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Elbit Systems LTD (ESLT) stock

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NASDAQ: ESLT Nasdaq Aerospace & Defense Next results ~November 17, 2026

C+ Fundamentals grade

Elbit Systems LTD is a US-listed company in the aerospace & defense industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$310

Cash-flow model

Base case. Range ~$240–$410 across our lower- and higher-growth cases (9.6%–19.6% a year).

Price vs value

Overvalued

The price is above our entire value range; our base value is 58% below it.

Price used: $742.47, November 2, 2026

Elbit Systems LTD valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 7 selling0 purchases and 7 sales by directors and officers, last 12 monthsInsider trades
  • Funds198 adding, 159 cuttingOf 40 active managers that changed their stake, 23 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Elbit Systems files

Where Elbit Systems LTD stands after its latest Filing

Revenue for the twelve months was $7.94bn, up 16.3% on a year earlier, faster than the 14.3% growth a quarter earlier. Free-cash-flow margin rose to 7.0% from 4.3% a year earlier. The diluted share count is up 4.9% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 5 of our 6 financial-health checks. Our cash-flow model value is $312 a share, against a share price of $780. At that price, our model says the market is pricing in about 32.1% a year of cash-flow growth for five years, faster than the 11.2% a year revenue growth it has delivered.

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 17, 2026 (estimated)

Elbit Systems LTD's trailing-twelve-month revenue grew 16.3% year on year, with a free-cash-flow margin of 7.0%. Where it stands out: stock pay as % of revenue of 0.3% ranks 5 of 53 aerospace & defense companies we cover. Where it lags: days sales outstanding of 153 days ranks 44 of 45 aerospace & defense companies we cover.

Our discounted-cash-flow model values the business at ~$310 per share in the base case (~$240–$410 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Revenue growth accelerating: TTM revenue growth rose to 16.3% (+2.0pp vs the prior quarter).

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Fast growth. Revenue grew 16.3% over the last 12 months, against a median of 15.5% for aerospace & defense companies we cover.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Priced above our value. The share price of $742.47 is 58% above our value per share of $310.
  • Share dilution. Diluted shares rose 4.9% in a year.
  • Volatile shares. Over the past year the shares showed annualised volatility of 46% and a beta of 0.7 against the S&P 500.
  • Insiders selling. 7 insiders sold $62M of stock over the past 365 days and none bought (0% under pre-set trading plans).
  • Below peers: days sales outstanding. Days sales outstanding of 153 days ranks 44 of 45 aerospace & defense companies we cover (median 53 days).

Latest results

Earnings per share
$4.14 against an average estimate of $3.68: beat by 12.5%
Next report
November 17, 2026; average EPS estimate $3.94

Elbit Systems' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-4.8%
  • 1 week-4.6%
  • 1 month+6.8%
  • This year+29.0%
  • 1 year+56.6%
  • 5 years+393.4%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$7.9B
Operating margin
8.5%
Net margin
6.7%
EPS (TTM, diluted)
$11.39

Growth

Revenue growth
+16.3%
Change in growth rate
+2.0 pts
Share count change
+4.9%

Cash

Free cash flow (TTM)
$553M
FCF margin
7.0%
Stock pay % of revenue
0.3%

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

No recent updates are available for ESLT from the sources we follow. See filings →

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Elbit Systems LTD valuation models and calculator

What the price is pricing in

The share price implies about 31.3% a year of cash-flow growth for five years.That is faster than the 11.2% a year revenue growth Elbit Systems has delivered.

