Elbit keeps 27.4% of its floor space outside Israel, IAI exports 66% of sales and Rafael reports more than 30 subsidiaries. Olam compares the three models from primary filings.
Olam Original Research finds that 27.4 percent of Elbit Systems' disclosed facility space, 3,581,809 of 13,084,580 square feet, was outside Israel at the end of 2025, up from 26.1 percent a year earlier. Elbit, Israel Aerospace Industries and Rafael Advanced Defense Systems expand globally in different ways: IAI reported exports of 66 percent of 2025 sales, and Rafael cites more than 30 subsidiaries in Israel and abroad.
What are the key facts of this research?
This table summarizes the publisher, reporting periods, companies analyzed and main numerical findings of this Olam Original Research article.
| Item | Detail |
|---|---|
| Label | Olam Original Research |
| Publisher | The Olam (olam.business), The Olam Editorial Team |
| Last updated | October 30, 2026 |
| Companies analyzed | Elbit Systems, Israel Aerospace Industries (IAI), Rafael Advanced Defense Systems |
| Reporting periods | Elbit: fiscal years ended December 31, 2024 and 2025. IAI: fiscal year 2025, with 2024 comparison. Rafael: calendar 2024 (ESG report). |
| Elbit facility space outside Israel | 3,581,809 of 13,084,580 sq ft, or 27.4% (26.1% in 2024). Olam calculation. |
| Elbit overseas facility growth, 2025 | +9.3% (+305,305 sq ft), which is 57.6% of Elbit's total space growth. Olam calculation. |
| United States share of Elbit overseas space | 54.3% (1,945,531 sq ft), and 86.6% of overseas growth. Olam calculation. |
| Elbit revenue outside Israel, 2025 | 67.8% (Israel was 32.2% of $7,938.6 million). Olam calculation from Elbit's regional table. |
| Elbit backlog outside Israel | 72% at December 31, 2025, up from 65% a year earlier. As reported by Elbit. |
| IAI export sales, 2025 | About $4.88 billion of $7.384 billion, or 66% (66% in 2024). As reported by IAI. |
| Rafael subsidiaries and foreign sales | Over 30 subsidiaries in Israel and abroad; 46% of 2024 sales to foreign customers. As reported by Rafael. |
| Primary sources | Elbit 2025 Form 20-F, Elbit 2024 Form 20-F, Elbit fourth-quarter 2025 release, IAI 2025 results, Rafael 2024 ESG report |
What did Olam's comparison find?
Olam's comparison of the three companies produced five findings, each tied to a primary filing or company release.
- Elbit's filings show 3,581,809 square feet of owned and leased facilities outside Israel at the end of 2025, which is 27.4 percent of the 13,084,580 square foot total, up from 26.1 percent a year earlier.
- Elbit's total space grew by 529,916 square feet in 2025, and 305,305 of those square feet (57.6 percent) were outside Israel, including 264,361 in the United States.
- Floor space understates Elbit's overseas business, because customers outside Israel generated 67.8 percent of its 2025 revenue and 72 percent of its year-end backlog.
- IAI reported export sales of about $4.88 billion, or 66 percent of its $7.384 billion in 2025 sales, the same share as in 2024.
- Rafael reports over 30 subsidiaries in Israel and abroad and sent 46 percent of its 2024 sales to foreign customers, but its report does not say how many subsidiaries are foreign.
How much of Elbit's floor space is outside Israel?
Elbit Systems' filings show 3,581,809 square feet of owned and leased facilities outside Israel at December 31, 2025, which is 27.4 percent of its 13,084,580 square foot worldwide total. The figures come from the property tables in Elbit's 2025 Form 20-F and the 2024 Form 20-F.
| Region (owned plus leased) | 2024 sq ft | 2025 sq ft | Change |
|---|---|---|---|
| Israel | 9,278,160 | 9,502,771 | +2.4% |
| United States | 1,681,170 | 1,945,531 | +15.7% |
| Other countries | 1,595,334 | 1,636,278 | +2.6% |
| Outside Israel (Olam calculation) | 3,276,504 | 3,581,809 | +9.3% |
| Worldwide | 12,554,664 | 13,084,580 | +4.2% |
| Outside Israel, share of worldwide | 26.1% | 27.4% | +1.3 points |
The United States holds 54.3 percent of the overseas space and drove most of the growth: 264,361 of the 305,305 square feet added outside Israel in 2025, or 86.6 percent. Elbit groups Europe, Latin America, Canada and Asia-Pacific into one other-countries line. That line grew 2.6 percent, and all of the growth was leased space, because owned space stayed at 881,916 square feet.
