Int'l high-tech company engaged in airbone, land & naval systems for defense, homeland security & commercial applications.
Elbit enters 2026 with exceptional backlog and broader profitability, but the real strength of the story will be tested by its ability to turn demand into cash without getting stuck in heavier working capital and execution drag.
Elbit's 2025 backlog remains well funded, but it is not cash-light: customer advances still exceed contract assets, while inventory, supplier advances, and EAC discipline determine whether orders turn into cash or into balance-sheet load.
Elbit exited 2025 with a stronger cash position, but that improvement rested on two engines at once, strong operating cash flow and roughly $573 million of equity proceeds, while derivatives and pensions pulled OCI sharply negative.
