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Side-by-side financial comparison of OneSpan Inc. (OSPN) and P10, Inc. (PX). Click either name above to swap in a different company.
P10, Inc. is the larger business by last-quarter revenue ($81.0M vs $65.9M, roughly 1.2× OneSpan Inc.). OneSpan Inc. runs the higher net margin — 17.5% vs 11.7%, a 5.9% gap on every dollar of revenue. On growth, OneSpan Inc. posted the faster year-over-year revenue change (4.1% vs -4.7%). Over the past eight quarters, P10, Inc.'s revenue compounded faster (10.7% 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.
P10, Inc. is a global alternative investment management firm that offers a diversified portfolio of investment solutions spanning private equity, private credit, real assets and venture capital. It primarily caters to institutional clients including pension funds, endowments, foundations, and high-net-worth individuals across North America, Europe, and Asia Pacific.
OSPN vs PX — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $65.9M | $81.0M |
| Net Profit | $11.6M | $9.5M |
| Gross Margin | 73.6% | — |
| Operating Margin | 22.5% | 31.9% |
| Net Margin | 17.5% | 11.7% |
| Revenue YoY | 4.1% | -4.7% |
| Net Profit YoY | — | 79.0% |
| EPS (diluted) | $0.39 | $0.08 |
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 | $62.9M | $81.0M | ||
| Q3 25 | $57.1M | $75.9M | ||
| Q2 25 | $59.8M | $72.7M | ||
| Q1 25 | $63.4M | $67.7M | ||
| Q4 24 | $61.2M | $85.0M | ||
| Q3 24 | $56.2M | $74.2M | ||
| Q2 24 | $60.9M | $71.1M |
| Q1 26 | $11.6M | — | ||
| Q4 25 | $43.5M | $9.5M | ||
| Q3 25 | $6.5M | $2.1M | ||
| Q2 25 | $8.3M | $3.4M | ||
| Q1 25 | $14.5M | $4.5M | ||
| Q4 24 | $28.8M | $5.3M | ||
| Q3 24 | $8.3M | $1.4M | ||
| Q2 24 | $6.6M | $7.0M |
| 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% | 31.9% | ||
| Q3 25 | 14.4% | 14.1% | ||
| Q2 25 | 17.6% | 24.4% | ||
| Q1 25 | 27.1% | 16.6% | ||
| Q4 24 | 19.3% | 26.9% | ||
| Q3 24 | 20.0% | 11.9% | ||
| Q2 24 | 12.5% | 23.7% |
| Q1 26 | 17.5% | — | ||
| Q4 25 | 69.2% | 11.7% | ||
| Q3 25 | 11.4% | 2.8% | ||
| Q2 25 | 13.9% | 4.7% | ||
| Q1 25 | 22.9% | 6.7% | ||
| Q4 24 | 47.1% | 6.2% | ||
| Q3 24 | 14.7% | 1.9% | ||
| Q2 24 | 10.8% | 9.8% |
| Q1 26 | $0.39 | — | ||
| Q4 25 | $1.13 | $0.08 | ||
| Q3 25 | $0.17 | $0.02 | ||
| Q2 25 | $0.21 | $0.03 | ||
| Q1 25 | $0.37 | $0.04 | ||
| Q4 24 | $0.73 | $0.05 | ||
| Q3 24 | $0.21 | $0.01 | ||
| Q2 24 | $0.17 | $0.06 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $49.8M | $28.2M |
| Total DebtLower is stronger | — | $373.2M |
| Stockholders' EquityBook value | $272.0M | $403.5M |
| Total Assets | $383.1M | $928.3M |
| Debt / EquityLower = less leverage | — | 0.93× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $49.8M | — | ||
| Q4 25 | $70.5M | $28.2M | ||