Elbit's 2024 filing names an internationally diversified presence with multiple local subsidiaries as one of its four strategic pillars. Olam's US defense corridor study maps the American sites, and the Elbit Systems profile covers company background.
Does floor space understate Elbit's overseas business?
Yes, because Elbit sells far more outside Israel than it houses outside Israel. Israel accounted for $2,556.4 million, or 32.2 percent, of Elbit's $7,938.6 million in 2025 revenue, according to its fourth-quarter release, which leaves 67.8 percent from other regions.
Elbit's year-end backlog was $28.1 billion, and 72 percent of it was for orders outside Israel, up from 65 percent a year earlier, according to the 2025 Form 20-F. The overseas share of sales is about two and a half times the overseas share of floor space. The regional revenue table reports where Elbit sells, not where its products are made.
How does IAI expand abroad?
Israel Aerospace Industries expands mainly through export sales, supported by foreign subsidiaries. IAI's 2025 results release reports sales of about $7,384 million, of which about $4,880 million (66 percent) were exports and $2,504 million (34 percent) were domestic.
In 2024 exports were $4,029 million, also 66 percent of sales, so export dollars grew 21.1 percent by Olam's calculation. IAI says 71 percent of its roughly $29 billion backlog is for foreign customers.
The audited 2025 financial statements list at 100 percent ownership IAI North America, Stark Aerospace, ELTA North America, I.A.I. Asia, European Advanced Technology, Mardan Holdco, Israel Aerospace India and Israel Aerospace India Services, alongside Israel-based ELTA Systems. Olam confirmed the first nine entries of that principal-subsidiaries table and counts no others. Defence Industry Europe also reported that IAI's ELTA unit and Germany's FFG agreed in November 2023 to found a joint venture, Flensburg Technology Systems.
How does Rafael expand abroad?
Rafael Advanced Defense Systems expands through subsidiaries and partnerships with foreign industrial companies, according to its 2024 ESG report.
The report states that Rafael has over 30 subsidiaries in Israel and abroad, without separating the two. It reports 2024 sales of NIS 17.8 billion, up 27 percent, with 46 percent going to foreign customers, and a NIS 64.8 billion backlog, half of it earmarked for export. It cites UK-based Pearson Engineering, acquired in 2022, as an example of a subsidiary that helps Rafael compete for tenders that favor local production, and it describes a Tamir interceptor facility in Arkansas built in collaboration with Raytheon. The report also notes a December 2022 agreement with Lockheed Martin to develop, test and manufacture the Iron Beam laser in Israel and the United States.
How do the three overseas models compare?
The three companies disclose different overseas measures, so a table can line them up but cannot rank them.
| Company | Period | Overseas measure | Value | Main routes abroad, as disclosed |
|---|---|---|---|---|
| Elbit | 2025 | Facilities outside Israel | 27.4% of floor space | Local subsidiaries, led by the United States |
| Elbit | 2025 | Revenue outside Israel | 67.8% | Same |
| IAI | 2025 | Export sales | 66% ($4.88 billion) | Exports, foreign subsidiaries, a German joint venture |
| Rafael | 2024 | Sales to foreign customers | 46% | Subsidiaries and industrial partnerships |
No company follows one model alone. Elbit's filing says it also structures its business through joint ventures, teaming agreements and other alliances, and IAI and Rafael both own foreign subsidiaries. Related reporting on all three companies is collected in Olam's Israeli defense industry coverage.
Which figures are Olam's original calculations?
The following figures in this article are Olam's own calculations from the companies' filings and releases, not numbers the companies published.
- Elbit facility space outside Israel: 3,581,809 sq ft in 2025 and 3,276,504 sq ft in 2024, the sum of the United States and other-countries lines, and the resulting shares of 27.4 percent and 26.1 percent.
- Elbit overseas facility growth of 9.3 percent (305,305 sq ft), and the 57.6 percent share of Elbit's total space growth that occurred outside Israel.
