olivLaw · US equity research
Camtek Ltd. CAMT
Optical Instruments & Lenses · SIC 3827 · Vertical: Optical Instruments & Lenses (SIC 3827)
Camtek designs and manufactures high-end inspection and metrology systems for the semiconductor industry, used in advanced packaging, chiplets and HBM memory. The company reported revenue of 496.1 million USD in 2025, up 16%, while roughly half of its revenue comes from products that support AI application production.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 05 Nov 2026, Camtek Ltd. (CAMT) stock was 91.92 USD (−9.40% on the day), with market capitalisation 4.2 bn USD, P/E 88.4 on diluted EPS of 1.04 USD over the last 12 months, dividend yield 0.00%, beta 2.13, 52-week range 91.92–207.46 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 25.1
- oversold (≤ 30)
- Bollinger (20, 2)
- 96.80 – 154.07
- below the lower band · %B -0.09 · band width 45.7%
- SMA 50 / 200
- 137.70 / 156.68
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -10.84 / -7.74
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −40.5% | −1.1% | −39.4 pp | — |
| 3 months | −38.6% | −0.5% | −38.1 pp | — |
| 6 months | −52.4% | +4.4% | −56.8 pp | — |
| Year to date | −13.6% | +12.3% | −25.9 pp | — |
| 1 year | −25.7% | +13.5% | −39.3 pp | +4.2% |
| 3 years | +66.2% | +76.4% | −10.2 pp | +103.8% |
| 5 years | +114.4% | +63.7% | +50.7 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 90 percentile of its own 10-quarter history (min 13.1, median 29.3, max 102.3; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 123.2 m | 134.0 m | 155.9 m | 269.7 m | 320.9 m | 315.4 m | 429.2 m | 496.1 m |
| Revenue YoY | +31.8% | +8.8% | +16.3% | +73.0% | +19.0% | −1.7% | +36.1% | +15.6% |
| Net income | 18.7 m | 22.0 m | 21.8 m | 60.3 m | 79.9 m | 78.6 m | 118.5 m | 50.7 m |
| Net income YoY | +34.2% | +17.4% | −0.9% | +176.8% | +32.6% | −1.6% | +50.7% | −57.2% |
| Diluted EPS | 0.51 | 0.57 | 0.54 | 1.34 | 1.68 | 1.63 | 2.42 | 1.04 |
| Diluted EPS YoY | +30.8% | +11.8% | −5.3% | +148.1% | +25.4% | −3.0% | +48.5% | −57.0% |
| net % | 15.2% | 16.4% | 14.0% | 22.4% | 24.9% | 24.9% | 27.6% | 10.2% |
| Free cash flow | 14.5 m | 23.4 m | 23.3 m | 56.9 m | 49.6 m | 71.2 m | 112.1 m | 127.5 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 177.8 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 617.0 m USD
- Total assets
- 1.3 bn USD
- Debt / equity
- unavailable
- Current ratio
- 8.35x
- ROE
- 8.7%
- ROA
- 4.7%
- FCF margin
- 25.7%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 155.9 m | 269.7 m | 320.9 m | 315.4 m | 429.2 m | 496.1 m | SEC (XBRL)· 19 Mar 2026verified |
| Cost of revenue | 82.6 m | 132.3 m | 161.1 m | 167.7 m | 219.3 m | 245.8 m | SEC (XBRL)· 19 Mar 2026verified |
| Gross profit | 73.2 m | 137.3 m | 159.9 m | 147.6 m | 210.0 m | 250.3 m | SEC (XBRL)· 19 Mar 2026verified |
| Research & development | 19.6 m | 23.5 m | 28.9 m | 31.5 m | 38.3 m | 48.3 m | SEC (XBRL)· 19 Mar 2026verified |
| SG&A | 31.0 m | 43.0 m | 49.5 m | 50.8 m | 63.6 m | 73.8 m | SEC (XBRL)· 19 Mar 2026verified |
| Operating income | 22.6 m | 70.9 m | 81.5 m | 65.4 m | 108.1 m | 128.2 m | SEC (XBRL)· 19 Mar 2026verified |
| Depreciation & amortisation | 2.2 m | 2.8 m | 4.1 m | 5.8 m | 10.7 m | 11.8 m | SEC (XBRL)· 19 Mar 2026verified |
| EBITDA | 24.9 m ≈ | 73.7 m ≈ | 85.6 m ≈ | 71.2 m ≈ | 118.7 m ≈ | 140.0 m ≈ | SEC (XBRL)· 19 Mar 2026derived |
| Pre-tax income | 23.4 m | 71.9 m | 88.2 m | 87.6 m | 131.2 m | 52.3 m | SEC (XBRL)· 19 Mar 2026verified |
| Income tax | 1.6 m | 11.7 m | 8.2 m | 9.0 m | 12.7 m | 1.6 m | SEC (XBRL)· 19 Mar 2026verified |
| Net income | 21.8 m | 60.3 m | 79.9 m | 78.6 m | 118.5 m | 50.7 m | SEC (XBRL)· 19 Mar 2026verified |
| Diluted EPS | 0.54 | 1.34 | 1.68 | 1.63 | 2.42 | 1.04 | SEC (XBRL)· 19 Mar 2026verified |
