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Side-by-side financial comparison of ADAMAS TRUST, INC. (ADAM) and OneSpan Inc. (OSPN). Click either name above to swap in a different company.
OneSpan Inc. is the larger business by last-quarter revenue ($65.9M vs $43.2M, roughly 1.5× ADAMAS TRUST, INC.). ADAMAS TRUST, INC. runs the higher net margin — 124.0% vs 17.5%, a 106.5% gap on every dollar of revenue. On growth, ADAMAS TRUST, INC. posted the faster year-over-year revenue change (61.6% vs 4.1%). Over the past eight quarters, ADAMAS TRUST, INC.'s revenue compounded faster (55.5% CAGR vs 4.0%).
OneSpan Inc. is an information security company based in Boston, Massachusetts. Services include an internet fraud prevention platform, multi-factor authentication tools and electronic signature software.
ADAM vs OSPN — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $43.2M | $65.9M |
| Net Profit | $53.5M | $11.6M |
| Gross Margin | — | 73.6% |
| Operating Margin | — | 22.5% |
| Net Margin | 124.0% | 17.5% |
| Revenue YoY | 61.6% | 4.1% |
| Net Profit YoY | 270.5% | — |
| EPS (diluted) | $0.45 | $0.39 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | — | $65.9M | ||
| Q4 25 | $43.2M | $62.9M | ||
| Q3 25 | $36.6M | $57.1M | ||
| Q2 25 | $36.4M | $59.8M | ||
| Q1 25 | $33.1M | $63.4M | ||
| Q4 24 | $26.7M | $61.2M | ||
| Q3 24 | $20.2M | $56.2M | ||
| Q2 24 | $19.0M | $60.9M |
| Q1 26 | — | $11.6M | ||
| Q4 25 | $53.5M | $43.5M | ||
| Q3 25 | $44.8M | $6.5M | ||
| Q2 25 | $8.5M | $8.3M | ||
| Q1 25 | $42.2M | $14.5M | ||
| Q4 24 | $-31.4M | $28.8M | ||
| Q3 24 | $42.8M | $8.3M | ||
| Q2 24 | $-15.6M | $6.6M |
| Q1 26 | — | 73.6% | ||
| Q4 25 | — | 73.6% | ||
| Q3 25 | — | 73.6% | ||
| Q2 25 | — | 73.5% | ||
| Q1 25 | — | 74.3% | ||
| Q4 24 | — | 74.0% | ||
| Q3 24 | — | 73.9% | ||
| Q2 24 | — | 66.2% |
| Q1 26 | — | 22.5% | ||
| Q4 25 | — | 19.9% | ||
| Q3 25 | — | 14.4% | ||
| Q2 25 | 11.7% | 17.6% | ||
| Q1 25 | — | 27.1% | ||
| Q4 24 | -119.0% | 19.3% | ||
| Q3 24 | — | 20.0% | ||
| Q2 24 | -124.7% | 12.5% |
| Q1 26 | — | 17.5% | ||
| Q4 25 | 124.0% | 69.2% | ||
| Q3 25 | 122.5% | 11.4% | ||
| Q2 25 | 23.4% | 13.9% | ||
| Q1 25 | 127.4% | 22.9% | ||
| Q4 24 | -117.5% | 47.1% | ||
| Q3 24 | 211.7% | 14.7% | ||
| Q2 24 | -81.9% | 10.8% |
| Q1 26 | — | $0.39 | ||
| Q4 25 | $0.45 | $1.13 | ||
| Q3 25 | $0.36 | $0.17 | ||
| Q2 25 | $-0.04 | $0.21 | ||
| Q1 25 | $0.33 | $0.37 | ||
| Q4 24 | $-0.46 | $0.73 | ||
| Q3 24 | $0.36 | $0.21 | ||
| Q2 24 | $-0.29 | $0.17 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $210.3M | $49.8M |
| Total DebtLower is stronger | $735.8M | — |
| Stockholders' EquityBook value | $1.4B | $272.0M |
| Total Assets | $12.6B | $383.1M |
