Estados financieros detallados de OneSpan Inc. (OSPN): cuenta de resultados, balance general y flujo de caja. Sigue la evolución de márgenes, deuda, liquidez y rentabilidad año a año con hasta 20 años de histórico.
Resumen del Análisis
OneSpan Inc. registró ingresos de $243.2M en el último ejercicio fiscal, con un CAGR de 5 años del 2.4%.
Márgenes de los últimos 12 meses: margen bruto 70.6%, margen operativo 18.8%, margen neto 27.8%. El flujo de caja libre creció a un CAGR del 33.7% en 5 años.
Al precio actual de $17.86, OSPN cotiza a un P/E de 10.35 y un ROE del 25.92%. La capitalización bursátil es de $662M.
Cuenta de Resultados (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ingresos | $192.3M | $193.3M | $212.3M | $253.5M | $215.7M | $214.5M | $219.0M | $235.1M | $243.2M | $243.2M |
| Coste de Ventas | $61.6M | $58.8M | $64.8M | $85.6M | $63.4M | $71.5M | $70.4M | $77.4M | $68.6M | $71.3M |
| Beneficio Bruto | $130.7M | $134.5M | $147.5M | $167.8M | $152.3M | $142.9M | $148.6M | $157.7M | $174.6M | $171.9M |
| I+D | $23.2M | $23.1M | $32.2M | $42.5M | $41.2M | $47.4M | $41.7M | $38.4M | $32.4M | $34.2M |
| Generales y Administrativos | $89.0M | $96.4M | $105.4M | $101.7M | $107.2M | $115.8M | $116.5M | $128.5M | $90.6M | $92.6M |
| Gastos Operativos | $121.1M | $128.3M | $147.4M | $153.6M | $157.5M | $169.1M | $175.7M | $186.6M | $129.8M | $121.8M |
| Beneficio Operativo | $9.6M | $6.2M | $24000 | $14.2M | -$5.3M | -$26.1M | -$27.1M | -$28.9M | $44.8M | $50.1M |
| EBITDA | $20.4M | $16.8M | $11.2M | $25.7M | $7.6M | -$17.2M | -$6.7M | -$5.1M | $57.6M | $64.4M |
| Gastos por Intereses | 0 | 0 | 0 | 0 | 0 | $1000 | 0 | 0 | 0 | 0 |
| Beneficio Antes de Impuestos | $11.4M | $8.4M | $3.6M | $14.4M | -$3.4M | -$26.1M | -$11.7M | -$27.3M | $46.5M | $49.4M |
| Impuestos | $863000 | $30.8M | -$293000 | $6.5M | $2.0M | $4.4M | $2.7M | $2.5M | -$10.6M | -$23.5M |
| Beneficio Neto | $10.5M | -$22.4M | $3.8M | $7.9M | -$5.5M | -$30.6M | -$14.4M | -$29.8M | $57.1M | $72.9M |
| BPA | $0.26 | $-0.56 | $0.10 | $0.20 | $-0.14 | $-0.77 | $-0.36 | $-0.74 | $1.49 | $1.91 |
| BPA Diluido | $0.26 | $-0.56 | $0.10 | $0.20 | $-0.14 | $-0.77 | $-0.36 | $-0.74 | $1.46 | $1.90 |
| Acciones en Circulación (Diluidas) | $39.8M | $39.8M | $40.0M | $40.1M | $40.0M | $39.6M | $40.1M | $40.2M | $39.1M | $38.5M |
Balance (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Caja y Equivalentes | $44.4M | $78.7M | $76.4M | $84.3M | $88.4M | $63.4M | $96.5M | $42.5M | $83.2M | $70.5M |
| Inversiones a Corto | $99.8M | $79.7M | $22.8M | $25.5M | $26.9M | $35.1M | $2.3M | 0 | 0 | 0 |
| Cuentas por Cobrar | $36.9M | $48.1M | $67.6M | $67.6M | $64.7M | $61.3M | $69.7M | $69.5M | $64.9M | $74.3M |
| Inventario | $17.4M | $12.0M | $14.4M | $19.8M | $13.1M | $10.3M | $12.1M | $15.6M | $10.8M | $10.5M |
| Activos Corrientes | $207.5M | $227.9M | $194.3M | $209.8M | $207.2M | $187.1M | $197.5M | $146.3M | $175.1M | $172.2M |
