XpresSpa Group, Inc. (XSPA) Stock Analysis
DELISTED 2022
What happened to XpresSpa Group, Inc. (XSPA) stock?
XpresSpa Group, Inc. (XSPA) no longer trades on public markets. It was delisted in October 2022. The figures below are historical and are not a current quote.
For informational purposes only. Not financial advice. Analysis by Sedat ANAK, Founder & Editor-in-Chief | AI-powered analysis. Data sourced from SEC filings and institutional-grade financial providers. Editorially reviewed. Not financial advice.
XpresSpa Group, Inc. (XSPA) trades at $0.655. XpresSpa Group, Inc. operates health and wellness centers primarily in airports. The company provides spa services, COVID-19 testing, and other medical diagnostic services to travelers. Market cap: $54.5M, Sector: Consumer cyclical.
Last analyzed: Mar 18, 2026Analyst Coverage for XSPA: XSPA does not currently have published analyst price targets in our coverage universe. This is common for smaller-cap names with limited Wall Street coverage. In the absence of analyst consensus, our AI model evaluates XSPA against Consumer Cyclical peers across nine fundamental dimensions and assigns a neutral fundamental signal based on the underlying data.
XSPA: 2/2 scored disciplines lean bearish. Dominant signal: Seth Klarman bearish.
How is this calculated? →XpresSpa Group, Inc. (XSPA) Consumer Business Overview
XpresSpa Group, Inc. delivers spa and wellness services, including COVID-19 testing, primarily in airports across the United States, the Netherlands, and the United Arab Emirates. The company operates through XpresSpa, XpresTest, and Treat segments, catering to the traveling public with integrated digital platforms and retail offerings.
What Is the Investment Thesis for XSPA?
XpresSpa Group's investment thesis hinges on its ability to capitalize on the demand for health and wellness services within the travel sector. The company's expansion into COVID-19 testing and other medical services through XpresTest has provided a new revenue stream. However, the company's negative P/E ratio of -0.30 and a negative profit margin of -37.5% indicate financial challenges. Future growth depends on successfully managing costs, expanding its service offerings, and leveraging its airport locations to capture a larger share of the traveler wellness market. The company's high beta of 2.14 suggests significant volatility relative to the market.
Based on FMP financials and quantitative analysis
XSPA Key Highlights
Operates 52 spa and clinic locations in 24 airports as of December 31, 2021, indicating a substantial footprint in the travel sector.
- Offers a range of services including spa treatments, COVID-19 testing, and other medical diagnostic services, diversifying its revenue streams.
- Gross margin of 13.8% reflects the profitability of its services and retail offerings.
- Market capitalization of $54.5M, placing it in the micro-cap category.
- Beta of 2.14 indicates higher volatility compared to the broader market.
Who Are XSPA's Competitors?
XSPA is benchmarked below against 8 industry peers on price, market cap, and our AI MoonshotScore.
| Company | Price | Change | Market Cap | AI Score |
|---|---|---|---|---|
| FATAV FAT Brands Inc. Class A Common Stock Ex-distribution When-Issued | $3.42 | +0.00% | $54.2M | 50 |
| FGH FG Group Holdings Inc. | $1.24 | -5.70% | $24.4M | 52 |
| HLBZ Helbiz, Inc. | $0.12 | -4.50% | $36.3M | 41 |
| RGS Regis Corporation | $26.53 | -1.74% | $66.3M | 51 |
| MUGH Mu Global Holding Limited | $2.00 | +14.29% | $119M | 38 |
| WOSSF Water Oasis Group Limited | $0.17 | -7.89% | $119M | 42 |
| MED Medifast, Inc. | $11.53 | -0.43% | $128M | 46 |
| WW WW International, Inc. | $15.00 | +4.46% | $150M | — |
AI Score by Stock Expert AI · Price data: FMP / Yahoo Finance
What Are XSPA's Key Strengths?
Prime locations in high-traffic airports.
- Diversified service offerings (spa, testing, retail).
- Established brand in airport wellness.
- Integrated digital platform.
What Are XSPA's Weaknesses?
Negative profit margin (-37.5%).
- High beta (2.14) indicating volatility.
- Dependence on air travel volume.
- Limited geographic diversification (primarily US).
What Could Drive XSPA Stock Higher?
Continued demand for COVID-19 and other communicable disease testing at airports.
- Potential expansion into new airport locations and partnerships.
- Launch of new wellness service offerings, such as travel vaccinations and telehealth consultations.
What Are the Key Risks for XSPA?
