The Israeli ADR Universe on NASDAQ and NYSE: Composition, Sector Weight, and Public Equity Architecture

The Israeli-founded and Israeli-headquartered public-equity universe on NASDAQ and NYSE represents one of the larger concentrations of non-US-domiciled or US-domiciled-Israeli-founded companies on US exchanges.

Per public exchange data and Israel Securities Authority publications, the combined market capitalization of Israeli-founded or Israeli-headquartered public companies on NASDAQ and NYSE runs into the hundreds of billions of dollars across all listings. The composition concentrates around several major sector segments.

Cybersecurity

The largest single Israeli sector concentration on US exchanges. Major positions include Check Point Software Technologies (NASDAQ: CHKP, IPO 1996, the longest-tenured Israeli technology Nasdaq listing). CyberArk Software (NASDAQ: CYBR, IPO 2014) completed its acquisition by Palo Alto Networks in February 2026 at $25 billion. Wiz Inc. (Israeli-founded, acquired by Google in March 2026 at $32 billion).

The broader Israeli public-cyber tier includes additional listed positions across multiple categories.

Enterprise and AI software

NICE (NASDAQ: NICE) operates as one of the longer-tenured Israeli enterprise software positions, focused on customer experience analytics and workforce optimization. Wix.com (NASDAQ: WIX) operates a substantial small-business website and e-commerce platform. JFrog (NASDAQ: FROG) operates a DevOps and software supply chain platform. SolarEdge Technologies (NASDAQ: SEDG), historically a high-flying solar inverter position, faced substantial challenges through 2023-2024.

Semiconductors

Tower Semiconductor (NASDAQ: TSEM) operates a major Israeli specialty foundry. Camtek (NASDAQ: CAMT) and Nova Measuring Instruments (NASDAQ: NVMI) anchor the Israeli semiconductor inspection and metrology positions. Mobileye Global (NASDAQ: MBLY) operates the major Israeli autonomous-driving systems position, majority-owned by Intel following the 2022 partial spin-IPO that returned Mobileye to public markets after the 2017 $15.3 billion Intel acquisition.

Fintech and insurtech

Pagaya Technologies (NASDAQ: PGY), Lemonade (NASDAQ: LMND), and Payoneer Global (NASDAQ: PAYO) anchor major Israeli public fintech positions. The 2025 IPO cohort added eToro (NASDAQ: ETOR, May 14, 2025) and Navan (NASDAQ: NAVN, October 30, 2025).

Healthcare and pharma

Teva Pharmaceutical Industries (NYSE: TEVA, ADR) operates as one of the larger generic pharmaceutical companies globally. Taro Pharmaceutical (legacy public position, now majority-owned by Sun Pharmaceutical). InMode (NASDAQ: INMD) operates in aesthetic medical devices. The broader Israeli health and biotech sector operates a mid-cap tier across NASDAQ and adjacent venues.

Industrial, chemicals, shipping

ICL Group (NYSE: ICL) operates the major Israeli chemicals position. ZIM Integrated Shipping Services (NYSE: ZIM) operates the major Israeli container shipping position. Elbit Systems (NASDAQ: ESLT) operates the major Israeli defense electronics public position alongside the TASE listing.

Other

Additional Israeli positions across multiple categories include Kornit Digital (NASDAQ: KRNT, industrial digital printing), Playtika (NASDAQ: PLTK, mobile gaming), and a wider mid-and-small-cap tier.

The dual-listing architecture

Several Israeli companies maintain dual primary listings on both NASDAQ and TASE, including Check Point, Camtek, Tower Semiconductor, NICE, and others. The five major Israeli banks operate dual primary listings between TASE and the respective US ADR programs.

The announced — though not yet completed — Palo Alto Networks TASE secondary listing under ticker "CYBR" alongside its NASDAQ primary represents a meaningful precedent for US-headquartered acquirers of Israeli-founded companies maintaining dual-listing structures.

The foreign private issuer architecture

Israeli companies listed on NASDAQ and NYSE typically operate as foreign private issuers under SEC regulations, with the Israeli operating structure maintained beneath the Delaware or Israeli parent entity. The cross-border holding structure typifies the operational pattern.

What 2026-2027 looks like

The pre-IPO pipeline through 2026-2027 includes Armis (cybersecurity, reportedly evaluating IPO at up to $7 billion), XTEND (defense-tech at reported $1.5 billion target), and a broader mid-cap cyber and AI tier.

The continued momentum of the IPO cycle, combined with the continued acquisition activity by major US strategic acquirers, shapes the trajectory of the Israeli ADR universe through 2026-2027.

Source data: SEC filings of Israeli-founded and Israeli-headquartered public companies; NASDAQ and NYSE listing data; Israel Securities Authority publications; coverage in Calcalist, Globes, TheMarker, Bloomberg, Reuters. Data current as of Q2 2026.