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The information presented on this site is provided for informational and educational purposes only. It does not constitute investment advice, investment marketing, or a substitute for personalised advice. The firm operates as a Family Office serving qualified investors. The firm’s founder held a licensed investment-advisory practice from 2008 through 2023. This site does not participate in the investment decision.

NextVision Stabilized Systems Ltd.

NextVision Ltd. | TASE | Stabilised Cameras — Defence

Data as of: April 2026 | Primary source: 2025 Annual Report

NXSN
Research Depth · Standard Israeli Defense · Stabilized Cameras
Revenue 2025
₪168.4M
+46.5% YoY
Net Income
₪103.7M
61.6% margin
Gross Margin
69.9%
Target 65-72%
Order Backlog
₪288M
1.7× of revenue
Equity
₪611M
+358% (from NIS 133M)
Customers
204
39 OEM / 165 direct
Market Cap
₪27.73B
stockanalysis.com · Apr 2026
P/E Ratio (TTM)
85.42
stockanalysis.com
EV/EBITDA
79.33
TTM · stockanalysis.com
Net Debt
(₪1.78B)
Net Cash · Cash ₪1.79B / Debt ₪13M
1 Company Profile

NextVision Stabilized Systems (NXSN) is an Israeli manufacturer of stabilised cameras for drones, traded on the Tel Aviv Stock Exchange. The company develops and produces advanced imaging systems with gyroscopic stabilisation for military, security and precision-agriculture applications. NextVision delivered accelerated growth in 2025 — revenue +46.5% to NIS 168.4M, net margin of 61.6%. Order backlog of NIS 288M (1.7× revenue). Equity grew 358% (post-issuance). Key observation: 204 customers across 30+ countries (39 OEM + 165 direct) — excellent diversification. A small company (~NIS 611M equity) with exceptional profitability.

ActivityFeature
Drone CamerasCore product — military
Stabilised Vision SystemsDefence applications
Precision AgricultureCivilian application
OEM partnerships39 partners

Source: 2025 Annual Report

2 Key Financial Observations

This summary is not a recommendation. It is a factual list of key financial metrics.

2025 Performance

MetricValue
Revenue₪168.4M
Net Income₪103.7M
Gross Margin69.9%
Net Margin61.6%
Order Backlog₪288M

Additional Metrics

MetricValue
Shareholders’ Equity₪611M
Customers OEM39
Direct Customers165
Countries30+

Missing data: breakdown of large customers, IDF orders vs export, repeat-customer ratio.

Financial Metrics
Segment Breakdown
Gross & Net Margin (%)
Revenue (NIS M)
Net Income (NIS M)
Shareholders' Equity (NIS M)
3 Industry & Competitive Context

Stabilised cameras and sensing for drones. Defence market growing in the wake of recent wars. Competition from both Israeli and global players.

CompetitorTickerDifferentiation
FLIR (Teledyne)TDYLarge global competitor
Controp—Israeli competitor
IAI (Tamam)—Israeli competitor
ElbitESLTIndirect competitor
4 Risk Factors
RiskContext
Exceptional profit margins61.6% net — sustainable?
Dependence on the drone trendIf growth moderates
Competition from FLIRA much larger player
Geopolitical riskDependence on defence procurement
5 Analytical Lens — The Questions We Ask
In professional company analysis, the question is not "is this good?" but rather "through which lenses must this company be examined so that we do not miss what matters most?" At Bakshi Finance, every analysis passes through six lenses.

This framework is intended to structure analysis, not to produce an investment conclusion.
Growth
+46.5% — from defence or civilian?
Profitability
Margins of 61.6% — exceptional. Sustainable?
Leverage
Strong equity — from issuance.
Competitive Position
Against FLIR — a distinctive niche.
Management Quality
Excellent 2025 execution.
Business Complexity
Four segments — how should they be valued?
These are the questions. The specific answers for NextVision are woven throughout the analysis and discussed in depth under "How to Think About This Company".
The same six questions are asked of every company on the site — what varies is the answers, not the instrument.
6 Scenario Framework
Scenarios are descriptive, not predictive. They outline possible conditions, not expected outcomes.
These scenarios carry no probability assessment, no preferred direction, and no expectation regarding which, if any, will materialise.
Constructive Scenario — if the following conditions hold:

Defence orders continue to grow, a new large OEM contract, margins are maintained.

Base Scenario — if current trends continue:

Revenue grows 25-35%, net margin 50-60%, backlog maintained at pace.

Adverse Scenario — if the following risks materialise:

Cooling defence demand, competitive price pressure, margin compression.

Scenarios describe conditions, not forecasts. There is no preferred direction and no probability assessment expressed in this framework.
7 How to Think About This Company
NextVision is a small Israeli defence company with exceptional profitability. The idea behind analysing NXSN is not "is the product good" (yes — 204 customers across 30 countries confirms that), but rather "is the 61% net margin sustainable, or is this an exceptional demand period following the recent war?"
The critical variables: (a) customer mix — IDF versus exports; (b) order type — one-off versus multi-year; (c) margins across 8+ quarters.
Where the analysis may go wrong: First error — assuming 61% margins are permanent. Second error — valuing on P/E without examining earnings quality. Third error — underestimating competition from FLIR/Controp.
Professional analysis addresses three things: (a) order diversification; (b) margins across the cycle; (c) ROIC on newly raised capital.
The difference between surface-level analysis and professional thinking often lies in the variables that are not immediately visible.
The difference between surface-level analysis and professional thinking often lies in the variables that are not immediately visible.
8 Sources & Data
#SourceDateType
1NextVision — Annual Report 2025March 2026Official — TASE
2maya.tase.co.ilApril 2026Official — Stock Exchange

Missing: breakdown of large customers, IDF orders vs export, repeat-customer ratio.

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The analysis includes a professional review across 8 structured sections, 6 charts and a framework of scenarios.

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Bakshi Finance | Family Office | All rights reserved 2026

Disclosure: The information presented in this document is provided for informational and educational purposes only. It does not constitute investment advice, investment marketing, or a substitute for personalised advice tailored to the client. The firm operates as a Family Office serving qualified investors only. The firm’s founder held a licensed investment-advisory practice from 2008 through 2023. Past performance is not indicative of future results. This site does not participate in the investment decision. This framework is intended to structure analysis, not to produce an investment conclusion.