undamentalytics Newsletter
Sign in

Onespan Inc. (OSPN) stock

Add to watchlist

Add holding +

NASDAQ: OSPN Nasdaq Application Software Next results ~November 6, 2026

B Fundamentals grade

Onespan Inc. is a US-listed company in the application software industry. Its financial year ends in December.

Stock price today

Loading chart…

Third-party market data · may be delayed

Fair value per share

~$18

Cash-flow model

Base case. Range ~$14–$23 across our lower- and higher-growth cases (-0.8%–9.2% a year).

Price vs value

Overvalued

The price is above our entire value range; our base value is 28% below it.

Price used: $24.61, November 3, 2026

Onespan Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders2 buying, 1 selling5 purchases and 3 sales by directors and officers, last 12 monthsInsider trades
  • Funds111 adding, 75 cuttingOf 35 active managers that changed their stake, 16 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Onespan files

10-Q filed October 29: Onespan

Onespan's revenue over the twelve months to September 2026 reached $253m, a 4.9% rise on the prior year and a step up from the 2.4% growth recorded a quarter earlier. Free-cash-flow margin, however, slipped to 17.6%, down from 21.2% a year before. Our model value sits at $12.57 a share, barely changed, while the shares trade at $19.73. Sell remains our rating. At the current price, the market appears to be pricing in cash-flow growth of around 11.0% a year over five years, well above the 3.4% a year revenue growth the company has actually delivered. That gap between implied expectations and recent performance underpins our caution on the stock.

Source: 10-Q filed October 29, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where Onespan stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $246m, up 2.4% on a year earlier, faster than 1.7% a quarter earlier. Free-cash-flow margin fell to 16.3% from 22.7% a year earlier. Operating margin narrowed to 18.0% from 21.1%. The diluted share count is down 2.1% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades B. It passes 2 of our 2 financial-health checks. Our cash-flow model value is $12.74 a share, against a share price of $18.02. At that price, our model says the market is pricing in about 9.4% a year of cash-flow growth for five years, faster than the 2.8% a year revenue growth it has delivered.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 6, 2026 (estimated)

Onespan Inc.'s trailing-twelve-month revenue grew 4.9% year on year, with a free-cash-flow margin of 17.6%. Where it stands out: net margin of 27.5% ranks 13 of 185 application software companies we cover.

Our discounted-cash-flow model values the business at ~$18 per share in the base case (~$14–$23 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow fell 13.3% while net income grew 19.8%: a 33pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Shrinking share count. Diluted shares fell 1.4% in a year, so each share owns more of the business.
  • Net cash. Cash exceeds long-term debt by $0.1bn.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.
  • Estimates rising. Analysts' consensus for next year's earnings per share has risen 5.2% over 90 days.

Things to watch

  • Results due soon. Results are expected around 6 November; the share price can move sharply on the day.
  • Priced above our value. The share price of $25.55 is 31% above our value per share of $18.
  • Volatile shares. Over the past year the shares showed annualised volatility of 45% and a beta of 0.8 against the S&P 500.
  • Weak cash conversion. Free cash flow was 64% of net income over the last 12 months.
  • Heavily shorted. 10.7% of the shares available to trade are sold short (5.9 days of average volume to cover).

Latest results: FY2026 Q3

Filed October 29, 2026
Earnings per share
$0.35 against an average estimate of $0.24: beat by 48.3%
Revenue
$64m, up 12.0% on a year earlier
Guidance given
total revenue $248m to $252m (Full Year 2026); software and services revenue $202m to $204m (Full Year 2026)
Next report
October 29, 2026; average EPS estimate $0.31

Onespan's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-3.7%
  • 1 week+20.9%
  • 1 month+35.8%
  • This year+105.2%
  • 1 year+107.7%
  • 5 years+24.2%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$253M
Operating margin
17.9%
Net margin
27.5%
EPS (TTM, diluted)
$1.81

Growth

Revenue growth
+4.9%
Change in growth rate
+2.5 pts
Share count change
−1.4%

Cash

Free cash flow (TTM)
$44.5M
FCF margin
17.6%
Stock pay % of revenue
4.9%

Earnings

Last results
August 4, 2026
Next results (est.)
November 6, 2026

News & updates

Updated November 1, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Our research
  2. Results
  3. Results
  4. Guidance

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Onespan Inc. valuation models and calculator

What the price is pricing in

The share price implies about 9.9% a year of cash-flow growth for five years.That is faster than the 3.4% a year revenue growth Onespan has delivered.

