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OneSpan OSPN
$ 17.62 4.57%
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Quarterly report 2026-Q2
added 08-04-2026

OneSpan Financial Ratios 2025-2008 | OSPN

Brief overview of OneSpan 's multiples and efficiency

The review covers five available annual periods spanning 2016 to 2025.

The valuation comparison uses P/E 5.94x (median 56.67x), EV/EBITDA 219.03x (median 33.89x), P/S 1.78x (median 2.52x). On average, this basket is 41.2% below its own five-year medians. The market values the business at a discount to recent history.

Current earnings relative to valuation equal about 16.8% on the 1/P/E measure. This is a valuation reference, not an expected payout.

Capital efficiency is characterized by ROE 26.8%, ROA 18.3%, ROCE 17.8%. Profitability forms a strong profile, with capital and assets producing substantial returns.

PEG is 0.26x. Price is low relative to embedded growth, though the ratio depends heavily on forecast quality.

The time from paying for inputs to receiving cash fell from 121.5 days to 67.7 days. Cash turnover improved.

Valuation takeaway

OneSpan 's multiples are below five-year reference levels despite strong quality metrics, providing valuation cushion but not eliminating hidden risks.

Annual Financial Ratios OneSpan

2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008

P/E

5.9 10.9 -12.9 -38.5 -20.8 -171.1 76.2 148.7 -26.2 56.7 14.6 25.3 26.6 19.2 17.1 21.3 24.9 -

P/S

1.8 2.6 1.6 2.5 3.0 4.3 2.6 2.7 3.0 3.1 2.5 4.2 1.9 1.9 1.8 - - -

EPS

1.9 1.5 -0.7 -0.4 -0.8 -0.1 0.2 0.1 -0.6 0.3 1.1 0.8 0.3 0.4 0.5 0.3 0.3 -

EV (Enterprise Value)

489 M 665 M 470 M 587 M 694 M 962 M 706 M 596 M 608 M 617 M 599 M 819 M 235 M 223 M 258 M 171 M 227 M -57.7 M

EBITDA per Share

1.53 1.39 -0.56 -0.5 -0.43 0.17 0.618 0.247 0.377 0.464 1.4 1.08 0.438 0.602 0.712 0.4 0.43 -

EV/EBITDA

8.4 12.5 -21.0 -29.3 -3.5 219.0 23.7 50.1 33.9 29.6 9.7 18.1 11.6 8.4 8.4 11.5 14.2 -

PEG

-0.04 -0.07 0.26 0.65 0.32 20.03 0.6 1.27 0.08 -0.75 0.57 0.13 -0.88 -1.32 0.26 - - -

P/B

1.6 2.9 2.4 2.7 2.9 3.6 2.5 2.3 2.5 2.3 2.5 4.1 1.7 1.9 2.3 2.0 - -

P/CF

7.3 11.2 -35.7 -95.7 -231.8 62.6 62.1 -232.5 40.7 22.7 9.1 21.1 33.7 14.7 37.8 - - -

ROE %

26.82 26.86 -18.72 -7.05 -13.92 -2.12 3.33 1.52 -9.41 4.10 16.99 16.26 6.40 9.98 13.35 9.28 10.95 -

ROA %

18.33 16.85 -10.30 -4.28 -8.94 -1.45 2.29 1.09 -6.63 3.21 13.52 13.32 5.26 8.36 10.73 7.56 - -

ROCE %

17.82 21.08 -18.14 -13.34 -11.89 -2.04 4.92 0.01 2.28 3.70 19.70 18.48 7.85 13.43 17.98 10.64 11.67 -

Current Ratio

3.2 2.7 2.2 2.5 2.8 3.2 2.9 2.7 3.4 3.0 3.3 4.6 4.4 5.3 4.5 5.4 - -

DSO

84.2 90.5 100.5 101.5 97.1 101.5 99.6 116.2 92.5 70.0 45.3 55.4 68.4 66.3 70.1 - - -

DIO

60.8 70.1 65.1 58.0 59.8 88.8 88.3 81.3 74.8 103.1 78.9 167.6 169.7 125.2 97.6 61.1 - -

DPO

77.3 81.8 82.1 66.2 35.4 44.6 48.3 40.6 50.6 52.8 33.7 52.8 42.2 52.0 44.6 50.5 - -

Operating Cycle

145.0 160.6 165.6 159.5 156.9 190.3 187.9 197.5 167.2 173.1 124.2 223.0 238.1 191.5 167.7 61.1 - -

Cash Conversion Cycle

67.7 78.8 83.6 93.3 121.5 145.7 139.6 156.9 116.7 120.4 90.5 170.2 195.9 139.4 123.1 10.6 - -

