OneSpan (OSPN) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

OneSpan

NasdaqCM•Technology•Software - Infrastructure

$16.10-0.60(-0.04%)Pre-market

Market Cap

$651.60M

P/E

9.5x

P/S

2.6x

P/B

2.4x

OneSpan Inc., together with its subsidiaries, provides digital solutions for security, authentication, identity, electronic signature, and digital workflow products in the Americas, Europe, the Middle East, Africa, and the Asia Pacific regions. It operates through Cybersecurity and Digital Agreements segments. The company offers Cloud Authentication, a cloud-based multifactor authentication solution; Mobile Security Suite, a software development kit that protects mobile transactions; Mobile Application Shielding that protects mobile applications from attacks by malware allowing secure usage of mobile applications even in hostile environments; and authentication servers that securely authenticate users and transactions. The company also provides Authentication Suite, a solution to protect organizations from cyber threats; Digipass Authenticator; and Digipass S3 Authentication software, an authentication platform designed to enable passwordless and phishing-resistant authentication across web and mobile applications. It also provides OneSpan Sign, a range of e-signature requirements for occasional agreement; OneSpan Notary, an online notary solution developed for organizations with in-house notaries; OneSpan Sign Identity Verification that enables banks and financial institutions identity verification services; Onespan Sign Authentication, a configurable authentication option to verify senders and signers by adding layers of security to e-signature transactions; and OneSpan Integration Platform, a platform that enables organizations to integrate e-signatures. It sells its solutions through its direct sales force, distributors, resellers, systems integrators, and original equipment manufacturers. The company was formerly known as VASCO Data Security International, Inc. and changed its name to OneSpan Inc. in August 1997. OneSpan Inc. was founded in 1991 and is headquartered in Boston, Massachusetts.

How this company scores

GoodMetricSide Score: 66/100

Strongest: Profitability (22/25); weakest: Cash & Earnings Quality (13/25).

Profitability22/25

Growth16/25

Balance Sheet & Red Flags15/25

Cash & Earnings Quality13/25

Strengths

Strong marginsHigh ROEInterest easily coveredProfit converts from growth

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 9.5x5y range 5.5x – 30.2x

Currently near its 9-quarter median.

P/S · 2.6x5y range 0.0x – 3.0x

Currently above its 20-quarter median.

P/B · 2.4x5y range 0.0x – 3.4x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

Some Concerns

Margin Pressure

Watch

Operating margins declined 15.1% — watch for continued compression, which may signal competitive or cost pressure.

Earnings Quality

Watch

FCF/Net Income has dropped below 0.7x in 4 quarters — monitor for earnings quality deterioration.

Price & Volume

Market Cap $651.60M

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $246.38M
Q. Revenue: $60.47M
TTM EBITDA: $61.39M
TTM Op. Income: $44.32M
Q. Op. Income: $8.74M
TTM Net Income: $68.40M
Q. Net Income: $6.78M
EPS: $0.18
Shares Out.: $37.21M

$246.38M in TTM revenue grew 2.4% YoY, reaching $60.47M last quarter. TTM EBITDA of $61.39M and TTM operating income of $44.32M show growth is flowing through to the bottom line. TTM net income of $68.40M means revenue is converting into profit. Across the last 8 quarters, TTM revenue has risen for 4 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

Gross Margin: 73.6%
EBITDA Margin: 20.1%
Op. Margin: 14.5%
Net Margin: 11.2%

Op. margin of 14.5% is down 3.1% YoY — costs are rising relative to revenue. Net margin at 11.2% and gross margin of 73.6% show how much of each revenue dollar survives to profit. Over the past year, operating margin is down 18% — a weakening trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: 9.5x
P/S Ratio: 2.6x
P/B Ratio: 2.4x

At 9.5x P/E, the stock trades below typical market levels. P/S of 2.6x and P/B of 2.4x provide additional context. Use the growth and margin sections to judge whether the multiple is justified. Over the past year, P/E is down 11% — a weakening trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $387.02M
Cash: $43.34M
Long-Term Debt: N/A
Book Value: $273.48M
D/E Ratio: N/A
Debt/EBITDA: 0.0

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $-103,000
TTM Free Cash Flow: $40.17M
FCF Margin: 16.3%
FCF / Net Income: 0.6

TTM FCF of $40.17M on $-103,000 in operating cash flow. The FCF / Net Income ratio of 0.6x means cash covers only part of net income — earnings quality needs attention. Across the last 8 quarters, free cash flow has fallen for 4 consecutive quarters — a weakening trend.