Elbit Systems
ESLT on Nasdaq. Aircraft parts & auxiliary equipment, nec. Market value $32.4bn.
This company reports once a year (it is based outside the US), so every figure comes from its annual report for the year to December 2025.
Should I look at this?
Good business, but not cheap right now
Why it could be worth it
What to watch out for
See cheaper Industrials stocks on the list
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $1.72 of spare cash last year. A savings account pays about $4.
You pay 47.0 years of operating profit for the business. The average large US company costs around 18.
Each dollar kept in the business earns 12 cents a year. Above 10 is good.
Quality score: 81 of 100. Price score: 18 of 100. Our list needs 70 on quality and 60 on price.
$691.10 a share, 53% above its 1-year low
Over the past year the price has ranged from $453.00 to $1,016.06.
Dividend: 0.3% a year
Paid every year for at least 5 years
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $5.3bn | $5.5bn | $6.0bn | $6.8bn | $7.9bn |
| Operating margin | |||||
| Operating margin | 7.9% | 6.7% | 6.2% | 7.2% | 8.5% |
| Debt to equity | |||||
| Debt to equity | 0.17 | 0.12 | 0.04 | 0.03 | 0.02 |
| Shares outstanding | |||||
| Shares outstanding | 0.04bn | 0.04bn | 0.04bn | 0.04bn | 0.05bn |
Health checks
- Free cash flow positive4 of 5 years
- Accounting looks honest (Beneish)Nothing unusual
- Financial strength (Piotroski)8 of 9
- Profit backed by cash (accruals)Yes
- Debt0.02× equity
- Revenue growth, five yearsStrong, 11.2% a year
- Buying back its own sharesRoughly flat
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 17 March 2026
- Next quarterly (estimated, 10-Q)
- n/a
Who owns it
2 long-term investors we follow own it, unchanged from 2 last quarter. 387 funds in all.
- Gotham Asset ManagementJoel Greenblatt
- Value
- $302,729
- Share of fund
- <0.1%
- First Manhattan Co.First Manhattan partners
- Value
- $249,933
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Gotham Asset ManagementJoel Greenblatt | $302,729 | <0.1% | |
| First Manhattan Co.First Manhattan partners | $249,933 | <0.1% |
Largest holders overall
- Clal Insurance Enterprises Holdings$1.2bn
- Vanguard Capital Management$577mAdded
- VAN ECK Associates$416mCut
- Y.D. More Investments$367mCut
- Altshuler Shaham$367mAdded
- Invesco$321mAdded
- Phoenix Financial$297mAdded
- Mirae Asset Global Etfs Holdings$243mCut
- Harel Insurance Investments & Financial Services$209m
- Vanguard Fiduciary Trust$185mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
1 investor owns more than 5%.
- Michael Federmannat least 42.4%(filed with 5 related holders)Since 8 July 2025
What they said
There has been no acquisition of Ordinary Shares of the Issuer by the Reporting Persons. This Amendment No. 8 to the Schedule 13D is being filed to reflect the ownership and control of the Reporting Persons as of the date hereof, following the release of the pledged shares, as…
Read the filing
| Holder | Stake | Since | |
|---|---|---|---|
Michael Federmann | at least 42.4% (filed with 5 related holders) | 8 July 2025 | What they saidThere has been no acquisition of Ordinary Shares of the Issuer by the Reporting Persons. This Amendment No. 8 to the Schedule 13D is being filed to reflect the ownership and control of the Reporting Persons as of the date hereof, following the release of the pledged shares, as… Read the filing |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 7 sold $62m.
- Shmuely YoramExecutive Vice PresidentSold
- Date
- 9 April 2026
- Shares
- 7,654
- Price
- $887.40
- Value
- $7m
- Vered YehudaExecutive Vice PresidentSold
- Date
- 9 April 2026
- Shares
- 5,953
- Price
- $887.40
- Value
- $5m
- Sabag Oren YaacovExecutive Vice PresidentSold
- Date
- 9 April 2026
- Shares
- 8,504
- Price
- $887.40
- Value
- $8m
- Ariel JonathanExecutive Vice PresidentSold
- Date
- 9 April 2026
- Shares
- 7,654
- Price
- $887.40
- Value
- $7m
- Machlis BezhalelPresident and CEOSold
- Date
- 9 April 2026
- Shares
- 25,514
- Price
- $887.40
- Value
- $23m
- Kril RanExecutive Vice PresidentSold
- Date
- 9 April 2026
- Shares
- 6,803
- Price
- $887.40
- Value
- $6m
- Delmar Haim DanielExecutive Vice PresidentSold
- Date
- 9 April 2026
- Shares
- 7,654
- Price
- $887.40
- Value
- $7m
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 9 April 2026 | Shmuely Yoram Executive Vice President | Sold | 7,654 | $887.40 | $7m |
| 9 April 2026 | Vered Yehuda Executive Vice President | Sold | 5,953 | $887.40 | $5m |
| 9 April 2026 | Sabag Oren Yaacov Executive Vice President | Sold | 8,504 | $887.40 | $8m |
| 9 April 2026 | Ariel Jonathan Executive Vice President | Sold | 7,654 | $887.40 | $7m |
| 9 April 2026 | Machlis Bezhalel President and CEO | Sold | 25,514 | $887.40 | $23m |
| 9 April 2026 | Kril Ran Executive Vice President | Sold | 6,803 | $887.40 | $6m |
| 9 April 2026 | Delmar Haim Daniel Executive Vice President | Sold | 7,654 | $887.40 | $7m |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
Elbit Systems doesn’t file a US annual report (10-K), so we haven’t checked it.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
- It isn't cheap on profits: 47.0× operating profit.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.