OneSpan Inc. Financial Ratios — OSPN Stock

Profitability (USD)

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Return on Common Equity (%)	32.02	21.22	12.83	30.67	28.67	6.07	-13.38	1.85	4.47	-3.09	-19.3	-10.61	-26.17	45.62	40.37
Return on Assets (%)	11.63	8.78	5.6	14.46	14.97	3.29	-6.74	0.88	2.14	-1.44	-8.53	-4.26	-9.55	18.18	19.8
Return on Capital (%)	32.02	21.22	12.83	30.67	28.67	6.07	-13.38	- -	4.33	- -	- -	- -	- -	- -	- -
Return on Invested Capital (%)	19.01	11.19	6.41	17	18.19	3.48	-6.64	- -	2.89	- -	- -	- -	- -	- -	- -
Gross Margin (%)	64.32	64.64	64.41	62.34	59.45	67.94	69.59	69.33	66.21	68.64	66.64	67.84	67.08	71.79	73.75
EBITDA Margin (%)	17	16.02	12.1	21.95	23.51	10.6	8.69	5.31	10.15	3.13	-8.02	-3.08	-2.16	23.69	24.73
Operating Margin (%)	14.73	13.65	8.84	18.9	20.9	4.99	3.2	-0.44	5.6	-2.44	-12.18	-6.3	-4.92	20.25	20.59
Incremental Operating Margin (%)	20.58	26.6	-718.57	52.43	30.99	83.14	-345.19	- -	35.85	- -	- -	- -	- -	753.24	82,500
Pretax Margin (%)	15.35	14.09	9.1	18.82	21.06	5.92	4.34	1.23	5.68	-1.59	-12.19	-5.34	-11.62	19.12	20.3
Profit Margin (%)	10.79	10.13	7.19	16.61	17.46	5.47	-11.59	1.44	3.1	-2.53	-14.26	-6.59	-12.67	23.47	29.98
Net Income to Common Margin (%)	10.79	10.13	7.19	16.61	17.46	5.47	-11.59	1.44	3.1	-2.53	-14.26	-6.59	-12.67	23.47	29.98
Effective Tax Rate (%)	6.03	25.2	22.3	14	17.12	7.59	367.26	- -	45.42	- -	- -	- -	- -	- -	- -
Dvd Payout Ratio (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	25.32
Sustainable Growth Rate (%)	32.02	21.22	12.83	30.67	28.67	6.07	-13.38	1.85	4.47	-3.09	-19.3	-10.61	-26.17	45.62	30.15

Credit (USD)

API Chat

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Total Debt	- -	- -	- -	- -	- -	- -	- -	- -	11	12	10	8	7	7	6
ST Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
LT Debt	- -	- -	- -	- -	- -	- -	- -	- -	11	12	10	8	7	7	6
Total Debt/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	0.44	1.84	-0.59	-1.25	-1.34	0.12	0.1
Net Debt/EBITDA	-2.96	-4.32	-5.26	-1.64	-1.38	-2.42	-4.68	-6.84	-3.28	-13.11	3.68	14.27	8.46	-1.44	-1.17
Total Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	0.8	-2.36	-0.39	-0.61	-0.59	0.14	0.12
Net Debt/EBIT	-3.41	-5.06	-7.19	-1.9	-1.56	-5.14	-12.7	83.38	-5.94	16.81	2.43	6.97	3.72	-1.69	-1.41
EBITDA to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx/Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBIT to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	38.89	43.59	43.63	50.1	53.9	54.57	46.26	48.87	46.92	46.31	41.84	38.43	34.23	44.66	52.77
Long-Term Debt/Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	4.31	4.82	4.63	4.15	4.29	3.26	2.26
Long-Term Debt/Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	5.92	6.66	6.64	6.15	6.45	4.38	2.84
Long-Term Debt/Total Assets (%)	- -	- -	- -	- -	- -	- -	- -	- -	2.95	3.3	2.97	2.52	2.36	2.05	1.54
Total Debt/Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	4.31	4.82	4.63	4.15	4.29	3.26	2.26
Total Debt/Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	5.92	6.66	6.64	6.15	6.45	4.38	2.84
Total Debt/Total Assets (%)	- -	- -	- -	- -	- -	- -	- -	- -	2.95	3.3	2.97	2.52	2.36	2.05	1.54
Net Debt to Equity	-62.22	-68.11	-56.58	-35.19	-31.66	-19.49	-33.06	-30.39	-32.13	-34.35	-28.84	-47.3	-27.02	-39.13	-25.93
Net Debt/Capital (%)	449.43	422.93	1,599.21	-135.44	-87.68	-38.18	-101.46	-80.15	-79.14	-90.4	-70.41	-234.25	-68.47	-110.78	-48.45
EBITDA	29	25	19	44	57	20	17	11	26	7	-17	-7	-5	58	60
EBITDA-CapEx	20	23	18	43	55	18	14	8	18	4	-19	-12	-18	48	51
Operating Income (Loss)	25	21	14	38	50	10	6	-1	14	-5	-26	-14	-12	49	50

