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Side-by-side financial comparison of OneSpan Inc. (OSPN) and SHENANDOAH TELECOMMUNICATIONS CO (SHEN). Click either name above to swap in a different company.
SHENANDOAH TELECOMMUNICATIONS CO is the larger business by last-quarter revenue ($91.6M vs $65.9M, roughly 1.4× OneSpan Inc.). OneSpan Inc. runs the higher net margin — 17.5% vs -5.9%, a 23.4% gap on every dollar of revenue. On growth, SHENANDOAH TELECOMMUNICATIONS CO posted the faster year-over-year revenue change (7.2% vs 4.1%). Over the past eight quarters, SHENANDOAH TELECOMMUNICATIONS CO's revenue compounded faster (15.0% 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.
Shenandoah Telecommunications Co is a U.S. regional telecom provider offering broadband internet, wireless voice/data services, digital cable TV, and fiber-optic solutions. It serves residential, small business and enterprise clients across Mid-Atlantic states, focusing on underserved rural and suburban markets in Virginia, West Virginia, Maryland and Pennsylvania.
OSPN vs SHEN — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $65.9M | $91.6M |
| Net Profit | $11.6M | $-5.4M |
| Gross Margin | 73.6% | — |
| Operating Margin | 22.5% | -1.0% |
| Net Margin | 17.5% | -5.9% |
| Revenue YoY | 4.1% | 7.2% |
| Net Profit YoY | — | -95.8% |
| EPS (diluted) | $0.39 | $-0.13 |
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 | $91.6M | ||
| Q3 25 | $57.1M | $89.8M | ||
| Q2 25 | $59.8M | $88.6M | ||
| Q1 25 | $63.4M | $87.9M | ||
| Q4 24 | $61.2M | $85.4M | ||
| Q3 24 | $56.2M | $87.6M | ||
| Q2 24 | $60.9M | $85.8M |
| Q1 26 | $11.6M | — | ||
| Q4 25 | $43.5M | $-5.4M | ||
| Q3 25 | $6.5M | $-9.4M | ||
| Q2 25 | $8.3M | $-9.0M | ||
| Q1 25 | $14.5M | $-9.1M | ||
| Q4 24 | $28.8M | $-2.7M | ||
| Q3 24 | $8.3M | $-5.3M | ||
| Q2 24 | $6.6M | $-12.9M |
| 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% | -1.0% | ||
| Q3 25 | 14.4% | -8.0% | ||
| Q2 25 | 17.6% | -10.3% | ||
| Q1 25 | 27.1% | -6.9% | ||
| Q4 24 | 19.3% | -6.7% | ||
| Q3 24 | 20.0% | -4.8% | ||
| Q2 24 | 12.5% | -18.5% |
| Q1 26 | 17.5% | — | ||
| Q4 25 | 69.2% | -5.9% | ||
| Q3 25 | 11.4% | -10.5% | ||
| Q2 25 | 13.9% | -10.2% | ||
| Q1 25 | 22.9% | -10.4% | ||
| Q4 24 | 47.1% | -3.2% | ||
| Q3 24 | 14.7% | -6.0% | ||
| Q2 24 | 10.8% | -15.0% |
| Q1 26 | $0.39 | — | ||
| Q4 25 | $1.13 | $-0.13 | ||
| Q3 25 | $0.17 | $-0.20 | ||
| Q2 25 | $0.21 | $-0.19 | ||
| Q1 25 | $0.37 | $-0.19 | ||
| Q4 24 | $0.73 | $-0.34 | ||
| Q3 24 | $0.21 | $-0.13 | ||
| Q2 24 | $0.17 | $-0.24 |
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 | $27.3M |
| Total DebtLower is stronger | — | $642.4M |
| Stockholders' EquityBook value | $272.0M | $880.8M |
| Total Assets | $383.1M | $1.9B |