  • Priced in9.9%
  • Last 12 months4.9%
  • 3 years a year3.4%
  • 5 years a year3.4%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($24.61, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Sell12-month view
12-month price target
~$18
Price used
$24.61close November 3, 2026
Implied change
▼ 28%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Onespan Inc.'s free cash flow after stock-based pay with after-tax interest added back ($33M, FY2026 Q3 TTM), growing 2.8% and 3.7% in the next two years (forecasts, guidance and its record), then back to 4.2% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$14–~$23 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Onespan Inc.'s free cash flow after stock-based pay ( $33M, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Onespan Inc. as an operating company, with every model that fits that kind of business. Cost of equity 9.7%: the 10-year Treasury yield (4.9%) plus a beta of 1.06 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$18 ~$14–$23 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$19 ~$16–$32 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$6.2 ~$4.4–$8.7 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$5.5 ~$4.8–$6.5 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$13 ~$5.5–$19 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Onespan Inc. with Application Software in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −24%
  • Revenue growth 5 points higher ▲ +31%
  • Free-cash-flow margin 1 point lower ▼ −5%
  • Last year's free-cash-flow margin change, if it persists ▼ −17%
  • Discount rate 1 point higher ▼ −14%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $14$19$25$33$43$57
8.5% $11$14$19$25$32$42
10% $9$12$15$20$25$33

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$15.71$12.82$13.05$12.16$16.08$19.42$15.90$10.51$10.07$17.41$12.45$25.55
Market value$624m$510m$520m$487m$645m$778m$630m$422m$405m$681m$484m$983m
+ Net debt (− = net cash)−$79m−$49m−$79m−$77m−$84m−$88m−$63m−$96m−$43m−$83m−$70m−$46m
Enterprise value$546m$461m$441m$410m$561m$689m$567m$326m$362m$597m$414m$937m
Multiples
Price / sales 2.6x2.7x2.7x2.3x2.5x3.6x2.9x1.9x1.7x2.8x2.0x3.9x
Price / earnings 14.8x48.5x—160.0x82.1x————11.9x6.6x14.1x
Price / free cash flow 9.3x19.3x35.7x—59.8x65.8x———14.7x9.6x22.0x
EV / EBITDA 9.6x22.6x26.3x36.6x21.8x102.2x———11.2x7.1x16.8x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

47 /100

Moderate moat

How hard Onespan's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 17 / 20

    Cash operating profit has been a median 13.3% of total assets over 10 years.

  • Pricing power 19 / 20

    Gross margin has been a median 69.4%, moving by 2.7 percentage points (standard deviation) across 10 years.

  • Durability 0 / 20

    Operating margin has been a median 2.4%; its worst year was -15.2%.

  • Cash conversion 8 / 20

    Free cash flow was positive in 6 of 10 years, at a median 4.9% of revenue.

  • Discipline 17 / 20

    The diluted share count fell 3.3% over five years; stock-based pay has been a median 2.9% of revenue.

AI disruption exposure: High. In this industry, the core product is information work that AI systems increasingly perform. The score above includes a 15-point deduction for that exposure (62 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $1.35 −9% $256m +5%
Next $1.38 +2% $262m +2%

Next year's EPS estimate has moved +5.2% in 90 days, across 5 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +11.3% on 90 days ago. In the last 30 days, 4 analysts raised Onespan Inc.'s forecast and 0 cut it.

Consensus EPS forecast Onespan Inc., last 90 days
$1.20 $1.25 $1.30 $1.35 $1.40 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $1.22 Current fiscal year, 60 days ago: $1.24 Current fiscal year, 30 days ago: $1.24 Current fiscal year, 7 days ago: $1.24 Current fiscal year, Now: $1.35 $1.35 Next fiscal year, 90 days ago: $1.31 Next fiscal year, 60 days ago: $1.30 Next fiscal year, 30 days ago: $1.30 Next fiscal year, 7 days ago: $1.30 Next fiscal year, Now: $1.38 $1.38

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $1.22$1.31
60 days ago $1.24$1.30
30 days ago $1.24$1.30
7 days ago $1.24$1.30
Now $1.35$1.38

