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Side-by-side financial comparison of OneSpan Inc. (OSPN) and TELOS CORP (TLS). Click either name above to swap in a different company.
OneSpan Inc. is the larger business by last-quarter revenue ($62.9M vs $46.8M, roughly 1.3× TELOS CORP). OneSpan Inc. runs the higher net margin — 69.2% vs -34.9%, a 104.1% gap on every dollar of revenue. On growth, TELOS CORP posted the faster year-over-year revenue change (77.4% vs 2.9%). OneSpan Inc. produced more free cash flow last quarter ($9.6M vs $8.0M). Over the past eight quarters, TELOS CORP's revenue compounded faster (25.7% CAGR vs -1.5%).
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.
Telos Corporation is an information technology and cybersecurity company located in Ashburn, Virginia. Telos primarily serves government and enterprise clients, receiving a large number of its contracts from the United States Department of Defense. Customers are primarily military, intelligence and civilian agencies of the US government and NATO allies.
OSPN vs TLS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $62.9M | $46.8M |
| Net Profit | $43.5M | $-16.3M |
| Gross Margin | 73.6% | 35.0% |
| Operating Margin | 19.9% | -39.6% |
| Net Margin | 69.2% | -34.9% |
| Revenue YoY | 2.9% | 77.4% |
| Net Profit YoY | 51.3% | -74.8% |
| EPS (diluted) | $1.13 | $-0.22 |
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.
| Q4 25 | $62.9M | $46.8M | ||
| Q3 25 | $57.1M | $51.4M | ||
| Q2 25 | $59.8M | $36.0M | ||
| Q1 25 | $63.4M | $30.6M | ||
| Q4 24 | $61.2M | $26.4M | ||
| Q3 24 | $56.2M | $23.8M | ||
| Q2 24 | $60.9M | $28.5M | ||
| Q1 24 | $64.8M | $29.6M |
| Q4 25 | $43.5M | $-16.3M | ||
| Q3 25 | $6.5M | $-2.1M | ||
| Q2 25 | $8.3M | $-9.5M | ||
| Q1 25 | $14.5M | $-8.6M | ||
| Q4 24 | $28.8M | $-9.3M | ||
| Q3 24 | $8.3M | $-28.1M | ||
| Q2 24 | $6.6M | $-7.8M | ||
| Q1 24 | $13.5M | $-7.4M |
| Q4 25 | 73.6% | 35.0% | ||
| Q3 25 | 73.6% | 39.9% | ||
| Q2 25 | 73.5% | 33.2% | ||
| Q1 25 | 74.3% | 39.8% | ||
| Q4 24 | 74.0% | 40.3% | ||
| Q3 24 | 73.9% | 13.2% | ||
| Q2 24 | 66.2% | 34.1% | ||
| Q1 24 | 73.1% | 37.0% |
| Q4 25 | 19.9% | -39.6% | ||
| Q3 25 | 14.4% | -4.8% | ||
| Q2 25 | 17.6% | -27.5% | ||
| Q1 25 | 27.1% | -29.5% | ||
| Q4 24 | 19.3% | -37.6% | ||
| Q3 24 | 20.0% | -121.4% | ||
| Q2 24 | 12.5% | -30.3% | ||
| Q1 24 | 21.8% | -28.5% |
| Q4 25 | 69.2% | -34.9% | ||
| Q3 25 | 11.4% | -4.1% | ||
| Q2 25 | 13.9% | -26.5% | ||
| Q1 25 | 22.9% | -28.1% | ||
| Q4 24 | 47.1% | -35.4% | ||
| Q3 24 | 14.7% | -118.0% | ||
| Q2 24 | 10.8% | -27.2% | ||
| Q1 24 | 20.8% | -24.9% |
| Q4 25 | $1.13 | $-0.22 | ||
| Q3 25 | $0.17 | $-0.03 | ||
| Q2 25 | $0.21 | $-0.13 | ||
| Q1 25 | $0.37 | $-0.12 | ||