| Weighted average diluted shares | 40.4 k | 45.0 k | 48.2 k | 48.9 k | 49.4 k | 50.0 k | SEC (XBRL)· 19 Mar 2026verified |
| Dividend per share | — | — | — | — | 1.33 | 0.00 | SEC (XBRL)· 19 Mar 2026derived |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 105.8 m | 241.9 m | 148.2 m | 120.0 m | 126.2 m | 177.8 m | SEC (XBRL)· 19 Mar 2026verified |
| Inventories | 39.7 m | 58.8 m | 65.5 m | 85.9 m | 111.2 m | 112.2 m | SEC (XBRL)· 19 Mar 2026verified |
| Current assets | 261.9 m | 520.2 m | 557.0 m | 546.8 m | 620.1 m | 897.0 m | SEC (XBRL)· 19 Mar 2026verified |
| Property, plant & equipment, net | 20.4 m | 25.4 m | 33.1 m | 42.0 m | 54.2 m | 65.1 m | SEC (XBRL)· 19 Mar 2026verified |
| Goodwill | — | — | 0 | 74.3 m | 74.3 m | 74.3 m | SEC (XBRL)· 19 Mar 2026verified |
| Intangibles (excl. goodwill) | 609.0 k | 610.0 k | 597.0 k | 16.9 m | 13.4 m | 10.1 m | SEC (XBRL)· 19 Mar 2026verified |
| Total assets | 287.9 m | 583.8 m | 677.1 m | 787.7 m | 892.0 m | 1.3 bn | SEC (XBRL)· 19 Mar 2026verified |
| Accounts payable | 27.2 m | 33.6 m | 31.7 m | 42.2 m | 46.6 m | 33.7 m | SEC (XBRL)· 19 Mar 2026verified |
| Current liabilities | 57.4 m | 89.7 m | 88.5 m | 96.7 m | 123.9 m | 107.4 m | SEC (XBRL)· 19 Mar 2026verified |
| Total liabilities | 60.6 m | 290.1 m | 293.0 m | 311.5 m | 342.8 m | 642.8 m | SEC (XBRL)· 19 Mar 2026verified |
| Equity | 227.3 m † | 293.6 m † | 384.1 m † | 476.1 m † | 549.2 m † | 617.0 m † | SEC (XBRL)· 19 Mar 2026verified |
| Shares outstanding at year end | — | — | — | — | 45.4 m | 45.8 m | SEC (XBRL)· 19 Mar 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 25.8 m | 61.0 m | 57.8 m | 79.3 m | 122.2 m | 141.9 m | SEC (XBRL)· 19 Mar 2026verified |
| Capex | 2.4 m | 4.1 m | 8.2 m | 8.1 m | 10.1 m | 14.4 m | SEC (XBRL)· 19 Mar 2026verified |
| Free cash flow | 23.3 m ≈ | 56.9 m ≈ | 49.6 m ≈ | 71.2 m ≈ | 112.1 m ≈ | 127.5 m ≈ | SEC (XBRL)· 19 Mar 2026derived |
| Investing cash flow | -23.1 m | -120.2 m | -150.8 m | -107.5 m | -55.9 m | -310.3 m | SEC (XBRL)· 19 Mar 2026verified |
| Financing cash flow | 64.9 m | 194.8 m | 3.0 k | 182.0 k | -60.0 m | 219.0 m | SEC (XBRL)· 19 Mar 2026verified |
| Dividends paid | 0 | 0 | 0 | 0 | 60.0 m | 0 | SEC (XBRL)· 19 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
Score: 47 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 4.2 bn USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet100
- Returns40
- Quality75
- Growth50
- Valuation17
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 13.54 – 37.99 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E13.54 – 37.99 (Mid 25.99)4 companies used · median multiple 25.0x · quartiles 13.0x – 36.5xCOHR, KLAC, NVMI, OPXS
- Dividend discount (DDM)unavailable · the base of the ratio is not positive
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 47/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 10.2% | 50 (vs peers) | 10% |
| FCF conversion · Quality | 251.3% | 100 (on a fixed band) | 10% |
| Revenue CAGR 3Y · Growth | 15.6% | 100 (on a fixed band) | 13% |
| EPS CAGR 3Y · Growth | -14.8% | 0 (on a fixed band) | 13% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 8.3x | 100 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | 88.4x | 0 (on a fixed band) | 17% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 3.0% | 38 (on a fixed band) | 13% |
| Shareholder yield (distributions) · Returns | 0.0% | 0 (on a fixed band) | 10% |
| Payout ratio (FCF) · Returns | 0.0% | 100 (on a fixed band) | 7% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/3 factors with a value
- Growth50/100 · 2/2 factors with a value
- Quality75/100 · 2/3 factors with a value
- Returns40/100 · 2/2 factors with a value
- Valuation17/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Camtek Ltd. (CAMT). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 496.1 m USD in 2025; YoY growth 15.6%; net margin 10.2%; ROE 8.7%.
