OneSpan Inc. (OSPN) Key Metrics
OSPN valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $644.9M
- Enterprise value
- $632.8M
- P/E (TTM)
- 9.9 10-yr median 51.6
- Forward P/E
- 14.0
- PEG ratio
- 1.27
- Price / sales
- 2.6 10-yr median 2.8
- Price / book
- 2.4 10-yr median 2.5
- EV / EBITDA
- 10.9 10-yr median 23.0
- Dividend yield
- 2.97% $0.52 a year
- Beta
- 1.58
OSPN key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsOSPN valuation Price multiples at each fiscal year-end price.
OSPN returns How much profit the business earns on the capital it uses.
OSPN per-share figures Results divided by the shares outstanding at year-end.
OSPN financial health Debt, liquidity and how easily interest is covered.
OSPN efficiency & capital use Working capital cycle and where the cash goes.
OSPN valuation history
OSPN returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
OSPN debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
OSPN cash returned to shareholders
OSPN price vs earnings per share
OSPN key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $493.9M | $724.6M | $430.9M | $449.2M | $670.7M | $827.9M | $687.1M | $518.6M | $553.2M | $543.1M |
| Enterprise value | $429.6M | $650.8M | $395.2M | $361.1M | $582.4M | $725.1M | $591.3M | $419.8M | $394.9M | $421.6M |
| P/E ratio | 6.8 | 12.7 | — | — | — | — | 87.4 | 134.8 | — | 51.6 |
| Price / sales | 2.0 | 3.0 | 1.8 | 2.1 | 3.1 | 3.8 | 2.7 | 2.4 | 2.9 | 2.8 |
| Price / book | 1.8 | 3.4 | 2.7 | 2.2 | 3.1 | 3.2 | 2.6 | 2.0 | 2.3 | 2.1 |
| Price / free cash flow | 9.8 | 15.6 | — | — | — | 70.0 | 63.7 | — | 38.3 | 20.7 |
| Price / operating cash flow | 8.3 | 13.0 | — | — | — | 55.5 | 37.7 | — | 31.4 | 19.1 |
| EV / sales | 1.8 | 2.7 | 1.7 | 1.6 | 2.7 | 3.4 | 2.3 | 2.0 | 2.0 | 2.2 |
| EV / EBITDA | 7.2 | 11.3 | — | — | — | 107.5 | 23.0 | 37.4 | 23.5 | 20.7 |
| EV / free cash flow | 8.5 | 14.0 | — | — | — | 61.3 | 54.8 | — | 27.4 | 16.1 |
| Earnings yield | 14.8% | 7.9% | −6.9% | −3.2% | −4.6% | −0.7% | 1.1% | 0.7% | −4.0% | 1.9% |
| Free cash flow yield | 10.2% | 6.4% | −5.4% | −2.4% | −0.7% | 1.4% | 1.6% | −0.8% | 2.6% | 4.8% |
| Dividend yield | 3.7% | 0.7% | 0.0% | — | — | — | — | — | 0.0% | 0.0% |
| Shareholder yield (dividends + buybacks) | 6.4% | 0.7% | 6.8% | 1.3% | 1.1% | 0.6% | 0.1% | 0.2% | 0.1% | 0.2% |
| Share price at fiscal year-end | $12.84 | $18.54 | $10.72 | $11.19 | $16.93 | $20.68 | $17.12 | $12.95 | $13.90 | $13.65 |
| Per share | ||||||||||
| Revenue per share | $6.32 | $6.22 | $5.85 | $5.46 | $5.41 | $5.39 | $6.32 | $5.30 | $4.86 | $4.83 |
| Earnings per share | $1.90 | $1.46 | −$0.74 | −$0.36 | −$0.77 | −$0.14 | $0.20 | $0.10 | −$0.56 | $0.26 |
| Operating cash flow per share | $1.55 | $1.42 | −$0.27 | −$0.14 | −$0.07 | $0.37 | $0.45 | −$0.02 | $0.44 | $0.71 |
| Free cash flow per share | $1.31 | $1.19 | −$0.58 | −$0.27 | −$0.12 | $0.30 | $0.27 | −$0.11 | $0.36 | $0.66 |
| Cash per share | $1.83 | $2.13 | $1.06 | $2.46 | $2.49 | $2.88 | $2.74 | $2.48 | $3.98 | $3.62 |
| Book value per share | $7.07 | $5.44 | $3.96 | $5.06 | $5.55 | $6.43 | $6.54 | $6.34 | $5.98 | $6.48 |
| Tangible book value per share | $4.11 | $2.88 | $1.36 | $2.50 | $2.58 | $3.31 | $3.28 | $2.91 | $3.61 | $3.94 |
| Dividends per share | $0.48 | $0.12 | $0.00 | — | — | — | — | — | $0.00 | $0.00 |
| Capex per share | $0.23 | $0.24 | $0.31 | $0.13 | $0.06 | $0.08 | $0.19 | $0.09 | $0.08 | $0.05 |
| Debt per share | $0.16 | $0.24 | $0.17 | $0.27 | $0.26 | $0.31 | $0.35 | $0.01 | $0.00 | $0.57 |
