Latest Ratios: P/E Ratio 9.5x · EV/EBITDA 9.3x · ROE 30.1%. (1997–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $672M | $494M | $725M | $431M | $449M | $671M | $828M | $687M | $519M | $553M | $543M |
| Enterprise Value | $607M | $430M | $651M | $395M | $363M | $617M | $752M | $617M | $442M | $475M | $499M |
| P/E Ratio → | 9.54 | 6.76 | 12.70 | — | — | — | — | 85.60 | 134.90 | — | 52.50 |
| P/S Ratio | 2.76 | 2.03 | 2.98 | 1.83 | 2.05 | 3.13 | 3.84 | 2.71 | 2.44 | 2.86 | 2.82 |
| P/B Ratio | 2.56 | 1.82 | 3.41 | 2.71 | 2.21 | 3.05 | 3.22 | 2.62 | 2.04 | 2.33 | 2.11 |
| P/FCF | 13.30 | 9.78 | 15.61 | — | — | — | 70.04 | 63.68 | — | 38.33 | 20.71 |
| P/OCF | 11.30 | 8.31 | 13.02 | — | — | — | 55.48 | 37.66 | — | 31.39 | 19.11 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.77 | 2.68 | 1.68 | 1.66 | 2.88 | 3.49 | 2.43 | 2.08 | 2.46 | 2.59 |
| EV / EBITDA | 9.33 | 6.60 | 12.24 | — | — | — | 98.30 | 23.97 | 36.36 | 28.26 | 24.48 |
| EV / EBIT | 12.13 | 8.70 | 13.21 | — | — | — | — | 43.47 | — | 76.65 | 51.96 |
| EV / FCF | — | 8.51 | 14.02 | — | — | — | 63.61 | 57.16 | — | 32.88 | 19.02 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 70.7% | 70.7% | 71.8% | 67.1% | 67.8% | 66.6% | 70.6% | 66.2% | 69.5% | 69.6% | 67.9% |
| Operating Margin | 20.6% | 20.6% | 18.4% | -12.3% | -12.4% | -12.2% | -2.4% | 5.6% | 0.0% | 3.2% | 5.0% |
| Net Profit Margin | 30.0% | 30.0% | 23.5% | -12.7% | -6.6% | -14.3% | -2.5% | 3.1% | 1.8% | -11.6% | 5.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 30.1% | 30.1% | 30.7% | -16.4% | -6.8% | -12.8% | -2.1% | 3.0% | 1.6% | -9.0% | 4.2% |
| ROA | 19.8% | 19.8% | 18.2% | -9.5% | -4.3% | -8.5% | -1.4% | 2.1% | 1.1% | -6.7% | 3.3% |
| ROIC | 21.7% | 21.7% | 25.6% | -18.0% | -14.3% | -11.3% | -2.1% | 5.8% | 0.0% | 2.5% | 3.8% |
| ROCE | 19.6% | 19.6% | 22.2% | -14.5% | -11.4% | -9.4% | -1.7% | 4.8% | 0.0% | 2.3% | 3.7% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.02 | 0.02 | 0.04 | 0.04 | 0.05 | 0.05 | 0.05 | 0.05 | — | — | — |
| Debt / EBITDA | 0.09 | 0.09 | 0.17 | — | — | — | 1.62 | 0.54 | — | — | — |
| Net Debt / Equity | — | -0.24 | -0.35 | -0.22 | -0.42 | -0.24 | -0.30 | -0.27 | -0.30 | -0.33 | -0.17 |
| Net Debt / EBITDA | -0.99 | -0.99 | -1.39 | — | — | — | -9.94 | -2.73 | -6.28 | -4.68 | -2.18 |
| Debt / FCF | — | -1.27 | -1.59 | — | — | — | -6.43 | -6.52 | — | -5.45 | -1.69 |
| Interest Coverage | — | — | — | — | — | -26142.00 | — | — | — | — | — |
Net cash position: cash ($70M) exceeds total debt ($6M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.50 | 1.50 | 1.59 | 1.27 | 1.78 | 2.10 | 2.75 | 2.84 | 2.64 | 3.45 | 3.05 |
| Quick Ratio | 1.41 | 1.41 | 1.49 | 1.14 | 1.67 | 1.98 | 2.58 | 2.57 | 2.45 | 3.26 | 2.80 |
| Cash Ratio | 0.62 | 0.62 | 0.75 | 0.37 | 0.89 | 1.11 | 1.53 | 1.49 | 1.35 | 2.39 | 2.12 |
| Asset Turnover | — | 0.61 | 0.72 | 0.81 | 0.65 | 0.63 | 0.57 | 0.66 | 0.60 | 0.57 | 0.59 |
| Inventory Turnover | 6.81 | 6.81 | 6.36 | 4.98 | 5.84 | 6.92 | 4.85 | 4.32 | 4.49 | 4.88 | 3.54 |
| Days Sales Outstanding | — | 111.47 | 97.44 | 107.94 | 116.08 | 104.33 | 109.55 | 97.40 | 116.22 | 90.88 | 70.00 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 2.6% | 3.7% | 0.7% | — | — | — | — | — | — | — | — |
| Payout Ratio | 25.3% | 25.3% | 8.3% | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 10.5% | 14.8% | 7.9% | — | — | — | — | 1.2% | 0.7% | — | 1.9% |
| FCF Yield | 7.5% | 10.2% | 6.4% | — | — | — | 1.4% | 1.6% | — | 2.6% | 4.8% |
| Buyback Yield | 2.0% | 2.7% | 0.0% | 6.8% | 1.3% | 1.1% | 0.6% | 0.0% | 0.2% | 0.1% | 0.2% |
| Total Shareholder Yield | 4.6% | 6.4% | 0.7% | 6.8% | 1.3% | 1.1% | 0.6% | 0.0% | 0.2% | 0.1% | 0.2% |
| Shares Outstanding | — | $38M | $39M | $40M | $40M | $40M | $40M | $40M | $40M | $40M | $40M |
Includes 30+ ratios · 29 years · Updated daily
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Quick answers to the most common questions about buying OSPN stock.