| Q3 25 | $85.6M | $40.0M | ||
| Q2 25 | $92.9M | $33.4M | ||
| Q1 25 | $105.2M | $74.4M | ||
| Q4 24 | $83.2M | $67.5M | ||
| Q3 24 | $77.5M | $61.5M | ||
| Q2 24 | $63.8M | $31.2M |
| Q1 26 | — | — | ||
| Q4 25 | — | $373.2M | ||
| Q3 25 | — | $393.4M | ||
| Q2 25 | — | $373.0M | ||
| Q1 25 | — | $357.2M | ||
| Q4 24 | — | $319.8M | ||
| Q3 24 | — | $319.4M | ||
| Q2 24 | — | $300.6M |
| Q1 26 | $272.0M | — | ||
| Q4 25 | $271.8M | $403.5M | ||
| Q3 25 | $238.3M | $396.8M | ||
| Q2 25 | $242.5M | $388.9M | ||
| Q1 25 | $231.1M | $374.3M | ||
| Q4 24 | $212.5M | $386.9M | ||
| Q3 24 | $194.6M | $394.1M | ||
| Q2 24 | $178.6M | $396.9M |
| Q1 26 | $383.1M | — | ||
| Q4 25 | $397.7M | $928.3M | ||
| Q3 25 | $343.5M | $936.0M | ||
| Q2 25 | $357.1M | $932.2M | ||
| Q1 25 | $333.8M | $877.4M | ||
| Q4 24 | $338.7M | $869.3M | ||
| Q3 24 | $289.3M | $857.0M | ||
| Q2 24 | $286.9M | $823.2M |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.93× | ||
| Q3 25 | — | 0.99× | ||
| Q2 25 | — | 0.96× | ||
| Q1 25 | — | 0.95× | ||
| Q4 24 | — | 0.83× | ||
| Q3 24 | — | 0.81× | ||
| Q2 24 | — | 0.76× |
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 | $28.2M | $23.0M |
| Free Cash FlowOCF − Capex | — | $18.1M |
| FCF MarginFCF / Revenue | — | 22.3% |
| Capex IntensityCapex / Revenue | — | 6.0% |
| Cash ConversionOCF / Net Profit | 2.44× | 2.43× |
| TTM Free Cash FlowTrailing 4 quarters | — | $14.1M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $28.2M | — | ||
| Q4 25 | $12.6M | $23.0M | ||
| Q3 25 | $11.3M | $-8.6M | ||
| Q2 25 | $6.2M | $13.4M | ||
| Q1 25 | $29.4M | $-4.7M | ||
| Q4 24 | $12.4M | $101.0M | ||
| Q3 24 | $14.0M | $27.5M | ||
| Q2 24 | $2.3M | $34.8M |
| Q1 26 | — | — | ||
| Q4 25 | $9.6M | $18.1M | ||
| Q3 25 | $8.8M | $-9.5M | ||
| Q2 25 | $4.4M | $11.6M | ||
| Q1 25 | $27.7M | $-6.0M | ||
| Q4 24 | $10.5M | $96.6M | ||
| Q3 24 | $12.0M | $25.2M | ||
| Q2 24 | $26.0K | $33.9M |
| Q1 26 | — | — | ||
| Q4 25 | 15.3% | 22.3% | ||
| Q3 25 | 15.4% | -12.6% | ||
| Q2 25 | 7.3% | 15.9% | ||
| Q1 25 | 43.8% | -8.9% | ||
| Q4 24 | 17.1% | 113.6% | ||
| Q3 24 | 21.4% | 34.0% | ||
| Q2 24 | 0.0% | 47.7% |
| Q1 26 | — | — | ||
| Q4 25 | 4.7% | 6.0% | ||
| Q3 25 | 4.4% | 1.2% | ||
| Q2 25 | 3.1% | 2.5% | ||
| Q1 25 | 2.6% | 1.9% | ||
| Q4 24 | 3.2% | 5.2% | ||
| Q3 24 | 3.5% | 3.0% | ||
| Q2 24 | 3.7% | 1.3% |
| Q1 26 | 2.44× | — | ||
| Q4 25 | 0.29× | 2.43× | ||
| Q3 25 | 1.74× | -4.01× | ||
| Q2 25 | 0.75× | 3.96× | ||
| Q1 25 | 2.02× | -1.05× | ||
| Q4 24 | 0.43× | 19.12× | ||
| Q3 24 | 1.69× | 19.54× | ||
| Q2 24 | 0.35× | 4.98× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
OSPN
| Product and license | $35.5M | 54% |
| Services and other | $30.4M | 46% |
PX
| Management Fees | $78.1M | 96% |
| Advisory Fees | $1.8M | 2% |
