How war made a billionaire: Aryt’s Zvi Levi turns $4M into $360M
The defense boom has supercharged fuse maker Aryt’s stock—and its controlling shareholder is cashing in.
Wars bring immense sorrow and suffering to the world—but they also generate powerful tailwinds for arms manufacturers and other companies in the defense sector. One of the biggest beneficiaries is Aryt Industries, whose stock has soared 480% over the past 12 months—16 times the return of the Tel Aviv 125 Index in the same period.
Aryt’s market capitalization now stands at approximately ₪2.2 billion (~$608 million), and the primary beneficiary of this boom is Zvi Levi, the company’s 67-year-old controlling shareholder from Tiberias. Levi, who holds a 48.4% stake in Aryt and has only a high school education, has seen his personal profit from the company reach nearly ₪1.3 billion (~$359 million).
Levi became Aryt’s controlling shareholder in May 2007 with a 45% stake, after beginning to invest in the company a year earlier. Between 2006 and 2010, he invested a total of ₪14.2 million (~$3.9 million), eventually raising his holding to 50.6%. Eighteen years, one Russia–Ukraine war, and a protracted domestic conflict later, Levi’s shares in Aryt are now worth around ₪1.1 billion (~$304 million).
In recent days, he sold 2% of the company’s shares for approximately ₪50 million (~$13.8 million), and over the years, he has also received ₪86 million (~$23.8 million) in dividends and ₪17 million (~$4.7 million) in total compensation as chairman of the board.
Aryt CEO Haim Stapler also capitalized on the stock’s recent rally. After exercising options worth ₪170,000 (~$47,000), he sold the resulting shares for ₪3.9 million (~$1.1 million) this month.
Aryt, through its subsidiary Reshef Technologies, specializes in electronic fuses that control the detonation of explosive charges in artillery shells, tanks, mortars, and rockets. Levi acquired control of the company when it was struggling and had been relegated to the Tel Aviv Stock Exchange’s preservation list. It returned to regular trading in July 2008.
The company’s breakout moment came after the Russian invasion of Ukraine in February 2022, which sparked a global rearmament trend and heightened geopolitical tension. Aryt's real stock surge began in March 2023, when it won a $170–190 million tender from the Indian Ministry of Defense. The stock saw an even sharper rise after the October 7 Hamas attack and the subsequent war in Israel.
Since October 7, Aryt shares have jumped 1,034%, compared to a 38% increase in the Tel Aviv 125 Index during the same period.
The surge in stock price was matched by operational growth. Aryt’s annual revenue rose from ₪52 million (~$14.4 million) in 2019 to ₪58 million (~$16 million) in 2023, and then more than doubled to ₪127 million (~$35.1 million) in 2024. The Israeli Ministry of Defense’s share of company sales grew from 31% in 2022 to 64% in 2024.
Aryt’s order backlog also skyrocketed—from ₪112 million (~$30.9 million) in 2022, to ₪247 million (~$68.2 million) in 2023, and then to ₪1.16 billion (~$320.4 million) by the end of 2024.
In addition to Israeli sales, Aryt relies heavily on the Indian defense market, which accounted for 35% of 2024 sales. The company’s success in India began with a 2016 partnership with local firm Bharat, which gave it access to long-term Indian Ministry of Defense tenders.
Aryt is now diversifying beyond Israel and India. In November 2024, it won a ₪310 million (~$85.6 million) tender to supply fuses to a North American customer, with deliveries beginning in 2025. In February, it also signed a deal with a European distributor to market its products to NATO member states, many of which are preparing for long-term confrontation with Russia.