| Debt / EquityLower = less leverage | — | 0.73× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $49.8M | — | ||
| Q4 25 | $70.5M | $27.3M | ||
| Q3 25 | $85.6M | $22.6M | ||
| Q2 25 | $92.9M | $29.1M | ||
| Q1 25 | $105.2M | $87.5M | ||
| Q4 24 | $83.2M | $46.3M | ||
| Q3 24 | $77.5M | $43.1M | ||
| Q2 24 | $63.8M | $43.8M |
| Q1 26 | — | — | ||
| Q4 25 | — | $642.4M | ||
| Q3 25 | — | $535.4M | ||
| Q2 25 | — | $513.1M | ||
| Q1 25 | — | $515.8M | ||
| Q4 24 | — | $418.0M | ||
| Q3 24 | — | $345.2M | ||
| Q2 24 | — | $297.4M |
| Q1 26 | $272.0M | — | ||
| Q4 25 | $271.8M | $880.8M | ||
| Q3 25 | $238.3M | $892.7M | ||
| Q2 25 | $242.5M | $902.0M | ||
| Q1 25 | $231.1M | $910.5M | ||
| Q4 24 | $212.5M | $918.6M | ||
| Q3 24 | $194.6M | $925.4M | ||
| Q2 24 | $178.6M | $933.1M |
| Q1 26 | $383.1M | — | ||
| Q4 25 | $397.7M | $1.9B | ||
| Q3 25 | $343.5M | $1.9B | ||
| Q2 25 | $357.1M | $1.8B | ||
| Q1 25 | $333.8M | $1.8B | ||
| Q4 24 | $338.7M | $1.7B | ||
| Q3 24 | $289.3M | $1.7B | ||
| Q2 24 | $286.9M | $1.7B |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.73× | ||
| Q3 25 | — | 0.60× | ||
| Q2 25 | — | 0.57× | ||
| Q1 25 | — | 0.57× | ||
| Q4 24 | — | 0.46× | ||
| Q3 24 | — | 0.37× | ||
| Q2 24 | — | 0.32× |
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 | $28.8M |
| Free Cash FlowOCF − Capex | — | $-78.6M |
| FCF MarginFCF / Revenue | — | -85.8% |
| Capex IntensityCapex / Revenue | — | 117.2% |
| Cash ConversionOCF / Net Profit | 2.44× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-257.9M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $28.2M | — | ||
| Q4 25 | $12.6M | $28.8M | ||
| Q3 25 | $11.3M | $30.7M | ||
| Q2 25 | $6.2M | $20.9M | ||
| Q1 25 | $29.4M | $20.5M | ||
| Q4 24 | $12.4M | $20.6M | ||
| Q3 24 | $14.0M | $24.3M | ||
| Q2 24 | $2.3M | $2.5M |
| Q1 26 | — | — | ||
| Q4 25 | $9.6M | $-78.6M | ||
| Q3 25 | $8.8M | $-51.4M | ||
| Q2 25 | $4.4M | $-65.3M | ||
| Q1 25 | $27.7M | $-62.7M | ||
| Q4 24 | $10.5M | $-72.0M | ||
| Q3 24 | $12.0M | $-51.3M | ||
| Q2 24 | $26.0K | $-78.3M |
| Q1 26 | — | — | ||
| Q4 25 | 15.3% | -85.8% | ||
| Q3 25 | 15.4% | -57.2% | ||
| Q2 25 | 7.3% | -73.7% | ||
| Q1 25 | 43.8% | -71.3% | ||
| Q4 24 | 17.1% | -84.3% | ||
| Q3 24 | 21.4% | -58.5% | ||
| Q2 24 | 0.0% | -91.3% |
| Q1 26 | — | — | ||
| Q4 25 | 4.7% | 117.2% | ||
| Q3 25 | 4.4% | 91.4% | ||
| Q2 25 | 3.1% | 97.3% | ||
| Q1 25 | 2.6% | 94.7% | ||
| Q4 24 | 3.2% | 108.4% | ||
| Q3 24 | 3.5% | 86.2% | ||
| Q2 24 | 3.7% | 94.2% |
| 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× | — | ||
| 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% |
SHEN
| Residential And SMB Incumbent Broadband | $41.5M | 45% |
| Residential And SMB Glo Fiber Expansion Markets | $23.0M | 25% |
| Commercial Fiber | $20.3M | 22% |
| RLEC Other | $6.8M | 7% |
