Ondas (ONDS) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 26, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 13, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the ONDS SEC filings page.
Ondas Inc. (ONDS) reported $174.1M in revenue over the twelve months to Jun 30, 2026, up 979.3% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 11 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Revenue scaled sharply, but operating costs still exceed gross profit, leaving growth dependent on financing flows.
The gross margin rebounded to39.7% in FY2025 from4.8% in FY2024, improving what each sale contributes before overhead. Yet SG&A consumed113.7% of revenue while operating loss was$58.4M , so the operating base still outweighed the improved gross economics.
Cash conversion remains weak: operating cash flow of
The liabilities-to-equity ratio fell to 1.5x from 4.4x in FY2024, showing a materially improved capital structure, but liabilities still exceed equity. The business therefore expanded its asset base without yet becoming lightly financed.
Financial Health Signals
Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group, and the overall is the average of the dimensions that can be computed. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Ondas Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Ondas Inc. held $608.1M in cash, cash equivalents and investments at the end of fiscal year 2025, and its operations used $38.7M of cash that year. Cash Runway ranks emerging companies on the size of that balance against the outflow behind it, and Ondas Inc. scores 97/100 among other emerging companies.
Ondas Inc. had 467M shares outstanding at the end of fiscal year 2025. Dilution ranks emerging companies on how fast that count has grown over three years, where a slower rise is the better one, and Ondas Inc. scores 8/100 among other emerging companies.
Ondas Inc. spent $20.9M on research and development in fiscal year 2025, which was 19.1% of its operating costs that year. R&D Intensity ranks emerging companies on the share of operating costs that goes into research, and Ondas Inc. scores 50/100 among other emerging companies.
Ondas Inc. reported revenue of $50.7M in fiscal year 2025, against $7.2M in fiscal year 2024. Revenue Progress ranks emerging companies on the three-year path of that line, and Ondas Inc. scores 84/100 among other emerging companies.
Ondas Inc.'s operations used $38.7M of cash in fiscal year 2025, against $33.5M used in fiscal year 2024. Burn Trend ranks emerging companies on which way that figure has moved over three years, and Ondas Inc. scores 41/100 among other emerging companies.
Ondas Inc.'s cash, cash equivalents and investments came to $608.1M at the end of fiscal year 2025, against $661.2M of total liabilities. Balance Sheet ranks emerging companies on that comparison, and Ondas Inc. scores 58/100 among other emerging companies.
Ondas Inc. scores 3.25, well above the 2.99 safe threshold. The largest contribution to the score comes from a market capitalization of $3.6B against total liabilities of $661.2M. This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Ondas Inc. passes 4 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 2 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, 1 of 2 operating efficiency signals passes.
Ondas Inc. reported a net loss of $132.2M while operations used $38.7M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Ondas Inc. reported an operating loss of $58.4M against $6.6M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
Ondas Inc. generated $83.8M in revenue in Q2 2026. This represents an increase of 1235.4% from the same quarter a year earlier. Against the prior quarter it is up 67.1%.
Ondas Inc.'s EBITDA was -$124.7M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. The change from the same quarter a year earlier is not meaningful, because that figure was zero or negative. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
Ondas Inc. reported a net loss of $88.4M in Q2 2026. The change from the same quarter a year earlier is not meaningful, because that figure was zero or negative. Against the prior quarter it is down 124.4%.
Cash & Balance Sheet
Ondas Inc. recorded an outflow of $93.8M in free cash flow in Q2 2026, representing a cash shortfall after capex. The change from the same quarter a year earlier is not meaningful, because that figure was zero or negative. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
Ondas Inc. held $657.9M in cash against $3.9M in long-term debt as of Q2 2026.
Not reported for Q2 2026.
Margins & Returns
Ondas Inc.'s gross margin was 43.1% in Q2 2026, indicating the percentage of revenue retained after direct costs. This is down 10.0 percentage points from the same quarter a year earlier. Against the prior quarter it is down 6.1 percentage points.
Ondas Inc.'s quarterly ROE was -5.6% in Q2 2026: one quarter's net income over shareholder equity, not annualized. This is up 6.2 percentage points from the same quarter a year earlier. Against the prior quarter it is down 39.4 percentage points.
Not shown for Q2 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not shown for Q2 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Capital Allocation
Ondas Inc. invested $31.0M in research and development in Q2 2026. This represents an increase of 630.5% from the same quarter a year earlier. Against the prior quarter it is up 129.0%.
Ondas Inc. invested $7.8M in capex in Q2 2026, funding long-term assets and infrastructure. This represents an increase of 7984.4% from the same quarter a year earlier. Against the prior quarter it is up 482.7%.
Not reported for Q2 2026.
