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ONESPAN INC

OSPN Technology Software Infrastructure

ONESPAN INC’s revenue for fiscal 2025 (year ended December 2025) was $243.2 million, roughly unchanged from fiscal 2024.

Revenue
+12.0%
EPS
+23.6%
Free cash flow
+51.5%
Total debt
−25.0%

Quarter to September 2026, against a year earlier

21.95 1.71 −7.23%
Market cap
$808.0M
P/E
11.9×
Fwd P/E
26.5×
Dividend yield
2.32%
F-score
6/9
Altman Z
4.26
Beneish M
−2.23
Dividend safety
70/100
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Bought, $m 0.03
Sold, $m 0.57
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — 1 — — — — — — — —
Sell 1 — — 1 — — 1 — — — — —
Insider Ownership 2.62%

Capital & Financial Ratios $m

Size
Market Cap 808.00
Revenue ttm 253.21
Net income ttm 69.69
Free cash flow ttm 44.46
Net debt Q (44.38)
Valuation
P/E 11.86
Forward P/E 26.50
Price / sales 3.22
Forward P/S Powerpack
Price / FCF 18.33
Price / book 2.90
Financial health
Current ratio Q 1.35
Debt / equity Q 0.03 (at or below 0.5: strong)
Interest coverage Q —
Growth
Revenue growth Q +11.97% (above 0%: growing)
Operating income growth Q +12.35% (above 0%: growing)
EPS, this year −9.13% (below 0%: weak)
EPS, next year A +1.92%
Revenue, next year A +5.27%
EPS, past 5 yrs —
EPS, next 5 yrs A +1.32%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 3.0×, against a ten-year median of 2.2×; over the ten years it ranged from 1.1× in 2023 to 4.6× in 2021.
P/E against its own 10 years 28.92%
10-year low 10-year high
P/S against its own 10 years 76.79%
10-year low 10-year high
P/B against its own 10 years 69.01%
10-year low 10-year high
EV/Sales against its own 10 years 83.39%
10-year low 10-year high
EV/FCF against its own 10 years 54.47%
10-year low 10-year high

Dividends

Yield
2.32%
Annual rate
0.51
Payout ratio
28.2%
Growth, 2025–26
−18.7%/yr
  1. 0.48 ’25
  2. 0.39 ’26 −19
paid change on the year, %

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 44 83 70 51
Receivables 64 56 56 42
Inventory 16 11 10 11
Other 16 18 28 27
146 175 172 139
2023 2024 2025 Q'26
Payables 17 13 14 12
ST’ Debt — 4 3 2
Other — — — —
115 110 115 103

Compound Annual Growth %

10y 5y 3y
Sales 0.07% 2.43% 3.55%
Cash Flow (1.45%) 31.85% 0.00%
Earnings 5.63% 0.00% 0.00%
Book Value 0.92% 1.10% 10.17%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 0.22 Actual 0.35

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.30 0.36 Beat by 0.06
Q1 FY26 0.36 0.39 Beat by 0.03
Q2 FY26 0.25 0.30 Beat by 0.05
Q3 FY26 0.22 0.35 Beat by 0.13
Q4 FY26 0.32 — Reports 25 February 2027

EPS $

Mar Jun Sep Dec Year
’26 0.30 0.18 0.20 — —
’25 0.37 0.21 0.17 1.13 1.88
’24 0.35 0.17 0.21 0.72 1.46
’23 (0.21) (0.44) (0.10) 0.01 (0.74)
’22 0.13 (0.23) (0.18) (0.08) (0.36)
’21 (0.23) (0.17) (0.02) (0.35) (0.77)
’20 0.00 (0.05) (0.04) (0.04) (0.14)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 66 60 64 — —
’25 63 60 57 63 243
’24 65 61 56 61 243
’23 58 56 59 63 235
’22 52 53 57 57 219
’21 51 52 52 59 214
’20 56 55 51 53 216
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 28 0 16 — —
’25 29 6 11 13 59
’24 27 2 14 12 56
’23 13 (20) (7) 3 (11)
’22 4 (15) (2) 8 (6)
’21 4 (2) (6) 2 (3)
’20 (2) 7 3 7 15
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 25 (3) 13 — —
’25 28 4 9 10 50
’24 24 0 12 10 46
’23 10 (23) (10) 0 (23)
’22 3 (16) (4) 5 (11)
’21 3 (3) (6) 1 (5)
’20 (4) 6 3 7 12
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