| Debt / EquityLower = less leverage | 0.52× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $49.8M | ||
| Q4 25 | $210.3M | $70.5M | ||
| Q3 25 | $185.3M | $85.6M | ||
| Q2 25 | $160.4M | $92.9M | ||
| Q1 25 | $177.1M | $105.2M | ||
| Q4 24 | $167.4M | $83.2M | ||
| Q3 24 | $195.1M | $77.5M | ||
| Q2 24 | $235.5M | $63.8M |
| Q1 26 | — | — | ||
| Q4 25 | $735.8M | — | ||
| Q3 25 | $766.6M | — | ||
| Q2 25 | $653.0M | — | ||
| Q1 25 | $654.4M | — | ||
| Q4 24 | $573.2M | — | ||
| Q3 24 | $699.4M | — | ||
| Q2 24 | $800.7M | — |
| Q1 26 | — | $272.0M | ||
| Q4 25 | $1.4B | $271.8M | ||
| Q3 25 | $1.4B | $238.3M | ||
| Q2 25 | $1.4B | $242.5M | ||
| Q1 25 | $1.4B | $231.1M | ||
| Q4 24 | $1.4B | $212.5M | ||
| Q3 24 | $1.4B | $194.6M | ||
| Q2 24 | $1.4B | $178.6M |
| Q1 26 | — | $383.1M | ||
| Q4 25 | $12.6B | $397.7M | ||
| Q3 25 | $12.4B | $343.5M | ||
| Q2 25 | $10.6B | $357.1M | ||
| Q1 25 | $10.0B | $333.8M | ||
| Q4 24 | $9.2B | $338.7M | ||
| Q3 24 | $8.9B | $289.3M | ||
| Q2 24 | $8.2B | $286.9M |
| Q1 26 | — | — | ||
| Q4 25 | 0.52× | — | ||
| Q3 25 | 0.55× | — | ||
| Q2 25 | 0.47× | — | ||
| Q1 25 | 0.47× | — | ||
| Q4 24 | 0.41× | — | ||
| Q3 24 | 0.48× | — | ||
| Q2 24 | 0.56× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $134.0M | $28.2M |
| Free Cash FlowOCF − Capex | $125.9M | — |
| FCF MarginFCF / Revenue | 291.6% | — |
| Capex IntensityCapex / Revenue | 18.9% | — |
| Cash ConversionOCF / Net Profit | 2.50× | 2.44× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $28.2M | ||
| Q4 25 | $134.0M | $12.6M | ||
| Q3 25 | $6.9M | $11.3M | ||
| Q2 25 | $39.2M | $6.2M | ||
| Q1 25 | $25.8M | $29.4M | ||
| Q4 24 | $14.1M | $12.4M | ||
| Q3 24 | $-922.0K | $14.0M | ||
| Q2 24 | $-993.0K | $2.3M |
| Q1 26 | — | — | ||
| Q4 25 | $125.9M | $9.6M | ||
| Q3 25 | — | $8.8M | ||
| Q2 25 | — | $4.4M | ||
| Q1 25 | — | $27.7M | ||
| Q4 24 | $-10.6M | $10.5M | ||
| Q3 24 | $-8.6M | $12.0M | ||
| Q2 24 | $-8.6M | $26.0K |
| Q1 26 | — | — | ||
| Q4 25 | 291.6% | 15.3% | ||
| Q3 25 | — | 15.4% | ||
| Q2 25 | — | 7.3% | ||
| Q1 25 | — | 43.8% | ||
| Q4 24 | -39.6% | 17.1% | ||
| Q3 24 | -42.3% | 21.4% | ||
| Q2 24 | -44.9% | 0.0% |
| Q1 26 | — | — | ||
| Q4 25 | 18.9% | 4.7% | ||
| Q3 25 | — | 4.4% | ||
| Q2 25 | — | 3.1% | ||
| Q1 25 | — | 2.6% | ||
| Q4 24 | 92.3% | 3.2% | ||
| Q3 24 | 37.7% | 3.5% | ||
| Q2 24 | 39.7% | 3.7% |
| Q1 26 | — | 2.44× | ||
| Q4 25 | 2.50× | 0.29× | ||
| Q3 25 | 0.15× | 1.74× | ||
| Q2 25 | 4.59× | 0.75× | ||
| Q1 25 | 0.61× | 2.02× | ||
| Q4 24 | — | 0.43× | ||
| Q3 24 | -0.02× | 1.69× | ||
| Q2 24 | — | 0.35× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ADAM
| Other | $19.6M | 45% |
| Constructive Loans LLC | $14.4M | 33% |
| Multifamily | $9.1M | 21% |
OSPN
| Product and license | $35.5M | 54% |
| Services and other | $30.4M | 46% |
