olivLaw · US equity research
OneSpan Inc. OSPN
Services-Computer Integrated Systems Design · SIC 7373 · Vertical: Services-Computer Integrated Systems Design (SIC 7373)
OneSpan provides authentication software, mobile application protection and electronic signature to banks and financial institutions in more than 120 countries. As clients move from hardware to software authentication, the company is trying to grow software revenue; its updated 2026 guidance targets total revenue of 248 to 252 million dollars.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, OneSpan Inc. (OSPN) stock was 23.66 USD (−3.23% on the day), with market capitalisation 872.9 m USD, P/E 13.2 on diluted EPS of 1.80 USD over the last 12 months, dividend yield 0.63%, beta 0.94, 52-week range 10.15–25.66 USD. Latest reported quarter (Q3 2026): revenue of 63.9 m USD (+12.0% YoY), net income of 7.8 m USD (+19.7% YoY), diluted EPS 0.20 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 69.0
- strong (55–70)
- Bollinger (20, 2)
- 14.73 – 25.26
- in the upper half of the band · %B 0.85 · band width 52.7%
- SMA 50 / 200
- 18.35 / 14.25
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 1.70 / 1.14
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +28.4% | −1.1% | +29.5 pp | — |
| 3 months | +45.2% | −0.5% | +45.6 pp | — |
| 6 months | +100.5% | +4.4% | +96.1 pp | — |
| Year to date | +84.3% | +12.3% | +72.0 pp | — |
| 1 year | +97.7% | +13.5% | +84.1 pp | −34.8% |
| 3 years | +181.3% | +76.4% | +104.9 pp | −27.7% |
| 5 years | +12.0% | +63.7% | −51.7 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 61.2 m | 63.4 m | 59.8 m | 57.1 m | 62.9 m | 65.9 m | 60.5 m | 63.9 m |
| Cost of revenue | 15.9 m | 16.3 m | 15.9 m | 15.1 m | 16.6 m | 17.4 m | 16.0 m | 15.2 m |
| Gross profit | 45.3 m | 47.1 m | 44.0 m | 42.0 m | 46.3 m | 48.5 m | 44.5 m | 48.7 m |
| Research & development | 8.3 m | 7.9 m | 9.4 m | 8.8 m | 8.0 m | 9.1 m | 9.9 m | 9.9 m |
| Operating income | 11.8 m | 17.2 m | 10.5 m | 8.2 m | 12.5 m | 14.8 m | 8.7 m | 9.2 m |
| Depreciation & amortisation | 2.3 m | 2.1 m | 2.5 m ≈ | 2.6 m ≈ | 2.9 m | 3.1 m | 3.4 m ≈ | 3.4 m ≈ |
| Pre-tax income | 13.5 m | 17.9 m | 10.6 m | 8.4 m | 12.5 m | 14.4 m | 8.6 m | 9.5 m |
| Income tax | -15.3 m | 3.4 m | 2.2 m | 1.9 m | -31.0 m | 2.8 m | 1.9 m | 1.7 m |
| Net income | 28.8 m | 14.5 m | 8.3 m | 6.5 m | 43.5 m | 11.6 m | 6.8 m | 7.8 m |
| Diluted EPS | 0.72 ≈ | 0.37 | 0.21 | 0.17 | 1.12 ≈ | 0.30 | 0.18 | 0.20 |
| Operating cash flow | 12.4 m | 29.4 m | 6.2 m ≈ | 11.3 m ≈ | 12.6 m | 28.2 m | -103.0 k ≈ | 16.5 m ≈ |
