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olivLaw · US equity research

Eltek Ltd. ELTK

Printed Circuit Boards · SIC 3672 · Vertical: Printed Circuit Boards (SIC 3672)

6.25USD+1.96% · 1 dayClose 04 Nov 2026

Eltek Ltd. designs and manufactures custom printed circuit boards (PCBs), focusing on short-run, prototype and high-performance flex-rigid boards for industries such as defense and aerospace. The company closed fiscal 2025 with revenue of about 51.8 million USD, but with shrinking margins, and its equipment investment program is a key factor for its future development.

The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).

At the close of 04 Nov 2026, Eltek Ltd. (ELTK) stock was 6.25 USD (+1.96% on the day), with market capitalisation 42.0 m USD, P/E 52.1 on diluted EPS of 0.12 USD over the last 12 months, dividend yield 3.04%, beta 0.56, 52-week range 6.01–11.55 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
42.0 m USD
shares as of 31 Dec 2025
P/E (TTM)
52.1
Diluted EPS TTM 0.12 · TTM to 31 Dec 2025
E/P (TTM)
1.92%
TTM to 31 Dec 2025
Dividend yield
3.04%
DPS 12m 0.19
Beta (2y)
0.56
Volatility (1y) 52%
52-week range
6.0111.55

Price history

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Technical reading

RSI (14)
34.3
weak (30–45)
Bollinger (20, 2)
5.67 – 7.83
in the lower half of the band · %B 0.27 · band width 32.0%
SMA 50 / 200
7.56 / 8.46
downtrend (price < SMA50 < SMA200)
MACD (12, 26, 9)
-0.44 / -0.43
MACD below signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month−19.7%−1.1%−18.6 pp—
3 months−31.5%−0.5%−31.1 pp—
6 months−25.2%+4.4%−29.6 pp—
Year to date−27.7%+12.3%−40.1 pp—
1 year−45.0%+13.5%−58.6 pp+4.6%
3 years−33.4%+76.4%−109.9 pp+124.2%
5 years+11.6%+63.7%−52.1 pp—
Max drawdown (1y)
−48.0%
12 Nov 2025 → 29 Oct 2026
Max drawdown (5y)
−73.2%
12 Feb 2024 → 29 Oct 2026
Compound annual growth (5y)
+2.2%
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

ESEF annual reports carry no quarters: the results are annual (below).

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Today's P/E sits at the 83 percentile of its own 6-quarter history (min 4.3, median 10.9, max 72.1; quarters with earnings only).

Fiscal years

Fiscal year20182019202020212022202320242025
Revenue33.9 m34.8 m36.7 m33.8 m39.7 m46.7 m46.5 m51.8 m
Revenue YoY+3.6%+2.5%+5.5%−7.9%+17.2%+17.8%−0.4%+11.3%
Net income-2.6 m1.8 m2.6 m5.0 m3.2 m6.4 m4.2 m826.0 k
Net income YoYunavailableunavailable+45.5%+93.2%−36.6%+98.9%−33.5%−80.4%
Diluted EPSunavailableunavailable0.580.860.551.070.630.12
Diluted EPS YoYunavailableunavailableunavailable+48.3%−36.0%+94.5%−41.1%−81.0%
net %-7.7%5.2%7.1%14.9%8.1%13.6%9.1%1.6%
Free cash flow-1.4 m1.6 m2.2 m2.3 m802.0 k6.4 m-5.0 m-4.2 m

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
2.5 m USD
Financial debt
unavailable USD
Net debt
unavailable USD
Equity
46.7 m USD
Total assets
66.3 m USD
Debt / equity
unavailable
Current ratio
2.82x
ROE
1.9%
ROA
1.3%
FCF margin
-8.1%

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
46.7 m
2024
46.5 m
2025
51.8 m

