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Side-by-side financial comparison of OneSpan Inc. (OSPN) and System1, Inc. (SST). Click either name above to swap in a different company.
OneSpan Inc. is the larger business by last-quarter revenue ($65.9M vs $51.9M, roughly 1.3× System1, Inc.). OneSpan Inc. runs the higher net margin — 17.5% vs -26.0%, a 43.5% gap on every dollar of revenue. On growth, OneSpan Inc. posted the faster year-over-year revenue change (4.1% vs -31.3%). Over the past eight quarters, OneSpan Inc.'s revenue compounded faster (4.0% CAGR vs -21.8%).
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.
System1 is an American Internet advertising company. Formerly known as OpenMail, it was founded in 2013. It describes itself as operating a "Responsive Acquisition Marketing Platform", and cites privacy as one of its principal foci, although it has been criticized for its influence on privacy-focused properties, including search engine Startpage.com. It is headquartered in Marina del Rey, California.
OSPN vs SST — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $65.9M | $51.9M |
| Net Profit | $11.6M | $-13.5M |
| Gross Margin | 73.6% | 41.0% |
| Operating Margin | 22.5% | -33.6% |
| Net Margin | 17.5% | -26.0% |
| Revenue YoY | 4.1% | -31.3% |
| Net Profit YoY | — | 4.8% |
| EPS (diluted) | $0.39 | $-3.58 |
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 | $51.9M | ||
| Q3 25 | $57.1M | $61.6M | ||
| Q2 25 | $59.8M | $78.1M | ||
| Q1 25 | $63.4M | $74.5M | ||
| Q4 24 | $61.2M | $75.6M | ||
| Q3 24 | $56.2M | $88.8M | ||
| Q2 24 | $60.9M | $94.6M |
| Q1 26 | $11.6M | — | ||
| Q4 25 | $43.5M | $-13.5M | ||
| Q3 25 | $6.5M | $-18.5M | ||
| Q2 25 | $8.3M | $-17.5M | ||
| Q1 25 | $14.5M | $-15.9M | ||
| Q4 24 | $28.8M | $-14.2M | ||
| Q3 24 | $8.3M | $-23.6M | ||
| Q2 24 | $6.6M | $-26.4M |
| Q1 26 | 73.6% | — | ||
| Q4 25 | 73.6% | 41.0% | ||
| Q3 25 | 73.6% | 36.9% | ||
| Q2 25 | 73.5% | 35.7% | ||
| Q1 25 | 74.3% | 38.2% | ||
| Q4 24 | 74.0% | 42.1% | ||
| Q3 24 | 73.9% | 28.0% | ||
| Q2 24 | 66.2% | 27.6% |
| Q1 26 | 22.5% | — | ||
| Q4 25 | 19.9% | -33.6% | ||
| Q3 25 | 14.4% | -25.3% | ||
| Q2 25 | 17.6% | -20.4% | ||
| Q1 25 | 27.1% | -17.6% | ||
| Q4 24 | 19.3% | -15.7% | ||
| Q3 24 | 20.0% | -24.6% | ||
| Q2 24 | 12.5% | -30.8% |
| Q1 26 | 17.5% | — | ||
| Q4 25 | 69.2% | -26.0% | ||
| Q3 25 | 11.4% | -30.1% | ||
| Q2 25 | 13.9% | -22.4% | ||
| Q1 25 | 22.9% | -21.3% | ||
| Q4 24 | 47.1% | -18.7% | ||
| Q3 24 | 14.7% | -26.6% | ||
| Q2 24 | 10.8% | -27.9% |
| Q1 26 | $0.39 | — | ||
| Q4 25 | $1.13 | $-3.58 | ||
| Q3 25 | $0.17 | $-2.30 | ||
| Q2 25 | $0.21 | $-2.23 | ||
| Q1 25 | $0.37 | $-0.21 | ||