| Capex | 2.0 m | 1.6 m | 1.9 m ≈ | 2.5 m ≈ | 2.9 m | 3.1 m | 3.2 m ≈ | 3.2 m ≈ |
| Dividends paid | 0 | 4.6 m | 4.6 m ≈ | 4.7 m ≈ | 4.6 m | 5.0 m | 4.8 m ≈ | 4.8 m ≈ |
| Share repurchases | 3.0 k | 0 | 0 ≈ | 6.3 m ≈ | 6.8 m | 5.4 m | 2.9 m ≈ | 0 ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 38 percentile of its own 21-quarter history (min 5.9, median 50.6, max 1,048.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 211.3 m | 253.5 m | 215.7 m | 214.5 m | 219.0 m | 235.1 m | 243.2 m | 243.2 m |
| Revenue YoY | +9.3% | +19.9% | −14.9% | −0.6% | +2.1% | +7.4% | +3.4% | +0.0% |
| Net income | 3.0 m | 7.9 m | -5.5 m | -30.6 m | -14.4 m | -29.8 m | 57.1 m | 72.9 m |
| Net income YoY | unavailable | +158.3% | −169.4% | unavailable | unavailable | unavailable | unavailable | +27.7% |
| Diluted EPS | 0.08 | 0.20 | -0.14 | -0.77 | -0.36 | -0.74 | 1.46 | 1.88 |
| Diluted EPS YoY | unavailable | +150.0% | −170.0% | unavailable | unavailable | unavailable | unavailable | +28.8% |
| net % | 1.4% | 3.1% | -2.5% | -14.3% | -6.6% | -12.7% | 23.5% | 30.0% |
| Free cash flow | -2.5 m | 10.8 m | 11.8 m | -4.9 m | -10.8 m | -23.2 m | 46.4 m | 50.5 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 70.5 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 271.8 m USD
- Total assets
- 397.7 m USD
- Debt / equity
- unavailable
- Current ratio
- 1.50x
- ROE
- 30.1%
- ROA
- 19.8%
- FCF margin
- 20.8%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 215.7 m | 214.5 m | 219.0 m | 235.1 m | 243.2 m | 243.2 m | SEC (XBRL)· 26 Feb 2026verified |
| Cost of revenue | 67.6 m | 71.5 m | 70.4 m | 77.4 m | 68.6 m | 63.8 m | SEC (XBRL)· 26 Feb 2026verified |
| Gross profit | 148.1 m | 142.9 m | 148.6 m | 157.7 m | 174.6 m | 179.4 m | SEC (XBRL)· 26 Feb 2026verified |
| Research & development | 41.2 m | 47.4 m | 41.7 m | 38.4 m | 32.4 m | 34.2 m | SEC (XBRL)· 26 Feb 2026verified |
| Operating income | -5.3 m | -26.1 m | -27.1 m | -28.9 m | 44.8 m | 48.4 m | SEC (XBRL)· 26 Feb 2026verified |
| Depreciation & amortisation | 12.0 m | 8.9 m | 7.1 m | 6.5 m | 8.4 m | 10.1 m | SEC (XBRL)· 26 Feb 2026verified |
| EBITDA | 6.7 m ≈ | -17.2 m ≈ | -20.0 m ≈ | -22.4 m ≈ | 53.2 m ≈ | 58.5 m ≈ | SEC (XBRL)· 26 Feb 2026derived |
| Pre-tax income | -3.4 m | -26.1 m | -11.7 m | -27.3 m | 46.5 m | 49.4 m | SEC (XBRL)· 26 Feb 2026verified |
| Income tax | 2.0 m | 4.4 m | 2.7 m | 2.5 m | -10.6 m | -23.5 m | SEC (XBRL)· 26 Feb 2026verified |
| Net income | -5.5 m | -30.6 m | -14.4 m | -29.8 m | 57.1 m | 72.9 m | SEC (XBRL)· 26 Feb 2026verified |
