OneSpan

OSPN

Software - Infrastructure · Technology

Price

$15.47

-0.07 (-0.45%)

Market Cap

$573.5M

Exchange

NASDAQ

Winston Score

Winston is curious

Mixed quality — meaningful strengths and weaknesses.

Share count falling — buybacks

−2.9% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 39.6M (2021) → 38.5M (2025)

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 agreement to processing tens of thousands of transactions; OneSpan Cloud Authentication, a cloud-based multifactor authentication solution that supports a range of authentication options, including biometrics, push notification, and visual cryptograms for tran

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+4.1% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

-18.4% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$34M/ year

↑ Rising (+5% vs prior year)

14.0% of revenue

In line with sector average (15%)

Investing heavily in future products and technology

Insider Activity

2.0%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Position

Cash flow positive

$50M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

OneSpan is growing revenue at 4% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

73.6%

Premium pricing power — 73.6% gross margin

Operating Margin

22.9%

Excellent — 22.9% operating margin

ROCE

5.6%

Weak — 5.6% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales YoY

+1.7%

Nearly flat sales (1.7% YoY)

EPS YoY

+23.3%

Earnings growing fast (23.3% YoY)

Healthy double-digit earnings growth — what compounders look like.

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

82%

Modest — 82% of profit becomes cash

FCF Margin

19.0%

Converts sales into free cash efficiently (19.0%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

Debt / Equity

N/A

Data not available

Interest Cover

2525.95x

Comfortably covers interest (2525.9x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

8.4x

Attractive valuation — P/E 8.4

P/E under 10. The price tag is small relative to last year's profit.

P/E vs Forward

-4.1

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend Yield

3.30%

Moderate income — 3.30% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend Growth

N/A

no trend

Data not available

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