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Employees: 602
Size OneSpan (OSPN) is a United States Information Technology company (Information Technology Services) with a market value of $797M, the 2398th largest of 3,117 United States companies the cockpit tracks. Shares closed at $21.59 on 6 Nov 2026.
Performance Over six months the shares gained 76.5%, against +11.3% for the median peer and -1.1% for the United States market (cap-weighted) — 2nd highest of 21 in its peer set.
Growth Revenue grew 4.9% over the last twelve months (peer median +3.5%); the operating margin is 18.2% (peer median 3.1%).
Valuation It trades at 16.1× forward earnings against a peer median of 25.3× (5th cheapest of 15).
Price implies For today's price to make sense, revenue must grow about 15% a year for seven years (Req g). Recent delivered growth is +2%, so the hurdle is +12 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 2.7 points above its cost of capital (12.3% WACC).
Backlog Backlog (remaining performance obligations) was $113M at 30 Sep 2026, up 10% on a year earlier — 0.4 years of trailing revenue. Backlog detail →
Next results Next results expected around 4 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $253M | $243M | $243M | $235M | $219M |
| Revenue growth | — | 0% | +3% | +7% | — |
| Gross profit | $180M | $172M | $172M | $155M | $142M |
| EBITDA | $64.5M | $65.1M | $57.6M | -$5.08M | -$4.33M |
| Net income | $69.7M | $72.9M | $57.1M | -$29.8M | -$14.4M |
| Free cash flow | $44.7M | $48.8M | $46.4M | -$23.2M | -$10.8M |
| Capital expenditure | $12.7M | $9.04M | $9.30M | $12.5M | $5.03M |
| Total debt | $13.4M | $8.40M | $9.28M | $8.85M | $10.7M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | OSPN | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +19.9% | +0.1% | 5th highest of 21 |
| 6-month return | +76.5% | +11.3% | 2nd highest of 21 |
| Distance from 52-week high | -21.4% | -35.2% | 8th highest of 21 |
| Revenue growth (TTM) | +4.9% | +3.5% | 9th highest of 21 |
| Operating margin | 18.2% | 3.1% | 3rd highest of 21 |
| Forward P/E | 16.1× | 25.3× | 5th cheapest of 15 |
| Growth the price implies (Req g, 7 yrs) | 14.6% | 10.9% | 7th most demanding of 14 |
| Growth delivered (Del g) | +2.4% | +13.7% | 3rd lowest of 14 |
| Hurdle (Req g minus delivered) | +12.2 pp | -3.0 pp | 4th most demanding of 14 |
| ROIC minus cost of capital | +2.7 pp | -0.3 pp | 9th highest of 21 |
| EV / EBITDA | 11.8× | 10.2× | 3rd most expensive of 9 |
| Net debt / EBITDA | -0.6× | 0.2× | 4th least indebted of 10 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| OneSpan OSPN | United States | $797M | +77% | +5% | 18% | 16.1× | 14.6% | +2.4% |
| Beijing E-Hualu Information Technology 300212.SZ | China | $794M | +13% | -23% | -702% | 32.3× | 47.3% | -29.0% |
| SNP Schneider-Neureither & Partner SHF.DE | Germany | $793M | +18% | +15% | 20% | 28.9× | 2.8% | +15.6% |
| Memsensing Microsystems (Suzhou China) 688286.SS | China | $807M | +46% | -7% | -6% | 104.5× | 48.4% | +13.4% |
| Yunnan Nantian Electronics Information 000948.SZ | China | $783M | -8% | -8% | 1% | n/a | 15.7% | +18.7% |
| Mitek Systems MITK | United States | $778M | +10% | +11% | 18% | 15.5× | 10.9% | +12.1% |
| GFT Technologies GFT.DE | Germany | $819M | +35% | +3% | 6% | 16.2× | 3.7% | +14.8% |
| Qiming Information Technology 002232.SZ | China | $822M | -24% | -4% | 1% | n/a | n/a | n/a |
| Global Security Experts 4417.T | Japan | $822M | +239% | +25% | 21% | 50.8× | 34.4% | +30.2% |
| TechMatrix 3762.T | Japan | $762M | +67% | +15% | 10% | 21.6× | -7.5% | +18.3% |
| Beijing Watertek Information Technology 300324.SZ | China | $834M | -35% | -44% | -32% | n/a | n/a | n/a |
| MediaAlpha MAX | United States | $841M | +56% | +15% | 7% | 12.1× | -0.7% | +13.7% |
| Beijing Join-Cheer Software 002279.SZ | China | $750M | -22% | -34% | 0% | n/a | 41.2% | -1.7% |
| Addnode ANOD-B.ST | Sweden | $859M | +35% | +5% | 10% | 16.0× | 4.5% | +8.8% |
| Beijing Philisense Technology 300287.SZ | China | $736M | -21% | -52% | -25% | n/a | n/a | n/a |
| Sinodata 002657.SZ | China | $734M | -30% | -31% | -33% | 206.1× | n/a | n/a |
| Chutian Dragon 003040.SZ | China | $869M | -15% | -23% | -7% | 40.5× | n/a | n/a |
| Sonata Software SONATSOFTW.NS | India | $711M | -12% | +4% | 5% | 13.5× | 18.5% | +20.4% |
| Gng Electronics EBGNG.NS | India | $705M | +32% | +34% | 11% | 33.7× | n/a | n/a |
| ArcherMind Technology 300598.SZ | China | $906M | -24% | +7% | -5% | n/a | n/a | n/a |
| Zuken 6947.T | Japan | $699M | +12% | +12% | 14% | 18.5× | -6.8% | +8.4% |
OneSpan reported $113M of remaining performance obligations at 30 Sep 2026, up 10% from a year earlier and up 13% from the previous quarter. That is 0.4 years of trailing revenue already under contract. Book-to-bill last quarter: 1.20.