Ondas Inc. (ONDS) intrinsic value & 10-year financials
Ondas Inc. (ONDS) has no Graham intrinsic value right now because the formula needs positive earnings. Over the last 10 fiscal years revenue grew 175.7% a year to $50.7M, with an average return on invested capital of 45.0%.
- Graham intrinsic value
- —
- Share price (Oct 17, 2026)
- $6.04
- Market cap
- $1.3M
- Revenue (FY2025)
- $50.7M
- Revenue growth (10-yr CAGR)
- 175.7%
- ROIC (10-yr avg)
- 45.0%
- Free cash flow (FY2025)
- -$40.8M
ONDS 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $50.7M | -$132.2M | -$0.62 | -$40.8M | -115.1% | 104.8% |
| FY2024 | $7.2M | -$38.0M | -$0.61 | -$35.1M | -481.2% | -479.8% |
| FY2023 | $15.7M | -$44.8M | -$0.88 | -$34.2M | -253.2% | -163.5% |
| FY2022 | $2.1M | -$73.2M | -$1.73 | -$40.8M | -3266.0% | -142.4% |
| FY2021 | $2.9M | -$15.0M | -$0.44 | -$17.8M | -618.3% | -43.6% |
| FY2020 | $2.2M | -$13.5M | — | -$7.5M | -532.6% | 388.5% |
| FY2019 | $320.4K | -$19.4M | — | -$14.7M | -4798.0% | 493.3% |
| FY2018 | $190.0K | -$12.1M | — | -$9.1M | -4439.1% | 161.7% |
| FY2017 | $274.4K | -$44.7K | — | — | -16.3% | 67.5% |
| FY2016 | $5.5K | -$34.6K | — | — | -627.4% | 63.1% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Ondas Inc. is a consistent compounder, expanding top-line revenue at 175.7% annually over the past decade.
Ondas Inc. has historically struggled to out-earn its cost of capital, averaging just 5.3% ROIC.
Ondas Inc. capital allocation metrics are N/A for the decade; share count and net debt history are incomplete.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Ondas Inc. is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $-20.59 per share.