OSPN Stock Analysis: OneSpan | NASDAQ
Software - Infrastructure | NASDAQ, USA | Market Cap: 797m USD | 12M Return: 86.2% | US68287N1000 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 16.8M
EPS Trend: 56.8%
Qual. Beats: 1
Rev. Trend: 59.7%
Qual. Beats: 4
Warnings
Tailwinds
Seasonality 11.9 years of data, until 10/2026
How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, ≥40 worth a closer look and ≥60 is strong.
OneSpan Inc. (NASDAQ: OSPN) is a global software provider specializing in digital security, authentication, identity verification, electronic signatures, and digital workflow solutions, operating across the Americas, Europe, the Middle East, Africa, and Asia Pacific. The company reports through two business segments: Cybersecurity and Digital Agreements, reflecting its dual focus on identity and access management and on e-signature/agreement automation.
Its cybersecurity portfolio includes cloud-based multifactor authentication (Cloud Authentication), the Mobile Security Suite and Mobile Application Shielding SDKs, hardware- and software-based Digipass authenticators, and the Digipass S3 platform for passwordless, phishing-resistant authentication. The Digital Agreements segment centers on the OneSpan Sign e-signature platform, complemented by OneSpan Notary for in-house online notarization, identity verification services for banks and financial institutions, and an integration platform for embedding e-signatures into third-party workflows. OneSpan distributes its solutions through a mix of direct sales, distributors, resellers, systems integrators, and OEM partners, a channel strategy typical of enterprise-focused Systems Software vendors.
Founded in 1991 and headquartered in Boston, Massachusetts, the company was originally known as VASCO Data Security International before adopting the OneSpan name in 1997, and has been listed on NASDAQ since 1998. It sits within the Information Technology sectors Systems Software sub-industry, competing in the broader identity verification and digital trust software market.
- Cloud Authentication subscriptions accelerate recurring revenue growth
- Digital Agreements segment faces DocuSign pricing pressure on e-signature deals
- European PSD2 and eIDAS regulations drive authentication demand
- Banking sector identity verification mandates expand addressable market
| Net Income: 69.7m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.11 > 0.02 and ΔFCF/TA -3.77 > 1.0 |
| NWC/Revenue: 14.07% < 20% (prev 27.96%; Δ -13.88% < -1%) |
| CFO/TA 0.14 > 3% & CFO 57.1m > Net Income 69.7m |
| Net Debt (-30.6m) to EBITDA (60.4m): -0.51 < 3 |
| Current Ratio: 1.35 > 1.5 & < 3 |
| Outstanding Shares: last quarter (39.0m) vs 12m ago 0.70% < -2% |
| Gross Margin: 73.38% > 18% (prev 73.87%; Δ -0.49% > 0.5%) |
| Asset Turnover: 68.18% > 50% (prev 70.28%; Δ -2.10% > 0%) |
| Interest Coverage Ratio: 42.38 > 6 (EBIT TTM 46.1m / Interest Expense TTM 1.09m) |
| A: 0.09 (Total Current Assets 138.6m - Total Current Liabilities 103.0m) / Total Assets 399.2m |
| B: 0.55 (Retained Earnings 220.6m / Total Assets 399.2m) |
| C: 0.12 (EBIT TTM 46.1m / Avg Total Assets 371.4m) |
| D: 2.37 (Book Value of Equity 280.8m / Total Liabilities 118.4m) |
| Altman-Z'' = 5.71 = AAA |
| DSRI: 1.24 (Receivables 57.5m/44.2m, Revenue 253.2m/241.4m) |
| GMI: 1.01 (GM 73.87% / 73.38%) |
| AQI: 1.25 (AQ_t 0.57 / AQ_t-1 0.46) |
| SGI: 1.05 (Revenue 253.2m / 241.4m) |
| TATA: 0.03 (NI 69.7m - CFO 57.1m) / TA 399.2m) |
| Beneish M = -2.64 (Cap -4..+1) = A |
As of November 14, 2026, the stock is trading at USD 22.31 with a total of 1,198,199 shares traded. Over the past week, the price has changed by +3.94%, over one month by +23.30%, over three months by +33.65% and over the past year by +86.18%.
Current recommended Stop Loss: 20.70 (which is 7.2% or 1.3 ATR below the current price).
