OneSpan Inc.
OSPN · Services-Computer Integrated Systems Design · 37.1M shares · +0%/yr ↑ shares · EDGAR filings ↗
Net buyback after stock comp: $15M (gross $29M, SBC $14M)
Reference price $14.45 · est. market cap ~$536M — last insider sale, 2026-06-16 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
B74Security/e-signature software vendor with strong returns and free cash flow, but flat revenue.
Strengths
- Strong returns and margins — ROA 18.3% (100th), operating margin 19.9% (78th), net margin 30.0% (100th, tax-aided)
- Strong FCF — $50.5M (66th), FCF margin 20.8%
- Adequate liquidity — current ratio 1.50
Risks
- Flat revenue — 0.0% (18th)
- Competitive identity/e-signature market — per 10-K
- Net margin tax-flattered — per 10-K
Notable findings
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- Customer concentration~78% of revenue from one customer/distributor — Due largely to the mobile first trend, our revenue from Digipass devices declined from 78% of our revenue in 2015 to 20% of our revenue in 2025
- Exec changeRecent 8-K item 5.02 8-K ↗
- New fund positionNotable fund(s) opened this quarter: RENAISSANCE TECHNOLOGIES LLC
- Notable holderHeld by 5 notable fund(s): STATE STREET CORP, GOLDMAN SACHS GROUP INC, FMR LLC +2 more (as of 2026-03-31)
- Insider sellingInsider selling — 2 open-market sale(s) by 1 insider(s) (~$443,978, last 6mo) Form 4 ↗
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
73.8%
Operating margin
19.9%
Net margin
30.0%
Return on equity
26.8%
Return on assets
18.3%
Revenue growth (QoQ)
4.8%
Net-income growth
27.7%
Current ratio
1.5×
Free cash flow
$50M
EBITDA
$59M
Tangible book value
$158M
Cash & investments
$70M
Stock comp / revenue
4.6%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-16 | Martell Jorge Garcia | Sell | 20K | $14.45 |
| 2026-06-16 | Jain Ashish | Tax withheld | 1.7K | $14.26 |
| 2026-06-16 | Jain Ashish | Option exercise | 4.7K | — |
| 2026-05-14 | Mataac Lara | Tax withheld | 333 | $12.18 |
| 2026-05-14 | Mataac Lara | Option exercise | 1.1K | — |
| 2026-05-14 | Martell Jorge Garcia | Option exercise | 1.1K | — |
| 2026-05-14 | Martell Jorge Garcia | Tax withheld | 333 | $12.18 |
| 2026-03-16 | Martell Jorge Garcia | Sell | 15K | $10.33 |
| 2026-03-06 | Martell Jorge Garcia | Option exercise | 3.1K | — |
| 2026-03-06 | Martell Jorge Garcia | Tax withheld | 889 | $10.89 |
| 2026-03-04 | Mataac Lara | Option exercise | 2.7K | — |
| 2026-03-04 | Martell Jorge Garcia | Option exercise | 3.5K | — |
| 2026-03-04 | Martell Jorge Garcia | Tax withheld | 1.2K | $10.53 |
| 2026-03-04 | Martell Jorge Garcia | Option exercise | 4.0K | — |
| 2026-03-04 | Martell Jorge Garcia | Tax withheld | 1.4K | $10.53 |
| 2026-03-04 | Mataac Lara | Option exercise | 2.4K | — |
| 2026-03-04 | Mataac Lara | Tax withheld | 829 | $10.53 |
| 2026-03-04 | Mataac Lara | Tax withheld | 933 | $10.53 |
| 2026-03-04 | Zenner Marc | Buy | 3.3K | $10.54 |
| 2026-03-04 | Limongelli Victor | Option exercise | 13K | — |
| 2026-03-04 | Limongelli Victor | Tax withheld | 4.5K | $10.53 |
| 2026-03-04 | Limongelli Victor | Option exercise | 14K | — |
| 2026-03-04 | Limongelli Victor | Tax withheld | 5.1K | $10.53 |
