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Analyses on Aran (5)
- April 16, 2026
- March 16, 2026March 16, 2026
- Follow-up
Aran R&D: Can the Defense Backlog Become Real Margin in 2026?
Aran's defense backlog now enters 2026 looking more like a manufacturing-density story than a demand story: almost all of the end-2025 segment backlog sits in production projects, the company is still below 50% of potential capacity utilization, and the real question is whether…
- Follow-up
Aran R&D: How Much of 2025 Cash Was Truly Operating, and How Much Came From Working Capital and Upstream
Aran's cash balance expanded sharply in 2025, but cash quality was mixed: out of NIS 58.2 million of operating cash flow, only NIS 16.1 million came from profit and pre-working-capital adjustments, NIS 42.1 million came from working-capital release, and another NIS 13.6 million…
- Follow-up
Aran R&D: How Much of 2025 Profit Came From Upstream, and How Much Came From the Industrial Core
In 2025 most of Aran's pretax profit came from Upstream, and within Upstream most of the contribution came from the NIS 16 million gain recorded when the Bentley milestone was achieved. Once that gain is neutralized, the industrial core becomes larger again, but still not becaus…
Aran R&D 2025: Defense Is Lifting Revenue, But Earnings Quality Still Isn’t There
Aran ends 2025 with real defense demand, a growing second leg in recycling, and more cash, but with earnings that still do not lean enough on the operating core. More than two-thirds of pretax profit came from the investment and startup segment, while design, development, and ma…
