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OneSpan Inc. (OSPN) 10-Year Financial Performance & Capital Metrics

OSPN • • Industrial / General
TechnologyInfrastructure SoftwareCybersecurity & Identity ManagementIdentity & Access Management
AboutOneSpan Inc., together with its subsidiaries, designs, develops, and markets digital solutions for identity, security, and business productivity worldwide. The company offers OneSpan Sign, a range of e-signature requirements for occasional agreement to processing tens of thousands of transactions; OneSpan Cloud Authentication, a cloud-based multifactor authentication solution that supports a range of authentication options, including biometrics, push notification, and visual cryptograms for transaction data signing, SMS, and hardware authenticators; and OneSpan Identity Verification, which enables banks and financial institutions identity verification services. It also provides Mobile Security Suite, a software development kit; Mobile Authenticator Studio, a mobile authenticator that operates as a discrete mobile application; and authentication servers, which enables customers to administer a high level of access control. In addition, it offers Trusted Identity Platform, a cloud platform that simplify and secure user journeys; Intelligent Adaptive Authentication; and Risk Analytics, a comprehensive anti-fraud solution. It sells its solutions through its direct sales force, as well as through 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 May 2018. OneSpan Inc. was founded in 1991 and is headquartered in Chicago, Illinois. OneSpan Inc. was a former subsidiary of Guidewire Software, Inc.Show more
  • Revenue $243M +3.4%
  • EBITDA $53M +337.4%
  • Net Income $57M +291.6%
  • EPS (Diluted) 1.46 +297.3%
  • Gross Margin 71.79% +7.0%
  • EBITDA Margin 21.86% +329.6%
  • Operating Margin 18.42% +250.0%
  • Net Margin 23.47% +285.2%
  • ROE 30.72% +286.8%
  • ROIC 25.64% +242.7%
  • Debt/Equity 0.04 +1.9%
  • Interest Coverage -
Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

  • ✓Company is almost debt free
  • ✓Strong 5Y profit CAGR of 48.7%
  • ✓FCF machine: 19.1% free cash flow margin
  • ✓Share count reduced 2.8% through buybacks

✗Weaknesses

  • ✗Weak 3Y average ROE of 2.5%
  • ✗Trading more than 30% below 52-week high

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

Price & Volume

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Growth Metrics

Revenue CAGR

10Y1.9%
5Y-0.83%
3Y4.27%
TTM-1.43%

Profit (Net Income) CAGR

10Y5.48%
5Y48.65%
3Y-
TTM102.36%

EPS CAGR

10Y5.56%
5Y48.82%
3Y-
TTM98.38%

ROCE

10Y Avg1.79%
5Y Avg-2.95%
3Y Avg-1.2%
Latest22.25%

Peer Comparison

Identity & Access Management
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Per Share
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Sector-Specific
NameMarket CapCurrent PriceP/E RatioRevenue Growth 1YNet MarginROEFCF YieldDebt/Equity
OKTAOkta, Inc.15.58B91.941532.3315.33%6.87%2.83%4.69%0.15
OSPNOneSpan Inc.474.2M12.478.543.43%24.08%24.4%9.79%0.04
AUIDauthID Inc.25.77M1.71-1.22365.86%-10.08%-207.46%0.02
ARQQArqit Quantum Inc.422.13M26.97-2.50-54.22%-111.19%-7.53%0.08
SAILSailPoint, Inc.10.61B18.90-9.5523.16%-29.2%-4.35%
VRNSVaronis Systems, Inc.4B33.96-39.4910.38%-18.82%-18.94%2.71%1.66
CYBRCyberArk Software Ltd.22.9B453.65-213.9933.1%-13.78%-7.13%0.96%0.01