| Q4 24 | $0.73 | $-0.13 | ||
| Q3 24 | $0.21 | $-0.39 | ||
| Q2 24 | $0.17 | $-0.11 | ||
| Q1 24 | $0.35 | $-0.10 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $70.5M | $53.2M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $271.8M | $96.0M |
| Total Assets | $397.7M | $139.9M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $70.5M | $53.2M | ||
| Q3 25 | $85.6M | $59.0M | ||
| Q2 25 | $92.9M | $57.0M | ||
| Q1 25 | $105.2M | $57.8M | ||
| Q4 24 | $83.2M | $54.6M | ||
| Q3 24 | $77.5M | $69.8M | ||
| Q2 24 | $63.8M | $80.1M | ||
| Q1 24 | $63.9M | $93.9M |
| Q4 25 | $271.8M | $96.0M | ||
| Q3 25 | $238.3M | $119.7M | ||
| Q2 25 | $242.5M | $118.4M | ||
| Q1 25 | $231.1M | $126.1M | ||
| Q4 24 | $212.5M | $127.1M | ||
| Q3 24 | $194.6M | $129.5M | ||
| Q2 24 | $178.6M | $149.1M | ||
| Q1 24 | $170.9M | $154.4M |
| Q4 25 | $397.7M | $139.9M | ||
| Q3 25 | $343.5M | $164.3M | ||
| Q2 25 | $357.1M | $165.0M | ||
| Q1 25 | $333.8M | $158.1M | ||
| Q4 24 | $338.7M | $158.2M | ||
| Q3 24 | $289.3M | $166.3M | ||
| Q2 24 | $286.9M | $182.4M | ||
| Q1 24 | $277.1M | $195.4M |
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 | $12.6M | $8.0M |
| Free Cash FlowOCF − Capex | $9.6M | $8.0M |
| FCF MarginFCF / Revenue | 15.3% | 17.0% |
| Capex IntensityCapex / Revenue | 4.7% | 0.1% |
| Cash ConversionOCF / Net Profit | 0.29× | — |
| TTM Free Cash FlowTrailing 4 quarters | $50.5M | $29.4M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $12.6M | $8.0M | ||
| Q3 25 | $11.3M | $9.1M | ||
| Q2 25 | $6.2M | $7.0M | ||
| Q1 25 | $29.4M | $6.1M | ||
| Q4 24 | $12.4M | $-10.5M | ||
| Q3 24 | $14.0M | $-7.1M | ||
| Q2 24 | $2.3M | $-8.0M | ||
| Q1 24 | $27.0M | $-350.0K |
| Q4 25 | $9.6M | $8.0M | ||
| Q3 25 | $8.8M | $8.7M | ||
| Q2 25 | $4.4M | $6.8M | ||
| Q1 25 | $27.7M | $6.0M | ||
| Q4 24 | $10.5M | $-12.4M | ||
| Q3 24 | $12.0M | $-7.1M | ||
| Q2 24 | $26.0K | $-8.2M | ||
| Q1 24 | $23.9M | $-447.0K |
| Q4 25 | 15.3% | 17.0% | ||
| Q3 25 | 15.4% | 16.9% | ||
| Q2 25 | 7.3% | 19.0% | ||
| Q1 25 | 43.8% | 19.5% | ||
| Q4 24 | 17.1% | -47.0% | ||
| Q3 24 | 21.4% | -30.0% | ||
| Q2 24 | 0.0% | -28.9% | ||
| Q1 24 | 36.9% | -1.5% |
| Q4 25 | 4.7% | 0.1% | ||
| Q3 25 | 4.4% | 0.9% | ||
| Q2 25 | 3.1% | 0.4% | ||
| Q1 25 | 2.6% | 0.4% | ||
| Q4 24 | 3.2% | 7.1% | ||
| Q3 24 | 3.5% | 0.2% | ||
| Q2 24 | 3.7% | 0.8% | ||
| Q1 24 | 4.7% | 0.3% |
| 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× | — | ||
| Q1 24 | 2.00× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
OSPN
| Transferred At Point In Time | $32.7M | 52% |
| Subscription | $21.1M | 34% |
| Maintenance Support And Other | $9.2M | 15% |
TLS
| Security Solutions Segment | $44.8M | 96% |
| Secure Networks Segment | $1.9M | 4% |