  • Priced in31.3%
  • Last 12 months16.3%
  • 3 years a year12.9%
  • 5 years a year11.2%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($749.44, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Sell12-month view
12-month price target
~$310
Price used
$749.44close November 3, 2026
Implied change
▼ 58%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Elbit Systems LTD's free cash flow after stock-based pay with after-tax interest added back ($421M, FY2025 Q4 TTM), growing 14.6% a year for five years and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$240–~$410 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Elbit Systems LTD's free cash flow after stock-based pay ( $421M, FY2025 Q4 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Elbit Systems LTD as an operating company, with every model that fits that kind of business. Cost of equity 9%: the 10-year Treasury yield (4.9%) plus a beta of 0.89 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$310 ~$240–$410 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$440 ~$360–$600 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$110 ~$78–$160 Left out: out of range vs price (0.15x)
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$120 ~$100–$140 Left out: out of range vs price (0.16x)
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$350 ~$310–$440 2 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Elbit Systems LTD with Aerospace & Defense in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −24%
  • Revenue growth 5 points higher ▲ +31%
  • Free-cash-flow margin 1 point lower ▼ −12%
  • Last year's free-cash-flow margin change, if it persists ▲ +37%
  • Discount rate 1 point higher ▼ −16%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $137$184$246$327$434$571
8.5% $107$140$185$243$319$417
10% $88$114$149$193$251$325

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025
Share price$78.56$92.10$122.17$105.65$145.39$124.22$167.41$159.34$209.21$255.60$575.46
Market value$3.4bn$3.9bn$5.2bn$4.5bn$6.4bn$5.5bn$7.4bn$7.1bn$9.3bn$11.4bn$27.0bn
+ Net debt (− = net cash)$183m$241m$104m$381m$481m$148m$420m$346m$284m−$100m−$463m
Enterprise value$3.5bn$4.2bn$5.3bn$4.9bn$6.9bn$5.6bn$7.8bn$7.4bn$9.6bn$11.3bn$26.5bn
Multiples
Price / sales 1.1x1.2x1.5x1.2x1.4x1.2x1.4x1.3x1.6x1.7x3.4x
Price / earnings 16.6x16.6x21.9x21.9x28.0x23.1x27.0x25.8x43.4x35.6x50.5x
Price / free cash flow 10.0x47.0x—50.6x—37.5x32.5xn/m—35.8x48.8x
EV / EBITDA 9.1x9.8x12.2x11.9x14.9x12.0x13.7x14.1x18.0x17.5x31.5x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

46 /100

Moderate moat

How hard Elbit Systems's competitive advantage looks for rivals to wear away, judged from 5 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 5 / 20

    Net income has been a median 4.7% of total assets over 5 years.

  • Pricing power 10 / 20

    Gross margin has been a median 28.2%, moving by 2.2 percentage points (standard deviation) across 5 years.

  • Durability 11 / 20

    Operating margin has been a median 8.5%; its worst year was 7.9%.

  • Cash conversion 10 / 20

    Free cash flow was positive in 4 of 5 years, at a median 3.6% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 17, 2026, before the open. Analysts expect revenue of $2.3bn and EPS of $3.94 (range $3.86 to $4.07) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $16.38 +29% $9.1bn +15%
Next $18.61 +14% $10.2bn +12%

Next year's EPS estimate has moved +3.0% in 90 days, across 4 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +5.1% on 90 days ago. In the last 30 days, 2 analysts raised Elbit Systems LTD's forecast and 0 cut it.

Consensus EPS forecast Elbit Systems LTD, last 90 days
$15.00 $16.00 $17.00 $18.00 $19.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $15.59 Current fiscal year, 60 days ago: $16.25 Current fiscal year, 30 days ago: $16.27 Current fiscal year, 7 days ago: $16.27 Current fiscal year, Now: $16.38 $16.38 Next fiscal year, 90 days ago: $18.06 Next fiscal year, 60 days ago: $18.27 Next fiscal year, 30 days ago: $18.36 Next fiscal year, 7 days ago: $18.36 Next fiscal year, Now: $18.61 $18.61

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $15.59$18.06
60 days ago $16.25$18.27
30 days ago $16.27$18.36
7 days ago $16.27$18.36
Now $16.38$18.61

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $3.68 $4.14 +12.5%
Mar 2026 $3.33 $3.87 +16.3%
Dec 2025 $3.14 $3.56 +13.4%
Sept 2025 $2.73 $3.35 +22.9%

Adjusted EPS as companies report it, against the average analyst estimate.

