Latest Ratios: P/E Ratio 16.1x · EV/EBITDA N/A · ROE -51.7%. (2014–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $3.0B | $2.2B | $179M | $81M | $67M | $229M | $191M | $316M | — | — | — |
| Enterprise Value | $2.5B | $1.6B | $209M | $101M | $71M | $190M | $173M | $325M | — | — | — |
| P/E Ratio → | 16.05 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 17.48 | 42.67 | 24.88 | 5.14 | 31.60 | 78.90 | 88.09 | 987.04 | — | — | — |
| P/B Ratio | 2.49 | 4.56 | 4.98 | 1.79 | 1.15 | 2.04 | 12.64 | — | — | — | — |
| P/FCF | — | — | — | — | — | — | — | — | — | — | — |
| P/OCF | — | — | — | — | — | — | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 31.20 | 29.10 | 6.44 | 33.29 | 65.49 | 79.75 | 1015.24 | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 39.7% | 39.7% | 4.8% | 40.7% | 52.2% | 37.7% | 42.9% | 75.3% | 79.3% | -218.8% | -125.4% |
| Operating Margin | -115.1% | -115.1% | -481.1% | -253.2% | -3266.0% | -618.3% | -532.6% | -4798.0% | -4439.1% | -1569.3% | -627.4% |
| Net Profit Margin | -260.2% | -260.2% | -528.4% | -285.8% | -3445.3% | -516.9% | -622.9% | -6052.2% | -6365.8% | -1569.3% | -627.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -51.7% | -51.7% | -93.8% | -86.8% | -85.9% | -23.6% | -1015.9% | — | — | — | — |
| ROA | -21.2% | -21.2% | -37.7% | -47.2% | -68.0% | -20.6% | -82.2% | -560.0% | -906.3% | -647.9% | -504.8% |
| ROIC | — | — | -39.4% | -46.9% | -77.1% | -38.4% | — | — | — | — | — |
| ROCE | -11.1% | -11.1% | -60.0% | -60.5% | -73.8% | -27.9% | -544.9% | — | — | — | — |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.03 | 0.03 | 1.68 | 0.78 | 0.57 | 0.02 | 0.53 | — | — | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -1.23 | 0.84 | 0.45 | 0.06 | -0.35 | -1.20 | — | — | — | — |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | -19.21 | -19.21 | -9.50 | -9.79 | -18.47 | -30.17 | -5.96 | -5.62 | -3.54 | — | — |
Net cash position: cash ($594M) exceeds total debt ($12M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 4.84 | 4.84 | 0.94 | 0.66 | 1.58 | 9.66 | 2.23 | 0.21 | 0.12 | 0.09 | 0.09 |
| Quick Ratio | 4.68 | 4.68 | 0.75 | 0.60 | 1.48 | 9.40 | 2.14 | 0.18 | 0.10 | 0.05 | 0.07 |
| Cash Ratio | 4.34 | 4.34 | 0.59 | 0.42 | 1.31 | 8.83 | 2.09 | 0.13 | 0.07 | 0.04 | 0.04 |
| Asset Turnover | — | 0.04 | 0.07 | 0.17 | 0.02 | 0.02 | 0.08 | 0.08 | 0.07 | 0.35 | 0.97 |
| Inventory Turnover | 1.39 | 1.39 | 0.70 | 4.26 | 0.47 | 1.54 | 1.07 | 0.19 | 0.11 | 2.23 | 8.51 |
| Days Sales Outstanding | — | 160.85 | 278.15 | 105.17 | 361.30 | 152.34 | 8.04 | 23.03 | 143.55 | 83.23 | 120.39 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 6.2% | — | — | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — | — |
| Shares Outstanding | — | $222M | $70M | $53M | $42M | $34M | $20M | $18M | $17M | $19M | $19M |
Includes 30+ ratios · 12 years · Updated daily
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10-year return with dividends reinvested.
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Quick answers to the most common questions about buying ONDS stock.
Ondas Holdings Inc.'s current P/E ratio is 16.1x. This places it at the 50th percentile of its historical range.
