Eltek

ELTK

Hardware, Equipment & Parts · Technology

Price

$8.99

+0.34 (+3.93%)

Market Cap

$60.4M

Exchange

NASDAQ

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Share count rising — dilution

+15.7% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 5.9M (2021) → 6.8M (2025)

Eltek Ltd. manufactures, markets, and sells printed circuit boards (PCBs) in Israel, Europe, North America, India, the Netherlands, and internationally. The company offers a range of custom designed PCBs, including rigid, double-sided, and multi-layer PCBs, and flexible circuitry boards. It also offers high density interconnect, flex-rigid, and multi-layered boards. It primarily serves manufacturers of defense and aerospace, medical, industrial, telecom, and networking equipment, as well as cont

Winston Score History

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

+23.1% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

<−1,000% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$50,000/ year

↓ Declining (-73% vs prior year)

0.1% of revenue

Below sector average (15%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

58.9%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Position

Cash flow positive

$2M cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

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

Growth + cash flow

Eltek is a rare growth stock that's already generating positive cash flow while growing at 23%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

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

Gross Margin

8.7%

Thin — 8.7% gross margin

Operating Margin

0.9%

Thin — 0.9% operating margin

ROCE

0.2%

Weak — 0.2% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+11.3%

Steady sales growth (11.3% YoY)

EPS YoY

-80.8%

Earnings shrinking (-80.8% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

EPS Consistency

0/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

83%

Modest — 83% of profit becomes cash

FCF Margin

-9.6%

Burning cash (-9.6%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity

0.02

Conservative — low debt load (0.02)

Interest Cover

1.32x

Dangerous — barely covers interest (1.3x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

P/E Ratio (TTM)

72.6x

Expensive — P/E 72.6

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

P/E vs Forward

+65.2

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (72.6 → 7.4)

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Dividends

Not applicable for this business.

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