Ondas (ONDS) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Ondas

NasdaqCM•Technology•Communication Equipment

$7.20-0.04(-0.01%)Pre-market

Market Cap

$3.70B

P/E

22.1x

P/S

21.3x

P/B

2.4x

Ondas Inc. provides private wireless, drone, and automated data solutions in the United States and internationally. It operates through the Ondas Networks and Ondas Autonomous Systems segments. The company offers Counter-UAS (CUAS) and site protection systems, including iron drone raider, a fully autonomous interceptor drone system for neutralizing small hostile drones; sentrycs CoRF, Cyber/RF-based CUAS platform for detection, identification, tracking, and mitigation of unauthorized drones; optimus system, fully autonomous drone platform for continuous security, surveillance, and mission-critical data collection; 4M defense, supporting missions related to demining and clearing land of unexploded ordnance; roboteam, UGVs and tactical ground robotics; apeiro motion, autonomy and mobility software for robotic platforms, enhancing navigation and operational effectiveness; and loitering munition systems, is a one way drone for a variety of missions including ISR defense and strike. It also offers FullMAX Software-Defined Radio Platform, a patented SDR platform for secure, private, wide-area broadband networks, enabling mission-critical communications; software and hardware maintenance agreements, extended software and hardware maintenance contracts, including ongoing support, security upgrades, and feature enhancements; licensing/royalties, licensing of FullMAX software and technology for integration into partner hardware and software platforms; and ancillary services, wireless network design, systems engineering, radio frequency planning, software configuration, product training, installation, onsite support, and engineering/product development. It serves rail, electric utilities, oil and gas, public safety, government, and other industrial applications. The company was formerly known as Ondas Holdings Inc. and changed its name to Ondas Inc. in January 2026. Ondas Inc. was incorporated in 2014 and is headquartered in West Palm Beach, Florida.

How this company scores

WeakMetricSide Score: 55/100

Grade capped at D — Interest coverage below 1× (-58.7x) — earnings cannot cover interest. Strongest: Growth (22/25); weakest: Cash & Earnings Quality (6/25).

Profitability12/25

Growth22/25

Balance Sheet & Red Flags15/25

Cash & Earnings Quality6/25

Strengths

Growing revenueRising earningsLow leverageProfit converts from growth

Grade capped at D

Interest coverage below 1× (-58.7x) — earnings cannot cover interest.

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 22.1x5y range 0.0x – 22.1x

P/S · 21.3x5y range 0.0x – 142.1x

Currently above its 20-quarter median.

P/B · 2.4x5y range 0.0x – 11.8x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Margin Pressure

Red Flag

The company posted negative operating margins in recent quarters — core operations are unprofitable.

Earnings Quality

Red Flag

Free cash flow has been negative in 8 of the last 8 quarters — earnings are not translating to cash.

Price & Volume

Market Cap $3.70B

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $174.10M
Q. Revenue: $83.77M
TTM EBITDA: $-241.70M
TTM Op. Income: $-244.44M
Q. Op. Income: $-162.95M
TTM Net Income: $167.06M
Q. Net Income: $-88.39M
EPS: $-0.18
Shares Out.: $500.71M

$174.10M in TTM revenue grew 979.3% YoY, reaching $83.77M last quarter. TTM EBITDA of $-241.70M and TTM operating income of $-244.44M show growth is flowing through to the bottom line. TTM net income of $167.06M means revenue is converting into profit. Across the last 8 quarters, TTM revenue has risen for 6 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

Gross Margin: 43.1%
EBITDA Margin: -193.4%
Op. Margin: -194.5%
Net Margin: -105.5%

Op. margin of -194.5% is down 47.1% YoY — costs are rising relative to revenue. Net margin at -105.5% and gross margin of 43.1% show how much of each revenue dollar survives to profit. Across the last 8 quarters, operating margin has fallen for 2 consecutive quarters — a weakening trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: 22.1x
P/S Ratio: 21.3x
P/B Ratio: 2.4x

At 22.1x P/E, the stock trades within typical market levels. P/S of 21.3x and P/B of 2.4x provide additional context. Use the growth and margin sections to judge whether the multiple is justified. Over the past year, P/E is up 0% — a weakening trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $2.99B
Cash: $657.91M
Long-Term Debt: $3.93M
Book Value: $1.57B
D/E Ratio: 0.0
Debt/EBITDA: N/A

With $2.99B in assets and $3.93M in long-term debt, D/E is 0.0and book value is $1.57B — a conservative capital structure with a cushion to weather downturns. Across the last 4 quarters, debt/equity has fallen for 3 consecutive quarters — an improving trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $-86.08M
TTM Free Cash Flow: $-171.92M
FCF Margin: -98.7%
FCF / Net Income: -1.0

TTM FCF of $-171.92M on $-86.08M in operating cash flow. The FCF / Net Income ratio of -1.0x means the business consumes cash — it is not yet self-funding. Across the last 8 quarters, free cash flow has fallen for 4 consecutive quarters — a weakening trend.