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $0.24 $0.35 +48.3%
Jun 2026 $0.23 $0.30 +30.4%
Mar 2026 $0.35 $0.39 +12.7%
Dec 2025 $0.29 $0.36 +22.4%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 4, 2026
  • Total revenue Full Year 2026 $248m to $252m Raised
    “Total revenue to be in the range of $248 million to $252 million, as compared to its previous guidance range of $244 million to $249 million.” source
  • Software and services revenue Full Year 2026 $202m to $204m Raised
    “Software and services revenue to be in the range of $202 million to $204 million, as compared to its previous guidance range of $201 million to $204 million.” source
  • Hardware revenue Full Year 2026 $46m to $48m Raised
    “Hardware revenue to be in the range of $46 million to $48 million, as compared to its previous guidance range of $43 million to $45 million.” source
  • ARR Full Year 2026 $194m to $198m
    “ARR to be in the range of $194 million to $198 million.” source
  • Adjusted EBITDA Full Year 2026 $67m to $71m Non-GAAP Raised
    “Adjusted EBITDA to be in the range of $67 million to $71 million, as compared to its previous guidance range of $64 million to $68 million.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Onespan Inc.'s revenue by +2.8% next year and +3.7% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+3.0%, weight 51%) , management guidance (+0.6%, weight 21%) and the company's own record (+4.2%, weight 28%) . How the weights are set.

Analyst recommendations

4 analysts, Nov 2026
Buy125%
Hold375%
Sell00%

Monthly trend

  1. Nov 2026134
  2. Oct 2026224

Counts of recommendations published by analysts covering Onespan Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
10.7%
of tradable shares
Days to cover
5.9
at average volume
Short interest, 1 month
−13%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
2.0%
of shares
Employees
520
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +133.4%

$10.95 on October 31, 2025 to $25.55

ThenNowEffect
Revenue (last 12 months) $241m $246m +2.4%
Net margin 24.9% 27.8% +11.5%
P/E multiple 7.2x 14.4x +100.2%
Share count 39m 38m +2.1%

Biggest factor: p/e multiple.

Last 3 years +223.5%

$7.90 on November 3, 2023 to $25.55

ThenNowEffect
Revenue (last 12 months) $227m $246m +8.5%
P/S multiple 1.4x 4.0x +184.3%
Share count 40m 38m +4.9%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
OSPN−18%−34%−4%+73%−29%+105%
Industry peers (median)−7%−50%+19%+2%−20%−14%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
OSPN42%33%42%67%58%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
OSPN−45%−52%−59%−19%−43%−22%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 3, 2015: 77% from August 3, 2020 to October 27, 2023. Getting back needed a 328% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$9.96 – $25.66
From 52-week high
−0.4%
vs 50-day average
+41.9%
vs 200-day average
+82.8%
Volatility (1 year)
45%
Beta vs S&P 500
0.76

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
8 up, 4 down
typical move ±8.8%
After a week
10 up, 2 down
typical move ±11.7%
After a month
11 up, 1 down
typical move ±15.2%
Results releasedNext dayS&P 500 next day5 days21 days
August 4, 2026 +2.7% +1.6% +2.7% +2.7%
August 5, 2025 −4.9% +0.3% −6.1% +5.0%
May 1, 2025 +1.2% +2.2% +4.4% +6.6%
February 27, 2025 −3.4% −0.1% −0.8% −6.9%
October 30, 2024 +11.9% −2.3% +18.0% +21.5%
August 1, 2024 −1.9% −3.3% +2.7% +8.9%
May 2, 2024 +13.5% +2.2% +14.2% +19.7%
March 6, 2024 +24.5% +1.5% +3.9% +20.5%
November 8, 2023 +9.7% −0.7% +22.0% +20.3%
May 4, 2023 −0.3% +1.1% +8.4% +17.7%
February 28, 2023 +26.0% −0.8% +35.2% +30.0%
November 1, 2022 +5.8% −2.9% +21.7% +22.5%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Onespan Inc.’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 3, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: rated Sell.

