ONESPAWORLD HOLDINGS Ltd (OSW)

Nasdaq · Common Stock · Services-Membership Sports & Recreation Clubs

One email a week from me: what it filed, which 13F holders added or cut, where its scores stand. Free.

Corporate structure

37 entities across 10 jurisdictions, 13 in offshore financial centres. Read directly from the company’s own 10-K EX-21 filed 2026-02-23 — see the exhibit.

Which other public companies file entities in the same places:

Delaware9 Florida9 Cayman Islands6 Bahamas4 British Virgin Islands3 Malaysia2 California1 Puerto Rico1 India1 South Africa1

Subsidiaries of ONESPAWORLD HOLDINGS Ltd as disclosed in its SEC filing
Entity	Jurisdiction	Note
Dory Intermediate LLC	Delaware
Haymaker Acquisition Corp.	Delaware
Dory Acquisition Sub, Inc.	Delaware
Florida Luxury Spa Group, LLC	Florida
OSW SoHo LLC	Florida
Steiner Spa Resorts (Nevada), Inc.	Florida
Steiner Spa Resorts (Connecticut), Inc.	Florida
Steiner Resort Spas (California), Inc.	California
OneSpaWorld Resort Spas (North Carolina), Inc.	Florida
Mandara Spa (Hawaii), LLC	Florida
One Spa World LLC	Florida
OneSpaWorld U.S., Inc.	Florida
OSW Distribution LLC	Florida
Mandara Spa Services LLC	Delaware
OneSpaWorld Marks Limited	Bahamas	offshore centre
OneSpaWorld LLC	Delaware
OneSpaWorld Limited	Cayman Islands	offshore centre
OneSpaWorld (Maritime) Limited	Cayman Islands	offshore centre
OneSpaWorld Medispa LLC	Delaware
OneSpaWorld Medispa Limited	Cayman Islands	offshore centre
OneSpaWorld Private Islands (Bahamas) Limited	Bahamas	offshore centre
Medispa Limited	Bahamas	offshore centre
Mandara Spa (Cruise I), LLC	Delaware
Mandara Spa (Cruise II), LLC	Delaware
OneSpaWorld Spa Asia Limited	Cayman Islands	offshore centre
Mandara Spa Asia Limited	British Virgin Islands	offshore centre
Spa Services Asia Limited	British Virgin Islands	offshore centre
Spa Partners (South Asia) Limited	British Virgin Islands	offshore centre
Mandara Spa Ventures International Sdn. Bhd.	Malaysia
Mandara Spa (Malaysia) Sdn. Bhd.	Malaysia
OneSpaWorld Spa Limited	Cayman Islands	offshore centre
Mandara Spa LLC	Delaware
Mandara Spa Puerto Rico, Inc.	Puerto Rico
Mandara Spa (Bahamas) Limited	Bahamas	offshore centre
OneSpaWorld Training Limited	Cayman Islands	offshore centre
LWA Training and Recruitment India Private Limited	India
OneSpaWorld Training South Africa Proprietary Limited	South Africa

Financial health

Two standard screens, computed from the XBRL in FY2025 against FY2024. Every test shows the numbers behind it — a score with its inputs hidden is a number you cannot check.

Piotroski F-score

7 / 8

PASSReturn on assets positiveROA 10.1%
PASSOperating cash flow positiveOCF 84M
PASSReturn on assets improving9.8% → 10.1%
PASSCash flow exceeds earningsOCF 84M vs NI 72M
PASSLong-term debt ratio falling12.5% → 11.9% of assets
FAILCurrent ratio improving2.03 → 1.91
PASSNo share dilution105M → 104M shares
FAILGross margin improvingno gross profit reported
PASSAsset turnover improving1.20× → 1.36×

Six-year record

Year	Revenue	Net income	Free cash flow	Gross margin	Shares
FY2020	$120.9M	−$280.5M	−$38.7M	—	74,359,000
FY2021	$144.0M	−$68.5M	−$38.0M	—	90,134,000
FY2022	$546.3M	$53.2M	$19.9M	—	95,105,000
FY2023	$794.0M	−$3.0M	$58.0M	—	97,826,000
FY2024	$895.0M	$72.9M	$72.1M	—	104,940,000
FY2025	$961.0M	$71.6M	$68.4M	—	103,666,000

Ownership flow

1 institutions tracked — 1 added, 0 reduced.

