(The Jerusalem Post) – A new financial assessment of Hezbollah’s military operations estimates that the organization obtained approximately $157 million in weapons and military equipment during 2024. The findings, released Thursday by the Israeli Center for Research of Terror Financing (CENTEF), indicate that roughly $129 million of that amount came directly from Iran in the form of weapons supplied without payment. Hezbollah covered the remaining $28 million through its own purchases.

The findings appear in a report called Hezbollah Financial Statements, which launches a broader research project examining how the organization finances its activities. Upcoming installments are expected to investigate its media operations, compensation and assistance for wounded fighters, and the costs associated with maintaining its military infrastructure.

Rather than examining Hezbollah solely as a military organization, CENTEF approached the investigation from a financial perspective. Its researchers sought to establish how much the group spends, where its resources originate, and how sustainable its military operations would be if Iranian assistance were substantially reduced.

The analysis also explores alternatives to costly military operations by identifying financial and logistical vulnerabilities. Disrupting essential supply networks, the researchers suggest, could place pressure on Hezbollah without the civilian consequences that can accompany extensive airstrikes in Lebanon.

CENTEF CEO Sharon Gal told The Jerusalem Post that understanding Hezbollah’s financial structure in the same way analysts examine a commercial enterprise could help government officials identify the supply chains most important to its operations. Those findings could then help establish targeted pressure points against Hezbollah and other organizations backed by Iran.

Public access to Hezbollah’s financial information planned

Researcher Marc Cohen told the Post that CENTEF is working on an interactive resource that would allow members of the public to explore Hezbollah’s financial information. The project is intended to make the organization’s economic activities easier to understand and highlight the financial consequences of its operations for Lebanon.

The weapons assessment covers a broad range of military assets, including rockets, ballistic and cruise missiles, drones, anti-tank weapons, air-defense equipment, ammunition, launch systems, naval capabilities, and materials used to manufacture improvised explosive devices.

The report distinguishes between equipment financed directly by Iran and purchases made with Hezbollah’s own funds. The latter category consists primarily of rifles and other small arms, ammunition, drone parts, dual-use technology, and equipment obtained through international purchasing networks.

Because the organization does not disclose its procurement activities, CENTEF could not establish its acquisitions by examining actual purchase orders. Instead, researchers constructed estimates using three separate sources of information: Hezbollah’s historical expansion, Iran’s weapons-production and delivery capacity, and international cost comparisons for military equipment and personnel.

One important benchmark was the growth of Hezbollah’s rocket inventory. Estimates published by the Center for Strategic and International Studies place its arsenal at approximately 15,000 rockets in 2006, compared with an estimated 150,000 by 2024. That represents an average expansion of approximately 7,500 rockets annually over the 18-year period.

However, researchers cautioned that replenishment did not necessarily occur at the same rate every year. Damage to supply routes and manufacturing capabilities during the 2024 conflict likely affected the organization’s ability to replace its weapons. CENTEF consequently estimates that Hezbollah obtained approximately 4,500 to 6,500 rockets and missiles during that year.

A separate part of the investigation examined how much Iran could realistically supply. Tehran must divide its weapons production between its own military and several regional partners, while also dealing with the logistical difficulties involved in transporting advanced systems.

Iran’s estimated production capacity ranges from 50 to 240 ballistic missiles each month, alongside approximately 1,800 to 3,000 attack drones annually. These limitations help establish the maximum quantities that could potentially have been transferred to Hezbollah.

By assigning estimated values to the weapons in Hezbollah’s inventory, CENTEF sought to measure the financial contribution provided by Iran. The analysis also illustrates the difficulty Hezbollah would face attempting to finance an equivalent arsenal independently.

Rockets and missiles account for major Iranian assistance

Hezbollah’s rocket inventory contains several Iranian-designed systems, as well as weapons originating in Syria. Among its shorter-range options are the familiar 122mm Katyusha rockets, alongside the heavier Falaq-1 and Falaq-2 systems, which carry 240mm and 333mm warheads. The organization also possesses the larger Burkan rocket, designed to carry a substantial warhead.

Public pricing information is available for relatively few of these weapons. A Katyusha rocket is estimated to cost approximately $300, while a Burkan is valued at around $400. Based on open-source intelligence, CENTEF calculates that Hezbollah acquired approximately 4,000 Katyushas, 400 Falaq rockets, and 120 Burkan rockets during 2024.

Another portion of its inventory consists of Fajr rockets. The Fajr-3 carries a 45-kilogram warhead and has a diameter of 240mm. The larger Fajr-5 measures 333mm and includes a GPS-guided version designated the Fajr-5C. Researchers estimate that approximately 600 rockets from this family entered Hezbollah’s arsenal during 2024, with individual prices ranging from $2,000 to $10,000.