| Diluted EPS | -0.14 | -0.77 | -0.36 | -0.74 | 1.46 | 1.88 | SEC (XBRL)· 26 Feb 2026verified |
| Weighted average diluted shares | 40.0 m | 39.6 m | 40.1 m | 40.2 m | 39.1 m | 38.9 m | SEC (XBRL)· 26 Feb 2026verified |
| Dividend per share | — | — | — | — | 0.12 | 0.12 | SEC (XBRL)· 26 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 88.4 m | 63.4 m | 96.2 m | 43.0 m | 83.2 m | 70.5 m | SEC (XBRL)· 26 Feb 2026verified |
| Receivables | 57.5 m | 56.6 m | 65.1 m | 64.4 m | 56.2 m | 56.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Inventories | 13.1 m | 10.3 m | 12.1 m | 15.6 m | 10.8 m | 10.5 m | SEC (XBRL)· 26 Feb 2026verified |
| Current assets | 207.2 m | 187.1 m | 198.4 m | 146.3 m | 174.9 m | 172.2 m | SEC (XBRL)· 26 Feb 2026verified |
| Property, plant & equipment, net | 11.8 m | 10.8 m | 12.7 m | 18.7 m | 21.0 m | 22.2 m | SEC (XBRL)· 26 Feb 2026verified |
| Goodwill | 97.6 m | 96.2 m | 90.5 m | 93.7 m | 92.4 m | 103.8 m | SEC (XBRL)· 26 Feb 2026verified |
| Intangibles (excl. goodwill) | 27.2 m | 21.3 m | 12.5 m | 10.8 m | 7.5 m | 9.7 m | SEC (XBRL)· 26 Feb 2026verified |
| Total assets | 375.2 m | 342.3 m | 335.1 m | 289.2 m | 338.7 m | 397.7 m | SEC (XBRL)· 26 Feb 2026verified |
| Accounts payable | 5.7 m | 8.2 m | 17.4 m | 17.5 m | 13.3 m | 13.7 m | SEC (XBRL)· 26 Feb 2026verified |
| Current liabilities | 75.3 m | 89.1 m | 110.8 m | 114.8 m | 110.3 m | 114.6 m | SEC (XBRL)· 26 Feb 2026verified |
| Total liabilities | 117.9 m | 122.5 m | 131.8 m | 130.1 m | 126.2 m | 125.9 m | SEC (XBRL)· 26 Feb 2026verified |
| Equity | 257.3 m † | 219.8 m † | 203.3 m † | 159.1 m † | 212.5 m † | 271.8 m † | SEC (XBRL)· 26 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 14.9 m | -2.7 m | -5.8 m | -10.7 m | 55.7 m | 59.5 m | SEC (XBRL)· 26 Feb 2026verified |
| Capex | 3.1 m | 2.2 m | 5.0 m | 12.5 m | 9.2 m | 9.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Free cash flow | 11.8 m ≈ | -4.9 m ≈ | -10.8 m ≈ | -23.2 m ≈ | 46.4 m ≈ | 50.5 m ≈ | SEC (XBRL)· 26 Feb 2026derived |
| Investing cash flow | -4.7 m | -11.0 m | 46.6 m | -12.0 m | -9.3 m | -35.6 m | SEC (XBRL)· 26 Feb 2026verified |
| Financing cash flow | -7.1 m | -10.4 m | -7.3 m | -32.1 m | -5.2 m | -38.4 m | SEC (XBRL)· 26 Feb 2026verified |
| Dividends paid | — | — | — | 0 | 0 | 18.5 m | SEC (XBRL)· 26 Feb 2026verified |
| Share repurchases | 5.0 m | 7.5 m | 5.7 m | 29.2 m | 3.0 k | 13.1 m | SEC (XBRL)· 26 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
4 indicators that do not apply to the sector.
