Ondas Inc. (ONDS) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy
Forensic Analysis · Technology / Software · as of Sep 25, 2026
Ondas Inc. (ONDS)
A forensic read on Ondas Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
D · Weak — demands caution
Forensic grade
Safe
Financial health
8.5
Distress distance
Clean
Earnings quality
4
Forensic signals
25.2
P / E (ttm)
-30.2%
ROE
$4.2B
Market cap
605.3%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence, going concern, valuation). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Ondas Inc. earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 8.5, placing it in the Safe zone. 4 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-10.5%
FY2025
Return on invested capital.Return on invested capital is -10.5% in the latest fiscal year, against -55.8% in FY2023, having run between -94.0% and -10.5% across FY2023–FY2025 with no direction held. After-tax operating profit was ($31M) in FY2023 and ($46M) in FY2025, with operating income at -253.2% of revenue in FY2023, -481.1% in FY2024 and -115.1% in FY2025. The capital base behind it cannot be compared across FY2023–FY2025: cash is tagged in one of those two fiscal years and not the other, and an untagged line enters this calculation as zero, so any change in the base would be a change in what the filer tagged.
n/m (sign flip)
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets flipped from positive to negative FY2024→FY2025 (FY2024 $+6.3M to FY2025 $-79.1M) — the standard accruals ratio divides by the average of the two, which collapses toward zero right as the sign changes, so the resulting percentage is a denominator artifact, not a real accrual measurement. Treat this as a structural balance-sheet shift to understand on its own terms rather than a clean or dirty accruals read.
n/m (stock split)
FY2023–FY2025
Share count (stock split).Diluted share count changed -100% over the last 2 years to FY2025, but that includes a large one-time change around FY2024 consistent with a stock split or reverse split, not gradual buybacks or issuance — a split changes the count with NO effect on any holder's proportional ownership, so the raw -93.5%/yr figure isn't a real buyback/dilution read here.
32% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 32% of revenue in FY2025. It is a real cost, but it is not a cash cost — no cash left the business, which is why operating cash flow adds it back. Where a compensation charge lands instead is the share count, and this filer's count is not on file in enough years to say how the count moved.
Key fundamentals
Latest Revenue$50.7M
Revenue Growth YoY+605.3%
Revenue CAGR (2yr)+79.7%
Net Margin-260.7%
Free Cash Flow-$40.8M
Return on Equity-30.2%
Debt / Equity0.00x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Ondas Inc.'s actual 10-K/10-Q/8-K filings?