(ONDS) Ondas Holdings - Overview
Stock: Private Wireless, FullMAX SDR, AI Drone, Counter-Drone, Data Platform
EPS (Earnings per Share)
Revenue
| Risk 5d forecast | |
|---|---|
| Volatility | 144% |
| Relative Tail Risk | -11.1% |
| Reward TTM | |
|---|---|
| Sharpe Ratio | 1.89 |
| Alpha | 461.34 |
| Character TTM | |
|---|---|
| Beta | 2.202 |
| Beta Downside | 1.978 |
| Drawdowns 3y | |
|---|---|
| Max DD | 86.00% |
| CAGR/Max DD | 0.81 |
Description: ONDS Ondas Holdings December 31, 2025
Ondas Holdings Inc. (NASDAQ: ONDS) delivers private-wireless, drone, and automated-data solutions through two operating segments – Ondas Networks, which markets the FullMAX software-defined-radio (SDR) platform for secure, industrial-grade broadband, and Ondas Autonomous Systems, which offers the AI-driven Optimus drone, the weather-hardened Airbase base station, the Insightful analytics portal, and the Raider counter-drone security system. Its customers span rail, energy, mining, agriculture, public-safety, critical-infrastructure, and government sectors, and the firm has been active since its 2014 incorporation in Boston, Massachusetts.
According to the most recent Form 10-K (FY 2023), Ondas reported approximately $28 million in total revenue, up roughly 22 % year-over-year, driven primarily by expanding contracts in the rail-transport and energy-grid segments. The company’s gross margin improved to 38 % from 33 % in the prior year, reflecting higher mix of software licensing versus hardware sales. A key sector driver is the accelerating rollout of private LTE/5G networks for mission-critical applications, a market projected by IDC to exceed $12 billion by 2026, which underpins demand for FullMAX and related services.
For a deeper quantitative view, you might explore Ondas’s metrics on ValueRay to see how its valuation compares to peers in the electronic equipment and instruments space.
Piotroski VR‑10 (Strict, 0-10) 1.0
| Net Income: -42.7m TTM > 0 and > 6% of Revenue |
| FCF/TA: -0.06 > 0.02 and ΔFCF/TA 34.89 > 1.0 |
| NWC/Revenue: 1808 % < 20% (prev -278.4%; Δ 2087 % < -1%) |
| CFO/TA -0.06 > 3% & CFO -34.1m > Net Income -42.7m |
| Net Debt/EBITDA: error (EBITDA <= 0) |
| Current Ratio: 15.30 > 1.5 & < 3 |
| Outstanding Shares: last quarter (259.9m) vs 12m ago 267.4% < -2% |
| Gross Margin: 33.57% > 18% (prev 0.15%; Δ 3342 % > 0.5%) |
| Asset Turnover: 7.85% > 50% (prev 10.01%; Δ -2.16% > 0%) |
| Interest Coverage Ratio: -4.94 > 6 (EBITDA TTM -29.5m / Interest Expense TTM 7.14m) |
Altman Z'' -4.10
| A: 0.81 (Total Current Assets 478.9m - Total Current Liabilities 31.3m) / Total Assets 550.2m |
| B: -0.49 (Retained Earnings -268.7m / Total Assets 550.2m) |
| C: -0.11 (EBIT TTM -35.3m / Avg Total Assets 315.2m) |
| D: -6.76 (Book Value of Equity -268.7m / Total Liabilities 39.8m) |
| Altman-Z'' Score: -4.10 = D |
Beneish M -2.60
| DSRI: 0.94 (Receivables 10.5m/3.64m, Revenue 24.7m/8.02m) |
| GMI: 0.44 (GM 33.57% / 14.82%) |
| AQI: 0.17 (AQ_t 0.12 / AQ_t-1 0.70) |
| SGI: 3.08 (Revenue 24.7m / 8.02m) |
| TATA: -0.02 (NI -42.7m - CFO -34.1m) / TA 550.2m) |
| Beneish M-Score: -2.60 (Cap -4..+1) = A |
What is the price of ONDS shares?