Ondas Holdings Inc.'s return on equity (ROE) is -51.7%. The historical average is -68.4%.
Based on historical data, Ondas Holdings Inc. is trading at a P/E of 16.1x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Ondas Holdings Inc. has 39.7% gross margin and -115.1% operating margin.
Key Metrics
Top Statement Risk
Unsustainable cash burn rate
Metrics are mathematically derived from official filings.
Valuation Disconnect from Operational Reality
The forward P/E of 24.70 appears to price in a profitability inflection that is not yet visible in the trailing metrics, where the company trades at 86x sales and a negative TTM P/E of -12.35.
The valuation multiples suggest the market is pricing ONDS as a high-growth technology platform rather than a hardware manufacturer, with the forward P/E implying a rapid shift to profitability. However, the trailing P/S of 86x is extreme relative to the current operating margin of -194.5%, indicating that the stock price is entirely dependent on the successful execution of a future earnings ramp. This creates a significant valuation risk if the anticipated operating leverage fails to materialize as revenue scales.
Gross Margin Masks Structural Operating Losses
Despite a healthy gross margin of 43.1% in Q2 2026, the operating margin of -194.5% reveals that SG&A and R&D spending are overwhelming the core product economics, a trend that has persisted for ten quarters.
The gross margin indicates a viable hardware product, but the massive operating losses suggest the company is in a pre-scale phase where customer acquisition and platform development costs are consuming all gross profit and more. The volatility in gross margin, from negative levels to over 50%, points to an unstable cost of goods structure that may be influenced by project-based accounting and low-volume manufacturing. True earning power remains obscured until the company can demonstrate consistent operating leverage.
Negative Returns Signal Capital Destruction
The ROIC of -24.9% in Q2 2026 and a negative ROE of -6.7% indicate that the company is currently destroying value on the capital invested, a trend that has been consistent over the past two years.
The persistently negative returns on capital confirm that the business model has not yet achieved the scale necessary to generate positive returns for investors. The recent improvement in ROE to -6.7% from deeper negatives is likely a function of equity base expansion from financing activities rather than operational improvement. Until ROIC turns positive and exceeds the cost of capital, the company remains in a value-destructive phase.
Working Capital Demands Intensify with Scale
The cash conversion cycle of 109 days in Q2 2026, while improved from a peak of 396 days, still represents a significant cash tie-up that is exacerbated by the company's rapid revenue growth.
The improvement in the cash conversion cycle from 396 days in Q2 2024 to 109 days suggests better working capital management as revenue scales. However, the absolute level remains high, and the cycle is driven by a DSO of 73 days and DIO of 82 days, indicating that cash is tied up in receivables and inventory for extended periods. This efficiency challenge is a key driver of the negative free cash flow, as growth requires continuous investment in working capital ahead of collections.
Cash Fortress Built on Financing, Not Operations
The current ratio of 9.85 and quick ratio of 9.53 in Q2 2026 indicate a strong liquidity position, but this appears to be the result of recent capital raises rather than operational cash generation.
The exceptionally high liquidity ratios provide a substantial buffer against near-term financial distress, but they are a direct consequence of the company's financing activities. The minimal difference between the current and quick ratios suggests that inventory is not a significant component of current assets, which is consistent with the asset-light, project-based model. However, this liquidity is being consumed by the negative operating cash flow, and its sustainability is entirely dependent on the company's ability to access capital markets.
The Misleading Power of Gross Margin
The gross margin of 43.1% is the ratio most commonly misapplied to this business model, as it obscures the true cost of customer acquisition and platform development required to achieve scale.
Investors often focus on gross margin as a proxy for product viability and scalability, but for ONDS, this metric is misleading because it does not capture the massive SG&A and R&D investments necessary to penetrate the industrial market. The company's operating margin of -194.5% demonstrates that the cost of generating each dollar of gross profit is far greater than the profit itself. A more appropriate metric for assessing near-term viability is the operating cash burn rate relative to revenue growth, which highlights the true cost of scaling the business.