OneSpan Inc., together with its subsidiaries, provides digital solutions for security, authentication, identity, electronic signature, and digital workflow products in the Americas, Europe, the Middle East, Africa, and t…
Positioning no disclosures inside 60 days, left as found
Options put/call open interest 0.74, read 2026-11-03
Ethical passes the values gate
Price24.45 USD
Fair value14.37
Ethical score70.0/100
Value readOvervaluedas of 3 Nov 2026
Our investment reviews on this name
2026-10-02Read Accumulation17.60+38.9% to today ✓Markup gives way to Accumulation after a 23% rise in 13 weeks
2026-07-02Read Markup14.33+70.6% to today ✓First review on file: Markup
Our analytic regime reads on this name, dated and marked against the screened price. Small sample per name, and separate from the daily-framework accuracy on the Track Record page.
OneSpan Inc holds its Markup at $24.45. Elevated stress, defensive posture warranted, held for 1 days.
As held on the ledger · 2026-11-03
Phase
Markup
Quantitative state
Elevated stress, defensive posture warranted, held for 1 days
Price at the screen
$24.45
Valuation
11.64 trailing · 15.80 forward price to earnings
Values screen
PASS· score 70.0
Beta
1.58
The Workings
Five Screens, Shown in Full
Full pass across all five screens. This security clears the Titan Ethical Standard: its business and its balance sheet both stay inside the lines.
Test
Figure
Limit
What it means
Status
Business activity
Permissible
Core business clean
Its core business isn't built on prohibited lines: no gambling, alcohol, tobacco, weapons, or interest-based lending.
Pass
Debt load
1.54%
Below 33%
Interest-bearing debt is just 1.5% of its assets, well under the one-third ceiling: it does not run on borrowed money.
Pass
Interest-bearing cash
0.00%
Below 33%
Cash held in interest-bearing accounts and securities is 0.0% of assets, under the one-third limit.
Pass
Receivables
31.81%
Below 49%
Money owed to the company is 31.8% of assets, under the 49% limit.
Pass
Revenue purity
0.82%
Below 5%
Only 0.8% of revenue comes from non-compliant sources, under the 5% line.
Pass
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
The Ethical Read
Why It Clears, in Plain English
OneSpan clears all five screens. Its business is in a permissible area, its debt is near-nil, and almost none of its income is interest, so it passes.
Read as at 2026-11-04. It updates when the underlying figures move, and past reads are kept below.
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What the Numbers Say It Is Worth
The Fair Value Range
Our analysis reads Overvalued vs our fair value, as of 3 Nov 2026: it trades above our $14.37 fair value estimate, none competitive moat, 1.00% revenue growth.
Fair value range in USD, drawn from the 2026-11-03 screen. The gold marker is the market price at the same screen. The price runs 70.1% above the base estimate.
Where our models see it going: fair-value estimate $14.37, with a range of $14.37 to $16.95, dated to the 2026-11-03 screen.
Fair value and rating are our own model estimates; the Street's range reflects third-party analyst estimates. Analysis, not advice.
The Business, in Plain Words
Why it gives us pause
At 15.8x forward earnings, the price already runs ahead of the business. It trades 70% above our $14.37 fair value, so you would be buying at a premium, not a discount. The none moat is real, but quality alone does not make an expensive price cheap.
Another profit measure, before interest, tax and non-cash costs: EBITDA.
The risks · The things to watch: it's a small-cap, so the share price can swing harder than the market; it already moves more than the market on an average day; it carries a real debt load, which raises the stakes if revenue slips.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
OSPN trades on NASDAQ. As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The Dated Journal · Newest First, Never Edited
Every Entry, As Written
2026-10-29Accumulation$20.08-2.5%Entry 16
The analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 2.5% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 47% above its long-term trend line with momentum reading bullish. Over the past year the shares are down 11%. Our forward projection puts the odds of a 10% gain over the next month near 25%. The street (4 analysts) rates it none, with a mean price target of $16. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-28Accumulation$20.60+0.0%Entry 15
The analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 47% above its long-term trend line with momentum reading bullish. Over the past year the shares are down 11%. Our forward projection puts the odds of a 10% gain over the next month near 25%. The street (4 analysts) rates it none, with a mean price target of $16. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-27Accumulation$20.60+15.3%Entry 14
The analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved up 15.3% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 47% above its long-term trend line with momentum reading bullish. Over the past year the shares are down 11%. Our forward projection puts the odds of a 10% gain over the next month near 25%. The street (4 analysts) rates it none, with a mean price target of $16. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-26Accumulation$17.87+0.0%Entry 13
The analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 47% above its long-term trend line with momentum reading bullish. Over the past year the shares are down 11%. Our forward projection puts the odds of a 10% gain over the next month near 25%. The street (4 analysts) rates it none, with a mean price target of $16. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-25Accumulation$17.87+0.0%Entry 12
The analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 29% above its long-term trend line with momentum reading neutral. Over the past year the shares are down 11%. Our forward projection puts the odds of a 10% gain over the next month near 25%. The street (4 analysts) rates it none, with a mean price target of $16. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-24Accumulation$17.87+0.0%Entry 11
The analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 29% above its long-term trend line with momentum reading neutral. Over the past year the shares are down 11%. Our forward projection puts the odds of a 10% gain over the next month near 25%. The street (4 analysts) rates it none, with a mean price target of $16. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-23Accumulation$17.87+0.0%Entry 10
The analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 29% above its long-term trend line with momentum reading neutral. Over the past year the shares are down 11%. Our forward projection puts the odds of a 10% gain over the next month near 25%. The street (4 analysts) rates it none, with a mean price target of $16. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-22Accumulation$17.87+0.0%Entry 9
The analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 29% above its long-term trend line with momentum reading neutral. Over the past year the shares are down 11%. Our forward projection puts the odds of a 10% gain over the next month near 25%. The street (4 analysts) rates it none, with a mean price target of $16. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-21Accumulation$17.87-1.9%Entry 8
The analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 1.9% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 29% above its long-term trend line with momentum reading neutral. Over the past year the shares are down 11%. Our forward projection puts the odds of a 10% gain over the next month near 25%. The street (4 analysts) rates it none, with a mean price target of $16.
2026-10-14Accumulation$18.22+3.5%Entry 7
The analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved up 3.5% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading overbought. Over the past year the shares are down 11%. Our forward projection puts the odds of a 10% gain over the next month near 25%. The street (4 analysts) rates it none, with a mean price target of $16.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.