Horizon Quantum Holdings Ltd. (HQ) vs ONESPAN INC (OSPN)

Horizon Quantum Holdings Ltd. and ONESPAN INC are both Software Infrastructure companies. Horizon Quantum Holdings Ltd. is the larger, with a market value of $809.6M against $651.6M — 1.2× the size. Horizon Quantum Holdings Ltd. has negative trailing earnings, so its P/E is not meaningful; ONESPAN INC trades at 9.8×. ONESPAN INC has the higher net margin (27.8% vs 0.00%) and the higher return on invested capital (11.7% vs 0.00%). Across the 13 metrics below, ONESPAN INC leads on 11 and Horizon Quantum Holdings Ltd. on 2.

Valuation

Metric HQ OSPN Software Infrastructure median
P/E n/m 9.84 28.02
P/S n/m 2.69 3.07
P/B 18.69 2.42 3.36
Price to free cash flow n/m 16.58 17.12
EV/EBITDA n/m 11.09 14.91
EV/Sales n/m 2.54 3.03
Earnings yield (85.79%) 10.16% 0.13%
Free cash flow yield (1.45%) 6.03% 1.15%

Profitability

Metric HQ OSPN Software Infrastructure median
Gross margin — 73.58% 61.23%
Operating margin 0.00% 17.99% 0.00%
Net margin 0.00% 27.76% 0.00%
Free cash flow margin 0.00% 16.22% 1.67%
Return on equity (1,057.18%) 26.51% 0.59%
Return on assets (170.78%) 18.38% 0.00%
Return on invested capital 0.00% 11.73% 0.00%

Growth

Metric HQ OSPN Software Infrastructure median
Revenue growth (TTM) — 2.40% 13.41%
EPS growth (last fiscal year) (2,075.05%) 28.77% —
Revenue growth, 5-year CAGR — 2.43% 15.81%
Net income growth, 5-year CAGR — 0.00% 0.00%

Health

Metric HQ OSPN Software Infrastructure median
Debt to equity 0.00 0.02 0.06
Current ratio 33.84 1.33 1.55
Net debt to EBITDA (0.54) (1.15) 0.08

Dividend

Metric HQ OSPN Software Infrastructure median
Dividend yield — — 1.53%
Payout ratio — 0.00 0.00

Size

Metric HQ OSPN Software Infrastructure median
Market cap 809.58m 651.55m 835.96m

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