More sophisticated systems include the Zelzal-2 and the Fateh-110/M-600. An individual Zelzal-2 is valued at approximately $25,000, while the Fateh-110/M-600 has an estimated price of $110,000, according to JINSA. The latter can also receive a GPS guidance package costing an additional $5,000 to $10,000.

The availability of these weapons was restricted by Iran’s need to supply multiple recipients and the repeated interruptions affecting the route into Lebanon. CENTEF’s estimates therefore place Hezbollah’s 2024 acquisitions at approximately 60 Zelzal rockets, 40 Fateh-110/M-600 missiles, and 150 guidance kits.

The report also identifies Iran’s Paveh cruise missile as part of the broader weapons inventory. With an estimated range of 700 to 2,000 kilometers and a comparatively high price, researchers believe Hezbollah received only about 12 during 2024.

Anti-tank weapons constitute another significant component of the group’s military capabilities. CENTEF notes that these systems were responsible for approximately 20% of Hezbollah’s attacks against Israel following October 8, 2023. Their financial value may also make them the largest weapons category in the organization’s inventory.

The Russian-designed Kornet, which reaches Hezbollah through Syria, is estimated to cost approximately $26,000 per missile. Iran produces the Dehlavieh, a reverse-engineered version of the system, at an estimated cost of $12,000 to $15,000.

Other anti-tank weapons identified in Hezbollah’s arsenal include Iranian Almas missiles, older Konkurs and Metis systems, and RPG-29 launchers. CENTEF estimates that the group obtained approximately 700 Kornet rounds, 500 Dehlavieh rounds, 500 Almas missiles, and 400 Konkurs and Metis missiles during 2024, in addition to approximately 30 launchers.

Less expensive anti-armor capabilities are provided by the RPG-7. A reusable launcher costs approximately $350, while its ammunition generally sells for between $100 and $500 per round. The researchers estimate that Hezbollah acquired around 800 launchers and 15,000 rounds during the year, with some ammunition coming from illicit markets.

Drone acquisitions and air-defense capabilities

Unmanned aircraft also feature prominently in the report’s assessment. Hezbollah’s inventory includes Iranian Mirsad-1 and Ababil-T drones, as well as smaller Shahed-101-class loitering weapons.

The estimated price of a loitering munition ranges from $20,000 to $40,000. Commercial drones and first-person-view quadcopters are considerably cheaper, with prices generally falling between $1,000 and $15,000.

CENTEF estimates that Hezbollah added approximately 300 Mirsad and Ababil drones combined to its inventory in 2024. Its other acquisitions included around 200 loitering munitions, 400 commercial and FPV drones, and several reconnaissance aircraft.

The group’s air-defense equipment includes man-portable air-defense systems, commonly known as MANPADS. Depending on the model, these weapons can cost anywhere from approximately $5,000 to $100,000 each. Researchers also believe Iran transferred 358 loitering surface-to-air missiles to Hezbollah.

Small arms, ammunition and explosives add to the financial picture

Not all of Hezbollah’s military investments involve expensive guided weapons. Its conventional arsenal includes AKM and AK-103 rifles, PKM and DShK machine guns, and SVD sniper rifles.

Based on the research estimates, the organization acquired approximately 5,000 rifles, 900 crew-operated weapons, 80 mortar tubes, 15,000 mortar shells, and 8 million rounds of ammunition during 2024.

The report also considers the cost of improvised explosive devices. Since these weapons can be manufactured locally in Lebanon using comparatively inexpensive materials, researchers estimate that Hezbollah invested in approximately 2,000 IEDs.

Hezbollah’s media and civilian spending under investigation

CENTEF’s investigation extends beyond weapons procurement. Researchers are collecting information about the organization’s civilian operations, including charitable programs that assist residents of southern Lebanon who have been displaced during conflicts involving Hezbollah.

The organization’s media operations are another major area of expenditure. Although the researchers have not completed their full assessment, their preliminary calculations indicate that Hezbollah spent approximately $26 million to $28 million on media activities in 2024.

Al-Manar, Hezbollah’s television network, represented a substantial portion of that budget, with estimated annual expenses of $16.5 million to $17.2 million.

CENTEF’s broader objective is to combine these figures into a comprehensive assessment of Hezbollah’s financial operations. By examining its weapons purchases, Iranian contributions, media expenses, and civilian activities together, researchers hope to identify how dependent the organization is on outside assistance and which financial and logistical networks are essential to sustaining its operations.