Ondas Holdings Inc. (ONDS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-106.8%

-$0.39

vs $5.75 price

Levered DCF

-$2.07

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

2.06

Grey zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	-15.74×	-4.2×	-1.74×	-0.92×	-15.25×	-14.14×	-9.45×	-25×
P/B	4.95×	10.79×	2.44×	1.15×	2.04×	12.64×	-16.96×	-20.34×
P/S	42.67×	24.88×	5.14×	31.6×	78.9×	88.09×	658.02×	1,593.35×
EV / EBITDA	-13.37×	-7.29×	-2.92×	-1.1×	-12.24×	-15.49×	-13.41×	-33.68×
Gross margin	39.7%	4.8%	40.7%	52.2%	37.7%	42.9%	75.3%	79.3%
Operating margin	-115.1%	-481.1%	-253.2%	-3266.0%	-618.3%	-532.6%	-4798.0%	-4439.1%
Net margin	-260.2%	-528.4%	-285.8%	-3445.3%	-516.9%	-622.9%	-6052.2%	-6365.8%
Current ratio	4.84×	0.94×	0.66×	1.58×	9.66×	2.23×	0.21×	0.12×
Debt / equity	0.03×	3.64×	1.07×	0.57×	0.02×	0.53×	-0.9×	-0.96×
Interest coverage	-8.88×	-9.56×	-9.56×	-18.46×	-31.22×	-5.95×	-5.25×	-3.17×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-30.2%	-229.2%	-135.3%	-125.8%	-13.4%	-89.4%	156.0%	81.3%
Return on invested capital	-5.8%	-35.1%	-48.1%	-75.8%	-13.2%	-49.8%	1280.6%	1320.8%
Return on assets	-11.6%	-34.7%	-48.7%	-74.8%	-12.8%	-47.3%	-454.8%	-454.5%
Free cash flow yield	-1.9%	-19.7%	-42.5%	-60.9%	-7.8%	-4.0%	-7.1%	-3.0%
Earnings yield	-6.1%	-21.2%	-55.6%	-109.0%	-6.6%	-7.1%	-9.2%	-4.0%
Enterprise value	$1.6B	$209.3M	$101M	$70.8M	$190.4M	$172.6M	$219.9M	$315.9M
Net debt / EBITDA	4.92×	-1.06×	-0.59×	-0.06×	2.51×	1.62×	-0.55×	-1.4×
Cash conversion cycle (days)	257	500	-12	77	-96	-351	-8,717	-6,940