ELBIT SYSTEMS LTD (ESLT): what the price assumes

In the published model solve dated 2026-Q2, anchored at $708.68, ELBIT SYSTEMS LTD (ESLT) is priced for today's economics sustained for ~6.8 years. boothcheck publishes no house fair value, target price, or buy/sell rating; individual model outputs and user-controlled scenarios are analytical inputs, not Boothcheck targets. Narrative composed 2026-07-25.

Generated: 2026-08-30 · Exported: 2026-08-31 · Source: https://boothcheck.com/report/ESLT

Headline

What The Price Assumes (Inversion)

The assumption today's price embeds, recovered by inverting the valuation.

The operating-margin figure is value-band context at year 12: derived from the framework's value band, a separate calculation — not part of the priced-in solve.

Solve inputs: computed at a 7.9% cost of capital; growth searched up to the 25% self-funding ceiling.

How unusual the bet is: elevated (limited comparison data)

Valuation X-Ray

Asset, earnings-power and peer-multiple models all land far below the price; ONLY the growth-DCF reaches it. The bet is durable compounding the static frames structurally cannot price (a moat/durability premium).

How the valuation models price the stock relative to the market price. Price/FV above 1.0 means the market pays more than that lens defends (expensive); at or below 1.0 the lens can defend the price.

Families that justify the price: Growth Families that call it expensive: Asset, Earnings, Relative

The models below discount at their own flat-beta convention rates (cost of equity 9.3%, WACC 9.4%); the inversion above states its own rate.

Per-Model Detail (n=15)

Economic-Unit Decomposition (Sum Of The Parts)

One or more material disclosed units has unresolved economics. Unknown/general is not evidence of homogeneity: segment SOTP is primary but incomplete, consolidated cash flow may remain only a secondary cross-check when every unit shares an enterprise basis, and one sector multiple or target margin is withheld.

No total common-equity value is stated. One or more material units lack a supported unit value. The displayed values are an indicative subtotal; consolidated debt and cash cannot be applied to a fraction of the company.

Solvency

Bullet Takeaways

• The order book reached $28,131 million at the end of 2025 against $22,617 million a year earlier, and the share of it sitting outside Israel rose from 65% to 72%.
• Every one of those foreign orders ships only with an Israeli government export licence, which makes the largest single risk to the thesis political rather than commercial.
• Second-quarter results are due August 11, 2026; the price already pays about 57 times company-wide operating income, at the very top of the defence peer distribution.

Bull Case

There is no dividend policy. The 20-F states it in six words, "We do not have an established dividend policy.", and the board approves payments case by case. For a defence contractor of this size that is unusual, and it tells you where the capital is going instead. Not to buybacks either: the share count has risen about 1.5% a year over the last four years, including an offering of new ordinary shares whose proceeds the filing says are "intended for general corporate purposes." Elbit is funding growth from every source available to it, including its own shareholders, which is what a company does when it believes the demand in front of it is bigger than the cash it generates.

The evidence that the demand is real sits in one number. The order book stood at $28,131 million at the end of 2025 against $22,617 million a year earlier, and the geography shifted with it: 72% of the 2025 figure was for orders outside Israel, up from 65%. Roughly 54% of that book is scheduled to be performed across 2026 and 2027, with the remaining 46% in 2028 and beyond. Against revenue of $7.94 billion in the year, the company is carrying several years of production already signed. Backlog is not revenue, and the filing is careful to say so, but it is the closest thing a defence supplier has to visibility.

What makes the mix defensible is that no single part of it dominates. Land is the largest revenue line at 28%, followed by Aerospace at 23%, the ESA business at 21%, ISTAR and electronic warfare at 17%, and C4I and cyber at 11%. A company with five roughly comparable legs is harder to knock over than one built on a single platform programme, and it also means Elbit competes on different fronts against different opponents rather than facing one incumbent everywhere.

Growth is where the separation from the large primes is clearest. LHX grew revenue 4.4% and NOC 5.0% on their most recent filed figures, with LMT at 4.6% and GD at 9.4%. Elbit's backlog expanded by roughly a quarter in a single year. European rearmament and the reconstruction of Israeli inventories are both real and both multi-year, and Elbit sells into the middle of them: sensors, electro-optics, munitions, armoured vehicle systems, the things a rearming army buys second after it buys platforms.

The balance sheet is built to carry that without much drama. At the end of 2025 the company reported working capital of about 1.76 billion dollars and a current ratio of 1.29, with total bank borrowings of approximately 81 million dollars in short and long-term facilities, alongside the NIS 1.9 billion (approximately 575 million dollars) of Series B, C and D notes issued back in 2021. Operating profit covers the interest bill roughly 4.6 times. This is a company with room to keep building capacity, and building capacity is exactly what it has chosen to do with the money.

Bear Case

The variable with the most leverage over this thesis is not demand, and it is not competition. It is an export licence. The 20-F is explicit about the arrangement: "Current Israeli policy encourages exports to approved customers of defense systems and products such as ours, as long as the exports are consistent with Israeli government policy." Read that clause twice. Roughly 72% of a 28 billion dollar order book is for customers outside Israel, and the ability to deliver against it is conditional on a policy that can change without a single customer changing its mind. Encouragement is not entitlement.

The same dependence runs the other way through U.S. funding. The filing warns that if U.S. security assistance programmes are "reduced or discontinued, we may receive fewer U.S. funded orders and FMF funds", and that such developments could push the company out of some business lines entirely, with asset impairment as the consequence. A defence supplier whose end markets are set by two governments' foreign policy carries a beta to diplomacy that no valuation method prices.

Now put the price against the economics. On the last full year reported the company earned an operating margin of about 8.5%. Among the large primes that is on the thin side: LHX ran 10.2%, NOC 11.6%, LMT 9.9%, GD 10.2% and RTX 10.9%, all from their own filings. Elbit converts revenue into operating profit slightly less efficiently than the companies it is often compared with, and it trades at about 57 times company-wide operating income, at the very top of the peer distribution and well past the upper quartile. The premium is not being paid for margin. It is being paid for the growth rate, which means the growth rate has to keep arriving.

How long it has to keep arriving is the uncomfortable part. Today's price requires operating profit to compound at the fastest rate the business can self-fund for something like eight straight years. Of comparable fast-growers historically, only about 20% held such a pace for that long. And rearmament cycles are cycles. European defence budgets rose from a base set by a specific security shock; they are set annually by parliaments, and the same politics that raised them can flatten them.

The financing has an edge to it too. Covenants on the notes and bank facilities are tied to net worth, EBITDA, interest coverage, total leverage, equity and net financial debt, and the company reports material compliance for 2024 and 2025. Those tests are all sensitive to the same thing: operating performance. A slowdown in orders would not simply reduce growth. It would tighten the terms on which the company funds the working capital that a 28 billion dollar backlog consumes, at the same time as the equity market stops treating new share issuance as a growth investment. The bull case and the financing structure are leaning on the same assumption.

Valuation

An 8.5% operating margin and a 57 times multiple do not usually appear in the same sentence. That, in essence, is what this price is: the market paying roughly 57 times company-wide operating income, on the last full year the company reported, for a business whose profitability per dollar of revenue sits below the large defence primes. The arithmetic behind it implies operating profit compounding at the fastest rate the business can fund from its own cash flow for about eight years. The calculation runs at a 7.8% cost of capital, and it is moderately sensitive to that: a percentage point more of required return shortens the implied horizon by a bit over two years.

Two comparisons make that demand concrete without any modelling at all. Against the peer group, the multiple sits at the very top of the distribution, well beyond the upper quartile. Against history, only about 20% of comparable fast-growers sustained a pace like this for as long as the price requires. Neither says it cannot happen. Both say the price has already assumed it will.

The methods line up accordingly, and they are not close. Only the forward-growth approaches come near today's price, and even they sit slightly under it, with the price about 11% above the growth family. Everything else is a long way below: the price sits about 143% above the peer-multiple family, about 469% above the asset-value family, and about 567% above the earnings-power family. When only the growth methods reach a price, the premium is a durability bet, and the static methods are structurally incapable of framing it because they credit no growth at all. That is the honest description here, not a criticism of either side.

The method that comes closest deserves a look at how it gets there. It reaches the price by carrying the enterprise multiple the shares trade on today, which is exceptionally high for this industry, unchanged all the way to the end of a six-year forecast, with the bear case compressing it and the bull expanding it. It is not that the assumption is unreasonable. It is that the assumption is doing nearly all of the work, and it is an assumption about the market's willingness to pay rather than about the business.

Against the cohort the picture is consistent. LDOS earns a 12.0% operating margin, CACI 9.3% and SAIC 7.9% in the services-adjacent comparison, while TDY reaches 19.0% at the high-technology end. Elbit's reported profitability sits inside that range rather than above it. What separates Elbit is the order book, which grew to $28,131 million at the end of 2025 from $22,617 million a year earlier, and the geographic reach that came with it.

On solvency the reading is straightforward. Operating profit covers the interest bill about 4.6 times, working capital stood at about 1.76 billion dollars with a current ratio of 1.29 at year end, and the funded borrowings are modest: roughly 81 million dollars from banks alongside the NIS 1.9 billion of notes issued in 2021. The share count is the item moving in the wrong direction for holders, rising about 1.5% a year since the end of 2021. That is the cost of financing a backlog this large in a hurry, and it is charged to existing shareholders rather than to lenders.

Catalysts

Second-quarter results are scheduled for August 11, 2026. The number that matters most in that release is not the profit line but the order intake, because the whole valuation argument rests on how long the current pace of bookings persists rather than on this quarter's margin.

The most recent hard datapoint runs in the company's favour and, usefully, sits outside the export-licence question entirely. On July 20, 2026 Elbit Systems of America announced contract awards from U.S. Customs and Border Protection totalling more than $370 million. Work awarded to the U.S. subsidiary by a U.S. federal agency is domestic content performed domestically, which is a different risk profile from a foreign military sale routed through Israeli approvals, and building more of that mix is one of the few ways the company can reduce its political exposure without reducing its growth.

The sell side has been trimming rather than adding. Morgan Stanley lowered its price target to $845 from $978 in mid-July 2026 while keeping an Equal Weight rating. That reduction still leaves a target above the current share price, and the gap is worth naming plainly: a target like that credits the forward order book and the European budget cycle, while the trailing lenses in this report credit only what the company has already earned. Both readings can be held at once. Only one of them has already happened.

Peer Cohorts (Per Segment, With Filing Citations)

Aerospace (reported)

• AVAV (AEROVIRONMENT, INC.)
• FY2025 10-K: …growth platforms in the future, creating additional market opportunities. Effective May 1, 2025, we operate our business in two reportable segments: (1) Autonomous Systems and (2) Space, Cyber and Directed Energy. 3 Table of Contents ​ Autonomous Systems ​ Uncrewed Aircraft Systems ("UAS"). Our family of uncrewed…
• FY2025 10-K: …Autonomy, Teledyne Technologies, Inc., Sierra Nevada Corporation, Lockheed Martin Corporation, The Boeing Company, Textron, Inc., Shield AI, Inc., Northrop Grumman Corporation, Griffon Aerospace, Inc., L3Harris Technologies, Inc. and Israeli Aircraft Industries. ​ The defense and technology markets for the C-UAS and…
• KTOS (Kratos Defense & Security Solutions, Inc.)
• FY2025 10-K: …market position. In November 2024, Kratos announced that Zeus 1 and Zeus 2 SRMs had completed their first successful flight on October 24, 2024, from the NASA Wallops Flight Facility in Virginia under a customer funded mission. In June 2024, Kratos announced the successful launch and flight of the Kratos Erinyes…
• FY2025 10-K: …commercial customers. Improve operating margins. We believe that we have opportunities to increase our operating margins and improve profitability in the future as we transition from certain development programs, which typically generate inherently lower margins, to production programs, which typically generate…
• TDG (TransDigm Group Incorporated)
• FY2025 10-K: …following table sets forth, for the periods indicated, certain financial information by reportable segment, which includes a reconciliation of EBITDA As Defined to consolidated income from continuing operations before income taxes (in millions): Fiscal Year Ended September 30, 2025 Power & Control Airframe…
• FY2025 10-K: ; (5) defense OEMs; (6) system suppliers; and (7) various other industrial customers. Our top ten customers for fiscal year 2025 accounted for approximately 40% of our net sales. Products supplied to many of our customers are used on multiple platforms. None of our customers individually accounted for greater than 10%…
• HEI (HEICO CORPORATION)
• FY2025 10-K: …and business aircraft, aircraft engines and related components and equipment. Due in large part to our established industry presence, we enjoy strong customer relations, name recognition and repeat business. We sell our products to a broad customer base consisting of domestic and foreign commercial and cargo…
• FY2025 10-K: …missile hardware and components, as well as machining, brazing, fabricating and welding services. (4) Includes various component parts such as electro-optical infrared simulation and test equipment, electro-optical laser products, electro-optical, microwave and other power equipment, high-speed interface products,…
• TXT (Textron Inc.)
• FY2025 10-K: …training on Bell-owned aircraft and certified Full Flight Simulators and Flight Training Devices, as well as maintenance training on Bell's production representative maintenance training devices. Textron Systems Segment The businesses in our Textron Systems segment develop, manufacture and integrate a variety of…
• FY2025 10-K: …txt:ManufacturingGroupMember txt:IndustrialMember 2024-12-28 0000217346 us-gaap:OperatingSegmentsMember txt:ManufacturingGroupMember txt:IndustrialMember 2024-12-29 2026-01-03 0000217346 us-gaap:OperatingSegmentsMember txt:ManufacturingGroupMember txt:IndustrialMember 2023-12-31 2024-12-28 0000217346…
• CW (CURTISS-WRIGHT CORPORATION)
• FY2025 10-K: …90% of our sales in this market and are highly dependent on new aircraft production from our primary customers, Boeing and Airbus. We have significant content on the majority of the commercial aircraft programs, where our business is more leveraged to narrowbody (~60%) than widebody (~40%) commercial aircraft. We…
• FY2025 10-K: …passenger growth. While we closely monitor these industry metrics, our success and future growth in the commercial aerospace market is primarily tied to the anticipated growth in aircraft production rates (e.g., Boeing 737 and 787, Airbus A320 and A350), the timing of our order placement, continued partnering with…

