TakeoverPE & activists

OSPNOneSpan Inc.

Services-Computer Integrated Systems Design · $945M market cap · 602 employees

7.4×

More likely than average to be taken private

Top 1% of the Russell 3000 for a buyout by a private-equity firm, holdco or insiders. How it works

Takeover signals

What an activist or buyer would see: cheap, overpaid, diluted or under pressure.

4of 15 firedHow well they predict deals →
11 other checks
  • High CEO pay despite TSRNo
    $4M median
    Median CEO pay ≥ $15M while TSR trails
  • Earnings not backed by cashNo
    82% of net income
    Cash flow under 80% of net income
  • Dilutive SBCNo
    5% of revenue
    Over 10% of revenue
  • Payouts exceed cash flowNo
    53% of cash flow
    Buybacks + dividends over cash flow
  • Goodwill-heavyNo
    32% of assets
    Over 40% of assets
  • Low revenue per employeeNo
    $404K · 43rd pct
    Bottom quartile of its SIC industry
  • Quiet on AINo
    3.8 per 10K words · 77th pct
    Bottom quartile of AI mentions in 10-Ks
  • Net cashNo
    —
    More cash than debt, positive EBITDA
  • AI-rollup shapedNo
    2 of 10
    10-K business scored 5+ of 10 as an AI-rollup target
  • Active 13DNo
    0 filings
    Active-intent 13D in 18 months
  • Net insider sellingNo
    $83K net
    Net sales over $10M in 12 months

Key numbers

Revenue
$243MFY2021: $214MFY2022: $219MFY2023: $235MFY2024: $243MFY2025: $243M
0.0% YoY
Operating margin
19.9%FY2021: -12.2%FY2022: -12.4%FY2023: -12.3%FY2024: 18.4%FY2025: 19.9%
8.1% YoY
EBITDA
$59MFY2021: −$17MFY2022: −$20MFY2023: −$22MFY2024: $53MFY2025: $59M
10% YoY
Net debt / EBITDA
—

Financials

MetricFY2021FY2022FY2023FY2024FY2025YoYTrend
Revenue$214M$219M$235M$243M$243M 0.0% FY2021: $214MFY2022: $219MFY2023: $235MFY2024: $243MFY2025: $243M
Operating income−$26M−$27M−$29M$45M$48M 8.1% FY2021: −$26MFY2022: −$27MFY2023: −$29MFY2024: $45MFY2025: $48M
Net income−$31M−$14M−$30M$57M$73M 28% FY2021: −$31MFY2022: −$14MFY2023: −$30MFY2024: $57MFY2025: $73M
Operating cash flow−$3M−$6M−$11M$56M$59M 6.8% FY2021: −$3MFY2022: −$6MFY2023: −$11MFY2024: $56MFY2025: $59M
Capex$2M$5M$12M$9M$9M 3.1% FY2021: $2MFY2022: $5MFY2023: $12MFY2024: $9MFY2025: $9M
Stock-based comp$4M$9M$14M$9M$11M 25% FY2021: $4MFY2022: $9MFY2023: $14MFY2024: $9MFY2025: $11M
Buybacks$7M$6M$29M$3K$13M 437967% FY2021: $7MFY2022: $6MFY2023: $29MFY2024: $3KFY2025: $13M
Dividends——$0$0$18MFY2023: $0FY2024: $0FY2025: $18M

13D filers

FiledFilerFormStakeIntent
Aug 9, 2024Legion Partners Asset Management, LLCSC 13D/A2.8%Passive
Jul 18, 2024Legion Partners Asset Management, LLCSC 13D/A5.0%Passive
Jun 28, 2024Legion Partners Asset Management, LLCSC 13D/A6.2%Passive
May 17, 2024Legion Partners Asset Management, LLCSC 13D/A8.1%Passive
May 7, 2024Legion Partners Asset Management, LLCSC 13D/A7.4%Passive
Nov 21, 2023Altai Capital Management, L.P.SC 13D/A4.2%Passive
Nov 15, 2023Legion Partners Asset Management, LLCSC 13D/A6.8%Active
Aug 14, 2023Legion Partners Asset Management, LLCSC 13D/A6.8%Active
Nov 21, 2022Altai Capital Management, L.P.SC 13D5.8%Active
Sep 6, 2022Legion Partners Asset Management, LLCSC 13D/A6.0%Passive

Insider trading

+$83Knet buying by insiders, open market, last 12 months
Bought $657K · 5 tradesSold $574K · 3 trades

Pay vs performance

YearCEO total compComp actually paidTSR (indexed)Peer TSR
FY2025$4M−$478K64258
FY2024——90201
FY2023——52147
FY2022——5489
FY2021——82138