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Side-by-side financial comparison of Ellington Financial Inc. (EFC) and OneSpan Inc. (OSPN). Click either name above to swap in a different company.
Ellington Financial Inc. is the larger business by last-quarter revenue ($78.2M vs $65.9M, roughly 1.2× OneSpan Inc.). Ellington Financial Inc. runs the higher net margin — 28.9% vs 17.5%, a 11.4% gap on every dollar of revenue. On growth, Ellington Financial Inc. posted the faster year-over-year revenue change (8.7% vs 4.1%). Over the past eight quarters, OneSpan Inc.'s revenue compounded faster (4.0% CAGR vs 1.8%).
Ellington Management Group is an American hedge fund firm. As of June 2019, the firm was reportedly managing $8.5 billion in structured products and other credit instruments.
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.
EFC vs OSPN — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $78.2M | $65.9M |
| Net Profit | $22.6M | $11.6M |
| Gross Margin | — | 73.6% |
| Operating Margin | 7.4% | 22.5% |
| Net Margin | 28.9% | 17.5% |
| Revenue YoY | 8.7% | 4.1% |
| Net Profit YoY | -26.2% | — |
| EPS (diluted) | $0.10 | $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 | $78.2M | $62.9M | ||
| Q3 25 | $82.8M | $57.1M | ||
| Q2 25 | $92.5M | $59.8M | ||
| Q1 25 | $82.9M | $63.4M | ||
| Q4 24 | $72.0M | $61.2M | ||
| Q3 24 | $67.0M | $56.2M | ||
| Q2 24 | $91.2M | $60.9M |
| Q1 26 | — | $11.6M | ||
| Q4 25 | $22.6M | $43.5M | ||
| Q3 25 | $29.5M | $6.5M | ||
| Q2 25 | $42.9M | $8.3M | ||
| Q1 25 | $31.6M | $14.5M | ||
| Q4 24 | $30.7M | $28.8M | ||
| Q3 24 | $16.2M | $8.3M | ||
| Q2 24 | $52.3M | $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 | 7.4% | 19.9% | ||
| Q3 25 | 31.1% | 14.4% | ||
| Q2 25 | 38.3% | 17.6% | ||
| Q1 25 | 37.3% | 27.1% | ||
| Q4 24 | 28.0% | 19.3% | ||
| Q3 24 | 24.0% | 20.0% | ||
| Q2 24 | 52.8% | 12.5% |
| Q1 26 | — | 17.5% | ||
| Q4 25 | 28.9% | 69.2% | ||
| Q3 25 | 35.7% | 11.4% | ||
| Q2 25 | 46.4% | 13.9% | ||
| Q1 25 | 38.2% | 22.9% | ||
| Q4 24 | 42.6% | 47.1% | ||
| Q3 24 | 24.1% | 14.7% | ||
| Q2 24 | 57.4% | 10.8% |
| Q1 26 | — | $0.39 | ||
| Q4 25 | $0.10 | $1.13 | ||
| Q3 25 | $0.29 | $0.17 | ||
| Q2 25 | $0.45 | $0.21 | ||
| Q1 25 | $0.35 | $0.37 | ||
| Q4 24 | $0.23 | $0.73 | ||
| Q3 24 | $0.19 | $0.21 | ||
| Q2 24 | $0.62 | $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 | $201.9M | $49.8M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.8B | $272.0M |
| Total Assets | $19.4B | $383.1M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $49.8M | ||
| Q4 25 | $201.9M | $70.5M | ||
| Q3 25 | $184.8M | $85.6M | ||
| Q2 25 | $211.0M | $92.9M | ||
| Q1 25 | $203.3M | $105.2M | ||
| Q4 24 | $192.4M | $83.2M | ||
| Q3 24 | $217.7M | $77.5M | ||
| Q2 24 | $198.5M | $63.8M |
| Q1 26 | — | $272.0M | ||
| Q4 25 | $1.8B | $271.8M | ||
| Q3 25 | $1.8B | $238.3M | ||
| Q2 25 | $1.7B | $242.5M | ||
| Q1 25 | $1.6B | $231.1M | ||
| Q4 24 | $1.6B | $212.5M | ||
| Q3 24 | $1.6B | $194.6M | ||
| Q2 24 | $1.6B | $178.6M |
| Q1 26 | — | $383.1M | ||
| Q4 25 | $19.4B | $397.7M | ||
| Q3 25 | $17.8B | $343.5M | ||
| Q2 25 | $17.1B | $357.1M | ||
| Q1 25 | $16.6B | $333.8M | ||
| Q4 24 | $16.3B | $338.7M | ||
| Q3 24 | $16.0B | $289.3M | ||
| Q2 24 | $15.1B | $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 | $-925.5M | $28.2M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | 0.0% | — |
| Cash ConversionOCF / Net Profit | -40.92× | 2.44× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $28.2M | ||
| Q4 25 | $-925.5M | $12.6M | ||
| Q3 25 | $-290.4M | $11.3M | ||
| Q2 25 | $-210.5M | $6.2M | ||
| Q1 25 | $-126.4M | $29.4M | ||
| Q4 24 | $-430.5M | $12.4M | ||
| Q3 24 | $-141.7M | $14.0M | ||
| Q2 24 | $-88.6M | $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 | 0.0% | 4.7% | ||
| Q3 25 | — | 4.4% | ||
| Q2 25 | — | 3.1% | ||
| Q1 25 | — | 2.6% | ||
| Q4 24 | 0.0% | 3.2% | ||
| Q3 24 | 0.0% | 3.5% | ||
| Q2 24 | 0.0% | 3.7% |
| Q1 26 | — | 2.44× | ||
| Q4 25 | -40.92× | 0.29× | ||
| Q3 25 | -9.84× | 1.74× | ||
| Q2 25 | -4.90× | 0.75× | ||
| Q1 25 | -3.99× | 2.02× | ||
| Q4 24 | -14.04× | 0.43× | ||
| Q3 24 | -8.76× | 1.69× | ||
| Q2 24 | -1.69× | 0.35× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
EFC
Segment breakdown not available.
OSPN
| Product and license | $35.5M | 54% |
| Services and other | $30.4M | 46% |
