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Israeli defense-electronics maker of drones, avionics, precision-guided weapons and land-warfare systems.
Israeli defense-electronics maker of drones, avionics, precision-guided weapons and land-warfare systems.
Wins government contracts, many multi-year, and builds to order, so a large order backlog gives visibility. A large part of orders come from outside Israel, with Israel's defence ministry a major single customer. The Federmann family is the largest shareholder, and the 2018 purchase of IMI Systems, a state-owned munitions maker, added artillery and ammunition.
Moat: narrow (IP / patents, customer qualification, process know-how). Battle-tested Israeli defense technology and deep government/export program relationships.
Headquarters: Haifa, Israel · Founded: 1966 · Employees: 20,537
Size Elbit Systems (ESLT) is a United States Industrials company (Aerospace & Defense) with a market value of $32.0B, the 343rd largest of 3,117 United States companies the cockpit tracks. Shares closed at $682.59 on 6 Nov 2026.
Performance Over six months the shares fell 12.7%, against -0.6% for the median peer and -1.1% for the United States market (cap-weighted) — 8th lowest of 20 in its peer set.
Growth Revenue grew 12.0% over the last twelve months (peer median +12.3%); the operating margin is 9.2% (peer median 11.5%).
Valuation It trades at 46.5× forward earnings against a peer median of 22.1× (3rd most expensive of 20).
Price implies For today's price to make sense, revenue must grow about 10% a year for seven years (Req g). Recent delivered growth is +11%, so the hurdle is -1 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 9.0 points above its cost of capital (6.3% WACC).
Backlog Backlog (remaining performance obligations) was $28.1B at 31 Dec 2025, up 24% on a year earlier — 3.5 years of trailing revenue. Backlog detail →
Short interest Short interest is 0.5% of the free float (15 Oct 2026).
Next results Next results expected around 17 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $9.09B | $8.59B | $6.94B | $6.07B | $5.26B |
| Revenue growth | — | +24% | +14% | +15% | — |
| Gross profit | $2.27B | $2.09B | $1.67B | $1.51B | $1.31B |
| EBITDA | $1.03B | $942M | $666M | $543M | $376M |
| Net income | $676M | $578M | $326M | $219M | $263M |
| Free cash flow | $728M | $598M | $325M | -$74.5M | $33.4M |
| Capital expenditure | $335M | $244M | $218M | $190M | $196M |
| Total debt | $853M | $965M | $1.37B | $1.45B | $1.29B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Elbit Systems ESLT | $32.0B | -13% | +12% | 9% | 46.5× | 10.1% |
| General Dynamics GD | $95.7B | +3% | +10% | 10% | 19.4× | -2.5% |
| L3Harris LHX | $48.4B | -13% | +7% | 12% | 20.1× | 7.0% |
| BAE Systems BA..L | $72.6B | -4% | +7% | 9% | 22.0× | 2.8% |
| Rheinmetall RHM.DE | $42.5B | -29% | -2% | 18% | 22.0× | 6.5% |
| Leonardo LDO.MI | $31.0B | -4% | +10% | 7% | 20.2× | 14.3% |
| Thales HO.PA | $51.1B | -1% | +7% | 11% | 20.6× | -2.8% |
| AeroVironment AVAV | $5.73B | -33% | +84% | 1% | 33.5× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | ESLT | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +2.6% | +4.8% | 8th lowest of 21 |
| 6-month return | -12.7% | -0.6% | 8th lowest of 20 |
| Distance from 52-week high | -32.8% | -20.9% | 7th lowest of 21 |
| Revenue growth (TTM) | +12.0% | +12.3% | 10th lowest of 20 |
| Operating margin | 9.2% | 11.5% | 6th lowest of 21 |
| Forward P/E | 46.5× | 22.1× | 3rd most expensive of 20 |
| Growth the price implies (Req g, 7 yrs) | 10.1% | 7.0% | 8th most demanding of 16 |
| Growth delivered (Del g) | +11.5% | +10.2% | 8th highest of 15 |
| Hurdle (Req g minus delivered) | -1.3 pp | +1.1 pp | 7th least demanding of 15 |
| ROIC minus cost of capital | +9.0 pp | +8.3 pp | 9th highest of 20 |
| EV / EBITDA | 31.0× | 18.8× | 5th most expensive of 17 |
| Net debt / EBITDA | -0.1× | 1.6× | 6th least indebted of 18 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Elbit Systems ESLT | United States | $32.0B | -13% | +12% | 9% | 46.5× | 10.1% | +11.5% |
| Kongsberg Gruppen KOG.OL | Norway | $31.8B | +13% | -28% | 17% | 46.3× | 21.7% | +4.3% |
| Rocket Lab RKLB | United States | $31.8B | -50% | +53% | -29% | n/a | n/a | n/a |
| Leonardo LDO.MI | Italy | $31.0B | -4% | +10% | 7% | 20.2× | 14.3% | +7.8% |
| Saab SAAB-B.ST | Sweden | $33.3B | +19% | +28% | 10% | 40.2× | 6.0% | +17.4% |
| Bharat Electronics BEL.NS | India | $30.6B | -10% | +20% | 26% | 41.5× | 38.2% | +14.3% |
| Hindustan Aeronautics HAL.NS | India | $35.2B | +4% | +7% | 23% | 33.6× | 42.7% | +7.2% |
| HEICO HEI | United States | $39.2B | +14% | +21% | 24% | 47.8× | 24.5% | +20.2% |
| Dassault Aviation AM.PA | France | $26.0B | +6% | +33% | 9% | 19.6× | 5.2% | +6.2% |
| Axon Enterprise AXON | United States | $25.4B | -22% | +35% | 1% | 36.5× | n/a | n/a |
| Hanwha Aerospace 012450.KS | South Korea | $25.0B | -53% | +28% | 11% | 17.2× | -7.0% | +38.1% |
| Rheinmetall RHM.DE | Germany | $42.5B | -29% | -2% | 18% | 22.0× | 6.5% | +12.9% |
| Singapore Technologies Engineering S63.SI | Singapore | $22.6B | -13% | +11% | 9% | 27.3× | 5.3% | +11.5% |
| Bombardier BBD-B.TO | Canada | $22.5B | +8% | +11% | 11% | 22.1× | 19.0% | +8.9% |
| Arxis ARXS | United States | $21.5B | +42% | +114% | 20% | 54.2× | 58.8% | n/a |
| L3Harris LHX | United States | $48.4B | -13% | +7% | 12% | 20.1× | 7.0% | +3.7% |
| Honeywell Aerospace HONA | United States | $48.5B | n/a | n/a | 20% | 18.8× | n/a | n/a |
| MTU Aero Engines MTX.DE | Germany | $20.9B | +21% | +12% | 13% | 18.5× | 6.3% | +17.1% |
| AVIC Shenyang Aircraft 600760.SS | China | $20.8B | +4% | -1% | 8% | 45.1× | n/a | n/a |
| Thales HO.PA | France | $51.1B | -1% | +7% | 11% | 20.6× | -2.8% | +7.6% |
| FTAI Aviation FTAI | United States | $18.4B | -33% | +46% | 23% | 16.7× | n/a | n/a |
Elbit Systems reported $28.1B of remaining performance obligations at 31 Dec 2025, up 24% from a year earlier. That is 3.5 years of trailing revenue already under contract.