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. In the quarter to June 2026, revenue grew 1.04%, EPS fell 18.2%, free cash flow fell 176.0% and total debt rose 3.43%, each against the same quarter a year earlier. Insiders bought in the last twelve months.
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ONESPAN INC (OSPN) Altman Z-score
ONESPAN INC's Altman Z-score for fiscal 2025 is 4.26, in the safe zone (above 2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 4.26 | (1.13) |
| FY2024 | 5.39 | 2.31 |
| FY2023 | 3.08 | (0.20) |
| FY2022 | 3.28 | (1.31) |
| FY2021 | 4.59 | (1.22) |
| FY2020 | 5.81 | 0.52 |
| FY2019 | 5.29 | 1.25 |
| FY2018 | 4.04 | (1.15) |
| FY2017 | 5.19 | (1.16) |
| FY2016 | 6.35 | (2.43) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.14 | — | 0.17 | |
| Retained earnings / total assets | 0.53 | — | 0.74 | |
| EBIT / total assets | 0.12 | — | 0.40 | |
| Market value of equity / total liabilities | 3.90 | — | 2.34 | |
| Sales / total assets | 0.61 | — | 0.61 | |
| Altman Z-score | Safe zone | 4.26 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 5.76 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| OSPN ONESPAN INC | 4.3× |
| CGNT Cognyte Software Ltd. compare | 2.0× |
| CCSI Consensus Cloud Solutions, Inc. compare | 1.8× |
| PRTH Priority Technology Holdings, Inc. compare | 0.7× |
| YEXT Yext compare | 0.6× |
| BLZE Backblaze, Inc. compare | 0.2× |
| SABR Sabre Corporation compare | −0.3× |
| AEVA Aeva Technologies, Inc. compare | −4.6× |
| HQ Horizon Quantum Holdings Ltd. compare | — |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets