ESLTNasdaqAircraft Parts & Auxiliary Equipment, NECFiscal year ends December 31
ELBIT SYSTEMS LTD
Financials through fiscal 2025, year ended Dec 31, 2025Last filing: 20-F on Mar 17, 2026
$759.47+4.04 (+0.53%)
Close on Oct 19, 2026
- Market cap
- –
- P/E (TTM)
- 66.7
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
24.4%−0.6 pts over 5 years
Operating margin
8.5%+1.5 pts over 5 years
Net margin
6.7%+1.6 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +16.3% | +12.9% | +11.2% | +9.8% | |
| Gross profit | +17.9% | +12.1% | +10.7% | +8.0% | |
| Operating income | +37.3% | +22.3% | +15.6% | +9.6% | |
| Net income | +66.4% | +24.7% | +17.6% | +10.2% | |
| EPS, diluted | +58.6% | +22.6% | +16.2% | +9.2% | |
| Free cash flow | +73.0% | +151.0% | +30.4% | +5.1% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 16.1% | 10.9% | 14.4% | |
| Return on assets | 5.6% | 3.1% | 4.5% | |
| Current ratio | 1.26 | 1.18 | 1.29 | |
| Debt to equity | 0.15 | 0.19 | 0.02 | |
| Net debt to EBITDA | 0.02× | 0.31× | -0.63× | |
| Interest coverage | 12.1× | 4.4× | 4.6× | |
| Inventory turnover | 2.7× | 2.8× | 2.0× | |
| Capex to revenue | 3.8% | 2.8% | 2.8% | |
| Diluted shares | 43M | 44M | 47M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Elbit Systems generated $2.08B from operations and spent $1.48B on capital expenditure, dividends and share buybacks. 69% of that went back into the business.
Generated
$2.08B
Used
$1.48B
Capital expenditure$1.02B69%Dividends$455.89M31%Share buybacks$00%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin6.7%
×Asset turnover0.67×
×Equity multiplier3.19×
=Return on equity, FY202514.4%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 6.7% | 0.67× | 3.19× | 14.4% |
| FY2024 | 4.7% | 0.66× | 3.33× | 10.3% |
| FY2023 | 3.6% | 0.63× | 3.32× | 7.5% |
| FY2022 | 5.0% | 0.59× | 3.51× | 10.4% |
| FY2021 | 5.2% | 0.61× | 3.66× | 11.6% |
| FY2020 | 5.1% | 0.61× | 3.53× | 10.9% |
| FY2019 | 5.1% | 0.65× | 3.47× | 11.5% |
| FY2018 | 5.6% | 0.66× | 3.15× | 11.7% |
| FY2017 | 7.1% | 0.75× | 2.77× | 14.6% |
| FY2016 | 7.3% | 0.77× | 2.87× | 16.1% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
8of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero$534.34M
- Cash generatingOperating cash flow above zero$778.38M
- Return on assets improvedROA up on the prior year3.3% → 4.9%
- Earnings backed by cashOperating cash flow above net income$778.38M vs $534.34M
- Less leverageLong-term debt to assets fell0.2% → 0.1%
- Better liquidityCurrent ratio rose1.20 → 1.29
- No dilutionShare count did not rise45M → 47M
- Gross margin improvedGross margin up on the prior year24.05% → 24.38%
- More efficientAsset turnover rose0.70 → 0.72