Elbit Systems Ltd
ESLT
Industrials
4
exclusion reasons
3 themes
This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
Elbit Systems Ltd is an international military technology company and defense contractor headquartered in Israel. Its core business is developing and producing weapons, combat systems, and surveillance technology for land, air, sea, cyber, and space domains. The company’s products and services are integral to the operations of militaries in active conflict zones.
The company’s systems have been directly linked to military operations in Gaza. During Israel’s “Operation Guardian of the Walls” in 2021, Amnesty International documented evidence of war crimes in attacks that killed at least 261 Palestinians. Elbit’s technology was reportedly used in these assaults. In 2026, a legal complaint filed with the UK Metropolitan Police detailed public evidence linking Elbit Systems to attacks in Gaza and called for an investigation of the company’s UK directors. Further, the company has faced allegations regarding its operations in Sudan, with the Business and Human Rights Resource Centre documenting links to widespread abuses, to which Elbit did not respond.
Elbit Systems explicitly ties its corporate mission to sustaining armed conflict. In its 2023 ESG report, the company stated, “Our Company's contribution to the war effort during this period also strengthened our recognition of the fact that the security of the State of Israel is interwoven with our own existence and prosperity.” This statement confirms the company’s business model is fundamentally dependent on and profits from conditions of active armed conflict.
Elbit Systems Ltd has faced multiple international investigations and allegations of procedural failures and corruption linked to its defense contracts. A Danish investigation concluded in November 2024 that "procedural errors and inadequate oversight" occurred in artillery procurement processes involving the company. In 2025, the company was reportedly suspended from NATO tender processes amid unspecified allegations, and was separately linked to corruption scandals in India and Switzerland. While the specific financial penalties from these incidents are not detailed in public sources, the pattern of recurring procedural and oversight failures across multiple countries and contracts indicates systemic compliance issues in its international operations.
Elbit Systems Ltd is Israel’s largest arms producer and ranks among the world’s top 25 weapons manufacturers. The company derives nearly 100% of its revenue from defense contracts, with total defense revenue reported at $5.97 billion in 2024. Its portfolio consists of purpose-built military systems, including aircraft and helicopter avionics, weaponized drones, armored vehicle protection systems, artillery, and soldier-worn mission command technology.
Recent contracts illustrate the company’s specialized role in the war-industrial complex. In January 2026, Elbit was awarded a $228 million follow-on contract to supply its Iron Fist active protection system for U.S. Army Bradley fighting vehicle upgrades. That same month, its U.S. subsidiary completed manufacturing of the first Sigma Next Generation 155mm howitzer built in the United States. Another February 2026 contract, worth $277 million, was for 30mm unmanned turrets. The company also develops helmet-mounted mission command systems for the U.S. Army.
Elbit’s products are materially designed for warfare, meeting the exclusion threshold for companies whose primary business is manufacturing weapons and military materiel.
Elbit Systems Ltd is Israel's largest privately-owned weapons manufacturer, supplying munitions, combat vehicles, drones, and surveillance systems primarily to the Israeli military. The company's equipment is integral to military operations in the Occupied Palestinian Territory. Its electronic detection systems are used in the separation barrier in the West Bank, which the International Court of Justice has ruled is illegal where built on occupied land. A 2025 United Nations Human Rights Council report (A/HRC/59/23) listed corporate entities implicated in human rights violations in the occupied Palestinian territory, highlighting how such companies enable structural violations.
The company's surveillance technology, including drones and electronic warfare systems, is routinely deployed in the occupied territories. Investigative reports, including from AFSC Investigate, document that Elbit's weapons are used in operations against Palestinian civilians. The company works closely with the Israeli Ministry of Defense and benefits from this relationship, with its products forming a core part of the military infrastructure sustaining the occupation.
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Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
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