Forensic Analysis · Technology / Software · as of Aug 11, 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
10.0
Distress distance
Clean
Earnings quality
5
Forensic signals
20.3
P / E (ttm)
-30.2%
ROE
$5.2B
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). 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 10.0, placing it in the Safe zone. 5 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 and rising from -121% — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.
32% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 32% of revenue in FY2025. The cost of it is not in the cash flow — no cash left the business — it is in the count: holders gave up about 24.2% of the company a year, and that rate is not falling. That is the figure to weigh, not the share of free cash flow.
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)
FY2022–FY2025
Share count (stock split).Diluted share count changed -99% over the last 3 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 -82.6%/yr figure isn't a real buyback/dilution read here.
$19M
FY2022–FY2022
Key fundamentals
Latest Revenue$50.7M
Revenue Growth YoY+605.3%
Revenue CAGR (3yr)+187.8%
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?
Data from SEC EDGAR public filings · metrics as of Aug 11, 2026. Forensic signals flag probability, not certainty.
Goodwill impairments.Took $19M of goodwill writedowns across 1 year (FY2022 ($19M)). Writedowns mean past acquisitions underperformed what was paid for them.
Ondas Inc. (ONDS) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy