OSPN Stock Analysis: OneSpan | NASDAQ
Software - Infrastructure | NASDAQ, USA | Market Cap: 645m USD | 12M Return: 16% | US68287N1000 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 8.07M
Qual. Beats: 0
Rev. Trend: 60.7%
Qual. Beats: 3
Warnings
No concerns identified
Tailwinds
Seasonality 11.7 years of data
How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, >40 gets interesting and >55 is strong.
OneSpan Inc. (NASDAQ: OSPN) is a software provider focused on digital security, identity verification, authentication, and electronic signature solutions, operating across the Americas, Europe, the Middle East, Africa, and Asia Pacific. The company reports through two segments: Cybersecurity and Digital Agreements, offering products such as Cloud Authentication, Mobile Security Suite, Mobile Application Shielding, Digipass authenticators, and the OneSpan Sign e-signature platform. It distributes these solutions through a direct sales force as well as indirect channels including distributors, resellers, systems integrators, and original equipment manufacturers (OEMs).
The company was founded in 1991 and is headquartered in Boston, Massachusetts. It was previously known as VASCO Data Security International, Inc., reflecting its historical roots in hardware-based authentication tokens before transitioning toward cloud and software-based offerings.
OneSpan operates within the cybersecurity and digital identity sector, serving primarily regulated industries such as banking and financial services, where multi-factor authentication and fraud prevention are core requirements. Its business model combines software licensing, cloud-based subscriptions, and integration services, allowing clients to embed authentication and e-signature capabilities directly into their own applications and workflows.
- Banking sector digital security spending drives authentication revenue
- Subscription-based SaaS transition expands recurring revenue mix
- Competition intensifies from Okta and Microsoft in authentication market
| Net Income: 68.4m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.10 > 0.02 and ΔFCF/TA -5.20 > 1.0 |
| NWC/Revenue: 12.73% < 20% (prev 30.72%; Δ -17.98% < -1%) |
| CFO/TA 0.13 > 3% & CFO 50.8m > Net Income 68.4m |
| Net Debt (-23.5m) to EBITDA (58.3m): -0.40 < 3 |
| Current Ratio: 1.33 > 1.5 & < 3 |
| Outstanding Shares: last quarter (38.1m) vs 12m ago -2.23% < -2% |
| Gross Margin: 70.56% > 18% (prev 73.93%; Δ -3.38% > 0.5%) |
| Asset Turnover: 66.22% > 50% (prev 67.38%; Δ -1.16% > 0%) |
| Interest Coverage Ratio: error (cannot be calculated; needs correct EBIT TTM and Interest Expense TTM) |
| A: 0.08 (Total Current Assets 127.6m - Total Current Liabilities 96.2m) / Total Assets 387.0m |
| B: 0.56 (Retained Earnings 218.1m / Total Assets 387.0m) |
| C: 0.12 (EBIT TTM 46.2m / Avg Total Assets 372.1m) |
| D: 2.41 (Book Value of Equity 273.5m / Total Liabilities 113.5m) |
| Altman-Z'' = 5.73 = AAA |
| DSRI: 1.11 (Receivables 56.1m/49.4m, Revenue 246.4m/240.6m) |
| GMI: 1.05 (GM 73.93% / 70.56%) |
| AQI: 1.34 (AQ_t 0.59 / AQ_t-1 0.44) |
| SGI: 1.02 (Revenue 246.4m / 240.6m) |
| TATA: 0.05 (NI 68.4m - CFO 50.8m) / TA 387.0m) |
| Beneish M = -2.67 (Cap -4..+1) = A |
As of September 27, 2026, the stock is trading at USD 17.81 with a total of 515,156 shares traded. Over the past week, the price has changed by +1.71%, over one month by +15.72%, over three months by +32.65% and over the past year by +15.97%.
Current recommended Stop Loss: 16.40 (which is 7.9% or 2.4 ATR below the current price).
OneSpan has received a consensus analysts rating of 4.00. Therefore, it is recommended to buy OSPN.
