OSPN

MKT CAP:$433M

OneSpan Inc.

Market Cap

$433M

Technology·Software - Infrastructure·🇺🇸 United States·NASDAQ

Technology·Software Infra·🇺🇸·NASDAQ

Stock Price

$11.62-$0.67 (-5.45%)

Apr 21, 2026

Company Details

OneSpan Inc., together with its subsidiaries, designs, develops, and markets digital solutions for identity, security, and business productivity worldwide. The company offers OneSpan Sign, a range of e-signature requirements for occasional ...

CEO

Victor T. Limongelli

IPO Date

May 21, 1998

Website

www.onespan.com

Key Metrics TTM

Revenue

$243M

+0.0% YoY

Net Income

$73M

EPS (Diluted)

$1.88

Free Cash Flow

$49M

Revenue / Share

$6.32

Gross Margin

70.7%

Operating Margin

20.6%

Net Margin

30.0%

FCF Margin

20.3%

P/S

1.8x

P/E

5.9x

Earnings Reports

Q1 2026

May 7, 2026

PENDING

FY 2025

Feb 26, 2026

$243M+0.0%EPS $1.90

Q4 2025

Feb 26, 2026

$63M+2.9%EPS $1.13

Q3 2025

Oct 30, 2025

$57M+1.4%EPS $0.17

Q2 2025

Aug 5, 2025

$60M-1.8%EPS $0.21

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$52M	$37M	-$9M
Q2 22	$53M	$36M	-$8M
Q3 22	$57M	$38M	-$6M
Q4 22	$57M	$38M	-$4M
Q1 23	$58M	$39M	-$8M
Q2 23	$56M	$34M	-$18M
Q3 23	$59M	$41M	-$5M
Q4 23	$63M	$43M	$2M
Q1 24	$65M	$47M	$14M
Q2 24	$61M	$40M	$8M
Q3 24	$56M	$42M	$11M
Q4 24	$61M	$45M	$12M
Q1 25	$63M	$47M	$17M
Q2 25	$60M	$44M	$11M
Q3 25	$57M	$42M	$8M
Q4 25	$63M	$39M	$14M

Valuation

Quarter	P/S	P/E
Q1 22	2.0x	—
Q2 22	2.0x	—
Q3 22	2.0x	—
Q4 22	2.0x	—
Q1 23	1.9x	—
Q2 23	1.9x	—
Q3 23	1.9x	—
Q4 23	1.8x	—
Q1 24	1.8x	—
Q2 24	1.7x	26.5x
Q3 24	1.8x	15.1x
Q4 24	1.8x	7.6x
Q1 25	1.8x	7.4x
Q2 25	1.8x	7.2x
Q3 25	1.8x	7.4x
Q4 25	1.8x	5.9x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$4M	$3M
Q2 22	-$15M	-$16M
Q3 22	-$2M	-$4M
Q4 22	$8M	$5M
Q1 23	$13M	$10M
Q2 23	-$20M	-$23M
Q3 23	-$7M	-$10M
Q4 23	$3M	-$374.0K
Q1 24	$27M	$24M
Q2 24	$2M	$22.0K
Q3 24	$14M	$12M
Q4 24	$12M	$10M
Q1 25	$29M	$28M
Q2 25	$6M	$4M
Q3 25	$10M	$8M
Q4 25	$13M	$10M

Capital Expenditures

Quarter	CapEx
Q1 22	$279.0K
Q2 22	$767.0K
Q3 22	$2M
Q4 22	$2M
Q1 23	$3M
Q2 23	$3M
Q3 23	$3M
Q4 23	$3M
Q1 24	$3M
Q2 24	$2M
Q3 24	$2M
Q4 24	$2M
Q1 25	$2M
Q2 25	$2M
Q3 25	$3M
Q4 25	$3M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+3.3%	+2.7%
Q2 22	+1.0%	-0.2%
Q3 22	+9.3%	+15.6%
Q4 22	-4.3%	-6.9%
Q1 23	+9.8%	+6.6%
Q2 23	+5.6%	+20.4%
Q3 23	+3.0%	+1.4%
Q4 23	+11.1%	+0.8%
Q1 24	+12.6%	-22.8%
Q2 24	+9.3%	-27.5%
Q3 24	-4.4%	-29.3%
Q4 24	-2.8%	-19.2%
Q1 25	-2.3%	-9.0%
Q2 25	-1.8%	-7.4%
Q3 25	+1.4%	+8.5%
Q4 25	+2.9%	-1.2%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$1M	2.6%
Q2 22	$0	0.0%
Q3 22	$3M	5.0%
Q4 22	$3M	5.6%
Q1 23	$4M	6.6%
Q2 23	$5M	8.1%
Q3 23	$2M	3.2%
Q4 23	$4M	6.5%
Q1 24	$2M	2.4%
Q2 24	$2M	3.1%
Q3 24	$3M	4.7%
Q4 24	$3M	4.7%
Q1 25	$3M	4.4%
Q2 25	$3M	5.8%
Q3 25	$0	0.0%
Q4 25	$2M	2.5%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q1 22	$12M	$15M	$15M
Q2 22	$12M	$13M	$15M
Q3 22	$10M	$12M	$15M
Q4 22	$8M	$16M	$16M
Q1 23	$9M	$17M	$20M
Q2 23	$10M	$16M	$20M
Q3 23	$10M	$12M	$17M
Q4 23	$9M	$14M	$14M
Q1 24	$8M	$10M	$13M
Q2 24	$8M	$12M	$11M
Q3 24	$8M	$11M	$10M
Q4 24	$8M	$13M	$11M
Q1 25	$8M	$10M	$11M
Q2 25	$9M	$12M	$12M
Q3 25	$9M	$12M	$11M
Q4 25	$8M	$12M	$13M