Analyst recommendations

6 analysts, Oct 2026
Buy117%
Hold583%
Sell00%

Monthly trend

  1. Oct 2026156
  2. Sep 2026156
  3. Aug 2026156
  4. Jul 2026156

Counts of recommendations published by analysts covering Elbit Systems LTD, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
0.8%
of tradable shares
Days to cover
2.44
at average volume
Short interest, 1 month
−3%
to October 15, 2026
Held by institutions
28%
of shares
Held by insiders
41.2%
of shares
Employees
21,000
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
ESLT+35%−5%+31%+22%+125%+29%
Industry peers (median)−6%−11%+13%+22%+16%−12%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
ESLT50%42%75%50%83%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
ESLT−14%−33%−16%−21%−13%−35%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 35% from March 17, 2026 to October 12, 2026. Getting back needed a 55% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$452.56 – $1010.38
From 52-week high
−26.5%
vs 50-day average
+2.7%
vs 200-day average
−5.3%
Volatility (1 year)
46%
Beta vs S&P 500
0.73

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Options strategies

All options ideas

How Elbit Systems LTD’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: rated Sell.

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

ESLT Elbit Systems LTD Grade C+ $746.61

Own 100 shares, sell the $860 call expiring December 18, 2026 (46 days) for $24.80 a share — $2,480 per contract.

Previous session · Bid $24.80, ask $33.10, quoted Mon 2 Nov, 17:22 New York time with ESLT at $746.61. Option prices move with the shares: check the live chain at your broker before trading.

  • If ESLT ends below $860: you keep your shares and the $2,480 — 3.3% extra on the position, 26.4% a year at that pace.
  • If it ends above $860: your shares are sold at $860, a total return of 18.5% including the premium — at or above our value of ~$310.
$13.8k $0 −$14.4k Break-even $721.81 Price $746.61 ← Our value ~$310
Profit or loss per contract at expiry, by share price (including the shares bought at today's price).
Premium
$2,480
Annualised
26.4%
Break-even
$721.81
Max gain
$13,819.5
Chance of selling
~31%

Collar

Not offered: no liquid put and call pair for the same expiry.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Elbit Systems LTD in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Elbit Systems LTD
$2B $4B $6B $8B FY14 Q4 FY17 Q4 FY20 Q4 FY25 Q4 Revenue (TTM), FY14 Q4: $3B Revenue (TTM), FY15 Q4: $3.1B Revenue (TTM), FY16 Q4: $3.3B Revenue (TTM), FY17 Q4: $3.4B Revenue (TTM), FY18 Q4: $3.7B Revenue (TTM), FY19 Q4: $4.5B Revenue (TTM), FY20 Q4: $4.7B Revenue (TTM), FY21 Q4: $5.3B Revenue (TTM), FY22 Q4: $5.5B Revenue (TTM), FY23 Q4: $6B Revenue (TTM), FY24 Q4: $6.8B Revenue (TTM), FY25 Q4: $7.9B $7.9B

Source: SEC EDGAR filings. Retrieved Invalid Date.

View chart data
Period Revenue (TTM)
FY14 Q4 $3B
FY15 Q4 $3.1B
FY16 Q4 $3.3B
FY17 Q4 $3.4B
FY18 Q4 $3.7B
FY19 Q4 $4.5B
FY20 Q4 $4.7B
FY21 Q4 $5.3B
FY22 Q4 $5.5B
FY23 Q4 $6B
FY24 Q4 $6.8B
FY25 Q4 $7.9B
Revenue growth, TTM YoY Elbit Systems LTD
0% 10% 20% 30% FY14 Q4 FY17 Q4 FY20 Q4 FY25 Q4 Revenue growth, TTM YoY, FY14 Q4: 1.1% Revenue growth, TTM YoY, FY15 Q4: 5.0% Revenue growth, TTM YoY, FY16 Q4: 4.9% Revenue growth, TTM YoY, FY17 Q4: 3.6% Revenue growth, TTM YoY, FY18 Q4: 9.1% Revenue growth, TTM YoY, FY19 Q4: 22.4% Revenue growth, TTM YoY, FY20 Q4: 3.4% Revenue growth, TTM YoY, FY21 Q4: 13.2% Revenue growth, TTM YoY, FY22 Q4: 4.4% Revenue growth, TTM YoY, FY23 Q4: 8.4% Revenue growth, TTM YoY, FY24 Q4: 14.3% Revenue growth, TTM YoY, FY25 Q4: 16.3% 16.3%

Source: SEC EDGAR filings. Retrieved Invalid Date.

