M | -2.45M | -1.18M |
| Change in Inventory | -14.62M | -12.79M | 756K | -7.67M | -10.35M | -6.26M | 2.87M | -54K | -6.97M | 8.16M | -2.97M |
| Change in Payables | -4.22M | 2.8M | -1.96M | 7.58M | 8.28M | 7.25M | -14.84M | 9.29M | -1.92M | 11.7M | 32.42M |
| Cash from Investing | -18.04M | -16.72M | -6.74M | -5.42M | -4.83M | -2.87M | -2.13M | -679.88M | -4.98M | -2.68M | -8.53M |
| Capital Expenditures | -17.72M | -15.07M | -6.74M | -5.42M | -4.83M | -2.87M | -2.13M | -3.43M | -4.98M | -2.68M | -3.08M |
| CapEx % of Revenue | 1.79% | 1.57% | 0.75% | 0.68% | 0.88% | 1.99% | 1.76% | 0.61% | 0.92% | 0.53% | 0.65% |
| Acquisitions | -1.64M | -1.64M | 0 | 0 | 0 | 0 | -10.81M | -676.45M | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 1.33M | 0 | 0 | 0 | 0 | 0 | 10.81M | 0 | 0 | 0 | -5.45M |
| Cash from Financing | -70.89M | -107.92M | -42.21M | -62.66M | -18.72M | 27.47M | 68.55M | 697.19M | -20.56M | -65.5M | -71.51M |
| Debt Issued (Net) | 1.25M | -15M | -65.06M | -56.04M | -18.78M | 0 | 7M | 227.46M | 0 | 0 | 0 |
| Equity Issued (Net) | 37.9M | -75.44M | -18.99M | -9.04M | 59K | 27.47M | 79.69M | 122.52M | 0 | 0 | 0 |
| Dividends Paid | -18.35M | -17.46M | -8.33M | 0 | 0 | 0 | -2.44M | -4.26M | -15.69M | -60.89M | -70.35M |
| Share Repurchases | 37.9M | -75.44M | -18.99M | -9.04M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -91.69M | -9K | 50.17M | 2.43M | 0 | 0 | -15.7M | 351.48M | -4.87M | -4.61M | -1.16M |
| Net Change in Cash | -6.53M | -41.13M | 29.73M | -4.36M | 429K | -10.62M | 29.59M | -1.44M | 6.63M | 2.06M | -3.86M |
| Free Cash Flow | 64.78M | 68.45M | 72.06M | 57.96M | 19.94M | -37.97M | -38.68M | -9.76M | 27.4M | 67.44M | 73.57M |
| FCF Margin % | 6.55% | 7.12% | 8.05% | 7.3% | 3.65% | -26.36% | -31.99% | -1.74% | 5.07% | 13.31% | 15.45% |
| FCF Growth % | -2.9% | -5.01% | 24.32% | 190.71% | 152.51% | 1.84% | -296.37% | -135.61% | -59.36% | -8.34% | - |
| FCF per Share | 0.63 | 0.66 | 0.69 | 0.59 | 0.21 | -0.42 | -0.52 | -0.16 | 0.43 | 0.96 | 1.05 |
| FCF Conversion (FCF/Net Income) | 0.83x | 1.17x | 1.08x | -21.31x | 0.47x | 0.51x | 0.13x | 0.10x | 3.28x | 2.25x | 5.14x |
| Interest Paid | -1.56M | 0 | 11.37M | 21.34M | 14.01M | 12.57M | 11.73M | 0 | 30.34M | 0 | 0 |
| Taxes Paid | -845K | 0 | 3.26M | 4.72M | 434K | 160K | 115K | 0 | 1.04M | 364K | 0 |
Maritime labor supply constraints
Based on reported financial statements, the relationship between net income and operating cash flow is inconsistent, as evidenced by the 2026Q1 OCF/NI ratio of 0.43, which suggests that accounting profits are not always translating into immediate cash inflows due to timing differences in working capital management.
The significant variance in the OCF/NI ratio across the last ten quarters indicates that investors should monitor the sustainability of reported earnings. The reliance on non-cash adjustments and working capital fluctuations suggests that net income may periodically overstate the actual cash-generating capacity of the maritime service model.
As reported in quarterly filings, free cash flow margins have demonstrated notable volatility, ranging from 1.9% in 2026Q1 to 11.4% in 2024Q3, which highlights the sensitivity of cash generation to the cyclical nature of cruise ship occupancy and the timing of major service-related expenditures.
The fluctuation in FCF margins appears to be driven by the lumpy nature of maritime operations and the timing of contractual payments. This trend suggests that while the business is fundamentally cash-generative, its ability to convert revenue into free cash flow is highly dependent on seasonal cruise demand patterns.
According to recent SEC filings, OSW maintains a disciplined approach to capital expenditure, with CapEx/Revenue ratios consistently remaining below 2.2% over the last ten quarters, confirming the company's strategic focus on an asset-light model that avoids heavy investment in physical maritime infrastructure.
The low capital intensity suggests that the company is successfully leveraging the existing infrastructure of its cruise line partners rather than bearing the burden of ship maintenance. This strategy appears to preserve cash flow for other uses, though it leaves the company dependent on the capital investment cycles of its partners.
Based on the provided cash flow data, working capital changes have been a significant source of volatility, with a notable $15.0M outflow in 2025Q1 followed by varying quarterly shifts, indicating that the timing of collections and payables management remains a key driver of short-term cash availability.
The frequent swings in working capital suggest that the company's cash position is susceptible to the timing of cruise line settlements and inventory procurement. Investors should monitor these fluctuations as they may indicate underlying friction in the cash conversion cycle that could temporarily constrain liquidity.
As reported in financial statements, OSW has utilized its cash reserves to support both dividend payments and significant share repurchases, including a $55.5M buyback in 2025Q4, which suggests that management views the current valuation as an attractive opportunity to return capital to shareholders.
The aggressive use of cash for buybacks and dividends indicates a high level of confidence in the company's long-term cash flow stability. However, this capital allocation strategy warrants further investigation to ensure that it does not come at the expense of necessary investments in labor recruitment and training.
Quick answers to the most common questions about buying OSW stock.
OneSpaWorld Holdings Limited (OSW) generated $83.5M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
OneSpaWorld Holdings Limited (OSW) generated $68.4M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
OneSpaWorld Holdings Limited (OSW) spent $15.1M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, OneSpaWorld Holdings Limited (OSW) returned $17.5M to shareholders via cash dividends and spent $75.4M on share repurchases. This shows the company's commitment to returning capital to its equity investors.