One-glance verdict
Not enough data
Fair value unavailable
Not enough cash-flow history to value this one with our method.
Fundamentals snapshot
Ondas Inc.
ONDS · NCM · Technology · Communication Equipment
Current price
$7.72
52-week range
$4.95 - $15.28
Market cap
$4.50B
Balance sheet
Healthy
-8.88x Concerning
Net cash $1.34B. Interest coverage shows how many times profit covers the interest bill.
What stands out
2 Rewards
1 Risk
2 rewards · 1 risks
- Reward Revenue grew 243.2% last year.
- Reward Returns 19.3% on equity, ahead of 80% of its peers.
- Risk Insider ownership is only 1.8% (peer median: 9.0%).
What this company does
Ondas Inc.
Ondas sells two main types of technology: advanced drones and robots for security and defense, and private wireless networks for major industries like railways and power companies. It makes money by selling this equipment and providing ongoing support services, which matters because its products are used for mission-critical tasks (jobs that absolutely must not fail). This helps essential industries and government agencies operate securely and gather important data automatically.
How the company got here
Ondas started in 2014 and was originally focused on creating specialized wireless networks for industries like railroads and utilities. A major turning point was its expansion into autonomous systems, which are machines that can operate on their own, like drones and ground robots. To grow quickly, the company has been actively buying other technology and defense companies, particularly in the U.S. and Israel. Reflecting this shift towards a broader defense and technology platform, the company changed its name from Ondas Holdings Inc. to Ondas Inc. in early 2026 and moved its headquarters to Florida to be closer to talent and partners.
What it actually does
Ondas provides technology for customers in defense, security, and big industries like railways and energy. Think of it in two main buckets: one part of the company builds secure and reliable private wireless networks, like a super-private Wi-Fi network for a train system to ensure its communications are safe and dependable. The other, larger part of the business creates and sells autonomous systems, which includes things like self-flying drones for surveillance, robotic ground vehicles, and technology to detect and stop unauthorized drones. These systems are used for everything from protecting borders and military missions to inspecting large industrial sites without putting people in harm's way.
Ondas Autonomous Systems
This is the company's largest and fastest-growing business area, making up the majority of its revenue (the money a company earns from sales). It provides a wide range of self-operating machines, primarily for defense, security, and government customers. This includes everything from autonomous drones that can monitor a border or a secure facility 24/7 to ground robots for military missions and even systems that can intercept and neutralize hostile drones. Customers, like government defense agencies, pay for these complete systems—which include the hardware and the artificial intelligence software that runs them—to gather information, provide security, and keep personnel safe.
Ondas Networks
This is the original part of the company, and it focuses on building private wireless networks for what are called mission-critical industries, where communication failure is not an option. Its main customers are large industrial companies like major railroads, electric utilities, and oil and gas firms. These customers pay Ondas to install a highly reliable and secure communication system (using its special FullMAX radio technology) so their critical operations, like controlling trains or managing the power grid, can run smoothly and safely over large areas. This segment provides a steady, foundational business for the company.
What management is betting on now
Management is focused on becoming a major, all-in-one provider of autonomous systems for defense and security. Their main strategy is to continue acquiring companies with specialized technologies, like drone defense and robotics, and integrating them into a single, powerful platform. The goal is to offer customers a complete "system of systems"—where drones, ground robots, and communication networks all work together seamlessly—rather than just selling individual pieces of hardware. They are also investing heavily in building up their manufacturing and support capabilities globally to handle larger defense contracts and deliver products at scale.
Price history
How the share price has moved
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Loading price history…
Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2024 Q3
$-9.76M
FY2024 Q4
$-8.14M
FY2025 Q1
$-6.83M
FY2025 Q2
$-8.50M
FY2025 Q3
$-11.13M
FY2025 Q4
$-14.33M
FY2026 Q1
$-52.63M
FY2026 Q2
$-93.84M
Revenue
$83.77M
Net income
$-88.39M
Diluted EPS
-0.19
Operating cash flow
$-86.08M
Free cash flow
$-93.84M
Fetching…
Sources
Revenue
$50.12M
Net income
$362.80M
Diluted EPS
0.56
Operating cash flow
$-51.30M
Free cash flow
$-52.63M
Fetching…
Sources
Revenue
$30.11M
Net income
$-99.87M
Diluted EPS
-0.36
Operating cash flow
$-12.73M
Free cash flow
$-14.33M
Fetching…
Sources
Revenue
$10.10M
Net income
$-7.48M
Diluted EPS
-0.03
Operating cash flow
$-10.95M
Free cash flow
$-11.13M
Fetching…
Sources
Revenue
$6.27M
Net income
$-10.75M
Diluted EPS
-0.08
Operating cash flow
$-8.40M
Free cash flow
$-8.50M
Fetching…
Sources
Revenue
$4.25M
Net income
$-14.14M
Diluted EPS
-0.15
Operating cash flow
$-6.66M
Free cash flow
$-6.83M
Fetching…
Sources
Revenue
$4.13M
Net income
$-10.34M
Diluted EPS
-0.15
Operating cash flow
$-8.11M
Free cash flow
$-8.14M
Fetching…
Sources
Revenue
$1.48M
Net income
$-9.53M
Diluted EPS
-0.15
Operating cash flow
$-9.09M
Free cash flow
$-9.76M
Fetching…
Sources
Is it cheap or expensive?
Fair value — vs current price $7.72
We couldn't calculate a fair value right now.
Is it drowning in debt?
Healthy
Net cash $1.3B - more cash than debt. Interest coverage -8.9x.
Net debt
$-1.34B
Interest coverage
-8.88x
Ondas Inc.'s profit covers its interest bill about 0.0 times over. which is weaker than most peers shown here and 4 peers sit below 1x, which is the danger zone where profit does not fully cover the interest bill.
Healthy
Worse cushion
Baseline
Better cushion
ONDS
BASELINE
Ondas Inc.
Total debt $41.10M Interest coverage -8.88x This is the baseline the peer rows are being compared against.
Total debt $3.55M Interest coverage -931.70x Neither company has much profit cushion over interest right now.
Total debt $160.68K Interest coverage -19.09x Neither company has much profit cushion over interest right now.
Total debt $689.00K Interest coverage -540.03x Neither company has much profit cushion over interest right now.
Total debt $2.37M Interest coverage -23.95x Neither company has much profit cushion over interest right now.
What you should know
The case for and against ONDS
2 Rewards
1 Risk
Rewards
-
Revenue grew 243.2% last year.
-
Returns 19.3% on equity, ahead of 80% of its peers.
Risks
-
Insider ownership is only 1.8% (peer median: 9.0%).
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
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Forward P/E
-386.00x
P/B
2.61x
P/S
25.82x
EV/EBITDA
-16.98x
PEG ratio
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Profitability
How much profit each dollar creates
Gross margin
43.7%
Operating margin
-166.3%
Net margin
96.2%
ROE
19.3%
ROA
-8.4%
Health
Liquidity and balance-sheet strength
Debt / equity
0.03x
Current ratio
9.85x
Quick ratio
9.25x
Total debt
$41.10M
Total cash
$1.38B
Growth
How the business has been compounding
Revenue TTM
$174.10M
Revenue 5Y CAGR
104.4%
EPS TTM
-0.03
EPS 5Y CAGR
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Cash flow
How much cash the business throws off
Operating CF TTM
$-161.06M
Free CF TTM
$-40.78M
FCF margin
-23.4%
Dividend
Shareholder payout
Yield
—
Payout ratio
0.0%
Last ex-div date
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