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Side-by-side financial comparison of OneSpan Inc. (OSPN) and Repay Holdings Corp (RPAY). Click either name above to swap in a different company.
Repay Holdings Corp is the larger business by last-quarter revenue ($78.6M vs $65.9M, roughly 1.2× OneSpan Inc.). OneSpan Inc. runs the higher net margin — 17.5% vs -178.3%, a 195.8% gap on every dollar of revenue. On growth, OneSpan Inc. posted the faster year-over-year revenue change (4.1% vs 0.4%). Over the past eight quarters, OneSpan Inc.'s revenue compounded faster (4.0% CAGR vs -1.3%).
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.
Repay Holdings Corp is a leading payment technology provider delivering integrated end-to-end payment processing solutions for businesses across North America. Its offerings include credit/debit card processing, ACH transfer services, POS system integrations and digital payment tools, serving retail, healthcare, automotive and e-commerce segments to help clients streamline transaction workflows and boost operational efficiency.
OSPN vs RPAY — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $65.9M | $78.6M |
| Net Profit | $11.6M | $-140.1M |
| Gross Margin | 73.6% | 74.2% |
| Operating Margin | 22.5% | -182.2% |
| Net Margin | 17.5% | -178.3% |
| Revenue YoY | 4.1% | 0.4% |
| Net Profit YoY | — | -3304.1% |
| EPS (diluted) | $0.39 | $-1.68 |
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 | $78.6M | ||
| Q3 25 | $57.1M | $77.7M | ||
| Q2 25 | $59.8M | $75.6M | ||
| Q1 25 | $63.4M | $77.3M | ||
| Q4 24 | $61.2M | $78.3M | ||
| Q3 24 | $56.2M | $79.1M | ||
| Q2 24 | $60.9M | $74.9M |
| Q1 26 | $11.6M | — | ||
| Q4 25 | $43.5M | $-140.1M | ||
| Q3 25 | $6.5M | $-6.4M | ||
| Q2 25 | $8.3M | $-102.3M | ||
| Q1 25 | $14.5M | $-7.9M | ||
| Q4 24 | $28.8M | $-4.1M | ||
| Q3 24 | $8.3M | $3.2M | ||
| Q2 24 | $6.6M | $-4.1M |
| Q1 26 | 73.6% | — | ||
| Q4 25 | 73.6% | 74.2% | ||
| Q3 25 | 73.6% | 74.4% | ||
| Q2 25 | 73.5% | 75.7% | ||
| Q1 25 | 74.3% | 75.9% | ||
| Q4 24 | 74.0% | 76.3% | ||
| Q3 24 | 73.9% | 77.8% | ||
| Q2 24 | 66.2% | 78.2% |
| Q1 26 | 22.5% | — | ||
| Q4 25 | 19.9% | -182.2% | ||
| Q3 25 | 14.4% | -3.9% | ||
| Q2 25 | 17.6% | -138.7% | ||
| Q1 25 | 27.1% | -4.7% | ||
| Q4 24 | 19.3% | -1.5% | ||
| Q3 24 | 20.0% | -0.9% | ||
| Q2 24 | 12.5% | -4.6% |
| Q1 26 | 17.5% | — | ||
| Q4 25 | 69.2% | -178.3% | ||
| Q3 25 | 11.4% | -8.3% | ||
| Q2 25 | 13.9% | -135.2% | ||
| Q1 25 | 22.9% | -10.3% | ||
| Q4 24 | 47.1% | -5.3% | ||
| Q3 24 | 14.7% | 4.1% | ||
| Q2 24 | 10.8% | -5.4% |
| Q1 26 | $0.39 | — | ||
| Q4 25 | $1.13 | $-1.68 | ||
| Q3 25 | $0.17 | $-0.08 | ||
| Q2 25 | $0.21 | $-1.15 | ||
| Q1 25 | $0.37 | $-0.09 | ||
| Q4 24 | $0.73 | $-0.04 | ||
| Q3 24 | $0.21 | $0.03 | ||
| Q2 24 | $0.17 | $-0.04 |
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 | $115.7M |
| Total DebtLower is stronger | — | $280.1M |