OneSpan Inc.'s current P/E ratio is 9.5x. The historical average is 39.7x. This places it at the 6th percentile of its historical range.
OneSpan Inc.'s current EV/EBITDA is 9.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 23.8x.
OneSpan Inc.'s return on equity (ROE) is 30.1%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 3.5%.
Based on historical data, OneSpan Inc. is trading at a P/E of 9.5x. This is at the 6th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
OneSpan Inc.'s current dividend yield is 2.65% with a payout ratio of 25.3%.
OneSpan Inc. has 70.7% gross margin and 20.6% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
OneSpan Inc.'s Debt/EBITDA ratio is 0.1x, indicating low leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Volatile cash conversion and earnings quality
Metrics are mathematically derived from official filings.
Deep Value Discount to Software Peers
OneSpan trades at a significant discount to its software infrastructure peers, with a P/E of 8.71 and EV/EBITDA of 8.43, suggesting the market is pricing in its decelerating growth and volatile profitability rather than its asset-light model.
The company's valuation multiples are a fraction of peers like Qualys (P/E 34.38, EV/EBITDA 27.21), indicating a severe growth discount. The forward P/E of 13.30 implies the market expects a modest earnings recovery, but the wide gap to peers suggests structural concerns about OneSpan's competitive position and earnings sustainability are being priced in.
Margin Compression Amidst Revenue Stagnation
Operating margins have compressed from 27.1% in 2025Q1 to 14.5% in 2026Q2, as reported in the financial statements, indicating that rising operating expenses are consuming a larger share of gross profit despite relatively stable gross margins.
The divergence between stable gross margins (73.6%) and declining operating margins suggests a loss of operating leverage, likely driven by the increased R&D investment noted in prior analysis. This trend implies that the company's cost structure is becoming less efficient as revenue growth stalls, pressuring net profitability.
Low and Volatile Returns on Invested Capital
ROIC has been volatile and low, ranging from 2.8% to 9.4% over the past ten quarters, with the most recent 2026Q2 reading of 2.8% suggesting the company is generating minimal returns on the capital deployed.
The erratic ROIC trend, coupled with a low ROE of 2.5% in 2026Q2, indicates inconsistent capital efficiency. This volatility appears driven by swings in net income rather than improvements in asset turnover, which has steadily declined from 0.23 to 0.16, pointing to potential issues with asset utilization.
Deteriorating Working Capital Efficiency
The cash conversion cycle has been volatile, with a recent increase to 67 days in 2026Q2 from 53 days in 2025Q2, primarily driven by a lengthening of days sales outstanding (DSO) to 77 days, which may indicate slower customer collections.
The lengthening DSO trend suggests potential challenges in receivables management or customer payment terms, which could be straining cash flow. This is compounded by a decline in days payable outstanding (DPO) from 87 to 63 days over the same period, indicating the company is paying suppliers faster, further pressuring working capital.
Adequate but Eroding Liquidity Buffer
The current ratio has declined from 1.96 in 2025Q1 to 1.33 in 2026Q2, as reported in the financial statements, while the quick ratio has fallen to 1.23, suggesting a reduced cushion to meet short-term obligations.
The deterioration in liquidity ratios aligns with the prior finding of a sharp decline in cash reserves. While the ratios remain above 1.0, the downward trajectory warrants monitoring, especially if negative free cash flow persists, as it could limit financial flexibility for future investments or acquisitions.
The Misleading Power of the P/E Ratio
The P/E ratio of 8.71 is the most commonly misapplied metric for OneSpan, as it is heavily distorted by volatile non-operating items that cause net income to swing wildly, obscuring the underlying operational profitability.
OneSpan's net income includes significant non-recurring and non-operating items, leading to EPS volatility from $0.17 to $1.13 per share. This makes the P/E ratio an unreliable indicator of value. A more appropriate metric would be EV/EBITDA, which focuses on operating performance and is less affected by capital structure and non-cash charges, providing a clearer view of the business's core earning power.