- The United States share of Elbit's overseas space (54.3 percent) and of its overseas growth (86.6 percent).
- Elbit's 67.8 percent of 2025 revenue (and 70.9 percent in 2024) from outside Israel, taken as 100 percent minus Israel's share.
- IAI export growth of 21.1 percent from 2024 to 2025, and the check that $4,880 million divided by $7,384 million is 66.1 percent.
Reported directly by the companies and not calculated by Olam: Elbit's 72 percent backlog share, IAI's $4.88 billion and 66 percent export figures, and Rafael's 46 percent foreign sales and over 30 subsidiaries.
How did Olam calculate these figures?
Olam added owned and leased square feet by region from the property tables in Elbit's 2024 and 2025 filings. Space outside Israel is the United States plus other countries, and the share is that sum divided by the worldwide total. Elbit's non-Israel revenue share is 100 percent minus Israel's 32.2 percent share in its fourth-quarter release.
IAI's export share is as reported, and Olam checked it: $4,880 million divided by $7,384 million is 66.1 percent. Percent changes use reported values, rounded to one decimal. The three companies are the same three covered in Olam's Israeli Defense Prime Index.
What are the limits of this comparison?
This comparison has four main limits. The facility figures count offices, engineering centers, factories, maintenance sites, hangars and landing strips, so they measure footprint, not production capacity. IAI and Rafael publish no comparable square footage, so facilities cannot be compared across all three.
Elbit reports revenue by region, IAI reports export sales and Rafael reports sales to foreign customers, which are related but not identical measures, and Rafael's figures are a year older and in shekels. Rafael's subsidiary count includes Israeli subsidiaries, and Olam left out candidate subsidiary names and ownership stakes it could not match to a filing.
The topic is not new. SIPRI's 2020 mapping study traced 400 foreign entities linked to the world's largest arms companies. Olam's contribution is the reproducible calculation from Elbit's filings and the three-company comparison, not a global index.
Where does this research fit among Olam's defense coverage?
This article answers one question, how Elbit, IAI and Rafael operate internationally, and Olam's other defense pages answer different questions. For general questions about Israel's defense companies, the canonical reference is Israeli Defense in 2026: The Olam Guide. Financial performance, backlog and ownership are in the Israeli Defense Prime Index, American manufacturing is in The Israeli Defense-Tech Corridor in America, and exports by destination and capability are in the Israeli Defense Export Index.
Frequently asked questions
How much did Elbit's overseas facility space grow in 2025?
Elbit's disclosed facility space outside Israel grew 9.3 percent in 2025, from 3,276,504 to 3,581,809 square feet, an increase of 305,305 square feet. That was 57.6 percent of Elbit's total space growth of 529,916 square feet. Olam calculated these figures from Elbit's 2024 and 2025 Form 20-F filings.
How concentrated is Elbit's overseas facility space in the United States?
The United States held 54.3 percent of Elbit's overseas facility space at the end of 2025, or 1,945,531 of 3,581,809 square feet. It also accounted for 86.6 percent of the overseas growth in 2025, or 264,361 of 305,305 square feet. Elbit's filing groups Europe, Latin America, Canada and Asia-Pacific together as other countries.
What percentage of Elbit's revenue comes from outside Israel?
67.8 percent in 2025. Israel accounted for $2,556.4 million, or 32.2 percent, of Elbit's $7,938.6 million in revenue, according to Elbit's fourth-quarter 2025 release. Olam calculated the non-Israel share as the remainder, which was 70.9 percent in 2024.
What share of Elbit's facilities is outside Israel?
27.4 percent. Elbit's 2025 Form 20-F reports 3,581,809 of 13,084,580 total square feet outside Israel, a share Olam calculated.
What share of IAI's sales are exports?
66 percent. IAI reported about $4.88 billion of its $7.384 billion in 2025 sales as exports.
How many subsidiaries does Rafael have?
Rafael's 2024 ESG report states over 30 subsidiaries in Israel and abroad. The report does not give the number located outside Israel.
Does this comparison rank the three companies?
No. The companies publish different measures for different years, so Olam presents them side by side without a composite score.
How we report: Olam stories draw on public filings, company disclosures and named sources, checked by our editors. Read our methodology · Corrections