Financial-distress signal — its Altman Z-Score of -35.03 sits in the distress zone (elevated bankruptcy risk).
- Fluctuations in air travel volume due to economic conditions or global events.
- Intense competition from other airport service providers.
- Changes in health regulations and testing requirements impacting testing revenue.
- Negative profit margin and financial instability.
What Are the Growth Opportunities for XSPA?
- Expansion of XpresTest Services: The demand for rapid testing for various communicable diseases, including COVID-19, influenza, and RSV, presents a significant growth opportunity. XpresSpa Group can leverage its existing airport locations to expand its testing services, targeting the traveling public seeking convenient and reliable testing options. The market for rapid diagnostic testing is projected to grow as travelers prioritize health and safety.
- Strategic Partnerships with Airlines and Airports: Collaborating with airlines and airport authorities can enhance XpresSpa Group's visibility and accessibility to travelers. Partnerships can include offering bundled services, loyalty programs, and co-branded marketing initiatives. These collaborations can drive increased foot traffic and revenue growth by integrating XpresSpa's services into the overall travel experience.
- Digital Platform Enhancement and Expansion: Investing in and expanding its integrated digital platform can improve customer engagement and drive online bookings. The platform can offer personalized recommendations, online check-in, and virtual consultations, enhancing the overall customer experience. A robust digital presence can also facilitate targeted marketing and promotions, attracting a wider customer base.
- Geographic Expansion into New Airports and Regions: Expanding its footprint into new airports and regions can significantly increase XpresSpa Group's market reach. Identifying airports with high passenger traffic and limited wellness service offerings can provide strategic expansion opportunities. International expansion can also tap into new markets and diversify revenue streams.
- Diversification of Service Offerings: Expanding beyond traditional spa services and COVID-19 testing can attract a broader customer base. Offering services such as travel vaccinations, telehealth consultations, and personalized wellness programs can cater to the evolving needs of travelers. Diversification can enhance revenue streams and position XpresSpa Group as a comprehensive travel wellness provider.
What Are XSPA's Competitive Advantages?
- Strategic locations in airports provide high visibility and accessibility to travelers.
- Established brand recognition in the airport spa and wellness market.
- Diversified service offerings including spa, testing, and retail.
- Integrated digital platform enhances customer experience and convenience.
What Does XSPA Do?
XpresSpa Group, Inc. was initially founded as FORM Holdings Corp. before rebranding in January 2018 to reflect its focus on the spa and wellness industry. The company provides a range of services, including traditional spa treatments like massage, nail care, and skincare, alongside retail products. Recognizing the changing needs of travelers, XpresSpa Group expanded its offerings to include XpresTest, providing COVID-19 screening and testing services, as well as rapid testing for other communicable diseases. The Treat segment further enhances its healthcare offerings. As of December 31, 2021, XpresSpa Group operated 52 locations in 24 airports across the United States, the Netherlands, and the United Arab Emirates. The company leverages an integrated digital platform to enhance customer experience and provide convenient access to its services and retail products, targeting the traveling public seeking health, wellness, and convenience.
What Products and Services Does XSPA Offer?
- Provides massage and spa services in airports.
- Offers nail and skin care treatments.
- Sells spa and travel-related retail products.
- Operates COVID-19 screening and testing centers.
- Provides rapid testing services for communicable diseases like influenza and RSV.
- Offers seasonal flu vaccination services.
- Provides other medical diagnostic testing services.
- Operates through an integrated digital platform.
How Does XSPA Make Money?
- Generates revenue from spa service fees.
- Earns revenue from the sale of retail products.
- Derives income from COVID-19 and other medical testing services.
- Utilizes an integrated digital platform to drive bookings and sales.
What Industry Does XSPA Operate In?
XpresSpa Group operates within the personal products and services industry, specifically targeting the travel sector. The market for airport spa and wellness services is influenced by travel volumes and consumer spending habits. The COVID-19 pandemic significantly impacted the industry, but also created opportunities for companies like XpresSpa to offer testing and related services. Competition includes other airport spa operators, as well as broader retail and service providers catering to travelers. The industry is evolving with increasing demand for health and wellness solutions and digital integration.
Who Are XSPA's Key Customers?
- Travelers seeking spa and relaxation services.
- Passengers requiring COVID-19 and other medical testing.
- Individuals seeking health and wellness products.
- Airport employees and staff.
XpresSpa Group, Inc. (XSPA) Valuation Context
Valued at $54.5M, XSPA is classified as a micro-cap stock.