| 2026-03-03 | Jain Ashish | Option exercise | 11K | — |
| 2026-03-03 | Jain Ashish | Tax withheld | 4.3K | $10.47 |
| 2026-02-23 | Martell Jorge Garcia | Option exercise | 3.0K | — |
| 2026-02-23 | Martell Jorge Garcia | Tax withheld | 1.1K | $10.75 |
| 2026-02-23 | Mataac Lara | Option exercise | 1.8K | — |
| 2026-02-23 | Mataac Lara | Tax withheld | 632 | $10.75 |
| 2026-01-04 | Limongelli Victor | Tax withheld | 13K | $12.29 |
| 2026-01-04 | Limongelli Victor | Option exercise | 33K | — |
| 2026-01-02 | Capers Garry L | Option exercise | 6.6K | — |
| 2026-01-02 | Boroditsky Marc | Option exercise | 6.6K | — |
| 2026-01-02 | Zenner Marc | Option exercise | 6.6K | — |
| 2026-01-02 | Nietzel Alfred A | Option exercise | 6.6K | — |
| 2026-01-02 | McConnell Michael J | Option exercise | 6.6K | — |
| 2026-01-02 | Garg Sarika | Option exercise | 6.6K | — |
| 2026-01-02 | Johnson Marianne | Option exercise | 6.6K | — |
| 2025-12-31 | Mataac Lara | Tax withheld | 1.0K | $12.84 |
| 2025-12-31 | Mataac Lara | Tax withheld | 2.5K | $12.84 |
| 2025-12-31 | Martell Jorge Garcia | Option exercise | 5.7K | — |
| 2025-12-31 | Martell Jorge Garcia | Tax withheld | 2.8K | $12.84 |
| 2025-12-31 | Martell Jorge Garcia | Option exercise | 8.5K | — |
| 2025-12-31 | Martell Jorge Garcia | Tax withheld | 4.1K | $12.84 |
| 2025-12-31 | Mataac Lara | Option exercise | 3.4K | — |
| 2025-12-31 | Mataac Lara | Option exercise | 8.5K | — |
| 2025-12-16 | Jain Ashish | Option exercise | 9.5K | — |
| 2025-12-16 | Jain Ashish | Tax withheld | 3.4K | $12.81 |
| 2025-12-12 | Martell Jorge Garcia | Sell | 10K | $12.97 |
| 2025-11-14 | Mataac Lara | Tax withheld | 333 | $12.67 |
| 2025-11-14 | Martell Jorge Garcia | Option exercise | 1.1K | — |
| 2025-11-14 | Martell Jorge Garcia | Tax withheld | 548 | $12.67 |
| 2025-11-14 | Mataac Lara | Option exercise | 1.1K | — |
| 2025-11-05 | McConnell Michael J | Buy | 10K | $11.65 |
| 2025-11-05 | McConnell Michael J | Buy | 10K | $11.85 |
| 2025-11-05 | McConnell Michael J | Buy | 30K | $12.10 |
| 2025-11-04 | Zenner Marc | Buy | 2.0K | $12.13 |
| 2025-09-06 | Martell Jorge Garcia | Tax withheld | 4.4K | $15.21 |
| 2025-09-06 | Martell Jorge Garcia | Option exercise | 10K | — |
| 2025-09-06 | Martell Jorge Garcia | Option exercise | 3.1K | — |
| 2025-09-06 | Martell Jorge Garcia | Tax withheld | 1.4K | $15.21 |
| 2025-08-25 | Martell Jorge Garcia | Tax withheld | 892 | $14.56 |
| 2025-08-25 | Mataac Lara | Tax withheld | 535 | $14.56 |
| 2025-08-23 | Martell Jorge Garcia | Option exercise | 3.0K | — |
| 2025-08-23 | Mataac Lara | Option exercise | 1.8K | — |
| 2025-08-08 | Capers Garry L | Buy | 2.0K | $13.07 |
| 2025-08-08 | Zenner Marc | Buy | 2.2K | $12.80 |
| 2025-07-31 | Limongelli Victor | Option exercise | 33K | — |
| 2025-07-31 | Limongelli Victor | Tax withheld | 17K | $14.75 |
| 2025-07-31 | Limongelli Victor | Option exercise | 100K | — |
| 2025-07-31 | Limongelli Victor | Tax withheld | 51K | $14.75 |
| 2025-06-13 | Mataac Lara | Option exercise | 4.6K | — |
| 2025-06-13 | Mataac Lara | Tax withheld | 1.3K | $15.49 |
| 2025-05-14 | Martell Jorge Garcia | Tax withheld | 2.5K | $16.10 |
| 2025-05-14 | Mataac Lara | Option exercise | 8.5K | — |