Liquidity (USD)

API Chat

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Cash Ratio	2.71	3.56	2.66	3.04	2.22	2.12	2.39	1.38	1.49	1.53	1.11	0.89	0.37	0.75	0.62
Current Ratio	4.48	5.32	4.36	4.56	3.29	3.05	3.45	2.65	2.84	2.75	2.1	1.79	1.27	1.59	1.5
Quick Ratio	3.75	4.49	3.44	3.72	2.75	2.66	3.12	2.31	2.4	2.39	1.79	1.52	0.98	1.34	1.26
CFO/Avg Current Liab	0.58	0.72	0.3	1.01	1.36	0.46	0.26	0.02	0.25	0.2	-0.03	-0.06	-0.1	0.49	0.53
Common Equity/Total Assets	38.89	43.59	43.63	50.1	53.9	54.57	46.26	48.87	46.92	46.31	41.84	38.43	34.23	44.66	52.77
Long-Term Debt/Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	4.31	4.82	4.63	4.15	4.29	3.26	2.26
Long-Term Debt/Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	5.92	6.66	6.64	6.15	6.45	4.38	2.84
Long-Term Debt/Total Assets (%)	- -	- -	- -	- -	- -	- -	- -	- -	2.95	3.3	2.97	2.52	2.36	2.05	1.54
Total Debt/Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	4.31	4.82	4.63	4.15	4.29	3.26	2.26
Total Debt/Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	5.92	6.66	6.64	6.15	6.45	4.38	2.84
Total Debt/Total Assets (%)	- -	- -	- -	- -	- -	- -	- -	- -	2.95	3.3	2.97	2.52	2.36	2.05	1.54
CFO/Total Liabilities	50.14	73.08	26.66	91.54	107.87	38.34	17.68	1.22	15.17	12.66	-2.24	-4.37	-8.25	44.11	47.24
CFO/CapEx	1.97	13.27	8.1	26.59	47.41	12.99	5.52	0.33	2.45	4.61	-1.25	-1.15	-0.86	5.98	6.57
Altman's Z-Score	7.63	9.13	7.59	17.87	10.35	7.22	5.9	5.84	6.26	6.61	5.27	4.02	4.01	6.29	5.05

Working Capital (USD)

API Chat

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Accounts Receivable Turnover	6.3	5.2	5.53	6.89	8.13	5.82	4.56	3.92	4.15	3.6	3.76	3.6	3.63	4.03	4.33
Days Sales Outstanding	57.89	70.13	66.04	52.99	44.91	62.75	80.08	93.05	87.86	101.49	97.13	101.45	100.54	90.52	84.22
Inventory Turnover	4.48	3.14	2.49	2.55	3.59	3.24	3.99	4.9	5	4.11	6.11	6.29	5.61	5.21	6
Days Inventory Outstanding	81.38	116.3	146.62	143.14	101.58	112.61	91.47	74.53	72.98	88.81	59.79	58.04	65.1	70.08	60.78
Accounts Payable Turnover	8.07	7.57	8.79	9.86	8.69	6.6	6.26	8.76	10.09	7.37	9.91	5.64	4.65	4.15	4.7
Accounts Payable Turnover Days	45.24	48.23	41.53	37.01	42.01	55.32	58.3	41.68	36.16	49.5	36.84	64.66	78.53	87.94	77.7
Cash Conversion Cycle	94.04	138.2	171.13	159.13	104.49	120.03	113.25	125.91	124.68	140.8	120.07	94.83	87.11	72.67	67.31
Inventory to Cash Days	-23.49	-46.17	-80.58	-90.15	-56.67	-49.86	-11.39	18.53	14.89	12.67	37.34	43.41	35.44	20.44	23.44
Inventories	16	19	26	34	21	17	12	14	20	13	10	12	16	11	10
Raw Materials	6	7	12	16	9	8	5	5	7	5	4	7	9	4	4
Work In Process	10	12	13	18	11	9	7	9	12	8	7	5	7	6	6
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

