Forensic Analysis · Software & SaaS · as of Nov 9, 2026

OneSpan Inc. (OSPN)

A forensic read on OneSpan Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

C · Mixed — selective

Forensic grade

Safe

Financial health

5.8

Distress distance

Forensic signals

30.1%

ROE

0.0%

Revenue growth

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

OneSpan Inc. earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 5.8, placing it in the Safe zone. 1 forensic signal was flagged in its latest SEC filings, led by accruals ratio (% of NOA).

What the filings flag

+35.2%

FY2024→FY2025

Accruals ratio (% of NOA). Net operating assets grew +35.2% relative to their own average in FY2025 — scaled by NOA itself, not by total assets, which is what the Forensic Screens card's own accrual row divides by. Accruals are building sharply — a large slice of profit sits in operating assets, not cash. An accrual is a claim that still has to be collected or written down, so the gap resolves in a later period whichever way it goes. Net operating assets also rose $13.7M through acquisitions (increase in goodwill and intangibles); that purchase is investing and is excluded from this ratio. A cash-flow measure on the same base agrees: reported earnings ran ahead of operating cash by 8% of net operating assets, against an accruals ratio of 35.2%. The two are computed differently: the accruals ratio is the change in net operating assets over average net operating assets, while the cash-flow figure is net income less operating cash flow over that same average.Accruals ratio: the year-over-year change in net operating assets, relative to their own average.NOA (net operating assets): the money tied up in running the business, operating assets minus operating liabilities.

Key fundamentals

Latest Revenue$243.2M

Revenue Growth YoY+0.0%

Revenue CAGR (2yr)+1.7%

Net Margin30.0%

Free Cash Flow$50.5M

Return on Equity30.1%

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Data from SEC EDGAR public filings · metrics as of Nov 9, 2026. Forensic signals flag probability, not certainty.

See a wrong number? Report an error with the filing it should match.