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Maker of private wireless networks and autonomous drone systems for critical infrastructure, defense and public safety.
Maker of private wireless networks and autonomous drone systems for critical infrastructure, defense and public safety.
Sells hardware and software systems, radios for private networks, autonomous drones in docking stations and counter-drone interceptors, mostly to a small set of industrial, defense and government buyers, so a handful of orders can swing a year. It grew by acquisition: American Robotics (2021), Airobotics (2023) and Iron Drone.
Moat: narrow (IP / patents, regulatory licence). FCC-licensed spectrum and defense-program qualification are hard to replicate, but scale is still small.
Headquarters: Waltham, Massachusetts · Founded: 2006 · Employees: 495
Size Ondas (ONDS) is a United States Information Technology company (Telecommunications Equipment) with a market value of $3.11B, the 1522nd largest of 3,117 United States companies the cockpit tracks. Shares closed at $5.33 on 6 Nov 2026.
Performance Over six months the shares fell 41.1%, against -29.4% for the median peer and -1.1% for the United States market (cap-weighted) — 8th lowest of 20 in its peer set.
Growth Revenue grew 979.3% over the last twelve months (peer median +6.2%); the operating margin is -127.3% (peer median 4.0%).
Valuation It trades at 10.1× enterprise value to sales against a peer median of 2.9× (5th most expensive of 21).
Capital Return on invested capital runs 96.0 points below its cost of capital (19.7% WACC).
Next results Next results expected around 12 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $174M | $50.7M | $7.19M | $15.7M | $2.13M |
| Revenue growth | — | +605% | -54% | +638% | — |
| Gross profit | $45.0M | $12.2M | -$5.32M | $328,851 | -$3.74M |
| EBITDA | -$190M | -$46.1M | -$28.9M | -$32.2M | -$43.5M |
| Net income | $63.6M | -$132M | -$38.0M | -$44.8M | -$73.2M |
| Free cash flow | -$172M | -$40.8M | -$35.1M | -$34.2M | -$40.8M |
| Capital expenditure | $10.9M | $2.14M | $1.73M | $281,116 | $2.93M |
| Total debt | $41.1M | $25.2M | $60.3M | $35.3M | $33.4M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g |
|---|---|---|---|---|---|---|
| Ondas ONDS | $3.11B | -41% | +979% | -127% | 10.1× | n/a |
| AeroVironment AVAV | $5.73B | -33% | +84% | 1% | 3.0× | n/a |
| Red Cat RCAT | $617M | -61% | +693% | -150% | 4.3× | n/a |
| DroneShield DRO.AX | $818M | -60% | +153% | -14% | 3.8× | n/a |
| Parrot PARRO.PA | n/a | -23% | n/a | n/a | n/a | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | ONDS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -22.1% | -6.1% | 5th lowest of 21 |
| 6-month return | -41.1% | -29.4% | 8th lowest of 20 |
| Distance from 52-week high | -65.1% | -53.0% | 6th lowest of 21 |
| Revenue growth (TTM) | +979.3% | +6.2% | highest of 21 |
| Operating margin | -127.3% | 4.0% | lowest of 21 |
| EV / Sales | 10.1× | 2.9× | 5th most expensive of 21 |
| ROIC minus cost of capital | -96.0 pp | -2.4 pp | lowest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Ondas ONDS | United States | $3.11B | -41% | +979% | -127% | 10.1× | n/a | n/a |
| Digital China 000034.SZ | China | $3.16B | -22% | +28% | 1% | 0.2× | n/a | n/a |
| Huber + Suhner HUBN.SW | Switzerland | $3.49B | -44% | -4% | 9% | 3.1× | 11.1% | +3.2% |
| GN Store Nord A/S GN.CO | Denmark | $2.70B | +30% | -26% | 3% | 2.1× | 18.5% | +4.7% |
| Shanghai HuaCe Navigation Technology 300627.SZ | China | $2.44B | -35% | 0% | 13% | 4.2× | 18.6% | +21.3% |
| WNC 6285.TW | Taiwan | $2.41B | -29% | +30% | 5% | 0.6× | -0.5% | +12.0% |
| Digi International DGII | United States | $2.40B | -4% | +20% | 15% | 4.9× | 20.5% | +9.0% |
| Wuhan Changjin Photonics Technology 688635.SS | China | $2.39B | n/a | +28% | 39% | 62.8× | n/a | n/a |
| Jushri Technologies 300762.SZ | China | $2.31B | -45% | -17% | -91% | 36.5× | n/a | n/a |
| Wingtech Technology 600745.SS | China | $2.26B | -59% | -93% | -30% | 5.5× | n/a | n/a |
| Ohb OHB.DE | Germany | $4.45B | -61% | +18% | 5% | 3.0× | n/a | n/a |
| Hytera Communications 002583.SZ | China | $2.17B | -20% | +4% | 7% | 2.6× | n/a | n/a |
| Shanghai Longcheer Technology 603341.SS | China | $2.12B | +2% | +1% | 0% | 0.5× | n/a | n/a |
| Tongyu Communication 002792.SZ | China | $2.12B | -38% | +2% | -4% | 11.0× | n/a | n/a |
| QuantumCTek 688027.SS | China | $4.60B | -48% | -19% | -33% | 101.3× | n/a | n/a |
| Shenzhen KTC Technology 001308.SZ | China | $2.09B | +3% | 0% | 3% | 1.2× | n/a | n/a |
| Jiang Su Etern 600105.SS | China | $4.82B | -48% | +49% | 12% | 5.0× | n/a | n/a |
| MeiG Smart Technology 002881.SZ | China | $1.92B | +8% | +24% | 7% | 2.8× | n/a | n/a |
| Calix CALX | United States | $1.89B | -29% | +23% | 5% | 1.5× | 23.1% | +13.1% |
| Fibocom Wireless 0638.HK | Hong Kong | $1.89B | -48% | +9% | 2% | 1.8× | n/a | n/a |
| Skyworth Digital 000810.SZ | China | $1.85B | -15% | +28% | 1% | 1.4× | n/a | n/a |