Profit & Loss

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Sales/Revenue+241.44M192.3M193.29M212.28M253.48M215.69M214.48M219.01M235.11M243.18M
Revenue Growth %0.2%-0.2%0.01%0.1%0.19%-0.15%-0.01%0.02%0.07%0.03%
Cost of Goods Sold+95.35M61.65M58.78M64.81M85.65M63.44M71.55M70.44M77.39M68.6M
COGS % of Revenue0.39%0.32%0.3%0.31%0.34%0.29%0.33%0.32%0.33%0.28%
Gross Profit+146.09M130.66M134.51M147.47M167.84M152.25M142.94M148.57M157.72M174.58M
Gross Margin %0.61%0.68%0.7%0.69%0.66%0.71%0.67%0.68%0.67%0.72%
Gross Profit Growth %0.14%-0.11%0.03%0.1%0.14%-0.09%-0.06%0.04%0.06%0.11%
Operating Expenses+95.64M121.06M128.32M147.44M153.65M157.51M169.06M175.69M186.59M129.77M
OpEx % of Revenue0.4%0.63%0.66%0.69%0.61%0.73%0.79%0.8%0.79%0.53%
Selling, General & Admin72.16M89M96.39M105.39M101.72M107.19M115.76M116.5M128.5M90.55M
SG&A % of Revenue0.3%0.46%0.5%0.5%0.4%0.5%0.54%0.53%0.55%0.37%
Research & Development18.54M23.21M23.12M32.2M42.46M41.19M47.41M41.73M38.42M32.42M
R&D % of Revenue0.08%0.12%0.12%0.15%0.17%0.19%0.22%0.19%0.16%0.13%
Other Operating Expenses81K1.04M758K2.26M9.47M9.12M5.89M17.45M19.66M6.79M
Operating Income+50.45M9.6M6.19M24K14.19M-5.26M-26.13M-27.11M-28.87M44.8M
Operating Margin %0.21%0.05%0.03%0%0.06%-0.02%-0.12%-0.12%-0.12%0.18%
Operating Income Growth %0.32%-0.81%-0.35%-1%590.21%-1.37%-3.97%-0.04%-0.06%2.55%
EBITDA+55.4M20.38M16.79M12.16M25.73M7.65M-17.2M-20.05M-22.39M53.17M
EBITDA Margin %0.23%0.11%0.09%0.06%0.1%0.04%-0.08%-0.09%-0.1%0.22%
EBITDA Growth %0.3%-0.63%-0.18%-0.28%1.12%-0.7%-3.25%-0.17%-0.12%3.37%
D&A (Non-Cash Add-back)4.94M10.78M10.6M12.14M11.54M12.91M8.93M7.07M6.48M8.36M
EBIT50.45M9.6M6.19M-920K14.19M-5.26M-26.13M-13.8M-11.56M49.25M
Net Interest Income+364K785K1.43M1.26M747K404K-1K595K2.09M1.81M
Interest Income364K785K1.43M1.26M747K404K0595K2.09M1.81M
Interest Expense0000001K000
Other Income/Expense445K1.78M2.19M4.47M220K1.84M-15K15.42M1.56M1.68M
Pretax Income+50.9M11.43M8.38M3.55M14.41M-3.42M-26.14M-11.69M-27.31M46.49M
Pretax Margin %0.21%0.06%0.04%0.02%0.06%-0.02%-0.12%-0.05%-0.12%0.19%
Income Tax+8.7M863K30.78M-293K6.54M2.04M4.44M2.74M2.49M-10.6M
Effective Tax Rate %0.83%0.92%-2.67%1.08%0.55%1.6%1.17%1.23%1.09%1.23%
Net Income+42.15M10.52M-22.4M3.85M7.86M-5.46M-30.58M-14.43M-29.8M57.08M
Net Margin %0.17%0.05%-0.12%0.02%0.03%-0.03%-0.14%-0.07%-0.13%0.23%
Net Income Growth %0.26%-0.75%-3.13%1.17%1.04%-1.69%-4.61%0.53%-1.06%2.92%
Net Income (Continuing)42.15M10.51M-22.4M3.85M7.86M-5.46M-30.58M-14.43M-29.8M57.08M
Discontinued Operations0000000000
Minority Interest0000000000
EPS (Diluted)+1.060.26-0.560.100.20-0.14-0.77-0.36-0.741.46
EPS Growth %0.25%-0.75%-3.15%1.17%1.08%-1.7%-4.5%0.53%-1.06%2.97%
EPS (Basic)1.070.26-0.560.100.20-0.14-0.77-0.36-0.741.49
Diluted Shares Outstanding39.74M39.79M39.8M40.05M40.14M40.03M39.61M40.14M40.19M39.09M
Basic Shares Outstanding39.57M39.72M39.8M39.93M40.05M40.03M39.61M40.14M40.19M38.39M
Dividend Payout Ratio---------0.08%