View chart data
Period Revenue growth, TTM YoY
FY14 Q4 1.1%
FY15 Q4 5.0%
FY16 Q4 4.9%
FY17 Q4 3.6%
FY18 Q4 9.1%
FY19 Q4 22.4%
FY20 Q4 3.4%
FY21 Q4 13.2%
FY22 Q4 4.4%
FY23 Q4 8.4%
FY24 Q4 14.3%
FY25 Q4 16.3%
Operating margin (TTM) Elbit Systems LTD
6% 7% 8% 9% 10% FY14 Q4 FY17 Q4 FY20 Q4 FY25 Q4 Operating margin (TTM), FY14 Q4: 8.3% Operating margin (TTM), FY15 Q4: 8.6% Operating margin (TTM), FY16 Q4: 9.3% Operating margin (TTM), FY17 Q4: 9.6% Operating margin (TTM), FY18 Q4: 7.9% Operating margin (TTM), FY19 Q4: 7.1% Operating margin (TTM), FY20 Q4: 7.0% Operating margin (TTM), FY21 Q4: 7.9% Operating margin (TTM), FY22 Q4: 6.7% Operating margin (TTM), FY23 Q4: 6.2% Operating margin (TTM), FY24 Q4: 7.2% Operating margin (TTM), FY25 Q4: 8.5% 8.5%

Source: SEC EDGAR filings. Retrieved Invalid Date.

View chart data
Period Operating margin (TTM)
FY14 Q4 8.3%
FY15 Q4 8.6%
FY16 Q4 9.3%
FY17 Q4 9.6%
FY18 Q4 7.9%
FY19 Q4 7.1%
FY20 Q4 7.0%
FY21 Q4 7.9%
FY22 Q4 6.7%
FY23 Q4 6.2%
FY24 Q4 7.2%
FY25 Q4 8.5%
FCF margin (TTM) Elbit Systems LTD
-5% 0% 5% 10% 15% FY14 Q4 FY17 Q4 FY20 Q4 FY25 Q4 FCF margin (TTM), FY14 Q4: 3.6% FCF margin (TTM), FY15 Q4: 10.8% FCF margin (TTM), FY16 Q4: 2.6% FCF margin (TTM), FY17 Q4: -0.2% FCF margin (TTM), FY18 Q4: 2.4% FCF margin (TTM), FY19 Q4: -4.2% FCF margin (TTM), FY20 Q4: 3.1% FCF margin (TTM), FY21 Q4: 4.3% FCF margin (TTM), FY22 Q4: 0.6% FCF margin (TTM), FY23 Q4: -1.2% FCF margin (TTM), FY24 Q4: 4.7% FCF margin (TTM), FY25 Q4: 7.0% 7.0%

Source: SEC EDGAR filings. Retrieved Invalid Date.