OneSpan has received a consensus analysts rating of 3.50. Therefore, it is recommended to hold OSPN.
- StrongBuy: 1
- Buy: 0
- Hold: 3
- Sell: 0
- StrongSell: 0
| Analysts Target Price | 23.5 | 5.3% |
P/E Trailing = 11.9944
P/E Forward = 15.528
P/S = 3.1458
P/B = 2.8354
P/EG = 1.4114
Revenue TTM = 253.2m USD
EBIT TTM = 46.1m USD
EBITDA TTM = 60.4m USD
Long Term Debt = 5.00m USD (from longTermDebt, two quarters ago)
Short Term Debt = 2.23m USD (from shortTermDebt, last quarter)
Debt = 20.8m USD (from shortLongTermDebtTotal, last quarter) + Leases 7.42m
Net Debt = -30.6m USD (calculated: Debt 20.8m - CCE 51.4m)
Enterprise Value = 766.0m USD (796.6m + Debt 20.8m - CCE 51.4m)
Interest Coverage Ratio = 42.38 (Ebit TTM 46.1m / Interest Expense TTM 1.09m)
EV/FCF = 17.21x (Enterprise Value 766.0m / FCF TTM 44.5m)
FCF Yield = 5.81% (FCF TTM 44.5m / Enterprise Value 766.0m)
FCF Margin = 17.58% (FCF TTM 44.5m / Revenue TTM 253.2m)
Net Margin = 27.52% (Net Income TTM 69.7m / Revenue TTM 253.2m)
Gross Margin = 73.38% ((Revenue TTM 253.2m - Cost of Revenue TTM 67.4m) / Revenue TTM)
Gross Margin QoQ = 72.83% (prev 73.57%)
Tobins Q-Ratio = 1.92 (Enterprise Value 766.0m / Total Assets 399.2m)
Interest Expense / Debt = 5.23% (Interest Expense 1.09m / Debt 20.8m)
Taxrate = 17.53% (1.66m / 9.46m)
NOPAT = 38.0m (EBIT 46.1m * (1 - 17.53%))
Current Ratio = 1.35 (Total Current Assets 138.6m / Total Current Liabilities 103.0m)
Debt / Equity = 0.07 (Debt 20.8m / totalStockholderEquity, last quarter 280.8m)
Debt / EBITDA = -0.51 (Net Debt -30.6m / EBITDA 60.4m)
Debt / FCF = -0.69 (Net Debt -30.6m / FCF TTM 44.5m)
Total Stockholder Equity = 274.5m (last 4 quarters mean from totalStockholderEquity)
RoA = 18.76% (Net Income 69.7m / Total Assets 399.2m)
RoE = 25.38% (Net Income TTM 69.7m / Total Stockholder Equity 274.5m)
RoCE = 16.50% (EBIT 46.1m / Capital Employed (Equity 274.5m + L.T.Debt 5.00m))
RoIC = 13.30% (NOPAT 38.0m / Invested Capital 285.8m)
WACC = 8.71% (E(796.6m)/V(817.4m) * Re(8.82%) + D(20.8m)/V(817.4m) * Rd(5.23%) * (1-Tc(0.18)))
Discount Rate = 8.82% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: -65.44 | Cagr: 0.04%
[DCF] Terminal Value 72.11% ; FCFF base≈47.2m ; Y1≈42.1m ; Y5≈35.3m
[DCF] Fair Price = 15.26 (EV 532.4m - Net Debt -30.6m = Equity 563.0m / Shares 36.9m; r=8.71% [WACC]; 5y FCF grow -13.17% → 2.50% )
EPS Correlation: 56.77 | EPS CAGR: 142.2% | SUE: 1.18 | # QB: 1
Revenue Correlation: 59.65 | Revenue CAGR: 1.20% | SUE: 4.0 | # QB: 4
EPS current Quarter (2027-03-31): EPS=0.39 | Chg30d=+5.23% | Revisions=+17% | Analysts=5
EPS current Year (2026-12-31): EPS=1.35 | Chg30d=+8.84% | Revisions=+62% | GrowthEPS=-9.1% | GrowthRev=+5.3%
EPS next Year (2027-12-31): EPS=1.38 | Chg30d=+5.83% | Revisions=+62% | GrowthEPS=+1.9% | GrowthRev=+2.4%
[Analyst] Revisions Ratio: +69% (up=12, down=1)