Institutional holders of ONESPAWORLD HOLDINGS Ltd and their share-count change
Manager	Kind	Shares	Change	Value
GEODE CAPITAL MANAGEMENT, LLC	Index	2,636,310	+119,512	$74.5M

From 13F filings, which cover institutions managing over $100m and are filed up to 45 days after the quarter ends — so this is a considered position, not a live one, and it is not the whole shareholder register.

Capital returned

What the company actually paid out and bought back, as reported — the record behind any yield figure.

Shares repurchased

2026Q1: $0
2025Q1: $37.9M
2024Q1: $7.7M

Identity

CIK: 0001758488
FIGI: BBG00MKMQ6M4
SIC: 7997 · Services-Membership Sports & Recreation Clubs
Incorporated: Bahamas
Headquarters: NASSAU, Bahamas

Ownership

Institutional: 110.5%
Institutions: 354
Insiders: 3.6%

Ownership percentages are a vendor aggregate, not a filing — unlike everything else on this page.

Other services-membership sports & recreation clubs companies

ONESPAWORLD HOLDINGS Ltd files under SIC 7997 — all 3 services-membership sports & recreation clubs companies compared on assets and F-score.

Life Time Group Holdings, Inc.LTH Planet Fitness, Inc.PLNT

Questions about ONESPAWORLD HOLDINGS Ltd

How many subsidiaries does ONESPAWORLD HOLDINGS Ltd file with the SEC?: 37, listed in its most recent exhibit 21. They are incorporated across 10 jurisdictions, led by Delaware, Florida, California. 13 of them sit in offshore financial centres. That exhibit is filed with the company's annual report and is the company's own list, not an estimate.
Is ONESPAWORLD HOLDINGS Ltd financially healthy?: ONESPAWORLD HOLDINGS Ltd scores 7 out of 8 on the Piotroski F-score. Only 8 of the nine tests could be computed from what it filed; the rest need a prior year it has not reported. Every test and the numbers behind it are shown above, so the arithmetic is checkable rather than something you have to take on trust.
Who are the largest institutional holders of ONESPAWORLD HOLDINGS Ltd?: Among the managers tracked here, the biggest positions as of the 2026-Q2 13F filings are GEODE CAPITAL MANAGEMENT, LLC (adding). Direction is the change in share count against that manager's own previous filing; managers with no prior filing are left out rather than counted as new buyers.

This page is one panel of the terminal

The structure map above is the Corporate Blueprint, and in the desktop it is interactive — click any entity to re-centre the map on it and walk the ownership chain. It sits alongside the screener, the scorecard and the filings lab on one desk, on your machine.

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Sourced from SEC EDGAR primary filings. Figures are as reported by the company and are not investment advice. Scores are standard published screens computed from those filings; every input is shown above so you can check the arithmetic.

Corporate structure

37 entities across 10 jurisdictions, 13 in offshore financial centres. Read directly from the company’s own 10-K EX-21 filed 2026-02-23 — see the exhibit.

Entity

Jurisdiction

Note

Dory Intermediate LLC

Delaware

Haymaker Acquisition Corp.

Delaware

Dory Acquisition Sub, Inc.

Delaware

Florida Luxury Spa Group, LLC

Florida

OSW SoHo LLC

Florida

Steiner Spa Resorts (Nevada), Inc.

Florida

Steiner Spa Resorts (Connecticut), Inc.

Florida

Steiner Resort Spas (California), Inc.

California

OneSpaWorld Resort Spas (North Carolina), Inc.

Florida

Mandara Spa (Hawaii), LLC

Florida

One Spa World LLC

Florida

OneSpaWorld U.S., Inc.

