Comprehensive Stock Comparison
Compare OneSpan Inc. (OSPN) vs Zscaler, Inc. (ZS) Stock
Analyze side-by-side fundamentals, valuation, growth, and profitability to decide which stock is the better buy.
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Quick Verdict
| Category | Winner | Why |
|---|---|---|
| Growth | ZS | 23.3% revenue growth vs OSPN's 0.0% |
| Value | OSPN | Lower P/E (7.8x vs 36.8x) |
| Quality / Margins | OSPN | 30.0% net margin vs ZS's -2.3% |
| Stability / Safety | OSPN | Beta 1.06 vs ZS's 1.27, lower leverage |
| Dividends | OSPN | 4.3% yield; 2-year raise streak; ZS pays no meaningful dividend |
| Momentum (1Y) | ZS | -25.1% vs OSPN's -28.9% |
| Efficiency (ROA) | OSPN | 18.3% ROA vs ZS's -1.0%, ROIC 21.0% vs -8.4% |
Who Each Stock Is For
Income & stability
Growth exposure
Long-term compounding (10Y)
Sleep-well-at-night portfolio
Defensive / Recession hedge
Business Model
What each company does and how it makes money
OneSpan provides digital security and identity verification solutions primarily for financial institutions and regulated industries. It generates revenue through software licenses, cloud-based subscription services, and professional services — with its Trusted Identity Platform and e-signature solutions being core offerings. The company's competitive advantage lies in its deep expertise in financial sector security compliance and its integrated platform approach to authentication, fraud prevention, and digital transaction security.
Zscaler is a cloud-native security platform that provides secure internet and private application access without traditional network hardware. It generates revenue primarily through subscription fees for its Zero Trust Exchange platform — with its core Zscaler Internet Access and Zscaler Private Access solutions driving most of its business. The company's key advantage is its massive, globally distributed cloud architecture that processes over 300 billion daily transactions, creating significant scale and data advantages that competitors cannot easily replicate.
Revenue Breakdown by Segment
How each company's revenue is distributed across its business units
Financial Metrics Comparison
Side-by-side fundamentals across 2 stocks. BestLagging
Financial Scorecard
OSPN leads in 3 of 6 categories (Valuation Metrics, Profitability & Efficiency). ZS leads in 1 (Total Returns). 1 tied.
Financial Metrics (TTM)
ZS is the larger business by revenue, generating $3.0B annually — 12.3x OSPN's $243M. OSPN is the more profitable business, keeping 30.0% of every revenue dollar as net income compared to ZS's -2.3%. On growth, ZS holds the edge at +25.9% YoY revenue growth, suggesting stronger near-term business momentum.
| Metric | OSPNOneSpan Inc. | ZSZscaler, Inc. |
|---|---|---|
| RevenueTrailing 12 months | $243M | $3.0B |
| EBITDAEarnings before interest/tax | $44M | -$52M |
| Net IncomeAfter-tax profit | $73M | -$68M |
| Free Cash FlowCash after capex | $49M | $944M |
| Gross MarginGross profit ÷ Revenue | +73.8% | +76.6% |
| Operating MarginEBIT ÷ Revenue | +19.9% | -4.8% |
| Net MarginNet income ÷ Revenue | +30.0% | -2.3% |
| FCF MarginFCF ÷ Revenue | +20.3% | +31.4% |
| Rev. Growth (YoY)Latest quarter vs prior year | +2.9% | +25.9% |
| EPS Growth (YoY)Latest quarter vs prior year | +56.9% | -3.2% |
Valuation Metrics
| Metric | OSPNOneSpan Inc. | ZSZscaler, Inc. |
|---|---|---|
| Market CapShares × price | $412M | $23.6B |
| Enterprise ValueMkt cap + debt − cash | $348M | $23.0B |
| Trailing P/EPrice ÷ TTM EPS | 5.81x | -544.41x |
| Forward P/EPrice ÷ next-FY EPS est. | 7.76x | 36.83x |
| PEG RatioP/E ÷ EPS growth rate | — | — |
| EV / EBITDAEnterprise value multiple | 7.94x | — |
| Price / SalesMarket cap ÷ Revenue | 1.70x | 8.83x |
| Price / BookPrice ÷ Book value/share | 1.56x | 12.61x |
| Price / FCFMarket cap ÷ FCF | 8.17x | 32.48x |
Profitability & Efficiency
OSPN delivers a 26.8% return on equity — every $100 of shareholder capital generates $27 in annual profit, vs $-3 for ZS. OSPN carries lower financial leverage with a 0.02x debt-to-equity ratio, signaling a more conservative balance sheet compared to ZS's 1.00x. On the Piotroski fundamental quality scale (0–9), OSPN scores 6/9 vs ZS's 4/9, reflecting solid financial health.
