NASDAQ : OSPN
OneSpan Inc. — Financial statements
Technology · Software - Infrastructure · United States
Last price 20.15 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 742.57M
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Financial statements
OneSpan Inc. (OSPN) reported revenue of 253.21M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 253.21M | 243.18M | 243.18M | 235.11M | 219.01M | 214.48M |
| Cost of Revenue | 64.79M | 63.03M | 67.10M | 77.39M | 70.44M | 71.55M |
| Gross Profit | 188.43M | 180.15M | 176.08M | 157.72M | 148.57M | 142.94M |
| Selling, General & Admin | 102.29M | 92.64M | 90.55M | 128.50M | 116.50M | 115.76M |
| Research & Development | 36.88M | 34.16M | 32.42M | 38.42M | 41.73M | 47.41M |
| Amortization of Goodwill & Intangibles | 2.75M | 2.48M | 2.35M | 2.35M | 4.14M | 5.89M |
| Operating Expenses | 141.91M | 129.28M | 125.33M | 169.28M | 162.38M | 169.06M |
| Operating Income | 46.51M | 50.87M | 50.75M | -11.56M | -13.80M | -26.13M |
| Interest Expense | -253.00K | -1.00K | ||||
| Interest & Investment Income | 173.00K | 1.99M | 1.81M | 2.09M | 595.00K | |
| Currency Exchange Gain (Loss) | -1.10M | -1.60M | -900.00K | -1.10M | -1.90M | -800.00K |
| Other Non Operating Income (Expenses) | 6.19M | 6.45M | 5.00M | 568.00K | 1.92M | 786.00K |
| EBT Excluding Unusual Items | 51.52M | 57.70M | 56.65M | -10.00M | -13.19M | -26.14M |
| Merger & Restructuring Charges | -163.00K | -1.73M | -4.14M | -17.31M | -13.31M | |
| Gain (Loss) on Sale of Investments | 14.81M | |||||
| Asset Writedown | -1.01M | -700.00K | -1.80M | |||
| Other Unusual Items | -5.32M | -5.91M | -4.22M | |||
| Pretax Income | 45.02M | 49.36M | 46.49M | -27.31M | -11.69M | -26.14M |
| Income Tax Expense | -24.66M | -23.54M | -10.60M | 2.49M | 2.74M | 4.44M |
| Net Income | 69.69M | 72.90M | 57.08M | -29.80M | -14.43M | -30.58M |
| Net Income to Common | 69.69M | 72.90M | 57.08M | -29.80M | -14.43M | -30.58M |
| Shares Outstanding (Basic) | 37.58M | 38.21M | 38.39M | 40.19M | 40.14M | 39.61M |
| Shares Outstanding (Diluted) | 38.54M | 38.88M | 39.09M | 40.19M | 40.14M | 39.61M |
| EPS (Basic) | 1.85 | 1.91 | 1.49 | -0.74 | -0.36 | -0.77 |
| EPS (Diluted) | 1.81 | 1.88 | 1.46 | -0.74 | -0.36 | -0.77 |
| Free Cash Flow | 44.66M | 50.49M | 46.42M | -23.22M | -10.76M | -4.91M |
| Free Cash Flow Per Share | 1.16 | 1.30 | 1.19 | -0.58 | -0.27 | -0.12 |
| Dividend Per Share | 0.52 | 0.49 | 0.12 | |||
| Gross Margin | 74.41% | 74.08% | 72.41% | 67.08% | 67.84% | 66.64% |
| Operating Margin | 18.37% | 20.92% | 20.87% | -4.92% | -6.30% | -12.18% |
| Profit Margin | 27.52% | 29.98% | 23.47% | -12.68% | -6.59% | -14.26% |
| Free Cash Flow Margin | 17.64% | 20.76% | 19.09% | -9.88% | -4.91% | -2.29% |
| EBITDA | 59.37M | 60.94M | 59.11M | -5.08M | -6.74M | -17.20M |
| EBITDA Margin | 23.45% | 25.06% | 24.31% | -2.16% | -3.08% | -8.02% |
| D&A For EBITDA | 12.86M | 10.07M | 8.36M | 6.48M | 7.07M | 8.93M |