Florida

OSW Distribution LLC

Florida

Mandara Spa Services LLC

Delaware

OneSpaWorld Marks Limited

Bahamas

offshore centre

OneSpaWorld LLC

Delaware

OneSpaWorld Limited

Cayman Islands

offshore centre

OneSpaWorld (Maritime) Limited

Cayman Islands

offshore centre

OneSpaWorld Medispa LLC

Delaware

OneSpaWorld Medispa Limited

Cayman Islands

offshore centre

OneSpaWorld Private Islands (Bahamas) Limited

Bahamas

offshore centre

Medispa Limited

Bahamas

offshore centre

Mandara Spa (Cruise I), LLC

Delaware

Mandara Spa (Cruise II), LLC

Delaware

OneSpaWorld Spa Asia Limited

Cayman Islands

offshore centre

Mandara Spa Asia Limited

British Virgin Islands

offshore centre

Spa Services Asia Limited

British Virgin Islands

offshore centre

Spa Partners (South Asia) Limited

British Virgin Islands

offshore centre

Mandara Spa Ventures International Sdn. Bhd.

Malaysia

Mandara Spa (Malaysia) Sdn. Bhd.

Malaysia

OneSpaWorld Spa Limited

Cayman Islands

offshore centre

Mandara Spa LLC

Delaware

Mandara Spa Puerto Rico, Inc.

Puerto Rico

Mandara Spa (Bahamas) Limited

Bahamas

offshore centre

OneSpaWorld Training Limited

Cayman Islands

offshore centre

LWA Training and Recruitment India Private Limited

India

OneSpaWorld Training South Africa Proprietary Limited

South Africa

Financial health

Two standard screens, computed from the XBRL in FY2025 against FY2024. Every test shows the numbers behind it — a score with its inputs hidden is a number you cannot check.

Piotroski F-score

7 / 8

PASSReturn on assets positiveROA 10.1%
PASSOperating cash flow positiveOCF 84M
PASSReturn on assets improving9.8% → 10.1%
PASSCash flow exceeds earningsOCF 84M vs NI 72M
PASSLong-term debt ratio falling12.5% → 11.9% of assets
FAILCurrent ratio improving2.03 → 1.91
PASSNo share dilution105M → 104M shares
FAILGross margin improvingno gross profit reported
PASSAsset turnover improving1.20× → 1.36×

Year

Revenue

Net income

Free cash flow

Gross margin

FY2020

$120.9M

−$280.5M

−$38.7M

—

74,359,000

FY2021

$144.0M

−$68.5M

−$38.0M

—

90,134,000

FY2022

$546.3M

$53.2M

$19.9M

—

95,105,000

FY2023

$794.0M

−$3.0M

$58.0M

—

97,826,000

FY2024

$895.0M

$72.9M

$72.1M

—

104,940,000

FY2025

$961.0M

$71.6M

$68.4M

—

103,666,000

Ownership flow

1 institutions tracked — 1 added, 0 reduced.

Institutional holders of ONESPAWORLD HOLDINGS Ltd and their share-count change
Manager	Kind	Shares	Change	Value
GEODE CAPITAL MANAGEMENT, LLC	Index	2,636,310	+119,512	$74.5M

Questions about ONESPAWORLD HOLDINGS Ltd

How many subsidiaries does ONESPAWORLD HOLDINGS Ltd file with the SEC?

37, listed in its most recent exhibit 21. They are incorporated across 10 jurisdictions, led by Delaware, Florida, California. 13 of them sit in offshore financial centres. That exhibit is filed with the company's annual report and is the company's own list, not an estimate.

Is ONESPAWORLD HOLDINGS Ltd financially healthy?

ONESPAWORLD HOLDINGS Ltd scores 7 out of 8 on the Piotroski F-score. Only 8 of the nine tests could be computed from what it filed; the rest need a prior year it has not reported. Every test and the numbers behind it are shown above, so the arithmetic is checkable rather than something you have to take on trust.

Who are the largest institutional holders of ONESPAWORLD HOLDINGS Ltd?

Among the managers tracked here, the biggest positions as of the 2026-Q2 13F filings are GEODE CAPITAL MANAGEMENT, LLC (adding). Direction is the change in share count against that manager's own previous filing; managers with no prior filing are left out rather than counted as new buyers.