All numbers in USD currency

Quarterly Financial Ratios OneSpan

2026-Q2 2026-Q1 2025-Q4 2025-Q3 2025-Q2 2025-Q1 2024-Q4 2024-Q3 2024-Q2 2024-Q1 2023-Q4 2023-Q3 2023-Q2 2023-Q1 2022-Q4 2022-Q3 2022-Q2 2022-Q1 2021-Q4 2021-Q3 2021-Q2 2021-Q1 2020-Q4 2020-Q3 2020-Q2 2020-Q1 2019-Q4 2019-Q3 2019-Q2 2019-Q1 2018-Q4 2018-Q3 2018-Q2 2018-Q1 2017-Q4 2017-Q3 2017-Q2 2017-Q1 2016-Q4 2016-Q3 2016-Q2 2016-Q1 2015-Q4 2015-Q3 2015-Q2 2015-Q1 2014-Q4 2014-Q3 2014-Q2 2014-Q1 2013-Q4 2013-Q3 2013-Q2 2013-Q1 2012-Q4 2012-Q3 2012-Q2 2012-Q1 2011-Q4 2011-Q3 2011-Q2 2011-Q1

EPS

0.18 0.31 - 0.17 0.22 0.38 - 0.21 0.17 0.35 - -0.1 -0.44 -0.21 - -0.18 -0.23 0.13 -0.35 -0.02 -0.17 -0.23 -0.04 -0.04 -0.05 - 0.11 0.3 -0.06 -0.15 0.1 -0.02 -0.03 0.04 -0.65 0.07 - 0.01 0.13 0.01 0.07 0.06 0.09 0.28 0.35 0.34 0.3 0.28 0.18 0.09 0.08 0.09 0.05 0.07 0.05 0.12 0.18 0.05 0.29 0.06 0.07 0.07

EBITDA per Share

0.41 0.48 - 0.4 0.32 0.51 - 0.33 0.23 0.43 - -0.09 -0.42 -0.17 - -0.12 -0.19 -0.18 -0.15 120 -0.21 -175 -0.05 171 0.11 0.1 0.13 0.64 0.09 -0.08 0.1 149 0.09 0.11 0.03 0.33 0.12 0.07 0.05 0.22 0.22 0.14 0.13 0.45 0.47 0.44 0.32 0.47 0.27 0.14 0.1 0.22 0.1 0.09 0.09 0.24 0.28 0.08 0.24 0.27 0.17 0.14

ROE %

12.90 16.70 12.45 16.70 17.64 22.08 15.80 13.47 -0.29 -8.15 -16.04 -19.73 -21.97 -10.13 -5.94 -12.20 -8.93 -7.16 -13.20 -7.62 -7.85 -5.83 -2.12 0.31 5.48 5.31 3.01 2.84 -2.04 -1.48 1.53 -10.91 -9.39 -8.95 -9.41 3.42 2.45 3.51 4.12 3.55 7.87 12.35 16.99 21.38 22.30 20.06 16.26 12.33 8.81 6.50 6.40 5.83 6.81 10.35 9.98 16.62 15.39 12.73 13.35 1.65 1.93 1.84

ROA %

9.00 11.60 8.58 11.44 11.83 14.35 10.00 8.54 -0.26 -5.18 -10.04 -12.44 -9.43 -7.51 -4.88 -5.16 -2.76 -4.64 -8.72 -5.16 -5.33 -3.98 -1.45 0.21 3.76 3.64 2.06 1.99 -1.36 -0.99 1.09 -7.69 -6.61 -6.30 -6.63 2.55 1.88 2.71 3.21 2.80 6.24 9.82 13.52 17.14 18.00 16.30 13.32 10.10 7.23 5.34 5.26 4.82 5.67 8.65 8.36 13.66 12.57 10.28 10.74 1.32 1.55 1.48

ROCE %

16.43 20.67 15.22 21.00 21.83 25.75 18.32 15.61 0.31 -8.04 -16.30 -19.19 -20.52 -15.13 -11.05 -13.76 -11.75 -11.43 -11.07 -9.15 -9.19 -6.13 -2.04 0.82 8.25 8.03 5.42 4.99 -2.76 -2.93 0.01 -1.12 2.26 3.13 2.60 2.97 1.18 2.67 3.75 4.97 10.04 15.07 20.34 24.43 25.73 23.09 18.50 14.65 10.81 8.20 7.87 7.81 8.94 13.59 13.45 17.88 19.34 16.57 18.24 5.48 2.99 3.08