ONDS Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $83.8M+1235.4% | $50.1M+1079.9% | $30.1M+629.2% | $10.1M+582.0% | $6.3M+554.9% | $4.2M+579.7% | $4.1M-16.8% | $1.5M-44.4% |
| Cost of Revenue | $47.6M+1519.9% | $25.5M+822.6% | $17.4M+435.4% | $7.5M+422.9% | $2.9M+156.0% | $2.8M+170.6% | $3.2M+0.4% | $1.4M-32.1% |
| Gross Profit | $36.1M+984.4% | $24.7M+1557.1% | $12.7M+1341.3% | $2.6M+5376.0% | $3.3Mn/m | $1.5Mn/m | $883K-48.9% | $48K-91.4% |
| R&D Expenses | $31.0M+630.5% | $13.5M+290.8% | $8.7M+176.1% | $4.5M+41.8% | $4.2M+60.5% | $3.5M-1.5% | $3.1M+6.1% | $3.2M+17.8% |
| SG&A Expenses | $148.9M+1684.2% | $53.8M+545.3% | $27.4M+337.4% | $13.6M+146.0% | $8.3M+52.5% | $8.3M+59.8% | $6.3M-36.8% | $5.5M+45.9% |
| Operating Income | -$162.9Mn/m | -$42.7Mn/m | -$23.3Mn/m | -$15.5Mn/m | -$9.3Mn/m | -$10.3Mn/m | -$8.5Mn/m | -$8.7Mn/m |
| EBITDA | -$124.7Mn/m | -$42.0Mn/m | -$26.5Mn/m | -$14.2Mn/m | -$6.5Mn/m | -$10.1Mn/m | -$11.5Mn/m | -$7.4Mn/m |
| Interest Expense | $1.0M-33.3% | $338K-91.3% | $702K-44.4% | $444K-49.0% | $1.6M+121.9% | $3.9M+394.2% | $1.3M+36.6% | $871K-2.5% |
| Income Tax | -$29.1Mn/m | $245K | N/A | $307K | $0 | N/A | N/A | N/A |
| Net Income | -$88.4Mn/m | $362.8Mn/m | -$99.9Mn/m | -$7.5Mn/m | -$10.8Mn/m | -$14.1Mn/m | -$10.3Mn/m | -$9.5Mn/m |
| EPS (Basic) | -$0.18 | $0.58 | N/A | -$0.03 | -$0.08 | -$0.15 | -$0.15n/m | -$0.15n/m |
| EPS (Diluted) | -$0.19 | $0.56 | N/A | -$0.03 | -$0.08 | -$0.15 | -$0.15n/m | -$0.15n/m |
| Diluted Shares (Avg) | 504M | 461,706 | N/A | 260M | 151M | 105,005 | N/A | 71M+31.3% |
ONDS Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $3.0B+1870.0% | $2.4B+2232.1% | $1.1B+933.4% | $550.2M+586.3% | $152.0M+84.1% | $104.6M+14.2% | $109.6M+18.9% | $80.2M-20.4% |
| Current Assets | $1.6B+1660.3% | $1.6B+3654.2% | $685.9M+1343.4% | $478.9M+2689.2% | $91.2M+505.1% | $43.4M+84.6% | $47.5M+101.3% | $17.2M-43.3% |
| Cash & Equivalents | $657.9M+873.7% | $1.0B+3937.8% | $550.7M+1738.4% | $432.8M+14963.5% | $67.6M+1258.0% | $25.4M+74.2% | $30.0M+99.4% | $2.9M-86.3% |
| Short-Term Investments | $726.6Mn/m | $447.8Mn/m | $21.8Mn/m | N/A | $0n/m | $0n/m | $0n/m | $0n/m |
| Inventory | $52.0M+365.0% | $34.3M+225.0% | $22.0M+123.6% | $12.5M+41.0% | $11.2M+125.8% | $10.5M+180.6% | $9.8M+349.2% | $8.9M+244.1% |
| Accounts Receivable | N/A | N/A | $22.4M+328.0% | $5.2M+81.6% | $5.4M+134.9% | $1.9M-10.0% | $5.2M+52.3% | $2.9M-41.2% |
| Long-Term Investments | $49.3Mn/m | $42.3Mn/m | $35.6Mn/m | $587Kn/m | $0n/m | $0n/m | $0n/m | $0-100.0% |
| Goodwill | $661.4M+2283.1% | $381.8M+1275.9% | $251.8M+807.4% | $34.8M+25.3% | $27.8M0.0% | $27.8M0.0% | $27.8M0.0% | $27.8M+0.3% |
| Total Liabilities | $1.4B+3508.6% | $1.4B+2245.2% | $661.2M+797.5% | $39.8M-39.0% | $39.3M-37.8% | $58.0M+20.9% | $73.7M+56.4% | $65.2M+46.9% |
| Current Liabilities | $163.1M+417.9% | $149.3M+196.2% | $141.8M+180.4% | $31.3M-20.8% | $31.5M-16.9% | $50.4M+32.9% | $50.6M+40.7% | $39.5M+11.1% |
| Non-Current Liabilities | $1.3B+15980.9% | $1.2B+15957.7% | $519.4M+2148.4% | $8.5M+12.1% | $7.8M-5.1% | $7.5M-24.6% | $23.1M+106.8% | $7.6M-14.8% |
| Long-Term Debt | $3.9M | $3.4M | N/A | N/A | N/A | N/A | $300K | N/A |
