Acushnet (GOLF) vs OneSpaWorld Holdings Limited (OSW)

Acushnet and OneSpaWorld Holdings Limited are both Leisure companies. Acushnet is the larger, with a market value of $4.6B against $2.4B — 1.9× the size. Acushnet trades at the lower P/E: 21.8× against 29.8×. OneSpaWorld Holdings Limited grew revenue faster over the last twelve months: 9.82% against 8.77%. Acushnet has the higher net margin (8.12% vs 8.02%) and the higher return on invested capital (12.8% vs 9.04%). Both pay a dividend; Acushnet yields more (1.25% vs 0.84%). Across the 23 metrics below, Acushnet leads on 14 and OneSpaWorld Holdings Limited on 9.

Valuation

Metric GOLF OSW Leisure median
P/E 21.81 29.84 18.46
P/S 1.77 2.41 1.01
P/B 5.18 4.18 2.15
Price to free cash flow 30.25 31.14 12.25
EV/EBITDA 13.36 21.12 11.28
EV/Sales 2.10 2.46 1.97
Earnings yield 4.59% 3.35% 2.68%
Free cash flow yield 3.31% 3.21% 3.47%

Profitability

Metric GOLF OSW Leisure median
Gross margin 49.15% 16.79% 48.02%
Operating margin 13.73% 8.92% 3.08%
Net margin 8.12% 8.02% 2.58%
Free cash flow margin 6.79% 7.75% 2.13%
Return on equity 25.36% 14.32% 0.00%
Return on assets 8.84% 11.08% 0.05%
Return on invested capital 12.79% 9.04% 3.95%

Growth

Metric GOLF OSW Leisure median
Revenue growth (TTM) 8.77% 9.82% 3.28%
EPS growth (last fiscal year) (7.72%) 0.00% (0.49%)
Revenue growth, 5-year CAGR 9.68% 51.37% 4.22%
Net income growth, 5-year CAGR 14.45% 0.00% 0.00%

Health

Metric GOLF OSW Leisure median
Debt to equity 1.04 0.14 0.02
Current ratio 2.55 2.91 1.76
Net debt to EBITDA 2.50 0.62 1.53

Dividend

Metric GOLF OSW Leisure median
Dividend yield 1.25% 0.84% 2.02%
Payout ratio 0.27 0.25 0.27

Size

Metric GOLF OSW Leisure median
Market cap 4.64b 2.43b 357.58m

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