SEC (XBRL)· 26 Mar 2026verified

Cost of revenue
2023
33.6 m
2024
36.2 m
2025
43.8 m

SEC (XBRL)· 26 Mar 2026verified

Gross profit
2023
13.1 m
2024
10.3 m
2025
8.0 m

SEC (XBRL)· 26 Mar 2026verified

Research & development
2023
85.0 k
2024
187.0 k
2025
50.0 k

SEC (XBRL)· 26 Mar 2026verified

SG&A
2023
5.7 m
2024
5.8 m
2025
5.6 m

SEC (XBRL)· 26 Mar 2026verified

Operating income
2023
7.3 m
2024
4.4 m
2025
2.3 m

SEC (XBRL)· 26 Mar 2026verified

Depreciation & amortisation
2023
1.3 m
2024
1.5 m
2025
2.1 m

SEC (XBRL)· 26 Mar 2026verified

EBITDA
2023
8.6 m ≈
2024
5.9 m ≈
2025
4.5 m ≈

SEC (XBRL)· 26 Mar 2026derived

Interest expense
2023
-422.0 k
2024
-705.0 k
2025
1.3 m

SEC (XBRL)· 26 Mar 2026verified

Pre-tax income
2023
7.7 m
2024
5.1 m
2025
1.1 m

SEC (XBRL)· 26 Mar 2026verified

Income tax
2023
1.4 m
2024
873.0 k
2025
247.0 k

SEC (XBRL)· 26 Mar 2026verified

Net income
2023
6.4 m
2024
4.2 m
2025
826.0 k

SEC (XBRL)· 26 Mar 2026verified

Diluted EPS
2023
1.07
2024
0.63
2025
0.12

SEC (XBRL)· 26 Mar 2026verified

Weighted average diluted shares
2023
6.0 m
2024
6.7 m
2025
6.8 m

SEC (XBRL)· 26 Mar 2026verified

Dividend per share
2023
0.22
2024
0.00
2025
0.19

SEC (XBRL)· 26 Mar 2026derived

Balance sheet · USD

Cash
2023
9.3 m
2024
7.6 m
2025
2.5 m

SEC (XBRL)· 26 Mar 2026verified

Receivables
2023
10.9 m
2024
11.8 m
2025
14.8 m

SEC (XBRL)· 26 Mar 2026verified

Inventories
2023
6.1 m
2024
9.5 m
2025
11.2 m

SEC (XBRL)· 26 Mar 2026verified

Current assets
2023
30.1 m
2024
39.1 m
2025
38.7 m

SEC (XBRL)· 26 Mar 2026verified

Property, plant & equipment, net
2023
9.4 m
2024
14.6 m
2025
20.9 m

SEC (XBRL)· 26 Mar 2026verified

Total assets
2023
47.2 m
2024
60.2 m
2025
66.3 m

SEC (XBRL)· 26 Mar 2026verified

Short-term debt
2023
0
2024
—
2025
—

SEC (XBRL)· 26 Mar 2024verified

Long-term debt
2023
0
2024
—
2025
—

SEC (XBRL)· 26 Mar 2024verified

Current liabilities
2023
14.0 m
2024
13.3 m
2025
13.7 m

SEC (XBRL)· 26 Mar 2026verified

Equity
2023
26.9 m
2024
41.2 m
2025
46.7 m

SEC (XBRL)· 26 Mar 2026verified

Shares outstanding at year end
2023
6.0 m
2024
6.7 m
2025
6.7 m

SEC (XBRL)· 26 Mar 2026verified

Cash flow · USD

Operating cash flow
2023
8.9 m
2024
4.5 m
2025
1.1 m

SEC (XBRL)· 26 Mar 2026verified

Capex
2023
2.4 m
2024
9.5 m
2025
5.4 m

SEC (XBRL)· 26 Mar 2026verified

Free cash flow
2023
6.4 m ≈
2024
-5.0 m ≈
2025
-4.2 m ≈

SEC (XBRL)· 26 Mar 2026derived

Investing cash flow
2023
-3.0 m
2024
-15.9 m
2025
-5.3 m

SEC (XBRL)· 26 Mar 2026verified

Financing cash flow
2023
-3.8 m
2024
9.6 m
2025
-1.2 m

SEC (XBRL)· 26 Mar 2026verified

Dividends paid
2023
1.3 m
2024
0
2025
1.3 m

SEC (XBRL)· 26 Mar 2026verified

Computed indicators

Growth

Revenue growth (YoY)
11.3%
computed by olivLawFY 2025
Revenue CAGR 3Y
9.3%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
7.1%
computed by olivLawFY 2020 → FY 2025
EBIT growth (YoY)
-46.6%
computed by olivLawFY 2025
Net income growth (YoY)
-80.4%
computed by olivLawFY 2025
Net income CAGR 3Y
-36.3%
computed by olivLawFY 2022 → FY 2025
Net income CAGR 5Y
-20.5%
computed by olivLawFY 2020 → FY 2025
EPS growth (YoY)
-81.0%
computed by olivLawFY 2025
EPS CAGR 3Y
-39.8%
computed by olivLawFY 2022 → FY 2025
EPS CAGR 5Y
-27.0%
computed by olivLawFY 2020 → FY 2025
FCF growth (YoY)