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: no liquid put and call pair for the same expiry.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Onespan Inc. in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Onespan Inc.
$235M $240M $245M $250M $255M FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $235.1M Revenue (TTM), FY24 Q1: $242.3M Revenue (TTM), FY24 Q2: $247.5M Revenue (TTM), FY24 Q3: $244.9M Revenue (TTM), FY24 Q4: $243.2M Revenue (TTM), FY25 Q1: $241.7M Revenue (TTM), FY25 Q2: $240.6M Revenue (TTM), FY25 Q3: $241.4M Revenue (TTM), FY25 Q4: $243.2M Revenue (TTM), FY26 Q1: $245.8M Revenue (TTM), FY26 Q2: $246.4M Revenue (TTM), FY26 Q3: $253.2M $253.2M

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $235.1M
FY24 Q1 $242.3M
FY24 Q2 $247.5M
FY24 Q3 $244.9M
FY24 Q4 $243.2M
FY25 Q1 $241.7M
FY25 Q2 $240.6M
FY25 Q3 $241.4M
FY25 Q4 $243.2M
FY26 Q1 $245.8M
FY26 Q2 $246.4M
FY26 Q3 $253.2M
Revenue growth, TTM YoY Onespan Inc.
-5% 0% 5% 10% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 7.4% Revenue growth, TTM YoY, FY24 Q1: 8.1% Revenue growth, TTM YoY, FY24 Q2: 9.0% Revenue growth, TTM YoY, FY24 Q3: 7.1% Revenue growth, TTM YoY, FY24 Q4: 3.4% Revenue growth, TTM YoY, FY25 Q1: -0.3% Revenue growth, TTM YoY, FY25 Q2: -2.8% Revenue growth, TTM YoY, FY25 Q3: -1.4% Revenue growth, TTM YoY, FY25 Q4: 0.0% Revenue growth, TTM YoY, FY26 Q1: 1.7% Revenue growth, TTM YoY, FY26 Q2: 2.4% Revenue growth, TTM YoY, FY26 Q3: 4.9% 4.9%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 7.4%
FY24 Q1 8.1%
FY24 Q2 9.0%
FY24 Q3 7.1%
FY24 Q4 3.4%
FY25 Q1 -0.3%
FY25 Q2 -2.8%
FY25 Q3 -1.4%
FY25 Q4 0.0%
FY26 Q1 1.7%
FY26 Q2 2.4%
FY26 Q3 4.9%
Operating margin (TTM) Onespan Inc.
-20% -10% 0% 10% 20% 30% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: -12.3% Operating margin (TTM), FY24 Q1: -2.7% Operating margin (TTM), FY24 Q2: 7.6% Operating margin (TTM), FY24 Q3: 14.2% Operating margin (TTM), FY24 Q4: 18.4% Operating margin (TTM), FY25 Q1: 19.8% Operating margin (TTM), FY25 Q2: 21.1% Operating margin (TTM), FY25 Q3: 19.8% Operating margin (TTM), FY25 Q4: 19.9% Operating margin (TTM), FY26 Q1: 18.8% Operating margin (TTM), FY26 Q2: 18.0% Operating margin (TTM), FY26 Q3: 17.9% 17.9%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 -12.3%
FY24 Q1 -2.7%
FY24 Q2 7.6%
FY24 Q3 14.2%
FY24 Q4 18.4%
FY25 Q1 19.8%
FY25 Q2 21.1%
FY25 Q3 19.8%
FY25 Q4 19.9%
FY26 Q1 18.8%
FY26 Q2 18.0%
FY26 Q3 17.9%
FCF margin (TTM) Onespan Inc.
-10% 0% 10% 20% 30% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: -9.9% FCF margin (TTM), FY24 Q1: -3.9% FCF margin (TTM), FY24 Q2: 5.5% FCF margin (TTM), FY24 Q3: 14.5% FCF margin (TTM), FY24 Q4: 19.1% FCF margin (TTM), FY25 Q1: 20.8% FCF margin (TTM), FY25 Q2: 22.7% FCF margin (TTM), FY25 Q3: 21.2% FCF margin (TTM), FY25 Q4: 20.7% FCF margin (TTM), FY26 Q1: 19.4% FCF margin (TTM), FY26 Q2: 16.2% FCF margin (TTM), FY26 Q3: 17.6% 17.6%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 -9.9%
FY24 Q1 -3.9%
FY24 Q2 5.5%
FY24 Q3 14.5%
FY24 Q4 19.1%
FY25 Q1 20.8%
FY25 Q2 22.7%
FY25 Q3 21.2%
FY25 Q4 20.7%
FY26 Q1 19.4%
FY26 Q2 16.2%
FY26 Q3 17.6%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q, 10-Q/A. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Onespan took in during FY2025, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $243M
  2. Other income $24.5M · 10.1%
  3. Cost of revenue $63.8M · 26.2%
  4. Gross profit $179M · 73.8%
  5. Research and development $34.2M · 14.0%
  6. Selling, general and admin $92.6M · 38.1%
  7. Other operating costs $4.1M · 1.7%
  8. Operating income $48.4M · 19.9%
  9. Net income $72.9M · 30.0%

