OneSpan Inc (OSPN) Fair Value & Analysis

Technology · US · Market cap $500M · ISIN US68287N1000

What is OneSpan Inc really worth?

What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

What matters now

• The rarer combination: high quality (77/100) AND below fair value. That earns a closer look rather than a quick verdict.
• The model range is unusually wide ($15.32 to $41.79). The outcome hinges heavily on assumptions, so read the point estimate with caution.

Price vs Fair Value (5 years)

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 27, 2026.

How to read this chart

60‑month range $7.30 – $25.52 · fair‑value band $15.32 – $41.79 · the $16.76 price screens below the $22.42 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 27, 2026.

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Analysis

OneSpan Inc (OSPN) currently trades at $16.76, while our model-based Fair Value estimate is $22.42, implying the stock looks roughly 25.3% undervalued today. The Quality Score stands at 77/100 (high quality), in the Technology sector. Bull case: the Growth Earnings group reads highest at a median of $47.40 per share, and 18 of the 26 models we run sit above the $16.76 price. Bear case: the Asset-Based group reads lowest at $4.91, and 8 of the 26 models stay below the price. Evidence for this calculation is high.

Over the trailing twelve months, OneSpan Inc generated revenue of $246M at a net margin of 28.5%. Revenue grew 4.1% year over year. It earns a return on equity of 27.8%. The balance sheet holds a net cash position of $64.4M. Fundamentals as of Aug 27, 2026

Our scenario range runs from $15.32 (bear case) to $41.79 (bull case); at $16.76, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 4% below its 52-week high and 69% above its 52-week low, currently above its 200-day average. For context, the median of 10 Technology peers we cover trades at −32% fair-value upside, at 34%, OSPN screens cheaper than that median.

Fair Value models

This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly $0.8901 per share, which is 4.0 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.

Widest divergence: Growth Earnings ($47.40) versus Asset-Based ($4.91). Highest evidence: FCF DCF (81).

Key figures & financial health

Quality Score breakdown

About the company

OneSpan Inc., together with its subsidiaries, provides digital solutions for security, authentication, identity, electronic signature, and digital workflow products in the Americas, Europe, the Middle East, Africa, and the Asia Pacific regions. It operates through Cybersecurity and Digital Agreements segments.

Full company description

OneSpan Inc., together with its subsidiaries, provides digital solutions for security, authentication, identity, electronic signature, and digital workflow products in the Americas, Europe, the Middle East, Africa, and the Asia Pacific regions. It operates through Cybersecurity and Digital Agreements segments. The company offers Cloud Authentication, a cloud-based multifactor authentication solution; Mobile Security Suite, a software development kit that protects mobile transactions; Mobile Application Shielding that protects mobile applications from attacks by malware allowing secure usage of mobile applications even in hostile environments; and authentication servers that securely authenticate users and transactions. The company also provides Authentication Suite, a solution to protect organizations from cyber threats; Digipass Authenticator; and Digipass S3 Authentication software, an authentication platform designed to enable passwordless and phishing-resistant authentication across web and mobile applications. It also provides OneSpan Sign, a range of e-signature requirements for occasional agreement; OneSpan Notary, an online notary solution developed for organizations with in-house notaries; OneSpan Sign Identity Verification that enables banks and financial institutions identity verification services; Onespan Sign Authentication, a configurable authentication option to verify senders and signers by adding layers of security to e-signature transactions; and OneSpan Integration Platform, a platform that enables organizations to integrate e-signatures. It sells its solutions through its direct sales force, distributors, resellers, systems integrators, and original equipment manufacturers. The company was formerly known as VASCO Data Security International, Inc. and changed its name to OneSpan Inc. in August 1997. OneSpan Inc. was founded in 1991 and is headquartered in Boston, Massachusetts.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

OneSpan Inc reported revenue of $243M in FY2025 versus $214M in FY2021, a compound +3.2%/yr. Reported net income was $72.9M in FY2025.

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Peer Group

Software - Infrastructure · 369 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Valuation Multiples vs Software - Infrastructure median · lower = cheaper

Strength profile in five axes (Snowflake)

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

Insider activity: 46/100

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

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