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ELTK

Eltek Ltd.

ELTK

Eltek Ltd. • NASDAQ
$8.57 ▲ 0.82% (+0.07)
Market Cap $57.54 M
52w High $12.19
52w Low $7.65
Dividend Yield 0.19%
P/E 50.41
Volume 2.39K
Outstanding Shares 6.71M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $13.267M ▲ $1.546M ▼ $-231K ▼ -1.741% ▼ $-0.034 ▼ $613K ▼
Q2-2025 $12.529M ▼ $1.563M ▲ $365K ▼ 2.913% ▼ $0.054 ▼ $1.956M ▲
Q1-2025 $12.756M ▲ $1.487M ▼ $1.002M ▲ 7.855% ▲ $0.15 ▲ $1.19M ▼
Q4-2024 $10.758M ▼ $1.576M ▼ $22K ▼ 0.204% ▼ $0.003 ▼ $1.468M ▼
Q3-2024 $13.52M $1.609M $1.712M 12.663% $0.26 $2.296M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $11.638M ▲ $65.056M ▲ $19.604M ▼ $45.452M ▲
Q2-2025 $11.155M ▼ $64.42M ▲ $19.773M ▲ $44.647M ▲
Q1-2025 $15.723M ▼ $61.075M ▲ $19.547M ▲ $41.528M ▲
Q4-2024 $17.238M ▼ $60.155M ▲ $18.963M ▲ $41.192M ▲
Q3-2024 $18.078M $58.779M $18.453M $40.326M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-231K ▼ $1.979M ▲ $-1.545M ▲ $-22.481K ▲ $354K ▲ $411.93K ▲
Q2-2025 $365K ▼ $-2.934M ▼ $-1.743M ▼ $-1.268M ▼ $-4.696M ▼ $-4.677M ▼
Q1-2025 $1.002M ▲ $126K ▲ $-603K ▲ $0 ▼ $-1.109M ▼ $-1.011M ▲
Q4-2024 $22K ▼ $10K ▼ $-1.289M ▲ $18K ▲ $-973K ▼ $-1.582M ▼
Q3-2024 $1.712M $1.647M $-2.101M $17K $-329K $-320K

Five-Year Company Overview

Income Statement

Income Statement Eltek’s income statement shows a small but steadily growing business that has become more profitable in recent years, though results can swing from year to year. Revenue has inched up over the last five years, not explosively but consistently. Profitability improved notably in the last couple of years, helped by better cost control and higher‑value work, but earnings per share have been a bit choppy, rising strongly and then easing back. This pattern suggests a niche company that can earn good money when utilization is high and mix is favorable, but that is still sensitive to order timing, product mix, and broader demand, especially given its focus on complex, project‑driven customers.

Balance Sheet

Balance Sheet The balance sheet looks sturdier now than a few years ago. Total assets and shareholder equity have both grown, which indicates the company is building its asset base and retaining profits rather than stretching with heavy borrowing. Cash is modest but stable, and debt levels appear contained relative to the size of the business. Overall, the company seems to be funding growth in a disciplined way, with a stronger equity cushion and no obvious signs of balance‑sheet strain. The main watch point is that as it continues investing in new capacity, it will need to keep this conservative posture to avoid over‑leveraging a relatively small operation.

Cash Flow

Cash Flow Cash generation has improved, but the company is clearly in an investment phase. Over the last couple of years, operating cash flow has turned meaningfully positive, which supports the view that reported profits are backed by real cash, not just accounting. Free cash flow also moved into positive territory but then was held back more recently by heavier spending on new equipment and facilities. That higher capital spending is intentional, tied to capacity expansion and technology upgrades. The key risk is execution: if demand or margins soften while spending is elevated, cash could tighten, so ongoing monitoring of cash conversion and investment payback will be important.

Competitive Edge

Competitive Edge Eltek operates in a specialized corner of the printed circuit board market, focusing on high‑reliability, complex boards for defense, aerospace, and medical uses. Its competitive strength comes from deep process know‑how, hard‑to‑obtain certifications, and long‑standing relationships with demanding customers. These factors create high switching costs and raise barriers for new entrants. At the same time, Eltek is small compared with global PCB manufacturers and is exposed to customer and sector concentration, especially in defense. Its narrow focus is a strength—because it plays where quality matters more than price—but it also means that program delays or policy shifts in key end‑markets can have an outsized impact.

Innovation and R&D

Innovation and R&D Innovation at Eltek is practical and process‑driven rather than flashy. The company concentrates on mastering complex PCB technologies—such as high‑density interconnect and flex‑rigid boards—and on using advanced materials that perform well in harsh or high‑frequency environments. It is investing in Industry 4.0 production lines, automation, and smarter process control, which should improve yields, speed, and consistency over time. Partnerships with the Israel Innovation Authority and focus on faster production and lower scrap underline a commitment to continuous improvement. The opportunity is to turn this into better margins and more defensible technology; the risk is that technology demands keep rising and the company must keep up its investment pace to remain at the leading edge.

Summary

Overall, Eltek looks like a small, specialized technology manufacturer that has gradually strengthened its finances while leaning into its niche in complex, high‑reliability PCBs. Profitability has improved but remains somewhat uneven, reflecting project‑driven demand and a concentrated customer base. The balance sheet is relatively conservative, supporting the company’s sizable capacity and technology investments. Its edge lies in certifications, engineering depth, and trust built with defense, aerospace, and medical customers, which together form a credible moat. Looking ahead, the main opportunity is to translate ongoing capacity expansion and process innovation into steadier growth and higher, more stable margins, while the main risks revolve around execution of expansion, dependence on key end‑markets, and the need to continually invest to stay technologically ahead in a demanding, specialized field.

NEWS

November 18, 2025 · 7:30 AM UTC

Eltek Ltd. Reports 2025 Third Quarter Financial Results

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November 10, 2025 · 7:30 AM UTC

Eltek Sets Earnings Release Date and Conference Call to Report Third Quarter 2025 Results on November 18, 2025

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