| Stockholders' EquityBook value | $272.0M | $484.4M |
| Total Assets | $383.1M | $1.2B |
| Debt / EquityLower = less leverage | — | 0.58× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $49.8M | — | ||
| Q4 25 | $70.5M | $115.7M | ||
| Q3 25 | $85.6M | $95.7M | ||
| Q2 25 | $92.9M | $162.6M | ||
| Q1 25 | $105.2M | $165.5M | ||
| Q4 24 | $83.2M | $189.5M | ||
| Q3 24 | $77.5M | $168.7M | ||
| Q2 24 | $63.8M | $147.1M |
| Q1 26 | — | — | ||
| Q4 25 | — | $280.1M | ||
| Q3 25 | — | $279.5M | ||
| Q2 25 | — | $279.0M | ||
| Q1 25 | — | $497.6M | ||
| Q4 24 | — | $496.8M | ||
| Q3 24 | — | $496.2M | ||
| Q2 24 | — | $435.6M |
| Q1 26 | $272.0M | — | ||
| Q4 25 | $271.8M | $484.4M | ||
| Q3 25 | $238.3M | $616.9M | ||
| Q2 25 | $242.5M | $633.7M | ||
| Q1 25 | $231.1M | $755.7M | ||
| Q4 24 | $212.5M | $761.3M | ||
| Q3 24 | $194.6M | $754.7M | ||
| Q2 24 | $178.6M | $815.4M |
| Q1 26 | $383.1M | — | ||
| Q4 25 | $397.7M | $1.2B | ||
| Q3 25 | $343.5M | $1.3B | ||
| Q2 25 | $357.1M | $1.4B | ||
| Q1 25 | $333.8M | $1.5B | ||
| Q4 24 | $338.7M | $1.6B | ||
| Q3 24 | $289.3M | $1.6B | ||
| Q2 24 | $286.9M | $1.5B |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.58× | ||
| Q3 25 | — | 0.45× | ||
| Q2 25 | — | 0.44× | ||
| Q1 25 | — | 0.66× | ||
| Q4 24 | — | 0.65× | ||
| Q3 24 | — | 0.66× | ||
| Q2 24 | — | 0.53× |
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 | $23.3M |
| Free Cash FlowOCF − Capex | — | $23.2M |
| FCF MarginFCF / Revenue | — | 29.6% |
| Capex IntensityCapex / Revenue | — | 0.1% |
| Cash ConversionOCF / Net Profit | 2.44× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $90.7M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $28.2M | — | ||
| Q4 25 | $12.6M | $23.3M | ||
| Q3 25 | $11.3M | $32.2M | ||
| Q2 25 | $6.2M | $33.1M | ||
| Q1 25 | $29.4M | $2.5M | ||
| Q4 24 | $12.4M | $34.3M | ||
| Q3 24 | $14.0M | $60.1M | ||
| Q2 24 | $2.3M | $31.0M |
| Q1 26 | — | — | ||
| Q4 25 | $9.6M | $23.2M | ||
| Q3 25 | $8.8M | $32.1M | ||
| Q2 25 | $4.4M | $33.0M | ||
| Q1 25 | $27.7M | $2.4M | ||
| Q4 24 | $10.5M | $34.0M | ||
| Q3 24 | $12.0M | $59.8M | ||
| Q2 24 | $26.0K | $30.5M |
| Q1 26 | — | — | ||
| Q4 25 | 15.3% | 29.6% | ||
| Q3 25 | 15.4% | 41.3% | ||
| Q2 25 | 7.3% | 43.6% | ||
| Q1 25 | 43.8% | 3.0% | ||
| Q4 24 | 17.1% | 43.5% | ||
| Q3 24 | 21.4% | 75.6% | ||
| Q2 24 | 0.0% | 40.7% |
| Q1 26 | — | — | ||
| Q4 25 | 4.7% | 0.1% | ||
| Q3 25 | 4.4% | 0.2% | ||
| Q2 25 | 3.1% | 0.1% | ||
| Q1 25 | 2.6% | 0.2% | ||
| Q4 24 | 3.2% | 0.3% | ||
| Q3 24 | 3.5% | 0.3% | ||
| Q2 24 | 3.7% | 0.6% |
| Q1 26 | 2.44× | — | ||
| Q4 25 | 0.29× | — | ||
| Q3 25 | 1.74× | — | ||
| Q2 25 | 0.75× | — | ||
| Q1 25 | 2.02× | — | ||
| Q4 24 | 0.43× | — | ||
| Q3 24 | 1.69× | 18.52× | ||
| Q2 24 | 0.35× | — |
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% |
RPAY
| Sales Channel Directly To Consumer | $69.4M | 88% |
| Other | $6.8M | 9% |
| Sales Channel Through Intermediary | $2.3M | 3% |