2.5
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 192 193 211 253 216 214 219 235 243 243 253 +2.6% 256 262 273 +3.9%
Gross margin, % 67.94 69.59 69.33 66.21 68.64 66.64 67.84 67.08 71.79 73.75 74.26 +5.8 pt
EBT 11 8 3 14 (3) (26) (12) (27) 46 49 45 +17.7%
EBT margin, % 5.92 4.34 1.23 5.68 (1.59) (12.19) (5.34) (11.62) 19.12 20.30 17.78 +14.4 pt
Net income 11 (22) 3 8 (5) (31) (14) (30) 57 73 70 +24.0%
Per share, $
Per share, $ Revenue 4.84 4.86 5.29 6.33 5.39 5.41 5.46 5.85 6.33 6.36 6.82 +3.1%
Earnings 0.26 (0.56) 0.08 0.22 (0.14) (0.77) (0.36) (0.74) 1.49 1.91 1.85 +24.8%
Cash flow 0.72 0.44 0.03 0.46 0.37 (0.07) (0.14) (0.27) 1.45 1.56 1.54 +9.0%
Capex (0.05) (0.08) (0.09) (0.19) (0.08) (0.06) (0.13) (0.31) (0.24) (0.24) (0.34) +18.5%
Free cash flow 0.66 0.37 (0.06) 0.27 0.29 (0.12) (0.27) (0.58) 1.21 1.32 1.20 +7.9%
Book value 6.37 5.98 6.32 6.55 6.43 5.55 5.06 3.96 5.54 7.11 7.56 +1.2%
Shares, m 40 40 40 40 40 40 40 40 38 38 38 (0.4%)
Valuation, ×
Valuation, × P/E 51.85 0.00 187.14 74.43 0.00 0.00 0.00 0.00 12.61 6.69 11.86 33.3
P/S 2.89 2.90 2.45 2.70 3.84 3.13 2.13 1.81 2.93 2.02 3.22 2.7
P/B 2.20 2.36 2.05 2.61 3.22 3.05 2.29 2.67 3.35 1.80 2.90 2.6
EV/Sales 2.14 2.08 1.98 2.33 3.37 2.73 1.72 1.65 2.62 1.76 3.04 2.2
EV/FCF 15.69 27.95 (161.62) 55.30 62.81 (118.17) (34.93) (16.71) 13.77 8.50 17.33 (14.7)
Cash, $m
Cash, $m Operating cash flow 28 18 1 18 15 (3) (6) (11) 56 59 57 +8.5%
Capex (2) (3) (4) (7) (3) (2) (5) (13) (9) (9) (13) +18.0%
Free cash flow 26 15 (2) 11 12 (5) (11) (23) 46 50 44 +7.5%
Balance, $m
Balance, $m Working capital 139 162 120 136 132 98 88 32 65 58 36 (9.3%)
Net debt (144) (158) (99) (107) (112) (96) (97) (44) (79) (67) (44) (8.1%)
Shareholders’ equity 253 238 252 262 257 220 203 159 213 272 281 +0.8%
Returns, %
Returns, % ROA 3.29 (6.74) 0.88 2.14 (1.44) (8.53) (4.26) (9.55) 18.18 19.80 18.76 +16.5 pt
ROIC 5.51 4.87 (0.38) 5.72 (2.27) (13.19) (16.01) (15.61) 20.93 14.81 11.98 +9.3 pt
ROE 4.20 (9.12) 1.24 3.06 (2.10) (12.82) (6.82) (16.44) 30.72 30.10 26.85 +25.9 pt
People
People Employees 613 611 732 744 870 879 790 676 571 602 — (0.2%)
Revenue/emp, $m 0.31 0.32 0.29 0.34 0.25 0.24 0.28 0.35 0.43 0.40 — +2.8%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

