Elbit Systems (ESLT): Market Cap, Drones, PULS Artillery and the Ukraine War
Elbit Systems, the Haifa-based Israeli prime, has emerged as one of the clearest beneficiaries of Europe's post-2022 rearmament without ever selling directly into Ukraine. Its NASDAQ-listed shares (ticker ESLT, also on Tel Aviv as ESLT) more than doubled over the year to mid-2026, lifting market capitalization to roughly $38-39 billion. The driver is a surge in European demand for exactly what Elbit makes: Hermes reconnaissance drones, PULS rocket artillery and the truck-mounted ATMOS howitzer — the same categories of equipment the war in Ukraine has shown to be decisive.
Market Capitalization and Listing
Elbit Systems is dual-listed: its primary international listing is on the NASDAQ in New York under the ticker ESLT, and it also trades on the Tel Aviv Stock Exchange (TASE) under the same symbol. That US listing means the company reports in US dollars and is widely tracked by Western defense investors.
| Metric | Value (USD) |
|---|---|
| Market cap (as of 2026-02) | ~$34B |
| Market cap (as of mid-June 2026) | ~$38–39B |
| 1-year share-price change | roughly +110% |
⚠ Figures are approximate, rounded, and based on public market-data aggregators (source). The mid-2026 value is an as-of snapshot and changes daily with the share price. Not investment advice.
The European Demand Surge
For most of the 2010s Elbit was a steady but unspectacular performer, known for electro-optics, drones, electronic warfare and land systems sold mainly to Israel, India, the United States and a scattering of other markets. Russia's full-scale invasion of Ukraine in February 2022 changed the demand picture across Europe almost overnight.
European armies that had run down their artillery and drone fleets for two decades suddenly needed to rebuild them, and to do so quickly. Elbit's appeal is that it offers mature, exportable, off-the-shelf systems rather than long-development programs — precisely what a buyer in a hurry wants. The result was a string of European contracts and a record order backlog, and investors re-rated the stock from a niche regional defense supplier to a frontline play on Western rearmament.
By 2026 the company reported that the large majority of its backlog came from customers outside Israel, with Europe the standout growth region.
Products: Drones, PULS, ATMOS
Elbit's three most war-relevant product lines map directly onto lessons from Ukraine. The Hermes family of unmanned aerial vehicles — especially the tactical Hermes 900 — provides the persistent reconnaissance and surveillance that has proven indispensable for targeting and battle-damage assessment. The Hermes 900 has been selected by more than twenty customers worldwide.
PULS (Precise and Universal Launching System) is a modular rocket-artillery launcher able to fire a family of guided and unguided rockets out to ranges reported around 300 km, positioning it as a flexible Western alternative to HIMARS-class systems. The ATMOS 155mm truck-mounted howitzer offers the shoot-and-scoot mobility that the counter-battery environment in Ukraine has made essential. Elbit frequently bundles PULS and Hermes together in its European export packages.
In late 2024 Elbit announced contracts worth about $335 million to supply PULS launchers and Hermes 900 drones to an unnamed European nation, following earlier 2023 European deals that included roughly $119 million of ATMOS howitzers and about $133 million of PULS systems.
⚠ Contract values are as announced by the company and trade press (source); buyer identities were not disclosed.
Ukraine-War Relevance (Indirect)
Elbit's connection to the Ukraine war is best understood as indirect. As an Israeli company, Elbit has generally avoided supplying lethal systems directly to Kyiv, reflecting Israel's own diplomatic balancing act. It is not a name that appears on lists of donated Western weapons in the way Rheinmetall or Lockheed Martin do.
Instead, Elbit benefits from the second-order effects of the war. Its European and NATO customers are replenishing depleted stocks and expanding capacity, and equipment those allies free up, retire or backfill can in turn support Ukraine. The broader point is that the war reset European procurement priorities toward drones and artillery, and Elbit is a leading global supplier in both categories. That makes the company a beneficiary of the war's strategic shock rather than a direct participant in arming one side.