| 2025-05-14 | Mataac Lara | Tax withheld | 2.5K | $16.10 |
| 2025-05-14 | Mataac Lara | Option exercise | 2.3K | — |
| 2025-05-14 | Mataac Lara | Tax withheld | 665 | $16.10 |
| 2025-05-14 | Martell Jorge Garcia | Option exercise | 8.5K | — |
| 2025-05-14 | Martell Jorge Garcia | Option exercise | 2.3K | — |
| 2025-05-14 | Martell Jorge Garcia | Tax withheld | 665 | $16.10 |
| 2025-03-06 | Martell Jorge Garcia | Tax withheld | 3.2K | $16.47 |
| 2025-03-06 | Martell Jorge Garcia | Option exercise | 3.1K | — |
| 2025-03-06 | Martell Jorge Garcia | Tax withheld | 897 | $16.47 |
| 2025-03-06 | Martell Jorge Garcia | Option exercise | 10K | — |
| 2025-02-24 | Mataac Lara | Tax withheld | 632 | $17.18 |
| 2025-02-24 | Martell Jorge Garcia | Tax withheld | 1.1K | $17.18 |
| 2025-02-23 | Mataac Lara | Option exercise | 1.8K | — |
| 2025-02-23 | Martell Jorge Garcia | Option exercise | 3.0K | — |
| 2025-01-09 | Johnson Marianne | Option exercise | 13K | — |
| 2025-01-09 | Zenner Marc | Option exercise | 13K | — |
| 2025-01-09 | Nietzel Alfred A | Option exercise | 13K | — |
| 2025-01-09 | McConnell Michael J | Option exercise | 13K | — |
| 2025-01-09 | Garg Sarika | Option exercise | 13K | — |
| 2025-01-09 | Capers Garry L | Option exercise | 13K | — |
| 2025-01-09 | Boroditsky Marc | Option exercise | 13K | — |
| 2024-12-31 | Mataac Lara | Option exercise | 39K | — |
| 2024-12-31 | Mataac Lara | Tax withheld | 16K | $18.54 |
| 2024-12-31 | Mataac Lara | Option exercise | 3.4K | — |
| 2024-12-31 | Mataac Lara | Tax withheld | 1.0K | $18.54 |
| 2024-12-31 | Martell Jorge Garcia | Option exercise | 87K | — |
| 2024-12-31 | Martell Jorge Garcia | Tax withheld | 42K | $18.54 |
| 2024-12-31 | Martell Jorge Garcia | Option exercise | 5.7K | — |
| 2024-12-31 | Martell Jorge Garcia | Tax withheld | 2.8K | $18.54 |
All non-derivative Form 4 activity (SEC), newest first.
Supply chain
Customers (0)
Suppliers (2)
- MUFG Bank, Ltd
- ThreatFabric Holding B.V.
Named in the 10-K; linked when we track them.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-05 | Exec/director changeShareholder voteExhibits | filing ↗ |
| 2026-05-11 | Other | filing ↗ |
| 2026-04-30 | Exhibits | filing ↗ |
| 2026-02-26 | Exhibits | filing ↗ |
| 2025-10-30 | Exhibits | filing ↗ |
| 2025-08-05 | ResultsExhibits | filing ↗ |
| 2025-06-24 | Material agreementDebt obligationExhibits | filing ↗ |
| 2025-06-10 | Exec/director changeShareholder voteExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-05 | 2026-06-05 | 0001044777-26-000034 ↗ |
| 8-K | 2026-05-11 | 2026-05-07 | 0001044777-26-000022 ↗ |
| 10-Q | 2026-04-30 | 2026-03-31 | 0001044777-26-000019 ↗ |
| 8-K | 2026-04-30 | 2026-03-31 | 0001044777-26-000017 ↗ |
| 10-K | 2026-02-26 | 2025-12-31 | 0001044777-26-000008 ↗ |
| 8-K | 2026-02-26 | 2026-02-26 | 0001044777-26-000006 ↗ |
| 10-Q | 2025-10-30 | 2025-09-30 | 0001044777-25-000034 ↗ |
| 8-K | 2025-10-30 | 2025-09-30 | 0001044777-25-000032 ↗ |
| 8-K | 2025-08-05 | 2025-08-05 | 0001044777-25-000013 ↗ |
| 10-Q | 2025-08-05 | 2025-06-30 | 0001044777-25-000017 ↗ |
| 8-K | 2025-06-24 | 2025-06-23 | 0001044777-25-000005 ↗ |
| 8-K | 2025-06-10 | 2025-06-06 | 0001628280-25-030517 ↗ |