Elbit Systems LTD key statistics and ratios

In fiscal 2025, Elbit Systems LTD had return on equity of 14.4%, an operating margin of 8.5%, debt equal to 4.2% of equity and a current ratio of 1.29. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

Elbit Systems LTD: financial ratios, annual
Fiscal year	2009Dec 2009	2010Dec 2010	2011Dec 2011	2012Dec 2012	2013Dec 2013	2014Dec 2014	2015Dec 2015	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
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%
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%
Return on equity	25.8%	20.4%	9.7%	17.5%	16.7%	14.2%	15.5%	16.1%	14.6%	11.7%	11.5%	10.9%	11.6%	10.4%	7.5%	10.3%	14.4%
Return on assets	7.0%	5.5%	2.5%	4.5%	4.7%	4.3%	5.0%	5.6%	5.3%	3.7%	3.3%	3.1%	3.2%	3.0%	2.3%	3.1%	4.5%
Asset turnover	0.93	0.80	0.77	0.77	0.76	0.74	0.76	0.77	0.75	0.66	0.65	0.61	0.61	0.59	0.63	0.66	0.67
Current ratio	1.32	1.28	1.15	1.25	1.39	1.38	1.39	1.26	1.25	1.13	1.16	1.18	1.24	1.18	1.14	1.20	1.29
Debt to equity	47.1%	34.7%	51.1%	54.8%	42.8%	35.4%	29.1%	29.7%	15.2%	32.2%	32.8%	19.2%	26.8%	20.2%	16.3%	5.0%	4.2%
Interest cover (operating income ÷ interest)	12.0x	7.8x	5.1x	6.7x	5.9x	4.9x	12.1x	12.1x	9.0x	6.3x	4.4x	4.4x	9.9x	6.8x	2.6x	3.1x	4.6x
Effective tax rate	15.4%	12.1%	13.1%	9.7%	12.5%	12.8%	18.6%	16.3%	19.5%	11.1%	7.9%	13.9%	34.3%	8.2%	10.1%	11.4%	9.9%
R&D as % of revenue	8.7%	10.1%	10.2%	9.6%	9.0%	9.0%	8.9%	8.9%	8.9%	8.6%	8.2%	9.2%	8.5%	9.1%	8.4%	8.0%	7.6%
Capital spending as % of revenue	3.8%	5.2%	4.3%	2.8%	2.2%	2.4%	3.2%	3.8%	3.2%	2.8%	3.1%	2.8%	3.6%	3.7%	3.1%	3.1%	2.8%
Free cash flow ÷ net income	47.4%	25.8%	76.4%	69.5%	56.7%	62.4%	165.7%	35.4%	−2.9%	43.2%	−83.8%	61.7%	83.2%	12.7%	−34.1%	99.5%	103.5%
Dividends ÷ net income	35.4%	34.4%	68.3%	30.2%	41.2%	39.9%	34.5%	28.9%	31.5%	36.4%	27.5%	32.9%	28.9%	31.5%	41.5%	27.7%	20.9%
Dividends and buybacks ÷ free cash flow	74.8%	133.2%	104.1%	65.6%	72.7%	65.8%	20.8%	81.7%	—	84.3%	—	53.3%	34.7%	248.3%	—	27.8%	20.2%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

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.

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.

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Figures from Elbit Systems LTD's SEC filings (10-K and 10-Q). How we read and check them: methodology and data sources. Not investment advice. Back to Elbit Systems LTD.