ONESPAN INC vs peers in Software Infrastructure (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
RPD Rapid7, Inc. $1.0B 74.4× 34.6× −2.55% (below 0%: shrinking) −66.67% (below 0%: shrinking) −14.24% (below 0%: shrinking) 69.61% 0.00% Compare
PICS PicS N.V. $918.8M 0.0× 4.8× +87.20% (above 0%: growing) −99.60% (below 0%: shrinking) +552.34% (above 0%: growing) 58.88% 0.00% Compare
TUYA Tuya Inc. Sponsored ADR $885.1M 14.9× 14.5× +15.98% (above 0%: growing) +50.00% (above 0%: growing) −58.87% (below 0%: shrinking) 46.32% 10.02% Compare
KPLT Katapult Holdings, Inc. $837.5M 7.1× — (loss-making) +4.00% (above 0%: growing) n/m +6.44% (above 0%: growing) 15.39% (2.58%) Compare
PAYS Paysign, Inc. $808.5M 51.4× 40.4× +48.08% (above 0%: growing) +300.00% (above 0%: growing) −108.06% (below 0%: shrinking) 63.35% 24.82% Compare
OSPN ONESPAN INC $808.0M 11.9× 26.5× +11.97% (above 0%: growing) +23.59% (above 0%: growing) +51.53% (above 0%: growing) 76.29% 14.47%
YEXT Yext $757.0M 33.1× 17.1× −1.76% (below 0%: shrinking) −40.91% (below 0%: shrinking) −1.86% (below 0%: shrinking) 75.46% 15.81% Compare
XNDU Xanadu Quantum Technologies Limited $724.5M — (loss-making) — — n/m — 91.53% (1,984.84%) Compare
RXT Rackspace Technology, Inc. $606.6M — (loss-making) — (loss-making) +0.57% (above 0%: growing) n/m −289.52% (below 0%: shrinking) 17.13% (4.95%) Compare
Median of peers $823.0M 24.0× 17.1× +4.00% −40.91% −14.24% 61.12% 0.00%

All 183 Software Infrastructure stocks →

Pay and ownership Proxy statement filed 23 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 3.63m (478.27k) 64.05

Ownership

Directors and executive officers, together 2.00%
50 Hudson Yards, New York, NY 10.00%
One Coleman Street, London, EC2R 5.60%
145 Ameriprise Financial Center, Minneapolis, MN 5.50%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

ONESPAN INC (OSPN) Latest News

30 Oct

Impact 3 · · The Motley Fool transcript
Impact 3 · · Moby

29 Oct

Impact 4 · · MarketBeat
Impact 4 · · Business Wire earnings
Impact 3 · · Zacks
Impact 3 · · Associated Press earnings

24 Oct

Impact 3 · · Simply Wall St.

22 Oct

Impact 3 · · Zacks
Impact 3 · · Zacks

19 Oct

Impact 4 · · Business Wire

15 Oct

Impact 3 · · Zacks

9 Oct

Impact 3 · · Zacks
Impact 3 · · Zacks

7 Oct

Impact 4 · · Business Wire

5 Oct

Impact 3 · · Zacks

24 Sep

Impact 3 · · Zacks
Impact 3 ·

9 Sep

Impact 3 ·

11 Aug

Impact 4 · · The Motley Fool transcript

5 Aug

Impact 3 · · Moby transcript
Impact 3 · transcript

4 Aug

Impact 3 · · MarketBeat transcript
Impact 3 ·
Impact 3 ·

22 Jul

Impact 4 ·

15 Jun

Impact 3 ·

21 May

Impact 3 · · Zacks

8 May

Impact 3 · · Simply Wall St.

3 May

Impact 4 · · Simply Wall St.

1 May

Impact 4 ·
stockrow.com/OSPN · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com