HIGHBuilt-inGeographic
79%
revenue generated outside the U.S.
“10-K Item 1A: 'we generated approximately 79%, 83% and 83% of our revenue and incurred approximately 54%, 59% and 58% of our operating expenses outside of the U.S., respectively'”
OSPN · Concentration risk · 10-K extracted
OneSpan (OSPN) concentration risks
Updated
The most significant concentration OneSpan discloses is revenue generated outside the U.S. at 79%, classified HIGH by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Source: OneSpan’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
At a glance
Disclosed-size breakdown · 3 disclosed concentrations
HIGH1
MEDIUM1
LOW1
Disclosed concentrations
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
MEDIUMOutside partySupplier
limited number of suppliers for Digipass components
“10-K Item 1A: 'Our Digipass authenticator business has a complex global supply chain and is dependent on a limited number of suppliers for certain components'”
LOWOutside partyCustomer
18%
top 10 largest customers
“10-K Item 1A: 'our top 10 largest customers contributed 18%, 20%, and 22%, respectively, of our total worldwide revenue'”
TrendMatrix Research · concentration synthesis
What these concentrations mean together
updated 2026-07-06OneSpan's concentration profile is dominated by its geographic revenue mix: approximately 79% of revenue was generated outside the U.S., a structural feature of a global security-software business rather than a counterparty-specific risk, though it does mean currency movements and regional demand shifts outside the U.S. carry outsized influence over results. On the supply side, the Digipass authenticator business depends on a limited number of suppliers for certain components within a complex global supply chain — a disclosed dependency without an accompanying percentage, but one that could affect hardware token availability if a key supplier relationship were disrupted. Customer concentration, by contrast, is the smallest of the three exposures: the top 10 largest customers contributed 18% of total worldwide revenue, a share that is not large enough on its own to create material counterparty risk. Netting these together, the structural international revenue mix is the largest single factor shaping OneSpan's risk profile, the supplier dependency for Digipass components is a more idiosyncratic manufacturing risk to watch, and customer concentration is the least material of the three.
For the engine’s reasoning on OSPN’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
Industry peers · Software - Infrastructure
Peer concentration profile
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| AI | C3.ai, Inc. | 1 | 2 | 0 | 3 |
| OSPN● | OneSpan Inc. | 1 | 1 | 1 | 3 |
| AEVA | Aeva Technologies, Inc. | 1 | 0 | 0 | 1 |
| AIOT | PowerFleet, Inc. | 0 | 2 | 0 | 2 |
| ACIW | ACI Worldwide, Inc. | 0 | 0 | 0 | 0 |
| AKAM | Akamai Technologies, Inc. | 0 | 0 | 0 | 0 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.