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The Moat Index

Ondas Inc.

ONDS · Technology · $2.5B mkt cap · FY2025 filings · No moat ·

Doesn't clear the bar

27/ 100
No moat

The four filters

Pricing power42

Median gross margin 41.8% over 10y, variable.

Returns on capital0

Median ROIC -126.5%, above the 9% hurdle in 0% of years.

Balance-sheet safety28

Net debt/EBITDA n/ax, interest coverage -9x.

Capital discipline44

Owner earnings trend unclear, share count n/a.

Margin of safety

Above valueOn sale
No price data
Owner earnings (normalized)
—
Est. intrinsic value / share
—
Recent price
$6.53
Discount to value
No price data

Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

12 years of fundamentals

The business, in plain English

Ondas Inc. booked $50.7M of revenue in FY2025 in the Technology sector and kept 39.7% of it as gross profit — a solid-margin business by that measure. After every other cost, −260.7% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $3891 (FY2015) to $50.7M (FY2025) — about 157.9% a year compounded over 10 years.

It earned −169.6% on invested capital in FY2023, with a median of −126.5% across 3 filed years. The Returns on Capital filter above scores it 0/100.

The balance sheet carried $300000 of total debt in FY2024. Balance-Sheet Safety scores it 28/100.

The share count rose 12592.1% between FY2015 and FY2025 — existing owners have been diluted over the record. Capital Discipline scores it 44/100.

Put together: Capital Discipline is the strongest of the four filters (44/100) and Returns on Capital the weakest (0/100), which is how ONDS lands at 27/100 — a None moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

FY2014–FY2025 · 12 fiscal years, normalized from ONDS’s SEC filings

RevenueSales, as filed$50.7M FY2025
$0$20M$40M2014201820222025
Gross marginRevenue kept after cost of goods39.7% FY2025
−100%0%2014201820222025
Return on invested capitalOperating profit on the capital employed−169.6% FY2023
−100%0%2014201820222025
Owner earningsCash an owner could take out−$132.2M FY2025
−$100M−$50M$02014201820222025

Gaps in a line mean that item isn’t in ONDS’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Moat Score history

3 logged readings since Jul 17, 2026 · append-only, never rewritten

Moat Score over timeLast scored reading of each day, on the 0–100 scale26.8 / 100
0406080100WideNarrowShallowNo moatJul 17, 2026

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — ONDS has read No moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Technology context

#445 of 532 scored Technology companies, ranked by Moat Score.

Nearest peers by Moat Score

  1. #443XYZ Block, Inc.27.1No moat
  2. #444FOUR SHIFT4 PAYMENTS, INC.27.1No moat
  3. #446TCX TUCOWS INC /PA/26.6No moat
  4. #447ONAR ONAR Holding Corporation26.4No moat

Compare ONDS with its nearest peers →All Technology companies on the Index →

Common questions about ONDS

Does Ondas Inc. have an economic moat?
Based on its FY2025 SEC filings, the Moat Index scores Ondas Inc. (ONDS) 26.8 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 42, returns on capital 0, balance-sheet safety 28, capital discipline 44.
How has ONDS's Moat Score changed over time?
The record logs 3 readings since Jul 17, 2026; the latest reads 26.8 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.
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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell ONDS. See the disclaimer.

Ondas Inc. (ONDS) Moat Score — The Moat Index · Buy Like Buffett