OneSpan Inc. — Earnings Quality Grade F
OSPN · Technology
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 84 days, change -0 days YoY
AR growth -0.4% vs revenue growth 0.0%
Revenue 0.0%, CFFO 6.8%. Cash follows revenue
Expense Quality
Inventory -3.0% vs COGS -7.0%. Normal
CapEx growth -2.8% vs revenue 0.0%. Normal
SG&A/Gross Profit = 51.7%. Normal
Gross margin 73.8%, change +2.0pp. Stable
Cash Flow Quality
CFFO < Net Income for 3 consecutive years
Small-cap context: Small-cap CFFO/NI often diverges from working-capital swings, not necessarily manipulation.
FCF $0.1B, FCF/NI = 0.69
Accruals ratio = 3.4%. Low accruals
Cash $0.1B covers debt $0.0B
Balance Sheet Health
Goodwill+Intangibles $0.1B = 42% of equity
Debt/EBITDA = 0.1x. Healthy
Other assets 6.5% vs revenue 0.0%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions positive
Goodwill+Intangibles change 14% YoY. Normal
Manipulation Score
M-Score = -2.22 (< -2.22). Unlikely manipulator
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Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25