In this letter, we analyze the peak-to-average power ratio (PAPR) of orthogonal time frequency space modulation (OTFS) waveform. Towards this, we consider modulation symbols on an <inline-formula> <tex-math notation="LaTeX">N\times M </tex-math></inline-formula> delay-Doppler grid, where <inline-formula> <tex-math notation="LaTeX">N </tex-math></inline-formula> and <inline-formula> <tex-math notation="LaTeX">M </tex-math></inline-formula> are the number of Doppler and delay bins, respectively. We derive an upper bound on the PAPR of the OTFS signal and show that the maximum PAPR grows linearly with <inline-formula> <tex-math notation="LaTeX">N </tex-math></inline-formula> (and not with <inline-formula> <tex-math notation="LaTeX">M </tex-math></inline-formula>, the number of subcarriers, as observed in conventional multicarrier schemes such as OFDM). We analytically characterize the complementary cumulative distribution function (CCDF) of the PAPR of OTFS with rectangular pulse for large values of <inline-formula> <tex-math notation="LaTeX">N </tex-math></inline-formula>. We present the simulated CCDF of the PAPR of OTFS for different pulse shapes and compare it with those of OFDM and generalized frequency division multiplexing (GFDM). It is shown that OTFS can have better PAPR compared to OFDM and GFDM.