Balance Sheet

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Total Current Assets+183.37M207.47M227.94M194.35M209.8M207.18M187.09M197.54M146.34M175.06M
Cash & Short-Term Investments123.48M144.2M158.39M99.15M109.79M115.25M98.49M98.83M42.49M83.16M
Cash Only78.52M44.35M78.66M76.36M84.28M88.39M63.38M96.5M42.49M83.16M
Short-Term Investments44.96M99.85M79.73M22.79M25.51M26.86M35.11M2.33M00
Accounts Receivable29.94M36.88M48.13M67.59M67.64M64.74M61.31M69.65M69.53M64.92M
Days Sales Outstanding45.267090.88116.2297.4109.55104.33116.08107.9497.44
Inventory20.62M17.42M12.04M14.43M19.82M13.09M10.35M12.05M15.55M10.79M
Days Inventory Outstanding78.92103.1474.7781.2584.4675.3352.7862.4673.3557.42
Other Current Assets6.28M5.41M5.5M5.71M6.35M6.26M9.36M10.78M12.2M9.65M
Total Non-Current Assets+128.46M119.17M109.69M160.87M172.74M168.03M155.18M137.54M142.85M163.67M
Property, Plant & Equipment3.1M3.28M4.78M6.25M22.03M23.19M19.95M20.7M24.89M28.69M
Fixed Asset Turnover77.91x58.61x40.47x33.96x11.50x9.30x10.75x10.58x9.44x8.48x
Goodwill80.85M54.41M56.33M91.84M94.61M97.55M96.17M90.51M93.68M92.36M
Intangible Assets37.97M46.55M37.89M45.46M36.21M27.2M21.27M12.48M10.83M7.48M
Long-Term Investments-6.22M4.07M-5.46M3.32M4.2M1.88M195K800K00
Other Non-Current Assets6.54M-257K10.69M8.4M7.82M11.18M13.8M11.14M11.72M14.62M
Total Assets+311.82M326.65M337.62M355.22M382.54M375.2M342.27M335.08M289.19M338.73M
Asset Turnover0.77x0.59x0.57x0.60x0.66x0.57x0.63x0.65x0.81x0.72x
Asset Growth %0.24%0.05%0.03%0.05%0.08%-0.02%-0.09%-0.02%-0.14%0.17%
Total Current Liabilities+55.69M67.96M66.15M73.48M73.81M75.3M89.08M110.81M114.83M110.28M
Accounts Payable8.8M8.91M8.14M7.2M10.84M5.68M8.2M17.36M17.45M13.31M
Days Payables Outstanding33.752.7850.5740.5646.1832.741.8589.9482.3170.82
Short-Term Debt00002.64M002.26M02.35M
Deferred Revenue (Current)1000K1000K1000K1000K1000K1000K1000K1000K1000K1000K
Other Current Liabilities6.07M5.46M7.75M9.32M6.15M2.85M7.67M5.41M10.68M-2.15M
Current Ratio3.29x3.05x3.45x2.64x2.84x2.75x2.10x1.78x1.27x1.59x
Quick Ratio2.92x2.80x3.26x2.45x2.57x2.58x1.98x1.67x1.14x1.49x
Cash Conversion Cycle90.48120.36115.07156.92135.69152.18115.2588.698.9884.04
Total Non-Current Liabilities+8.09M898K33.54M28.03M46.44M42.56M33.41M20.96M15.22M15.93M
Long-Term Debt0000000000
Capital Lease Obligations000011.3M12.4M10.18M8.44M6.82M6.93M
Deferred Tax Liabilities8.01M853K7.75M2.66M4.62M1.91M1.29M1.2M1.07M3.68M
Other Non-Current Liabilities76K6.15M25.79M14.7M15.26M16.52M12.82M5.05M3.18M1.93M
Total Liabilities63.77M68.86M99.69M101.51M120.25M117.86M122.49M131.77M130.05M126.2M
Total Debt+000013.94M12.4M10.18M10.7M6.82M9.28M
Net Debt-78.52M-44.35M-78.66M-76.36M-70.35M-76M-53.2M-85.8M-35.67M-73.88M
Debt / Equity----0.05x0.05x0.05x0.05x0.04x0.04x
Debt / EBITDA----0.54x1.62x---0.17x
Net Debt / EBITDA-1.42x-2.18x-4.68x-6.28x-2.73x-9.94x----1.39x
Interest Coverage-------26128.00x---
Total Equity+248.05M257.79M237.93M253.71M262.29M257.34M219.78M203.31M159.14M212.53M
Equity Growth %0.2%0.04%-0.08%0.07%0.03%-0.02%-0.15%-0.07%-0.22%0.34%
Book Value per Share6.246.485.986.346.546.435.555.063.965.44
Total Shareholders' Equity248.05M257.79M237.93M253.71M262.29M257.34M219.78M203.31M159.14M212.53M
Common Stock40K40K40K40K40K40K40K40K38K38K
Retained Earnings168.04M178.55M156.15M172.38M179.44M173.73M143.17M128.74M98.94M151.26M
Treasury Stock00000-5.03M-12.5M-18.22M-47.38M-47.38M
Accumulated OCI-5.79M-8.28M-8.57M-12.99M-13.29M-10.22M-11.18M-14.55M-11.08M-13.92M
Minority Interest0000000000

