Eltek Ltd. announces CEO Eli Yaffe's retirement and names Ron Freund as replacement CEO. CEO transition at Eltek Ltd. may moderately shift strategy and investor views.
| Nov 25 | Feb 26 | May 26 | Aug 26 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Buy | — | — | — | — | — | — | — | — | — | — | — | — |
| Sell | — | — | — | — | — | — | — | — | — | — | — | — |
| total | individual payouts | |
|---|---|---|
| 2023 | 0.22 |
—
|
| 2022 | 0.17 |
—
|
| 2020 | ‡‡‡ |
|
| 2019 | ‡‡‡ |
|
| 2018 | ‡‡‡ |
|
| 2017 | ‡‡‡ |
|
| 2023 | 2024 | 2025 | Q'26 | |
|---|---|---|---|---|
| Cash | 12.14 | 17.24 | 12.12 | 11.51 |
| Receivables | 11.83 | 12.39 | 15.40 | 12.63 |
| Inventory | 6.14 | 9.49 | 11.15 | 10.30 |
| Other | — | — | — | — |
| 30.11 | 39.11 | 38.67 | 34.43 |
| 2023 | 2024 | 2025 | Q'26 | |
|---|---|---|---|---|
| Payables | 7.50 | 7.37 | 6.05 | 8.54 |
| ST’ Debt | — | — | — | — |
| Other | — | — | — | — |
| 13.98 | 13.33 | 13.71 | 16.00 |
| 10y | 5y | 3y | |
| Sales | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Cash Flow | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Earnings | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Book Value | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | 10.44 | 11.53 | — | — |
—
|
| ’25 | 12.76 | 12.53 | 13.27 | 13.24 |
51.79
|
| ’24 | 11.78 | 10.47 | 13.52 | 10.76 |
46.53
|
| ’23 | 11.47 | 11.04 | 11.86 | 12.32 |
46.70
|
| ’22 | 9.76 | 9.09 | 10.33 | 10.48 |
39.65
|
| ’21 | 7.21 | 9.13 | 7.97 | 9.52 |
33.82
|
| ’20 | 9.16 | 8.79 | 9.26 | 9.50 |
36.71
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | (0.38) | 0.67 | — | — |
—
|
| ’25 | 0.13 | (2.93) | 2.00 | 1.95 |
1.15
|
| ’24 | 1.30 | 1.58 | 1.65 | 0.01 |
4.54
|
| ’23 | 2.77 | 0.12 | 3.65 | 2.32 |
8.86
|
| ’22 | 0.34 | 0.51 | 1.72 | 1.26 |
3.83
|
| ’21 | 2.47 | 0.38 | 0.60 | 0.43 |
3.88
|
| ’20 | 1.48 | 1.40 | 0.87 | (0.50) |
3.25
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | (1.12) | (0.26) | — | — |
—
|
| ’25 | (1.01) | (4.68) | 0.62 | 0.87 |
(4.20)
|
| ’24 | (1.43) | (8.17) | (0.32) | (1.58) |
(4.97)
|
| ’23 | 2.47 | (0.29) | 3.17 | 1.07 |
6.43
|
| ’22 | 0.05 | 0.19 | (0.12) | 0.68 |
0.80
|
| ’21 | 2.26 | 0.05 | (0.23) | 0.30 |
2.38
|
| ’20 | 1.28 | 1.15 | 0.53 | (0.78) |
2.17
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | (0.42) | (0.41) | — | — |
—
|
| ’25 | 0.15 | 0.05 | (0.03) | (0.05) |
0.12
|
| ’24 | 0.27 | 0.11 | 0.25 | 0.00 |
0.63
|
| ’23 | 0.27 | 0.22 | 0.36 | 0.22 |
1.07
|
| ’22 | 0.11 | 0.13 | 0.17 | 0.14 |
0.55
|
| ’21 | 0.04 | 0.14 | 0.00 | 0.65 |
0.86
|
| ’20 | 0.12 | 0.16 | 0.14 | 0.16 |
0.58
|
| 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ‡‡‡ | ‡‡‡‡ | ‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | 3.52 | 3.84 | 9.00 | 7.65 | — | — | — |
Low Price
|
| ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡ | ‡‡‡ | 4.69 | 16.23 | 22.80 | 12.19 | — | — | — |
High Price
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 294 | 333 | 329 | — | — | — | — |
Employees
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 0.13 | 0.14 | 0.14 | 0.00 | — | — | — |
Revenue/Emp
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 39.65 | 46.70 | 46.53 | 51.79 | ‡‡‡‡‡ | — | — |
Revenue
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 20.86% | 28.06% | 22.22% | 15.42% | — | — | — |
Gross Margin
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 3.86 | 7.72 | 5.10 | 1.07 | — | — | — |
EBT
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 9.73% | 16.53% | 10.95% | 2.07% | ‡‡‡ | — | — |
EBT Margin
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 3.19 | 6.35 | 4.22 | 0.83 | ‡‡‡‡‡ | — | — |
Net Income
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 1.54 | 1.32 | 1.55 | 2.10 | — | — | — |
Depreciation
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 6.78 | 7.91 | 7.02 | 7.71 | ‡‡‡‡‡ | — | — |
Revenue/Sh
|
| ‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | 0.55 | 1.08 | 0.64 | 0.12 | ‡‡‡‡ | — | — |
Earnings/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 0.65 | 1.50 | 0.69 | 0.17 | — | — | — |
Cash Flow/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (0.52) | (0.41) | (1.43) | (0.80) | ‡‡‡ | — | — |
Capex/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 0.14 | 1.09 | (0.75) | (0.63) | — | — | — |
Free CF/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 3.59 | 4.55 | 6.22 | 6.96 | — | — | — |
Book Value/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 5.85 | 5.90 | 6.63 | 6.72 | ‡‡‡‡‡ | — | — |
Shares
|
| ‡‡‡ | ‡‡‡ | ‡‡‡ | ‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 7.73 | 12.31 | 17.28 | 72.08 | ‡‡‡ | — | — |
PE Ratio
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 0.63 | 1.66 | 1.58 | 1.12 | ‡‡‡ | — | — |
PS Ratio
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 1.18 | 2.89 | 1.78 | 1.24 | ‡‡‡ | — | — |
PB Ratio
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 0.53 | 1.54 | 1.34 | 1.01 | ‡‡‡ | — | — |
EV/Sales
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡‡ | 27.58 | 11.28 | (5.42) | (4.87) | — | — | — |
EV/FCF
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 3.83 | 8.86 | 4.54 | 1.15 | ‡‡‡ | — | — |
Op' Cash Flow
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (3.03) | (2.43) | (9.51) | (5.35) | — | — | — |
Capex
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 0.80 | 6.43 | (4.97) | (4.20) | — | — | — |
FCF
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 12.92 | 16.13 | 25.78 | 24.96 | — | — | — |
Working Cap'
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 3.47 | — | — | — | — | — | — |
Total Debt
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (3.90) | (12.14) | (17.24) | (12.12) | — | — | — |
Net Debt
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 21.02 | 26.87 | 41.19 | 46.74 | — | — | — |
Sh' Equity
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡‡ | 7.63% | 14.41% | 7.87% | 1.31% | — | — | — |
ROA
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 10.84% | 30.95% | 11.46% | 4.24% | — | — | — |
ROIC
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 15.18% | 26.53% | 12.41% | 1.88% | — | — | — |
ROE
|
Eltek Ltd. (ELTK), a specialized manufacturer of high-efficiency DC-DC converters and power supplies for telecom, medical, industrial, and military sectors, has staged a dramatic turnaround from mid-2010s losses amid Israel’s economic contraction and global pressures to consistent profitability since 2019. Fueled by 5G buildouts, data center growth, and edge computing demand, gross margins soared from 7.6% in 2016 to a 2023 peak of 28.1% (22.2% in 2024), while revenue stabilized at a 3.1% CAGR to $46.5 million in 2024, with productivity per employee up 35%. Stock highs climbed 210% from $7.35 to $22.80 over the decade, though recent levels imply 107% upside to unanimous analyst targets despite 2024’s capex-driven free cash flow dip.
Profitability metrics underscore the shift: net income reached $4.2 million in 2024 (from multi-million losses), with ROE hitting 26.5% in 2023 and a fortress balance sheet featuring $41.2 million equity (up 521%) and net cash of $17.2 million. Forecasts signal acceleration—revenue +16% to $54.1 million in 2025 and +9% in 2026, net income +62% to $6.8 million, and EPS to $1.25—supported by AI/data center power needs, EV infrastructure, and Israel’s defense spending surge post-2023 conflicts.
Forward valuations are compelling at 10.3x 2025 P/E and 8.4x 2026, versus peers, positioning Eltek for re-rating amid macro tailwinds like U.S.-Israel tech synergies and $30B+ aid packages. While risks include geopolitical volatility, dilution, and FCF swings, the cash-rich profile and 20%+ EPS CAGR potential make this small-cap inflection a high-conviction opportunity on dips.
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