OSPN (OneSpan Inc.) Stock Financials & Earnings | Market Cap Arena

OSPN (OneSpan Inc.) Stock Financials & Earnings | Market Cap Arena

OSPNOneSpan Inc.

Mkt Cap$411M

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

Revenue (TTM)$243M

Net Income (TTM)$73M

EPS (TTM)$1.88

Free Cash Flow (TTM)$49M

Gross Margin70.7%

Op. Margin20.6%

Net Margin30.0%

FCF Margin20.3%

P/S Ratio (TTM)1.7x

P/E Ratio (TTM)5.6x

YoY Rev Growth+0.0%

Employees—

Earnings Reports

Revenue & Profitability

Quarter	Revenue	Gross Profit	Op. Income
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

Revenue Breakdown

Valuation

Quarter	P/S	P/E
Q1 23	1.8x	—
Q2 23	1.8x	—
Q3 23	1.8x	—
Q4 23	1.7x	—
Q1 24	1.7x	—
Q2 24	1.7x	25.2x
Q3 24	1.7x	14.3x
Q4 24	1.7x	7.2x
Q1 25	1.7x	7.1x
Q2 25	1.7x	6.9x
Q3 25	1.7x	7.1x
Q4 25	1.7x	5.6x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 23	$13M	$10M
Q2 23	-$20M	-$23M
Q3 23	-$7M	-$10M
Q4 23	$3M	-$374K
Q1 24	$27M	$24M
Q2 24	$2M	$22K
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

CapEx

Quarter	CapEx
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

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
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 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 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

Rule of 40

Quarter	Rev Growth %	EBITDA Margin %	Rule of 40
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

Revenue Segments

Quarter	Product and license	Services and other	Hardware Products	Maintenance, support and other	Professional Services and Other	Subscription
Q1 23	$33M	$24M	—	—	—	—
Q2 23	$31M	$25M	—	—	—	—
Q1 25	—	—	$11M	$8M	$678K	$44M
Q2 25	—	—	$14M	$9M	$960K	$36M
Q3 25	—	—	$10M	$9M	$660K	$38M
Q4 25	—	—	$14M	$9M	$821K	$39M

Revenue by Geography

Quarter	Americas	Asia Pacific	Emea
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 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

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change
Q1 23	40M	+0.4%
Q2 23	40M	+0.9%
Q3 23	40M	+0.1%
Q4 23	40M	-0.9%
Q1 24	38M	-4.1%
Q2 24	39M	+1.4%
Q3 24	39M	+1.2%
Q4 24	40M	+1.1%
Q1 25	39M	-2.2%
Q2 25	39M	-0.0%
Q3 25	39M	-0.6%
Q4 25	38M	-0.8%

Revenue Per Employee

Revenue / Employee

Year	Revenue/Employee	Employees
FY 14	$543K	371
FY 15	$443K	545
FY 16	$314K	613
FY 17	$316K	611
FY 18	$290K	732
FY 19	$341K	744
FY 20	$248K	870
FY 21	$244K	879
FY 22	$277K	790
FY 23	$348K	676
FY 24	$426K	571
FY 25	$705K	345