Rafael reported record FY2024 results with $4.8 billion in sales and 27% year-over-year growth, highlighting strong demand for its advanced defense systems portfolio, including AI-enabled and autonomous solutions.

S&P Global Ratings affirmed Rafael Advanced Defense Systems’ strong liquidity and net cash position while lowering its long-term issuer credit rating to A- due to sovereign-related pressure, indicating robust financial capacity despite macro risk.

S&P Global’s outlook analysis references expectations of continued strong demand for Rafael’s products and services over the next two years, implying sustained government and export customer relationships and long-term defense program commitments.

With approximately half of FY2024 sales coming from international customers, Rafael is expanding its global export footprint and operational reach beyond Israel in advanced defense and autonomy-related systems.

Record FY2024 performance and strong international sales share signal market recognition of Rafael’s systems, including its AI, sensor fusion and unmanned solutions, as competitive and operationally proven in the global defense arena.

Credit analysis describes Rafael’s stand-alone credit profile as strong, underpinned by net cash position and expectations of stable demand, reinforcing its operational maturity and ability to sustain R&D-heavy programs in AI and autonomy.