| Total Equity | $1.6B+1628.7% | $1.1B+4017.9% | $437.8M+2540.1% | $486.1M+3158.2% | $90.8M+368.3% | $26.1M-6.1% | $16.6M-50.0% | $14.9M-67.0% |
| Retained Earnings | -$93.7Mn/m | -$5.4Mn/m | -$368.4Mn/m | -$268.7Mn/m | -$261.3Mn/m | -$250.5Mn/m | -$236.4Mn/m | -$226.0Mn/m |
ONDS Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$86.1Mn/m | -$51.3Mn/m | -$12.7Mn/m | -$11.0Mn/m | -$8.4Mn/m | -$6.7Mn/m | -$8.1Mn/m | -$9.1Mn/m |
| Depreciation & Amortization | $38.2M+1314.8% | $669K+269.6% | $380K+114.5% | $1.3M+2.9% | $2.7M+131.8% | $181K-84.6% | $177K-85.7% | $1.2M-4.2% |
| Stock-Based Compensation | N/A | $19.7M+1149.7% | N/A | $0-100.0% | $40K-37.0% | $1.6M+483.6% | N/A | $106Kn/m |
| Capital Expenditures | $7.8M+7984.4% | $1.3M+678.9% | $1.6M+5286.6% | $170K-74.8% | $96K-91.2% | $171K-85.6% | $30K-74.5% | -$676K+2167.9% |
| Free Cash Flow | -$93.8Mn/m | -$52.6Mn/m | -$14.3Mn/m | -$11.1Mn/m | -$8.5Mn/m | -$6.8Mn/m | -$8.1Mn/m | -$9.8Mn/m |
| Investing Cash Flow | -$288.9Mn/m | -$474.2Mn/m | -$241.4Mn/m | -$18.4M-2912.7% | -$111Kn/m | -$195Kn/m | -$74Kn/m | $656Kn/m |
| Financing Cash Flow | $2.9M-94.3% | $968.5M+42657.8% | $414.5M+1074.0% | $394.2M+6129.7% | $51.7M+16763.2% | $2.3M-72.5% | $35.3M+119396.7% | $6.3M-73.9% |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | $386K+28.6% | $390K |
Not reported in any period shown, so not listed: Share Buybacks.
ONDS Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 43.1%-10.0pp | 49.2%+14.2pp | 42.3%+20.9pp | 25.8%+22.6pp | 53.1%+73.0pp | 35.0%+98.2pp | 21.4%-13.4pp | 3.2%-17.6pp |
| Operating Margin | -194.5% | -85.1% | -77.5% | -153.5% | -147.5% | -242.7% | -206.3% | -584.9% |
| Net Margin | -105.5% | 723.8% | -331.7% | -74.1% | -171.4% | -332.8% | -250.3% | -643.3% |
| Return on Equity | -5.6%+6.2pp | 33.8%+88.0pp | -22.8%+39.5pp | -1.5%+62.3pp | -11.8%+30.8pp | -54.2%-18.6pp | -62.3%-19.7pp | -63.8%-47.7pp |
| Return on Assets | -2.9%+4.1pp | 14.9%+28.4pp | -8.8%+0.6pp | -1.4%+10.5pp | -7.1%+2.9pp | -13.5%-2.7pp | -9.4%+5.9pp | -11.9%-4.6pp |
| Current Ratio | 9.85+6.9x | 10.91+10.1x | 4.84+3.9x | 15.30+14.9x | 2.90+2.5x | 0.86+0.2x | 0.94+0.3x | 0.43-0.4x |
| Debt-to-Equity | 0.00 | 0.00 | N/A | N/A | N/A | N/A | 0.02 | N/A |
| Liabilities-to-Equity | 0.90+0.5x | 1.27-1.0x | 1.51-2.9x | 0.08-4.3x | 0.43-2.8x | 2.22+0.5x | 4.44+3.0x | 4.37+3.4x |
| Asset Turnover | 0.030.0x | 0.020.0x | 0.030.0x | 0.020.0x | 0.040.0x | 0.040.0x | 0.040.0x | 0.020.0x |
| FCF Margin | -112.0% | -105.0% | -47.6% | -110.2% | -135.5% | -160.8% | -197.1% | -659.2% |
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin, FCF Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Ondas Inc. ONDS | FY2025 | $50.7M | -$132.2M | N/A | $3.6B | 56/100 |
| Extreme Networks EXTR | FY2026 | $1.3B | $42.1M | 3.3% | $3.0B | 49/100 |
| Viavi Solutions Inc. VIAV | FY2026 | $1.5B | -$30.4M | -2.0% | $7.8B | 64/100 |
| Belden Inc. BDC | FY2025 | $2.7B | $237.5M | 8.8% | $4.0B | 58/100 |
| Viasat Inc VSAT | FY2026 | $4.6B | -$34.1M | -0.7% | $9.1B | 39/100 |
Where Ondas Inc. Ranks
Frequently Asked Questions
What is Ondas Inc.'s annual revenue?
