Company Analysis

OneSpan Inc. (OSPN)

Nasdaq: OSPN · Services-Computer Integrated Systems Design · Boston, MA · filing with the SEC since 1997
Grade6.7
◀ Past 6.9● Present 6.9▶ Future 5.9

The grade of OneSpan Inc.

Nine metrics read from its own filings, by tense
Headline grade
6.7/10
◀ Past6.940% of the headline
● Present6.935% of the headline
▶ Future5.925% of the headline

All three tenses have at least two readings, so the archetype blend applies as printed.

All nine metrics read as filed from the record.

◀ Past

What did they actually do?

6.9/1040% of the headline grade · 3 of 3 filed

Surviving crises

as filed
6.1/10

Has it survived what it has been through?

1 warning event since 2017; the latest 2020-08-11.

weight 33% of this tense · 61st percentile among 45 sector filers · read for itself

From the record

OneSpan Inc.'s filings since 2017 show 1 warning event: a late-report notice (Form NT 10-K or NT 10-Q, the latest 2020-08-11) (its current reports).

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Track record

as filed
6.8/10

What has it actually done, year after year?

+3.6% a year over 4 filed years; profitable in 2 of 4.

weight 45% of this tense · 68th percentile among 38 sector filers · read for its customers

From the record

OneSpan Inc.'s 4 filed years say what it did: revenue went from $219 million in fiscal 2022 to $243 million in fiscal 2025, up 3.6% a year; it rose in 3 of 3 years; it never fell from a peak; net income was positive in 2 of 4 of those years (its annual reports).

What it rests on

  • revenue growth over the filed span3.6%bottom 36% of its family
  • the share of years revenue rosetop 17% of its family
  • the share of filed years with a profittop 30% of its family
  • the deepest fall from a revenue peak0.0%top 17% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Shareholder treatment

as filed
8.4/10

How has it treated the people who own it?

Share count shrank 1.1% a year. 58% of cash flow returned. Insiders: 6 sales, 1 purchases.

weight 22% of this tense · 84th percentile among 22 sector filers · read for its shareholders

From the record

Over the 3 fiscal years to 2025-12-31, OneSpan Inc.'s diluted share count shrank about 1.1% a year, and dividends and buybacks returned about 58% of its operating cash flow over 3 years (its filed statements). Its officers and directors filed 6 sales and 1 purchase of their own stock on the open market in the year to 2026-11-10, buying about $35 thousand (their Form 4 filings).

What it rests on

  • the share count over the yearstop 14% of its family
  • cash returned against operating cash flowtop 19% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

● Present

What are they doing right now?

6.9/1035% of the headline grade · 3 of 3 filed

Financial health

as filed
8.1/10

Is it financially healthy right now?

ROE 27%: 27¢ of profit per shareholder dollar. Leverage 32%: owes 32¢ per asset dollar.

weight 33% of this tense · 81st percentile among 41 sector filers · read for itself

From the record

Return on equity: in the fiscal year ended 2025-12-31, OneSpan Inc. earned about 27 cents of profit for every dollar of shareholders' money, and gross profitability: its products earned about 45 cents per dollar of everything the company owns. Leverage: it owed about 32 cents per dollar of assets, and net share issuance: its share count shrank 0.5% over the year (the filed statements).

What it rests on

  • what it owes per dollar of assetstop 25% of its family
  • return on equitytop 11% of its family
  • gross profit against assetstop 13% of its family
  • the share count against the year beforetop 27% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Industry position

as filed
6.9/10

How strong is its position in its industry?

top 31% of 40 in its family; net margin 30%.

weight 45% of this tense · 69th percentile among 40 sector filers · read for its customers

From the record

OneSpan Inc.'s standing among 40 graded names in its industry family: revenue of $243 million in fiscal 2025 ranks in the top 40% by size; a net margin of 30% ranks in the top 4%; revenue growth of 3.6% a year over the last 3 filed years ranks in the top 49% (its annual reports).

