OSWONESPAWORLD HOLDINGS Ltd

Services-Membership Sports & Recreation Clubs

Revenue: $961M; 7.4% YoY
Operating margin: 8.5%; 2.6% YoY
EBITDA: $107M; 4.5% YoY
Market cap: $1.8B
Employees: 5,395; $178K revenue each
Net debt / EBITDA: 0.5×; $52M net debt
AI in 10-K: 3.3; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 1 of 7

TSR below peersNo
2 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
117% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowYes
111% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
26% of assets
Over 40% of assets
Shareholder dissentNo
81% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeYes
$178K · 0th pct
Bottom quartile of its SIC industry
Quiet on AINo
3.3 per 10K words · 72nd pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
0.5× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$1.8B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$8M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$144M	$546M	$794M	$895M	$961M	7.4%
Operating income	−$52M	$15M	$54M	$78M	$82M	4.6%
Net income	−$69M	$53M	−$3M	$73M	$72M	1.7%
Operating cash flow	−$35M	$25M	$63M	$79M	$84M	6.0%
Capex	$3M	$5M	$5M	$7M	$15M	124%
Stock-based comp	$11M	$13M	$10M	$9M	$10M	11%
Buybacks	—	—	$9M	$19M	$75M	297%
Dividends	—	—	—	$8M	$17M	110%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Dec 4, 2023	STEINER LEISURE Ltd	SC 13D/A	4.8%	Passive
Jun 23, 2023	STEINER LEISURE Ltd	SC 13D/A	8.0%	Passive
Jun 6, 2023	STEINER LEISURE Ltd	SC 13D/A	11.2%	Passive
May 23, 2023	STEINER LEISURE Ltd	SC 13D/A	12.6%	Passive
Apr 28, 2023	STEINER LEISURE Ltd	SC 13D/A	7.1%	Passive
Jul 12, 2021	STEINER LEISURE Ltd	SC 13D/A	9.8%	Passive
Dec 30, 2020	STEINER LEISURE Ltd	SC 13D/A	18.9%	Active
Jun 22, 2020	STEINER LEISURE Ltd	SC 13D	19.0%	Active

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $8M · 18
Net: −$8M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	—	—	207	156
FY2024	—	—	197	147
FY2023	—	—	139	122
FY2022	—	—	92	92
FY2021	—	—	99	124