Elbit Systems

Category: Challenging

Israel's largest private defence contractor, providing 85% of the IDF's drones and land equipment. Weapons marketed as 'battle-proven' on Palestinian civilians.

Listing: NASDAQ: ESLT, TASE: ESLT HQ: Israel Website Updated: 5 Jan 2026

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Decision-Maker Directory

Key individuals with influence over corporate partnerships and procurement decisions. Direct your correspondence to the most relevant role.

Bezhalel (Butzi) Machlis
President & Chief Executive Officer
Ultimate responsibility for company strategy and military sales
Public contact: Via elbitsystems.com/contact-us
Dr. Yaacov (Kobi) Kagan
Executive VP & Chief Financial Officer
Oversees financial operations and investor relations
Public contact: Via investor relations
Corporate Secretary
Corporate Secretary & Investor Relations
Primary contact for shareholder communications
Public contact: [email protected]
Elbit Systems of America
US Subsidiary Management
Operates US border surveillance contracts and military training programmes
Public contact: Via elbitamerica.com

Material Risk Framing

Frame your message around business risks. These talking points resonate with corporate stakeholders and institutional investors.

Reputational

Association with operations under ICC investigation, ICJ genocide case proceedings, and apartheid infrastructure per UN documentation. Products advertised as 'battle-proven' creates reputational risk for partners.

Financial

Stock dropped 30%+ following activist campaigns. Major investors JPMorgan (70% reduction), Scotiabank (50% reduction), and Barclays (full divestment) have reduced holdings. $25.2bn order backlog concentrated in controversial markets.

Legal

Equipment used in operations under ICC investigation. Products linked to potential genocide per ICJ preliminary ruling. International humanitarian law violations cited by Norway, Denmark, Sweden pension funds as divestment rationale.

Operational

UK factory closures following sustained activism. Insurance providers Allianz and Aviva terminated coverage. Lost GBP 2.1bn Watchkeeper contract. Brazilian and Japanese contracts cancelled.

Strategic Analysis

In-depth assessment of the company's position, vulnerabilities, and recommended approaches for effective engagement.

CHALLENGING PRIORITY TARGET MONITORING TARGET Strategic Vulnerability → Severity → Severity: 10.0, Vulnerability: 5.5

High severity, lower vulnerability — requires long-term divestment pressure

Learn about our methodology — companies are categorised based on severity (harm potential) vs strategic vulnerability (campaign leverage).

Why do these scores change?

Unlike static boycott lists, our targeting model is dynamic. This company's position on the matrix is re-evaluated continually as we verify new contracts, divestments, or policy changes. Your reporting directly impacts this score.

Elbit Systems represents the highest-priority G2B target for military embargo campaigns. As Israel's largest private defence contractor, Elbit provides 85% of the IDF's drones and 85% of its land-based military equipment. The company explicitly markets its weapons as "battle-proven" in Gaza, making any commercial relationship an endorsement of operations under ICC and ICJ investigation.

Key Leverage Points

  • Proven Divestment Vulnerability: 15+ years of successful campaigns including Norwegian, Danish, Swedish pension funds, Barclays, AXA, and Deutsche Bank. Stock dropped 30%+ during peak activist pressure.
  • Insurance and Operational Pressure: Allianz and Aviva terminated insurance coverage of UK subsidiaries. Factory closures in UK (Ferranti sold 2022, Aztec West abandoned 2025) demonstrate operational vulnerability to sustained campaigns.
  • Contract Cancellation Precedent: UK MOD cancelled GBP 2.1bn Watchkeeper contract. Brazil cancelled ATMOS artillery deal. Japanese corporations cancelled MOUs. These provide templates for other government procurement challenges.
  • Legal Exposure: ICJ genocide case and ICC investigation create significant legal risk for government purchasers under international humanitarian law. Norway's 2009 divestment rationale explicitly cited ICJ advisory opinion.

Documented Impact

Elbit drones have been deployed in every major Israeli assault on Gaza since 2008, including operations that killed thousands of civilians. Human Rights Watch documented drone strikes killing civilians during Operation Cast Lead (2008-09). In 2021's "Operation Guardian of the Walls," Hermes 900 drones equipped with Spike missiles killed 248 Palestinians. Amnesty International identified an IMI bomb (Elbit subsidiary) used in an April 2024 strike that killed nine civilians including six children. The company's MPR 500 bombs are explicitly designed for "densely populated urban warfare" with "26,000 controlled fragments for high kill probability."

