Elbit Systems Ltd. (ESLT) intrinsic value & 10-year financials
Elbit Systems Ltd. (ESLT) has a Graham intrinsic value of $240.75 per share. Over the last 10 fiscal years revenue grew 10.4% a year to $7.9B, with an average return on invested capital of 12.6%.
- Graham intrinsic value
- $240.75
- Revenue (FY2025)
- $7.9B
- Revenue growth (10-yr CAGR)
- 10.4%
- ROIC (10-yr avg)
- 12.6%
- Free cash flow (FY2025)
- $552.8M
ESLT 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $7.9B | $534.3M | $11.39 | $552.8M | 8.5% | 15.9% |
| FY2024 | $6.8B | $321.1M | $7.18 | $319.6M | 7.2% | 12.8% |
| FY2023 | $6.0B | $215.1M | $4.82 | -$73.3M | 6.2% | 10.3% |
| FY2022 | $5.5B | $275.4M | $6.18 | $35.0M | 6.7% | 10.7% |
| FY2021 | $5.3B | $274.4M | $6.20 | $228.3M | 7.9% | 9.7% |
| FY2020 | $4.7B | $237.7M | $5.38 | $146.6M | 7.0% | 10.0% |
| FY2019 | $4.5B | $227.9M | $5.20 | -$190.9M | 7.1% | 11.8% |
| FY2018 | $3.7B | $206.7M | $4.84 | $89.4M | 7.9% | 13.3% |
| FY2017 | $3.4B | $239.1M | $5.59 | -$7.0M | 9.5% | 15.7% |
| FY2016 | $3.3B | $236.9M | $5.54 | $83.8M | 9.2% | 16.0% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
ELBIT SYSTEMS LTD is a consistent compounder, expanding top-line revenue at 10.4% annually over the past decade.
ELBIT SYSTEMS LTD returns on capital have been average, hovering around 12.6% ROIC over the decade.
ELBIT SYSTEMS LTD has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, ELBIT SYSTEMS LTD is modeled at 8.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $240.75 per share.