View chart data
Period FCF margin (TTM)
FY14 Q4 3.6%
FY15 Q4 10.8%
FY16 Q4 2.6%
FY17 Q4 -0.2%
FY18 Q4 2.4%
FY19 Q4 -4.2%
FY20 Q4 3.1%
FY21 Q4 4.3%
FY22 Q4 0.6%
FY23 Q4 -1.2%
FY24 Q4 4.7%
FY25 Q4 7.0%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 20-F, 20-F/A. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025
Income
Revenue 2,832 2,670 2,817 2,889 2,925 2,958 3,108 3,260 3,378 3,684 4,508 4,663 5,279 5,512 5,975 6,828 7,939
Gross profit 849 798 732 816 825 825 897 965 1,003 976 1,136 1,165 1,358 1,373 1,483 1,642 1,935
EBITDA 386 339 266 342 369 369 391 428 438 411 459 470 572 529 534 647 843
Operating income 262 207 116 203 239 247 269 305 324 293 322 326 419 367 369 489 671
Net income 215 183 90 168 183 171 203 237 239 207 228 238 274 275 215 321 534
Diluted EPS $5.00 $4.25 $2.09 $3.97 $4.34 $4.01 $4.74 $5.54 $5.59 $4.83 $5.20 $5.38 $6.20 $6.18 $4.82 $7.18 $11.39
Growth (year on year)
Revenue +7.4% −5.7% +5.5% +2.5% +1.3% +1.1% +5.0% +4.9% +3.6% +9.1% +22.4% +3.4% +13.2% +4.4% +8.4% +14.3% +16.3%
EBITDA +2.0% −12.0% −21.6% +28.4% +7.9% +0.1% +5.9% +9.4% +2.5% −6.3% +11.6% +2.5% +21.6% −7.5% +1.0% +21.3% +30.2%
Operating income +5.4% −21.0% −44.2% +75.6% +17.9% +3.1% +8.8% +13.4% +6.5% −9.7% +9.8% +1.3% +28.5% −12.2% +0.4% +32.5% +37.3%
Net income +5.3% −14.6% −50.8% +85.9% +9.3% −6.8% +18.4% +17.0% +0.9% −13.5% +10.2% +4.3% +15.4% +0.4% −21.9% +49.3% +66.4%
Diluted EPS +4.6% −15.0% −50.8% +90.0% +9.3% −7.6% +18.2% +16.9% +0.9% −13.6% +7.7% +3.5% +15.2% −0.3% −22.0% +49.0% +58.6%
Margins
Gross margin 30.0% 29.9% 26.0% 28.2% 28.2% 27.9% 28.9% 29.6% 29.7% 26.5% 25.2% 25.0% 25.7% 24.9% 24.8% 24.0% 24.4%
EBITDA margin 13.6% 12.7% 9.5% 11.8% 12.6% 12.5% 12.6% 13.1% 13.0% 11.2% 10.2% 10.1% 10.8% 9.6% 8.9% 9.5% 10.6%
Operating margin 9.3% 7.8% 4.1% 7.0% 8.2% 8.3% 8.6% 9.3% 9.6% 7.9% 7.1% 7.0% 7.9% 6.7% 6.2% 7.2% 8.5%
Net margin 7.6% 6.9% 3.2% 5.8% 6.3% 5.8% 6.5% 7.3% 7.1% 5.6% 5.1% 5.1% 5.2% 5.0% 3.6% 4.7% 6.7%
Free-cash-flow margin 3.6% 1.8% 2.4% 4.0% 3.6% 3.6% 10.8% 2.6% −0.2% 2.4% −4.2% 3.1% 4.3% 0.6% −1.2% 4.7% 7.0%
Cash flow
Cash from operations 210 186 191 198 167 178 435 208 101 192 −53 279 417 240 114 535 778
Capital spending 108 139 122 82 63 71 99 124 108 102 138 132 189 205 187 215 226
Free cash flow 102 47 69 117 104 107 336 84 −7 89 −191 147 228 35 −73 320 553
Stock-based pay 5 5 2 3 0 0 0 0 0 1 4 4 5 10 12 16 26
Free cash flow after stock pay 97 42 67 114 104 106 336 84 −7 88 −195 143 223 24 −85 304 526
Balance sheet
Cash 141 151 203 192 192 200 223 223 156 208 221 279 259 211 197 265 635
Total debt 392 335 459 557 504 434 405 464 260 590 702 427 679 557 482 165 172
Net debt (negative = net cash) 251 184 257 365 312 234 183 241 104 381 481 148 420 346 284 −100 −463
Diluted shares 43m 43m 43m 42m 42m 43m 43m 43m 43m 43m 44m 44m 44m 45m 45m 45m 47m
Returned to shareholders
Dividends 76 63 62 51 76 68 70 68 75 75 63 78 79 87 89 89 112
Buybacks — — 10 26 0 2 0 — — — — — — — — — —
Total returned 76 63 72 77 76 70 70 68 75 75 63 78 79 87 89 89 112

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

5 of 6 checks passed · December 31, 2025
What it owns · $12.7bn
Short-term assets $7.7bnLonger-term assets $4.9bn
What it owes, and who funded it · $10.1bn
Short-term liabilities $6.0bnShareholders' equity $4.1bn
  • Short-term assets cover short-term liabilities $7.7bn of assets due within a year against $6.0bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt $635m of cash against $101m of debt.
  • Debt below 40% of shareholders' equity Debt is 2% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 18% to 2% over five years.
  • A year's operating cash flow covers at least 20% of debt $778m of operating cash flow against $101m of debt.
  • Operating profit covers interest at least five times over Operating income of $671m against $146m of interest.