| EBIT | 46.51M | 50.87M | 50.75M | -11.56M | -13.80M | -26.13M |
| EBIT Margin | 18.37% | 20.92% | 20.87% | -4.92% | -6.30% | -12.18% |
| Revenue as Reported | 253.21M | 243.18M | 243.18M | 235.11M | 219.01M | 214.48M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 51.39M | 70.50M | 83.16M | 43.00M | 96.17M | 63.38M |
| Short-Term Investments | 2.33M | 35.11M | ||||
| Cash & Short-Term Investments | 51.39M | 70.50M | 83.16M | 43.00M | 98.50M | 98.49M |
| Accounts Receivable | 57.48M | 74.27M | 64.92M | 69.53M | 69.65M | 61.31M |
| Receivables | 57.48M | 74.27M | 64.92M | 69.53M | 69.65M | 61.31M |
| Inventory | 11.10M | 10.47M | 10.79M | 15.55M | 12.05M | 10.35M |
| Prepaid Expenses | 7.18M | 7.04M | 6.55M | 6.58M | 6.22M | 7.59M |
| Restricted Cash | 529.00K | 1.21M | ||||
| Other Current Assets | 11.45M | 9.94M | 9.48M | 11.16M | 10.76M | 9.36M |
| Total Current Assets | 138.59M | 172.21M | 174.89M | 146.34M | 198.39M | 187.09M |
| Property, Plant & Equipment | 32.55M | 29.59M | 28.69M | 24.89M | 20.70M | 19.95M |
| Long-Term Investments | 11.83M | 11.83M | ||||
| Goodwill | 127.69M | 103.84M | 92.36M | 93.68M | 90.51M | 96.17M |
| Other Intangible Assets | 14.13M | 9.74M | 7.48M | 10.83M | 12.48M | 21.27M |
| Long-Term Deferred Tax Assets | 58.90M | 54.73M | 20.52M | 1.72M | 1.90M | 3.79M |
| Long-Term Deferred Charges | 11.90M | 12.56M | 12.43M | 10.77M | ||
| Other Long-Term Assets | 3.64M | 3.19M | 2.36M | 952.00K | 11.10M | 14.00M |
| Total Assets | 399.24M | 397.70M | 338.73M | 289.19M | 335.08M | 342.27M |
| Accounts Payable | 11.56M | 13.73M | 13.31M | 17.45M | 17.36M | 8.20M |
| Accrued Expenses | 28.32M | 23.19M | 17.98M | 23.37M | 24.12M | 22.68M |
| Current Portion of Leases | 2.23M | 2.26M | 2.35M | 2.03M | 2.26M | 2.48M |
| Current Income Taxes Payable | 2.01M | 3.08M | 4.40M | 2.65M | 2.44M | 1.10M |
| Current Unearned Revenue | 57.44M | 71.64M | 67.47M | 69.33M | 64.64M | 54.62M |
| Other Current Liabilities | 1.40M | 671.00K | 4.76M | |||
| Total Current Liabilities | 102.96M | 114.57M | 110.28M | 114.83M | 110.81M | 89.08M |
| Long-Term Leases | 6.16M | 6.14M | 6.93M | 6.82M | 8.44M | 10.18M |
| Long-Term Unearned Revenue | 1.80M | 2.54M | 3.39M | 4.15M | 6.27M | 9.12M |
| Pension & Post-Retirement Benefits | 1.51M | 1.83M | 2.55M | 2.30M | 7.46M | |
| Long-Term Deferred Tax Liabilities | 898.00K | 988.00K | 3.68M | 1.07M | 1.20M | 1.29M |
| Other Long-Term Liabilities | 1.62M | 109.00K | 94.00K | 623.00K | 2.75M | 5.36M |
| Total Liabilities | 118.44M | 125.86M | 126.20M | 130.05M | 131.77M | 122.49M |
| Common Stock | 37.00K | 37.00K | 38.00K | 38.00K | 40.00K | 40.00K |
| Additional Paid-In Capital | 137.84M | 128.65M | 122.53M | 118.62M | 107.31M | 100.25M |
| Retained Earnings | 220.58M | 209.82M | 151.26M | 98.94M | 128.74M | 143.17M |
| Treasury Stock | -68.88M | -60.52M | -47.38M | -47.38M | -18.22M | -12.50M |
| Comprehensive Income & Other | -8.78M | -6.14M | -13.92M | -11.08M | -14.55M | -11.18M |
