OSPN Stock Analysis: OneSpan | NASDAQ
Software - Infrastructure | NASDAQ, USA | Market Cap: 562m USD | 12M Return: 4.4% | Charts, Fundamentals & Technical Analysis
Avg Turnover: 5.57M
Qual. Beats: 0
Rev. Trend: 68.6%
Qual. Beats: 2
Warnings
No concerns identified
Tailwinds
No distinct edge detected
Seasonality 10.5 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: 70.0m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.12 > 0.02 and ΔFCF/TA -2.87 > 1.0 |
| NWC/Revenue: 10.12% < 20% (prev 34.56%; Δ -24.43% < -1%) |
| CFO/TA 0.15 > 3% & CFO 57.1m > Net Income 70.0m |
| Net Debt (-41.8m) to EBITDA (59.7m): -0.70 < 3 |
| Current Ratio: 1.25 > 1.5 & < 3 |
| Outstanding Shares: last quarter (38.1m) vs 12m ago -2.45% < -2% |
| Gross Margin: 70.53% > 18% (prev 72.10%; Δ -1.58% > 0.5%) |
| Asset Turnover: 68.56% > 50% (prev 72.41%; Δ -3.85% > 0%) |
| Interest Coverage Ratio: 11.5k > 6 (EBIT TTM 45.9m / Interest Expense TTM 4.00k) |
| A: 0.06 (Total Current Assets 122.9m - Total Current Liabilities 98.0m) / Total Assets 383.1m |
| B: 0.56 (Retained Earnings 216.4m / Total Assets 383.1m) |
| C: 0.13 (EBIT TTM 45.9m / Avg Total Assets 358.5m) |
| D: 2.45 (Book Value of Equity 272.0m / Total Liabilities 111.1m) |
| Altman-Z'' = 5.70 = AAA |
| DSRI: 1.15 (Receivables 46.8m/40.2m, Revenue 245.8m/241.7m) |
| GMI: 1.02 (GM 72.10% / 70.53%) |
| AQI: 1.49 (AQ_t 0.60 / AQ_t-1 0.40) |
| SGI: 1.02 (Revenue 245.8m / 241.7m) |
| TATA: 0.03 (NI 70.0m - CFO 57.1m) / TA 383.1m) |
| Beneish M = -2.58 (Cap -4..+1) = A |
As of July 28, 2026, the stock is trading at USD 15.15 with a total of 523,111 shares traded. Over the past week, the price has changed by -2.32%, over one month by +5.87%, over three months by +33.87% and over the past year by +4.37%.
Current recommended Stop Loss: 14.00 (which is 7.6% or 2.3 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 | 16.3 | 7.3% |
P/E Trailing = 8.3702
P/E Forward = 11.8343
P/S = 2.2854
P/B = 2.0655
P/EG = 1.0763
Revenue TTM = 245.8m USD
EBIT TTM = 45.9m USD
EBITDA TTM = 59.7m USD
Long Term Debt = 5.80m USD (estimated: total debt 7.96m - short term 2.16m)
Short Term Debt = 2.16m USD (from shortTermDebt, last quarter)
Debt = 7.96m USD (from shortLongTermDebtTotal, last quarter) (leases 7.96m already included)
Net Debt = -41.8m USD (calculated: Debt 7.96m - CCE 49.8m)
Enterprise Value = 519.9m USD (561.7m + Debt 7.96m - CCE 49.8m)
Interest Coverage Ratio = 11.5k (Ebit TTM 45.9m / Interest Expense TTM 4.00k)
EV/FCF = 11.15x (Enterprise Value 519.9m / FCF TTM 46.6m)
FCF Yield = 8.97% (FCF TTM 46.6m / Enterprise Value 519.9m)
FCF Margin = 18.98% (FCF TTM 46.6m / Revenue TTM 245.8m)
Net Margin = 28.47% (Net Income TTM 70.0m / Revenue TTM 245.8m)
Gross Margin = 70.53% ((Revenue TTM 245.8m - Cost of Revenue TTM 72.4m) / Revenue TTM)
Gross Margin QoQ = 73.57% (prev 61.74%)
Tobins Q-Ratio = 1.36 (Enterprise Value 519.9m / Total Assets 383.1m)
Interest Expense / Debt = 0.05% (Interest Expense 4.00k / Debt 7.96m)
Taxrate = 19.75% (2.85m / 14.4m)
NOPAT = 36.8m (EBIT 45.9m * (1 - 19.75%))
Current Ratio = 1.25 (Total Current Assets 122.9m / Total Current Liabilities 98.0m)
Debt / Equity = 0.03 (Debt 7.96m / totalStockholderEquity, last quarter 272.0m)
Debt / EBITDA = -0.70 (Net Debt -41.8m / EBITDA 59.7m)
Debt / FCF = -0.90 (Net Debt -41.8m / FCF TTM 46.6m)
Total Stockholder Equity = 256.2m (last 4 quarters mean from totalStockholderEquity)
RoA = 19.52% (Net Income 70.0m / Total Assets 383.1m)
RoE = 27.31% (Net Income TTM 70.0m / Total Stockholder Equity 256.2m)
RoCE = 17.53% (EBIT 45.9m / Capital Employed (Equity 256.2m + L.T.Debt 5.80m))
RoIC = 13.40% (NOPAT 36.8m / Invested Capital 275.0m)
WACC = 9.66% (E(561.7m)/V(569.6m) * Re(9.80%) + D(7.96m)/V(569.6m) * Rd(0.05%) * (1-Tc(0.20)))
Discount Rate = 9.80% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: -61.93 | Cagr: -2.28%
[DCF] Terminal Value 69.82% ; FCFF base≈48.1m ; Y1≈45.4m ; Y5≈42.5m
[DCF] Fair Price = 15.95 (EV 549.3m - Net Debt -41.8m = Equity 591.1m / Shares 37.1m; r=9.66% [WACC]; 5y FCF grow -7.11% → 2.50% )
EPS Correlation: N/A | EPS CAGR: N/A | SUE: 0.46 | # QB: 0
Revenue Correlation: 68.64 | Revenue CAGR: 2.10% | SUE: 1.15 | # QB: 2
EPS current Quarter (2026-06-30): EPS=0.23 | Chg30d=+0.00% | Revisions=-29% | Analysts=5
EPS next Quarter (2026-09-30): EPS=0.29 | Chg30d=+0.00% | Revisions=+50% | Analysts=5
EPS current Year (2026-12-31): EPS=1.22 | Chg30d=+0.00% | Revisions=-29% | GrowthEPS=-18.4% | GrowthRev=+1.3%
EPS next Year (2027-12-31): EPS=1.31 | Chg30d=+0.00% | Revisions=-17% | GrowthEPS=+7.9% | GrowthRev=+3.0%
[Analyst] Revisions Ratio: -12% (up=6, down=8)