OneSpan Inc. (OSPN) intrinsic value & 10-year financials
OneSpan Inc. (OSPN) has a Graham intrinsic value of $62.45 per share. At $17.50 on Oct 17, 2026, the stock trades 72% below that value. Over the last 10 fiscal years revenue grew 2.6% a year to $243.2M, with an average return on invested capital of 1.1%.
- Graham intrinsic value
- $62.45
- Share price (Oct 17, 2026)
- $17.50
- Price vs Graham value
- 72% below
- Market cap
- $680.4M
- Revenue (FY2025)
- $243.2M
- Revenue growth (10-yr CAGR)
- 2.6%
- ROIC (10-yr avg)
- 1.1%
- Free cash flow (FY2025)
- $50.5M
OSPN 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $243.2M | $72.9M | $1.88 | $50.5M | 19.9% | 28.2% |
| FY2024 | $243.2M | $57.1M | $1.46 | $46.4M | 18.4% | 34.5% |
| FY2023 | $235.1M | -$29.8M | -$0.74 | -$23.2M | -12.3% | -24.2% |
| FY2022 | $219.0M | -$14.4M | -$0.36 | -$10.8M | -12.4% | -19.2% |
| FY2021 | $214.5M | -$30.6M | -$0.00 | -$4.9M | -12.2% | -15.0% |
| FY2020 | $215.7M | -$5.5M | -$0.00 | $11.8M | -2.4% | -2.8% |
| FY2019 | $254.6M | $8.8M | $0.00 | $10.8M | 6.0% | 4.5% |
| FY2018 | $212.3M | $3.8M | $0.00 | -$2.5M | 0.0% | 0.0% |
| FY2017 | $193.3M | -$22.4M | -$0.00 | $14.5M | 3.2% | 1.3% |
| FY2016 | $192.3M | $10.5M | $0.00 | $26.4M | 5.0% | 3.5% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
OneSpan Inc. has demonstrated mature, steady growth, with revenue compounding at 2.6% annually over the past decade.
OneSpan Inc. has historically struggled to out-earn its cost of capital, averaging just 1.1% ROIC.
Over the decade, OneSpan Inc. shows that management has aggressively returned capital to shareholders by retiring 99.9% of outstanding shares.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, OneSpan Inc. is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $62.45 per share.