| Shareholders' Equity | 280.80M | 271.84M | 212.53M | 159.14M | 203.31M | 219.78M |
| Total Liabilities & Equity | 399.24M | 397.70M | 338.73M | 289.19M | 335.08M | 342.27M |
| Total Debt | 13.39M | 8.40M | 9.28M | 8.85M | 10.70M | 12.66M |
| Net Cash (Debt) | 38.00M | 62.10M | 73.88M | 34.15M | 87.80M | 85.83M |
| Net Cash Per Share | 0.99 | 1.60 | 1.89 | 0.85 | 2.19 | 2.17 |
| Filing Date Shares Outstanding | 36.89M | 37.47M | 38.18M | 37.79M | 40.00M | 39.99M |
| Total Common Shares Outstanding | 36.82M | 37.36M | 38.06M | 37.52M | 39.73M | 39.99M |
| Working Capital | 35.64M | 57.64M | 64.62M | 31.51M | 87.57M | 98.01M |
| Book Value Per Share | 7.63 | 7.28 | 5.58 | 4.24 | 5.12 | 5.50 |
| Tangible Book Value | 138.98M | 158.26M | 112.68M | 54.62M | 100.31M | 102.34M |
| Tangible Book Value Per Share | 3.77 | 4.24 | 2.96 | 1.46 | 2.53 | 2.56 |
| Machinery | 13.70M | 13.63M | 12.18M | 12.23M | 18.71M | 18.55M |
| Leasehold Improvements | 8.11M | 8.00M | 7.64M | 7.46M | 9.93M | 10.30M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 69.69M | 72.90M | 57.08M | -29.80M | -14.43M | -30.58M |
| Depreciation & Amortization | 12.86M | 10.07M | 8.36M | 6.48M | 7.07M | 8.93M |
| Loss (Gain) From Sale of Assets | 36.00K | 55.00K | ||||
| Asset Writedown & Restructuring Costs | 314.00K | 709.00K | 1.89M | 3.18M | 3.83M | |
| Loss (Gain) From Sale of Investments | -14.81M | |||||
| Stock-Based Compensation | 12.40M | 11.20M | 8.96M | 14.25M | 8.64M | 4.35M |
| Provision & Write-off of Bad Debts | 631.00K | 309.00K | 208.00K | 286.00K | 184.00K | -2.71M |
| Other Operating Activities | -27.25M | -29.93M | -16.16M | 261.00K | 1.64M | 2.82M |
| Change in Accounts Receivable | -12.24M | -4.97M | 1.04M | 646.00K | -9.65M | 5.83M |
| Change in Inventory | -212.00K | 1.65M | 4.08M | -3.27M | -2.17M | 2.21M |
| Change in Accounts Payable | 1.04M | -579.00K | -3.85M | -253.00K | 9.26M | 2.72M |
| Change in Unearned Revenue | 4.70M | -1.24M | -1.65M | 2.02M | 8.17M | 9.71M |
| Change in Income Taxes | -7.38M | -1.50M | 1.78M | -2.37M | -1.14M | -2.52M |
| Change in Other Net Operating Assets | 2.56M | 788.00K | -6.07M | -2.16M | -2.35M | -3.51M |
| Operating Cash Flow | 57.13M | 59.45M | 55.67M | -10.73M | -5.76M | -2.75M |
| Capital Expenditures | -12.47M | -8.96M | -9.24M | -12.48M | -5.00M | -2.17M |
| Cash Acquisitions | -35.31M | -14.71M | -1.80M | |||
| Sale (Purchase) of Intangibles | -209.00K | -86.00K | -60.00K | -59.00K | -29.00K | -35.00K |
| Investment in Securities | -11.83M | -11.83M | 2.33M | 51.61M | -8.78M | |
| Investing Cash Flow | -59.83M | -35.58M | -9.30M | -12.01M | 46.59M | -10.98M |
| Net Debt Issued (Repaid) | 5.00M | |||||
| Repurchase of Common Stock | -17.42M | -18.22M | -5.04M | -32.09M | -7.31M | -10.39M |
| Common Dividends Paid | -19.26M | -18.46M | ||||
| Other Financing Activities | -1.74M | -200.00K | ||||
| Financing Cash Flow | -31.68M | -38.42M | -5.24M | -32.09M | -7.31M | -10.39M |
