OneSpan Inc.
- Open
- 14.57
- Day high
- 14.95
- Day low
- 14.53
- Prev close
- 14.35
- Volume
- 109K
- Mkt cap
- $550M
- P/E (TTM)
- 8.0
- EPS (TTM)
- $1.85
- P/B
- 2.0
- P/S
- 2.2
- Yield
- 3.37%
- Per share
- $0.50
- ▼Insiders net selling -$289K over the last 3 months (0 open-market buys, 1 sale)
- 🏛Institutions mixed (13F)
OneSpan Inc. (OSPN) is a Technology company listed on NASDAQ. The stock is down 15% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 1 sale (SEC Form 4).
OneSpan Inc. (OSPN) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 2 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
OSPN earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 30, 2026 | $0.36 | $0.39 | +8.3% | $66M | +5.7% |
| Oct 30, 2025 | $0.28 | $0.33 | +17.9% | $57M | -4.6% |
| May 1, 2025 | $0.31 | $0.45 | +45.2% | $63M | +1.3% |
| Feb 27, 2025 | $0.27 | $0.24 | -11.1% | $61M | +4.8% |
| Oct 30, 2024 | $0.21 | $0.33 | +57.1% | $56M | -3.3% |
| Aug 1, 2024 | $0.19 | $0.31 | +63.2% | $61M | +3.5% |
| May 2, 2024 | $0.17 | $0.43 | +152.9% | $65M | +15.2% |
| Mar 6, 2024 | $0.03 | $0.19 | +484.6% | $63M | +8.0% |
| May 4, 2023 | $-0.09 | $-0.09 | +0.0% | $58M | +6.4% |
| Feb 28, 2023 | $-0.10 | $0.03 | +130.0% | $57M | +6.4% |
| Nov 1, 2022 | $-0.12 | $0.03 | +125.0% | $57M | +8.6% |
| Aug 2, 2022 | $-0.14 | $-0.10 | +28.6% | $53M | +3.2% |
OSPN insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 16, 2026 | Jain Ashishofficer: Chief Technology Officer | Tax | 1,693 | $14.26 |
| Jun 16, 2026 | Jain Ashishofficer: Chief Technology Officer | Option | 4,731 | — |
| Jun 16, 2026 | Martell Jorge Garciaofficer: Chief Financial Officer | Sell | 20,000 | $14.45 |
| May 14, 2026 | Martell Jorge Garciaofficer: Chief Financial Officer | Tax | 333 | $12.18 |
| May 14, 2026 | Mataac Laraofficer: General Counsel | Option | 1,133 | — |
| May 14, 2026 | Mataac Laraofficer: General Counsel | Tax | 333 | $12.18 |
| May 14, 2026 | Martell Jorge Garciaofficer: Chief Financial Officer | Option | 1,133 | — |
| Apr 1, 2026 | Martell Jorge Garciaofficer: CFO | Grant | 27,041 | — |
| Apr 1, 2026 | Mataac Laraofficer: General Counsel | Buy | 22,739 | — |
| Apr 1, 2026 | Limongelli Victorofficer: CEO and President | Grant | 93,412 | — |
| Apr 1, 2026 | Jain Ashishofficer: CTO | Grant | 43,019 | — |
| Mar 17, 2026 | Martell Jorge Garciaofficer: Chief Financial Officer | Sell | 15,000 | $10.33 |
| Mar 6, 2026 | Martell Jorge Garciaofficer: Chief Financial Officer | Option | 3,055 | — |
| Mar 6, 2026 | Martell Jorge Garciaofficer: Chief Financial Officer | Tax | 889 | $10.89 |
| Mar 4, 2026 | Martell Jorge Garciaofficer: Chief Financial Officer | Tax | 1,189 | $10.53 |
Source: OSPN SEC Form 4 filings, latest Jun 16, 2026. For informational purposes only — not investment advice.
See the full OSPN insider & 13F page →OneSpan Inc. company profile
Overview
OneSpan Inc. (NASDAQ:OSPN) is a cybersecurity and digital identity company founded in 1991 and headquartered in Chicago, Illinois. Originally established as VASCO Data Security International, the company rebranded to OneSpan in 2018 to reflect its evolution from a hardware-focused authentication provider to a comprehensive digital security platform. The company went public in 1998 and operates globally, serving financial institutions, enterprises, and government organizations with identity verification, authentication, and digital agreement solutions. OneSpan has undergone significant transformation in recent years, transitioning from hardware-centric revenue to software-as-a-service offerings while implementing substantial cost reduction initiatives to improve profitability.
Business
OneSpan operates in the cybersecurity and digital identity verification industry, providing solutions that help organizations secure digital transactions and verify user identities. The company's offerings fall into two primary business segments that generate roughly equal revenue contributions. The Security Solutions segment (approximately 75% of revenue) focuses on authentication and identity verification services. This includes OneSpan Cloud Authentication, a cloud-based multi-factor authentication platform that supports various verification methods including biometrics, push notifications, SMS, and hardware authenticators. The segment also offers OneSpan Identity Verification services that enable banks and financial institutions to verify customer identities during account opening and high-risk transactions. Additionally, the company provides Mobile Security Suite software development kits and authentication servers that allow customers to implement sophisticated access controls. The segment historically included hardware authentication tokens called DIGIPASS, though this revenue stream has been declining as customers migrate to mobile-first authentication solutions. The Digital Agreements segment (approximately 25% of revenue) centers around electronic signature and document management solutions. The flagship product OneSpan Sign provides e-signature capabilities ranging from simple document signing to processing thousands of complex transactions. The segment also includes OneSpan Notary for remote notarization services and document security features. These solutions help organizations digitize their agreement processes while maintaining legal compliance and security standards. Both segments increasingly emphasize software-as-a-service delivery models, with subscription revenue growing significantly across the business. The company serves primarily financial services institutions, though it also targets enterprises, government agencies, and other organizations requiring secure digital identity and transaction capabilities.