Ondas Inc. (ONDS) reported $50.7M in total revenue for fiscal year 2025. This represents a 605.3% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Ondas Inc.'s revenue growing?
Ondas Inc. (ONDS) revenue grew by 605.3% year-over-year, from $7.2M to $50.7M in fiscal year 2025.
Is Ondas Inc. profitable?
Yes, Ondas Inc. (ONDS) reported a net income of $167.1M over the trailing 12 months to June 30, 2026. In fiscal year 2025 it reported a net loss of $132.2M.
What is Ondas Inc.'s EBITDA?
Ondas Inc. (ONDS) had EBITDA of -$57.4M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Ondas Inc.'s gross margin?
Ondas Inc. (ONDS) had a gross margin of 39.7% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Ondas Inc.'s return on equity (ROE)?
Ondas Inc. (ONDS) has a return on equity of -30.2% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Ondas Inc.'s free cash flow?
Ondas Inc. (ONDS) recorded an outflow of $40.8M in free cash flow during fiscal year 2025. The change from the previous fiscal year is not meaningful, because that year’s figure was zero or negative. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Ondas Inc.'s operating cash flow?
Ondas Inc. (ONDS) recorded an outflow of $38.7M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Ondas Inc.'s total assets?
Ondas Inc. (ONDS) had $1.1B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Ondas Inc.'s capital expenditures?
Ondas Inc. (ONDS) invested $2.0M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Ondas Inc. spend on research and development?
Ondas Inc. (ONDS) invested $20.9M in research and development during fiscal year 2025.
What is Ondas Inc.'s current ratio?
Ondas Inc. (ONDS) had a current ratio of 4.84 as of fiscal year 2025, which is generally considered healthy.
What is Ondas Inc.'s liabilities-to-equity ratio?
Ondas Inc. (ONDS) had a liabilities-to-equity ratio of 1.51 as of fiscal year 2025, which is total liabilities divided by total shareholder equity. Total liabilities counts every obligation on the balance sheet (payables, deposits, insurance reserves and deferred taxes as well as borrowings), so this ratio usually runs well above debt-to-equity. No debt-to-equity ratio is shown for fiscal year 2025, because the filing data we hold for that year carries no long-term debt figure.
What is Ondas Inc.'s return on assets (ROA)?
Ondas Inc. (ONDS) had a return on assets of -11.7% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Ondas Inc.'s P/E ratio?
Ondas Inc. (ONDS) trades at 21.5x earnings, its market capitalization divided by $167.1M net income, trailing 12 months to June 30, 2026. The market capitalization is $3.6B as of Oct 26, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Ondas Inc.'s price-to-sales ratio?
Ondas Inc. (ONDS) trades at 20.6x sales, its market capitalization divided by $174.1M revenue, trailing 12 months to June 30, 2026. The market capitalization is $3.6B as of Oct 26, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Ondas Inc.'s Altman Z-Score?
Ondas Inc. (ONDS) has an Altman Z-Score of 3.25, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Ondas Inc.'s Piotroski F-Score?
Ondas Inc. (ONDS) has a Piotroski F-Score of 4 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Ondas Inc.'s earnings high quality?
Ondas Inc. (ONDS) reported a net loss of $132.2M while operations used $38.7M of cash. With neither figure positive, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Ondas Inc. cover its interest payments?
Ondas Inc. (ONDS) reported an operating loss of $58.4M against $6.6M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Ondas Inc.?
Ondas Inc. (ONDS) scores 56 out of 100 on our Financial Health Score, indicating moderate standing within its emerging companies peer group. The score is the average of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.