From Elbit Systems LTD's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Dividends (TTM)
$112M
Diluted share count
+4.9%
year over year
Total shareholder yield
0.3%
dividends 0.3% + buybacks 0.0% of market value
Dividend payout ratio
21%
of net income paid out
R&D spending
7.6%
of revenue
Days sales outstanding
153 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in aerospace & defense
Last 12 months unless stated ESLT HWM SARO TDG HEI ATI Median
Revenue, last 12 months $7.9bn $9.7bn $6.3bn $10.0bn $5.2bn $5.0bn $769m
Revenue growth, last 12 months 16.3% 22.0% 12.6% 16.6% 20.7% 9.4% 15.5%
Revenue growth, 3-year average 39.5% 14.9% — 17.0% 25.1% 6.8% 12.6%
Revenue growth, latest quarter — 29.4% 4.6% 22.5% 23.1% 26.5% 15.8%
Gross margin 24.4% — 15.0% 59.6% 40.4% 24.5% 27.8%
Operating margin 8.5% 28.1% 9.5% 46.0% 24.0% 16.5% 9.0%
Operating margin, 3-year average 8.7% 24.7% 8.4% 45.8% 22.5% 14.4% 6.0%
Net margin 6.7% 21.1% 5.1% 21.3% 16.4% 11.1% 5.5%
Cash from operations / revenue 9.8% 24.7% 4.6% 22.0% 21.5% 14.6% 5.5%
Free-cash-flow margin 7.0% 19.8% 3.5% 19.3% 19.9% 8.4% 3.4%
Free-cash-flow margin, 3-year average 3.7% 16.6% 1.9% 21.6% 17.6% 7.6% 3.0%
Stock pay / revenue 0.3% 1.0% 0.3% 1.5% 0.4% 0.6% 1.2%
Change in share count 4.9% −0.9% 4.5% −0.1% 0.3% −3.3% 3.9%

Median of all 57 companies we cover in aerospace & defense. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

57 aerospace & defense companies
Measure Company Peer median Rank
Revenue growth Growth 16.3% 15.5% 27 of 57
Change in growth rate Growth +2.0pp +2.2pp 30 of 57
Gross margin Profitability 24.4% 28.3% 31 of 46
Operating margin Profitability 8.5% 8.5% 26 of 51
Net margin Profitability 6.7% 5.5% 24 of 57
Free-cash-flow margin Cash generation 7.0% 3.4% 23 of 57
Stock pay as % of revenue Cash generation 0.3% 1.5% 5 of 53
Long-term debt as % of assets Balance sheet 0.1% 22.1% 5 of 47
Change in share count Balance sheet 4.9% 2.4% 31 of 51
Days sales outstanding Balance sheet 153 days 53 days 44 of 45

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Who owns it

Funds buying and selling
Reported value
$7.3B
Institutions reporting
386
Shares held vs prior quarter
▼ 2.0%
Positions opened / closed
41 / 51

