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.

17.48 0.39 −2.18%
Market cap
$658.6M
P/E
9.7×
Fwd P/E
14.7×
Dividend yield
2.92%
F-score
6/9
Altman Z
4.26
Beneish M
−2.23
Dividend safety
70/100

Insider Decisions trades per month

Total buys 0.66
Total sells 0.57
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy 2 — — — 1 — — — — — — —
Sell — 1 — — 1 — — 1 — — — —
Insider Ownership 2.96%

Capital & Financial Ratios $m

Market Cap 658.55
Revenue 246.38
Net Income 68.40
Free Cash Flow 39.96
Net Debt (37.45)
Current Ratio 1.33
Debt/Equity 0.02 (at or below 0.5: strong)
P/E ratio 9.66
Fwd P/E 14.70
P/S ratio 2.64
P/B ratio 2.38
Past 5Y EPS Growth —
This Y EPS Growth (16.51%) (below 0%: weak)
Next Y EPS Growth 4.82%
Next Y revenue growth 2.89%
Next 5Y EPS Growth (0.22%) (below 0%: weak)

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

P/E against its own 10 years 17.27%
10-year low 10-year high
P/S against its own 10 years 44.71%
10-year low 10-year high
P/B against its own 10 years 35.75%
10-year low 10-year high
EV/Sales against its own 10 years 65.50%
10-year low 10-year high
EV/FCF against its own 10 years 46.43%
10-year low 10-year high

Dividends

Payout Ratio 0.29
Annual Dividend Rate 0.51
Annual Dividend Yield 2.92%
total individual payouts
2026 0.39
0.13
0.13
0.13
2025 0.48
0.12
0.12
0.12
0.12
2023 Powerpack
2022 Powerpack
2021 Powerpack
2020 Powerpack
2019 Powerpack
2017 Powerpack
special payouts not included in total or ratios

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 44 83 70 43
Receivables 64 56 56 40
Inventory 16 11 10 10
Other 16 18 28 26
146 175 172 128
2023 2024 2025 Q'26
Payables 17 13 14 11
ST’ Debt — 4 3 1
Other — — — —
115 110 115 96

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%

Revenue $m

Mar Jun Sep Dec Year
’26 66 60 — — —
’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 — — —
’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) — — —
’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.

EPS $

Mar Jun Sep Dec Year
’26 0.30 0.18 — — —
’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.

Target Price Range

Analyst price targets

Recommendation Rating

2
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low 12.35 11.05 11.41 12.40 10.88 15.59 8.15 7.64 9.22 11.00

Analyst estimates 2026–2028

Powerpack
High 19.30 15.78 25.45 21.61 33.33 29.17 17.79 19.25 19.58 20.36
People
People Employees 613 611 732 744 870 879 790 676 571 602
Revenue/emp, $m 0.31 0.32 0.29 0.34 0.25 0.24 0.28 0.35 0.43 0.40
Income, $m
Income, $m Revenue 192 193 211 253 216 214 219 235 243 243
Gross margin, % 67.94 69.59 69.33 66.21 68.64 66.64 67.84 67.08 71.79 73.75
EBT 11 8 3 14 (3) (26) (12) (27) 46 49
EBT margin, % 5.92 4.34 1.23 5.68 (1.59) (12.19) (5.34) (11.62) 19.12 20.30
Net income 11 (22) 3 8 (5) (31) (14) (30) 57 73
Depreciation 11 11 12 12 12 9 7 6 8 10
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
Earnings 0.26 (0.56) 0.08 0.22 (0.14) (0.77) (0.36) (0.74) 1.49 1.91
Cash flow 0.72 0.44 0.03 0.46 0.37 (0.07) (0.14) (0.27) 1.45 1.56
Capex (0.05) (0.08) (0.09) (0.19) (0.08) (0.06) (0.13) (0.31) (0.24) (0.24)
Free cash flow 0.66 0.37 (0.06) 0.27 0.29 (0.12) (0.27) (0.58) 1.21 1.32
Book value 6.37 5.98 6.32 6.55 6.43 5.55 5.06 3.96 5.54 7.11
Shares, m 40 40 40 40 40 40 40 40 38 38
Valuation, ×
Valuation, × P/E 51.85 0.00 187.14 74.43 0.00 0.00 0.00 0.00 12.61 6.69
P/S 2.89 2.90 2.45 2.70 3.84 3.13 2.13 1.81 2.93 2.02
P/B 2.20 2.36 2.05 2.61 3.22 3.05 2.29 2.67 3.35 1.80
EV/Sales 2.14 2.08 1.98 2.33 3.37 2.73 1.72 1.65 2.62 1.76
EV/FCF 15.69 27.95 (161.62) 55.30 62.81 (118.17) (34.93) (16.71) 13.77 8.50
Cash, $m
Cash, $m Operating cash flow 28 18 1 18 15 (3) (6) (11) 56 59
Capex (2) (3) (4) (7) (3) (2) (5) (13) (9) (9)
Free cash flow 26 15 (2) 11 12 (5) (11) (23) 46 50
Balance, $m
Balance, $m Working capital 139 162 120 136 132 98 88 32 65 58
Total debt — — — 3 3 2 2 — 4 3
Net debt (144) (158) (99) (107) (112) (96) (97) (44) (79) (67)
Shareholders’ equity 253 238 252 262 257 220 203 159 213 272
Returns, %
Returns, % ROA 3.29 (6.74) 0.88 2.14 (1.44) (8.53) (4.26) (9.55) 18.18 19.80
ROIC 5.51 4.87 (0.38) 5.72 (2.27) (13.19) (16.01) (15.61) 20.93 14.81
ROE 4.20 (9.12) 1.24 3.06 (2.10) (12.82) (6.82) (16.44) 30.72 30.10
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

