Latest Ratios: P/E Ratio 7.8x · EV/EBITDA 7.5x · ROE 30.1%. (1997–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $555M | $494M | $725M | $431M | $449M | $671M | $828M | $687M | $519M | $553M | $543M |
| Enterprise Value | $491M | $430M | $651M | $395M | $363M | $617M | $752M | $617M | $442M | $475M | $499M |
| P/E Ratio → | 7.80 | 6.76 | 12.70 | — | — | — | — | 85.60 | 134.90 | — | 52.50 |
| P/S Ratio | 2.28 | 2.03 | 2.98 | 1.83 | 2.05 | 3.13 | 3.84 | 2.71 | 2.44 | 2.86 | 2.82 |
| P/B Ratio | 2.10 | 1.82 | 3.41 | 2.71 | 2.21 | 3.05 | 3.22 | 2.62 | 2.04 | 2.33 | 2.11 |
| P/FCF | 11.00 | 9.78 | 15.61 | — | — | — | 70.04 | 63.68 | — | 38.33 | 20.71 |
| P/OCF | 9.34 | 8.31 | 13.02 | — | — | — | 55.48 | 37.66 | — | 31.39 | 19.11 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.77 | 2.68 | 1.68 | 1.66 | 2.88 | 3.49 | 2.43 | 2.08 | 2.46 | 2.59 |
| EV / EBITDA | 7.54 | 6.60 | 12.24 | — | — | — | 98.30 | 23.97 | 36.36 | 28.26 | 24.48 |
| EV / EBIT | 9.80 | 8.70 | 13.21 | — | — | — | — | 43.47 | — | 76.65 | 51.96 |
| EV / FCF | — | 8.51 | 14.02 | — | — | — | 63.61 | 57.16 | — | 32.88 | 19.02 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 70.7% | 70.7% | 71.8% | 67.1% | 67.8% | 66.6% | 70.6% | 66.2% | 69.5% | 69.6% | 67.9% |
| Operating Margin | 20.6% | 20.6% | 18.4% | -12.3% | -12.4% | -12.2% | -2.4% | 5.6% | 0.0% | 3.2% | 5.0% |
| Net Profit Margin | 30.0% | 30.0% | 23.5% | -12.7% | -6.6% | -14.3% | -2.5% | 3.1% | 1.8% | -11.6% | 5.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 30.1% | 30.1% | 30.7% | -16.4% | -6.8% | -12.8% | -2.1% | 3.0% | 1.6% | -9.0% | 4.2% |
| ROA | 19.8% | 19.8% | 18.2% | -9.5% | -4.3% | -8.5% | -1.4% | 2.1% | 1.1% | -6.7% | 3.3% |
| ROIC | 21.7% | 21.7% | 25.6% | -18.0% | -14.3% | -11.3% | -2.1% | 5.8% | 0.0% | 2.5% | 3.8% |
| ROCE | 19.6% | 19.6% | 22.2% | -14.5% | -11.4% | -9.4% | -1.7% | 4.8% | 0.0% | 2.3% | 3.7% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.02 | 0.02 | 0.04 | 0.04 | 0.05 | 0.05 | 0.05 | 0.05 | — | — | — |
| Debt / EBITDA | 0.09 | 0.09 | 0.17 | — | — | — | 1.62 | 0.54 | — | — | — |
| Net Debt / Equity | — | -0.24 | -0.35 | -0.22 | -0.42 | -0.24 | -0.30 | -0.27 | -0.30 | -0.33 | -0.17 |
| Net Debt / EBITDA | -0.99 | -0.99 | -1.39 | — | — | — | -9.94 | -2.73 | -6.28 | -4.68 | -2.18 |
| Debt / FCF | — | -1.27 | -1.59 | — | — | — | -6.43 | -6.52 | — | -5.45 | -1.69 |
| Interest Coverage | — | — | — | — | — | -26128.00 | — | — | — | — | — |
Net cash position: cash ($70M) exceeds total debt ($6M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.50 | 1.50 | 1.59 | 1.27 | 1.78 | 2.10 | 2.75 | 2.84 | 2.64 | 3.45 | 3.05 |
| Quick Ratio | 1.41 | 1.41 | 1.49 | 1.14 | 1.67 | 1.98 | 2.58 | 2.57 | 2.45 | 3.26 | 2.80 |
| Cash Ratio | 0.62 | 0.62 | 0.75 | 0.37 | 0.89 | 1.11 | 1.53 | 1.49 | 1.35 | 2.39 | 2.12 |
| Asset Turnover | — | 0.61 | 0.72 | 0.81 | 0.65 | 0.63 | 0.57 | 0.66 | 0.60 | 0.57 | 0.59 |
| Inventory Turnover | 6.81 | 6.81 | 6.36 | 4.98 | 5.84 | 6.92 | 4.85 | 4.32 | 4.49 | 4.88 | 3.54 |
| Days Sales Outstanding | — | 111.47 | 97.44 | 107.94 | 116.08 | 104.33 | 109.55 | 97.40 | 116.22 | 90.88 | 70.00 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 3.2% | 3.7% | 0.7% | — | — | — | — | — | — | — | — |
| Payout Ratio | 25.3% | 25.3% | 8.3% | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 12.8% | 14.8% | 7.9% | — | — | — | — | 1.2% | 0.7% | — | 1.9% |
| FCF Yield | 9.1% | 10.2% | 6.4% | — | — | — | 1.4% | 1.6% | — | 2.6% | 4.8% |
| Buyback Yield | 2.4% | 2.7% | 0.0% | 6.8% | 1.3% | 1.1% | 0.6% | 0.0% | 0.2% | 0.1% | 0.2% |
| Total Shareholder Yield | 5.6% | 6.4% | 0.7% | 6.8% | 1.3% | 1.1% | 0.6% | 0.0% | 0.2% | 0.1% | 0.2% |
| Shares Outstanding | — | $38M | $39M | $40M | $40M | $40M | $40M | $40M | $40M | $40M | $40M |
Legacy hardware revenue erosion
According to current market data, OneSpan trades at a P/E of 7.45 and an EV/EBITDA of 7.16, suggesting that investors are applying a significant transition discount compared to high-growth security peers, likely due to the persistent stagnation in top-line revenue growth during the shift to subscription models.
