# OneSpan Inc. (OSPN)

> Source: Nexqual · https://nexqual.com/OSPN · data as of 2026-10-28 20:00 UTC · cite as "Nexqual, OneSpan Inc. (OSPN), nexqual.com/OSPN" · informational, not investment advice.

**Price:** USD 20.08 (-1.38% on the day) · last close of Oct 28, 2026; US market after hours, not a live price. Prev close 20.36 · day 19.86–20.47 · 52w 10.07–20.82 · market cap $740M · NCM

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $246M, net income $68.4M (27.8% margin), free cash flow $40.2M (SEC filings).
- Valuation: P/E 10.8x (avg 9.8x at the last 2 fiscal year-ends).
- Insider open-market sales, last ~7 months: 1 Form 4 filings, $289K; 1 not under a Rule 10b5-1 plan ($289K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Hold (mean 2.50 on a 1–5 scale) (4 analysts), mean target USD 18 (range 16–22).
- Total return with dividends: 1Y +37.9% vs S&P 500 +13.6%; 5Y +4.7% vs S&P 500 +79.8%.
- Next earnings: 2026-10-29, EPS estimate USD 0.24, revenue estimate $57.4M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $214M | $219M | $235M | $243M | $243M | $246M |
| Gross profit | $143M | $149M | $158M | $175M | $179M | — |
| Operating income | -$26.1M | -$27.1M | -$28.9M | $44.8M | $48.4M | $44.3M |
| Net income | -$30.6M | -$14.4M | -$29.8M | $57.1M | $72.9M | $68.4M |
| EPS (diluted) | -$0.77 | -$0.36 | -$0.74 | $1.46 | $1.88 | — |
| Free cash flow | -$4.9M | -$10.8M | -$23.2M | $46.4M | $50.5M | $40.2M |
| Gross margin | 66.6% | 67.8% | 67.1% | 71.8% | 73.8% | — |
| Operating margin | -12.2% | -12.4% | -12.3% | 18.4% | 19.9% | 18.0% |
| Net margin | -14.3% | -6.6% | -12.7% | 23.5% | 30.0% | 27.8% |
| Revenue growth | -0.6% | +2.1% | +7.4% | +3.4% | +0.0% | — |
| Cash + short-term investments | $63.4M | $96.2M | $43.0M | $83.2M | $70.5M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 10.8x · P/S 3.0x · P/FCF 18.4x · P/B 2.7x · FCF yield 5.43% · Earnings yield 9.24% · Dividend yield (paid, TTM) 2.58% · Buyback yield (TTM) 2.90%
P/E at fiscal year-ends: Dec 2025 6.8x, Dec 2024 12.7x.

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 1 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-06-16 | Martell Jorge Garcia | Chief Financial Officer | 20,000 | $289K | 18% | No | Too little history (no open-market trades in 2023) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Hold (mean 2.50 on a 1–5 scale), 4 analysts; mean target USD 18 (low 16, high 22).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-27 | Rosenblatt | Downgrade | Buy → Neutral | $18 |
| 2026-08-05 | DA Davidson | Target raised | Neutral | $14 → $16 |
| 2026-08-05 | Rosenblatt | Target raised | Buy | $16 → $18 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-29) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | +37.9% | +4.7% |
| S&P 500 (SPY) | +13.6% | +79.8% |
| Per year | +38.1% | +0.9% |
| Volatility (annualized) | 48.0% | 48.6% |
| Max drawdown | -33.1% (Oct 2025→Mar 2026) | -63.5% (Nov 2021→Oct 2023) |

## Peers (Software - Infrastructure)
DLO (DLocal Limited) USD 13.77 -1.99% · BLSH (Bullish) USD 28.73 -0.73% · CORZ (Core Scientific, Inc.) USD 15 +5.15% · RELY (Remitly Global, Inc.) USD 24.27 +0.25% · TENB (Tenable Holdings, Inc.) USD 48.72 +0.14% · ACIW (ACI Worldwide, Inc.) USD 55.2 +0.99%

## More
Full page: https://nexqual.com/OSPN · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in OSPN's own 10-K filed 2026-02-26 (https://www.sec.gov/Archives/edgar/data/1044777/000104477726000008/ospn-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | Salesforce (CRM) | "For example, the recent Salesloft, Inc. Drift data breach impacted hundreds of Salesforce.com customers worldwide." |
| Customer | Amazon (AMZN) | "Although we expect that we could receive similar services from other third parties, if any of our arrangements with AWS or other third-party hosting providers are terminated, we could experience interruptions on our plat…" |
| Partner | ThreatFabric Holding | "•In October 2025, we announced a strategic investment in, and partnership with, ThreatFabric Holding B.V., a Dutch company that provides mobile threat intelligence, malware risk detection, and behavioral analytics, to fu…" |
| Competitor | Adobe (ADBE) | "Our primary competitors for electronic signature solutions are Docusign and Adobe Systems." |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.24 | $0.29 | -18.6% | $57.4M | 5 |
| Next quarter (ends 2026-12-31) | $0.32 | $0.31 | +0.6% | $66.4M | 5 |
| Current fiscal year (ends 2026-12-31) | $1.24 | $1.22 | +2.3% | $250.2M | 5 |
| Next fiscal year (ends 2027-12-31) | $1.30 | $1.31 | -0.6% | $256.1M | 5 |

## Earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| — | Quarter ended Jun 30, 2026 | $0.30 | $0.23 | Beat +30.4% | — |
| — | Quarter ended Mar 31, 2026 | $0.39 | $0.35 | Beat +11.4% | — |
| — | Quarter ended Dec 31, 2025 | $0.36 | $0.29 | Beat +24.1% | — |
| — | Quarter ended Sep 30, 2025 | $0.33 | $0.29 | Beat +13.8% | — |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).

## Recent SEC filings (last 120 days)
| Filed | Form | What it says | Filing |
|---|---|---|---|
| 2026-10-08 | Schedule 13G | Dimensional Fund Advisors LP: 5.2% of shares, passive 5%+ holder | https://www.sec.gov/Archives/edgar/data/1044777/000035420426001075/0000354204-26-001075-index.htm |
| 2026-08-06 | Schedule 13G/A | BlackRock, Inc.: 10.1% of shares, passive 5%+ holder (amended) | https://www.sec.gov/Archives/edgar/data/1044777/000201238326003228/0002012383-26-003228-index.htm |
| 2026-08-04 | 10-Q | Quarterly report · period ended Jun 30, 2026 | https://www.sec.gov/Archives/edgar/data/1044777/000104477726000040/0001044777-26-000040-index.htm |
| 2026-08-04 | 8-K | Quarterly results | https://www.sec.gov/Archives/edgar/data/1044777/000104477726000038/0001044777-26-000038-index.htm |
Source: SEC EDGAR. Quotes are the opening words of each item as filed.