OneSpan helps organizations build secure, seamless, and trusted digital experiences through two solution portfolios: Cybersecurity and Digital Agreements. The company maintains exceptional profitability with 32% Adjusted EBITDA margins and 24% net margins, while initiating a 3.6% dividend yield and $25 million annual shareholder return program, demonstrating financial discipline while investing in growth through acquisitions like Build38's mobile app protection platform.
Cyborg Score Rationale
Over 80% software revenue expected, improved retention rates in Digital Agreements, and guidance for continued revenue growth in software and services for 2026 demonstrates strong execution on strategic transformation. Current valuation at 8.9x earnings and 7.3x EV/EBITDA appears to undervalue the durability of its $180 million ARR base and 103% net retention rate.
Top Insights
Software and services expected to grow 4-5% in 2026 with over 80% of revenue from software
Build38 acquisition completed, bringing advanced mobile security technology and cloud-driven threat intelligence into expanding cybersecurity portfolio
Strategic acquisitions of Nok Nok Labs (FIDO2 passwordless software) and 15% stake in ThreatFabric position company to capitalize on mobile-first authentication shift
Digital Agreements segment achieved record operating income of $4.2 million in Q3 2025 on 9% revenue growth with 72% gross margins
Named Competitors
DocuSign — E-signature and document management platform
Okta — Identity and access management platform
Duo Security — Multi-factor authentication and secure access