| Metric | OSPNOneSpan Inc. | ZSZscaler, Inc. |
|---|---|---|
| ROE (TTM)Return on equity | +26.8% | -3.1% |
| ROA (TTM)Return on assets | +18.3% | -1.0% |
| ROICReturn on invested capital | +21.0% | -8.4% |
| ROCEReturn on capital employed | +18.9% | -4.6% |
| Piotroski ScoreFundamental quality 0–9 | 6 | 4 |
| Debt / EquityFinancial leverage | 0.02x | 1.00x |
| Net DebtTotal debt minus cash | -$64M | -$592M |
| Cash & Equiv.Liquid assets | $70M | $2.4B |
| Total DebtShort + long-term debt | $6M | $1.8B |
| Interest CoverageEBIT ÷ Interest expense | — | 8.97x |
Total Returns (with DRIP)
A $10,000 investment in ZS five years ago would be worth $6,994 today (with dividends reinvested), compared to $4,566 for OSPN. Over the past 12 months, ZS leads with a -25.1% total return vs OSPN's -28.9%. The 3-year compound annual growth rate (CAGR) favors ZS at 3.9% vs OSPN's -5.2% — a key indicator of consistent wealth creation.
| Metric | OSPNOneSpan Inc. | ZSZscaler, Inc. |
|---|---|---|
| YTD ReturnYear-to-date | -10.2% | -33.4% |
| 1-Year ReturnPast 12 months | -28.9% | -25.1% |
| 3-Year ReturnCumulative with dividends | -14.8% | +12.1% |
| 5-Year ReturnCumulative with dividends | -54.3% | -30.1% |
| 10-Year ReturnCumulative with dividends | -16.2% | +345.4% |
| CAGR (3Y)Annualised 3-year return | -5.2% | +3.9% |
Risk & Volatility
OSPN is the less volatile stock with a 1.06 beta — it tends to amplify market swings less than ZS's 1.27 beta. A beta below 1.0 means the stock typically moves less than the S&P 500. OSPN currently trades 60.9% from its 52-week high vs ZS's 43.6% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | OSPNOneSpan Inc. | ZSZscaler, Inc. |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 1.06x | 1.27x |
| 52-Week HighHighest price in past year | $18.13 | $336.99 |
| 52-Week LowLowest price in past year | $10.17 | $140.56 |
| % of 52W HighCurrent price vs 52-week peak | +60.9% | +43.6% |
| RSI (14)Momentum oscillator 0–100 | 48.8 | 41.7 |
| Avg Volume (50D)Average daily shares traded | 482K | 1.7M |
Analyst Outlook
Wall Street rates OSPN as "Buy" and ZS as "Buy". Consensus price targets imply 96.5% upside for ZS (target: $289) vs 17.8% for OSPN (target: $13). OSPN is the only dividend payer here at 4.35% yield — a key consideration for income-focused portfolios.
| Metric | OSPNOneSpan Inc. | ZSZscaler, Inc. |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Buy | Buy |
| Price TargetConsensus 12-month target | $13.00 | $288.85 |
| # AnalystsCovering analysts | 15 | 52 |
| Dividend YieldAnnual dividend ÷ price | +4.3% | — |
| Dividend StreakConsecutive years of raises | 2 | — |
| Dividend / ShareAnnual DPS | $0.48 | — |
| Buyback YieldShare repurchases ÷ mkt cap | +3.2% | 0.0% |
Historical Charts
Charts are rendered on first load. Hover for details.
Chart 1Total Return — 5 Years (Rebased to 100)
| Stock | Mar 20 | Feb 26 | Change |
|---|---|---|---|
| OneSpan Inc. (OSPN) | 100 | 71.21 | -28.8% |
| Zscaler, Inc. (ZS) | 100 | 380.09 | +280.1% |
Zscaler, Inc. (ZS) returned -30% over 5 years vs OneSpan Inc. (OSPN)'s -54%.
