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OSPN

OneSpan Inc.

OSPN

OneSpan Inc. • NASDAQ
$12.20 ▲ 0.08% (+0.01)
Market Cap $466.73 M
52w High $20.36
52w Low $11.00
Dividend Yield 0.48%
P/E 8.19
Volume 271.59K
Outstanding Shares 38.26M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $57.056M ▼ $33.776M ▲ $6.514M ▼ 11.417% ▼ $0.17 ▼ $10.974M ▼
Q2-2025 $59.843M ▼ $33.461M ▲ $8.342M ▼ 13.94% ▼ $0.22 ▼ $13.01M ▼
Q1-2025 $63.366M ▲ $29.909M ▼ $14.505M ▼ 22.891% ▼ $0.38 ▼ $19.732M ▲
Q4-2024 $61.171M ▲ $33.486M ▲ $28.788M ▲ 47.062% ▲ $0.74 ▲ $15.813M ▲
Q3-2024 $56.242M $30.296M $8.273M 14.71% $0.21 $13.89M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $85.554M ▼ $343.523M ▼ $105.2M ▼ $238.323M ▼
Q2-2025 $92.886M ▼ $357.099M ▲ $114.592M ▲ $242.507M ▲
Q1-2025 $105.211M ▲ $333.81M ▼ $102.691M ▼ $231.119M ▲
Q4-2024 $83.16M ▲ $338.734M ▲ $126.204M ▲ $212.53M ▲
Q3-2024 $77.478M $289.274M $94.688M $194.586M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $6.514M ▼ $10.129M ▲ $-4.475M ▲ $-12.983M ▼ $-7.332M ▲ $7.594M ▲
Q2-2025 $8.342M ▼ $6.217M ▼ $-13.895M ▼ $-6.253M ▼ $-12.496M ▼ $4.36M ▼
Q1-2025 $14.505M ▼ $29.366M ▲ $-1.645M ▲ $-5.914M ▼ $22.051M ▲ $27.721M ▲
Q4-2024 $28.788M ▲ $12.426M ▼ $-1.979M ▼ $-2.412M ▼ $5.503M ▼ $10.447M ▼
Q3-2024 $8.273M $13.979M $-1.966M $-801K $13.525M $12.013M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Hardware Products
Hardware Products
 $0 ▲$10.00M ▲$10.00M ▲$10.00M ▲
Maintenance support and other
Maintenance support and other
 $10.00M ▲$10.00M ▲$10.00M ▲$10.00M ▲
Professional Services and Other
Professional Services and Other
 $0 ▲$0 ▲$0 ▲$0 ▲
Subscription
Subscription
 $0 ▲$40.00M ▲$40.00M ▲$40.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has been fairly steady over the last several years, with a gentle upward trend rather than rapid growth. The more important story is on profitability: OneSpan has moved from recurring operating losses to a clearly profitable position in the most recent year. Margins have improved from thin or negative to comfortably positive, suggesting better cost control, a more profitable mix of business, or both. Net income and earnings per share have swung from losses to meaningful profits, which often reflects both operational improvement and some financial or one‑time factors. Overall, the income statement shows a company that has been through a long transition phase and is now beginning to show the financial benefits of that shift, but it is not yet a high‑growth story.

Balance Sheet

Balance Sheet The balance sheet looks comparatively conservative. Total assets have stayed fairly stable over time, without big swings that might hint at aggressive expansion or distress. Cash levels dipped in the middle of the period but have since been rebuilt, giving the company more flexibility and a cushion for volatility. Debt is very modest relative to the size of the business, so financial leverage risk appears low. Shareholder equity had been drifting down, which can signal pressure on retained earnings, but it has recovered recently, consistent with the return to profitability. Overall, OneSpan appears to be funded in a cautious way, with low debt and a gradually strengthening capital base.

Cash Flow

Cash Flow Cash generation has improved in step with earnings. Operating cash flow was roughly break‑even or slightly negative for several years, which is typical for a business in transition toward a subscription model, but it has turned clearly positive in the most recent period. Free cash flow, after modest investment spending, has also moved from slightly negative to comfortably positive. Capital expenditure requirements are low, which means a large portion of operating cash can, in principle, be used for product development, acquisitions, or shareholder returns rather than heavy infrastructure. The main risk is that these improvements are still relatively recent, so investors will want to see consistent positive cash flow across multiple years to confirm that the new model is firmly established.

Competitive Edge

Competitive Edge OneSpan occupies an attractive niche at the intersection of digital security and digital agreements, with particular strength in financial services. A large share of top global banks already use its solutions, which creates high switching costs and supports long‑term relationships. Its depth in regulatory compliance and high‑assurance security gives it credibility in a space where trust and reliability matter more than pure price. At the same time, it competes against much larger platforms in identity and e‑signature, so it must differentiate by specialization, depth of security, and flexibility rather than sheer scale. The shift to a software‑ and subscription‑centric model should strengthen its competitive position over time, but also brings execution risk as it transitions customers away from older hardware‑based solutions.

Innovation and R&D

Innovation and R&D Innovation is a clear focus for OneSpan. The company is pushing beyond traditional two‑factor authentication into adaptive, intelligence‑driven security that adjusts protection levels in real time based on transaction risk. Its strong emphasis on mobile‑first security fits how banks and consumers actually operate today. The acquisition of a leading passwordless authentication provider has deepened its capabilities in FIDO‑based and biometric log‑in, positioning OneSpan well for the industry’s move away from passwords. On the agreements side, the company is building out a full digital agreement lifecycle, from secure e‑signatures and remote notarization to analytics and integration with other business systems. Low‑code integration tools, patented transaction‑signing technology, and planned enhancements like passkeys for signers show a pipeline of ongoing product development. The key question is less about whether OneSpan is innovating, and more about how effectively it can commercialize these offerings at scale amid strong competition.

Summary

Overall, OneSpan looks like a company that has spent several years reinventing itself and is now starting to show cleaner, more profitable financials. Revenue is steady rather than explosive, but margins and cash flow have improved meaningfully, and the balance sheet is conservative with low debt and growing cash. Strategically, the firm has a solid foothold in high‑trust segments like banking, with products that address rising needs in digital identity, passwordless access, and secure digital agreements. Its innovation agenda and recent acquisition activity strengthen this positioning, but also raise execution risks around integration, product focus, and sustaining growth in a market crowded with much larger players. The long‑term opportunity is tied to how well OneSpan can translate its technical strengths and entrenched banking relationships into durable, recurring, and growing software revenue while maintaining the financial discipline it has recently demonstrated.

NEWS

November 17, 2025 · 8:00 AM UTC

Sumitomo Mitsui Trust Bank Advances Mobile Banking Security with SCSK and OneSpan's FIDO Cloud Authentication Solution

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October 30, 2025 · 4:01 PM UTC

OneSpan Reports Third Quarter 2025 Financial Results

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October 9, 2025 · 10:00 AM UTC

OneSpan Showcases Industry-Leading Advanced Authentication Portfolio at FIDO Authenticate 2025

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October 9, 2025 · 8:00 AM UTC

OneSpan to Announce Third Quarter Financial Results on October 30, 2025

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October 6, 2025 · 8:30 AM UTC

OneSpan Invests in ThreatFabric to Advance Fraud Prevention Innovation

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