Key Financial Metrics
Its free cash flow yield is -16.8%, a gauge of the cash the business throws off relative to its market value. A current ratio of 2.27 indicates the company holds enough short-term assets to cover its near-term obligations.
Financial Health
XpresSpa Group, Inc.'s Piotroski F-Score is 5/9, a 9-point checklist of profitability, leverage and efficiency — a middling fundamental profile. Its Altman Z-Score of -35.03 places it in the distress zone, a signal of elevated financial risk.
XSPA Financials
Fundamental Snapshot
Based on FMP financials and quantitative analysis · FY 2025
Bull Case vs Bear Case
Bull Case
- Recent insider buying indicates strong confidence in the company's recovery and growth potential.
- Community sentiment has shifted positively, with discussions around new service offerings gaining traction.
- The expansion into airport wellness services aligns with increasing consumer demand for health and wellness solutions.
- Recent partnerships with travel companies suggest a strategic move to capture a growing market segment.
Bear Case
- Concerns remain about the overall travel industry's recovery, which could impact foot traffic to their locations.
- Negative sentiment persists around operational challenges, particularly in scaling new services effectively.
- Some community members express skepticism about the long-term viability of their business model in a post-pandemic world.
- Recent earnings reports highlighted ongoing losses, raising doubts about financial stability in the near term.
AI-generated arguments based on insider flow, news sentiment and technicals — not financial advice · March 2026
XSPA Latest News
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Stocks That Hit 52-Week Lows On Friday
benzinga · May 6, 2022
Leadership: Scott R. Milford
Unknown
Information about Scott R. Milford's background is not available in the provided data. Therefore, a detailed biography cannot be provided. Further research would be needed to gather information about his career history, education, and previous roles.
Track Record: Information about Scott R. Milford's track record and key achievements at XpresSpa Group, Inc. is not available in the provided data. Therefore, a detailed summary of his strategic decisions and company milestones under his leadership cannot be provided. Further research would be needed to gather this information.
Common Questions About XSPA (Consumer Cyclical)
What happened to XpresSpa Group, Inc. (XSPA) stock?
XpresSpa Group, Inc. (XSPA) no longer trades on public markets. It was delisted in October 2022. The figures below are historical and are not a current quote.
Can I still buy XSPA shares?
No. XSPA stopped trading on public markets in October 2022, so the shares are not available through a broker. Anything you see quoted for XSPA elsewhere is historical data, not a live market.
Are the figures on this page current?
No. Every number here is the last value recorded before XSPA stopped trading. Nothing on this page updates, and none of it is a current quote.
Why does this page still exist?
Because people still search for what happened to XpresSpa Group, Inc.. An archived profile that states the delisting plainly is more useful than a dead link — provided it is labelled as history, which is what this page does.
What does XpresSpa Group, Inc. do?
XpresSpa Group, Inc. operates health and wellness centers primarily in airports, offering a range of services to travelers. These services include traditional spa treatments like massage, nail care, and skincare, as well as COVID-19 and other medical diagnostic testing through its XpresTest segment. The company also sells spa and travel-related retail products. XpresSpa Group aims to provide convenient access to health, wellness, and relaxation services for the traveling public.
What are the main risks for XSPA?
XpresSpa Group faces several risks, including fluctuations in air travel demand, which directly impacts its revenue. Intense competition from other airport service providers and changes in health regulations and testing requirements can also affect its business. Additionally, the company's negative profit margin and financial instability pose significant challenges to its long-term growth and sustainability.
How does XpresSpa Group, Inc. adapt to changing consumer preferences?
XpresSpa Group, Inc. adapts to changing consumer preferences by diversifying its service offerings and leveraging its integrated digital platform. The company has expanded beyond traditional spa services to include COVID-19 testing and other medical diagnostic services, catering to the evolving health and safety needs of travelers. The digital platform enhances customer engagement and provides convenient access to services and retail products, reflecting a focus on customer experience and convenience.
What is XSPA's dividend and shareholder return track record?
XpresSpa Group, Inc. does not currently offer a dividend, as indicated by a dividend yield of None. Therefore, there is no dividend growth history or payout ratio to analyze. Information on share buyback programs is not available in the provided data. The company's focus appears to be on reinvesting earnings to drive growth and expansion, rather than returning capital to shareholders through dividends or buybacks.
Disclaimer: This content is for informational purposes only and does not constitute investment advice. Always do your own research and consult a financial advisor.
Official Resources
Data provided for informational purposes only.
- AI analysis is pending, limiting the depth of financial analysis.
- Limited information available on CEO's background and track record.