(ONDS) Ondas Holdings - Overview
Sector: Technology | Industry: Communication Equipment | Exchange: NASDAQ (USA) | Market Cap: 4.809m USD | Total Return: 877.4% in 12m
Avg Turnover: 475M
Qual. Beats: 0
Rev. Trend: 70.4%
Qual. Beats: 3
Warnings
P/E ratio 107.8
Share dilution 323.9% YoY
High Debt/EBITDA (15.6) with thin interest coverage (-26.9)
Interest Coverage Ratio -26.9 is critical
Beneish M-Score 1.00 > -1.5 - likely earnings manipulation
Choppy Below Avwap Earnings
Tailwinds
Leader
Ondas Inc. (NASDAQ: ONDS) provides private wireless networks and autonomous drone solutions for industrial and government sectors. The company operates through two primary segments: Ondas Networks, which focuses on proprietary software-defined radio (SDR) technology for mission-critical communications, and Ondas Autonomous Systems, which develops unmanned aerial vehicles (UAVs) and ground robotics for surveillance, defense, and site protection.
The business model relies on a mix of hardware sales, long-term software maintenance agreements, and technology licensing. Within the industrial sector, private wireless networks are increasingly utilized by utilities and rail operators to manage remote infrastructure where public cellular coverage is insufficient or insecure.
The companys defense portfolio includes Counter-UAS (CUAS) systems and loitering munitions designed to detect and neutralize unauthorized drones. This segment addresses a growing market for automated security as global demand for tactical robotics and autonomous data collection continues to rise.
Reviewing the historical performance trends on ValueRay can provide deeper insight into the companys valuation.
Ondas serves high-stakes industries including oil and gas, electric utilities, and public safety. Headquartered in West Palm Beach, Florida, the firm transitioned its name from Ondas Holdings Inc. to Ondas Inc. in early 2026 to reflect its unified operational focus.
- Railroad adoption of FullMAX technology drives Ondas Networks revenue growth
- Expansion of autonomous drone fleet deployments scales recurring service margins
- Heightened global defense spending accelerates Counter-UAS and loitering munition demand
- Capital requirements for scaling production impact liquidity and shareholder dilution risk
| Net Income: 243.4m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.12 > 0.02 and ΔFCF/TA 46.22 > 1.0 |
| NWC/Revenue: 1.53k% < 20% (prev -64.91%; Δ 1.60k% < -1%) |
| CFO/TA -0.03 > 3% & CFO -83.4m > Net Income 243.4m |
| Net Debt/EBITDA: error (EBITDA <= 0) |
| Current Ratio: 10.91 > 1.5 & < 3 |
| Outstanding Shares: last quarter (445.1m) vs 12m ago 323.9% < -2% |
| Gross Margin: 44.85% > 18% (prev 0.21%; Δ 4.46k% > 0.5%) |
| Asset Turnover: 7.57% > 50% (prev 10.34%; Δ -2.77% > 0%) |
| Interest Coverage Ratio: -26.90 > 6 (EBITDA TTM -68.7m / Interest Expense TTM 3.05m) |
| A: 0.60 (Total Current Assets 1.63b - Total Current Liabilities 149.3m) / Total Assets 2.45b |
| B: -0.00 (Retained Earnings -5.44m / Total Assets 2.45b) |
| C: -0.06 (EBIT TTM -81.9m / Avg Total Assets 1.28b) |
| D: -0.00 (Book Value of Equity -5.75m / Total Liabilities 1.37b) |
| Altman-Z'' = 3.52 = A |
| DSRI: 1.21 (Receivables 45.3m/4.19m, Revenue 96.6m/10.8m) |
| GMI: 0.46 (GM 44.85% / 20.61%) |
| AQI: 0.63 (AQ_t 0.33 / AQ_t-1 0.52) |
| SGI: 8.93 (Revenue 96.6m / 10.8m) |
| TATA: 0.13 (NI 243.4m - CFO -83.4m) / TA 2.45b) |
| Beneish M = 2.26 (Cap -4..+1) = D |
As of May 25, 2026, the stock is trading at USD 9.18 with a total of 55,479,224 shares traded.
Over the past week, the price has changed by -14.69%,
over one month by -14.04%,
over three months by -11.09% and
over the past year by +877.35%.
Ondas Holdings has received a consensus analysts rating of 4.40. Therefore, it is recommended to buy ONDS.