ISTAR and EW (reported)

• LHX (L3HARRIS TECHNOLOGIES, INC.)
• FY2025 10-K: …in the "other non-reportable business" line in the Company's segment reporting. DoW Strategic Investment On January 13, 2026, we announced a strategic investment by the DoW in connection with our MSL business. Pursuant to the terms of the proposed transaction, the DoW has agreed to be the anchor investor through a $…
• FY2025 10-K: …Group . On May 31, 2024, we completed the divestiture of our Antenna disposal group, from our SAS segment, for cash proceeds of $ 170 million and a $ 25 million note receivable. Visual Information Solutions ("VIS"). During fiscal 2023, we completed the divestiture of VIS from our SAS segment , for net cash proceeds…
• NOC (NORTHROP GRUMMAN CORP /DE/)
• FY2025 10-K: …(EO/IR) and acoustic sensors; command, control, communications and computers, intelligence, surveillance and reconnaissance (C4ISR) systems; electronic warfare systems; advanced communications and network systems; advanced microelectronics; navigation and positioning sensors; maritime power, propulsion and payload…
• FY2025 10-K: …for the U.S. Navy, Japan, and France; • MQ-4C Triton, which provides wide area strategic ISR over vast ocean and coastal regions for maritime domain awareness to the U.S. Navy and Australia; • RQ-4 Global Hawk, which provides high resolution imagery of land masses for theater awareness and strategic ISR to the U.S.…
• DRS (Leonardo DRS, Inc.)
• FY2025 10-K: …adverse effect on our contract performance or on our ability to capitalize on market opportunities. Our operating results and growth opportunities are heavily dependent upon our ability to attract and retain sufficient personnel with security clearances and requisite skills in multiple areas, including science,…
• FY2025 10-K: …Center, the defense industrial base Cybersecurity Program, and the National Defense Cyber Alliance. Participating in these communities allows us to collaborate with our Defense Industrial Base sector peers, government agencies, information sharing and analysis centers, and cybersecurity associations. The…
• TDY (TELEDYNE TECHNOLOGIES INC)
• FY2025 10-K: …gas leak detection, laboratory research and maritime thermal imaging. We develop high-resolution, low-dose X-ray sensors as well as high-power microwave and high-energy X-ray subsystems for medical, dental and industrial applications. We also provide instruments for the measurement of physical properties and maritime…
• FY2025 10-K: …aerospace and defense, factory automation, air and water quality environmental monitoring, electronics design and development, oceanographic research, deepwater oil and gas exploration and production, medical imaging and pharmaceutical research. Our products include digital imaging sensors, cameras and systems within…
• MRCY (MERCURY SYSTEMS, INC.)
• FY2025 10-K: …for segment disclosure, which designates the internal organization that is used by management for making operating decisions and assessing performance as the source of its reportable segments. The Company manages its business on the basis of one reportable segment, as a leading technology company serving the…
• FY2025 10-K: …mission systems market in which we participate, RSA estimated the market for 2025 to be $6.5 billion for EW, $7.0 billion for radar, $2.9 billion for EO/IR, $1.5 billion for acoustics and $4.1 billion for weapons systems. RSA estimates the 2025-2029 CAGR for these markets to be 6.2% for EW, 6.9% for radar, 6.0% for…
• CW (CURTISS-WRIGHT CORPORATION)
• FY2025 10-K: …contract issues, commercial or contractual disputes, and acquisitions or divestitures. We continue to defend vigorously against all claims. Although the ultimate outcome of any legal matter cannot be predicted with certainty, based on present information, including assessment of the merits of the particular claim, as…
• FY2025 10-K: …adopted this standard as of December 31, 2025 and included revised disclosures within Note 12 of the Consolidated Financial Statements. The adoption of this standard did not have a material effect on the Consolidated Financial Statements. Recently issued accounting standards to be adopted In December 2024, the FASB…
• KTOS (Kratos Defense & Security Solutions, Inc.)
• FY2025 10-K: …in 2025 and $1,090.1 million was funded in 2024. Backlog as of December 28, 2025 as compared to December 29, 2024 has increased primarily as a result of contract awards in our Space and Satellite, Microwave Products, and Unmanned Systems businesses. We expect to recognize approximately 54.0% of the remaining total…
• FY2025 10-K: …our business, performance, prospects, value, financial condition, and results of operations. In addition, our international contracts may include industrial cooperation agreements requiring specific in-country purchases, investments, manufacturing agreements or other financial obligations, known as offset…

