OSPN vs. FTNT

Last updated Apr 2, 2026

Compare and contrast key facts about OneSpan Inc. (OSPN) and Fortinet, Inc. (FTNT).

Performance

OSPN vs. FTNT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in OneSpan Inc. (OSPN) and Fortinet, Inc. (FTNT). The values are adjusted to include any dividend payments, if applicable.

OSPN vs. FTNT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
OSPN OneSpan Inc.	-16.35%	-28.50%	72.95%	-4.20%	-33.90%	-18.13%	20.79%	32.20%	-6.83%	1.83%
FTNT Fortinet, Inc.	2.19%	-15.95%	61.42%	19.72%	-31.98%	141.97%	39.13%	51.58%	61.20%	45.05%

Fundamentals

Market Cap OSPN : $408.15M FTNT : $60.70B
EPS OSPN : $1.88 FTNT : $2.42
PE Ratio OSPN : 5.64 FTNT : 33.47
PEG Ratio OSPN : 0.03 FTNT : 0.93
PS Ratio OSPN : 1.69 FTNT : 9.12
PB Ratio OSPN : 1.50 FTNT : 49.05
Total Revenue (TTM) OSPN : $243.18M FTNT : $6.80B
Gross Profit (TTM) OSPN : $179.35M FTNT : $5.50B
EBITDA (TTM) OSPN : $44.78M FTNT : $2.35B

Returns By Period

In the year-to-date period, OSPN achieves a -16.35% return, which is significantly lower than FTNT's 2.19% return. Over the past 10 years, OSPN has underperformed FTNT with an annualized return of -3.31%, while FTNT has yielded a comparatively higher 29.33% annualized return.

OSPN

• 1D: 0.76%
• 1M: 2.49%
• YTD: -16.35%
• 6M: -30.66%
• 1Y: -28.99%
• 3Y*: -14.11%
• 5Y*: -15.41%
• 10Y*: -3.31%

FTNT

• 1D: -0.70%
• 1M: 2.49%
• YTD: 2.19%
• 6M: -4.73%
• 1Y: -16.05%
• 3Y*: 6.88%
• 5Y*: 16.83%
• 10Y*: 29.33%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Return for Risk

OSPN vs. FTNT — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

OSPN

OSPN Risk / Return Rank: 16
OSPN Sharpe Ratio Rank: 14
OSPN Sortino Ratio Rank: 17
OSPN Omega Ratio Rank: 15
OSPN Calmar Ratio Rank: 18
OSPN Martin Ratio Rank: 18

FTNT

FTNT Risk / Return Rank: 24
FTNT Sharpe Ratio Rank: 23
FTNT Sortino Ratio Rank: 23
FTNT Omega Ratio Rank: 23
FTNT Calmar Ratio Rank: 24
FTNT Martin Ratio Rank: 28

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

OSPN vs. FTNT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for OneSpan Inc. (OSPN) and Fortinet, Inc. (FTNT). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	OSPN	FTNT	Difference
Sharpe ratio Return per unit of total volatility	-0.63	-0.38	-0.25
Sortino ratio Return per unit of downside risk	-0.59	-0.24	-0.35
Omega ratio Gain probability vs. loss probability	0.91	0.96	-0.06
Calmar ratio Return relative to maximum drawdown	-0.66	-0.50	-0.16
Martin ratio Return relative to average drawdown	-1.17	-0.76	-0.41
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

OSPN vs. FTNT - Sharpe Ratio Comparison

The current OSPN Sharpe Ratio is -0.63, which is lower than the FTNT Sharpe Ratio of -0.38. The chart below compares the historical Sharpe Ratios of OSPN and FTNT, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	OSPN	FTNT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.63	-0.38	-0.25
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.31	0.40	-0.71
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.07	0.73	-0.80
Sharpe Ratio (All Time) Calculated using the full available price history	0.05	0.65	-0.60

Correlation

The correlation between OSPN and FTNT is 0.40, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

OSPN vs. FTNT - Dividend Comparison

OSPN's dividend yield for the trailing twelve months is around 4.62%, while FTNT has not paid dividends to shareholders.

	TTM	2025
OSPN OneSpan Inc.	4.62%	3.74%
FTNT Fortinet, Inc.	0.00%	0.00%

Drawdowns

OSPN vs. FTNT - Drawdown Comparison

The maximum OSPN drawdown since its inception was -95.31%, which is greater than FTNT's maximum drawdown of -51.20%. Use the drawdown chart below to compare losses from any high point for OSPN and FTNT.

Drawdown Indicators

	OSPN	FTNT	Difference
Max Drawdown Largest peak-to-trough decline	-95.31%	-51.20%	-44.11%
Max Drawdown (1Y) Largest decline over 1 year	-42.02%	-31.56%	-10.46%
Max Drawdown (5Y) Largest decline over 5 years	-73.39%	-38.32%	-35.07%
Max Drawdown (10Y) Largest decline over 10 years	-76.61%	-38.32%	-38.29%
Current Drawdown Current decline from peak	-74.18%	-29.17%	-45.01%
Average Drawdown Average peak-to-trough decline	-62.05%	-16.25%	-45.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	23.67%	20.65%	+3.02%

Volatility

OSPN vs. FTNT - Volatility Comparison

OneSpan Inc. (OSPN) and Fortinet, Inc. (FTNT) have volatilities of 9.23% and 8.84%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OSPN	FTNT	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.23%	8.84%	+0.39%
Volatility (6M) Calculated over the trailing 6-month period	40.93%	22.14%	+18.79%
Volatility (1Y) Calculated over the trailing 1-year period	46.53%	42.38%	+4.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	49.76%	42.52%	+7.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	50.35%	40.12%	+10.23%

Financials

OSPN vs. FTNT - Profitability Comparison

The chart below illustrates the profitability comparison between OneSpan Inc. and Fortinet, Inc. over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

OSPN - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, OneSpan Inc. reported a gross profit of 46.29M and revenue of 62.92M. Therefore, the gross margin over that period was 73.6%.

FTNT - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, Fortinet, Inc. reported a gross profit of 1.52B and revenue of 1.91B. Therefore, the gross margin over that period was 79.6%.

OSPN - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, OneSpan Inc. reported an operating income of 12.53M and revenue of 62.92M, resulting in an operating margin of 19.9%.

FTNT - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, Fortinet, Inc. reported an operating income of 625.60M and revenue of 1.91B, resulting in an operating margin of 32.8%.

OSPN - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, OneSpan Inc. reported a net income of 43.54M and revenue of 62.92M, resulting in a net margin of 69.2%.

FTNT - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, Fortinet, Inc. reported a net income of 506.00M and revenue of 1.91B, resulting in a net margin of 26.6%.