Current Ratio

3.4 3.5 3.2 3.3 3.1 3.2 2.7 3.1 2.6 2.6 2.2 2.7 2.7 2.7 2.5 2.9 - 3.0 2.8 3.1 3.1 3.1 3.2 3.2 3.2 3.2 3.2 3.2 3.2 3.2 3.5 3.5 3.5 3.5 3.4 3.4 3.4 3.4 4.4 4.6 4.6 4.6 4.9 4.9 4.9 4.9 5.5 5.5 5.5 5.5 5.6 5.6 5.6 5.6 6.2 6.2 6.2 6.2 5.1 5.1 5.1 5.1

DSO

55.6 61.7 - 50.0 49.3 61.8 - 58.9 57.0 68.1 - 59.6 57.7 77.2 - 34.9 30.9 80.3 78.2 79.0 81.7 94.7 99.2 102.1 95.5 97.1 80.7 71.5 101.4 118.2 84.0 103.7 109.8 108.2 80.6 85.9 96.1 92.2 70.3 76.7 61.7 64.5 52.8 44.7 41.1 41.6 43.8 52.0 57.4 68.8 60.2 66.5 69.9 72.4 64.8 69.3 54.0 83.7 59.5 69.7 68.5 -

DIO

53.2 51.3 - 68.8 64.6 61.2 - 79.3 60.1 78.8 - 76.5 65.2 69.0 - 23.1 27.4 60.0 - 60.9 57.7 67.4 - 77.2 65.5 93.4 - 67.8 101.2 97.4 - 73.3 97.0 112.5 - 75.9 80.5 111.5 - 116.9 89.6 118.4 - 79.2 70.0 90.5 - 181.4 185.8 208.5 - 166.0 175.0 164.7 - 137.0 99.1 152.6 - 107.3 89.2 -

DPO

63.2 65.0 - 78.9 79.5 71.0 - 86.5 59.3 77.4 - 85.7 74.2 86.2 - 23.9 19.1 44.7 - 42.5 35.2 31.7 - 33.5 28.5 46.9 - 37.1 55.3 51.3 - 36.6 48.4 65.2 - 51.3 54.5 64.6 - 59.8 45.9 55.1 - 33.8 29.9 32.4 - 57.2 58.6 59.7 - 41.3 43.5 52.6 - 57.0 41.2 66.3 - 49.0 40.8 -

Operating Cycle

- 113.0 - - 113.9 123.0 - 138.2 117.1 146.9 - 136.1 122.9 146.1 - 58.0 58.3 140.3 78.2 139.9 139.5 162.2 99.2 179.3 161.1 190.5 80.7 139.3 202.5 215.7 84.0 177.0 206.8 220.7 80.6 161.8 176.6 203.7 70.3 193.6 151.3 182.9 52.8 123.9 111.0 132.2 43.8 233.4 243.3 277.3 60.2 232.5 244.8 237.1 64.8 206.3 153.1 236.3 59.5 177.0 157.8 -

Cash Conversion Cycle

- 48.0 - - 34.4 52.0 - 51.6 57.8 69.5 - 50.3 48.7 59.9 - 34.0 39.2 95.6 78.2 97.4 104.3 130.5 99.2 145.8 132.6 143.6 80.7 102.2 147.2 164.3 84.0 140.4 158.4 155.5 80.6 110.5 122.2 139.2 70.3 133.8 105.4 127.7 52.8 90.1 81.1 99.8 43.8 176.2 184.7 217.5 60.2 191.2 201.3 184.5 64.8 149.4 111.9 169.9 59.5 128.0 117.0 -

All numbers in USD currency

Multiples are an important financial analysis tool for the company OneSpan , allowing investors and analysts to quickly assess the company’s value and investment attractiveness based on the ratio of market indicators to the company’s financial performance. Essentially, multiples express how the market values the company relative to its earnings, revenue, equity, or other key metrics.

Advantages of Using Financial Ratios
  • Simplified Data Analysis
    Financial ratios transform large volumes of accounting data into compact and easily interpretable indicators, significantly simplifying the assessment of the company’s condition.
  • Comparability Between Companies
    Multiples standardize financial metrics, enabling objective comparison of companies of different sizes, industries, and market capitalizations.
  • Identification of Trends and Issues
    Regular analysis of ratios helps track the dynamics of financial health, identify strengths and weaknesses of the business, as well as potential risks.
  • Decision Support
    Financial multiples serve as an important tool for investors, creditors, and company management in making investment, credit, and managerial decisions.
  • Accelerated Assessment of Investment Attractiveness
    Ratios allow quick determination of key performance, liquidity, and financial stability indicators, facilitating prompt evaluation of companies’ attractiveness for investments.

Using multiples enables comparison between companies, even if they differ in size or industry, as they standardize financial data into ratios convenient for analysis. This is especially useful for evaluating companies where direct analysis of financial statements may be complex or require in-depth knowledge.

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