ESA (reported)

• LHX (L3HARRIS TECHNOLOGIES, INC.)
• FY2025 10-K: . Under the agreement we will contribute certain of the assets and liabilities of the SPPS business, reported in our AR segment, and the SA&C business, reported in our IMS segment to a new entity in which we will retain a 40 % noncontrolling interest. The Space Technology disposal group, which excludes our RS-25…
• FY2025 10-K: …Group . On May 31, 2024, we completed the divestiture of our Antenna disposal group, from our SAS segment, for cash proceeds of $ 170 million and a $ 25 million note receivable. Visual Information Solutions ("VIS"). During fiscal 2023, we completed the divestiture of VIS from our SAS segment , for net cash proceeds…
• LDOS (Leidos Holdings, Inc.)
• FY2025 10-K: …agency, conducts the procurement. The user agency, or the GSA on its behalf, evaluates the user agency's requirements and initiates a competition limited to GSA Schedule qualified contractors. GSA Schedule contracts are designed to provide the user agency with reduced procurement time and lower procurement costs.…
• FY2025 10-K: …more than 120 countries, including people scanners, computed tomography carry-on baggage scanners, checked baggage scanners, and explosive trace detectors. We are also the primary supplier to CBP and other 4 Leidos Holdings, Inc. Annual Report Table of Contents PART I international customers of mobile, non-intrusive…
• DRS (Leonardo DRS, Inc.)
• FY2025 10-K: …an alternative EE/CA work plan, but the NPS rejected this offer and opted to perform the EE/CA itself. The NPS previously posted its intention to open a formal public comment period regarding the EE/CA at the end of 2019. To our knowledge, the EE/CA has not been released and a public comment period has yet to be…
• FY2025 10-K: …We provide power conversion, control, distribution and propulsion systems for the U.S. Navy's top priority shipbuilding programs, including the Columbia Class ballistic missile submarine, the first modern U.S. electric drive submarine. We believe DRS is well positioned to meet the needs of an increasingly electrified…
• BAH (BOOZ ALLEN HAMILTON HOLDING CORPORATION)
• FY2025 10-K: "SOFA") to U.S. and non-U.S. government customers. 4 Table of Contents Intelligence Customers We deliver innovative, highly technical capabilities and solutions that directly impact core national security missions across the Intelligence Community and national cyber mission providers. We leverage our knowledge of the…
• FY2025 10-K: , and NASA. Ms. Inserra has over 26 years of experience at Booz Allen, and previously led the operations and strategy team for Booz Allen's defense and commercial businesses and was a leader in our military and civil health businesses. Ms. Inserra serves on the board of directors for the Armed Services YMCA and…
• CACI (CACI International Inc)
• FY2025 10-K: …0000016058 2025 False FY P1Y P3Y P8Y http://fasb.org/us-gaap/2025#OtherAccruedLiabilitiesCurrent http://fasb.org/us-gaap/2025#OtherAccruedLiabilitiesCurrent iso4217:USD xbrli:shares iso4217:USD xbrli:shares caci:segment caci:acquisition xbrli:pure caci:installment 0000016058 2024-07-01 2025-06-30 0000016058…
• FY2025 10-K: …us-gaap:OtherNoncurrentLiabilitiesMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel3Member 2025-06-30 0000016058 caci:ContingentConsiderationMember us-gaap:OtherNoncurrentLiabilitiesMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel3Member 2024-06-30…
• SAIC (Science Applications International Corporation)
• FY2025 10-K: …2010 until November 2014; and Vice President and Division Manager from March 2008 through October 2011. 44 Table of Contents SCIENCE APPLICATIONS INTERNATIONAL CORPORATION Name of officer Age Position(s) with the Company and prior business experience David C. Ray 49 Executive Vice President of the Space and…
• FY2025 10-K: 20. 10.27* Science Applications International Corporation Third Amended and Restated 2012 Long Term Performance Plan. Incorporated by reference to Exhibit 10.19 to the Company's Annual Report on Form 10-K as filed with the SEC on March 29, 2019. 10.28 Master Transitional Contracting Agreement between the Company…