Valuation
olivLaw classification
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 872.9 m USD
Key indicators
Coverage and freshness
Score by group
77% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/Salesunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| Gross margin · Quality | 74.3% | 86 (on a fixed band) | 14% |
| EBIT margin · Quality | 17.9% | 85 (vs peers) | 11% |
| FCF margin · Quality | 17.6% | 71 (on a fixed band) | 11% |
| Revenue CAGR 3Y · Growth | 3.6% | 14 (on a fixed band) | 22% |
| Revenue growth (YoY) · Growth | 0.0% | 27 (vs peers) | 11% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.3x | 32 (on a fixed band) | 8% |
| EV/Sales · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 5.1% | 100 (on a fixed band) | 17% |
| Shareholder yield (distributions) · Returns | 3.9% | 99 (on a fixed band) | 6% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial32/100 · 1/2 factors with a value
- Growth18/100 · 2/2 factors with a value
- Quality81/100 · 3/3 factors with a value
- Returns99/100 · 1/1 factors with a value
- Valuation· partial100/100 · 1/2 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
OneSpan Inc. (OSPN). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 243.2 m USD in 2025; YoY growth 0.0%; net margin 27.5%; ROE 26.8%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Gross margin: 74.3%
- EBIT margin: 17.9%
- FCF margin: 17.6%
- FCF yield: 5.1%
- Shareholder yield (distributions): 3.9%
What contradicts it
- Revenue CAGR 3Y: 3.6%
- Revenue growth (YoY): 0.0%
Not assessed (insufficient data or a ratio without meaning): Net debt / EBITDA, EV/Sales.
Versus the vertical median
Services-Computer Integrated Systems Design (SIC 7373) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| LDOSLeidos Holdings, Inc. | 16.6 bn | 12.2 | 28.2% | 8.0% | +3.1% | −29% / +26% |
| GDDYGoDaddy Inc. | 14.3 bn | 16.2 | — | 18.6% | +8.3% | −7% / +18% |
| CACICACI International Inc | 14.0 bn | 25.9 | 12.5% | 5.5% | +10.9% | +2% / +97% |
| JKHYJack Henry & Associates, Inc. | 12.6 bn | 25.7 | 24.0% | 19.8% | +7.1% | +3% / +13% |
| IONQIonQ, Inc. | 11.3 bn | — | -60.8% | -553.3% | +201.9% | −40% / +142% |
| OTEXOpen Text Corp | 6.4 bn | 10.3 | 16.2% | 12.3% | +1.5% | −21% / −34% |
| SAICScience Applications International Corporation | 6.3 bn | 17.6 | 25.7% | 5.1% | −2.9% | +75% / +28% |
| WAYWaystar Holding Corp. | 5.7 bn | 42.9 | 3.7% | 10.7% | +16.5% | −20% / unavailable |
| KDKyndryl Holdings, Inc | 3.7 bn | 48.9 | 6.8% | 0.5% | +0.2% | −35% / −7% |
| AGYSAgilysys, Inc. | 3.5 bn | 78.5 | 13.6% | 12.9% | +15.9% | −0% / +42% |
| NTCTNetscout Systems Inc | 2.8 bn | 23.3 | 7.5% | 13.7% | +4.5% | +42% / +90% |
| AURAurora Innovation, Inc. | 2.6 bn | — | -45.7% | -13,328.6% | unavailable | −3% / +86% |
| PONYPony AI Inc. | 2.1 bn | — | -10.3% | -148.9% | +20.0% | −65% / unavailable |
| OSPNOneSpan Inc. | 872.9 m | 13.2 | 26.8% | 27.5% | +0.0% | +98% / +181% |
| TLSTelos Corporation | 378.2 m | — | -14.9% | -8.1% | +52.2% | −12% / +23% |
| SLPSimulations Plus, Inc. | 374.2 m | 46.7 | 6.2% | 9.9% | +13.1% | unavailable / unavailable |
| SMRTSmartrent, Inc. | 307.5 m | — | -7.6% | -11.0% | −12.9% | −6% / −48% |
| ASURAsure Software, Inc. | 293.6 m | — | -1.9% | — | +24.3% | +22% / +22% |
| VEEAVeea Inc. | 281.2 m | — | — | -2,491.9% | +56.6% | −55% / −98% |
| RBBNRibbon Communications Inc. | 275.9 m | 22.5 | 5.0% | 2.3% | +1.3% | −46% / −28% |
| KDKKodiak AI, Inc. | 220.7 m | — | — | -4,259.6% | −74.6% | −82% / unavailable |
| AIOSAIOS Tech Inc. | 138.9 m | — | -208.9% | -4,359.1% | −98.5% | −87% / −86% |
| MRLNMerlin, Inc. | 91.5 m | — | — | — | unavailable | −92% / unavailable |
| CSPICSP Inc | 75.4 m | — | -1.5% | -1.2% | +6.4% | −35% / −40% |