unavailable
the base of the ratio is not positive

Profitability

Gross margin
15.4%
computed by olivLawFY 2025
EBITDA margin
8.6%
computed by olivLawFY 2025
EBIT margin
4.5%
computed by olivLawFY 2025
Net margin
1.6%
computed by olivLawFY 2025
FCF margin
-8.1%
computed by olivLawFY 2025

Returns

ROE
1.9%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROA
1.3%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROIC
unavailable
input data missing
ROCE
4.5%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Payout ratio (EPS)
158.2%
computed by olivLawFY 2025
Payout ratio (FCF)
unavailable
the base of the ratio is not positive

Balance sheet

Net debt
unavailable
input data missing
Net debt / EBITDA
unavailable
input data missing
Debt / equity
unavailable
input data missing
Interest coverage
1.8x
computed by olivLawFY 2025

Liquidity

Current ratio
2.8x
computed by olivLawbalance sheet at 31 Dec 2025
Cash ratio
0.2x
computed by olivLawbalance sheet at 31 Dec 2025

Cash

Operating cash flow
1.1 m USD
computed by olivLawFY 2025
Capital expenditure
5.4 m USD
computed by olivLawFY 2025
Free cash flow
-4.2 m USD
computed by olivLawFY 2025
FCF conversion
-509.1%
computed by olivLawFY 2025
Cash conversion
25.7%
computed by olivLawFY 2025

Efficiency

Days sales outstanding
94 days
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Days payables outstanding
unavailable
input data missing

Market and valuation

Market capitalisation
42.0 m USD
computed by olivLawbalance sheet at 31 Dec 2025
Enterprise value
unavailable
input data missing
Market cap / net income TTM
50.8x
computed by olivLawFY 2025
P/E (TTM)
52.1x
computed by olivLawFY 2025
Earnings yield
1.9%
computed by olivLawFY 2025
P/B
0.9x
computed by olivLawbalance sheet at 31 Dec 2025
P/S
0.8x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
unavailable
input data missing
P/FCF
unavailable
the base of the ratio is not positive
FCF yield
-10.0%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Dividend yield
3.0%
computed by olivLawFY 2025
Shareholder yield (distributions)
3.0%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025

4 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • valuation methods computed: 0 of at least 1

A scoring methodology on indicators and valuation, not investment advice.

Closing price

6.25 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: 42.0 m USD

Key indicators

Market capitalisation
42.0 m USD
computed by olivLawbalance sheet at 31 Dec 2025
P/E (TTM)
52.1x
computed by olivLawFY 2025
P/B
0.9x
computed by olivLawbalance sheet at 31 Dec 2025
EV/EBITDA
unavailable
input data missing
ROE
1.9%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Net margin
1.6%
computed by olivLawFY 2025
Revenue growth (YoY)
11.3%
computed by olivLawFY 2025
Dividend yield
3.0%
computed by olivLawFY 2025

Coverage and freshness

32/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 31 Dec 2025
Latest balance sheet date: 31 Dec 2025
Share count (cover of the latest filing), as of: 31 Dec 2025
Source: SEC (XBRL)published 26 Mar 2026
verified 501derived 6

Score by group

77% · Insufficient data

Estimated value range

unavailable — no valuation method could be computed

Valuation assumptions are editorial choices, not measured; beta is not measured.

