Elbit Systems Ltd.
ESLT Industrials Aerospace & Defense
Elbit Systems Ltd.’s revenue for fiscal 2025 (year ended December 2025) was $7.9 billion, up 16.3% from fiscal 2024. In the quarter to June 2026, revenue grew 15.9%, EPS grew 34.4%, free cash flow grew 113.9% and total debt fell 18.1%, each against the same quarter a year earlier. Dividend growth for five consecutive years, revenue growth for ten.
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Elbit Systems Ltd. (ESLT) Altman Z-score
Elbit Systems Ltd.'s Altman Z-score for fiscal 2025 is 3.17, in the safe zone (above 2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 3.17 | 1.05 |
| FY2024 | 2.13 | 0.11 |
| FY2023 | 2.02 | 0.15 |
| FY2022 | 1.87 | 0.02 |
| FY2021 | 1.85 | 0.10 |
| FY2020 | 1.75 | (0.23) |
| FY2019 | 1.98 | 0.19 |
| FY2018 | 1.79 | (0.89) |
| FY2017 | 2.68 | 0.18 |
| FY2016 | 2.50 | 0.10 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.14 | — | 0.17 | |
| Retained earnings / total assets | 0.25 | — | 0.35 | |
| EBIT / total assets | 0.05 | — | 0.17 | |
| Market value of equity / total liabilities | 3.10 | — | 1.86 | |
| Sales / total assets | 0.63 | — | 0.63 | |
| Altman Z-score | Safe zone | 3.17 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Grey zone | 2.59 | ||
Z and Z″ put Elbit Systems Ltd. in different zones: safe zone by Z, grey zone by Z″.
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| RKLB Rocket Lab Corporation compare | 36.7× |
| HEI Heico Corporation compare | 8.2× |
| AXON Axon Enterprise, Inc compare | 8.0× |
| CW Curtiss-Wright Corporation compare | 7.0× |
| WWD Woodward, Inc. compare | 6.8× |
| HEI.A Heico Corporation compare | 6.8× |
| ESLT Elbit Systems Ltd. | 3.2× |
| LHX L3Harris Technologies Inc compare | 2.4× |
| TDG Transdigm Group Incorporated compare | 2.0× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets