OneSpan Inc.

OSPNInfrastructure

OneSpan protects banks and their customers from fraud.

Key figures

Data as of Jun 2026 · Pills compare vs Mar 2026

ARR Multiple

2.8x

+0.6x

ARR

$242M

-8.3%

YoY Growth

1.0%

-3.0pp

Market Cap

$667M

+26.3%

Revenue (Q)

$60M

-8.3%

Gross Margin

73.6%

+0.0pp

Op. Margin

14.5%

-6.3pp

Rule of 40

15.5

-9.3

Magic Number

-1.73

-2.69

Revenue, margins & ratios from SEC filings; market cap & ARR multiple from market data. Market cap & ARR multiple use the close of 2 Oct 2026; their pills compare vs the Jun 2026 quarter-end (2.2x).

Valuation by quarter

Current ARR Multiple: 2.2x

Calculated valuation

FRAMEWORK EST.

Valuation data is not available for this company.

Strategy recommendations

Levers ranked by valuation impact

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AI Replacement RiskMODERATE

18/ 100

LowModerateElevatedHigh

Estimated likelihood that general-purpose AI replaces this product.

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Why this rating

From the AI Risk Calculator model

Structural moats (regulation, integration depth, or proprietary data) make AI-only replacement unlikely in the near term.

What's driving the score

SecurityCategory baseline

low base

Workflow complexity4/5

-6 risk

Data moat3/5

-1 risk

Integration depthHigh

-10 risk

SegmentEnterprise

-8 risk

IndustryOther

neutral

Own AI integration1/5

+4.8 risk

Ways to reduce exposure

Embedding AI into your product is the cheapest way to ride the wave instead of being drowned by it. Even table-stakes copilots reframe the conversation with customers.

Company overview

OneSpan protects banks and their customers from fraud. The company has deep roots. It began in 1991 as VASCO Data Security and later took the OneSpan name. Its base is Chicago.

Banks face a hard problem. They need to know the person logging in is real. They also need customers to sign documents safely from a phone. OneSpan handles both.

Its authentication tools confirm identity with hardware tokens, mobile apps, and biometrics. The old Digipass line still guards millions of accounts. On the agreement side, OneSpan Sign delivers legal electronic signatures with a strong audit trail. Transaction security tools watch payments for signs of fraud in real time.

Imagine a customer who moves a large sum to a new account at midnight. That pattern looks odd. OneSpan can flag it, add a second check, and stop a scam before the money leaves. That quiet defense runs behind the scenes at hundreds of financial firms.

Revenue runs around $240 million a year. The company has shifted toward subscription and cloud, which lifted its margins and steadied its results. OneSpan is small and specialized. It sticks to what it knows, which is keeping trust intact between banks and the people they serve.