Series B / Series C / Series D (reported)

• LHX (L3HARRIS TECHNOLOGIES, INC.)
• FY2025 10-K: 5-06 on our operating results, financial position, and cash flows. In December 2025, the FASB issued ASU 2025-10, Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities ("ASU 2025-10"), to establish guidance on the recognition, measurement, and presentation of government grants…
• FY2025 10-K: …Inc.'s (formerly known as Harris Corporation) Board of Directors or a Committee of the Board, incorporated herein by reference to Exhibit 4(b) to L3Harris Technologies, Inc.'s (formerly known as Harris Corporation) Registration Statement on Form S-3, Registration Statement No. 333-108486, filed with the SEC on…
• NOC (NORTHROP GRUMMAN CORP /DE/)
• FY2025 10-K: Exhibit B included in Exhibit 4.1 to Form 8-K filed January 31, 2024 ) 4(aaa) Form of 5.200% Senior Note due 2054 (incorporated by reference to Exhibit C included in Exhibit 4.1 to Form 8-K filed January 31, 2024 ) 4(bbb) Thirteenth Supplemental Indenture, dated as of May 29, 2025, between Northrop Grumman Corporation…
• FY2025 10-K: Bank of New York Mellon, as successor to JPMorgan Chase, Trustee, to Indenture dated as of November 21, 2001 (incorporated by reference to Exhibit 4.1 to Form 8-K filed March 24, 2020 ) 4(hh) Form of 3.250% Senior Note due 2028 (incorporated by reference to Exhibit D to Exhibit 4.1 to Form 8-K filed October 13, 2017 )…
• TDY (TELEDYNE TECHNOLOGIES INC)
• FY2025 10-K: …Agreement, dated as of September 1, 2012, by and among Teledyne Technologies Incorporated and George C. Bobb III (incorporated by reference to Exhibit 10.4 to the Company's Quarterly Report on Form 10-Q for the quarterly period ended April 2, 2023 File No. 1-15295)† 10.18 Amendment to Change in Control Severa nce…
• FY2025 10-K: 2025-12-28 0001094285 us-gaap:OperatingSegmentsMember tdy:AerospaceAndDefenseElectronicsMember 2024-12-30 2025-12-28 0001094285 us-gaap:OperatingSegmentsMember tdy:EngineeredSystemsMember 2024-12-30 2025-12-28 0001094285 us-gaap:OperatingSegmentsMember 2024-12-30 2025-12-28 0001094285 us-gaap:CorporateNonSegmentMember…
• LMT (LOCKHEED MARTIN CORPORATION)
• FY2025 10-K: …Corporation's Current Report on Form 8-K filed with the SEC on August 31, 2006). 4.4 Indenture, dated as of March 11, 2008, between Lockheed Martin Corporation and The Bank of New York (incorporated by reference to Exhibit 4.1 to Lockheed Martin Corporation's Current Report on Form 8-K filed with the SEC on March 12,…
• FY2025 10-K: …Current Report on Form 8-K filed with the SEC on September 7, 2012). 4.10 Indenture, dated as of April 18, 2023, between Lockheed Martin Corporation and U.S. Bank Trust Company, National Association, as trustee (incorporated by reference to Exhibit 4.1 to Lockheed Martin Corporation's Registration Statement on Form…
• GD (GENERAL DYNAMICS CORPORATION)
• FY2025 10-K: …with 14 Virginia-class submarines in our backlog scheduled for delivery through 2034. Ten of the boats in Block V will include the Virginia Payload Module, an 84-foot Electric Boat-designed-and-built hull section that adds four additional payload tubes, more than tripling the strike capacity of these submarines and…
• FY2025 10-K: …telephone number, including area code Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock GD New York Stock Exchange Securities registered pursuant to Section 12(g) of the Act: None Indicate by check mark if the…
• HII (HUNTINGTON INGALLS INDUSTRIES, INC.)
