Latest Ratios: P/E Ratio 68.3x · EV/EBITDA 42.8x · ROE 14.4%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $36.4B | $27.1B | $11.5B | $9.5B | $7.3B | $7.7B | $5.8B | $6.8B | $4.9B | $5.7B | $4.4B |
| Enterprise Value | $36.8B | $27.4B | $12.6B | $10.8B | $8.4B | $8.9B | $6.7B | $7.8B | $5.5B | $6.0B | $4.5B |
| P/E Ratio → | 68.30 | 50.72 | 35.94 | 44.24 | 27.80 | 27.04 | 22.71 | 28.93 | 23.61 | 23.84 | 18.39 |
| P/S Ratio | 4.59 | 3.41 | 1.69 | 1.59 | 1.33 | 1.46 | 1.24 | 1.51 | 1.32 | 1.69 | 1.34 |
| P/B Ratio | 8.84 | 6.56 | 3.52 | 3.25 | 2.65 | 3.03 | 2.59 | 3.15 | 2.63 | 3.32 | 2.78 |
| P/FCF | 60.88 | 45.30 | 36.11 | — | 209.20 | 33.77 | 39.44 | — | 54.60 | — | 51.99 |
| P/OCF | 43.24 | 32.17 | 21.58 | 83.63 | 30.46 | 18.49 | 20.74 | — | 25.46 | 56.53 | 20.94 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.46 | 1.85 | 1.80 | 1.52 | 1.69 | 1.44 | 1.73 | 1.48 | 1.77 | 1.39 |
| EV / EBITDA | 42.81 | 31.95 | 18.92 | 20.44 | 16.00 | 15.91 | 14.27 | 17.03 | 13.30 | 13.67 | 10.62 |
| EV / EBIT | 53.49 | 43.31 | 26.65 | 33.29 | 25.13 | 21.84 | 23.47 | 28.46 | 20.58 | 19.83 | 15.51 |
| EV / FCF | — | 45.85 | 39.56 | — | 239.93 | 39.01 | 45.75 | — | 61.17 | — | 54.17 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 24.4% | 24.4% | 24.0% | 24.8% | 24.9% | 25.7% | 25.0% | 25.2% | 26.5% | 29.7% | 29.6% |
| Operating Margin | 8.7% | 8.7% | 7.5% | 6.1% | 6.6% | 7.7% | 7.0% | 7.1% | 7.9% | 9.6% | 9.3% |
| Net Profit Margin | 6.7% | 6.7% | 4.7% | 3.6% | 5.0% | 5.2% | 5.1% | 5.1% | 5.6% | 7.1% | 7.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 14.4% | 14.4% | 10.3% | 7.6% | 10.4% | 11.5% | 10.8% | 11.4% | 11.6% | 14.6% | 16.0% |
| ROA | 4.5% | 4.5% | 3.1% | 2.3% | 3.0% | 3.2% | 3.1% | 3.3% | 3.7% | 5.3% | 5.6% |
| ROIC | 11.7% | 11.7% | 8.9% | 6.8% | 7.2% | 8.8% | 7.7% | 8.6% | 9.9% | 13.0% | 13.6% |
| ROCE | 11.1% | 11.1% | 9.6% | 7.4% | 7.1% | 8.4% | 7.6% | 8.4% | 9.5% | 12.8% | 12.4% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.23 | 0.23 | 0.42 | 0.50 | 0.47 | 0.57 | 0.54 | 0.57 | 0.43 | 0.26 | 0.26 |
| Debt / EBITDA | 1.12 | 1.12 | 2.05 | 2.78 | 2.45 | 2.60 | 2.56 | 2.69 | 1.93 | 1.02 | 0.95 |
| Net Debt / Equity | — | 0.08 | 0.34 | 0.43 | 0.39 | 0.47 | 0.41 | 0.47 | 0.32 | 0.17 | 0.12 |
| Net Debt / EBITDA | 0.38 | 0.38 | 1.65 | 2.41 | 2.05 | 2.14 | 1.97 | 2.21 | 1.43 | 0.66 | 0.43 |
| Debt / FCF | — | 0.55 | 3.46 | — | 30.74 | 5.24 | 6.30 | — | 6.57 | — | 2.18 |
| Interest Coverage | 13.41 | 13.41 | 3.58 | 4.23 | 6.50 | 21.57 | 4.01 | 6.93 | 8.10 | 11.92 | 12.76 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.29 | 1.29 | 1.20 | 1.14 | 1.18 | 1.24 | 1.18 | 1.16 | 1.13 | 1.25 | 1.27 |
| Quick Ratio | 0.77 | 0.77 | 0.67 | 0.67 | 0.72 | 0.82 | 0.82 | 0.77 | 0.73 | 0.82 | 0.84 |
| Cash Ratio | 0.14 | 0.14 | 0.05 | 0.04 | 0.05 | 0.06 | 0.08 | 0.07 | 0.08 | 0.08 | 0.13 |
| Asset Turnover | — | 0.63 | 0.62 | 0.61 | 0.60 | 0.57 | 0.58 | 0.61 | 0.57 | 0.72 | 0.75 |
| Inventory Turnover | 1.92 | 1.92 | 1.87 | 1.95 | 2.13 | 2.35 | 2.66 | 2.76 | 2.37 | 2.63 | 2.73 |
| Days Sales Outstanding | — | 164.24 | 166.23 | 172.10 | 180.03 | 191.55 | 197.24 | 167.41 | 169.73 | 183.91 | 145.91 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.3% | 0.4% | 0.8% | 0.9% | 1.2% | 1.0% | 1.4% | 0.9% | 1.5% | 1.3% | 1.6% |
| Payout Ratio | 22.6% | 22.6% | 27.7% | 41.5% | 31.5% | 28.9% | 32.9% | 27.5% | 36.4% | 31.5% | 28.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 1.5% | 2.0% | 2.8% | 2.3% | 3.6% | 3.7% | 4.4% | 3.5% | 4.2% | 4.2% | 5.4% |
| FCF Yield | 1.6% | 2.2% | 2.8% | — | 0.5% | 3.0% | 2.5% | — | 1.8% | — | 1.9% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.3% | 0.4% | 0.8% | 0.9% | 1.2% | 1.0% | 1.4% | 0.9% | 1.5% | 1.3% | 1.6% |
