Elbit Systems
ESLT Nasdaq Aerospace & Defense Financials FY2016–FY2025
Elbit Systems' revenue rose 16.3% to $7.9 billion in fiscal 2025. Its operating margin was 8.5%, up from 7.2% a year earlier. Free cash flow was $553 million, up 73.0%. It paid out $112 million in dividends and buybacks, 20% of free cash flow. The diluted share count rose 4.9%.
Last close · Oct 23, 2026
$735.34
1.1%
Revenue
Total sales reported in the income statement.
$7.9B
16.3%
vs prior year
Operating margin
Operating income as a share of revenue.
8.5%
1.3 pts
Net income
Profit after all expenses, interest and tax.
$534M
66.4%
Free cash flow
Cash from operations minus capital spending.
$553M
73.0%
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
18.0%
3.5 pts
Market cap
Last close times the latest diluted share count, so it is approximate.
$34.5B
Oct 23 close
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
About these figures. Elbit Systems is a foreign company: it files an annual report on Form 20-F, prepared under US accounting standards (US GAAP), instead of a 10-K, and no quarterly reports, so this page has fiscal years only. Its shares trade in the US as American depositary shares (ADSs), and one ADS can stand for several ordinary shares, so per-share figures are per ordinary share and the page has no market value, P/E or valuation model.
What Elbit Systems does
No business description yet.
- Legal name
- ELBIT SYSTEMS LTD
- Fiscal year ends
- December 31, 2025
- Latest annual report
- —
- Accession · CIK
- 0001027664-26-000005
0001027664
Revenue and margins
Elbit Systems had $7.9B of revenue in fiscal 2025, up 16.3% on the year before.
FY16
Revenue $3.3B
FY17
Revenue $3.4B
FY18
Revenue $3.7B
FY19
Revenue $4.5B
FY20
Revenue $4.7B
FY21
Revenue $5.3B
FY22
Revenue $5.5B
FY23
Revenue $6.0B
FY24
Revenue $6.8B
FY25
Revenue $7.9B
FY16
Gross 29.6%
Operating 9.4%
Net 7.3%
FCF 2.6%
FY17
Gross 29.7%
Operating 9.6%
Net 7.1%
FCF −0.2%
FY18
Gross 26.5%
Operating 8.0%
Net 5.6%
FCF 2.4%
FY19
Gross 25.2%
Operating 7.1%
Net 5.1%
FCF −4.2%
FY20
Gross 25.0%
Operating 7.0%
Net 5.1%
FCF 3.1%
FY21
Gross 25.7%
Operating 7.9%
Net 5.2%
FCF 4.3%
FY22
Gross 24.9%
Operating 6.7%
Net 5.0%
FCF 0.6%
FY23
Gross 24.8%
Operating 6.2%
Net 3.6%
FCF −1.2%
FY24
Gross 24.1%
Operating 7.2%
Net 4.7%
FCF 4.7%
FY25
Gross 24.4%
Operating 8.5%
Net 6.7%
FCF 7.0%
Gross
Operating
Net
FCF
Net income and earnings per share
From fiscal 2016 to 2025, diluted EPS grew 8.3% a year. Loss periods are shown in red.
FY16
Net income $237M
FY17
Net income $239M
FY18
Net income $207M
FY19
Net income $228M
FY20
Net income $238M
FY21
Net income $274M
FY22
Net income $275M
FY23
Net income $215M
FY24
Net income $321M
FY25
Net income $534M
FY16
Diluted EPS $5.54
FY17
Diluted EPS $5.59
FY18
Diluted EPS $4.83
FY19
Diluted EPS $5.20
FY20
Diluted EPS $5.38
FY21
Diluted EPS $6.20
FY22
Diluted EPS $6.18
FY23
Diluted EPS $4.82
FY24
Diluted EPS $7.18
FY25
Diluted EPS $11.39
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY16
Return on capital 17.6%
Return on equity 16.1%
Return on assets 5.6%
FY17
Return on capital 16.4%
Return on equity 14.6%
Return on assets 5.3%
FY18
Return on capital 13.7%
Return on equity 11.7%
Return on assets 3.7%
FY19
Return on capital 12.8%
Return on equity 11.5%
Return on assets 3.3%
FY20
Return on capital 11.5%
Return on equity 10.9%
Return on assets 3.1%
FY21
Return on capital 10.9%
Return on equity 11.6%
Return on assets 3.2%
FY22
Return on capital 12.3%
Return on equity 10.4%
Return on assets 3.0%
FY23
Return on capital 11.7%
Return on equity 7.5%
Return on assets 2.3%
FY24
Return on capital 14.5%
Return on equity 10.3%
Return on assets 3.1%
FY25
Return on capital 18.0%
Return on equity 14.4%
Return on assets 4.5%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was $553M in fiscal 2025, 7.0% of revenue. Cash from operations minus capital spending.
