Does Ondas Stock Lead the Pack?
Ondas (ONDS) stock has surged over the past year, but how does this autonomous systems and wireless solutions provider truly stack against peers scaling in defense and industrial tech? A closer look reveals remarkable revenue growth, yet substantial unprofitability and negative free cash flow, leading to a speculative valuation. Its future hinges on converting this rapid expansion into sustainable earnings amidst intense competition.
- ONDS’s -176.1% operating margin, lowest among peers vs ANET’s 42.8%, signals significant unprofitability and cost control issues.
- ONDS’s 208.4% revenue growth, fastest among peers, reflects rapid market capture or strong demand for its specialized offerings.
- ONDS’s 984.0% stock gain despite a -65.0 P/E ratio indicates investor confidence in future growth over current unprofitability.
Here’s how Ondas stacks up across size, valuation, and profitability versus key peers.
| ONDS | VSAT | ADTN | CSCO | ANET | |
|---|---|---|---|---|---|
| Market Cap ($ Bil) | 2.8 | 6.4 | 0.8 | 314.1 | 162.6 |
| Revenue ($ Bil) | 0.0 | 4.6 | 1.0 | 59.1 | 9.0 |
| PE Ratio | -65.0 | -18.9 | -9.0 | 28.4 | 46.3 |
| LTM Revenue Growth | 208.4% | 2.1% | 14.3% | 9.0% | 28.6% |
| LTM Operating Margin | -176.1% | -1.0% | -3.6% | 23.2% | 42.8% |
| LTM FCF Margin | -140.2% | 13.5% | 2.5% | 20.7% | 47.2% |
| 12M Market Return | 984.0% | 440.5% | -5.8% | 26.9% | 39.0% |
Below we compare ONDS’s growth, margin, and valuation with peers across years
Revenue Growth Comparison
| LTM | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
| ONDS | 208.4% | – | -54.2% | 638.1% | -26.9% |
| VSAT | 2.1% | 5.5% | 67.6% | 5.7% | |
| ADTN | 14.3% | – | -19.7% | 12.0% | 82.2% |
| CSCO | 9.0% | 5.3% | -5.6% | 10.6% | |
| ANET | 28.6% | 28.6% | 19.5% | 33.8% |
Operating Margin Comparison
| LTM | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
| ONDS | -176.1% | – | -481.2% | -243.6% | -2352.5% |
| VSAT | -1.0% | -2.2% | -20.8% | -6.1% | |
| ADTN | -3.6% | – | -14.1% | -16.2% | -5.4% |
| CSCO | 23.2% | 22.1% | 24.1% | 27.3% | |
| ANET | 42.8% | 42.8% | 42.0% | 38.5% |
PE Ratio Comparison
| LTM | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
| ONDS | -65.0 | – | -18.0 | -3.0 | -0.9 |
| VSAT | -18.9 | -7.7 | -0.9 | 2.0 | |
| ADTN | -9.0 | – | -1.5 | -2.4 | -224.7 |
| CSCO | 28.4 | 30.1 | 23.2 | 16.4 | |
| ANET | 46.3 | 46.9 | 48.7 | 34.9 |
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