OneSpan Inc., together with its subsidiaries, provides digital solutions for security, authentication, identity, electronic signature, and digital workflow products in the Americas, Europe, the Middle East, Africa, and the Asia Pacific regions. It operates through Cybersecurity and Digital Agreements segments. The company offers Cloud Authentication, a cloud-based multifactor authentication solution; Mobile Security Suite, a software development kit that protects mobile transactions; Mobile Application Shielding that protects mobile applications from attacks by malware allowing secure usage of mobile applications even in hostile environments; and authentication servers that securely authenticate users and transactions. The company also provides Authentication Suite, a solution to protect organizations from cyber threats; Digipass Authenticator; and Digipass S3 Authentication software, an authentication platform designed to enable passwordless and phishing-resistant authentication across web and mobile applications. It also provides OneSpan Sign, a range of e-signature requirements for occasional agreement; OneSpan Notary, an online notary solution developed for organizations with in-house notaries; OneSpan Sign Identity Verification that enables banks and financial institutions identity verification services; Onespan Sign Authentication, a configurable authentication option to verify senders and signers by adding layers of security to e-signature transactions; and OneSpan Integration Platform, a platform that enables organizations to integrate e-signatures. It sells its solutions through its direct sales force, distributors, resellers, systems integrators, and original equipment manufacturers. The company was formerly known as VASCO Data Security International, Inc. and changed its name to OneSpan Inc. in August 1997. OneSpan Inc. was founded in 1991 and is headquartered in Boston, Massachusetts.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $243M | $60M | $73M | $50M | 26.8% | 0.0% | 27.7% |
| 2024 | $243M | $58M | $57M | $46M | 26.9% | 3.4% | -291.6% |
| 2023 | $235M | $-5M | $-30M | $-23M | -18.7% | 7.4% | 106.5% |
| 2022 | $219M | $-7M | $-14M | $-11M | -7.1% | - | - |
| 2021 | - | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 219.01 | 235.11 | 243.18 | 243.18 |
| Cost Of Revenue | - | 70.44 | 77.39 | 68.60 | 63.83 |
| Gross Profit | - | 148.57 | 157.72 | 174.58 | 179.35 |
| Operating Expense | - | 162.38 | 169.28 | 125.33 | 129.28 |
| Research And Development | - | 41.74 | 38.42 | 32.42 | 34.16 |
| Selling General And Administration | - | 116.50 | 128.50 | 90.55 | 92.64 |
| Total Expenses | - | 232.81 | 246.67 | 193.93 | 193.11 |
| Operating Income | - | -13.80 | -11.56 | 49.25 | 50.07 |
| Total Operating Income As Reported | - | -27.12 | -28.87 | 44.80 | 48.45 |
| EBITDA | - | -6.74 | -5.08 | 57.61 | 60.14 |
| Normalized EBITDA | - | 6.57 | 12.23 | 62.06 | 61.77 |
| EBIT | - | -13.80 | -11.56 | 49.25 | 50.07 |
| Interest Income | - | 0.60 | 2.09 | 1.81 | 1.98 |
| Net Interest Income | - | 0.60 | 2.09 | 1.81 | 1.98 |
| Other Non Operating Income Expenses | - | 14.83 | -0.53 | -0.12 | -1.07 |
| Other Income Expense | - | 1.52 | -17.84 | -4.57 | -2.70 |
| Interest Income Non Operating | - | 0.60 | 2.09 | 1.81 | 1.98 |
| Net Non Operating Interest Income Expense | - | 0.60 | 2.09 | 1.81 | 1.98 |
| Pretax Income | - | -11.69 | -27.31 | 46.49 | 49.36 |
| Tax Provision | - | 2.74 | 2.49 | -10.60 | -23.54 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -2.80 | -3.64 | -0.93 | -0.34 |
| Net Income Continuous Operations | - | -14.43 | -29.80 | 57.08 | 72.90 |
| Net Income From Continuing And Discontinued Operation | - | -14.43 | -29.80 | 57.08 | 72.90 |
| Net Income From Continuing Operation Net Minority Interest | - | -14.43 | -29.80 | 57.08 | 72.90 |
| Net Income | - | -14.43 | -29.80 | 57.08 | 72.90 |
| Net Income Common Stockholders | - | -14.43 | -29.80 | 57.08 | 72.90 |
| Net Income Including Noncontrolling Interests | - | -14.43 | -29.80 | 57.08 | 72.90 |
| Normalized Income | - | -3.92 | -16.12 | 60.59 | 74.19 |
| Diluted NI Availto Com Stockholders | - | -14.43 | -29.80 | 57.08 | 72.90 |
| Basic Average Shares | - | 40.14 | 40.19 | 38.39 | 38.21 |
| Diluted Average Shares | - | 40.14 | 40.19 | 39.08 | 38.88 |
| Reconciled Depreciation | - | 7.07 | 6.48 | 8.36 | 10.07 |
| Reconciled Cost Of Revenue | - | 67.51 | 73.26 | 62.59 | 56.24 |
| Total Unusual Items | - | -13.31 | -17.31 | -4.44 | -1.63 |
| Total Unusual Items Excluding Goodwill | - | -13.31 | -17.31 | -4.44 | -1.63 |
| Special Income Charges | - | -13.31 | -17.31 | -4.44 | -1.63 |
| Write Off | 0 | 3.83 | - | - | - |
| Restructuring And Mergern Acquisition | - | 13.31 | 17.31 | 4.44 | 1.63 |
| Depreciation Amortization Depletion Income Statement | - | 4.14 | 2.35 | 2.35 | 2.48 |
| Depreciation And Amortization In Income Statement | - | 4.14 | 2.35 | 2.35 | 2.48 |
| General And Administrative Expense | - | 55.55 | 58.27 | 46.01 | 45.69 |
| Other Gand A | - | 55.55 | 58.27 | 46.01 | 45.69 |
| Total Other Finance Cost | 0 | -0.60 | -2.09 | - | - |
| Selling And Marketing Expense | - | 60.95 | 70.24 | 44.55 | 46.95 |
| Amortization | - | 4.14 | 2.35 | 2.35 | 2.48 |
| Amortization Of Intangibles Income Statement | - | 4.14 | 2.35 | 2.35 | 2.48 |
Technology sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| OneSpan Inc.this co. | OSPN | $546M | 7.49β discount | 2.01 | 26.8% | 8.00 |
| Grid Dynamics Holdings, Inc. | GDYN | $583M | 60.29 | 1.08 | 1.8% | 11.11 |
| PowerFleet, Inc. | AIOT | $567M | - | 14.73 | -11.4% | 37.91 |
| Cerence Inc. | CRNC | $557M | - | 3.70 | -12.4% | 57.48 |
| i3 Verticals, Inc. | IIIV | $555M | 31.04 | 1.42 |
| - |
| - |
| - |
| - |
| 4.6% |
| 11.46 |
| PubMatic, Inc. | PUBM | $552M | -38.15 | 2.10 | -5.5% | 16.98 |
| Ribbon Communications Inc. | RBBN | $541M | 13.64 | 1.20 | 8.8% | 13.99 |
| NVE Corporation | NVEC | $528M | 34.71 | 9.06 | 26.1% | 31.06 |
| Rapid7, Inc. | RPD | $521M | 22.27 | 3.36 | 15.1% | 11.79 |
| Peer Median | - | 26.65 | 2.73 | 3.2% | 15.48 | |