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Side-by-side financial comparison of Apollo Commercial Real Estate Finance, Inc. (ARI) and OneSpan Inc. (OSPN). Click either name above to swap in a different company.
Apollo Commercial Real Estate Finance, Inc. is the larger business by last-quarter revenue ($73.3M vs $65.9M, roughly 1.1× OneSpan Inc.). Apollo Commercial Real Estate Finance, Inc. runs the higher net margin — 39.9% vs 17.5%, a 22.3% gap on every dollar of revenue. On growth, OneSpan Inc. posted the faster year-over-year revenue change (4.1% vs 4.0%). Over the past eight quarters, OneSpan Inc.'s revenue compounded faster (4.0% CAGR vs -4.6%).
Apollo Commercial Real Estate Finance, Inc. is a real estate investment trust that originates, acquires and manages commercial real estate debt assets including mortgages, mezzanine loans and mortgage-backed securities, primarily operating in the U.S. market to deliver consistent risk-adjusted returns.
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.
ARI vs OSPN — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $73.3M | $65.9M |
| Net Profit | $29.2M | $11.6M |
| Gross Margin | — | 73.6% |
| Operating Margin | 39.7% | 22.5% |
| Net Margin | 39.9% | 17.5% |
| Revenue YoY | 4.0% | 4.1% |
| Net Profit YoY | -28.2% | — |
| EPS (diluted) | $0.19 | $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 | $73.3M | $62.9M | ||
| Q3 25 | $61.6M | $57.1M | ||
| Q2 25 | $70.9M | $59.8M | ||
| Q1 25 | $65.8M | $63.4M | ||
| Q4 24 | $70.5M | $61.2M | ||
| Q3 24 | $71.6M | $56.2M | ||
| Q2 24 | $81.1M | $60.9M |
| Q1 26 | — | $11.6M | ||
| Q4 25 | $29.2M | $43.5M | ||
| Q3 25 | $50.8M | $6.5M | ||
| Q2 25 | $20.7M | $8.3M | ||
| Q1 25 | $26.0M | $14.5M | ||
| Q4 24 | $40.7M | $28.8M | ||
| Q3 24 | $-91.5M | $8.3M | ||
| Q2 24 | $35.8M | $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 | 39.7% | 19.9% | ||
| Q3 25 | 82.8% | 14.4% | ||
| Q2 25 | 29.4% | 17.6% | ||
| Q1 25 | 39.7% | 27.1% | ||
| Q4 24 | 57.9% | 19.3% | ||
| Q3 24 | -127.8% | 20.0% | ||
| Q2 24 | 44.2% | 12.5% |
| Q1 26 | — | 17.5% | ||
| Q4 25 | 39.9% | 69.2% | ||
| Q3 25 | 82.4% | 11.4% | ||
| Q2 25 | 29.3% | 13.9% | ||
| Q1 25 | 39.5% | 22.9% | ||
| Q4 24 | 57.7% | 47.1% | ||
| Q3 24 | -127.9% | 14.7% | ||
| Q2 24 | 44.1% | 10.8% |
| Q1 26 | — | $0.39 | ||
| Q4 25 | $0.19 | $1.13 | ||
| Q3 25 | $0.34 | $0.17 | ||
| Q2 25 | $0.12 | $0.21 | ||
| Q1 25 | $0.16 | $0.37 | ||
| Q4 24 | $0.25 | $0.73 | ||
| Q3 24 | $-0.69 | $0.21 | ||
| Q2 24 | $0.23 | $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 | $139.8M | $49.8M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.9B | $272.0M |
| Total Assets | $9.9B | $383.1M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $49.8M | ||
| Q4 25 | $139.8M | $70.5M | ||
| Q3 25 | $245.9M | $85.6M | ||
| Q2 25 | $177.6M | $92.9M | ||
| Q1 25 | $166.4M | $105.2M | ||
| Q4 24 | $317.4M | $83.2M | ||
| Q3 24 | $194.3M | $77.5M | ||
| Q2 24 | $174.7M | $63.8M |
| Q1 26 | — | $272.0M | ||
| Q4 25 | $1.9B | $271.8M | ||
| Q3 25 | $1.9B | $238.3M | ||
| Q2 25 | $1.8B | $242.5M | ||
| Q1 25 | $1.9B | $231.1M | ||
| Q4 24 | $1.9B | $212.5M | ||
| Q3 24 | $1.9B | $194.6M | ||
| Q2 24 | $2.0B | $178.6M |
| Q1 26 | — | $383.1M | ||
| Q4 25 | $9.9B | $397.7M | ||
| Q3 25 | $9.5B | $343.5M | ||
| Q2 25 | $9.8B | $357.1M | ||
| Q1 25 | $8.8B | $333.8M | ||
| Q4 24 | $8.4B | $338.7M | ||
| Q3 24 | $9.1B | $289.3M | ||
| Q2 24 | $9.3B | $286.9M |
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 | $142.5M | $28.2M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | 4.88× | 2.44× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $28.2M | ||
| Q4 25 | $142.5M | $12.6M | ||
| Q3 25 | $31.7M | $11.3M | ||
| Q2 25 | $63.2M | $6.2M | ||
| Q1 25 | $39.3M | $29.4M | ||
| Q4 24 | $200.3M | $12.4M | ||
| Q3 24 | $47.2M | $14.0M | ||
| Q2 24 | $50.2M | $2.3M |
| Q1 26 | — | — | ||
| Q4 25 | — | $9.6M | ||
| Q3 25 | — | $8.8M | ||
| Q2 25 | — | $4.4M | ||
| Q1 25 | — | $27.7M | ||
| Q4 24 | — | $10.5M | ||
| Q3 24 | — | $12.0M | ||
| Q2 24 | — | $26.0K |
| Q1 26 | — | — | ||
| Q4 25 | — | 15.3% | ||
| Q3 25 | — | 15.4% | ||
| Q2 25 | — | 7.3% | ||
| Q1 25 | — | 43.8% | ||
| Q4 24 | — | 17.1% | ||
| Q3 24 | — | 21.4% | ||
| Q2 24 | — | 0.0% |
| Q1 26 | — | — | ||
| Q4 25 | — | 4.7% | ||
| Q3 25 | — | 4.4% | ||
| Q2 25 | — | 3.1% | ||
| Q1 25 | — | 2.6% | ||
| Q4 24 | — | 3.2% | ||
| Q3 24 | — | 3.5% | ||
| Q2 24 | — | 3.7% |
| Q1 26 | — | 2.44× | ||
| Q4 25 | 4.88× | 0.29× | ||
| Q3 25 | 0.62× | 1.74× | ||
| Q2 25 | 3.05× | 0.75× | ||
| Q1 25 | 1.51× | 2.02× | ||
| Q4 24 | 4.93× | 0.43× | ||
| Q3 24 | — | 1.69× | ||
| Q2 24 | 1.40× | 0.35× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ARI
Segment breakdown not available.
OSPN
| Product and license | $35.5M | 54% |
| Services and other | $30.4M | 46% |