| HCTIHealthcare Triangle, Inc. | 69.2 m | — | -57.4% | -66.3% | +18.8% | −97% / −100% |
1- and 3-year price returns: for OSPN from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 14.56 Total return -38% · Per year -38% | 25.75 Total return 10% · Per year 10% | 38.80 Total return 65% · Per year 65% |
| 3 years | 13.86 Total return -40% · Per year -16% | 27.61 Total return 19% · Per year 6% | 45.72 Total return 96% · Per year 25% |
| 5 years | 13.20 Total return -42% · Per year -10% | 29.61 Total return 29% · Per year 5% | 53.88 Total return 133% · Per year 18% |
- Exit P/E± 6.90
- Net margin± 4.83
- Annual revenue growth± 4.00
- Annual dilution± 0.41
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 04 Aug 2026; since then the company filed 10-Q (29 Oct 2026).
In brief
OneSpan provides authentication software, mobile application protection and electronic signature to banks and financial institutions in more than 120 countries 1. As clients move from hardware to software authentication, the company is trying to grow software revenue; its updated 2026 guidance targets total revenue of 248 to 252 million dollars 3.
SWOT
Strengths
Weaknesses
- Cybersecurity revenue declined in the second quarter of 2026, and continued reliance on hardware devices remains a vulnerability 23.
- A limited number of customers generate a significant share of revenue, so losing one of them would have a large effect 1.
- Total revenue rose only slightly in 2025 compared with 2024, and profitability depends on reaching growth targets 1.
Opportunities
Threats
- More sophisticated cyber threats could put pressure on products and lead to claims or reputational damage 1.
- AI could allow rapid entry of competitors with similar solutions at lower prices 1.
- The supply chain for Digipass devices is complex and depends on a few suppliers, and disruptions could affect operations 1.
Risks
- Revenue growth may not materialisehigh
The company acknowledges that its growth targets could prove difficult to reach, especially if new products or acquisitions do not deliver the expected software revenue 1.
- Dependence on a few large customershigh
A significant part of sales comes from a limited number of clients; losing one of them could seriously affect results 1.
- Integration of acquisitionsmedium
Acquisitions and strategic investments may face delays, integration difficulties or unforeseen liabilities, which could reduce the expected benefits 12.
- Hardware supply chainmedium
Digipass devices rely on components from a few suppliers, and disruptions could materially affect operations 1.
- Credit facility covenantslow
The 100 million dollar revolving credit facility contains financial covenants; failure to comply could limit operating flexibility 1.
Investment thesis
What would need to be true (bull case)
- If Digital Agreements keeps growing at its current pace and the 2026 guidance holds, the company could offset the hardware decline with higher software revenue 23.
- DigipassONE and recent acquisitions could extend the portfolio toward passkeys and identity verification, potentially supporting ARR growth 13.
- Operating profitability and quarterly dividends show financial discipline that could support investor confidence over the medium term 13.
What would break the thesis
- Cybersecurity revenue fell in the second quarter of 2026 and total growth was modest, which could indicate difficulty converting new products into revenue 23.
- Intensifying competition and AI that could lower entry barriers may pressure prices and margins 1.
- Dependence on a few large customers and a complex supply chain could amplify the impact of any single problem 1.
