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Side-by-side financial comparison of OneSpan Inc. (OSPN) and Velocity Financial, Inc. (VEL). Click either name above to swap in a different company.
OneSpan Inc. is the larger business by last-quarter revenue ($65.9M vs $51.6M, roughly 1.3× Velocity Financial, Inc.). Velocity Financial, Inc. runs the higher net margin — 67.3% vs 17.5%, a 49.8% gap on every dollar of revenue. On growth, Velocity Financial, Inc. posted the faster year-over-year revenue change (32.8% vs 4.1%). Over the past eight quarters, Velocity Financial, Inc.'s revenue compounded faster (32.3% 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.
Velocity Financial, Inc. is a U.S.-headquartered real estate finance company that offers specialized mortgage loan solutions primarily for residential investment properties. It partners with independent mortgage brokers nationwide, providing real estate investors with short-term bridge loans and long-term rental property financing options tailored to their operational needs.
OSPN vs VEL — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $65.9M | $51.6M |
| Net Profit | $11.6M | $34.8M |
| Gross Margin | 73.6% | — |
| Operating Margin | 22.5% | 97.0% |
| Net Margin | 17.5% | 67.3% |
| Revenue YoY | 4.1% | 32.8% |
| Net Profit YoY | — | 67.0% |
| EPS (diluted) | $0.39 | $0.90 |
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 | $51.6M | ||
| Q3 25 | $57.1M | $49.1M | ||
| Q2 25 | $59.8M | $47.6M | ||
| Q1 25 | $63.4M | $37.5M | ||
| Q4 24 | $61.2M | $38.9M | ||
| Q3 24 | $56.2M | $35.1M | ||
| Q2 24 | $60.9M | $32.4M |
| Q1 26 | $11.6M | — | ||
| Q4 25 | $43.5M | $34.8M | ||
| Q3 25 | $6.5M | $25.4M | ||
| Q2 25 | $8.3M | $26.0M | ||
| Q1 25 | $14.5M | $18.9M | ||
| Q4 24 | $28.8M | $20.8M | ||
| Q3 24 | $8.3M | $15.8M | ||
| Q2 24 | $6.6M | $14.8M |
| 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% | 97.0% | ||
| Q3 25 | 14.4% | 72.1% | ||
| Q2 25 | 17.6% | 71.3% | ||
| Q1 25 | 27.1% | 71.7% | ||
| Q4 24 | 19.3% | 82.5% | ||
| Q3 24 | 20.0% | 60.6% | ||
| Q2 24 | 12.5% | 61.3% |
| Q1 26 | 17.5% | — | ||
| Q4 25 | 69.2% | 67.3% | ||
| Q3 25 | 11.4% | 51.7% | ||
| Q2 25 | 13.9% | 54.6% | ||
| Q1 25 | 22.9% | 50.4% | ||
| Q4 24 | 47.1% | 53.5% | ||
| Q3 24 | 14.7% | 45.1% | ||
| Q2 24 | 10.8% | 45.6% |
| Q1 26 | $0.39 | — | ||
| Q4 25 | $1.13 | $0.90 | ||
| Q3 25 | $0.17 | $0.65 | ||
| Q2 25 | $0.21 | $0.69 | ||
| Q1 25 | $0.37 | $0.51 | ||
| Q4 24 | $0.73 | $0.56 | ||
| Q3 24 | $0.21 | $0.44 | ||
| Q2 24 | $0.17 | $0.42 |
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 | $92.1M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $272.0M | $672.5M |
| Total Assets | $383.1M | $7.4B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $49.8M | — | ||
| Q4 25 | $70.5M | $92.1M | ||
| Q3 25 | $85.6M | $99.0M | ||
| Q2 25 | $92.9M | $79.6M | ||
| Q1 25 | $105.2M | $51.7M | ||
| Q4 24 | $83.2M | $49.9M | ||
| Q3 24 | $77.5M | $44.1M | ||
| Q2 24 | $63.8M | $47.4M |
| Q1 26 | $272.0M | — | ||
| Q4 25 | $271.8M | $672.5M | ||
| Q3 25 | $238.3M | $634.3M | ||
| Q2 25 | $242.5M | $597.9M | ||
| Q1 25 | $231.1M | $563.2M | ||
| Q4 24 | $212.5M | $516.9M | ||
| Q3 24 | $194.6M | $484.6M | ||
| Q2 24 | $178.6M | $471.3M |
| Q1 26 | $383.1M | — | ||
| Q4 25 | $397.7M | $7.4B | ||
| Q3 25 | $343.5M | $7.0B | ||
| Q2 25 | $357.1M | $6.5B | ||
| Q1 25 | $333.8M | $6.0B | ||
| Q4 24 | $338.7M | $5.5B | ||
| Q3 24 | $289.3M | $5.2B | ||
| Q2 24 | $286.9M | $4.9B |
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 | $18.2M |
| Free Cash FlowOCF − Capex | — | $17.9M |
| FCF MarginFCF / Revenue | — | 34.6% |
| Capex IntensityCapex / Revenue | — | 0.5% |
| Cash ConversionOCF / Net Profit | 2.44× | 0.52× |
| TTM Free Cash FlowTrailing 4 quarters | — | $40.3M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $28.2M | — | ||
| Q4 25 | $12.6M | $18.2M | ||
| Q3 25 | $11.3M | $11.5M | ||
| Q2 25 | $6.2M | $7.7M | ||
| Q1 25 | $29.4M | $3.5M | ||
| Q4 24 | $12.4M | $37.8M | ||
| Q3 24 | $14.0M | $-17.6M | ||
| Q2 24 | $2.3M | $11.5M |
| Q1 26 | — | — | ||
| Q4 25 | $9.6M | $17.9M | ||
| Q3 25 | $8.8M | $11.4M | ||
| Q2 25 | $4.4M | $7.6M | ||
| Q1 25 | $27.7M | $3.5M | ||
| Q4 24 | $10.5M | $37.5M | ||
| Q3 24 | $12.0M | $-17.6M | ||
| Q2 24 | $26.0K | $11.4M |
| Q1 26 | — | — | ||
| Q4 25 | 15.3% | 34.6% | ||
| Q3 25 | 15.4% | 23.2% | ||
| Q2 25 | 7.3% | 15.9% | ||
| Q1 25 | 43.8% | 9.2% | ||
| Q4 24 | 17.1% | 96.4% | ||
| Q3 24 | 21.4% | -50.3% | ||
| Q2 24 | 0.0% | 35.1% |
| Q1 26 | — | — | ||
| Q4 25 | 4.7% | 0.5% | ||
| Q3 25 | 4.4% | 0.1% | ||
| Q2 25 | 3.1% | 0.2% | ||
| Q1 25 | 2.6% | 0.2% | ||
| Q4 24 | 3.2% | 0.7% | ||
| Q3 24 | 3.5% | 0.2% | ||
| Q2 24 | 3.7% | 0.3% |
| Q1 26 | 2.44× | — | ||
| Q4 25 | 0.29× | 0.52× | ||
| Q3 25 | 1.74× | 0.45× | ||
| Q2 25 | 0.75× | 0.29× | ||
| Q1 25 | 2.02× | 0.19× | ||
| Q4 24 | 0.43× | 1.81× | ||
| Q3 24 | 1.69× | -1.11× | ||
| Q2 24 | 0.35× | 0.78× |
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% |
VEL
| Related Party | $19.3M | 37% |
| Nonrelated Party | $16.9M | 33% |
| Other | $15.4M | 30% |
