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Camtek Ltd.

Rank #356Op. Leverage

CAMT · Nasdaq · Technology

Camtek Ltd. (CAMT) — Rank #356 by gross profitability (GP/assets 0.20) · ROE 8.2% · Piotroski F-Score N/A.

As-of 2026-09-15 · CIK 0001109138 · all metrics point-in-time as of the filing date.

About

Camtek Ltd., together with its subsidiaries, develops, manufactures, and sells inspection and metrology equipment for semiconductor industry in the United States, China, Korea, Europe, and the Asia Pacific.

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The company offers Hawk, a platform engineered for advanced packaging; Eagle G5 for enhanced detection and metrology; Eagle-i/Plus, a system that delivers 2D inspection and metrology capabilities; Eagle-AP/Plus, which addresses the advanced packaging market using software and hardware technologies that deliver 2D and 3D inspection and metrology capabilities on the same platform; and Golden Eagle for the inspection and metrology of standard panel sizes. It also develops MicroProf AP, a wafer metrology tool for applications at 3D packaging process steps; MicroProf DI, an optical inspection tool that enables inspection of structured and unstructured wafers; MicroProf FE, a 2D/3D wafer metrology tool; MicroProf FS, a wafer metrology tool configurable; MicroProf PT for hybrid metrology applications to common panel sizes; MicroProf MHU metrology tool, a material handling unit for the semiconductor, MEMS, sapphire, and LED industries; MicroProf TL, an optical surface measurement tool for fully automatic 3D surface measurements; MicroProf 200, a measuring device for contactless and non-destructive characterization of surfaces and films; and MicroProf 300, a SurfaceSens technology for quality assurance, development, and manufacturing. The company serves semiconductor manufacturers, outsourced semiconductor assembly and test, integrated device manufacturers, and wafer level packaging subcontractors. Camtek Ltd.

was incorporated in 1987 and is headquartered in Migdal HaEmek, Israel.

Industry
Semiconductor Equipment & Materials
Sector
Technology
State
L3
Filer Category
Large accelerated filer
Fiscal Year End
December 31
Website
camtek.com

Price History

CAMT+257.3% · +29.0% CAGRSPY+80.5% · +12.5% CAGR

Company Snapshot

P/E and reverse DCF are the primary valuation lenses at this stage.

Market Cap

$6.23B

P/E (annual)

128.3

P/S (annual)

12.6

P/B

10.1

P/OCF (annual)

43.9

Shareholder Yield

-1.2%

Employees

709

Industry

Semiconductor Equipment & Materials

Exchange

Nasdaq

Signal Flags

1 green1 red
Operating leverage expandingOperating income growing faster than revenue
Valuation convergenceEPS declining, shares diluting, and revenue growth decelerating simultaneously

Quality Profile

Profitability

1/1 pass
GP / assets
0.20
Return on equity
8.2%
Gross margin trend
PASS

Safety

1/1 pass
Balance-sheet safety
PASS
Debt / equity
1.04
Current ratio
8.35×
Net cash
$439.65M

Cash Flow

3/3 pass
Positive FCF
PASS
Cash-backed earnings
PASS
Accruals healthy
PASS
SBC / revenue
3.4%

Growth

2/2 pass
Revenue growth
15.6%
Piotroski F-Score
N/A
Share dilution
1.2%

Terry Smith quality gate

Passes 3/5 Terry Smith thresholds

1 of 5 threshold not computable from filed data.

What Growth Is Priced In

Implied revenue growth (10Y)

-94.5%

incredible deal

The annual FCF growth rate today's price requires over a 10-year horizon (discount rate 10%, terminal growth 2.5%).

Dilution drag: 1.2% — per-share value needs a total required return of -93.3% once share-count change is priced in.

vs. own 6-year median revenue growth: 17.7%

within its own history

Cost-of-equity sensitivity (implied growth at different discount rates)

r = 8%

-94.6%

r = 10% (base)

-94.5%

r = 12%

-94.4%

Net debt / market cap: -6594.1%

Base FCF: $127.5M3Y mean FCF: $103.6M

Valuation History

Current multiple vs historical range at each filing date. Band spans 25th-75th percentile.

P / E

Price / diluted EPS

165.6xExpensive
14.9xmed 24.5x165.6x

P / S

Price / revenue per share

0.0xFair
0.0xmed 0.6x8.0x

P / B

Price / book value per share

0.0xFair
0.0xmed 1.0x5.5x

P / GP

Price / gross profit per share

0.0xFair
0.0xmed 1.6x17.1x

P / FCF

Price / free cash flow per share

0.1xFair
0.0xmed 0.1x53.6x

Operating margin expansion and free cash flow are the primary reads at this stage.

Profitability

Gross profitability (GP / assets)

0.20

Primary signal (Novy-Marx).

8th pctl of 37 SIC 38 peers

Return on equity

8.2%

Gross margin

50.5%

36th pctl of 37 SIC 38 peers

Revenue growth (YoY)

15.6%

Gross margin improving

Margin trend vs prior year.

PASS

Operating Leverage

2022202320242025
Revenue vs COGS
Revenue vs OpEx
Op. Income vs Revenue

Growth

Revenue CAGR (3Y)

15.6%

Revenue CAGR (5Y)

26.1%

Earnings CAGR (3Y)

-14.1%

FCF CAGR (3Y)

37.0%

Anti-fragile safety

Balance-sheet safety

Composite anti-fragile check.

PASS

Debt / equity

1.04

38th pctl of 35 SIC 38 peers (best = lowest)

Current ratio

8.35×

97th pctl of 36 SIC 38 peers

Quick ratio

3.24×

Net cash

$439.65M

Cash & equivalents minus total debt.

Recession resistance

Revenue through recessions

Worst single-year YoY revenue decline, 17 years of history

Strong
2008-2009 (GFC)
N/AN/A
2020 (COVID)
16.3%Grew through it
Worst year on record(any fiscal year, not recession-limited)
-21.0%Significant decline

Cash-flow health

Free cash flow

$127.47M

Operating cash flow minus capex.

Positive free cash flow

PASS

FCF / net income

1.51

Cash-backing of earnings.

FCF/NI divergence

Unfavorable divergence (yellow flag).

PASS

Accruals healthy

Cash-backed earnings.

PASS

SBC / revenue

3.4%

Stock-based comp intensity.

Piotroski F-Score

F-Score

N/A

Only 8/9 components determinable.

Lifecycle Phase History

20202025
Op. Leverage
Hypergrowth
Value
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