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
AEVA Aeva Technologies, Inc. $766.4M — (loss-making) — (loss-making) +11.34% (above 0%: growing) n/m −0.52% (below 0%: shrinking) 35.67% (563.23%) Compare
HQ Horizon Quantum Holdings Ltd. $752.4M — (loss-making) — — n/m −372.27% (below 0%: shrinking) 100.00% 0.00% Compare
SABR Sabre Corporation $722.4M 0.9× — (loss-making) +3.61% (above 0%: growing) n/m +104.05% (above 0%: growing) 32.37% 13.03% Compare
YEXT Yext $705.7M 30.1× 11.1× −1.76% (below 0%: shrinking) −40.91% (below 0%: shrinking) −1.86% (below 0%: shrinking) 75.46% 15.81% Compare
CCSI Consensus Cloud Solutions, Inc. $679.1M 7.0× 6.6× +4.15% (above 0%: growing) +39.25% (above 0%: growing) +25.12% (above 0%: growing) 79.98% 40.31% Compare
OSPN ONESPAN INC $658.6M 9.7× 14.7× +1.04% (above 0%: growing) −18.18% (below 0%: shrinking) −175.97% (below 0%: shrinking) 73.57% 14.46%
CGNT Cognyte Software Ltd. $651.3M — (loss-making) 56.2× +12.02% (above 0%: growing) +200.00% (above 0%: growing) +83.55% (above 0%: growing) 72.90% 4.27% Compare
PRTH Priority Technology Holdings, Inc. $644.9M 11.3× 9.9× +9.36% (above 0%: growing) −14.29% (below 0%: shrinking) +164.51% (above 0%: growing) 38.09% 12.60% Compare
BLZE Backblaze, Inc. $613.4M — (loss-making) — (loss-making) +17.67% (above 0%: growing) n/m +819.13% (above 0%: growing) 62.82% (9.77%) Compare
Median of peers $692.4M 9.2× 10.5× +9.36% +12.48% +54.34% 67.86% 8.44%

All 173 Software Infrastructure stocks →

ONESPAN INC (OSPN) key facts

  • ONESPAN INC (OSPN) is a Software Infrastructure company in the Technology sector, listed on Nasdaq.
  • ONESPAN INC’s revenue for fiscal 2025 (year ended December 2025) was $243.2 million, roughly unchanged from fiscal 2024.
  • As of October 16, 2026, OSPN traded at $17.48, a market capitalization of $658.6 million.
  • ONESPAN INC pays an annual dividend of $0.51 per share, a yield of 2.92%, with a payout ratio of 28.7%.
  • Return on equity was 30.1% and debt-to-equity 0.02.
  • Its Piotroski F-score is 6 out of 9 and its Altman Z-score is 4.26 (safe zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

ONESPAN INC (OSPN) Latest News

11 Aug

Impact 4 · transcript

22 Apr

Impact 4 · transcript
Impact 4 · transcript

2 Mar

stockrow.com/OSPN · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com