OneSpaWorld vs United Parks & Resorts
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The short version
- United Parks & Resorts is the larger business, with $1.7B of revenue in fiscal 2025 against $961M for OneSpaWorld, about 1.7 times as much.
- OneSpaWorld grew revenue faster (7.4%, against −3.6%).
- United Parks & Resorts kept more of each dollar of sales as operating profit (22.0% operating margin, against 8.5%).
- United Parks & Resorts turned more of its sales into free cash flow (9.8% FCF margin, against 7.1%).
- United Parks & Resorts earned a higher return on the capital invested in it (16.1%, against 12.7%).
- Investors pay more for each dollar of OneSpaWorld’s earnings: a P/E of 30.2x against 11.8x for United Parks & Resorts.
| Latest fiscal year | OSW · FY25 | PRKS · FY25 |
|---|---|---|
| Size | ||
| Market cap | $2.4B | $1.4B |
| Revenue | $961M | $1.7B |
| Free cash flow | $68.5M | $163M |
| Net income | $71.6M | $168M |
| Growth | ||
| Revenue growth | 7.4% | −3.6% |
| 5-year growth | 51.4% | 31.0% |
| Share count change | −1.2% | −8.4% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 8.5% | 22.0% |
| Net margin | 7.5% | 10.1% |
| FCF margin | 7.1% | 9.8% |
| Return on capital | 12.7% | 16.1% |
| Return on equity | 13.1% | — |
| Balance sheet | ||
| Net debt | $67.7M | $2.1B |
| Net debt / EBITDA | 0.6x | 4.0x |
| Dividends and buybacks | $92.9M | $160M |
| Valuation & quality | ||
| P/E | 30.2x | 11.8x |
| Piotroski F-score | 6 | 6 |
Revenue
FY16
OSW —
PRKS $1.3B
FY17
OSW $507M
PRKS $1.3B
FY18
OSW $541M
PRKS $1.4B
FY19
OSW —
PRKS $1.4B
FY20
OSW $121M
PRKS $432M
FY21
OSW $144M
PRKS $1.5B
FY22
OSW $546M
PRKS $1.7B
FY23
OSW $794M
PRKS $1.7B
FY24
OSW $895M
PRKS $1.7B
FY25
OSW $961M
PRKS $1.7B
OSW
PRKS
Operating margin
FY16
OSW —
PRKS 4.4%
FY17
OSW 7.6%
PRKS −15.9%
FY18
OSW 9.0%
PRKS 11.1%
FY19
OSW —
PRKS 15.3%
FY20
OSW −219.2%
PRKS −56.0%
FY21
OSW −36.1%
PRKS 28.7%
FY22
OSW 2.8%
PRKS 29.3%
FY23
OSW 6.8%
PRKS 26.6%
FY24
OSW 8.7%
PRKS 26.9%
FY25
OSW 8.5%
PRKS 22.0%
OSW
PRKS
Free cash flow
FY16
OSW —
PRKS $120M
FY17
OSW $67.4M
PRKS $19.9M
FY18
OSW $27.4M
PRKS $114M
FY19
OSW —
PRKS $153M
FY20
OSW −$38.7M
PRKS −$230M
FY21
OSW −$38.0M
PRKS $374M
FY22
OSW $19.9M
PRKS $364M
FY23
OSW $58.0M
PRKS $200M
FY24
OSW $72.1M
PRKS $232M
FY25
OSW $68.5M
PRKS $163M
OSW
PRKS
Return on capital
FY16
OSW —
PRKS 2.3%
FY17
OSW —
PRKS −8.4%
FY18
OSW —
PRKS 6.1%
FY19
OSW —
PRKS 8.5%
FY20
OSW —
PRKS −11.3%
FY21
OSW −8.2%
PRKS 26.2%
FY22
OSW 2.9%
PRKS 23.4%
FY23
OSW 7.7%
PRKS 21.2%
FY24
OSW 12.8%
PRKS 21.7%
FY25
OSW 12.7%
PRKS 16.1%
OSW
PRKS
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.