| Inmovilizado Material | $3.3M | $4.8M | $6.2M | $22.0M | $23.2M | $20.0M | $20.7M | $24.9M | $28.7M | $29.6M |
| Fondo de Comercio | $54.4M | $56.3M | $91.8M | $94.6M | $97.6M | $96.2M | $90.5M | $93.7M | $92.4M | $103.8M |
| Activos Intangibles | $46.5M | $37.9M | $45.5M | $36.2M | $27.2M | $21.3M | $12.5M | $10.8M | $7.5M | $9.7M |
| Activos Totales | $326.6M | $337.6M | $355.2M | $382.5M | $375.2M | $342.3M | $335.1M | $289.2M | $338.7M | $397.7M |
| Cuentas por Pagar | $8.9M | $8.1M | $7.2M | $10.8M | $5.7M | $8.2M | $17.4M | $17.5M | $13.3M | $13.7M |
| Deuda a Corto | 0 | 0 | 0 | $2.6M | 0 | 0 | $2.3M | 0 | $2.4M | 0 |
| Pasivos Corrientes | $68.0M | $66.2M | $73.5M | $73.8M | $75.3M | $89.1M | $110.8M | $114.8M | $110.3M | $114.6M |
| Deuda a Largo | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pasivos Totales | $68.9M | $99.7M | $101.5M | $120.2M | $117.9M | $122.5M | $131.8M | $130.1M | $126.2M | $125.9M |
| Reservas | $178.6M | $156.2M | $172.4M | $179.4M | $173.7M | $143.2M | $128.7M | $98.9M | $151.3M | $209.8M |
| Patrimonio Neto | $257.8M | $237.9M | $253.7M | $262.3M | $257.3M | $219.8M | $203.3M | $159.1M | $212.5M | $271.8M |
| Deuda Total | 0 | 0 | 0 | $13.9M | $12.4M | $10.2M | $10.7M | $6.8M | $9.3M | $6.1M |
| Deuda Neta | -$144.2M | -$158.4M | -$99.2M | -$95.9M | -$102.9M | -$88.3M | -$88.1M | -$35.7M | -$73.9M | -$64.4M |
| Capital Circulante | $139.5M | $161.8M | $120.9M | $136.0M | $131.9M | $98.0M | $86.7M | $31.5M | $64.8M | $57.6M |
Flujo de Caja (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Beneficio Neto | $10.6M | -$22.4M | $3.8M | $7.9M | -$5.5M | -$30.6M | -$14.4M | -$29.8M | $57.1M | $72.9M |
| Amortizaciones | $10.8M | $10.6M | $12.1M | $11.5M | $12.0M | $8.9M | $7.1M | $6.5M | $8.4M | $10.1M |
| Compensación en Acciones | $2.8M | $3.5M | $4.0M | $3.4M | $4.7M | $4.4M | $8.6M | $14.3M | $9.0M | $11.2M |
| Cambio en Capital Circulante | $9.3M | $12.7M | -$13.2M | -$3.0M | $5.0M | $11.7M | $2.1M | -$5.0M | -$4.5M | -$5.9M |
| Flujo de Caja Operativo | $28.4M | $17.6M | -$641000 | $18.2M | $14.9M | -$2.7M | -$5.8M | -$10.7M | $55.7M | $59.5M |
| Inversiones (CapEx) | -$2.2M | -$3.2M | -$3.7M | -$7.5M | -$3.1M | -$2.2M | -$5.0M | -$12.5M | -$9.2M | -$9.0M |
| Adquisiciones | -$144000 | -$107000 | -$53.1M | 0 | 0 | $35000 | $18.9M | -$1.8M | 0 | -$14.7M |
| Recompra de Acciones | -$1.1M | -$640000 | -$970000 | 0 | -$5.0M | -$7.5M | -$5.7M | -$29.2M | -$3000 | -$13.1M |
| Dividendos Pagados | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -$4.8M | -$18.5M |
| Flujo de Caja Libre | $26.2M | $14.4M | -$4.3M | $10.8M | $11.8M | -$4.9M | -$10.8M | -$23.3M | $46.4M | $50.5M |
Crecimiento y Márgenes (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Crecimiento Ingresos (anual) | +0.5% | +9.8% | +19.4% | -14.9% | -0.6% | +2.1% | +7.4% | +3.4% | +0.0% | |
| Crecimiento Beneficio Neto (anual) | -313.0% | +117.2% | +104.5% | -169.4% | -460.7% | +52.8% | -106.5% | +291.6% | +27.7% | |
| Crecimiento BPA (anual) | -315.4% | +117.2% | +107.7% | -170.0% | -450.0% | +53.2% | -105.6% | +301.4% | +28.2% | |
| Cambio en Acciones (anual) | +0.0% | +0.6% | +0.2% | -0.3% | -1.1% | +1.3% | +0.1% | -2.8% | -1.6% | |
| Crecimiento FCF (anual) | -45.0% | -130.0% | +349.4% | +9.5% | -141.9% | -117.9% | -115.9% | +299.4% | +8.8% | |
| Margen Bruto | 67.9% | 69.6% | 69.5% | 66.2% | 70.6% | 66.6% | 67.8% | 67.1% | 71.8% | 70.7% |
| Margen Operativo | 5.0% | 3.2% | 0.0% | 5.6% | -2.4% | -12.2% | -12.4% | -12.3% | 18.4% | 20.6% |
| Margen EBITDA | 10.6% | 8.7% | 5.3% | 10.2% | 3.5% | -8.0% | -3.1% | -2.2% | 23.7% | 26.5% |
| Margen Neto | 5.5% | -11.6% | 1.8% | 3.1% | -2.5% | -14.3% | -6.6% | -12.7% | 23.5% | 30.0% |
| Margen FCF | 13.6% | 7.5% | -2.0% | 4.3% | 5.5% | -2.3% | -4.9% | -9.9% | 19.1% | 20.8% |
| Tasa Impositiva Efectiva | 7.6% | 367.3% | -8.2% | 45.4% | -59.5% | -17.0% | -23.4% | -9.1% | -22.8% | -47.7% |
Datos por Acción (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF por Acción | $0.66 | $0.36 | $-0.11 | $0.27 | $0.30 | $-0.12 | $-0.27 | $-0.58 | $1.19 | $1.31 |
| Dividendo por Acción | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.12 | $0.48 |
| Acciones en Circulación (Básicas) | $39.7M | $39.8M | $39.9M | $40.0M | $40.0M | $39.6M | $40.1M | $40.2M | $38.4M | $37.9M |
Qué mirar en empresas de Technology
- Crecimiento de ingresos 3a (≥15%/año) — Valida tracción sostenida, no un año puntual.
- Margen bruto (Depende del sub-sector) — SaaS ≥70%, Internet ≥55%, Semis ≥45%, Hardware ≥35%.
- FCF / Ingresos (≥20%) — Caja real generada. Muchas tech maquillan beneficios non-GAAP.
- ROIC (≥15%) — Eficiencia del capital reinvertido — la primera métrica de Buffett.
- SBC / Ingresos (<10% saludable) — Stock-based compensation. Dilución silenciosa: >20% destruye valor.
- Deuda Neta / EBITDA (≤2x (1,5x SaaS)) — Resistencia en recesiones y subidas de tipos.
Rentabilidad
| Rentabilidad sobre capital | 25.92% |
| Rentabilidad sobre capital invertido | 15.79% |
| Rentabilidad sobre activos | 17.67% |
| Margen bruto | 70.56% |
| Margen operativo | 18.76% |
| Margen neto | 27.76% |
Salud financiera
| Deuda / Patrimonio | 0.05 |
| Ratio corriente | 1.33 |
Ratios Clave (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 52.50 | -24.82 | 134.48 | 85.60 | -147.71 | -21.99 | -31.08 | -14.49 | 12.44 | 6.72 |
| P/VC | 2.10 | 2.33 | 2.04 | 2.61 | 3.22 | 3.05 | 2.21 | 2.71 | 3.35 | 1.79 |
| P/V | 2.82 | 2.86 | 2.44 | 2.70 | 3.84 | 3.13 | 2.05 | 1.83 | 2.93 | 2.00 |
| Margen Bruto | 67.9% | 69.6% | 69.5% | 66.2% | 70.6% | 66.6% | 67.8% | 67.1% | 71.8% | 70.7% |
| Margen Operativo | 5.0% | 3.2% | 0.0% | 5.6% | -2.4% | -12.2% | -12.4% | -12.3% | 18.4% | 20.6% |
| Margen Neto | 5.5% | -11.6% | 1.8% | 3.1% | -2.5% | -14.3% | -6.6% | -12.7% | 23.5% | 30.0% |
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