OneSpan - Public Comps and Valuation Multiples

OneSpan Overview

About OneSpan

OneSpan Inc is a provider of information technology security solutions for banking and financial services and application security markets. Its solutions secure and manage access to digital assets and protect online transactions, via mobile devices and in-person. Authentication and anti-fraud solutions are the organization's primary product offerings and include multifactor authentication and virtual private network access capabilities. The company derives revenues from hardware and license fees, maintenance and support fees, and subscription fees. A large majority of the firm's revenue is generated in Europe, the Middle East, and Africa, and the rest in the United States and Asia-Pacific region.

Founded

1990

HQ

Employees

571

Website

onespan.com

Sectors

Cybersecurity
B2B SaaS
Horizontal SaaS

Financials

LTM Revenue $245M

LTM EBITDA $72.8M

EV

$473M

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OneSpan Financials

OneSpan has a last 12-month revenue of $245M and a last 12-month EBITDA of $72.8M.

In the most recent fiscal year, OneSpan achieved revenue of $243M and an EBITDA of $57.6M.

OneSpan expects next 12-month revenue of XXX and NTM EBITDA of XXX

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OneSpan P&L

	FY 2023	FY 2024	FY 2025	LTM	NTM
Revenue	$235M	$243M	XXX	XXX	XXX
Gross Profit	$149M	$158M	XXX	XXX	XXX
Gross Margin	63%	65%	XXX	XXX	XXX
EBITDA	-$5.1M	$57.6M	XXX	XXX	XXX
EBITDA Margin	-2%	24%	XXX	XXX	XXX
Net Profit	-$14.4M	-$29.8M	XXX	XXX	XXX
Net Margin	-6%	-12%	XXX	XXX	XXX
Net Debt	n/a	n/a	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

OneSpan Stock Performance

As of April 15, 2025, OneSpan's stock price is $14.

OneSpan has current market cap of $549M, and EV of $473M.

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OneSpan Stock Data

EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$473M	$549M	XXX	XXX	XXX	XXX	$1.33

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OneSpan Valuation Multiples

As of April 15, 2025, OneSpan has market cap of $549M and EV of $473M.

OneSpan's trades at 1.9x LTM EV/Revenue multiple, and 6.5x LTM EBITDA.

Analysts estimate OneSpan's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

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OneSpan Financial Valuation Multiples

	FY 2024	FY 2025E	FY 2026E	FY 2027E
EV	$473M	XXX	XXX	XXX
EV/Revenue	1.9x	XXX	XXX	XXX
EV/EBITDA	8.2x	XXX	XXX	XXX
P/E	9.6x	XXX	XXX	XXX
P/E/Growth	-1.3x	XXX	XXX	XXX
EV/FCF	10.2x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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OneSpan Valuation Multiples

OneSpan's NTM/LTM revenue growth is 3%

OneSpan's revenue per employee for the last fiscal year averaged $0.4M, while opex per employee averaged $0.2M for the same period.

Over next 12 months, OneSpan's ratio of sales and marketing spend to revenue is estimated to be XXX , while its R&D spend to revenue to be XXX .

Analysts estimate OneSpan's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

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OneSpan Operational Valuation Multiples

	FY 2024	NTM	FY 2025E	FY 2026E	FY 2027E
Revenue Growth	3%	XXX	XXX	XXX	XXX
EBITDA Margin	24%	XXX	XXX	XXX	XXX
EBITDA Growth	-1234%	XXX	XXX	XXX	XXX
Rule of 40 (SaaS-only)	27%	XXX	XXX	XXX	XXX
Revenue per Employee	$0.4M	XXX	XXX	XXX	XXX
Opex per Employee	$0.2M	XXX	XXX	XXX	XXX
S&M Expenses to Revenue	18%	XXX	XXX	XXX	XXX
G&A Expenses to Revenue	19%	XXX	XXX	XXX	XXX
R&D Expenses to Revenue	13%	XXX	XXX	XXX	XXX
Opex to Revenue	52%	XXX	XXX	XXX	XXX

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