Over the past week, the price has changed by -6.47%, over one month by -24.53%, over three months by +84.57% and over the past year by +450.57%.
Is ONDS a buy, sell or hold?
- StrongBuy: 3
- Buy: 1
- Hold: 1
- Sell: 0
- StrongSell: 0
What are the forecasts/targets for the ONDS price?
| Issuer | Target | Up/Down from current |
|---|---|---|
| Wallstreet Target Price | 18.4 | 89.7% |
| Analysts Target Price | 18.4 | 89.7% |
| ValueRay Target Price | 9.4 | -2.8% |
ONDS Fundamental Data Overview February 02, 2026
P/S = 177.5715
P/B = 9.0499
Revenue TTM = 24.7m USD
EBIT TTM = -35.3m USD
EBITDA TTM = -29.5m USD
Long Term Debt = 300.0k USD (from longTermDebt, last quarter)
Short Term Debt = 12.7m USD (from shortTermDebt, last quarter)
Debt = 18.0m USD (from shortLongTermDebtTotal, last quarter)
Net Debt = -414.8m USD (from netDebt column, last quarter)
Enterprise Value = 3.96b USD (4.39b + Debt 18.0m - CCE 451.6m)
Interest Coverage Ratio = -4.94 (Ebit TTM -35.3m / Interest Expense TTM 7.14m)
EV/FCF = -114.2x (Enterprise Value 3.96b / FCF TTM -34.7m)
FCF Yield = -0.88% (FCF TTM -34.7m / Enterprise Value 3.96b)
FCF Margin = -140.2% (FCF TTM -34.7m / Revenue TTM 24.7m)
Net Margin = -172.5% (Net Income TTM -42.7m / Revenue TTM 24.7m)
Gross Margin = 33.57% ((Revenue TTM 24.7m - Cost of Revenue TTM 16.4m) / Revenue TTM)
Gross Margin QoQ = 25.79% (prev 53.11%)
Tobins Q-Ratio = 7.20 (Enterprise Value 3.96b / Total Assets 550.2m)
Interest Expense / Debt = 2.47% (Interest Expense 444.4k / Debt 18.0m)
Taxrate = 21.0% (US default 21%)
NOPAT = -27.9m (EBIT -35.3m * (1 - 21.00%)) [loss with tax shield]
Current Ratio = 15.30 (Total Current Assets 478.9m / Total Current Liabilities 31.3m)
Debt / Equity = 0.04 (Debt 18.0m / totalStockholderEquity, last quarter 486.1m)
Debt / EBITDA = 14.08 (negative EBITDA) (Net Debt -414.8m / EBITDA -29.5m)
Debt / FCF = 11.96 (negative FCF - burning cash) (Net Debt -414.8m / FCF TTM -34.7m)
Total Stockholder Equity = 154.9m (last 4 quarters mean from totalStockholderEquity)
RoA = -13.55% (Net Income -42.7m / Total Assets 550.2m)
RoE = -27.56% (Net Income TTM -42.7m / Total Stockholder Equity 154.9m)
RoCE = -22.72% (EBIT -35.3m / Capital Employed (Equity 154.9m + L.T.Debt 300.0k))
RoIC = -15.10% (negative operating profit) (NOPAT -27.9m / Invested Capital 184.4m)
WACC = 13.98% (E(4.39b)/V(4.41b) * Re(14.03%) + D(18.0m)/V(4.41b) * Rd(2.47%) * (1-Tc(0.21)))
Discount Rate = 14.03% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: 100.0 | Cagr: 104.8%
Fair Price DCF = unknown (Cash Flow -34.7m)
EPS Correlation: 84.70 | EPS CAGR: 22.05% | SUE: 0.63 | # QB: 0
Revenue Correlation: 73.63 | Revenue CAGR: 115.1% | SUE: 2.49 | # QB: 1
EPS next Quarter (2026-03-31): EPS=-0.04 | Chg30d=-0.005 | Revisions Net=-1 | Analysts=1
EPS next Year (2026-12-31): EPS=-0.09 | Chg30d=+0.010 | Revisions Net=+0 | Growth EPS=+52.6% | Growth Revenue=+267.8%