Cash Flow

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Cash from Operations+68.79M28.41M17.63M-641K18.24M14.92M-2.75M-5.76M-10.73M55.67M
Operating CF Margin %0.28%0.15%0.09%-0%0.07%0.07%-0.01%-0.03%-0.05%0.23%
Operating CF Growth %0.65%-0.59%-0.38%-1.04%29.46%-0.18%-1.18%-1.1%-0.86%6.19%
Net Income42.19M10.56M-22.4M3.85M7.86M-5.46M-30.58M-14.43M-29.8M57.08M
Depreciation & Amortization6.3M10.78M10.6M12.14M11.54M12M8.93M7.07M6.48M8.36M
Stock-Based Compensation3.83M2.77M3.47M3.97M3.37M4.74M4.35M8.64M14.25M8.96M
Deferred Taxes-691K-4.94M13.05M-7.31M-1.62M-1.49M2.82M1.64M118K-16.16M
Other Non-Cash Items-158K-24K185K-49K69K118K13K-10.8M3.26M1.95M
Working Capital Changes17.31M9.27M12.72M-13.23M-2.98M5M11.72M2.13M-5.05M-4.53M
Change in Receivables2.86M-8.11M-8.43M-14.7M-3.05M6.79M2.05M-9.65M997K1.19M
Change in Inventory13.26M3.2M5.38M-2.39M-5.39M6.72M2.21M-2.17M-3.27M4.08M
Change in Payables-6.64M163K-1.01M-1.48M3.63M-5.24M2.72M9.26M-253K-3.85M
Cash from Investing+-55.96M-56.5M12.8M430K-9.89M-4.66M-10.98M46.59M-12.01M-9.3M
Capital Expenditures-1.45M-2.19M-3.19M-3.69M-7.45M-3.1M-2.2M-5M-12.48M-9.24M
CapEx % of Revenue0.01%0.01%0.02%0.02%0.03%0.01%0.01%0.02%0.05%0.04%
Acquisitions----------
Investments----------
Other Investing3K-4.25M-242K-236K0-133K-35K-29K-59K-60K
Cash from Financing+-6.44M-1.05M-640K-694K-569K-7.06M-10.39M-7.31M-32.09M-5.24M
Debt Issued (Net)----------
Equity Issued (Net)----------
Dividends Paid000000000-4.76M
Share Repurchases----------
Other Financing-519K-1.05M-640K-970K-569K-2.03M-2.92M-1.59M-2.94M-476K
Net Change in Cash----------
Free Cash Flow+67.34M26.23M14.43M-4.33M10.79M11.82M-4.95M-10.78M-23.28M46.42M
FCF Margin %0.28%0.14%0.07%-0.02%0.04%0.05%-0.02%-0.05%-0.1%0.19%
FCF Growth %0.68%-0.61%-0.45%-1.3%3.49%0.1%-1.42%-1.18%-1.16%2.99%
FCF per Share1.690.660.36-0.110.270.30-0.12-0.27-0.581.19
FCF Conversion (FCF/Net Income)1.63x2.70x-0.79x-0.17x2.32x-2.74x0.09x0.40x0.36x0.98x
Interest Paid0000000000
Taxes Paid6.78M5.98M6.43M10.88M7.84M9.44M7.7M2.02M4.99M2.3M