The estimated value range is 13.54–37.99 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 25.99 USD, the price of 91.92 USD leaves a potential of -71.7% (value / price − 1) and a margin of safety of -253.7% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 47/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: balance. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 251.3%
- Revenue CAGR 3Y: 15.6%
- Current ratio: 8.3x
- Payout ratio (FCF): 0.0%
What contradicts it
- EPS CAGR 3Y: -14.8%
- P/E (TTM): 88.4x
- Shareholder yield (distributions): 0.0%
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): ROIC, Net debt / EBITDA, Interest coverage, EV/EBITDA.
Versus the vertical median
Optical Instruments & Lenses (SIC 3827) · same industry (4-digit SIC) · compared with 6 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| KLACKla Corporation | 195.2 bn | 7.8 | 91.4% | 36.2% | +11.7% | +27% / +175% |
| COHRCoherent Corp. | 38.4 bn | 40.5 | 11.2% | 12.2% | +22.5% | +19% / +430% |
| NVMINova Ltd. | 8.2 bn | 35.2 | 23.1% | 29.4% | +31.0% | −10% / +118% |
| CAMTCamtek Ltd. | 4.2 bn | 88.4 | 8.7% | 10.2% | +15.6% | −26% / +66% |
| OPTXSyntec Optics Holdings, Inc. | 151.7 m | — | -11.6% | -8.3% | −1.3% | +118% / −36% |
| OPXSOptex Systems Holdings, Inc. | 56.2 m | 14.8 | 15.3% | 9.8% | +21.6% | −44% / +90% |
| MSAIMultiSensor AI Holdings, Inc. | 6.7 m | — | -46.5% | -141.7% | −25.0% | −88% / −99% |
1- and 3-year price returns: for CAMT from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 63.92 Total return -30% · Per year -30% | 112.50 Total return 22% · Per year 22% | 168.74 Total return 84% · Per year 84% |
| 3 years | 75.82 Total return -18% · Per year -6% | 148.78 Total return 62% · Per year 17% | 242.99 Total return 164% · Per year 38% |
| 5 years | 89.94 Total return -2% · Per year -0% | 196.76 Total return 114% · Per year 16% | 349.91 Total return 281% · Per year 31% |
- Exit P/E± 37.19
- Net margin± 26.04
- Annual revenue growth± 19.42
- Annual dilution± 2.19
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 19 Mar 2026; since then the company filed 6-K (04 Nov 2026), 6-K (14 Oct 2026), 6-K (10 Aug 2026), 6-K (29 Jul 2026), 6-K (24 Jun 2026).
In brief
Camtek designs and manufactures high-end inspection and metrology systems for the semiconductor industry, used in advanced packaging, chiplets and HBM memory. The company reported revenue of 496.1 million USD in 2025, up 16%, while roughly half of its revenue comes from products that support AI application production.
SWOT
Strengths
Weaknesses
- Reliance on a small number of markets, especially Asia Pacific and China, exposes the company to geopolitical risk 1.
- The company relies on single or limited source suppliers for essential components, which can delay deliveries 1.
- Shekel-denominated costs weighed on profitability as the Israeli currency strengthened 1.
Opportunities
- Demand for advanced packaging, chiplets and HBM could increase the need for 100% inspection 1.
- Integration of FRT technology could extend the offering for silicon carbide and advanced packaging 1.
- An AI technology for automatic defect classification, announced for 2026, could complete the product range 1.
Risks
- Dependence on AI investmenthigh
Roughly half of revenue depends on products for AI production, and a change in investment could affect results 1.
- Geographic concentrationhigh
Sales are concentrated in Asia Pacific and China, exposing the company to political instability and regulatory change 1.
- Trade and export restrictionsmedium
US export measures and sanctions could limit deliveries and could affect the company's reputation 1.
- Competitionmedium
Competitors with greater resources and local players with lower prices could affect pricing and margins 1.