Valuation methods

  • DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
  • Peers: EV/Salesunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
  • Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)

no valuation method could be computed

Multiple comparisons use the SIC vertical: Printed Circuit Boards (SIC 3672)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Insufficient data

Minimum-evidence gate: valuation methods computed: 0 of at least 1

FactorValueScoreWeight used
Gross margin · Quality15.4%0 (on a fixed band)14%
EBIT margin · Quality4.5%36 (vs peers)11%
FCF margin · Quality-8.1%0 (on a fixed band)11%
Revenue CAGR 3Y · Growth9.3%37 (on a fixed band)22%
Revenue growth (YoY) · Growth11.3%64 (vs peers)11%
Net debt / EBITDA · Balance sheetunavailableunavailable—
Current ratio · Balance sheet2.8x100 (on a fixed band)8%
EV/Sales · Valuationunavailableunavailable—
FCF yield · Valuation-10.0%0 (on a fixed band)17%
Shareholder yield (distributions) · Returns3.0%84 (on a fixed band)6%

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet· partial100/100 · 1/2 factors with a value
  • Growth46/100 · 2/2 factors with a value
  • Quality11/100 · 3/3 factors with a value
  • Returns84/100 · 1/1 factors with a value
  • Valuation· partial0/100 · 1/2 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

ELTEK LTD. (ELTK). Latest full fiscal year: 2025; data up to 2025-12-31.

Figures computed from the financial statements: revenue 51.8 m USD in 2025; YoY growth 11.3%; net margin 1.6%; ROE 1.9%.

Valuation cannot be computed from the available data.

Insufficient data for a verdict (valuation methods computed: 0 of at least 1).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • Current ratio: 2.8x
  • Shareholder yield (distributions): 3.0%

What contradicts it

  • Gross margin: 15.4%
  • FCF margin: -8.1%
  • FCF yield: -10.0%

Not assessed (insufficient data or a ratio without meaning): Net debt / EBITDA, EV/Sales.

Versus the vertical median

Printed Circuit Boards (SIC 3672) · same industry (4-digit SIC) · compared with 11 companies

Multiples and returns vs the median

P/E
52.1x
vertical median 26.5x
above median (+96.4%)
EV/EBITDA
—
vertical median 11.9x
P/S
0.8x
vertical median 0.9x
below median (−12.0%)
P/B
0.9x
vertical median 3.0x
below median (−70.1%)
ROE
1.9%
vertical median 12.6%
below median (−85.1%)
Net margin
1.6%
vertical median 2.9%
below median (−45.0%)
EBIT margin
4.5%
vertical median 4.7%
at median
Revenue YoY
11.3%
vertical median 7.4%
above median (+52.9%)
Net debt/EBITDA
—
vertical median 0.3x
Dividend yield
3.0%
vertical median 0.2%
above median (+1,139.2%)

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
CLSCelestica Inc.29.8 bn22.430.2%6.8%+28.5%−31% / +777%
FLEXFlex Ltd.28.5 bn27.919.1%3.4%+8.1%+31% / +303%
JBLJabil Inc26.6 bn26.566.7%2.9%+20.6%+23% / +124%
TTMITtm Technologies, Inc.7.7 bn29.314.3%7.0%+19.0%+5% / +389%
SANMSanmina Corporation7.7 bn25.711.8%2.4%+7.4%−8% / +187%
PLXSPlexus Corp.5.5 bn30.512.6%4.6%+1.8%+45% / +103%
BHEBenchmark Electronics, Inc.2.3 bn42.25.0%1.9%+0.1%+45% / +162%
CTSCts Corporation1.8 bn24.413.0%12.9%+5.2%+46% / +60%
KEKimball Electronics, Inc.619.8 m22.94.8%2.0%−3.7%−11% / +5%
NNDMNano Dimension Ltd.278.3 m—-28.7%-135.2%+77.3%−25% / −43%
ELTKEltek Ltd.42.0 m52.11.9%1.6%+11.3%−45% / −33%
KTCCKey Tronic Corp16.2 m—-51.3%-12.4%−17.4%−44% / −64%