Beyond direct military supply, Elbit provides surveillance systems for Israel's separation wall (deemed illegal by the ICJ in 2004) and the "smart fence" imprisoning Gaza. The same technology is deployed on the US-Mexico border through $145m+ in CBP contracts, demonstrating the "field-testing on Palestinians" to surveillance export pipeline.

Engagement Strategy

Focus campaigns on government procurement decision-makers, elected representatives, and institutional investors. Emphasise legal risks under international humanitarian law and precedent of successful contract cancellations. For UK targets, reference the GBP 2.1bn Watchkeeper cancellation. For pension funds, cite Norwegian Government Pension Fund's 2009 reasoning. For insurers, highlight Allianz and Aviva precedent. The goal is contract cancellation and economic isolation rather than product substitution. Coordinate with existing campaigns: BDS Movement (global coordination), Campaign Against Arms Trade (UK procurement), and Stop the Wall (Palestinian-led advocacy).

Evidence & Sources

Verified sources including NGO reports, regulatory filings, and primary documents. Use these to substantiate your correspondence.

Report
2025-09-01
Amnesty International: Global Political Economy Enabling Israel's Crimes

Names Elbit among 15 companies enabling genocide. Documents IMI bomb (Elbit-owned) used in unlawful strike killing 9 civilians including 6 children.

Open source
Filing
2025-03-20
SEC Form 20-F Annual Report

Elbit's annual filing reveals $25.2bn order backlog, record revenues during Gaza operations, and acknowledges boycott campaign risks.

Open source
NGO
2024-12-01
Who Profits: Elbit Systems Company Profile

Comprehensive documentation of Elbit's role supplying 85% of IDF drones and land equipment, including Hermes 450/900 drones used in all major Gaza operations since 2008.

Open source
News
2024-11-22
Elbit loses MoD contract worth GBP 2.1bn

UK Ministry of Defence scraps Watchkeeper drone programme after years of activist pressure and operational failures.

Open source
News
2024-10-01
Barclays Divests from Elbit Systems

Following 54 protests at branches, Barclays announces full divestment from Israel's largest arms company.

Open source
NGO
2024-01-01
AFSC Investigate: Elbit Systems

Documents $145m+ US border contracts, weapons used in documented civilian killings, and cluster munition production history.

Open source
Official Doc
2009-09-03
Norwegian Pension Fund Exclusion Decision

Government Pension Fund Global divests from Elbit citing ICJ advisory opinion on separation wall. Finance Minister: 'We do not wish to fund companies that contribute to violations of international humanitarian law.'

Open source
Report
2009-06-30
Human Rights Watch: Precisely Wrong

Documents Israeli drone attacks killing civilians in Gaza during Operation Cast Lead. Elbit Hermes drones identified as primary platform.

Open source

Updates & Milestones

  1. UK Factory Closure

    Elbit's Aztec West site in Bristol found deserted after sustained activist pressure, despite lease running until 2029.

  2. MIT Severs Ties

    Massachusetts Institute of Technology cuts all ties with Elbit following six-month student campaign.

  3. Japanese Corporations Cancel MOU

    Itochu and NAS corporations cancel memorandum of understanding for joint project with Elbit.

  4. Brazil Cancels ATMOS Contract

    Brazil cancels Elbit artillery contract following public protests, declares no new contracts until peace deal reached.

  5. UK Watchkeeper Contract Cancelled

    Ministry of Defence scraps GBP 2.1bn Watchkeeper drone programme after years of activist pressure and operational issues.

  6. Barclays Full Divestment

    Following 54 branch protests, UK bank Barclays announces complete divestment from Elbit Systems.

  7. Australia Future Fund Bans Investment

    $200bn sovereign wealth fund excludes Elbit over cluster munition production allegations.

  8. US Border Contract Awarded

    Elbit Systems of America wins $145m contract for surveillance towers on Arizona-Mexico border, bypassing American contractors.

  9. Swedish AP Funds Divest

    Four Swedish National Pension Funds (AP1-4) exclude Elbit from $110bn portfolio for violations of 'fundamental conventions and norms.'

  10. Danske Bank Blacklists Elbit

    Denmark's largest bank divests, stating it will not 'place customers' money in companies that violate international standards.'

  11. Norwegian Pension Fund Divestment

    Government Pension Fund Global ($5.4m stake) divests citing surveillance systems for illegal separation wall. Triggers wave of Scandinavian divestments.

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