We examine the basic properties and stability of isolated vortices having uniform potential vorticity in a non-hydrostatic rotating stratified fluid, under the Boussinesq approximation. For simplicity, we consider a uniform background rotation and a linear basic-state stratification for which both the Coriolis and buoyancy frequencies, f and N , are constant. Moreover, we take f /N ≪ 1, as typically observed in the Earth's atmosphere and oceans. In the small Rossby number 'quasigeostrophic' limit, when the flow is weak compared to the background rotation, there exists exact solutions for steadily-rotating ellipsoidal volumes of uniform potential vorticity in an unbounded flow (Zhmur & Shchepetkin 1991;Meacham 1992). Furthermore, a wide range of these solutions are stable so long as the horizontal and vertical aspect ratios λ and µ do not depart greatly from unity (Dritschel et al. 2005). In the present study, we examine the behaviour of ellipsoidal vortices at Rossby numbers up to near unity in magnitude. We find that there is a monotonic increase in stability as one varies the Rossby number from nearly −1 (anticyclone) to nearly +1 (cyclone). That is, quasi-geostrophic vortices are more stable than anticyclones at finite (negative) Rossby number, and generally less stable than cyclones at finite (positive) Rossby number. Ageostrophic effects strengthen both the rotation and the stratification within a cyclone, enhancing its stability. The converse is true for an anticyclone. For all Rossby numbers, stability is reinforced by increasing λ towards unity or decreasing µ. An unstable vortex often restabilises by developing a near-circular cross section, typically resulting in a roughly ellipsoidal vortex, but occasionally a binary system is formed. Throughout the nonlinear evolution of a vortex, the emission of inertiagravity waves is negligible across the entire parameter space investigated. Thus, vortices at small to moderate Rossby numbers, and any associated instabilities are (ageostrophically) balanced. A manifestation of this balance is that, at finite Rossby number, an anticyclone rotates faster than a cyclone.