| Foreign Exchange Rate Adjustments | 215.00K | 1.72M | -1.32M | 997.00K | -372.00K | -895.00K |
| Net Cash Flow | -34.16M | -12.83M | 39.80M | -53.84M | 33.15M | -25.01M |
| Free Cash Flow | 44.66M | 50.49M | 46.42M | -23.22M | -10.76M | -4.91M |
| Free Cash Flow Margin | 17.64% | 20.76% | 19.09% | -9.88% | -4.91% | -2.29% |
| Free Cash Flow Per Share | 1.16 | 1.30 | 1.19 | -0.58 | -0.27 | -0.12 |
| Levered Free Cash Flow | 39.34M | 38.48M | 46.68M | 2.07M | 12.89M | 13.07M |
| Unlevered Free Cash Flow | 39.50M | 38.48M | 46.68M | 2.07M | 12.89M | 13.07M |
| Cash Income Tax Paid | 10.64M | 9.64M | 2.30M | 4.99M | 2.02M | 7.70M |
| Change in Working Capital | -11.54M | -5.86M | -4.67M | -5.40M | 2.13M | 14.44M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 948.57M | 488.27M | 704.35M | 427.59M | 443.74M | 675.67M |
| Enterprise Value | 910.56M | 411.49M | 636.45M | 364.39M | 360.78M | 591.05M |
| Last Close Price | 25.66 | 12.45 | 17.41 | 10.07 | 10.51 | 15.90 |
| PE Ratio | 14.22 | 6.70 | 12.34 | |||
| Forward PE | 19.18 | 9.54 | 14.74 | 17.87 | 148.78 | 148.78 |
| PS Ratio | 3.74 | 2.01 | 2.90 | 1.82 | 2.03 | 3.15 |
| PB Ratio | 3.36 | 1.80 | 3.31 | 2.69 | 2.18 | 3.07 |
| P/TBV Ratio | 6.81 | 3.08 | 6.25 | 7.83 | 4.42 | 6.60 |
| P/FCF Ratio | 21.20 | 9.67 | 15.17 | |||
| P/OCF Ratio | 16.57 | 8.21 | 12.65 | |||
| PEG Ratio | 1.74 | 0.87 | 0.80 | 0.80 | 8.27 | 8.27 |
| EV/Sales Ratio | 3.59 | 1.69 | 2.62 | 1.55 | 1.65 | 2.76 |
| EV/EBITDA Ratio | 15.31 | 6.75 | 10.77 | |||
| EV/EBIT Ratio | 19.54 | 8.09 | 12.54 | |||
| EV/FCF Ratio | 20.35 | 8.15 | 13.71 | |||
| Debt / Equity Ratio | 0.05 | 0.03 | 0.04 | 0.06 | 0.05 | 0.06 |
| Debt / EBITDA Ratio | 0.22 | 0.13 | 0.15 | |||
| Debt / FCF Ratio | 0.30 | 0.17 | 0.20 | |||
| Net Debt / Equity Ratio | -0.14 | -0.23 | -0.35 | -0.21 | -0.43 | -0.39 |
| Net Debt / EBITDA Ratio | -0.64 | -1.02 | -1.25 | 6.72 | 13.03 | 4.99 |
| Net Debt / FCF Ratio | -0.85 | -1.23 | -1.59 | 1.47 | 8.16 | 17.47 |
| Asset Turnover | 0.68 | 0.66 | 0.78 | 0.75 | 0.65 | 0.60 |
| Inventory Turnover | 5.80 | 5.93 | 5.09 | 5.61 | 6.29 | 6.11 |
| Quick Ratio | 1.06 | 1.26 | 1.34 | 0.98 | 1.52 | 1.79 |
| Current Ratio | 1.35 | 1.50 | 1.59 | 1.27 | 1.79 | 2.10 |
| Return on Equity (ROE) | 26.85% | 30.10% | 30.72% | -16.44% | -6.82% | -12.82% |
| Return on Assets (ROA) | 7.83% | 8.63% | 10.10% | -2.31% | -2.55% | -4.55% |
| Return on Invested Capital (ROIC) | 19.16% | 29.20% | 38.50% | -9.61% | -11.07% | -17.94% |
| Return on Capital Employed (ROCE) | 15.70% | 18.00% | 22.20% | -6.60% | -6.20% | -10.30% |
| Earnings Yield | 7.03% | 14.93% | 8.10% | -6.97% | -3.25% | -4.53% |
| FCF Yield | 4.72% | 10.34% | 6.59% | -5.43% | -2.42% | -0.73% |
| Dividend Yield | 2.02% | 3.75% | 0.65% | |||
| Payout Ratio | 28.76% | 25.32% | ||||
| Buyback Yield / Dilution | 1.35% | 0.53% | 2.76% | -0.12% | -1.33% | 1.05% |
| Total Shareholder Return | 3.38% | 4.28% | 3.40% | -0.12% | -1.33% | 1.05% |