OneSpan Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data OneSpan Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	192	193	211	253	216	214	219	235	243	243
Cost of revenue	61.6	58.8	64.8	85.6	67.6	71.5	70.4	77.4	68.6	63.8
Gross profit	131	135	147	168	148	143	149	158	175	179
Research and development	23.2	23.1	32.2	42.5	41.2	47.4	41.7	38.4	32.4	34.2
Selling and marketing	57.3	59	63.8	57.8	56.7	62.7	60.9	70.2	44.5	47
General and administrative	31.6	37.4	41.6	43.9	46.3	53	55.6	58.3	46	45.7
Operating expenses	121	128	147	154	153	169	176	187	130	131
Operating income	9.6	6.19	-0.92	14.2	-5.26	-26.1	-27.1	-28.9	44.8	48.4
Other non-operating income	0.99	0.76	2.26	-0.53	1.43	-0.01	14.8	-0.53	-0.13	-1.07
Pre-tax income	11.4	8.38	2.61	14.4	-3.42	-26.1	-11.7	-27.3	46.5	49.4
Income tax	0.86	30.8	-0.44	6.55	2.04	4.44	2.74	2.49	-10.6	-23.5
Net income	10.5	-22.4	3.04	7.86	-5.46	-30.6	-14.4	-29.8	57.1	72.9
EBITDA	20.4	16.8	11.2	25.7	6.75	-17.2	-20	-22.4	53.2	58.5
EPS, basic	0.22	-0.45	0.08	0.20	-0.14	-0.77	-0.36	-0.74	1.49	1.91
EPS, diluted	0.22	-0.45	0.08	0.20	-0.14	-0.77	-0.36	-0.74	1.46	1.88
Shares, basic (weighted)	49.6	49.8	39.9	0.04	40	39.6	40.1	40.2	38.4	38.2
Shares, diluted (weighted)	49.7	49.8	40	0.04	40	39.6	40.1	40.2	39.1	38.9
Dividend per share									0.12	0.12

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	49.3	78.7	76.7	84.3	88.4	63.4	96.2	43	83.2	70.5
Short-term investments	94.9
Receivables	36.7	48.1	59.6	62.4	57.5	56.6	65.1	64.4	56.2	56
Inventory	17.4	12	14.4	19.8	13.1	10.3	12.1	15.6	10.8	10.5
Other current assets	5.41	5.5	5.71	6.35	6.26	9.36	10.8	11.2	9.48	9.94
Total current assets	207	228	192	210	207	187	198	146	175	172
Property, plant and equipment	3.28	4.78	6.25	11.5	11.8	10.8	12.7	18.7	21	22.2
Lease right-of-use assets				10.6	11.4	9.2	8.02	6.17	7.73	7.36
Goodwill	54.4	56.3	91.8	94.6	97.6	96.2	90.5	93.7	92.4	104
Intangible assets	46.5	37.9	45.5	36.2	27.2	21.3	12.5	10.8	7.48	9.74
Long-term investments	4.07
Other non-current assets	4.76	5.23	8.4	8.67	11.2	14	11.1	11.7	14.8	15.8
Total assets	327	338	353	383	375	342	335	289	339	398
Accounts payable	8.92	8.14	7.2	10.8	5.68	8.2	17.4	17.5	13.3	13.7
Accrued liabilities	10.9	11.6	13.9	15.4	13.6	16.6	18.3	14.3	13.8	13.6
Deferred revenue	36.4	33.3	33.6	30.3	43.4	54.6	64.6	69.3	67.5	71.6
Total current liabilities	68	66.2	72.4	73.8	75.3	89.1	111	115	110	115
Lease liabilities				11.3	12.4	10.2	8.44	6.11	6.93	6.14
Other non-current liabilities	5.71	5.92	7.08	8.3	10.4	7.77	2.48	3.18	1.93	1.62
Total liabilities	74.1	99.7	100	120	118	122	132	130	126	126
Paid-in capital	87.5	90.3	93.3	96.1	98.8	100	107	119	123	129
Retained earnings	179	156	172	179	174	143	129	98.9	151	210
Treasury stock					-5.03	-12.5	-18.2	-47.4	-47.4	-60.5
Other comprehensive income	-12.9	-8.57	-13.3	-13.3	-10.2	-11.2	-14.6	-11.1	-13.9	-6.15
Shareholders' equity	253	238	252	262	257	220	203	159	213	272
Total equity	253	238	252	262	257	220	203	159	213	272
Total liabilities and equity	327	338	353	383	375	342	335	289	339	398
Shares outstanding	50.1	50.1	40.2	40.2	40.1	40	39.7	37.5	38.1	37.4