| Shares outstanding | 38.5M | 39.1M | 40.2M | 40.1M | 39.6M | 40.0M | 40.1M | 40.0M | 39.8M | 39.8M |
| Change in shares outstanding | −1.6% | −2.8% | +0.1% | +1.3% | −1.1% | −0.3% | +0.2% | +0.6% | +0.0% | +0.1% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 30.1% | 30.7% | −16.4% | −6.8% | −12.8% | −2.1% | 3.0% | 1.6% | −9.0% | 4.2% |
| Return on invested capital (ROIC) | 28.9% | 34.2% | −19.1% | −17.4% | −14.4% | −2.6% | 4.8% | 0.0% | 2.9% | 6.8% |
| Return on assets (ROA) | 19.8% | 18.2% | −9.5% | −4.3% | −8.5% | −1.4% | 2.1% | 1.1% | −6.7% | 3.3% |
| Return on tangible assets | 25.7% | 23.9% | −16.1% | −6.2% | −13.6% | −2.2% | 3.1% | 1.8% | −9.2% | 4.7% |
| Free cash flow margin | 20.8% | 19.1% | −9.9% | −4.9% | −2.3% | 5.5% | 4.3% | −2.0% | 7.5% | 13.6% |
| Income quality (OCF / net income) | 0.82 | 0.98 | — | — | — | — | 2.32 | −0.17 | — | 2.70 |
| Financial health | ||||||||||
| Total debt | $6.1M | $9.3M | $6.8M | $10.7M | $10.2M | $12.4M | $13.9M | $342,000 | $1,000 | $22.7M |
| Cash & short-term investments | $70.5M | $83.2M | $42.5M | $98.8M | $98.5M | $115.3M | $109.8M | $99.2M | $158.4M | $144.2M |
| Net debt | −$64.4M | −$73.9M | −$35.7M | −$88.1M | −$88.3M | −$102.9M | −$95.9M | −$98.8M | −$158.4M | −$121.5M |
| Debt / equity | 0.02 | 0.04 | 0.04 | 0.05 | 0.05 | 0.05 | 0.05 | 0.00 | 0.00 | 0.09 |
| Debt / assets | 0.02 | 0.03 | 0.02 | 0.03 | 0.03 | 0.03 | 0.04 | 0.00 | 0.00 | 0.07 |
| Net debt / EBITDA | −1.08 | −1.28 | — | — | — | −15.25 | −3.72 | −8.81 | −9.43 | −5.96 |
| Current ratio | 1.50 | 1.59 | 1.27 | 1.78 | 2.10 | 2.75 | 2.84 | 2.64 | 3.45 | 3.05 |
| Quick ratio | 1.41 | 1.49 | 1.14 | 1.67 | 1.98 | 2.58 | 2.57 | 2.45 | 3.26 | 2.80 |
| Interest coverage | — | — | -13.8 | -45.6 | — | -2.9 | 64.5 | — | — | — |
| Working capital | $57.6M | $64.8M | $31.5M | $86.7M | $98.0M | $131.9M | $136.0M | $120.9M | $161.8M | $139.5M |
| Invested capital | $207.5M | $138.7M | $123.5M | $115.2M | $131.5M | $154.5M | $166.4M | $154.9M | $79.5M | $136.3M |
| Tangible asset value | $158.3M | $112.7M | $54.6M | $100.3M | $102.3M | $132.6M | $131.5M | $116.4M | $143.7M | $156.8M |
| Net current asset value | $46.4M | $48.9M | $16.3M | $65.8M | $64.6M | $89.3M | $89.6M | $92.8M | $128.2M | $138.6M |
| Graham number | $17.36 | $13.37 | — | — | — | — | $5.37 | $3.70 | — | $6.21 |
| Graham net-net per share | $0.14 | $0.28 | −$0.69 | $0.63 | $0.69 | $1.31 | $1.25 | $1.39 | $2.53 | $2.81 |
| Capital allocation | ||||||||||
| Dividends paid | $18.5M | $4.8M | $0 | — | — | — | — | — | $0 | $0 |
| Share buybacks (net) | $13.1M | $3,000 | $29.2M | $5.7M | $7.5M | $5.0M | $569,000 | $970,000 | $640,000 | $1.1M |
| Dividend payout ratio | 25.3% | 8.3% | — | — | — | — | — | — | — | 0.0% |
| Dividends + buybacks / free cash flow | 62.6% | 10.3% | — | — | — | 42.6% | 5.3% | — | 4.4% | 4.0% |
| Capex / revenue | 3.7% | 3.8% | 5.3% | 2.3% | 1.0% | 1.4% | 2.9% | 1.7% | 1.7% | 1.1% |
| Capex / operating cash flow | 15.1% | 16.6% | — | — | — | 20.8% | 40.9% | — | 18.1% | 7.7% |
| Capex / depreciation | 0.89 | 1.11 | 1.94 | 0.71 | 0.25 | 0.26 | 0.65 | 0.30 | 0.30 | 0.20 |
| Stock-based compensation / revenue | 4.6% | 3.7% | 6.1% | 3.9% | 2.0% | 2.2% | 1.3% | 1.9% | 1.8% | 1.4% |
| R&D / revenue | 14.0% | 13.3% | 16.3% | 19.1% | 22.1% | 19.1% | 16.8% | 15.2% | 12.0% | 12.1% |
| SG&A / revenue | 18.8% | 37.2% | 54.7% | 53.2% | 54.0% | 49.7% | 40.1% | 49.6% | 49.9% | 46.3% |
| Efficiency | ||||||||||
| Days sales outstanding | 104.5 | 100.9 | 108.0 | 109.1 | 107.3 | 112.0 | 97.4 | 99.5 | 80.3 | 63.4 |