Shares of revenue. Source: Onespan's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained. Other income is income outside operations, such as investment gains.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 102 108 168 154 155 202 241 192 193 211 253 216 214 219 235 243 243 253
Gross profit 71 76 108 100 100 126 144 131 135 147 168 148 143 149 158 175 179 188
EBITDA 16 15 29 25 19 44 57 20 17 11 26 7 −17 −20 −22 53 59 56
Operating income 13 12 25 21 14 38 50 10 6 −1 14 −5 −26 −27 −29 45 48 45
Net income 12 11 18 16 11 33 42 11 −22 3 8 −5 −31 −14 −30 57 73 70
Diluted EPS $0.31 $0.28 $0.47 $0.40 $0.28 $0.85 $1.06 $0.27 −$0.56 $0.08 $0.20 −$0.14 −$0.77 −$0.36 −$0.74 $1.46 $1.88 $1.81
Growth (year on year)
Revenue — +6.2% +55.7% −8.4% +0.7% +30.0% +19.8% −20.4% +0.5% +9.3% +19.9% −14.9% −0.6% +2.1% +7.4% +3.4% +0.0% +4.9%
EBITDA — −7.1% +92.4% −13.7% −24.0% +135.9% +28.3% −64.1% −17.6% −33.2% +129.4% −73.8% −355.0% — — — +10.1% +0.3%
Operating income — −2.0% +99.9% −15.1% −34.8% +177.8% +32.5% −81.0% −35.5% −114.9% — −137.1% — — — — +8.1% −5.0%
Net income — −8.9% +67.8% −14.0% −28.5% +200.4% +25.9% −75.1% −313.0% — — −169.4% — — — — +27.7% +19.8%
Diluted EPS — −9.7% +67.9% −14.9% −30.0% +203.6% +24.7% −74.5% −307.4% — — −170.0% — — — — +28.8% +21.6%
Margins
Gross margin 70.0% 70.4% 64.3% 64.6% 64.4% 62.3% 59.5% 67.9% 69.6% 69.3% 66.2% 68.6% 66.6% 67.8% 67.1% 71.8% 73.8% 74.3%
EBITDA margin 15.7% 13.8% 17.0% 16.0% 12.1% 22.0% 23.5% 10.6% 8.7% 5.3% 10.2% 3.1% −8.0% −9.2% −9.5% 21.9% 24.1% 22.1%
Operating margin 12.4% 11.5% 14.7% 13.7% 8.8% 18.9% 20.9% 5.0% 3.2% −0.4% 5.6% −2.4% −12.2% −12.4% −12.3% 18.4% 19.9% 17.9%
Net margin 11.7% 10.0% 10.8% 10.1% 7.2% 16.6% 17.5% 5.5% −11.6% 1.4% 3.1% −2.5% −14.3% −6.6% −12.7% 23.5% 30.0% 27.5%
Free-cash-flow margin 10.5% 18.2% 10.0% 14.1% 6.1% 18.5% 27.9% 13.7% 7.5% −1.2% 4.3% 5.5% −2.3% −4.9% −9.9% 19.1% 20.8% 17.6%
Cash flow
Cash from operations 13 21 18 23 10 39 69 28 18 1 18 15 −3 −6 −11 56 59 57
Capital spending 2 1 1 1 1 1 1 2 3 4 7 3 2 5 12 9 9 12
Free cash flow 11 20 17 22 9 37 67 26 15 −2 11 12 −5 −11 −23 46 50 45
Stock-based pay −0 1 6 4 3 2 4 3 3 4 3 5 4 9 14 9 11 12
Free cash flow after stock pay 11 19 11 18 7 35 64 24 11 −6 7 7 −9 −19 −37 37 39 32
Balance sheet
Cash 68 86 84 106 99 72 79 49 79 77 84 88 63 96 43 83 70 51
Total debt 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 5
Net debt (negative = net cash) −68 −86 −84 −106 −99 −72 −79 −49 −79 −77 −84 −88 −63 −96 −43 −83 −70 −46
Diluted shares 38m 38m 39m 39m 39m 39m 40m 40m 40m 40m 40m 40m 40m 40m 40m 39m 39m 38m
Returned to shareholders
Dividends — — — — — — — — — — — — — — 0 0 18 19
Buybacks — — — — — — — — — — — 5 7 6 29 0 13 15
Total returned — — — — — — — — — — — 5 7 6 29 0 32 34

