OneSpan Inc. OSPN
OneSpan helps organizations build secure, seamless, and trusted digital experiences through two solution portfolios: Cybersecurity and Digital Agreements. Our cybersecurity solutions protect identities, secure mobile apps, and safeguard access through advanced high-assurance authentication, threat intelligence, fraud prevention, and robust mobile app protection, defending users, devices, and applications against sophisticated attacks. Our digital agreement solutions streamline agreement workflows with secure e-signatures, identity verification, and smart digital forms, built to enable speed, compliance and exceptional customer experiences. Trusted by leading global enterprises, including more than 60% of the world's 100 largest banks, OneSpan processes over 100 million digital agreements and billions of secure authentication transactions across more than 120 countries each year.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $243.2M | $243.2M | $235.1M | $219.0M | $214.5M | $215.7M | $253.5M | $211.3M | $193.3M | $192.3M |
| Cost of revenue | $63.8M | $68.6M | $77.4M | $70.4M | $71.5M | $67.6M | $85.6M | $64.8M | $58.8M | $61.6M |
| Gross profit | $179.4M | $174.6M | $157.7M | $148.6M | $142.9M | $148.1M | $167.8M | $146.5M | $134.5M | $130.7M |
| R&D | $34.2M | $32.4M | $38.4M | $41.7M | $47.4M | $41.2M | $42.5M | $32.2M | $23.1M | $23.2M |
| SG&A | $45.7M | $46.0M | $58.3M | $55.6M | $53.0M | $46.3M | $43.9M | $41.6M | $37.4M | $31.6M |
| Total operating expenses | $130.9M | $129.8M | $186.6M | $175.7M | $169.1M | $153.3M | $153.6M | $147.4M | $128.3M | $121.1M |
| Operating income | $48.4M | $44.8M | -$28.9M | -$27.1M | -$26.1M | -$5.3M | $14.2M | -$920.0K | $6.2M | $9.6M |
| Interest expense | — | — | — | — | — | — | — | — | — | $785.0K |
| Pre-tax income | $49.4M | $46.5M | -$27.3M | -$11.7M | -$26.1M | -$3.4M | $14.4M | $2.6M | $8.4M | $11.4M |
| Income tax | $23.5M | $10.6M | $2.5M | $2.7M | $4.4M | $2.0M | $6.5M | $435.0K | $30.8M | $863.0K |
| Net income | $72.9M | $57.1M | -$29.8M | -$14.3M | -$30.6M | -$5.5M | $7.9M | $3.0M | -$22.4M | $10.5M |
| EPS, basic | 1.91 | 1.49 | -0.74 | -0.36 | -0.77 | -0.14 | 0.20 | 0.08 | -0.56 | 0.27 |
| EPS, diluted | 1.88 | 1.46 | -0.74 | -0.36 | -0.77 | -0.14 | 0.20 | 0.08 | -0.56 | 0.27 |
| Shares, diluted (wtd. avg.) | $38.9M | $39.1M | $40.2M | $40.1M | $39.6M | $40.0M | $40.1K | $40.0M | $39.8M | $39.8M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $70.5M | $83.2M | $43.5M | $97.4M | $64.2M | $89.2M | $85.1M | $77.6M | $78.7M | $49.3M |
| Short-term investments | — | — | — | — | — | — | — | — | — | $94.9M |
| Receivables | $56.0M | $56.2M | $64.4M | $65.1M | $56.6M | $57.5M | $62.4M | $59.6M | $48.1M | $36.7M |
| Inventory | $10.5M | $10.8M | $15.6M | $12.1M | $10.3M | $13.1M | $19.8M | $14.4M | $12.0M | $17.4M |
| Total current assets | $172.2M | $174.9M | $146.3M | $198.4M | $187.1M | $207.2M | $209.8M | $192.0M | $227.9M | $207.2M |
| Property, plant and equipment | $22.2M | $21.0M | $18.7M | $12.7M | $10.8M | $11.8M | $11.5M | $6.2M | $4.8M | $3.3M |
| Goodwill | $103.8M | $92.4M | $93.7M | $90.5M | $96.2M | $97.6M | $94.6M | $91.8M | $56.3M | $54.4M |
| Other intangibles | $9.7M | $7.5M | $10.8M | $12.5M | $21.3M | $27.2M | $36.2M | $45.5M | $37.9M | $46.5M |
| Total assets | $397.7M | $338.7M | $289.2M | $335.1M | $342.3M | $375.2M | $382.5M | $352.8M | $337.6M | $327.3M |
| Accounts payable | $13.7M | $13.3M | $17.5M | $17.4M | $8.2M | $5.7M | $10.8M | $7.2M | $8.1M | $8.9M |
| Total current liabilities | $114.6M | $110.3M | $114.8M | $110.8M | $89.1M | $75.3M | $73.8M | $72.4M | $66.2M | $68.0M |
| Total liabilities | $125.9M | $126.2M | $130.1M | $131.8M | $122.5M | $117.9M | $120.2M | $100.4M | $99.7M | $74.1M |
| Retained earnings | $209.8M | $151.3M | $98.9M | $128.7M | $143.2M | $173.7M | $179.4M | $172.4M | $156.2M | $178.6M |
| Total equity | $271.8M | $212.5M | $159.1M | $203.3M | $219.8M | $257.3M | $262.3M | $251.6M | $237.9M | $253.2M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $59.5M | $55.7M | -$10.7M | -$5.8M | -$2.7M | $14.9M | $18.2M | $1.2M | $17.6M | $28.4M |
| Depreciation and amortisation | $10.1M | $8.4M | $6.5M | $7.1M | $8.9M | $12.0M | $11.5M | $12.1M | $10.6M | $10.8M |
| Stock-based compensation | $11.2M | $9.0M | $14.3M | $8.6M | $4.4M | $4.7M | $3.4M | $4.0M | $3.5M | $2.8M |
| Capital expenditure | $9.0M | $9.2M | $12.5M | $5.0M | $2.2M | $3.1M | $7.5M | $3.7M | $3.1M | $2.0M |
| Investing cash flow | -$35.6M | -$9.3M | -$12.0M | $46.6M | -$11.0M | -$4.7M | -$9.9M | $194.0K | $12.8M | -$56.5M |
| Financing cash flow | -$38.4M | -$5.2M | -$32.1M | -$7.3M | -$10.4M | -$7.1M | -$569.0K | -$970.0K | -$640.0K | -$1.1M |
| Dividends paid | $18.5M | $0 | $0 | — | — | — | — | — | — | — |
| Buybacks | $13.1M | $3.0K | $29.2M | $5.7M | $7.5M | $5.0M | — | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001044777-26-000011.
Others in SIC 7373
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| IOT | Samsara Inc. | $23.39B | — | 29.6% |
| LDOS | Leidos Holdings, Inc. | $16.70B | 11.9x | 3.2% |
| IONQ | IonQ, Inc. | $15.06B | — | 201.9% |
| CACI | CACI INTERNATIONAL INC /DE/ | $13.78B | 25.8x | 10.9% |
| GDDY | GoDaddy Inc. | $12.83B | 16.3x | 8.3% |
| AUR | Aurora Innovation, Inc. | $12.53B | — | — |
| JKHY | JACK HENRY & ASSOCIATES INC | $11.61B | 23.7x | 7.1% |
| OTEX | OPEN TEXT CORP | $5.80B | 9.3x | 1.5% |