Ondas Holdings Inc.
ONDS Technology Communication Equipment
Ondas Holdings Inc.’s revenue for fiscal 2025 (year ended December 2025) was $50.7 million, up 605.3% from fiscal 2024. In the quarter to June 2026, revenue grew 1,235.4%, EPS fell 125.0%, free cash flow fell 1,000.3% and total debt rose 1,276.0%, each against the same quarter a year earlier.
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Ondas Holdings Inc. (ONDS) Altman Z-score
Ondas Holdings Inc.'s Altman Z-score for fiscal 2025 is 1.88, in the grey zone (1.81–2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 1.88 | 4.75 |
| FY2024 | −2.87 | 0.73 |
| FY2023 | −3.61 | (0.27) |
| FY2022 | −3.34 | (28.74) |
| FY2021 | 25.41 | 20.70 |
| FY2020 | 4.70 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.48 | — | 0.58 | |
| Retained earnings / total assets | (0.33) | — | −0.46 | |
| EBIT / total assets | (0.05) | — | −0.17 | |
| Market value of equity / total liabilities | 3.13 | — | 1.88 | |
| Sales / total assets | 0.04 | — | 0.04 | |
| Altman Z-score | Grey zone | 1.88 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Grey zone | 2.42 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| DGII Digi International Inc. compare | 4.0× |
| BDC Belden Inc compare | 3.1× |
| AAOI Applied Optoelectronics, Inc. compare | 3.0× |
| EXTR Extreme Networks, Inc. compare | 2.5× |
| ONDS Ondas Holdings Inc. | 1.9× |
| VSAT Viasat Inc. compare | 0.8× |
| VISN Vistance Networks, Inc. compare | 0.5× |
| HLIT Harmonic Inc. compare | −1.0× |
| VIAV Viavi Solutions Inc. compare | −29.9× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets