ONDSNasdaqRadio & Tv Broadcasting & Communications EquipmentFiscal year ends December 31
Ondas Inc.
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 13, 2026
$6.06+0.02 (+0.33%)
Close on Oct 19, 2026
- Market cap
- $3.05B
- P/E (TTM)
- –
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2014 to 2025
Gross margin
39.7%−3.1 pts over 5 years
Operating margin
-115.1%+417.5 pts over 5 years
Net margin
-260.7%+362.2 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +605.3% | +187.9% | +87.9% | +157.9% | |
| Gross profit | +5742.3% | +162.9% | +85.1% | – |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 1.4% | -1015.9% | -58.2% | |
| Return on assets | -504.8% | -82.2% | -21.3% | |
| Current ratio | – | 2.23 | 4.84 | |
| Debt to equity | – | 0.53 | – | |
| Net debt to EBITDA | – | 1.59× | – | |
| Interest coverage | – | -5.9× | -8.9× | |
| Inventory turnover | 5.7× | 1.6× | 1.9× | |
| Capex to revenue | – | 0.4% | 4.0% | |
| Diluted shares | 4M | 20M | 0M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Ondas generated $161.09M from operations and spent $7.69M on capital expenditure, dividends and share buybacks. 100% of that went back into the business.
Generated
$161.09M
Used
$7.69M
Capital expenditure$7.69M100%Dividends$00%Share buybacks$00%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin-260.7%
×Asset turnover0.08×
×Equity multiplier2.73×
=Return on equity, FY2025-58.2%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | -260.7% | 0.08× | 2.73× | -58.2% |
| FY2024 | -528.4% | 0.07× | 4.06× | -152.9% |
| FY2023 | -285.8% | 0.17× | 2.08× | -98.2% |
| FY2022 | -3445.3% | 0.02× | 1.26× | -85.9% |
| FY2021 | -516.9% | 0.04× | 1.15× | -23.6% |
| FY2020 | -622.9% | 0.13× | 12.35× | -1015.9% |
| FY2019 | -6052.2% | 0.09× | -0.25× | 142.0% |
| FY2018 | -6365.8% | 0.11× | -0.15× | 106.1% |
| FY2017 | -1101.4% | 0.76× | -0.06× | 47.1% |
| FY2016 | -627.4% | 0.80× | -0.00× | 1.4% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
4of 8 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero-$132.24M
- Cash generatingOperating cash flow above zero-$38.75M
- Return on assets improvedROA up on the prior year-41.2% → -120.6%
- Earnings backed by cashOperating cash flow above net income-$38.75M vs -$132.24M
- Less leverageLong-term debt to assets fell0.3% → –
- Better liquidityCurrent ratio rose0.94 → 4.84
- No dilutionShare count did not rise0M → 0M
- Gross margin improvedGross margin up on the prior year4.80% → 39.73%
- More efficientAsset turnover rose0.08 → 0.46