Elbit Systems vs Howmet Aerospace
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The short version
- Howmet Aerospace is the larger business, with $8.3B of revenue in fiscal 2025 against $7.9B for Elbit Systems.
- Elbit Systems grew revenue faster (16.3%, against 11.1%).
- Howmet Aerospace kept more of each dollar of sales as operating profit (24.8% operating margin, against 8.5%).
- Howmet Aerospace turned more of its sales into free cash flow (17.3% FCF margin, against 7.0%).
- Howmet Aerospace earned a higher return on the capital invested in it (22.4%, against 18.0%).
| Latest fiscal year | ESLT · FY25 | HWM · FY25 |
|---|---|---|
| Size | ||
| Market cap | $34.5B | $74.7B |
| Revenue | $7.9B | $8.3B |
| Free cash flow | $553M | $1.4B |
| Net income | $534M | $1.5B |
| Growth | ||
| Revenue growth | 16.3% | 11.1% |
| 5-year growth | 11.2% | 9.4% |
| Share count change | 4.9% | −1.0% |
| Profitability | ||
| Gross margin | 24.4% | — |
| Operating margin | 8.5% | 24.8% |
| Net margin | 6.7% | 18.3% |
| FCF margin | 7.0% | 17.3% |
| Return on capital | 18.0% | 22.4% |
| Return on equity | 14.4% | 30.4% |
| Balance sheet | ||
| Net debt | −$534M | $2.3B |
| Net debt / EBITDA | −0.6x | 1.0x |
| Dividends and buybacks | $112M | $881M |
| Valuation & quality | ||
| P/E | — | 40.1x |
| Piotroski F-score | 8 | 7 |
Revenue
FY16
ESLT $3.3B
HWM $12.4B
FY17
ESLT $3.4B
HWM $13.0B
FY18
ESLT $3.7B
HWM $6.8B
FY19
ESLT $4.5B
HWM $7.1B
FY20
ESLT $4.7B
HWM $5.3B
FY21
ESLT $5.3B
HWM $5.0B
FY22
ESLT $5.5B
HWM $5.7B
FY23
ESLT $6.0B
HWM $6.6B
FY24
ESLT $6.8B
HWM $7.4B
FY25
ESLT $7.9B
HWM $8.3B
ESLT
HWM
Operating margin
FY16
ESLT 9.4%
HWM 7.7%
FY17
ESLT 9.6%
HWM 3.7%
FY18
ESLT 8.0%
HWM 11.4%
FY19
ESLT 7.1%
HWM 8.2%
FY20
ESLT 7.0%
HWM 11.9%
FY21
ESLT 7.9%
HWM 15.0%
FY22
ESLT 6.7%
HWM 16.2%
FY23
ESLT 6.2%
HWM 18.1%
FY24
ESLT 7.2%
HWM 22.0%
FY25
ESLT 8.5%
HWM 24.8%
ESLT
HWM
Free cash flow
FY16
ESLT $83.8M
HWM −$1.0B
FY17
ESLT −$7.0M
HWM −$635M
FY18
ESLT $89.4M
HWM −$551M
FY19
ESLT −$191M
HWM −$180M
FY20
ESLT $147M
HWM −$258M
FY21
ESLT $228M
HWM $250M
FY22
ESLT $35.0M
HWM $540M
FY23
ESLT −$73.3M
HWM $682M
FY24
ESLT $320M
HWM $977M
FY25
ESLT $553M
HWM $1.4B
ESLT
HWM
Return on capital
FY16
ESLT 17.6%
HWM 2.9%
FY17
ESLT 16.4%
HWM 2.3%
FY18
ESLT 13.7%
HWM 5.7%
FY19
ESLT 12.8%
HWM 3.5%
FY20
ESLT 11.5%
HWM 7.2%
FY21
ESLT 10.9%
HWM 8.3%
FY22
ESLT 12.3%
HWM 10.2%
FY23
ESLT 11.7%
HWM 13.4%
FY24
ESLT 14.5%
HWM 18.9%
FY25
ESLT 18.0%
HWM 22.4%
ESLT
HWM
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.