- StrongBuy: 2
- Buy: 0
- Hold: 2
- Sell: 0
- StrongSell: 0
| Analysts Target Price | 18 | 1.1% |
P/E Trailing = 9.8927
P/E Forward = 13.9082
P/S = 2.619
P/B = 2.4188
P/EG = 1.265
Revenue TTM = 246.4m USD
EBIT TTM = 46.2m USD
EBITDA TTM = 58.3m USD
Long Term Debt = 5.00m USD (from longTermDebt, last quarter)
Short Term Debt = 2.03m USD (from shortTermDebt, last quarter)
Debt = 19.8m USD (from shortLongTermDebtTotal, last quarter) + Leases 7.42m
Net Debt = -23.5m USD (calculated: Debt 19.8m - CCE 43.3m)
Enterprise Value = 621.8m USD (645.3m + Debt 19.8m - CCE 43.3m)
Interest Coverage Ratio = unknown (Ebit TTM 46.2m / Interest Expense TTM 0.0)
EV/FCF = 15.95x (Enterprise Value 621.8m / FCF TTM 39.0m)
FCF Yield = 6.27% (FCF TTM 39.0m / Enterprise Value 621.8m)
FCF Margin = 15.83% (FCF TTM 39.0m / Revenue TTM 246.4m)
Net Margin = 27.76% (Net Income TTM 68.4m / Revenue TTM 246.4m)
Gross Margin = 70.56% ((Revenue TTM 246.4m - Cost of Revenue TTM 72.5m) / Revenue TTM)
Gross Margin QoQ = 73.57% (prev 73.57%)
Tobins Q-Ratio = 1.61 (Enterprise Value 621.8m / Total Assets 387.0m)
Interest Expense / Debt = 0.0% (Interest Expense 0.0 / Debt 19.8m)
Taxrate = 21.46% (1.85m / 8.63m)
NOPAT = 36.3m (EBIT 46.2m * (1 - 21.46%))
Current Ratio = 1.33 (Total Current Assets 127.6m / Total Current Liabilities 96.2m)
Debt / Equity = 0.07 (Debt 19.8m / totalStockholderEquity, last quarter 273.5m)
Debt / EBITDA = -0.40 (Net Debt -23.5m / EBITDA 58.3m)
Debt / FCF = -0.60 (Net Debt -23.5m / FCF TTM 39.0m)
Total Stockholder Equity = 263.9m (last 4 quarters mean from totalStockholderEquity)
RoA = 18.38% (Net Income 68.4m / Total Assets 387.0m)
RoE = 25.92% (Net Income TTM 68.4m / Total Stockholder Equity 263.9m)
RoCE = 17.19% (EBIT 46.2m / Capital Employed (Equity 263.9m + L.T.Debt 5.00m))
RoIC = 12.94% (NOPAT 36.3m / Invested Capital 280.5m)
WACC = 9.62% (E(645.3m)/V(665.1m) * Re(9.92%) + D(19.8m)/V(665.1m) * Rd(0.0%) * (1-Tc(0.21)))
Discount Rate = 9.92% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: -57.09 | Cagr: -0.37%
[DCF] Terminal Value 68.48% ; FCFF base≈45.2m ; Y1≈39.6m ; Y5≈32.0m
[DCF] Fair Price = 12.17 (EV 425.1m - Net Debt -23.5m = Equity 448.6m / Shares 36.9m; r=9.62% [WACC]; 5y FCF grow -15.0% → 2.50% )
EPS Correlation: N/A | EPS CAGR: N/A | SUE: 0.80 | # QB: 0
Revenue Correlation: 60.69 | Revenue CAGR: 1.48% | SUE: 1.09 | # QB: 3
EPS current Quarter (2026-09-30): EPS=0.24 | Chg30d=-18.62% | Revisions=-50% | Analysts=5
EPS current Year (2026-12-31): EPS=1.24 | Chg30d=+2.30% | Revisions=+57% | GrowthEPS=-16.5% | GrowthRev=+2.9%
EPS next Year (2027-12-31): EPS=1.30 | Chg30d=-0.61% | Revisions=+50% | GrowthEPS=+4.8% | GrowthRev=+2.4%
[Analyst] Revisions Ratio: +31% (up=7, down=3)