Elbit Systems vs StandardAero
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The short version
- Elbit Systems is the larger business, with $7.9B of revenue in fiscal 2025 against $6.1B for StandardAero.
- Elbit Systems grew revenue faster (16.3%, against 15.8%).
- StandardAero kept more of each dollar of sales as operating profit (9.1% operating margin, against 8.5%).
- Elbit Systems turned more of its sales into free cash flow (7.0% FCF margin, against 3.9%).
- Elbit Systems earned a higher return on the capital invested in it (18.0%, against 8.9%).
| Latest fiscal year | ESLT · FY25 | SARO · FY25 |
|---|---|---|
| Size | ||
| Market cap | $34.5B | $7.2B |
| Revenue | $7.9B | $6.1B |
| Free cash flow | $553M | $234M |
| Net income | $534M | $277M |
| Growth | ||
| Revenue growth | 16.3% | 15.8% |
| 5-year growth | 11.2% | — |
| Share count change | 4.9% | 15.4% |
| Profitability | ||
| Gross margin | 24.4% | 14.8% |
| Operating margin | 8.5% | 9.1% |
| Net margin | 6.7% | 4.6% |
| FCF margin | 7.0% | 3.9% |
| Return on capital | 18.0% | 8.9% |
| Return on equity | 14.4% | 11.0% |
| Balance sheet | ||
| Net debt | −$534M | $1.9B |
| Net debt / EBITDA | −0.6x | 2.6x |
| Dividends and buybacks | $112M | $0.0M |
| Valuation & quality | ||
| P/E | — | 22.5x |
| Piotroski F-score | 8 | 8 |
Revenue
FY16
ESLT $3.3B
SARO —
FY17
ESLT $3.4B
SARO —
FY18
ESLT $3.7B
SARO —
FY19
ESLT $4.5B
SARO —
FY20
ESLT $4.7B
SARO —
FY21
ESLT $5.3B
SARO —
FY22
ESLT $5.5B
SARO $4.2B
FY23
ESLT $6.0B
SARO $4.6B
FY24
ESLT $6.8B
SARO $5.2B
FY25
ESLT $7.9B
SARO $6.1B
ESLT
SARO
Operating margin
FY16
ESLT 9.4%
SARO —
FY17
ESLT 9.6%
SARO —
FY18
ESLT 8.0%
SARO —
FY19
ESLT 7.1%
SARO —
FY20
ESLT 7.0%
SARO —
FY21
ESLT 7.9%
SARO —
FY22
ESLT 6.7%
SARO 6.3%
FY23
ESLT 6.2%
SARO 7.4%
FY24
ESLT 7.2%
SARO 7.7%
FY25
ESLT 8.5%
SARO 9.1%
ESLT
SARO
Free cash flow
FY16
ESLT $83.8M
SARO —
FY17
ESLT −$7.0M
SARO —
FY18
ESLT $89.4M
SARO —
FY19
ESLT −$191M
SARO —
FY20
ESLT $147M
SARO —
FY21
ESLT $228M
SARO —
FY22
ESLT $35.0M
SARO −$14.0M
FY23
ESLT −$73.3M
SARO $12.8M
FY24
ESLT $320M
SARO −$26.6M
FY25
ESLT $553M
SARO $234M
ESLT
SARO
Return on capital
FY16
ESLT 17.6%
SARO —
FY17
ESLT 16.4%
SARO —
FY18
ESLT 13.7%
SARO —
FY19
ESLT 12.8%
SARO —
FY20
ESLT 11.5%
SARO —
FY21
ESLT 10.9%
SARO —
FY22
ESLT 12.3%
SARO —
FY23
ESLT 11.7%
SARO —
FY24
ESLT 14.5%
SARO 4.6%
FY25
ESLT 18.0%
SARO 8.9%
ESLT
SARO
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.