Top buyers and sellers, Q2 2026: 198 institutions bought and 159 sold ; the biggest buyer was Phoenix Financial Ltd (+139K shares) and the biggest seller Meitav Investment House Ltd (−397K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Clal Insurance Enterprises Holdings Ltd $1.2B 1.6M 16.9% ▼ 0.2%
Vanguard Capital Management LLC $577M 759K 7.9% ▲ 6.4%
Van Eck Associates Corp $416M 548K 5.7% ▼ 11.9%
Y.D. More Investments Ltd $367M 484K 5.0% ▼ 12.2%
Altshuler Shaham Ltd $367M 484K 5.0% ▲ 6.1%
Invesco Ltd. $321M 423K 4.4% ▲ 8.4%
Phoenix Financial Ltd. $297M 390K 4.1% ▲ 55.5%
Mirae Asset Global Etfs Holdings Ltd. $243M 321K 3.3% ▼ 15.4%
Harel Insurance Investments & Financial Services Ltd. $209M 275K 2.9% ▲ 1.9%
Vanguard Fiduciary Trust Co $185M 244K 2.5% ▲ 6.1%
Arrowstreet Capital, Limited Partnership $179M 236K 2.5% ▼ 33.4%
Blackrock, Inc. $171M 225K 2.3% ▲ 31.0%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Elbit Systems LTD's complete shareholder register. Values are as reported by the filers ; 5 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $61.9M 7 trades by 7 insiders · 0% under pre-set plans
Net ▼ $61.9M net selling
Insider Date Trade Shares Price Value
Delmar Haim Daniel Executive Vice President April 9, 2026 Sell 7,654 $887.40 $6.8M
Kril Ran Executive Vice President April 9, 2026 Sell 6,803 $887.40 $6M
Machlis Bezhalel President and CEO April 9, 2026 Sell 25,514 $887.40 $22.6M
Ariel Jonathan Executive Vice President April 9, 2026 Sell 7,654 $887.40 $6.8M
Sabag Oren Yaacov Executive Vice President April 9, 2026 Sell 8,504 $887.40 $7.5M
Vered Yehuda Executive Vice President April 9, 2026 Sell 5,953 $887.40 $5.3M
Shmuely Yoram Executive Vice President April 9, 2026 Sell 7,654 $887.40 $6.8M

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Recent SEC filings

  • 6-K 6-K
  • 6-K 6-K
  • 6-K 6-K
  • 6-K 6-K
  • 6-K 6-K
  • 6-K 6-K
  • 6-K 6-K
  • 6-K 6-K

Data status

When each part of this page on Elbit Systems LTD was last updated.

DataLast updatedSource
Share priceExchange closing prices
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Elbit Systems LTD in brief

What does Elbit Systems LTD do?
Elbit Systems LTD is a US-listed company in the aerospace & defense industry. Its financial year ends in December.
What is Elbit Systems LTD's stock ticker?
Elbit Systems LTD trades under the ticker ESLT on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Elbit Systems LTD's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Elbit Systems LTD reported revenue of $7.9B, 16.3% higher than a year earlier, according to its SEC filings.
What is Elbit Systems LTD's free cash flow?
Elbit Systems LTD's free-cash-flow margin is 7.0% of revenue over the trailing twelve months, ranking 23 of the 57 aerospace & defense companies we cover.
What is Elbit Systems LTD's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Elbit Systems LTD's free cash flow after stock-based pay gives ~$310 per share in the base case, and ~$240–$410 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Elbit Systems LTD's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Clal Insurance Enterprises Holdings Ltd, Vanguard Capital Management LLC and Van Eck Associates Corp. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Elbit Systems LTD's market cap?
On December 31, 2025, Elbit Systems LTD's market capitalisation was about $27B, with a price-to-earnings ratio of 50.5 and net debt of -$463M. Market figures come from third-party market data and may be delayed.
Does Elbit Systems LTD pay a dividend?
Yes: Elbit Systems LTD paid $112M in dividends over the trailing twelve months, a dividend yield of 0.32% and a payout ratio of 20.9%.
How much debt does Elbit Systems LTD have?
Elbit Systems LTD's debt-to-equity ratio is 2.5%, from its latest balance sheet (18.4% five years earlier). The financial health section below sets out its other solvency checks.
Who are Elbit Systems LTD's competitors?
In our Aerospace & Defense peer group, the companies closest to Elbit Systems LTD are Howmet Aerospace, Standardaero, Inc., TransDigm Group, Heico Corp and ATI Inc. The side-by-side comparison below sets their revenue, margins and growth against Elbit Systems LTD's.
Are insiders buying or selling Elbit Systems LTD stock?
Over the last 12 months, Elbit Systems LTD's directors and officers reported 0 open-market purchases and 7 sales on Form 4. The insider trading page charts every trade.
When is Elbit Systems LTD's next earnings date?
Around November 17, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Elbit Systems LTD announces its own schedule.