i3 Verticals vs OneSpan
OneSpan reported revenue of $243 million in fiscal 2025, about the same as i3 Verticals' $213 million in fiscal 2025. i3 Verticals' revenue grew 11.5% in its latest year, and OneSpan's grew 0.0%. i3 Verticals had an operating margin of 1.8%, against 19.9% at OneSpan. Free cash flow was $4 million at i3 Verticals and $50 million at OneSpan. Their fiscal years end in different months (September 30 and December 31), so the periods don't line up exactly.
Side by side
| i3 Verticals | OneSpan | |
|---|---|---|
| Latest fiscal year | FY2025, Sep 30, 2025 | FY2025, Dec 31, 2025 |
| Revenue | $213M | $243M |
| Revenue growth | 11.5% | 0.0% |
| Revenue growth a year, last 5 years | 7.3% | 2.4% |
| Gross margin | — | 73.8% |
| Operating margin | 1.8% | 19.9% |
| Net margin | 8.4% | 30.0% |
| Free cash flow | $4M | $50M |
| Free cash flow margin | 1.8% | 20.8% |
| Return on capital | 0.4% | — |
| Net debt to EBITDA | −2.1x | — |
| Dividends and buybacks | $38M | $32M |
| Change in diluted share count | 0.9% | −0.5% |
| Last close | $19.07 | $21.59 |
| P/E at the last close | — | 12.0× |
| Insider trades, last 12 months | bought $961,500, sold $704,639 | bought $34,782, sold $573,650 |
| Piotroski F-score | 5 of 8 | — |
Amounts in each company's own currency, US$ unless marked (a foreign company may report in another), each company's latest fiscal year from its 10-K, or 20-F or 40-F for a foreign company. Growth rates compare with the year before; the five-year rate is the average a year. Free cash flow is cash from operations minus capital spending; return on capital is after-tax operating income over the money invested in the business; P/E is the last close over the latest earnings per share. Banks are measured differently (return on equity, efficiency ratio), so some rows apply to one company only.
Ten years
Revenue
US$ billions, fiscal years
i3 VerticalsOneSpan
Operating margin
Percent of revenue
i3 VerticalsOneSpan
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
i3 VerticalsOneSpan
Source: the companies' Form 10-K filings, from SEC EDGAR, and the last close. For information only, not investment advice: the figures describe results, not which company is the better investment. The Filing Desk is not affiliated with either company. Full figures on the i3 Verticals and OneSpan pages.