OSPN
OneSpan Inc.
Next earnings Aug 3, 2026 · consensus $0.24 EPS, $59.4M rev
Last earnings -1.9% on 2025-08-05
$14.44
▲ +0.91%$14.44▼ -10.46%
over 1Y
L $10.04H $17.32
Earnings Dividend Split Congress buy Congress sellGrouped by date · hover a pin to expand
Today+0.9%
1W+6.7%
1M-5.9%
3M+36.6%
YTD+20.2%
1Y-10.5%
Hold
Conviction
Horizon
Medium (3–12mo)
12-mo target
$•••
Street · 10 analysts
Buy
Cash-rich, high-margin security niche at a modest price — but revenue has flatlined at $243M and the 7.7x P/E is tax-flattered.
Revenue $243M · FY2025
The read
Middling fundamentals offset by an attractive price (~340% below fair value) — worth a look on the value angle.
OneSpan is a genuinely high-quality, cash-generative business trading at an undemanding price — the catch is that its reported cheapness overstates the case and its top line has stopped growing. FY2025 revenue was $243M, up 0.0% YoY, and identical to FY2024's $243M: two straight years of no growth. The earnings story is entirely a margin/cost story, not a demand story. Management is candid that the 2023–2024 turnaround was driven by 'adjusting our cost structure to enable both business divisions to operate profitably,' and the first risk factor listed is that 'we may encounter challenges in achieving our revenue growth objectives.' That is the whole debate on this stock.
The quality is real: 73.8% gross margin, 19.9% operating margin, 26.8% ROE, a fortress balance sheet (liabilities/equity 0.46x, $70.5M cash), and $59.5M of operating cash flow against just $9M capex — roughly $50M of free cash flow that funded $31.6M returned to shareholders in 2025 (dividends $18.5M + buybacks $13.1M). Customers are sticky and blue-chip — MD&A notes more than 60% of the world's 100 largest banks. This is not a broken company.
AI-generated analysis, produced by our proprietary engine from SEC filing data.
Investment recommendation produced by TENK/calls (tenkcalls.com), Luxembourg. Completed Jul 3, 2026, 12:24 AM ET. Ratings & methodology: definitions · All recommendations to date: track record · Conflicts: disclosures. Not investment advice.
Financials · annual, by fiscal year
| Line item | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | — | $219M | $235M | $243M | $243M |
| Gross profit | $143M | $149M | $158M | $175M | $179M |
| Operating income | -$26.1M | -$27.1M | -$28.9M | $44.8M | $48.4M |
| Net income | -$30.6M | -$14.4M | -$29.8M | $57.1M | $72.9M |
| Diluted EPS | -$0.77 | -$0.36 | -$0.74 | $1.46 | $1.88 |
| Net margin | — | -6.6% | -12.7% | 23.5% | 30.0% |
Annual figures from SEC 10-K XBRL filings. Open the filing links below for full statement detail.
Key statistics
Valuation
Enterprise value$465M
EV / EBITDA7.9
EV / Sales1.9
EV / FCF9.2
P / FCF10.6
PEG (trailing)0.28
Earnings yield13.6%
FCF yield9.4%
Quality & risk
ROIC (est.)14.1%
Free cash flow$50.5M
Total debt—
Net cash$70.5M
Altman Z-Score4.48 safe
Piotroski F-Score5/8
Capital returns
Buyback yield2.5%
Dividend yield (est.)3.4%
Shareholder yield5.9%
Shares Δ YoY-1.9%
Computed from SEC XBRL annual figures + the current quote. EV and ROIC use long-term + current debt where filed; estimates, not investment advice.
Disclosure timeline
SEC · 8-Ks + reportsRecent disclosure tone has been improving.
- 8-K Officer / director change2026-06-05
Annual meeting: directors elected, say-on-pay voted; an officer/board change disclosed
- 8-K Other event2026-05-11
Other-event disclosure (Item 8.01); no financial results attached
- 8-K Exhibits2026-04-30
Q1 FY26: profitability sustained; Build38 deal pending, prior acquisitions integrating
- 10-Q Quarterly report2026-04-30
Q1 FY26: profitability sustained; Build38 deal pending, prior acquisitions integrating
- DEF 14A Proxy statement2026-04-23
Routine proxy: board slate, say-on-pay, auditor ratification
- 8-K Exhibits2026-02-26
FY25 net income +28% to $72.9M, EPS $1.88; $31.6M returned, Build38/Nok Nok M&A
- 10-K Annual report2026-02-26
FY25 net income +28% to $72.9M, EPS $1.88; $31.6M returned, Build38/Nok Nok M&A
- 8-K Exhibits2025-10-30
Q3 FY25: steady margins; new $100M credit facility, ThreatFabric partnership
- 10-Q Quarterly report2025-10-30
Q3 FY25: steady margins; new $100M credit facility, ThreatFabric partnership
Recent filings
all on EDGAR ↗4Period ending 2026-06-162026-06-16open ↗4Period ending 2026-06-162026-06-16open ↗144Filing2026-06-15open ↗8-KPeriod ending 2026-06-052026-06-05open ↗SDFiling2026-05-29open ↗SCHEDULE 13G/AFiling2026-05-15open ↗4Period ending 2026-05-142026-05-14open ↗4Period ending 2026-05-142026-05-14open ↗DEFA14AFiling2026-05-14open ↗8-KPeriod ending 2026-05-072026-05-11open ↗10-QPeriod ending 2026-03-312026-04-30open ↗8-KPeriod ending 2026-03-312026-04-30open ↗
Frequently asked
- Is OneSpan Inc. (OSPN) a buy?
- OSPN currently carries a Hold rating with 3/5 conviction, derived from its latest SEC filings. Cash-rich, high-margin security niche at a modest price — but revenue has flatlined at $243M and the 7.7x P/E is tax-flattered.
- What is OSPN's fair value?
- A Modified-Graham model based on OSPN's SEC fundamentals estimates a fair value of about $63.60. It is an estimate from reported earnings, not a price target.
- Is OSPN overvalued or undervalued?
- Against a Modified-Graham fair-value estimate, OSPN currently appears undervalued relative to its SEC-grounded earnings power.
- What is OneSpan Inc.'s quality score?
- OSPN scores 79.60113457068009/100 (grade B+) on a SEC-grounded quality model spanning value, growth, profitability, financial health and momentum.
Sources: SEC EDGAR (CIK 0001044777, latest 10-Q filed 2026-04-30) · EODHD · Proprietary analysis · as of 7/3/2026, 4:24:18 AM.
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