1- and 3-year price returns: for ELTK from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
3.97
Total return -35% · Per year -35%
7.00
Total return 14% · Per year 14%
10.52
Total return 71% · Per year 71%
3 years
4.23
Total return -27% · Per year -10%
8.36
Total return 41% · Per year 12%
13.75
Total return 129% · Per year 32%
5 years
4.51
Total return -19% · Per year -4%
9.99
Total return 73% · Per year 12%
17.96
Total return 205% · Per year 25%
What moves the 3-year price the most
  • Exit P/E± 2.09
  • Net margin± 1.46
  • Annual revenue growth± 1.15
  • Annual dilution± 0.12

AI analysis

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

Possibly outdated: the newest document it read is from 26 Mar 2026; since then the company filed 6-K (06 Oct 2026), 6-K (09 Sept 2026), 6-K (18 Aug 2026), 6-K (11 Aug 2026), 6-K (02 Jul 2026).

In brief

Eltek Ltd. designs and manufactures custom printed circuit boards (PCBs), focusing on short-run, prototype and high-performance flex-rigid boards for industries such as defense and aerospace. The company closed fiscal 2025 with revenue of about 51.8 million USD 1, but with shrinking margins, and its equipment investment program is a key factor for its future development.

SWOT

Strengths

  • The company holds a consolidated position in the defense and aerospace segment, supported by certifications and industry-specific accreditations 1.
  • The offer from prototype to short-run production, with varied finishes, allows integrated services for customers with complex requirements 1.
  • The equipment investment program has expanded capacity and is expected to increase sales, provided demand continues 1.

Weaknesses

  • Gross margin fell in 2025 due to personnel costs, production inefficiencies and the weakening of the dollar against the shekel 1.
  • Dependence on a few unique machines and a few raw material suppliers increases the risk of production interruptions 1.
  • Control of the shareholder base by the Nistec group may create conflicts of interest with other shareholders 1.

Opportunities

  • Growing demand from defense, aerospace and the medical industry could support sales growth if investment programs are completed 1.
  • The shift of production away from China may open new customers for a producer with a diversified supply chain 1.
  • Expanding activity in the United States and other foreign markets could reduce dependence on a small number of customers 1.

Threats

  • Competition from Asia, with lower production costs, could pressure the company's prices and margins 1.
  • Currency fluctuations and inflation in Israel could affect results if costs cannot be passed on to customers 1.
  • Geopolitical tensions in the region and the recent conflict could affect operations, although the company does not expect an immediate material impact 1.

Risks

  • Dependence on key customershigh

    A small number of customer groups generate a significant part of revenue, and losing one of them could affect financial results 1.

  • Failures of unique machineshigh

    Aging, unique machines can malfunction and stop production for long periods, and replacement parts are not always available 1.

  • Dependence on raw material suppliersmedium

    The lack of long-term supply contracts could delay production and lead to cancelled orders 1.

  • Currency and inflation risksmedium

    Shekel costs and the weakening of the dollar have negatively affected margins, and high inflation could raise operating costs 1.

  • Geopolitical and security riskhigh

    The Middle East conflict that began in February 2026 may affect operations, and insurance does not cover losses linked to this context 1.

Investment thesis

What would need to be true (bull case)

  • If the equipment investment program is completed and defense demand continues, the company could reach higher sales and an expanded production capacity 1.
  • Its position in advanced boards for defense and aerospace, with relevant certifications, may offer an advantage over smaller producers 1.
  • The shift of production away from China could bring new customers to a supplier with expertise in low volumes and prototypes 1.

What would break the thesis

  • Gross margins shrank in 2025, and if inefficiencies linked to the investments persist, profitability could remain under pressure 1.
  • Shareholder concentration and dependence on a few customers and suppliers could limit the company's flexibility if circumstances change 1.
  • Competition from Asian producers with lower costs could prevent margin growth in higher-volume segments 1.

