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Elbit Systems vs Karman: revenue, profit, margins and growth compared

Elbit Systems brought in $7.9B of revenue in fiscal 2025, Karman $471.5M in fiscal 2025. Revenue changed by +16.3% at Elbit Systems and +36.6% at Karman on the year before, so Karman grew faster. Elbit Systems kept 6.7% of its revenue as net profit, Karman 3.7%. Free cash flow was $552.8M at Elbit Systems and -$42.5M at Karman.

Side by side, latest fiscal year

ESLTKRMN
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$7.9B$471.5M
Revenue growth+16.3%+36.6%
Net income$534.3M$17.4M
Net margin6.7%3.7%
Free cash flow$552.8M-$42.5M
Free cash flow margin7.0%-9.0%
Earnings per share (diluted)$11.39$0.13
Cash$635.1M$34M
Debt$101.5M$3.8M
Price to earningsn/a274.5
Market value$34.2B$4.7B
Dividend yieldn/an/a
Rank by revenue in sector#81 of 451 · Industrials#327 of 451 · Industrials

Over the years

Revenue
ESLT FY2018: $3.7BESLT FY2019: $4.5BESLT FY2020: $4.7BESLT FY2021: $5.3BESLT FY2022: $5.5BESLT FY2023: $6BESLT FY2024: $6.8BESLT FY2025: $7.9BKRMN FY2022: $226.3MKRMN FY2024: $280.7MKRMN FY2024: $345.3MKRMN FY2025: $471.5MFY18FY19FY20FY21FY22FY23FY24FY25
ESLT $7.9BKRMN $471.5M
Net income
ESLT FY2018: $206.7MESLT FY2019: $227.9MESLT FY2020: $237.7MESLT FY2021: $274.4MESLT FY2022: $275.4MESLT FY2023: $215.1MESLT FY2024: $321.1MESLT FY2025: $534.3MKRMN FY2022: -$14.1MKRMN FY2024: $4.4MKRMN FY2024: $12.7MKRMN FY2025: $17.4MFY18FY19FY20FY21FY22FY23FY24FY25
ESLT $534.3MKRMN $17.4M
Net margin
ESLT FY2018: 5.6%ESLT FY2019: 5.1%ESLT FY2020: 5.1%ESLT FY2021: 5.2%ESLT FY2022: 5.0%ESLT FY2023: 3.6%ESLT FY2024: 4.7%ESLT FY2025: 6.7%KRMN FY2022: -6.2%KRMN FY2024: 1.6%KRMN FY2024: 3.7%KRMN FY2025: 3.7%FY18FY19FY20FY21FY22FY23FY24FY25
ESLT 6.7%KRMN 3.7%
Revenue growth
ESLT FY2019: +22.4%ESLT FY2020: +3.4%ESLT FY2021: +13.2%ESLT FY2022: +4.4%ESLT FY2023: +8.4%ESLT FY2024: +14.3%ESLT FY2025: +16.3%KRMN FY2024: +24.0%KRMN FY2024: +23.0%KRMN FY2025: +36.6%FY19FY20FY21FY22FY23FY24FY25
ESLT +16.3%KRMN +36.6%
Free cash flow
ESLT FY2018: $89.4MESLT FY2019: -$190.9MESLT FY2020: $146.6MESLT FY2021: $228.3MESLT FY2022: $35MESLT FY2023: -$73.3MESLT FY2024: $319.6MESLT FY2025: $552.8MKRMN FY2022: -$27.2MKRMN FY2024: $3.6MKRMN FY2024: $11.4MKRMN FY2025: -$42.5MFY18FY19FY20FY21FY22FY23FY24FY25
ESLT $552.8MKRMN -$42.5M

Fiscal years as each company reports them; the two may end in different months.

Questions about Elbit Systems and Karman

Which is bigger by revenue, Elbit Systems or Karman?

Elbit Systems is bigger by revenue: $7.9B in fiscal 2025, against $471.5M for Karman in fiscal 2025.

Which keeps more of its revenue as profit, Elbit Systems or Karman?

Elbit Systems had a net margin of 6.7% in fiscal 2025; Karman had 3.7% in fiscal 2025.

Which grew revenue faster, Elbit Systems or Karman?

In their latest fiscal years revenue changed by +16.3% at Elbit Systems and +36.6% at Karman.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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