API Chat

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Market Capitalization	245	311	300	1,110	662	542	553	517	686	828	671	449	431	712	491
- Cash & Cash Equivalents	84	106	99	72	79	49	79	77	84	88	63	96	43	83	70
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	- -	- -	- -	- -	- -	- -	- -	- -	11	12	10	8	7	7	6
Enterprise Value	160	204	202	972	538	398	395	418	587	725	582	359	395	635	426
Total Capital	66	81	92	126	168	179	156	172	191	186	153	137	106	158	216
Total Debt/Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	5.92	6.66	6.64	6.15	6.45	4.38	2.84
Total Debt / EV	- -	- -	- -	- -	- -	- -	- -	- -	0.02	0.02	0.02	0.02	0.02	0.01	0.01
EV/Sales	0.95	1.33	1.3	4.82	2.23	2.07	2.04	1.98	2.32	3.36	2.72	1.64	1.68	2.61	1.75
EV/EBITDA	5.61	8.28	10.76	21.98	9.49	19.53	23.51	37.23	22.82	107.5	- -	- -	- -	11.03	7.09
EV/EBIT	6.48	9.71	14.72	25.53	10.67	41.47	63.77	- -	41.38	- -	- -	- -	- -	12.9	8.51
EV/Cash Flow to Firm	9.66	9.25	20.14	23.36	7.83	14.01	22.4	340.64	32.18	48.59	- -	- -	- -	11.42	7.17
EV/Free Cash Flow to Firm	6.41	8.61	17.92	22.52	7.67	13.01	18.96	85.04	22.85	39.94	- -	- -	218.3	9.78	6.22
Diluted Market Cap	251	316	303	1,114	665	543	553	519	687	828	671	449	431	725	499
Diluted Enterprise Value	167	209	204	1,042	586	494	475	442	614	752	617	361	395	648	435
EV per Share	4.27	5.36	5.19	24.72	13.61	10.02	9.92	10.46	14.66	18.11	14.7	8.95	9.82	16.55	11.16
TTM Sales	168	154	155	202	241	192	193	211	253	216	214	219	235	243	243
TTM EBITDA	29	25	19	44	57	20	17	11	26	7	-17	-7	-5	58	60
TTM Operating Income	25	21	14	38	50	10	6	-1	14	-5	-26	-14	-12	49	50
TTM Cash Flow to Firm	17	22	10	42	69	28	18	1	18	15	-3	-6	-11	56	59
TTM Free Cash Flow to Firm	25	24	11	43	70	31	21	5	26	18	-1	-1	2	65	68

Multiples (USD)