What to watch

  • Completion of the equipment investment program and its effect on sales and margins2026
  • Evolution of gross margin after the 2025 production problemsQ1 2027
  • Impact of the Middle East conflict on operations and the supply chain2026
  • Status of relations with key customers and their approved vendor list ratingsnext 10-K

Products, market & competition

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

Possibly outdated: the newest document it read is from 26 Mar 2026; since then the company filed 6-K (06 Oct 2026), 6-K (09 Sept 2026), 6-K (18 Aug 2026), 6-K (11 Aug 2026), 6-K (02 Jul 2026).

The business

Eltek manufactures custom printed circuit boards for compact electronic products, with an offer focused on short-run production, prototypes, pre-production and low to medium volume runs, mainly flex-rigid boards 1. The company was incorporated in Israel and operates mainly from Israel, with a marketing subsidiary in the United States 1. Besides its own production, it sources boards from South-East Asia when customers require high volumes, although this activity has not been significant in recent years 1.

Production capacity includes boards with up to 40 layers, blind and buried vias, and various surface finishes for soldering 1. The quality system is ISO 9001:2015 and AS9001D certified, and the company obtained U.S. Department of Defense Qualified Product List approval 1. The company invested about 17 million USD in equipment over the last three years and continues a modernization program 1.

The shareholder structure is dominated by the Nistec group, which controls the company through an affiliated entity; as of March 3, 2026, Nistec Golan and the controlling individual jointly held 58.7% of the shares 1. This shareholder concentration is explicitly described as a risk factor for other shareholders 1.

Segments

Defense and aerospace

The defense and aerospace industries accounted for 73% of the company's production in 2025, up from 65% in 2024 1. The company has focused on this segment, being ITAR registered and Nadcap accredited for its advanced circuit solutions 1.

Medical and industrial

Medical equipment accounted for 7% of production in 2025, and industrial equipment for 9% 1. These segments are smaller than defense, but the company targets them as part of its strategy to penetrate industries with high reliability requirements 1.

Market context

The PCB industry is influenced by shorter electronic product life cycles, rising board complexity and the shift of production away from China toward countries such as India, South Korea and Thailand 1. Demand in defense and aerospace is supported by defense budgets and foreign military sales programs, according to the company's assessment 1.

Eltek operates in a market with intense competition, and Asian competitors may have lower production costs 1. The company considers itself well placed in the segment of low volumes and prototypes, where customers prefer a single supplier across the product life cycle 1.

Trends

  • Rising defense demandtailwind

    Defense and aerospace companies have requested more advanced boards, and the company expects defense budgets and export programs to support long-term demand 1.

  • Production shift away from Chinamixed

    Moving PCB production from China toward India, South Korea and Thailand opens opportunities for producers with diversified supply chains, but may also change regional competition 1.

  • New production technologiesheadwind

    Additive mSAP and SAP methods for ultra-dense topographies are gaining traction in the industry, and the company could need to adopt them if they prove cost-effective and reliable 1.

  • Dependence on raw materialsheadwind

    Supply of key raw materials depends on a few suppliers, and rising demand linked to AI has already caused raw material shortages, affecting delivery times 1.

Competitive position

Eltek competes with PCB makers in Asia, which have lower production costs, and with large producers able to invest in advanced technologies 1. The company differentiates itself through its service from prototype to production, defense and aerospace certifications and its focus on flex-rigid boards 1.

The source does not name listed competitors, so the competitive profile remains described at the level of producer categories 1. The lack of a cost advantage against Asian producers is a structural limit on the competitive position 1.

  • PCB makers in South-East Asia

    Producers with lower labor costs that compete on price for high-volume boards 1.

  • Large PCB producers in China

    Companies with financial resources for advanced technologies, operating in the largest PCB market in the world 1.

  • Contract electronics manufacturers

    Companies that distribute or fabricate boards and can handle high-volume production as an alternative 1.

  • PCB distributors and trading companies

    Intermediaries that sell boards from several sources and compete with the company's direct production 1.

News & filings

Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.