Latest Ratios: P/E Ratio 40.9x · EV/EBITDA 26.1x · ROE 13.1%. (2016–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $2.9B | $2.2B | $2.1B | $1.4B | $887M | $903M | $754M | $1.0B | $631M | $670M | — |
| Enterprise Value | $2.9B | $2.2B | $2.1B | $1.5B | $1.1B | $1.1B | $940M | $1.2B | $968M | $661M | — |
| P/E Ratio → | 40.87 | 30.06 | 28.84 | — | 16.66 | — | — | — | 62.56 | 21.73 | — |
| P/S Ratio | 2.98 | 2.24 | 2.33 | 1.74 | 1.62 | 6.27 | 6.24 | 1.83 | 1.17 | 1.32 | — |
| P/B Ratio | 5.39 | 3.96 | 3.77 | 3.18 | 2.43 | 3.07 | 2.35 | 1.59 | — | 2.97 | — |
| P/FCF | 41.80 | 31.41 | 28.98 | 23.80 | 44.50 | — | — | — | 23.04 | 9.93 | — |
| P/OCF | 34.25 | 25.74 | 26.50 | 21.76 | 35.83 | — | — | — | 19.49 | 9.55 | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.33 | 2.40 | 1.92 | 1.98 | 7.66 | 7.77 | 2.20 | 1.79 | 1.30 | — |
| EV / EBITDA | 26.13 | 19.82 | 20.95 | 19.97 | 28.87 | — | — | 159.05 | 16.53 | 13.74 | — |
| EV / EBIT | 33.69 | 27.51 | 24.67 | 90.10 | 15.57 | — | — | 61.98 | 19.96 | 17.18 | — |
| EV / FCF | — | 32.68 | 29.75 | 26.26 | 54.29 | — | — | — | 35.34 | 9.81 | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 11.0% | 11.0% | 16.7% | 16.0% | 15.3% | 5.9% | -15.1% | 7.7% | 14.4% | 13.1% | 10.9% |
| Operating Margin | 9.1% | 9.1% | 8.7% | 6.8% | 2.8% | -36.1% | -219.1% | -2.5% | 9.0% | 7.6% | 5.0% |
| Net Profit Margin | 7.5% | 7.5% | 8.1% | -0.4% | 9.7% | -47.6% | -238.1% | -10.8% | 1.8% | 6.1% | 3.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 13.1% | 13.1% | 14.7% | -0.7% | 16.1% | -22.3% | -59.5% | -23.4% | 20.2% | 13.2% | 6.1% |
| ROA | 9.9% | 9.9% | 10.0% | -0.4% | 7.6% | -9.9% | -35.4% | -10.2% | 3.7% | 11.5% | 5.4% |
| ROIC | 10.6% | 10.6% | 9.9% | 7.1% | 2.2% | -7.8% | -29.2% | -1.9% | 17.1% | 12.6% | 7.4% |
| ROCE | 13.4% | 13.4% | 12.1% | 8.5% | 2.4% | -8.0% | -34.5% | -2.5% | 21.1% | 16.0% | 9.5% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.19 | 0.19 | 0.20 | 0.39 | 0.62 | 0.78 | 0.72 | 0.34 | — | — | — |
| Debt / EBITDA | 0.91 | 0.91 | 1.10 | 2.24 | 6.06 | — | — | 28.47 | 6.02 | — | — |
| Net Debt / Equity | — | 0.16 | 0.10 | 0.33 | 0.53 | 0.68 | 0.58 | 0.32 | — | -0.04 | -0.03 |
| Net Debt / EBITDA | 0.77 | 0.77 | 0.54 | 1.88 | 5.20 | — | — | 26.69 | 5.76 | -0.18 | -0.18 |
| Debt / FCF | — | 1.26 | 0.77 | 2.47 | 9.78 | — | — | — | 12.30 | -0.13 | -0.09 |
| Interest Coverage | 15.70 | 15.70 | 8.65 | 0.79 | 4.41 | -4.06 | -16.85 | 1.02 | 1.42 | — | — |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.91 | 1.91 | 2.03 | 1.57 | 1.69 | 1.71 | 2.22 | 1.76 | 1.87 | 1.70 | 2.54 |
| Quick Ratio | 1.10 | 1.10 | 1.45 | 0.98 | 1.12 | 1.15 | 1.48 | 1.06 | 1.13 | 1.02 | 1.27 |
| Cash Ratio | 0.23 | 0.23 | 0.72 | 0.34 | 0.46 | 0.60 | 1.17 | 0.27 | 0.35 | 0.23 | 0.25 |
| Asset Turnover | — | 1.36 | 1.20 | 1.12 | 0.76 | 0.21 | 0.17 | 0.61 | 1.98 | 1.90 | 1.73 |
| Inventory Turnover | 14.54 | 14.54 | 15.95 | 14.04 | 11.62 | 4.60 | 5.12 | 14.39 | 14.36 | 17.41 | 12.68 |
| Days Sales Outstanding | — | 18.20 | 18.87 | 18.75 | 22.42 | 49.37 | 9.04 | 19.81 | 17.11 | 16.76 | 15.97 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.6% | 0.8% | 0.4% | — | — | — | 0.3% | 0.4% | 2.5% | 9.1% | — |
| Payout Ratio | 24.4% | 24.4% | 11.4% | — | — | — | — | — | 158.7% | 195.7% | 472.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.4% | 3.3% | 3.5% | — | 6.0% | — | — | — | 1.6% | 4.6% | — |
| FCF Yield | 2.4% | 3.2% | 3.5% | 4.2% | 2.2% | — | — | — | 4.3% | 10.1% | — |
| Buyback Yield | 2.6% | 3.5% | 0.9% | 0.7% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — |
| Total Shareholder Yield | 3.2% | 4.3% | 1.3% | 0.7% | 0.0% | 0.0% | 0.3% | 0.4% | 2.5% | 9.1% | — |
| Shares Outstanding | — | $104M | $105M | $98M | $95M | $90M | $74M | $61M | $63M | $70M | $70M |
Maritime labor supply constraints