- Currency and Israel exposuremedium
A stronger shekel and regional conflicts could raise costs and disrupt operations in Israel 1.
Investment thesis
What would need to be true (bull case)
- Revenue growth and gross margin improvement in 2025, together with the Hawk and Eagle G5 launches, could support further growth if demand for advanced packaging holds 1.
- A leading position in high-precision inspection for HBM and chiplets, plus an extensive installed base, could offer advantages if those segments keep growing 1.
- A balance sheet with high liquidity could allow continued research and development spending even in a weaker industry period 1.
What would break the thesis
- If AI investment slows, a significant part of revenue could fall quickly, since the company has limited long-term purchase commitments from customers 1.
- Concentration in Asian markets and China could expose the company to trade restrictions or a slowdown in the region's economy 1.
- Competitive pressure and shekel-denominated costs could reduce margins in periods of weaker demand 1.
What to watch
- Development of AI-related revenue and orders for Hawk and Eagle G5Q1 2027
- Pace of revenue growth from China and export restrictions2027
- Operating expenses and launch of the AI defect classification technology2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 19 Mar 2026; since then the company filed 6-K (04 Nov 2026), 6-K (14 Oct 2026), 6-K (10 Aug 2026), 6-K (29 Jul 2026), 6-K (24 Jun 2026).
The business
Camtek, incorporated in Israel in 1987 and listed on Nasdaq and the TASE, designs and manufactures automated inspection and metrology equipment for the semiconductor industry 1. Its systems inspect wafers throughout the manufacturing process, from back-end-of-line to the start of assembly, and target the most demanding segments such as advanced packaging, HBM, compound semiconductors and CMOS sensors 1. Through the FRT acquisition in Germany, completed in November 2023, the company extended its metrology offering for advanced packaging and silicon carbide 1.
The financial structure changed in 2025: the company issued 500 million USD of 0% convertible notes due 2030 and repurchased part of its convertible notes due 2026, which generated other expenses of 100.9 million USD 1. Cash, deposits and marketable securities rose to 851.1 million USD at the end of 2025 1.
Segments
Inspection and metrology systems
The main product line includes the Hawk platform, launched in February 2025 for chiplets, HBM and hybrid bonding, the Eagle G5, launched in September 2024 with higher throughput, plus the Eagle-i and Eagle-AP families and the Golden Eagle for panel-level packaging 1. The Eagle and Hawk platforms form the current sales range 1.
Market context
Demand for inspection systems comes from growing electronics volumes, reliability requirements in automotive and mobile, and new packaging technologies that require more inspection steps 1. Sales are geographically concentrated: about 91% of 2025 revenue came from the Asia Pacific region, with China at 49% 1.
Trends
- Advanced packaging and chipletstailwind
The shift from wire bonding to bumps and hybrid bonding, together with demand for chiplets and HBM, creates new needs for 100% inspection 1. The company expects chiplets and FOWLP to be among the fastest growing segments 1.
- AI capital spendingmixed
Roughly half of revenue comes from products supporting AI application production, and a slowdown in AI investment could weigh on sales and margins 1.
- Trade restrictions and export controlsheadwind
US export controls and rules concerning China may restrict sales and reduce equipment demand in the region, with indirect effects on the company's sales 1.
- Cyclicality and overcapacityheadwind
The semiconductor industry periodically goes through demand downturns caused by excess customer inventory and overcapacity, which could reduce the company's revenue 1.
Competitive position
The market is highly competitive, with large global participants that have greater resources and smaller local competitors targeting the low-end segment 1. Competition could lead to lower prices and a lower gross margin 1.
The company says it maintains its edge through research and development, by adapting technologies to customer requirements and through competitive cost of ownership 1. Sales cycles for new customers are longer than for repeat orders 1.
- Large global participants with greater resources
The source refers to global competitors with greater resources that can respond faster to new technologies, without naming them 1.
- Local smaller competitors
Smaller local competitors target the low-end market and may offer products at lower prices 1.
- Chinese domestic semiconductor equipment makers
China's policies promoting a domestic semiconductor industry could increase competition for the company 1.
- Other inspection solution providers in the region
The source does not name other providers; competition in Asia Pacific remains a risk component 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report (foreign issuer)04 Nov 2026
- Current report (foreign issuer)14 Oct 2026
- Current report (foreign issuer)14 Oct 2026
- Current report (foreign issuer)10 Aug 2026
- Current report (foreign issuer)29 Jul 2026
- Current report (foreign issuer)24 Jun 2026
- Current report (foreign issuer)24 Jun 2026
- Current report (foreign issuer)02 Jun 2026
- Current report (foreign issuer)12 May 2026
- Current report (foreign issuer)14 Apr 2026
Sources
- [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / Camtek Ltd. · 19 Mar 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.