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	10.5	-22.4	3.04	7.86	-5.46	-30.6	-14.4	-29.8	57.1	72.9
Depreciation and amortization	10.8	10.6	12.1	11.5	12	8.93	7.07	6.48	8.36	10.1
Stock-based compensation	2.77	3.47	3.97	3.37	4.74	4.35	8.64	14.3	8.96	11.2
Deferred income tax	-4.97	13.1	-7.43	-1.62	-1.49	2	0.92	-0.04	-16.3	-30.4
Change in receivables	-8.11	-8.43	-12	-4.79	5.18	2.05	-9.71	1.22	6.71	3.63
Change in inventory	3.2	5.38	-2.39	-5.39	6.73	2.21	-2.17	-3.28	4.08	1.65
Change in payables	0.16	-1.01	-1.48	3.63	-5.24	2.72	9.26	-0.25	-3.85	-0.58
Cash from operations	28.4	17.6	1.23	18.2	14.9	-2.75	-5.76	-10.7	55.7	59.5
Capital expenditures	-2.04	-3.09	-3.69	-7.45	-3.1	-2.17	-5	-12.5	-9.25	-8.96
Acquisitions			-53.1			0	0	-1.8	0	-14.7
Purchases of investments	-185	-179	-22.8	-33.8	-34.1	-59.9	-15.8	0	0
Cash from investing	-56.5	12.8	0.19	-9.89	-4.66	-11	46.6	-12	-9.31	-35.6
Debt repaid	0
Stock issued	0
Share buybacks					-5.03	-7.47	-5.72	-29.2	-0	-13.1
Dividends paid								0	0	-18.5
Cash from financing	-1.05	-0.64	-0.97	-0.57	-7.06	-10.4	-7.31	-32.1	-5.24	-38.4
Exchange rate effect	-0.05	-0.47	-1.56	-0.21	0.91	-0.9	-0.37	1	-1.32	1.72
Net change in cash	-29.2	29.3	-1.11	7.57	4.11	-25	33.1	-53.8	39.8	-12.8
Free cash flow	26.4	14.5	-2.46	10.8	11.8	-4.91	-10.8	-23.2	46.4	50.5
Interest paid	0	0			0	0	0	0
Income taxes paid	5.98	6.43	10.9	7.84	9.44	7.7	2.03	4.99	2.3	9.64

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $17.81 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	73.6%	Gross profit / revenue.
Operating margin	18.0%	Operating income / revenue.
EBITDA margin	22.1%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	17.8%	Pre-tax income / revenue.
Net margin	27.8%	Net income / revenue.
FCF margin	16.3%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	21.1%	Cash from operations / revenue.
Effective tax rate	-55.6%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	25.0%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	17.7%	Net income / average total assets.
Return on invested capital (ROIC)	15.2%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	14.5%	Research and development expense / revenue.
Stock-based pay / revenue	4.2%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	4.8%	Capital expenditures / revenue.
D&A / revenue	4.1%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	0.0%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	3.6%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	2.4%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	2.7%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	6.5%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	3.9%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	8.1%	Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	10.1%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 5y	54.0%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	27.7%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	28.8%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	6.8%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 5y	31.8%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	8.8%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 5y	33.7%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	0.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	27.9%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	10.2%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	1.1%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	17.4%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	5.9%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	1.2%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-0.5%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-1.1%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-0.6%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.33x	Current assets / current liabilities.
Quick ratio	0.87x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.45x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	29.3%	Total liabilities / total assets.
Working capital	$31.4M	Current assets - current liabilities.
Goodwill and intangibles / assets	37.0%	(Goodwill + intangible assets) / total assets.
Tangible book value	$130.4M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.64x	Revenue / average total assets.
Fixed asset turnover	10.3x	Revenue / average property, plant and equipment.
Inventory turnover	6.84x	Cost of revenue / average inventory.
Days inventory	53 days	365 x average inventory / cost of revenue.
Receivables turnover	6.09x	Revenue / average receivables.
Days sales outstanding	60 days	365 x average receivables / revenue.
Days payables	62 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	51 days	Days inventory + days sales outstanding - days payables.
FCF conversion	58.7%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	22.7%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$1.79	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$6.46	Revenue / diluted weighted shares.
FCF per share	$1.05	Free cash flow / diluted weighted shares.
Operating cash flow per share	$1.36	Cash from operations / diluted weighted shares.
Book value per share	$7.43	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$3.54	Tangible book value / shares outstanding.
Cash per share	$1.18	(Cash + short-term investments) / shares outstanding.
Payout ratio	27.9%	Dividends paid / net income, when net income is positive.
Dividends / FCF	47.5%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	53.4%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$656.3M	Share price x shares outstanding.
Enterprise value	$613.0M	Market cap + total debt - cash - short-term investments.
P/E	9.60x	Market cap / net income. Only when net income is positive.
P/S	2.66x	Market cap / revenue.
P/B	2.40x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	5.03x	Market cap / tangible book value, when positive.
P/FCF	16.3x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	12.6x	Market cap / cash from operations, when positive.
EV/Sales	2.49x	Enterprise value / revenue.
EV/EBIT	13.8x	Enterprise value / operating income, when both are positive.
EV/EBITDA	11.3x	Enterprise value / EBITDA, when both are positive.
EV/FCF	15.3x	Enterprise value / free cash flow, when both are positive.
FCF yield	6.1%	Free cash flow / market cap.
Earnings yield	10.4%	Net income / market cap (the inverse of P/E).
Dividend yield	2.9%	Dividends paid over the period / market cap.
Shareholder yield	6.2%	(Dividends paid + share buybacks) / market cap.

What was OneSpan Inc.'s revenue in fiscal 2025?

OneSpan Inc. reported revenue of $243.2M for fiscal 2025, 0% higher than the year before.

Was OneSpan Inc. profitable in fiscal 2025?

Yes. Net income was $72.9M, a net margin of 30%.

How much free cash flow did OneSpan Inc. generate in fiscal 2025?

Cash from operations of $59.5M minus capital expenditures of $9.0M left free cash flow of $50.5M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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