OSPNOneSpan Inc.
Is the business good?
A genuinely good business: earnings fully cash-backed (1.5×), margins widening, and elite returns on assets.
Operating profit is fully backed by cash.
Operating profit is falling even as sales grow, costs are outrunning the top line.
High-quality, exceptional returns on the assets themselves, not leverage. ROE 25% = margin × turnover × leverage.
Unless marked, from derived.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is OSPN?
OneSpan Inc. earns 15% on the capital it employs against a 9.0% cost of capital, so the business is worth more the bigger it gets.
Return on invested capital · cost of capital 9.0% · 6.2 points above what the capital costs: growth creates value
- Operating margin
- 18%
Operating margin · Software - Infrastructure median 7.5% · 12 months to Q2 2026
- Cash conversion
- 1.48×
Cash conversion · 1.55× a year ago · operating cash flow covers the operating profit after tax
- Share count, year on year
- −2.2%
Share count, year on year · bought back, each share owns more of the company
| Year | Operating margin |
|---|---|
| FY2020 | −2.4% |
| FY2021 | −12% |
| FY2022 | −12% |
| FY2023 | −12% |
| FY2024 | 18% |
| FY2025 | 20% |
Details›
- Gross margin12 months to Q2 2026
- 74%
- Operating margin12 months to Q2 2026
- 18%
- Net margin12 months to Q2 2026
- 28%
- Free cash flow margin
- 16%
- R&D as % of revenue
- 15%
- Revenue, trailing twelve months
- $246M
- Free cash flow, trailing twelve months
- $40M
- Net income, trailing twelve months
- $68M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 15%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.
Customers and suppliers
Who buys from OSPN and who it buys from, as the companies report it.
- Top ten customers18%
Combined share of revenue · FY2025 10-K
None disclosed.
A company has to disclose every customer behind 10% or more of its revenue. Each share comes from the latest annual report of the company that states it and shows on both companies’ pages; OSPN’s own figures are from its FY2025 10-K. Smaller customers and suppliers go unreported.
Software, Infrastructure
Ranks #21 of 78 by RyuScore