Does Ondas Stock Lead the Pack?

ONDS: Ondas logo
ONDS
Ondas

Ondas‘ stock has surged over the past year with a 2,043% market cap increase, significantly outperforming many networking and communication peers. A closer look reveals an exceptional growth trajectory, with revenue exceeding 200%, yet substantial unprofitability, marked by negative operating and free cash flow margins, and a high-risk negative valuation. Its smaller market cap of around $3.6 billion indicates potential for considerable upside if it transitions from rapid expansion to sustainable earnings.

  • ONDS’s -176.1% operating margin, lowest among peers, signals significant unprofitability, contrasting ANET’s robust 42.9% efficiency in AI networking.
  • ONDS’s 208.4% revenue surge, outpacing all peers, highlights aggressive market penetration in autonomous systems, albeit from a smaller base.
  • ONDS’s 281.3% stock gain despite a -59.4 P/E implies speculative growth investor sentiment, contrasting VSAT’s strong returns from defense/satellite demand.

Here’s how Ondas stacks up across size, valuation, and profitability versus key peers.

  ONDS VSAT ADTN CSCO ANET MSI
Market Cap ($ Bil) 2.5 4.7 0.7 304.7 164.8 63.9
Revenue ($ Bil) 0.0 4.6 1.0 57.7 8.4 11.1
PE Ratio -59.4 -8.9 -7.9 29.5 49.1 30.2
LTM Revenue Growth 208.4% 1.2% 14.3% 8.9% 27.8% 6.4%
LTM Operating Margin -176.1% -1.1% -3.6% 22.5% 42.9% 25.1%
LTM FCF Margin -140.2% 3.2% 2.5% 22.1% 47.9% 21.5%
12M Market Return 281.2% 304.9% 4.3% 33.5% 18.5% -16.2%

Below we compare ONDS’s growth, margin, and valuation with peers across years

Revenue Growth Comparison

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  LTM 2025 2024 2023 2022
ONDS 208.4% -54.2% 638.1% -26.9%
VSAT 1.2% 5.5% 67.6% 5.7%  
ADTN 14.3% -19.7% 12.0% 82.2%
CSCO 8.9% 5.3% -5.6% 10.6%  
ANET 27.8% 19.5% 33.8% 48.6%
MSI 6.4% 8.4% 9.5% 11.5%

Operating Margin Comparison

  LTM 2025 2024 2023 2022
ONDS -176.1% -481.2% -243.6% -2352.5%
VSAT -1.1% -2.2% -20.8% -6.1%  
ADTN -3.6% -14.1% -16.2% -5.4%
CSCO 22.5% 22.1% 24.1% 27.3%  
ANET 42.9% 42.0% 38.5% 34.9%
MSI 25.1% 24.9% 23.6% 19.1%

PE Ratio Comparison

  LTM 2025 2024 2023 2022
ONDS -59.4 -4.7 -1.8 -0.9
VSAT -8.9 -1.9 -3.1 2.2  
ADTN -7.9 -1.4 -2.1 -575.1
CSCO 29.5 23.1 19.8 15.5  
ANET 49.1 48.7 34.9 27.5
MSI 30.2 48.9 30.6 31.7

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