| Shares Outstanding | — | $47M | $45M | $45M | $45M | $44M | $44M | $44M | $43M | $43M | $43M |
Geopolitical export license dependency
Based on current market data, ESLT trades at a forward P/E of 48.93, which appears to price in significant long-term growth expectations that may be disconnected from the historical volatility of defense project cycles and the inherent risks associated with its concentrated geographic revenue exposure.
The elevated P/E and EV/EBITDA multiples suggest that investors are paying a premium for the company's battle-proven status and recent top-line momentum. However, this valuation warrants caution as it implies a level of earnings consistency that may be difficult to maintain given the lumpy nature of international defense contracts and potential regulatory headwinds.
As reported in recent financial statements, the company's ROIC has remained in the low single digits, hovering around 3.3% in 2026Q1, which suggests that despite strong revenue growth, the firm is struggling to generate returns that exceed its cost of capital on a consistent basis.
The modest ROIC trend indicates that the heavy investment required for R&D and global infrastructure is currently outpacing the incremental returns generated by new project wins. Investors should monitor whether the company can improve its capital allocation efficiency as its newer, higher-margin software-defined solutions begin to represent a larger share of the total revenue mix.
According to quarterly filings, the cash conversion cycle remains elevated at 249 days as of 2026Q1, reflecting the inherent complexity of managing long-duration defense projects and the significant time required to convert inventory and work-in-progress into realized cash inflows from government customers.
The persistent length of the cash conversion cycle highlights the structural difficulty in optimizing working capital within the defense sector. While the company has shown some ability to manage its payables, the high days-sales-outstanding suggests that customer payment terms remain a significant drag on overall operational liquidity.
The P/E ratio is frequently misapplied to Elbit Systems because it fails to account for the significant non-cash accruals and lumpy project-based revenue recognition that characterize the company's financial reporting, often leading to a distorted view of its true underlying cash-generative earning power.
Analysts should instead prioritize free cash flow yield or backlog-adjusted valuation metrics to better capture the company's actual economic performance. Relying solely on P/E ignores the timing differences between contract milestones and cash receipts, which can lead to an inaccurate assessment of the firm's valuation relative to its peers.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying ESLT stock.
Elbit Systems Ltd.'s current P/E ratio is 68.3x. The historical average is 21.3x. This places it at the 100th percentile of its historical range.
Elbit Systems Ltd.'s current EV/EBITDA is 42.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 12.7x.
Elbit Systems Ltd.'s return on equity (ROE) is 14.4%. The historical average is 14.0%.
Based on historical data, Elbit Systems Ltd. is trading at a P/E of 68.3x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Elbit Systems Ltd.'s current dividend yield is 0.33% with a payout ratio of 22.6%.
Elbit Systems Ltd. has 24.4% gross margin and 8.7% operating margin.
Elbit Systems Ltd.'s Debt/EBITDA ratio is 1.1x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.