Rule of 40

Quarter	Rev Growth %	EBITDA Margin %	Rule of 40
Q1 22	3.3%	-8.6%	-5.3
Q2 22	1.0%	-6.8%	-5.8
Q3 22	9.3%	4.4%	13.7
Q4 22	-4.3%	-2.0%	-6.3
Q1 23	9.8%	-10.6%	-0.8
Q2 23	5.6%	-18.7%	-13.1
Q3 23	3.0%	5.8%	8.8
Q4 23	11.1%	12.7%	23.9
Q1 24	12.6%	27.3%	39.8
Q2 24	9.3%	18.7%	28.0
Q3 24	-4.4%	24.7%	20.3
Q4 24	-2.8%	25.9%	23.1
Q1 25	-2.3%	31.1%	28.9
Q2 25	-1.8%	21.7%	20.0
Q3 25	1.4%	19.2%	20.7
Q4 25	2.9%	26.7%	29.5

Rule of 40

Revenue Segments

Quarter	Hardware products	Maintenance, support and other	Professional services	Software licenses	Subscription	Product and license	Services and other	Hardware Products	Professional Services and Other
Q1 22	$15M	$12M	$900.0K	$14M	$10M	—	—	—	—
Q4 22	—	—	—	—	—	$32M	$25M	—	—
Q1 23	—	—	—	—	—	$33M	$24M	—	—
Q2 23	—	—	—	—	—	$31M	$25M	—	—
Q1 25	—	$8M	—	—	$44M	—	—	$11M	$678.0K
Q2 25	—	$9M	—	—	$36M	—	—	$14M	$960.0K
Q3 25	—	$9M	—	—	$38M	—	—	$10M	$660.0K
Q4 25	—	$9M	—	—	$39M	—	—	$14M	$821.0K

Revenue by Geography

Quarter	Americas	Asia Pacific	Europe, Middle East, Africa (EMEA)	Emea
Q1 22	$17M	$10M	$25M	—
Q2 22	$19M	$10M	$24M	—
Q3 22	$20M	$11M	$26M	—
Q4 22	$21M	$10M	—	$26M
Q1 23	$20M	$9M	—	$28M
Q2 23	$18M	$11M	—	$27M
Q3 23	$20M	$13M	—	$26M
Q4 23	$21M	$11M	—	$31M
Q1 24	$21M	$12M	—	$32M
Q2 24	$21M	$15M	—	$25M
Q3 24	$22M	$12M	—	$22M
Q4 24	$22M	$10M	—	$29M
Q1 25	$21M	$11M	—	$31M
Q2 25	$24M	$13M	—	$23M
Q3 25	$26M	$10M	—	$21M
Q4 25	$25M	$12M	—	$27M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$84M	$36M	$120M
Q2 22	$78M	$20M	$98M
Q3 22	$82M	$12M	$94M
Q4 22	$97M	$2M	$99M
Q1 23	$107M	$0	$107M
Q2 23	$83M	$0	$83M
Q3 23	$68M	$0	$68M
Q4 23	$44M	$0	$44M
Q1 24	$64M	$0	$64M
Q2 24	$64M	$0	$64M
Q3 24	$77M	$0	$77M
Q4 24	$83M	$0	$83M
Q1 25	$105M	$0	$105M
Q2 25	$93M	$0	$93M
Q3 25	$86M	$0	$86M
Q4 25	$70M	$0	$70M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	40M	+0.6%	-0.8%
Q2 22	40M	+1.2%	+1.2%
Q3 22	40M	-1.1%	+0.2%
Q4 22	40M	+0.5%	+1.1%
Q1 23	40M	+0.4%	+0.9%
Q2 23	40M	+0.9%	+0.6%
Q3 23	40M	+0.1%	+1.8%
Q4 23	40M	-0.9%	+0.5%
Q1 24	38M	-4.1%	-4.0%
Q2 24	39M	+1.4%	-3.4%
Q3 24	39M	+1.2%	-2.5%
Q4 24	40M	+1.1%	-0.5%
Q1 25	39M	-2.2%	+1.5%
Q2 25	39M	-0.0%	+0.0%
Q3 25	39M	-0.6%	-1.7%
Q4 25	38M	-0.8%	-3.6%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$59.7K	879
Q2 22	$60.1K	879
Q3 22	$65.0K	879
Q4 22	$71.7K	790
Q1 23	$72.9K	790
Q2 23	$70.5K	790
Q3 23	$74.5K	790
Q4 23	$93.1K	676
Q1 24	$95.9K	676
Q2 24	$90.1K	676
Q3 24	$83.2K	676
Q4 24	$107.1K	571
Q1 25	$111.0K	571
Q2 25	$104.8K	571
Q3 25	$99.9K	571
Q4 25	$182.4K	345

Revenue / Employee