What to watch
- Delivery of revenue guidance of 248 to 252 million dollars and adjusted EBITDA of 67 to 71 million dollars2026
- Evolution of Cybersecurity revenue after the DigipassONE launchQ3 2026
- Integration of Build38 and its contribution to software revenue2026
- Trend in ARR and net retention rateQ3 2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 04 Aug 2026; since then the company filed 10-Q (29 Oct 2026).
The business
OneSpan has two reportable segments: Cybersecurity, which combines authentication software, security SDKs for applications and Digipass devices, and Digital Agreements, which includes the OneSpan Sign e-signature product, online notarization and identity verification 1. Products are sold mainly on a subscription basis, through a direct sales force and through distributors, resellers and integrators 1. The company says more than 60% of the world's 100 largest banks are its customers 1.
In June 2025 OneSpan acquired Nok Nok Labs, adding the FIDO S3 platform, and in February 2026 it completed the acquisition of Build38, a mobile application protection specialist 12. In October 2025 it announced a strategic investment in ThreatFabric, a Dutch mobile threat intelligence company 1. In August 2026 it launched DigipassONE, a unified platform covering authentication, identity verification in digital wallets, application protection and telemetry insights 3.
Segments
Market context
According to the company, attacks on customer authentication, authorized push payment fraud and threats to mobile applications are growing in frequency and sophistication 1. In e-signature, organizations are consolidating tools adopted quickly during the pandemic and looking for solutions with a lower total cost of ownership 1. The company uses these trends to justify its push into software 1.
The markets are described as highly competitive and fast-changing, and advances in artificial intelligence could lower entry barriers for new competitors 1. If these trends hold, pressure on prices and on the pace of innovation could increase.
Trends
- Shift from hardware to softwaremixed
Banking clients favour mobile-first authentication, which reduces sales of Digipass devices and increases demand for software licences 1. The company expects hardware revenue to decline modestly in 2026, although its updated guidance points to hardware revenue of 46 to 48 million dollars 13.
- Move toward passkeys and the FIDO2 standardmixed
Clients could gradually move away from multi-factor authentication toward FIDO2-based passkeys, which opens opportunities for the S3 line and Digipass FX devices 1. If OneSpan does not deliver competitive solutions, its financial results could be affected 1.
- More sophisticated threatstailwind
AI-driven phishing, deepfake impersonation and social engineering are rising, and organizations need application protection and low-friction authentication 1. This pressure supports demand for the company's security products.
- Consolidation of e-signature systemsmixed
Companies are moving away from fragmented tools toward unified, lower-cost platforms, which could favour OneSpan Sign; however, intense competition and price pressure may limit gains 1.
Competitive position
The sources do not name direct competitors and only stress that the cybersecurity and e-signature markets are very competitive, with rapidly evolving solutions 1. The company says innovation and portfolio expansion are essential to keep its position 1.
Competitive risk grows if new entrants can quickly build software applications with AI, which could erode OneSpan's current advantage in FIDO technology and application protection 1.
- Providers of authentication and application security software (not named in the source)
The source does not identify competitors by name; it only notes that the market is highly competitive and that AI makes entry easier for new players.
- Cloud e-signature providers
The source describes pressure from solutions that companies are consolidating into, without naming them.
- System integrators and digital identity providers
The source mentions integrators and identity partners, but does not name specific competing firms.
- Developers of new digital wallet technologies
The source flags the emergence of new credential models without naming concrete companies.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Quarterly report29 Oct 2026
- Current report29 Oct 2026Financial statements and exhibits
- Quarterly report04 Aug 2026
- Current report04 Aug 2026Results of operations
- Current report05 Jun 2026Departure or appointment of officers · Shareholder vote · Financial statements and exhibits
- Current report11 May 2026Other events
- Quarterly report30 Apr 2026
- Current report30 Apr 2026Financial statements and exhibits
- Proxy statement23 Apr 2026
- Annual report26 Feb 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / OneSpan Inc. · 26 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / OneSpan Inc. · 04 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / OneSpan Inc. · 04 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.