MER 2025: The Mix Improved Faster Than Revenue Did
MER ended 2025 with almost flat revenue, but with better profitability, a heavier defense backlog, and a reopened balance sheet after a sharp drop in net financial debt.
March 23, 2026
MER
Integrator of communication, security & technology projects.
Sector: DefenceMarket cap: NIS 588M
All analyses
Analyses on MER (1)
Follow-up dives
Follow-up dives on MER (3)
Follow-up
MER: Are Military Technologies Already Large Enough To Change The Business Profile
MER's military technologies are already large enough to move the story, but not yet large or stable enough to change the business profile on their own. The real economic shift currently comes from the broader defense stack, especially together with homeland security.
March 23, 2026
Follow-up
MER: Does The Defense Mix Really Diversify Risk, Or Just Shift It To Two Foreign Customers
MER improved its defense mix and geographic balance in 2025, but the real revenue base became more concentrated because two foreign customers rose to 45.3% of sales while customer balances remained tied to a small number of large counterparties.
March 23, 2026
Follow-up
MER: How Much Of 2025 Profit Actually Reached Cash
In 2025 MER converted more than all of its net profit into cash, but most of the improvement came from lower contract assets and non-cash adjustments while inventory still grew.
March 23, 2026
Same sector