Chart 2Revenue Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| OneSpan Inc. (OSPN) | $192M | $243M | +26.5% |
| Zscaler, Inc. (ZS) | $80M | $2.7B | +3227.9% |
OneSpan Inc.'s revenue grew from $192M (2016) to $243M (2025) — a 2.6% CAGR. Zscaler, Inc.'s revenue grew from $80M (2016) to $2.7B (2025) — a 47.6% CAGR.
Chart 3Net Margin Trend — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| OneSpan Inc. (OSPN) | 5.5% | 30.0% | +448.3% |
| Zscaler, Inc. (ZS) | -34.2% | -1.6% | +95.5% |
OneSpan Inc.'s net margin went from 5% (2016) to 30% (2025). Zscaler, Inc.'s net margin went from -34% (2016) to -2% (2025).
Chart 4P/E Ratio History — 4 Years
| Stock | 2018 | 2025 | Change |
|---|---|---|---|
| OneSpan Inc. (OSPN) | 134.9 | 6.8 | -95.0% |
OneSpan Inc. has traded in a 7x–135x P/E range over 4 years; current trailing P/E is ~6x.
Chart 5EPS Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| OneSpan Inc. (OSPN) | 0.26 | 1.9 | +630.8% |
| Zscaler, Inc. (ZS) | -0.98 | -0.27 | +72.4% |
OneSpan Inc.'s EPS grew from $0.26 (2016) to $1.90 (2025) — a 25% CAGR. Zscaler, Inc.'s EPS grew from $-0.98 (2016) to $-0.27 (2025).
Chart 6Free Cash Flow — 5 Years
OneSpan Inc. generated $50M FCF in 2025 (+1120% vs 2021). Zscaler, Inc. generated $727M FCF in 2025 (+406% vs 2021).
OSPN vs ZS: Frequently Asked Questions
9 questions · data-driven answers · updated daily
01Is OSPN or ZS a better buy right now?
OneSpan Inc. (OSPN) offers the better valuation at 5.8x trailing P/E (7.8x forward), making it the more compelling value choice. Analysts rate OneSpan Inc. (OSPN) a "Buy" — based on 15 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.
02Which has the better valuation — OSPN or ZS?
On forward P/E, OneSpan Inc. is actually cheaper at 7.8x.
03Which is the better long-term investment — OSPN or ZS?
Over the past 5 years, Zscaler, Inc. (ZS) delivered a total return of -30.1%, compared to -54.3% for OneSpan Inc. (OSPN). A $10,000 investment in ZS five years ago would be worth approximately $7K today (assuming dividends reinvested). Over 10 years, the gap is even starker: ZS returned +345.4% versus OSPN's -16.2%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.
04Which is safer — OSPN or ZS?
By beta (market sensitivity over 5 years), OneSpan Inc. (OSPN) is the lower-risk stock at 1.06β versus Zscaler, Inc.'s 1.27β — meaning ZS is approximately 20% more volatile than OSPN relative to the S&P 500. On balance sheet safety, OneSpan Inc. (OSPN) carries a lower debt/equity ratio of 2% versus 100% for Zscaler, Inc. — giving it more financial flexibility in a downturn.
05Which has better profit margins — OSPN or ZS?
OneSpan Inc. (OSPN) is the more profitable company, earning 30.0% net margin versus -1.6% for Zscaler, Inc. — meaning it keeps 30.0% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: OSPN leads at 19.9% versus -4.8% for ZS. At the gross margin level — before operating expenses — ZS leads at 76.9%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.
06Is OSPN or ZS more undervalued right now?
On forward earnings alone, OneSpan Inc. (OSPN) trades at 7.8x forward P/E versus 36.8x for Zscaler, Inc. — 29.1x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for ZS: 96.5% to $288.85.
07Which pays a better dividend — OSPN or ZS?
In this comparison, OSPN (4.3% yield) pays a dividend. ZS does not pay a meaningful dividend and should not be held primarily for income.
08Is OSPN or ZS better for a retirement portfolio?
For long-horizon retirement investors, OneSpan Inc. (OSPN) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 1.06), 4.3% yield). Both have compounded well over 10 years (OSPN: -16.2%, ZS: +345.4%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.
09What are the main differences between OSPN and ZS?
Both stocks operate in the Technology sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both. In terms of investment character: OSPN is a small-cap deep-value stock; ZS is a mid-cap quality compounder stock. OSPN pays a dividend while ZS does not, making them suitable for different income and tax situations. These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.
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