ONDS
Ondas Inc.

Ondas Inc.ONDS

Technology · Communication Equipment
7.72USD
+4.61%
Sep 23, 2026
ONDS overview ready
Provider of autonomous drone and counter-UAS platforms driving defense growth
Ondas is a direct platform-level provider of autonomous aerial and ground systems and counter-drone technologies, while retaining a smaller mission-critical private-wireless business.
Strong narrative exposure
Exposed to the Defense Rearmament and Industrial Base narrative through Unmanned Systems and Counter-Drone — pure play.
Price trend is broken
Longer-term context reads trend under pressure, with a near-term setup of distribution pressure.
The tactical setup reads distribution pressure, but the weekly structure is broken.
Fair valuation
The price broadly reflects how much growth and cash flow it delivers per turn of revenue multiple, with upside and risk reasonably balanced.
Fundamentals under pressure
Ev / sales is weak.
Primary risk
Dependence on government contracts.
Market Sep 22Price action Sep 22Research Aug 30

Conviction Level

NarrativeHeat8.3ThemeHeat8.0PriceAction3.4Valuation3.5CompanyPosition9.3
Price
Loading price history…

Price Action

Price trend is broken
Longer-term context reads trend under pressure, with a near-term setup of distribution pressure.
The tactical setup reads distribution pressure, but the weekly structure is broken.
EntryWeak / unconfirmed recovery

The daily chart may be improving, but the weekly fast averages have not been reclaimed — the recovery is not yet confirmed on the higher timeframe.

Key Financials

Market Cap
$3.9B
Avg Volume (60D)
68.7M
60 sessions
Revenue Growth YoY
+979.3%
Trailing twelve months
Gross Margin
+43.7%
Operating Margin
-127.3%
Trailing twelve months
Free Cash Flow Yield
-1.8%
Distance from 200DMA
-18.7%
Next Earnings
2026-11-12
P/E
82.1x
EV / Sales
15.3x
Market metrics as of Sep 22, 2026

Fundamentals & Valuation

Two of the three valuation perspectives say cheap; intrinsic is the dissenting view. The published stance is held at fair because no positive free cash flow behind the low multiple.
Ondas Inc. has a Fair valuation stance because the price broadly reflects how much growth and cash flow it delivers per turn of revenue multiple, with upside and risk reasonably balanced.

What changed

  • Ondas (ONDS) Lands $205 Million Deal To Expand Precision Strike Technology
    Dated 2026-09-14.
    2026-09-14 · source
  • AeroVironment Rises 6% as Post-Earnings Recovery Outpaces Drone Group; Ondas Ticks Up, Red Cat Barely Budges
    Dated 2026-09-14.
    2026-09-14 · source
  • Ondas Expands Defense Footprint With $390M GATE Technologies Deal
    Dated 2026-09-14.
    2026-09-14 · source
  • Ondas Inc. — 8-K (items 1.01, 2.01, 3.02, 7.01, 8.01, 9.01)
    Reported on 8-K, dated 2026-09-14.
    2026-09-14 · source

Company Research

Thesis
Ondas is a direct platform-level provider of autonomous aerial and ground systems and counter-drone technologies, while retaining a smaller mission-critical private-wireless business.
Opportunity
High opportunity
Defense procurement for attritable unmanned systems and layered counter-UAS protection as drone threats proliferate across military, homeland-security, and critical-site missions.
Key risk
Dependence on government contracts.

Narrative & Theme

Defense Rearmament and Industrial Base
Part of Unmanned Systems and Counter-Drone, with strong fit.
ONDS is a genuine direct beneficiary of the active Defense Rearmament and Industrial Base narrative, specifically unmanned systems and counter-drone procurement.
Narrative HeatHeating up8.3 / 10
Theme HeatHeating up8.0 / 10

Business & Markets

Technology · Communication Equipment
What they do

Ondas Inc. develops and sells private wireless communication and autonomous drone systems, operating through its Ondas Networks and Ondas Autonomous Systems segments to provide security and data solutions.

How it earns

The company generates revenue primarily through project-based sales of hardware and software solutions, including government contracts.

Products & services
Iron Drone Raider autonomous interceptor drone system
Sentrycs CoRF Cyber/RF-based Counter-UAS platform
Optimus autonomous drone platform for security and surveillance
Customers & end markets
Government agencies
Security and defense sectors
Market position

Niche player specializing in autonomous drone and private wireless communication systems for defense and security applications.

Demand drivers
Medium cyclicality

Demand is influenced by government defense spending cycles and security needs.