API Chat

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Price/Free Cash Flow	10.05	13.3	26.87	25.8	9.46	17.75	26.57	105.6	26.74	45.6	-1,239.68	-611.99	238.31	11.15	7.29
EV/EBIT	6.48	9.71	14.72	25.53	10.67	41.47	63.77	- -	41.38	- -	- -	- -	- -	12.9	8.51
Enterprise Value	160	204	202	972	538	398	395	418	587	725	582	359	395	635	426
Low Price	4.63	6.42	6.94	6.47	15	12.35	11.05	11.41	12.4	10.88	15.59	8.15	7.64	9.22	11
EV/Sales	0.95	1.33	1.3	4.82	2.23	2.07	2.04	1.98	2.32	3.36	2.72	1.64	1.68	2.61	1.75
EV/EBITDA	5.61	8.28	10.76	21.98	9.49	19.53	23.51	37.23	22.82	107.5	- -	- -	- -	11.03	7.09
Price/Earnings	13.5	19.91	26.96	33.14	15.7	51.57	- -	169.88	87.19	- -	- -	- -	- -	12.47	6.73
Price/Earnings Average	18.95	20.59	28.24	17	21.04	60.61	-23.88	218.85	81.94	-152.08	-29.27	-35.1	-17.8	9.12	8.12
Price/Earnings High	30.49	26.75	31.56	35.95	32.86	72.92	-28.04	333.86	110.06	-244.61	-37.78	-49.48	-25.96	13.17	10.67
Price/Earnings Low	9.59	15.67	24.2	7.6	14.08	46.66	-19.64	149.68	63.15	-79.85	-20.19	-22.67	-10.3	6.2	5.77
Price/Book Value	3.73	3.82	3.25	8.81	3.94	3.04	3.54	3	3.82	4.76	4.68	3.49	4.35	4.7	2.34
Price/Book Value Average	5.23	3.95	3.41	4.52	5.28	3.57	3.43	3.86	3.59	4.77	6.25	3.93	5.36	3.44	2.82
Price/Book Value High	8.41	5.13	3.81	9.56	8.24	4.29	4.02	5.89	4.82	7.68	8.07	5.55	7.82	4.97	3.71
Price/Book Value Low	2.65	3.01	2.92	2.02	3.53	2.75	2.82	2.64	2.77	2.51	4.31	2.54	3.1	2.34	2
Price/Tangible Book Value	2.13	2.27	2.24	6.5	5.12	3.56	3.85	4.49	5.22	6.24	6.55	4.48	7.89	6.32	3.1
Price/Tangible Book Value Average	2.99	2.35	2.35	3.33	6.86	4.19	3.72	5.79	4.9	6.26	8.75	5.05	9.71	4.62	3.74
Price/Tangible Book Value High	4.82	3.05	2.63	7.05	10.72	5.04	4.37	8.83	6.58	10.06	11.29	7.12	14.16	6.67	4.92
Price/Tangible Book Value Low	1.51	1.79	2.01	1.49	4.59	3.22	3.06	3.96	3.78	3.29	6.03	3.26	5.62	3.14	2.66
Price/Sales	1.46	2.02	1.94	5.51	2.74	2.82	2.86	2.45	2.7	3.84	3.13	2.05	1.83	2.93	2.02
Price/Sales Average	2.04	2.08	2.03	2.82	3.67	3.31	2.77	3.15	2.54	3.85	4.17	2.31	2.26	2.14	2.43
Price/Sales High	3.29	2.71	2.27	5.97	5.74	3.99	3.25	4.81	3.41	6.19	5.39	3.26	3.29	3.09	3.2
Price/Sales Low	1.03	1.59	1.74	1.26	2.46	2.55	2.28	2.16	1.96	2.02	2.88	1.49	1.31	1.46	1.73
Price/Cash Flow	14.74	14.08	29.97	26.66	9.62	19.08	31.39	421.79	37.58	55.48	-244.32	-78	-40.14	12.78	8.25
Price/Cash Flow Average	20.69	14.56	31.4	13.68	12.89	22.43	30.35	543.37	35.32	55.59	-326.06	-87.98	-49.41	9.36	9.95
Price/Cash Flow High	33.29	18.91	35.09	28.92	20.13	26.98	35.63	828.93	47.44	89.42	-420.96	-124	-72.07	13.5	13.09
Price/Cash Flow Low	10.47	11.08	26.91	6.12	8.63	17.27	24.95	371.63	27.22	29.19	-224.98	-56.81	-28.6	6.36	7.07
Price/Free Cash Flow Average	14.1	13.75	28.15	13.24	12.68	20.86	25.69	136.04	25.13	45.69	-1,654.43	-690.26	293.39	8.16	8.79
Price/Free Cash Flow High	22.68	17.87	31.46	27.99	19.8	25.09	30.16	207.53	33.75	73.49	-2,135.93	-972.95	427.94	11.78	11.56
Price/Free Cash Flow Low	7.14	10.47	24.13	5.92	8.49	16.06	21.12	93.04	19.37	23.99	-1,141.56	-445.73	169.84	5.55	6.24
EV/Sales Average	1.54	1.39	1.39	2.47	3.35	3.06	2.36	2.79	2.25	3.49	3.93	1.91	2.1	1.83	2.17
EV/Sales High	2.79	2.02	1.63	5.61	5.41	3.73	2.84	4.45	3.13	5.83	5.14	2.86	3.14	2.78	2.93
EV/Sales Low	0.53	0.9	1.1	0.9	2.13	2.29	1.87	1.79	1.67	1.67	2.63	1.09	1.15	1.14	1.46
EV/EBITDA Average	9.07	8.7	11.53	11.23	14.25	28.85	27.17	52.55	22.2	111.72	-48.94	-62.16	-97.28	7.72	8.77
EV/EBITDA High	16.39	12.6	13.5	25.57	23.02	35.2	32.72	83.75	30.8	186.56	-64.08	-92.95	-145.16	11.72	11.86
EV/EBITDA Low	3.13	5.59	9.13	4.12	9.07	21.66	21.51	33.78	16.46	53.31	-32.81	-35.53	-53.32	4.82	5.92
EV/EBIT Average	10.46	10.21	15.77	13.04	16.03	61.24	73.69	-640.72	40.27	-143.32	-32.22	-30.35	-42.76	9.03	10.53
EV/EBIT High	18.91	14.78	18.47	29.7	25.89	74.73	88.73	-1,021.26	55.85	-239.33	-42.19	-45.38	-63.8	13.71	14.25
EV/EBIT Low	3.61	6.56	12.48	4.78	10.21	45.97	58.33	-411.87	29.86	-68.39	-21.6	-17.34	-23.43	5.64	7.11
Last Price	6.52	8.16	7.73	28.21	16.73	13.65	13.9	12.95	17.12	20.68	16.93	11.19	10.72	18.54	12.84
High Price	14.72	10.96	9.05	30.6	35	19.3	15.78	25.45	21.61	33.33	29.17	17.79	19.25	19.58	20.36
Enterprise Value Average	259	215	216	497	809	588	456	589	571	754	842	419	494	445	527
Enterprise Value High	468	311	253	1,131	1,306	717	549	940	792	1,258	1,102	626	738	675	714
Enterprise Value Low	89	138	171	182	515	441	361	379	424	360	564	239	271	278	356

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Shares Outstanding	38	39	40	40	40	40	40	40	40	40	40	40	38	38	37
Diluted Weighted Avg Shares	39	39	39	39	40	40	40	40	40	40	40	40	40	39	39
Basic Weighted Avg Shares	38	38	39	39	40	40	40	40	40	40	40	40	40	38	38
Revenue per Share	4.48	4.05	3.99	5.12	6.1	4.84	4.86	5.29	6.33	5.39	5.41	5.46	5.85	6.33	6.36
EBITDA per Share	0.76	0.65	0.48	1.12	1.43	0.51	0.42	0.28	0.64	0.17	-0.43	-0.17	-0.13	1.5	1.57
Operating Income per Share	0.66	0.55	0.35	0.97	1.28	0.24	0.16	-0.02	0.35	-0.13	-0.66	-0.34	-0.29	1.28	1.31
Basic EPS, GAAP	0.48	0.41	0.29	0.85	1.07	0.26	-0.56	0.08	0.2	-0.14	-0.77	-0.36	-0.74	1.49	1.91
Basic EPS from Cont Ops	0.65	0.43	0.28	0.83	1.07	0.26	-0.56	0.08	0.2	-0.14	-0.77	-0.36	-0.74	1.49	1.91
Diluted EPS, GAAP	0.47	0.4	0.28	0.85	1.06	0.26	-0.56	0.08	0.2	-0.14	-0.77	-0.36	-0.74	1.46	1.88
Diluted EPS from Cont Ops	0.63	0.42	0.28	0.83	1.06	0.26	-0.56	0.08	0.2	-0.14	-0.77	-0.36	-0.74	1.46	1.88
Dividend per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	0.48
Cash Flow per Share	0.44	0.58	0.26	1.06	1.74	0.72	0.44	0.03	0.46	0.37	-0.07	-0.14	-0.27	1.45	1.56
Free Cash Flow per Basic Share	0.22	0.54	0.23	1.02	1.7	0.66	0.36	-0.06	0.27	0.29	-0.12	-0.27	-0.58	1.21	1.32
Cash & Equivalents per Share	2.25	2.8	2.54	3.49	3.12	3.63	3.98	2.49	2.74	2.88	2.49	2.45	1.07	2.17	1.85
Book Value per Share	1.75	2.14	2.38	3.2	4.25	4.5	3.92	4.32	4.48	4.34	3.62	3.21	2.46	3.94	5.49
Tangible Book Value per Share	3.06	3.59	3.45	4.34	3.27	3.83	3.61	2.88	3.28	3.31	2.58	2.5	1.36	2.94	4.14

OneSpan Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)