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Financial Performance-Based Clustering of Spa Enterprises in Slovakia

Author

Listed:
  • Petra Vašaničová

    (Faculty of Management and Business, University of Prešov, 080 01 Prešov, Slovakia)

  • Martina Košíková

    (Faculty of Management and Business, University of Prešov, 080 01 Prešov, Slovakia)

  • Sylvia Jenčová

    (Faculty of Management and Business, University of Prešov, 080 01 Prešov, Slovakia)

  • Marta Miškufová

    (Faculty of Management and Business, University of Prešov, 080 01 Prešov, Slovakia)

  • Jaroslav Korečko

    (Faculty of Management and Business, University of Prešov, 080 01 Prešov, Slovakia)

Abstract

This paper presents a cluster analysis of 20 spa enterprises operating in Slovakia, based on key financial indicators for the years 2018 and 2023. A comparative time-based approach was adopted to capture changes in financial performance over time. The primary objective is to group the spas into homogeneous clusters to better understand their financial performance and strategic positioning. Ten financial indicators were selected across five dimensions: profitability (return on assets, return on sales), efficiency (assets turnover), cost efficiency (personnel cost ratio, cost-to-sales ratio, return on costs), liquidity (net working capital, current ratio), and indebtedness (equity to total liabilities ratio, debt ratio). Hierarchical cluster analysis—a widely used statistical method in unsupervised machine learning and a foundational technique in artificial intelligence—was employed, serving as a robust tool for data-driven decision making. The analysis identified distinct clusters of spas with similar financial characteristics. The results reveal meaningful segmentation that can inform resource allocation, performance benchmarking, and strategic planning. The findings provide spa managers, investors, and policy makers with a clearer understanding of financial patterns in the Slovak spa sector and offer practical implications for enhancing competitiveness and operational effectiveness.

Suggested Citation

  • Petra Vašaničová & Martina Košíková & Sylvia Jenčová & Marta Miškufová & Jaroslav Korečko, 2025. "Financial Performance-Based Clustering of Spa Enterprises in Slovakia," JRFM, MDPI, vol. 18(9), pages 1-25, August.
    • Handle: RePEc:gam:jjrfmx:v:18:y:2025:i:9:p:482-:d:1736632
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    References listed on IDEAS

    as
    1. Ján Derco & Piotr Romaniuk & Michal Cehlár, 2020. "Economic Impact of the Health Insurance System on Slovak Medical Spas and Mineral Spring Spas," Sustainability, MDPI, vol. 12(8), pages 1-11, April.
    2. Rosa Anaya-Aguilar & German Gemar & Carmen Anaya-Aguilar, 2021. "A Typology of Spa-Goers in Southern Spain," Sustainability, MDPI, vol. 13(7), pages 1-10, March.
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