The low valuation multiples appear to reflect market skepticism regarding the company's ability to successfully pivot away from legacy hardware without sacrificing its long-term competitive position. Investors should monitor whether the forward EV/EBITDA of 3.32 indicates an expectation of margin compression or if it represents a mispricing of the company's underlying cash-generative potential.
Based on reported figures, OneSpan's ROIC has fluctuated between 1.1% and 9.4% over the last ten quarters, indicating that the company is struggling to consistently compound returns on its invested capital while navigating the structural shift from hardware-centric sales to a recurring software-as-a-service revenue model.
The volatility in ROIC suggests that the company's capital allocation strategy is currently hampered by the need to maintain legacy infrastructure while simultaneously funding R&D for new cloud-based identity solutions. This inconsistency warrants further investigation into whether the current capital base is being deployed effectively or if it is being diluted by the ongoing costs of business model restructuring.
As reported in financial statements, OneSpan's cash conversion cycle has oscillated between 53 and 82 days over the past ten quarters, reflecting significant variability in working capital management that complicates the assessment of the company's operational efficiency during its transition to a subscription-based revenue structure.
The inconsistency in DSO and DPO trends suggests that the company may be facing challenges in aligning its billing cycles with the shift toward ratable subscription revenue. This lack of stability in the cash conversion cycle may indicate that the company's operational leverage is not yet fully optimized for a pure-play software business model.
Based on recent SEC filings, OneSpan maintains a negligible debt-to-equity ratio of 0.02, which provides the company with a fortress balance sheet that effectively insulates it from interest rate volatility and potential liquidity constraints during its ongoing, and often unpredictable, business model transformation.
The minimal debt load suggests that management has significant financial flexibility to pursue strategic M&A or weather prolonged periods of stagnant growth without the pressure of debt service obligations. However, investors should monitor whether this conservative capital structure is being utilized to drive future growth or if it is merely a defensive posture in the face of market uncertainty.
The P/E ratio is frequently misapplied to OneSpan, as it fails to account for the non-recurring accounting distortions and the J-curve effect inherent in the company's transition from perpetual hardware licenses to ratable subscription revenue, which significantly obscures the true underlying earning power of the business.
Analysts should instead focus on metrics like ARR growth and free cash flow yield, which better capture the recurring nature of the company's evolving software business. Relying on headline P/E multiples may lead to an inaccurate assessment of the company's valuation, as it ignores the high-quality, sticky nature of the banking-focused subscription revenue base.
Includes 30+ ratios · 29 years · Updated daily
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Quick answers to the most common questions about buying OSPN stock.
OneSpan Inc.'s current P/E ratio is 7.8x. The historical average is 39.7x. This places it at the 6th percentile of its historical range.
OneSpan Inc.'s current EV/EBITDA is 7.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 23.8x.
OneSpan Inc.'s return on equity (ROE) is 30.1%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 3.5%.
Based on historical data, OneSpan Inc. is trading at a P/E of 7.8x. This is at the 6th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
OneSpan Inc.'s current dividend yield is 3.24% with a payout ratio of 25.3%.
OneSpan Inc. has 70.7% gross margin and 20.6% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
OneSpan Inc.'s Debt/EBITDA ratio is 0.1x, indicating low leverage. A ratio below 2x is generally considered financially healthy.