FY16
Free cash flow $83.8M
FY17
Free cash flow −$7.0M
FY18
Free cash flow $89.4M
FY19
Free cash flow −$191M
FY20
Free cash flow $147M
FY21
Free cash flow $228M
FY22
Free cash flow $35.0M
FY23
Free cash flow −$73.3M
FY24
Free cash flow $320M
FY25
Free cash flow $553M
FY16
Cash from operations $208M
Capital spending $124M
FY17
Cash from operations $101M
Capital spending $108M
FY18
Cash from operations $192M
Capital spending $102M
FY19
Cash from operations −$53.3M
Capital spending $138M
FY20
Cash from operations $279M
Capital spending $132M
FY21
Cash from operations $417M
Capital spending $189M
FY22
Cash from operations $240M
Capital spending $205M
FY23
Cash from operations $114M
Capital spending $187M
FY24
Cash from operations $535M
Capital spending $215M
FY25
Cash from operations $778M
Capital spending $226M
Cash from operations
Capital spending
Dividends, buybacks and share count
Elbit Systems returned $112M to shareholders in fiscal 2025, 20% of free cash flow. The diluted share count rose 4.9%.
FY16
Dividends $68.4M
Buybacks $0.0M
FY17
Dividends $75.3M
Buybacks $0.0M
FY18
Dividends $75.3M
Buybacks $0.0M
FY19
Dividends $62.6M
Buybacks $0.0M
FY20
Dividends $78.2M
Buybacks $0.0M
FY21
Dividends $79.2M
Buybacks $0.0M
FY22
Dividends $86.8M
Buybacks $0.0M
FY23
Dividends $89.2M
Buybacks $0.0M
FY24
Dividends $89.0M
Buybacks $0.0M
FY25
Dividends $112M
Buybacks $0.0M
Dividends
Buybacks
FY16
Diluted shares 0.04B
FY17
Diluted shares 0.04B
FY18
Diluted shares 0.04B
FY19
Diluted shares 0.04B
FY20
Diluted shares 0.04B
FY21
Diluted shares 0.04B
FY22
Diluted shares 0.04B
FY23
Diluted shares 0.04B
FY24
Diluted shares 0.04B
FY25
Diluted shares 0.05B
Balance sheet
Cash, debt and the ratios that show how comfortably Elbit Systems can carry it.
FY16
Cash $223M
Debt $166M
FY17
Cash $156M
Debt $120M
FY18
Cash $209M
Debt $471M
FY19
Cash $221M
Debt $578M
FY20
Cash $279M
Debt $427M
FY21
Cash $259M
Debt $363M
FY22
Cash $211M
Debt $276M
FY23
Cash $197M
Debt $117M
FY24
Cash $265M
Debt $102M
FY25
Cash $635M
Debt $102M
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $259M | $211M | $197M | $265M | $635M |
| Debt incl. finance leases | $363M | $276M | $117M | $102M | $102M |
| Net debt / EBITDA | 0.2x | 0.1x | −0.2x | −0.3x | −0.6x |
| Debt / equity | 0.1x | 0.1x | 0.0x | 0.0x | 0.0x |
| Interest coverage | 9.9x | 6.8x | 2.6x | 3.1x | 4.6x |
| Current ratio | 1.2x | 1.2x | 1.1x | 1.2x | 1.3x |
| Quick ratio | 0.8x | 0.7x | 0.7x | 0.7x | 0.8x |
| Total assets | $9.3B | $9.2B | $9.7B | $11.0B | $12.7B |
| Total liabilities | $6.8B | $6.5B | $6.8B | $7.7B | $8.5B |
| Shareholders' equity | $2.5B | $2.8B | $2.9B | $3.3B | $4.1B |
| Net debt (− = net cash) | $104M | $64.6M | −$80.9M | −$163M | −$534M |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | ✕ | ✓ | ✓ |
| Cash from operations exceeds net income | ✕ | ✓ | ✓ |
| Debt fell relative to assets | ✓ | ✓ | ✓ |
| Current ratio rose | ✕ | ✓ | ✓ |
| Share count didn't rise | ✕ | ✕ | ✕ |
| Gross margin rose | ✕ | ✕ | ✓ |
