Elbit Systems

Elbit Systems

Elbit Systems is an Israeli defense electronics company listed on both the Nasdaq and the Tel Aviv Stock Exchange. It designs, develops, and manufactures a broad range of defense systems including unmanned aerial vehicles, electro-optical sensors, electronic warfare equipment, precision-guided munitions, C4I systems, and night-vision devices. The company sells to the Israeli Defense Forces as its primary domestic customer, and to a large number of international military customers across Europe, North America, Asia, and Latin America. Elbit operates dozens of subsidiaries in countries including the United States, the United Kingdom, Australia, Brazil, Germany, Sweden, and Switzerland.

Key Products

Hermes 900 / Hermes 450 — Medium-altitude long-endurance (MALE) UAS platforms; Elbit describes these as the backbone of the Israeli Air Force’s drone fleet, and they have been exported to multiple countries. The Hermes 900 carries the SpectroXR imaging system, produced by Elbit subsidiary Instro Precision.

Skylark — A man-portable small UAS for tactical ISR missions, used extensively by the Israeli military in Gaza operations; relies on IAI’s optronic pod.

Watchkeeper — A version of the Hermes 450 produced for the British Army through U-TacS, a joint venture between Elbit and Thales.

Iron Beam — A high-energy laser air defense system developed for Israel’s multi-layer air defense network; Elbit secured a significant laser technology order for the system in 2024.

IMI Systems — Elbit’s munitions subsidiary, producing artillery rounds, rockets, and precision-guided weapons; drove a 29% increase in Elbit’s Land segment revenue in 2024 following IDF ammunition demand post-October 7.

Night-vision systems — Sold primarily through Elbit Systems of America; revenue grew 17% year-over-year in Q3 2024 driven by U.S. military demand.

Business and Funding

Public. Traded on Nasdaq as ESLT and on the Tel Aviv Stock Exchange. Revenue for fiscal year 2024 was $6.83 billion, up 14% from $5.97 billion in 2023. Order backlog exceeded $22 billion as of mid-2025, representing more than three years of revenue coverage at the current run rate. Aerospace revenue grew 9% in 2024, driven by UAS sales in Israel and Europe; Land revenue grew 29% on ammunition demand. The company employs approximately 20,000 people globally, with subsidiaries in over 15 countries.

Why It Matters

Elbit is one of the most globally distributed defense electronics companies outside the United States, with a supply chain embedded in NATO and allied procurement programs across multiple continents. Its UAS platforms have accumulated extensive operational usage in Israeli military operations in Gaza, Lebanon, and previous conflicts - usage that simultaneously validates performance and creates political and legal exposure. In 2024, a UK court ruled that Elbit’s UK subsidiary had knowingly supplied optronic pods used in Israeli drones that killed British aid workers in Gaza; the company denied wrongdoing. Multiple Elbit UK facility locations were the target of sustained protests, and Slovenia announced a ban on arms trade with Israel, affecting Elbit-related procurement. The UK government has revoked some export licenses covering components used in Israeli military operations, creating compliance uncertainty for Elbit’s British subsidiaries. Despite this, Elbit’s international order intake continued growing through 2024 and 2025, driven by European defense spending increases following the Russia-Ukraine war.