OneSpan Is Not Expensive, But It May Have A Product Problem

OneSpan maintains a 'Hold' rating as growth remains elusive despite strong Digital Agreements performance and margin expansion. Digital Agreements delivered 10%+ YoY revenue growth and 9 pp margin expansion, reinforcing its status as OSPN's star business. Cybersecurity segment growth is largely acquisition-driven, with organic ARR growth stalling and margins deteriorating by 8 percentage points.