| Revenue rose relative to assets | ✓ | ✓ | ✓ |
| F-score | 4 / 9 | 7 / 9 | 8 / 9 |
| Accruals ratio | 1.1% | −2.1% | −2.1% |
| Altman Z'' | 2.01 | 2.19 | 2.59 |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
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|---|---|---|---|---|---|---|---|---|
| Elbit Systems ESLT | $34.5B | 16.3% | 8.5% | 7.0% | 18.0% | — | 8 | |
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10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $3.3B | $3.4B | $3.7B | $4.5B | $4.7B | $5.3B | $5.5B | $6.0B | $6.8B | $7.9B |
| Gross profit | $965M | $1.0B | $976M | $1.1B | $1.2B | $1.4B | $1.4B | $1.5B | $1.6B | $1.9B |
| Research and development | $292M | $301M | $318M | $369M | $428M | $448M | $502M | $503M | $544M | $600M |
| Operating income | $305M | $324M | $293M | $322M | $326M | $419M | $368M | $369M | $489M | $671M |
| Interest expense | $25.2M | $36.1M | $46.5M | $73.0M | $74.4M | $42.3M | $54.4M | $144M | $158M | $146M |
| Pretax income | $279M | $285M | $237M | $246M | $262M | $384M | $293M | $227M | $342M | $562M |
| Income tax | $45.6M | $55.6M | $26.4M | $19.4M | $36.4M | $131M | $24.1M | $22.9M | $39.1M | $55.5M |
| Net income | $237M | $239M | $207M | $228M | $238M | $274M | $275M | $215M | $321M | $534M |
| Diluted EPS | $5.54 | $5.59 | $4.83 | $5.20 | $5.38 | $6.20 | $6.18 | $4.82 | $7.18 | $11.39 |
| Diluted shares | 0.04B | 0.04B | 0.04B | 0.04B | 0.04B | 0.04B | 0.04B | 0.04B | 0.04B | 0.05B |
| Cash flow | ||||||||||
| Cash from operations | $208M | $101M | $192M | −$53.3M | $279M | $417M | $240M | $114M | $535M | $778M |
| Capital expenditure | $124M | $108M | $102M | $138M | $132M | $189M | $205M | $187M | $215M | $226M |
| Free cash flow | $83.8M | −$7.0M | $89.4M | −$191M | $147M | $228M | $35.0M | −$73.3M | $320M | $553M |
| Depreciation and amortization | $123M | $114M | $118M | $137M | $144M | $153M | $161M | $165M | $158M | $171M |
| Stock-based compensation | $0.1M | $0.0M | $1.4M | $4.0M | $4.1M | $5.3M | $10.5M | $12.1M | $15.8M | $26.4M |
| Acquisitions | $0.0M | $25.4M | $504M | $357M | $0.2M | $385M | $12.4M | $10.4M | $0.0M | $0.0M |
| Share buybacks | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Dividends paid | $68.4M | $75.3M | $75.3M | $62.6M | $78.2M | $79.2M | $86.8M | $89.2M | $89.0M | $112M |
| Dividends and buybacks | $68.5M | $75.3M | $75.3M | $62.6M | $78.2M | $79.2M | $86.8M | $89.3M | $89.0M | $112M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $223M | $156M | $209M | $221M | $279M | $259M | $211M | $197M | $265M | $635M |
| Total debt | $166M | $120M | $471M | $578M | $427M | $363M | $276M | $117M | $102M | $102M |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Current assets | $2.4B | $2.6B | $3.3B | $3.7B | $4.3B | $5.0B | $5.0B | $5.5B | $6.4B | $7.7B |
| Current liabilities | $1.9B | $2.1B | $2.9B | $3.2B | $3.6B | $4.0B | $4.3B | $4.8B | $5.3B | $6.0B |
| Inventory | $840M | $903M | $1.1B | $1.2B | $1.3B | $1.7B | $1.9B | $2.3B | $2.8B | $3.1B |
