OSPNOneSpan Inc.
Services-Computer Integrated Systems Design
- Revenue
- $243M
- 0.0% YoY
- Operating margin
- 19.9%
- 8.1% YoY
- EBITDA
- $59M
- 10% YoY
- Market cap
- $945M
- Employees
- 602
- $404K revenue each
- Net debt / EBITDA
- —
- AI in 10-K
- 3.8
- mentions per 10K words
Takeover score 3 of 13
Fixable underperformance 2 of 7
- TSR below peersYes5 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo$4M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo82% of net incomeCash flow under 80% of net income
- Dilutive SBCNo5% of revenueOver 10% of revenue
- Payouts exceed cash flowNo53% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo32% of assetsOver 40% of assets
- Shareholder dissentYes77% lowest supportAny vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeNo$404K · 43rd pctBottom quartile of its SIC industry
- Quiet on AINo3.8 per 10K words · 77th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo—More cash than debt, positive EBITDA
- Buyout-sizedYes$945M market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo$83K netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $214M | $219M | $235M | $243M | $243M | 0.0% |
| Operating income | −$26M | −$27M | −$29M | $45M | $48M | 8.1% |
| Net income | −$31M | −$14M | −$30M | $57M | $73M | 28% |
| Operating cash flow | −$3M | −$6M | −$11M | $56M | $59M | 6.8% |
| Capex | $2M | $5M | $12M | $9M | $9M | 3.1% |
| Stock-based comp | $4M | $9M | $14M | $9M | $11M | 25% |
| Buybacks | $7M | $6M | $29M | $3K | $13M | 437967% |
| Dividends | — | — | $0 | $0 | $18M |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Aug 9, 2024 | Legion Partners Asset Management, LLC | SC 13D/A | 2.8% | Passive |
| Jul 18, 2024 | Legion Partners Asset Management, LLC | SC 13D/A | 5.0% | Passive |
| Jun 28, 2024 | Legion Partners Asset Management, LLC | SC 13D/A | 6.2% | Passive |
| May 17, 2024 | Legion Partners Asset Management, LLC | SC 13D/A | 8.1% | Passive |
| May 7, 2024 | Legion Partners Asset Management, LLC | SC 13D/A | 7.4% | Passive |
| Nov 21, 2023 | Altai Capital Management, L.P. | SC 13D/A | 4.2% | Passive |
| Nov 15, 2023 | Legion Partners Asset Management, LLC | SC 13D/A | 6.8% | Active |
| Aug 14, 2023 | Legion Partners Asset Management, LLC | SC 13D/A | 6.8% | Active |
| Nov 21, 2022 | Altai Capital Management, L.P. | SC 13D | 5.8% | Active |
| Sep 6, 2022 | Legion Partners Asset Management, LLC | SC 13D/A | 6.0% | Passive |
Insider trading
- Open-market buys, 12 mo
- $657K · 5
- Open-market sells, 12 mo
- $574K · 3
- Net
- $83K
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $4M | −$478K | 64 | 258 |
| FY2024 | — | — | 90 | 201 |
| FY2023 | — | — | 52 | 147 |
| FY2022 | — | — | 54 | 89 |
| FY2021 | — | — | 82 | 138 |