| Days of inventory on hand | 54.4 | 70.1 | 65.1 | 58.0 | 59.8 | 94.7 | 73.0 | 74.5 | 91.5 | 112.6 |
| Days payables outstanding | 69.2 | 81.8 | 82.1 | 66.2 | 35.4 | 47.5 | 38.4 | 43.2 | 53.0 | 52.5 |
| Cash conversion cycle (days) | 89.7 | 89.1 | 91.1 | 100.9 | 131.6 | 159.2 | 131.9 | 130.8 | 118.8 | 123.6 |
| Receivables turnover | 3.49 | 3.62 | 3.38 | 3.34 | 3.40 | 3.26 | 3.75 | 3.67 | 4.55 | 5.76 |
| Payables turnover | 5.27 | 4.46 | 4.45 | 5.51 | 10.30 | 7.68 | 9.50 | 8.45 | 6.89 | 6.96 |
| Inventory turnover | 6.71 | 5.21 | 5.61 | 6.29 | 6.11 | 3.86 | 5.00 | 4.90 | 3.99 | 3.24 |
| Asset turnover | 0.66 | 0.77 | 0.75 | 0.65 | 0.60 | 0.57 | 0.69 | 0.61 | 0.58 | 0.60 |
| Average receivables | $69.6M | $67.2M | $69.6M | $65.5M | $63.0M | $66.2M | $67.6M | $57.9M | $42.5M | $33.4M |
| Average payables | $13.5M | $15.4M | $17.4M | $12.8M | $6.9M | $8.3M | $9.0M | $7.7M | $8.5M | $8.9M |
| Average inventory | $10.6M | $13.2M | $13.8M | $11.2M | $11.7M | $16.5M | $17.1M | $13.2M | $14.7M | $19.0M |
| Intangibles / total assets | 28.6% | 29.5% | 36.1% | 30.7% | 34.3% | 33.2% | 34.2% | 38.7% | 27.9% | 30.9% |
Computed from OSPN's annual financial statements (latest annual report filed February 26, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
OSPN valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), OneSpan traded at 6.8 times earnings, against a 10-year median of 51.6. Based on the latest twelve months, the trailing P/E is 9.9 and the forward P/E is 14.0. OneSpan earned a return on equity of 30.1% and a return on invested capital of 28.9% in fiscal 2025. It ended the year with $6.1 million of debt and $70.5 million in cash and short-term investments, a net cash position of $64.4 million. It returned $31.6 million to shareholders: $18.5 million in dividends and $13.1 million in share buybacks, 63% of free cash flow. The share count fell 3.3% from 39.8M to 38.5M over 9 years.
See the OSPN income statement, the OSPN chart for price history, or the OSPN stock overview for the latest quote and news.
OSPN key metrics FAQ
What is OneSpan's P/E ratio?
OneSpan's trailing P/E ratio is 9.9 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 14.0. At the end of fiscal 2025 it was 6.8, compared with a 10-year median of 51.6.
What is OneSpan's EV/EBITDA?
OneSpan's enterprise value was 7.2 times EBITDA at the end of fiscal 2025 (enterprise value $429.6 million, EBITDA $59.4 million); the current EV/EBITDA is 10.9.
What is OneSpan's return on equity?
OneSpan's return on equity (ROE) was 30.1% in fiscal 2025: net income of $72.9 million on average shareholders' equity of $242.2 million.
What is OneSpan's ROIC?
OneSpan's return on invested capital was 28.9% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does OneSpan have?
OneSpan had total debt of $6.1 million at the end of fiscal 2025, a debt-to-equity ratio of 0.02 and more cash than debt.
What is OneSpan's dividend yield?
OneSpan's forward dividend yield is 2.97%. OneSpan paid $18.5 million in dividends in fiscal 2025 ($0.48 per share), a payout ratio of 25.3%.
Does OneSpan buy back its shares?
Yes. OneSpan spent $13.1 million on net share repurchases in fiscal 2025 Shares outstanding changed −1.6% over the year, to 38.5M..
What is OneSpan's free cash flow yield?
OneSpan generated $50.5 million of free cash flow in fiscal 2025, a free cash flow yield of 10.2% on its market value at year-end ($493.9 million).
What is OneSpan's current ratio?
OneSpan's current ratio was 1.50 at the end of fiscal 2025: current assets were 1.50 times current liabilities.