Revenue model
OneSpan generates revenue through multiple business models, with an increasing emphasis on recurring subscription fees. The company's subscription revenue model accounts for approximately 60% of total revenue and includes Software-as-a-Service offerings, term-based licenses, and maintenance agreements. This recurring revenue provides predictable cash flows and has grown over 30% annually in recent periods. The remaining revenue comes from perpetual software licenses, professional services, and hardware sales, though hardware revenue has been declining as customers shift to mobile authentication solutions. The company's primary customers are financial institutions including banks, credit unions, and fintech companies, which require robust authentication and identity verification to comply with regulatory requirements and prevent fraud. Enterprise customers across various industries represent another significant customer segment, particularly for workforce authentication and digital agreement solutions. Government agencies also utilize OneSpan's services for secure digital transactions and identity verification. Several factors influence OneSpan's margins and profitability. Positive margin drivers include the ongoing shift from lower-margin hardware sales to higher-margin software subscriptions, operational efficiency improvements from recent cost reduction initiatives, and the scalable nature of cloud-based software offerings. The company has achieved over $75 million in cumulative cost savings through workforce optimization and operational streamlining. Margin pressures come from competitive pricing in the cybersecurity market, the need for continuous research and development investment to stay ahead of evolving security threats, and potential customer churn in economic downturns. The transition from perpetual licenses to subscription models also creates short-term revenue recognition timing differences, though it improves long-term predictability and customer lifetime value.
Competitive moat
OneSpan's competitive moat is moderate but faces increasing pressure from larger cybersecurity players and evolving technology trends. The company's primary defensive advantages include its established relationships with financial institutions, where switching costs are relatively high due to regulatory compliance requirements and integration complexity. Financial services customers are typically conservative about changing security providers, providing some customer stickiness. OneSpan also benefits from specialized domain expertise in banking authentication and digital agreements, with deep understanding of regulatory requirements across different jurisdictions. However, the company's moat is being challenged by several factors. Large technology companies like Microsoft, Google, and Amazon are expanding their identity and authentication offerings with greater resources and broader platform integration capabilities. These hyperscale providers can offer competitive solutions at lower prices while bundling authentication with other enterprise services. Additionally, the shift to mobile-first authentication has commoditized some traditional hardware-based security solutions, reducing barriers to entry for new competitors. The company's relatively small scale compared to major cybersecurity vendors also limits its ability to invest in cutting-edge technologies like artificial intelligence and machine learning at the same pace as larger competitors. While OneSpan maintains technical competence in its core markets, it lacks the ecosystem advantages and cross-selling opportunities available to integrated platform providers. The company's moat is best described as a narrow specialized niche that provides some protection but requires continuous innovation and efficient execution to maintain competitive positioning.
Risks & safety
OneSpan demonstrates solid financial stability with improving profitability metrics, though growth remains modest. **Cash and Debt Position:** - Strong balance sheet with $105 million in cash and short-term investments as of Q1 2025 - Minimal debt with debt-to-equity ratio of only 3% - Positive free cash flow generation of $27.7 million in Q1 2025 - Current ratio of 1.96 indicates good short-term liquidity **Valuation Metrics:** - Price-to-earnings ratio of 10.0 appears reasonable for current growth profile - EV/EBITDA of 7.0 suggests modest valuation relative to profitability - Price-to-book ratio of 2.5 reflects reasonable premium to book value - Graham number analysis suggests potential undervaluation **Other Considerations:** - Positive operating leverage with 36% adjusted EBITDA margins in Q1 2025 - Consistent dividend payments demonstrate management confidence - ARR growth of 9% provides revenue visibility - Net retention rate of 107% indicates stable customer relationships
Recent development
OneSpan has undergone significant strategic transformation over the past several years, focusing on transitioning from hardware to software-centric offerings while implementing aggressive cost reduction measures. The company completed a multi-year cost savings program that eliminated over $75 million in annualized expenses through workforce optimization and operational streamlining. This restructuring enabled the company to achieve record adjusted EBITDA margins of 36% in Q1 2025, demonstrating improved operational efficiency. The company has reorganized into two distinct business units - Security Solutions and Digital Agreements - each with dedicated leadership and go-to-market strategies. In the Security Solutions segment, OneSpan is accelerating the shift from traditional hardware authentication tokens to mobile-first and cloud-based authentication solutions, responding to changing customer preferences particularly in consumer banking. The Digital Agreements segment has focused on expanding its e-signature capabilities and launched new offerings including OneSpan Notary for remote notarization services. Product innovation efforts have included the development of a self-service e-signature solution, modularization of the digital agreements portfolio, and enhancement of mobile authentication capabilities. The company hired a new Chief Technology Officer with digital identity expertise to strengthen its technical leadership. OneSpan has also begun exploring strategic partnerships and channel expansion, particularly in the mid-market banking segment and workforce authentication markets. Recent capital allocation initiatives include the introduction of quarterly cash dividends and consideration of share buyback programs and targeted mergers and acquisitions. The company has expressed interest in technology acquisitions that could enhance its existing customer value proposition, particularly in the security solutions space.
OSPN company profile · for informational purposes only — not investment advice.
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