| Property and equipment, net | $474M | $496M | $687M | $767M | $787M | $903M | $949M | $1.1B | $1.3B | $1.4B |
| Total assets | $4.4B | $4.7B | $6.5B | $7.3B | $8.1B | $9.3B | $9.2B | $9.7B | $11.0B | $12.7B |
| Total liabilities | $2.8B | $3.0B | $4.6B | $5.2B | $5.8B | $6.8B | $6.5B | $6.8B | $7.7B | $8.5B |
| Shareholders' equity | $1.6B | $1.7B | $1.8B | $2.1B | $2.2B | $2.5B | $2.8B | $2.9B | $3.3B | $4.1B |
| Margins | ||||||||||
| Gross margin | 29.6% | 29.7% | 26.5% | 25.2% | 25.0% | 25.7% | 24.9% | 24.8% | 24.1% | 24.4% |
| Operating margin | 9.4% | 9.6% | 8.0% | 7.1% | 7.0% | 7.9% | 6.7% | 6.2% | 7.2% | 8.5% |
| EBITDA margin | 13.1% | 13.0% | 11.2% | 10.2% | 10.1% | 10.8% | 9.6% | 8.9% | 9.5% | 10.6% |
| Net margin | 7.3% | 7.1% | 5.6% | 5.1% | 5.1% | 5.2% | 5.0% | 3.6% | 4.7% | 6.7% |
| FCF margin | 2.6% | −0.2% | 2.4% | −4.2% | 3.1% | 4.3% | 0.6% | −1.2% | 4.7% | 7.0% |
| Returns | ||||||||||
| Return on capital | 17.6% | 16.4% | 13.7% | 12.8% | 11.5% | 10.9% | 12.3% | 11.7% | 14.5% | 18.0% |
| Return on capital employed | 12.4% | 12.8% | 9.5% | 8.4% | 7.6% | 8.6% | 7.2% | 7.5% | 9.3% | 10.9% |
| Return on equity | 16.1% | 14.6% | 11.7% | 11.5% | 10.9% | 11.6% | 10.4% | 7.5% | 10.3% | 14.4% |
| Return on assets | 5.6% | 5.3% | 3.7% | 3.3% | 3.1% | 3.2% | 3.0% | 2.3% | 3.1% | 4.5% |
| Growth | ||||||||||
| Revenue growth | 4.9% | 3.6% | 9.1% | 22.4% | 3.4% | 13.2% | 4.4% | 8.4% | 14.3% | 16.3% |
| Net income growth | 17.0% | 0.9% | −13.5% | 10.2% | 4.3% | 15.4% | 0.4% | −21.9% | 49.3% | 66.4% |
| EPS growth | 16.9% | 0.9% | −13.6% | 7.7% | 3.5% | 15.2% | −0.3% | −22.0% | 49.0% | 58.6% |
| FCF growth | −75.0% | −108.3% | — | −313.7% | — | 55.7% | −84.7% | −309.8% | — | 73.0% |
| Share count change | 0.0% | 0.1% | 0.0% | 2.5% | 0.8% | 0.1% | 0.7% | 0.0% | 0.3% | 4.9% |
| Financial health | ||||||||||
| Net debt / EBITDA | −0.1x | −0.1x | 0.6x | 0.8x | 0.3x | 0.2x | 0.1x | −0.2x | −0.3x | −0.6x |
| Debt / equity | 0.1x | 0.1x | 0.3x | 0.3x | 0.2x | 0.1x | 0.1x | 0.0x | 0.0x | 0.0x |
| Interest coverage | 12.1x | 9.0x | 6.3x | 4.4x | 4.4x | 9.9x | 6.8x | 2.6x | 3.1x | 4.6x |
| Current ratio | 1.3x | 1.3x | 1.1x | 1.2x | 1.2x | 1.2x | 1.2x | 1.1x | 1.2x | 1.3x |
| Quick ratio | 0.8x | 0.8x | 0.7x | 0.8x | 0.8x | 0.8x | 0.7x | 0.7x | 0.7x | 0.8x |
| Capital allocation | ||||||||||
| Capex / revenue | 3.8% | 3.2% | 2.8% | 3.1% | 2.8% | 3.6% | 3.7% | 3.1% | 3.2% | 2.8% |
| Stock comp / revenue | 0.0% | 0.0% | 0.0% | 0.1% | 0.1% | 0.1% | 0.2% | 0.2% | 0.2% | 0.3% |
| Payouts / FCF | 81.7% | — | 84.3% | — | 53.3% | 34.7% | 248.3% | — | 27.8% | 20.2% |
| Quality scores | ||||||||||
| Piotroski F-score | 6.0 | 4.0 | 4.0 | 3.0 | 5.0 | 8.0 | 3.0 | 4.0 | 7.0 | 8.0 |
| Altman Z'' | 2.9 | 2.9 | 2.0 | 2.0 | 2.0 | 2.1 | 2.1 | 2.0 | 2.2 | 2.6 |
| Accruals ratio | 0.7% | 3.1% | 0.3% | 4.1% | −0.5% | −1.6% | 0.4% | 1.1% | −2.1% | −2.1% |
Source: SEC EDGAR XBRL filings (CIK 0001027664). Data updated October 23, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.