• FY2025 10-K: 2035 (incorporated by reference to Exhibit 4.2 to Form 8-K filed November 18, 2024). 10.1 Form of Amended and Restated Indemnification Agreement and Schedule of directors and officers who have entered into such agreement (incorporated by reference to Exhibit 10.2 to Form 10-K filed on February 19, 2015, File No.…
• FY2025 10-K: …10.8 to the Company's Amendment No. 1 to Registration Statement on Form 10 filed on November 24, 2010). 10.6 Trust Indenture, dated as of December 1, 2006, between the Mississippi Business Finance Corporation and The Bank of New York Trust Company, N.A., as Trustee, relating to the Gulf Opportunity Zone Industrial…
• RTX (RTX CORPORATION)
• FY2025 10-K: C seeking engineering, operational, organizational, accounting, and financial documents and witness testimony in connection with an investigation relating to the Company's disclosures in 2023 of issues arising from Pratt & Whitney's use of powder metal in manufacturing various engine parts, its identification of…
• FY2025 10-K: -31 0000101829 us-gaap:OperatingSegmentsMember srt:AsiaPacificMember us-gaap:AllOtherSegmentsMember 2024-01-01 2024-12-31 0000101829 srt:AsiaPacificMember 2024-01-01 2024-12-31 0000101829 us-gaap:OperatingSegmentsMember rtx:MiddleEastAndNorthAfricaMember rtx:CollinsAerospaceMember 2024-01-01 2024-12-31 0000101829…
• TXT (Textron Inc.)
• FY2025 10-K: …txt:ManufacturingGroupMember txt:IndustrialMember 2024-12-28 0000217346 us-gaap:OperatingSegmentsMember txt:ManufacturingGroupMember txt:IndustrialMember 2024-12-29 2026-01-03 0000217346 us-gaap:OperatingSegmentsMember txt:ManufacturingGroupMember txt:IndustrialMember 2023-12-31 2024-12-28 0000217346…
• FY2025 10-K: Part B reimbursement and life insurance. A portion of our U.S. employees participate in the legacy defined benefit pension plans which were closed to new participants beginning on January 1, 2010. These legacy plans include the Textron Master Retirement Plan (TMRP), the Bell Helicopter Textron Master Retirement Plan,…

Methodology Note

• Priced-in inversion: the valuation is inverted on the current price to recover the operating-income growth, duration, and steady-state margin the price embeds (ROE for financials, FFO growth for REITs).
• Valuation x-ray: the valuation models, grouped into four families (asset, earnings, relative, growth). Each model is expressed as a price/FV ratio (distance from price), not a point fair-value estimate. The spread across families is the disagreement.
• Economic-unit decomposition (SOTP): each disclosed business unit is assigned its native valuation basis before any multiple is applied. Operating units are valued on enterprise value; funded financial units are valued on their own common equity, because their borrowings fund earning assets rather than levering the parent. A company total is stated only once every material unit carries a supported value and the parent capital bridge reconciles.
• Solvency: net cash/debt, net-debt-to-NOPAT, interest coverage, and share-count CAGR from EDGAR financials (net debt / FFO and fixed-charge coverage for REITs; regulatory-capital framing for financials).
• Peer cohorts: per-segment comparables with deep-linkable SEC filing citations.

Fundamentals sourced from SEC EDGAR filings. Current price from Databento. The priced-in inversion and valuation x-ray are computed by the boothcheck engine; narrative composed by AI from the structured data.