What it rests on

  • revenue against the family$243Mtop 40% of its family
  • net margin30.0%top 4% of its family
  • three-year revenue growth3.6%top 49% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Leadership

as filed
5.1/10

What are the people in charge doing?

top 49% of 26 in its family for leadership; chief executive since 2024.

weight 22% of this tense · 51st percentile among 26 sector filers · read for its shareholders

From the record

OneSpan Inc.'s leadership, from its insiders' filings and its current reports: the chief executive on the record is Limongelli, Victor (CEO and President, as filed), filing under that title since 2024-01-11, 2.8 years (bottom 43% of its family); the 11 officers and directors filing in the last fifteen months have been on the record a median of 5.4 years (bottom 46%); 4 officer or director changes were reported on Form 8-K since 2023-11-13, against the 11 people in charge now (top 37%; fewer changes for each person reads higher) (the Form 4 record, its Form 8-K reports). Years count from a person's first filing in the SEC's data sets, which begin in 2006, so each is a floor.

What it rests on

  • officer and director changes on Form 8-K, against the people in charge4 in three years among 11 peopletop 37% of its family
  • the median years the people in charge have filed5.4 yearsbottom 46% of its family
  • the chief executive's years on the record2.8 yearsbottom 43% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

▶ Future

What are they set up to do next?

5.9/1025% of the headline grade · 3 of 3 filed

Room to expand

as filed
7.1/10

How much room does it have to grow?

top 29% of 39 in its family for room to expand.

weight 22% of this tense · 71st percentile among 39 sector filers · read for itself

From the record

OneSpan Inc.'s room to grow, from the newest filed statements (fiscal 2025): cash of $70 million against no long-term debt tagged leaves 17.7% of its assets as net cash, top 28% of its family; cash from operations less capital spending is 20.8% of revenue (top 17%); a gross margin of 73.8% (top 11%); research spending of 14% of revenue (bottom 40%) (its annual report).

What it rests on

  • cash less debt against assets17.7%top 28% of its family
  • cash from operations less capital spending against revenue20.8%top 17% of its family
  • gross margin73.8%top 11% of its family
  • research spending against revenue14.0%bottom 40% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Growth drivers

as filed
4.6/10

What could actually drive growth from here?

bottom 46% of 38 in its family for growth drivers.

weight 45% of this tense · 46th percentile among 38 sector filers · read for its customers

From the record

OneSpan Inc.'s growth drivers, from the filed years to fiscal 2025: revenue grew 3.6% a year over the last three filed years against 3.6% over all 4, speeding up (top 42% of its family); the newest year grew 0% (bottom 26%); research spending grew -6.5% a year (bottom 20%); capital spending grew 21.5% a year (top 21%) (its annual reports). OneSpan Inc. reported 2 lines of business in fiscal 2025: Cybersecurity at $178 million (73%), Digital Agreements at $65 million (27%); 1 of 2 grew against the year before (its annual report).

What it rests on

  • three-year growth against the whole span+0.0 points a yeartop 42% of its family
  • the newest year's revenue growth0.0%bottom 26% of its family
  • three-year growth of research spending-6.5%bottom 20% of its family
  • three-year growth of capital spending21.5%top 21% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Expectations vs reality

as filed
6.8/10

Did its newest year beat what its own record pointed to?

top 32% of 32 in its family for expectations against reality.

weight 33% of this tense · 68th percentile among 32 sector filers · read for its shareholders

From the record

OneSpan Inc.'s newest year against its own record: revenue of $243 million in fiscal 2025 came in 5.1% below the $256 million its prior three years' pace pointed to (bottom 27% of its family); net income of $73 million against a prior three-year average of $4 million (top 2%); a net margin of 30% against 1.4% before (top 20%) (its annual reports).

What it rests on

  • revenue against the prior three years' pace-5.1%bottom 27% of its family
  • net income against the prior three years' averagefive times its prior average or moretop 2% of its family
  • net margin against its prior average+28.6 pointstop 20% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

The grade is the company against its own industry, from its filings. It is not a view on the share price. How the grade is made

SI Assistanton OSPN · research, not advice