Elsight Limited

ELS.AX

Communication Equipment · Technology

Exchange

Australian Securities Exchange

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through Dec 31, 2025

How the score breaks down

Quality

Strong

Growth

Good

Cash Flow

Exceptional

Stability

Mixed

Valuation

Good

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Winston Score History

The full picture

Elsight Limited is an Israeli technology company that makes wireless communication systems for drones and unmanned vehicles. Its main product, called Halo, connects drones to the internet using multiple networks at once — like combining 4G, 5G, and satellite signals — so the connection stays strong even if one network fails. The company sells mainly to defense contractors, government agencies, and commercial drone operators around the world.

Elsight earns money by selling its hardware devices and charging ongoing software and connectivity fees, which helps explain its high gross margin of around 77%. The company operates globally but is headquartered in Israel and listed on the Australian Securities Exchange, giving it access to both defense and commercial drone markets worldwide. The key growth driver is the rapid expansion of drone delivery and surveillance programs, particularly in defense; however, the main risk is heavy customer concentration, where losing one or two large contracts could significantly hurt revenue.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

>+1,000% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+399.3% YoY

YoY Growth Rate

EPS growth accelerating

Insider Activity

16.0%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

A$59M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

Elsight Limited grew revenue 1853% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

77.3%

Premium pricing power — 77.3% gross margin

Profit after running costs

Operating Margin

33.7%

Excellent — 33.7% operating margin

Return on the money invested

ROCE

11.2%

Below par — 11.2% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

>+1,000%

Fast-growing sales (>+1,000% YoY)

Profit growth

EPS YoY

N/A

—

Data not available

How steady the profit is

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash

Cash Conversion

259%

Turns 259% of profit into real cash

Spare cash per sale

FCF Margin

85.4%

Converts sales into free cash efficiently (85.4%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns

Debt / Equity

N/A

Data not available

Covers its interest

Interest Cover

8.79x

Comfortably covers interest (8.8x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

152.8x

no trend

Expensive — P/E 152.8

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year

P/E vs Forward

+87.6

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (152.8 → 65.2)

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Dividends

Not applicable for this business.

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