Key Ratios

Metric2015201620172018201920202021202220232024
Return on Equity (ROE)18.57%4.16%-9.04%1.56%3.05%-2.1%-12.82%-6.82%-16.44%30.72%
Return on Invested Capital (ROIC)31.8%3.76%2.49%0.01%5.76%-2.11%-11.26%-14.32%-17.97%25.64%
Gross Margin60.51%67.94%69.59%69.47%66.21%70.59%66.64%67.84%67.08%71.79%
Net Margin17.46%5.47%-11.59%1.81%3.1%-2.53%-14.26%-6.59%-12.67%23.47%
Debt / Equity----0.05x0.05x0.05x0.05x0.04x0.04x
Interest Coverage-------26128.00x---
FCF Conversion1.63x2.70x-0.79x-0.17x2.32x-2.74x0.09x0.40x0.36x0.98x
Revenue Growth19.8%-20.35%0.51%9.82%19.41%-14.91%-0.56%2.11%7.35%3.43%

Revenue by Segment

2015201620172018201920202021202220232024
Subscription---15.43M-27.79M38.21M-106.44M139.4M
Subscription Growth------37.52%--30.97%
Hardware Products---------58.85M
Hardware Products Growth----------
Maintenance, support and other------51.28M-46.38M40.08M
Maintenance, support and other Growth----------13.59%
Professional Services and Other---------4.85M
Professional Services and Other Growth----------
Hardware products------79.5M-75.97M-
Hardware products Growth----------
Professional services------4.63M-6.32M-
Professional services Growth----------
Product and license-------121.43M--
Product and license Growth----------
Services and other-------97.58M--
Services and other Growth----------
Software licenses------40.86M---
Software licenses Growth----------
Product And License----184.17M132.99M----
Product And License Growth------27.79%----
Service And Other----70.4M82.7M----
Service And Other Growth-----17.48%----
Products---105.56M-81.85M----
Products Growth----------
Licenses---47.42M-51.14M----
Licenses Growth----------
Maintenance Support---38.13M-49.23M----
Maintenance Support Growth----------
Services---5.74M-5.69M----
Services Growth----------
United States And Canada--52.98M-------
United States And Canada Growth----------

Revenue by Geography

2015201620172018201920202021202220232024
EMEA164.18M100.86M-----100.3M111.57M108.56M
EMEA Growth--38.57%------11.24%-2.70%
Americas---54.98M61.58M53.17M68.65M77.74M80.06M86.8M
Americas Growth----12.00%-13.65%29.10%13.25%2.98%8.43%
Asia Pacific47.16M52.87M-54.01M45.97M45.43M40.96M40.97M43.48M47.82M
Asia Pacific Growth-12.12%---14.89%-1.16%-9.85%0.03%6.13%9.98%
Europe, Middle East, Africa (EMEA)------104.88M---
Europe, Middle East, Africa (EMEA) Growth----------
E M E A---103.29M147.03M117.09M----
E M E A Growth----42.34%-20.36%----
Europe Middle East Africa--92.86M-------
Europe Middle East Africa Growth----------
United States And Canada--52.98M-------
United States And Canada Growth----------
Asia Pacific--47.45M-------
Asia Pacific Growth----------
UNITED STATES11.72M23.6M--------
UNITED STATES Growth-101.34%--------
Other Foreign Countries18.38M14.97M--------
Other Foreign Countries Growth--18.56%--------

Frequently Asked Questions

Valuation & Price

OneSpan Inc. (OSPN) has a price-to-earnings (P/E) ratio of 8.5x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

OneSpan Inc. (OSPN) reported $241.4M in revenue for fiscal year 2024. This represents a 44% increase from $168.1M in 2011.

OneSpan Inc. (OSPN) grew revenue by 3.4% over the past year. Growth has been modest.

Yes, OneSpan Inc. (OSPN) is profitable, generating $58.1M in net income for fiscal year 2024 (23.5% net margin).

Dividend & Returns

Yes, OneSpan Inc. (OSPN) pays a dividend with a yield of 0.98%. This makes it attractive for income-focused investors.

OneSpan Inc. (OSPN) has a return on equity (ROE) of 30.7%. This is excellent, indicating efficient use of shareholder capital.

OneSpan Inc. (OSPN) generated $50.1M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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