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 2 checks passed · September 30, 2026
What it owns · $399m
Short-term assets $139mLonger-term assets $261m
What it owes, and who funded it · $399m
Short-term liabilities $103mLonger-term liabilities $15mShareholders' equity $281m
  • Short-term assets cover short-term liabilities $139m of assets due within a year against $103m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $139m short-term assets against $15m of longer-dated liabilities.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Onespan Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$15.1M
Dividends (TTM)
$19.3M
Returned to shareholders
77%
of free cash flow
Buybacks, last 3 fiscal years
$42.3M
Diluted share count
−1.4%
year over year
Total shareholder yield
3.7%
dividends 2.0% + buybacks 1.6% of market value
Dividend payout ratio
28%
of net income paid out
R&D spending
14.6%
of revenue
Days sales outstanding
60 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in application software
Last 12 months unless stated OSPN WEAV DCBO PDFS VTEX GCL Median
Revenue, last 12 months $253m $258m $243m $241m $241m $239m $482m
Revenue growth, last 12 months 4.9% 16.7% 11.9% 23.0% 6.1% 68.2% 12.0%
Revenue growth, 3-year average 3.4% 18.4% — 14.0% — — 11.1%
Revenue growth, latest quarter 12.0% 15.5% — 18.9% — — 11.9%
Gross margin 74.3% 72.4% 80.3% 71.5% 77.5% 10.3% 69.2%
Operating margin 17.9% −8.3% 9.6% 8.2% 7.5% −5.6% 1.1%
Operating margin, 3-year average 17.3% −13.8% — −1.8% — — −0.8%
Net margin 27.5% −8.0% 15.5% 4.3% 8.3% −10.5% 2.1%
Cash from operations / revenue 22.6% 6.5% 11.6% 16.0% 13.9% −4.4% 18.2%
Free-cash-flow margin 17.6% 5.5% 11.2% −0.7% 13.4% −4.9% 15.0%
Free-cash-flow margin, 3-year average 17.8% 5.5% — −0.9% — — 16.2%
Stock pay / revenue 4.9% 10.9% 2.5% 10.6% 7.2% 0.0% 9.3%
Change in share count −1.4% 6.5% −5.2% 2.7% −3.8% 15.0% 2.2%

Median of all 185 companies we cover in application software. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

185 application software companies
Measure Company Peer median Rank
Revenue growth Growth 4.9% 12.0% 130 of 184
Change in growth rate Growth +2.5pp +0.2pp 48 of 184
Gross margin Profitability 74.3% 69.8% 61 of 160
Operating margin Profitability 17.9% 1.1% 34 of 181
Net margin Profitability 27.5% 2.1% 13 of 185
Free-cash-flow margin Cash generation 17.6% 15.2% 83 of 180
Stock pay as % of revenue Cash generation 4.9% 9.3% 43 of 177
Change in share count Balance sheet -1.4% 1.7% 49 of 163
Days sales outstanding Balance sheet 60 days 57 days 91 of 162

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Segments
Line of business Revenue Share YoY
Cybersecurity $178M 73.1% ▼ 2.5%
Digital Agreements $65.5M 26.9% ▲ 7.4%
Products and services
Line of business Revenue YoY
Subscription $156M ▲ 12.0%
Product and License $130M ▼ 1.7%
Services and Other $113M ▲ 2.0%
Hardware Products $49.1M ▼ 16.6%
Maintenance Support and Other $34.8M ▼ 13.1%
Professional Services and Other $3.1M ▼ 35.7%

These categories overlap or exclude eliminations, so shares aren't shown.

Geography
Region Revenue Share YoY
EMEA $103M 42.2% ▼ 5.5%
Americas $95.7M 39.4% ▲ 10.3%
Asia Pacific $44.9M 18.5% ▼ 6.2%

From Onespan Inc.'s 10-K filed February 26, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$509M
Institutions reporting
195
Shares held vs prior quarter
▲ 7.5%
Positions opened / closed
31 / 24