Based on current market data, OSW trades at a trailing P/E of 40.87, which appears to price in significant future expansion despite the inherent cyclicality of the cruise industry and the company's reliance on a concentrated set of maritime partners for its primary revenue streams.
The forward P/E of 24.85 suggests that investors anticipate a meaningful earnings ramp, likely driven by the shift toward higher-margin medi-spa services. However, this valuation premium warrants caution, as it assumes consistent execution in a labor-intensive model where any disruption to cruise occupancy could rapidly compress the earnings multiple.
According to reported financial figures, ROIC has remained in a narrow range between 1.6% and 3.2% over the last ten quarters, indicating that the company's asset-light model is heavily dependent on goodwill and intangible assets rather than tangible capital efficiency.
The low ROIC relative to the company's cost of capital suggests that while the business is operationally lean, it struggles to generate significant economic value-add on its invested capital base. Investors should monitor whether the expansion into higher-margin wellness treatments can eventually drive a structural improvement in these returns.
As reported in quarterly filings, the cash conversion cycle has fluctuated between 21 and 32 days, reflecting a consistent ability to manage the timing of service-based revenue collections against the payment of commissions to cruise line partners.
The stability in the CCC suggests that the company maintains effective control over its working capital, preventing liquidity bottlenecks despite the seasonal nature of cruise operations. This efficiency is critical for an asset-light operator that relies on rapid cash turnover to fund its ongoing operational requirements.
Based on recent balance sheet data, the current ratio has improved to 2.52 in 2026Q1, providing a robust buffer that appears sufficient to navigate the operational volatility and potential labor-related cost pressures inherent in the maritime wellness service industry.
The improvement in liquidity, particularly when contrasted with the 2023Q4 current ratio of 1.57, indicates a significantly more resilient financial position. This liquidity profile provides management with the flexibility to weather temporary downturns in cruise passenger volumes without needing to access external financing.
Market participants often misapply standard cruise line capacity metrics to OSW, which obscures the company's true nature as a specialized human capital and retail distribution platform rather than a traditional leisure asset owner.
Using simple berth capacity as the primary growth driver ignores the potential for margin expansion through service mix shifts, such as the adoption of higher-ticket medi-spa treatments. Analysts should instead focus on Average Spend Per Passenger and service-to-retail revenue ratios to better capture the underlying earnings power of the business.
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Quick answers to the most common questions about buying OSW stock.
OneSpaWorld Holdings Limited's current P/E ratio is 40.9x. The historical average is 32.0x. This places it at the 80th percentile of its historical range.
OneSpaWorld Holdings Limited's current EV/EBITDA is 26.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 20.0x.
OneSpaWorld Holdings Limited's return on equity (ROE) is 13.1%. The historical average is -2.3%.
Based on historical data, OneSpaWorld Holdings Limited is trading at a P/E of 40.9x. This is at the 80th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
OneSpaWorld Holdings Limited's current dividend yield is 0.60% with a payout ratio of 24.4%.
OneSpaWorld Holdings Limited has 11.0% gross margin and 9.1% operating margin.
OneSpaWorld Holdings Limited's Debt/EBITDA ratio is 0.9x, indicating low leverage. A ratio below 2x is generally considered financially healthy.