| Q4 24 | $0.73 | $-3.41 | ||
| Q3 24 | $0.21 | $-3.37 | ||
| Q2 24 | $0.17 | $-3.80 |
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 | $86.9M |
| Total DebtLower is stronger | — | $305.1M |
| Stockholders' EquityBook value | $272.0M | $30.5M |
| Total Assets | $383.1M | $405.0M |
| Debt / EquityLower = less leverage | — | 10.01× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $49.8M | — | ||
| Q4 25 | $70.5M | $86.9M | ||
| Q3 25 | $85.6M | $54.6M | ||
| Q2 25 | $92.9M | $63.6M | ||
| Q1 25 | $105.2M | $43.9M | ||
| Q4 24 | $83.2M | $63.6M | ||
| Q3 24 | $77.5M | $69.1M | ||
| Q2 24 | $63.8M | $75.7M |
| Q1 26 | — | — | ||
| Q4 25 | — | $305.1M | ||
| Q3 25 | — | $259.2M | ||
| Q2 25 | — | $263.3M | ||
| Q1 25 | — | $267.4M | ||
| Q4 24 | — | $255.1M | ||
| Q3 24 | — | $259.2M | ||
| Q2 24 | — | $263.3M |
| Q1 26 | $272.0M | — | ||
| Q4 25 | $271.8M | $30.5M | ||
| Q3 25 | $238.3M | $42.7M | ||
| Q2 25 | $242.5M | $58.2M | ||
| Q1 25 | $231.1M | $67.2M | ||
| Q4 24 | $212.5M | $80.3M | ||
| Q3 24 | $194.6M | $90.3M | ||
| Q2 24 | $178.6M | $109.4M |
| Q1 26 | $383.1M | — | ||
| Q4 25 | $397.7M | $405.0M | ||
| Q3 25 | $343.5M | $385.2M | ||
| Q2 25 | $357.1M | $429.2M | ||
| Q1 25 | $333.8M | $419.2M | ||
| Q4 24 | $338.7M | $459.1M | ||
| Q3 24 | $289.3M | $479.3M | ||
| Q2 24 | $286.9M | $511.3M |
| Q1 26 | — | — | ||
| Q4 25 | — | 10.01× | ||
| Q3 25 | — | 6.07× | ||
| Q2 25 | — | 4.53× | ||
| Q1 25 | — | 3.98× | ||
| Q4 24 | — | 3.18× | ||
| Q3 24 | — | 2.87× | ||
| Q2 24 | — | 2.41× |
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 | $-10.6M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | 0.0% |
| Cash ConversionOCF / Net Profit | 2.44× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $28.2M | — | ||
| Q4 25 | $12.6M | $-10.6M | ||
| Q3 25 | $11.3M | $-2.1M | ||
| Q2 25 | $6.2M | $24.5M | ||
| Q1 25 | $29.4M | $-15.9M | ||
| Q4 24 | $12.4M | $772.0K | ||
| Q3 24 | $14.0M | $-5.0K | ||
| Q2 24 | $2.3M | $10.0M |
| Q1 26 | — | — | ||
| Q4 25 | $9.6M | — | ||
| Q3 25 | $8.8M | — | ||
| Q2 25 | $4.4M | — | ||
| Q1 25 | $27.7M | $-16.0M | ||
| Q4 24 | $10.5M | — | ||
| Q3 24 | $12.0M | $-36.0K | ||
| Q2 24 | $26.0K | — |
| Q1 26 | — | — | ||
| Q4 25 | 15.3% | — | ||
| Q3 25 | 15.4% | — | ||
| Q2 25 | 7.3% | — | ||
| Q1 25 | 43.8% | -21.5% | ||
| Q4 24 | 17.1% | — | ||
| Q3 24 | 21.4% | -0.0% | ||
| Q2 24 | 0.0% | — |
| Q1 26 | — | — | ||
| Q4 25 | 4.7% | 0.0% | ||
| Q3 25 | 4.4% | 0.0% | ||
| Q2 25 | 3.1% | 0.0% | ||
| Q1 25 | 2.6% | 0.1% | ||
| Q4 24 | 3.2% | 0.0% | ||
| Q3 24 | 3.5% | 0.0% | ||
| Q2 24 | 3.7% | 0.0% |
| 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% |
SST
Segment breakdown not available.