Revenue and Backlog
Elbit reported revenue of about $7.9 billion for the full year 2025, up roughly 16% year on year, with expanding margins and record free cash flow. Its order backlog reached approximately $28 billion, with around two-thirds attributable to customers outside Israel — a measure of how international the order book has become.
A backlog of that size relative to annual sales gives multi-year revenue visibility, which is part of why the market has been willing to pay a premium multiple for the shares. The flip side is that, after such a strong run, the stock prices in continued growth and would be sensitive to any slowdown in European ordering.
⚠ Revenue and backlog figures from Elbit's full-year 2025 results (source).
Key Data
| Metric | Value |
|---|---|
| Ticker / exchange | ESLT · NASDAQ & Tel Aviv (TASE) |
| Country | Israel (Haifa) |
| Segments | drones, rocket & tube artillery, electronics, EW, land systems |
| Revenue 2025 (approx.) | ~$7.9B |
| Order backlog (approx.) | ~$28B (≈2/3 outside Israel) |
| Market cap (as of mid-June 2026) | ~$38–39B |
| Ukraine relevance | Indirect: supplies European/NATO buyers replenishing and expanding stocks (Hermes drones, PULS, ATMOS). |
Frequently Asked Questions
What is Elbit Systems' market cap in 2026?
Elbit Systems' market capitalization was roughly $38-39 billion in mid-June 2026, based on public market-data aggregators, after the NASDAQ-listed shares (ticker ESLT) more than doubled over the prior year. Figures are approximate and move daily with the share price, so always check the as-of date against a live source.
What ticker and exchange does Elbit Systems trade under?
Elbit Systems trades under the ticker ESLT, primarily on the NASDAQ in the United States and on the Tel Aviv Stock Exchange (TASE) in Israel. It is an Israeli company headquartered in Haifa with a long-standing US listing.
How much revenue does Elbit Systems make?
Elbit reported revenue of about $7.9 billion for the full year 2025, up roughly 16% year on year, and an order backlog of about $28 billion. Around two-thirds of that backlog relates to customers outside Israel, reflecting strong international and European demand.
Does Elbit Systems supply weapons directly to Ukraine?
Elbit's role in the Ukraine war is largely indirect. As an Israeli company it has avoided supplying lethal systems directly to Kyiv, but it is a major supplier to European and NATO buyers that are replenishing and expanding their own stockpiles, which frees up other equipment and capacity for Ukraine.
What is the PULS rocket artillery system?
PULS (Precise and Universal Launching System) is Elbit's modular rocket-artillery launcher that can fire a family of guided and unguided rockets and missiles out to ranges reported around 300 km. It has become a popular Western alternative to HIMARS-class systems and has won multiple European orders since 2022.
What is the ATMOS artillery system?
ATMOS is Elbit's truck-mounted 155mm self-propelled howitzer, designed for high mobility and fast shoot-and-scoot operation. Wheeled howitzers like ATMOS have drawn strong interest from European armies seeking to rebuild artillery fleets after observing the central role of tube artillery in Ukraine.
What are Hermes drones?
Hermes is Elbit's family of unmanned aerial vehicles, including the tactical Hermes 900 used for reconnaissance, surveillance and patrol. The Hermes 900 has been selected by more than twenty customers worldwide and is frequently bundled with PULS in Elbit's European export packages.
Why has Elbit benefited from the war in Ukraine?
The war triggered a surge in European defense spending and an urgent need to rebuild artillery, drone and air-defense capacity. Elbit offers proven, exportable systems across exactly those categories, so it captured a wave of new European contracts and a record backlog even without selling directly to Ukraine.
Is Elbit's stock expensive?
After more than doubling over a year, ESLT traded on a high price-to-earnings multiple in 2026, well above its longer-run average. That reflects investor confidence in sustained defense demand but also leaves the shares sensitive to any slowdown in orders. This page is analysis, not investment advice.
Where can I verify Elbit Systems' financial figures?
Current and historical figures are published by market-data aggregators such as companiesmarketcap.com, stockanalysis.com and macrotrends.net, and in Elbit's own quarterly and annual filings (including its SEC 6-K and 20-F documents). Always confirm the as-of date, because market cap changes every trading day.