- StrongBuy: 3
- Buy: 1
- Hold: 1
- Sell: 0
- StrongSell: 0
| Analysts Target Price | 20.1 | 119.3% |
P/E Forward = 55.5556
P/S = 94.7921
P/B = 4.496
Revenue TTM = 96.6m USD
EBIT TTM = -81.9m USD
EBITDA TTM = -68.7m USD
Long Term Debt = 3.60m USD (from longTermDebt, last quarter)
Short Term Debt = 243k USD (from shortTermDebt, last quarter)
Debt = 7.34m USD (from shortLongTermDebtTotal, last quarter) + Leases 3.50m
Net Debt = -1.07b USD (calculated: Debt 7.34m - CCE 1.08b)
Enterprise Value = 3.74b USD (4.81b + Debt 7.34m - CCE 1.08b)
Interest Coverage Ratio = -26.90 (Ebit TTM -81.9m / Interest Expense TTM 3.05m)
EV/FCF = 12.96x (Enterprise Value 3.74b / FCF TTM 288.4m)
FCF Yield = 7.71% (FCF TTM 288.4m / Enterprise Value 3.74b)
FCF Margin = 298.5% (FCF TTM 288.4m / Revenue TTM 96.6m)
Net Margin = 251.9% (Net Income TTM 243.4m / Revenue TTM 96.6m)
Gross Margin = 44.85% ((Revenue TTM 96.6m - Cost of Revenue TTM 53.3m) / Revenue TTM)
Gross Margin QoQ = 49.20% (prev 42.28%)
Tobins Q-Ratio = 1.53 (Enterprise Value 3.74b / Total Assets 2.45b)
Interest Expense / Debt = 41.50% (Interest Expense 3.05m / Debt 7.34m)
Taxrate = 0.07% (245k / 361.5m)
NOPAT = -81.9m (EBIT -81.9m * (1 - 0.07%)) [loss with tax shield]
Current Ratio = 9.81 (Total Current Assets 1.63b / Total Current Liabilities 166.0m)
Debt / Equity = 0.01 (Debt 7.34m / totalStockholderEquity, last quarter 1.07b)
Debt / EBITDA = 15.58 (negative EBITDA) (Net Debt -1.07b / EBITDA -68.7m)
Debt / FCF = -3.71 (Net Debt -1.07b / FCF TTM 288.4m)
Total Stockholder Equity = 522.1m (last 4 quarters mean from totalStockholderEquity)
RoA = 19.07% (Net Income 243.4m / Total Assets 2.45b)
RoE = 46.14% (Net Income TTM 243.4m / Total Stockholder Equity 527.5m)
RoCE = -15.42% (EBIT -81.9m / Capital Employed (Equity 527.5m + L.T.Debt 3.60m))
RoIC = -4.07% (negative operating profit) (NOPAT -81.9m / Invested Capital 2.01b)
WACC = 11.02% (E(4.81b)/V(4.82b) * Re(10.97%) + D(7.34m)/V(4.82b) * Rd(41.50%) * (1-Tc(0.00)))
Discount Rate = 10.97% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 100.00 | Cagr: 140.2%
[DCF] Terminal Value 66.69% ; FCFF base≈288.4m ; Y1≈289.5m ; Y5≈306.7m
[DCF] Fair Price = 8.78 (EV 3.28b - Net Debt -1.07b = Equity 4.35b / Shares 495.8m; r=11.02% [WACC]; 5y FCF grow 0.0% → 2.50% )
EPS Correlation: N/A | EPS CAGR: N/A | SUE: -0.36 | # QB: 0
Revenue Correlation: 70.38 | Revenue CAGR: 84.66% | SUE: 4.0 | # QB: 3
EPS current Quarter (2026-06-30): EPS=-0.06 | Chg30d=-50.00% | Revisions=N/A | Analysts=1
EPS next Quarter (2026-09-30): EPS=-0.05 | Chg30d=+0.00% | Revisions=N/A | Analysts=1
EPS current Year (2026-12-31): EPS=-0.14 | Chg30d=+12.50% | Revisions=-20% | GrowthEPS=+22.4% | GrowthRev=+678.8%
EPS next Year (2027-12-31): EPS=-0.07 | Chg30d=+46.15% | Revisions=-20% | GrowthEPS=+50.0% | GrowthRev=+71.6%