Top buyers and sellers, Q2 2026: 111 institutions bought and 75 sold ; the biggest buyer was LSV Asset Management (+660K shares) and the biggest seller Millennium Management LLC (−708K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $59.6M 4.2M 11.7% ▲ 11.9%
Legal & General Group PLC $31.2M 2.2M 6.1% ▲ 10.5%
Neuberger Berman Group LLC $25.5M 1.8M 5.0% ▲ 9.2%
Dimensional Fund Advisors LP $24.8M 1.7M 4.9% ▲ 18.1%
Vanguard Capital Management LLC $21.9M 1.5M 4.3% ▼ 4.8%
LSV Asset Management $21.6M 1.5M 4.2% ▲ 78.2%
Vanguard Portfolio Management LLC $20.4M 1.4M 4.0% ▲ 3.9%
Acadian Asset Management LLC $19.5M 1.4M 3.8% ▲ 49.1%
Arrowstreet Capital, Limited Partnership $19.5M 1.4M 3.8% ▲ 7.1%
State Street Corp $19.5M 1.4M 3.8% ▲ 2.2%
AQR Capital Management LLC $17.1M 1.2M 3.4% ▲ 100.9%
Geode Capital Management, LLC $14.5M 1.0M 2.9% ▲ 0.7%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Onespan Inc.'s complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $657,042 5 trades by 2 insiders, last 12 months Insider sales History → $573,654 3 trades by 1 insider · 0% under pre-set plans
Net ▲ $83,388 net buying
Insider Date Trade Shares Price Value
Martell Jorge Garcia Chief Financial Officer June 16, 2026 Sell 20,000 $14.45 $288,982
Martell Jorge Garcia Chief Financial Officer March 16, 2026 Sell 15,000 $10.33 $154,996
Zenner Marc Director March 4, 2026 Buy 3,300 $10.54 $34,782
Martell Jorge Garcia Chief Financial Officer December 12, 2025 Sell 10,000 $12.97 $129,675
Mcconnell Michael J Director November 5, 2025 Buy 30,000 $12.10 $363,000
Mcconnell Michael J Director November 5, 2025 Buy 10,000 $11.85 $118,500
Mcconnell Michael J Director November 5, 2025 Buy 10,000 $11.65 $116,500
Zenner Marc Director November 4, 2025 Buy 2,000 $12.13 $24,260

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Next expected around November 6, 2026 estimated from the company's past filing pattern, not announced

  • August 4, 2026
  • August 5, 2025
  • May 1, 2025
  • February 27, 2025
  • October 30, 2024
  • August 1, 2024

Recent SEC filings

Data status

When each part of this page on Onespan Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Onespan Inc. in brief

What does Onespan Inc. do?
Onespan Inc. is a US-listed company in the application software industry. Its financial year ends in December.
What is Onespan Inc.'s stock ticker?
Onespan Inc. trades under the ticker OSPN on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Onespan Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Onespan Inc. reported revenue of $253M, 4.9% higher than a year earlier, according to its SEC filings.
What is Onespan Inc.'s free cash flow?
Onespan Inc.'s free-cash-flow margin is 17.6% of revenue over the trailing twelve months, ranking 83 of the 180 application software companies we cover.
What is Onespan Inc.'s fair value (intrinsic value) per share?
Our discounted-cash-flow model of Onespan Inc.'s free cash flow after stock-based pay gives ~$18 per share in the base case, and ~$14–$23 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Onespan Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Legal & General Group PLC and Neuberger Berman Group LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Onespan Inc. buying back stock, and does it pay a dividend?
Onespan Inc. spent $15.1M on share repurchases over the trailing twelve months, and its diluted share count fell 1.4% over the year.
What is Onespan Inc.'s market cap?
On November 2, 2026, Onespan Inc.'s market capitalisation was about $983M, with a price-to-earnings ratio of 14.1 and net debt of -$46.4M. Market figures come from third-party market data and may be delayed.
Does Onespan Inc. pay a dividend?
Yes: Onespan Inc. paid $19.3M in dividends over the trailing twelve months, a dividend yield of 2.05% and a payout ratio of 27.6%.
Who are Onespan Inc.'s competitors?
In our Application Software peer group, the companies closest to Onespan Inc. are Weave Communications, Inc., Docebo Inc., PDF Solutions Inc, Vtex and GCL Global Holdings Ltd. The side-by-side comparison below sets their revenue, margins and growth against Onespan Inc.'s.
Are insiders buying or selling Onespan Inc. stock?
Over the last 12 months, Onespan Inc.'s directors and officers reported 5 open-market purchases and 3 sales on Form 4. The insider trading page charts every trade.
When is Onespan Inc.'s next earnings date?
Around November 6, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Onespan Inc. announces its own schedule.