Elbit Systems
Elbit Systems Ltd., together with its subsidiaries, develops and supplies defense and homeland security arenas products and services in Israel, North America, Europe, the Asia-Pacific, Latin America, and internationally. Based in Haifa.
Elbit Systems: net income sharply up (+38.1%), sales sharply up (+15.9%), operating income sharply up (+38.7%).
- Net income sharply upQtr. as of 30/06/2026
Net income: $174M, vs. $126M a year earlier, i.e. +38.1%.
- Sales sharply upQtr. as of 30/06/2026
Revenue: $2,287M, vs. $1,973M a year earlier, i.e. +15.9%.
- Operating income sharply upQtr. as of 30/06/2026
Operating income: $219M, vs. $158M a year earlier, i.e. +38.7%.
- Cash flow sharply upFY 2025
Operating cash flow: $778M, vs. $535M in 2024, i.e. +45.6%.
- Cash sharply upFY 2025
Cash: $635M, vs. $265M in 2024, i.e. +139.4%.
How the share reacted to the results
After its results, Elbit Systems shares fell 8.3%. Over the same period, the broad market (S&P 500) fell 0.3%, and companies in the same sector and country did +0.5% (median of 3 companies).
Results published on 11/08/2026 at 13:01 (Israel time), before the Wall Street open. Calculation: last close before the release (10/08/2026) compared with the first close after (11/08/2026). Source: Yahoo Finance. A share price moves for many reasons; the release is only one of them.
What the market pays, vs. the sector
P/E at fiscal year end, and today
Year-end price × shares / net income for the year; loss-making years are not shown
P/E calculated on net income (fiscal year ended 31/12/2025). Sector median: companies in the Industry, health, defense and automotive group tracked here. Prices: Yahoo Finance; market cap cross-checked with the Tel Aviv Stock Exchange for Israeli stocks. These ratios describe a price, not a value: none of them says whether the share is expensive or cheap.
Dividend per share, over 5 years
Total dividends per share paid each calendar year (5 year(s) out of 5 with a payment). Source: Yahoo Finance. The current year is not complete.
P/E ranking
Elbit Systems is 2e Out of 4: one of the highest P/Es in the group.
- 1
Teva Pharmaceutical Industries100.7 - 2Elbit Systems63.4
- 3
Next Vision30.5 - 4
ICL Group26.2
P/E = market cap / net income over the last 12 months: how many years of earnings the market pays today. From highest to lowest; group median: 47.0. A high or low P/E alone does not say whether a share is expensive.
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Every report from a TA-125 company, analyzed the same day: key figures and year-on-year change, analysis in brief, share price reaction. One daily summary during earnings season.
Join the TA-125 groupDetailed figures and history
Business and results
Revenue
in $M
Net income
In $M, losses in red
Margins
Net debt
Financial debt − cash, in $M
Summary financial statements
Swipe the table to see previous years
| 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|
| Revenue | 5,279 | 5,512 | 5,975 | 6,828 | 7,939 |
| Growth | — | +4.4% | +8.4% | +14.3% | +16.3% |
| Gross margin | 25.7% | 24.9% | 24.8% | 24.0% | 24.4% |
| Operating income | 419 | 367 | 369 | 489 | 671 |
| Operating margin | 7.9% | 6.7% | 6.2% | 7.2% | 8.5% |
| Net income | 274 | 275 | 215 | 321 | 534 |
| Net margin | 5.2% | 5.0% | 3.6% | 4.7% | 6.7% |
| Diluted EPS | 6.2 | 6.2 | 4.8 | 7.2 | 11.4 |
| EBITDA | 572 | 529 | 534 | 647 | 843 |
| Operating cash flow | 417 | 240 | 114 | 535 | 778 |
| Investments | 189 | 205 | 187 | 215 | 226 |
| Free cash flow | 228 | 35 | −73 | 320 | 553 |
| Cash | 259 | 211 | 197 | 265 | 635 |
| Financial debt | 363 | 276 | 117 | 102 | 101 |
| Net debt | 104 | 65 | −81 | −163 | −534 |
| Net debt / EBITDA | 0,2 x | 0,1 x | n.s. | n.s. | n.s. |
| Interest coverage | 9,9 x | 6,8 x | 2,6 x | 3,1 x | 4,6 x |
| Equity | 2,532 | 2,755 | 2,948 | 3,278 | 4,130 |
| Return on equity | 10.8% | 10.0% | 7.3% | 9.8% | 12.9% |
In $M unless stated. EBITDA = operating income + depreciation and amortization. Net debt = financial debt − cash. Free cash flow = operating cash flow − capital expenditure. n.m. = not meaningful.
Quality of the accounts: three cross-check models
Quality of the accounts, seen through three models
Three well-known academic models, calculated only from the published accounts (last fiscal year compared with the previous one). These are signals to cross-check, not verdicts: they say neither whether the company is reliable, nor whether the share is a good investment.
Financial strength · Piotroski
Nine simple tests on profitability, debt, liquidity and efficiency.
- ✓ Positive net income
- ✓ Positive operating cash flow
- ✓ Return on assets up
- ✓ Operating cash flow above net income
- ✓ Long-term debt stable or down (relative to assets)
- ✓ Current ratio up
- ✕ No significant share issuance (increase of less than 1%)
- ✓ Gross margin up
- ✓ Asset turnover up
Earnings manipulation · Beneish
Eight ratios that flag account profiles often associated with "embellished" results. Usual threshold: −1.78. Here, the score is below this threshold.
Distress risk · Altman Z″
Version without market data. Below 1.1: warning sign; above 2.6: healthy zone. The model penalizes an accumulated deficit or large share buybacks, which reduce equity.
Methods: Piotroski (2000), Beneish (1999, 8 variables), Altman Z″ (1995). Calculations redone from SEC XBRL data.
Company overview
Elbit Systems Ltd., together with its subsidiaries, develops and supplies defense and homeland security arenas products and services in Israel, North America, Europe, the Asia-Pacific, Latin America, and internationally. The company operates through five segments: Aerospace; C4I and Cyber; Intelligence, Surveillance, Target Acquisition and Reconnaissance and Electronic Warfare; Land; and Elbit Systems of America. It offers airborne platforms, unmanned aerial solutions, precision guided munition sensors, aerostructures, training and simulator systems, flight academy solutions, and commercial aviation systems; and command, control, communications, computer, intelligence, surveillance and reconnaissance systems, as well as data links and radio communication systems and equipment, cyber intelligence solutions, and autonomous and homeland security solutions. The company also provides various electro-optic laser solutions and countermeasure systems and products, naval combat management and sonar systems, and electronic warfare, signal Intelligence, and radar systems; indirect fire, turrets and weapons, ammunition and munition, and active protection systems; and products, system solutions, and support services to defense, homeland security, law enforcement, commercial aviation, and medical instrumentation markets. It serves various governments and companies.
Source: official company profile (Yahoo Finance), summary. Website: www.elbitsystems.com