Camtek
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. Based in Migdal Haemek.
Camtek: sales sharply up (+28.0%), net income sharply down (−57.2%), operating income sharply up (+25.1%).
- Sales sharply upQtr. as of 30/09/2026
Revenue: $161M, vs. $126M a year earlier, i.e. +28.0%.
- Net income sharply downFY 2025
Net income: $51M, vs. $119M in 2024, i.e. −57.2%.
- Operating income sharply upQtr. as of 30/09/2026
Operating income: $40M, vs. $32M a year earlier, i.e. +25.1%.
- Investments sharply upFY 2025
Investments: $14M, vs. $10M in 2024, i.e. +42.5%.
- Cash sharply upFY 2025
Cash: $178M, vs. $126M in 2024, i.e. +40.9%.
How the share reacted to the results
After its results, Camtek shares fell 9.7%. Over the same period, the broad market (S&P 500) rose 1.6%, and companies in the same sector did −3.3% (median of 14 companies).
Results published on 04/11/2026 at 14:03 (Israel time), before the Wall Street open. Calculation: last close before the release (03/11/2026) compared with the first close after (04/11/2026). Source: Yahoo Finance. A share price moves for many reasons; the release is only one of them.
What the market pays, vs. the sector
This company's valuation multiples history is being built day by day from now on.
P/E calculated on net income (fiscal year ended 31/12/2025). Cross-check: another source (Yahoo Finance) shows a P/E of 39.6. The gap usually comes from the period used (fiscal year or trailing 12 months) or from one-off items: check the reports. Sector median: companies in the Semiconductors group tracked here. Prices: Yahoo Finance; market cap cross-checked with the Tel Aviv Stock Exchange for Israeli stocks. These ratios describe a price, not a value: none of them says whether the share is expensive or cheap.
Dividend per share, over 5 years
Total dividends per share paid each calendar year (1 year(s) out of 5 with a payment). Source: Yahoo Finance. The current year is not complete.
P/E ranking
Camtek is 1e Out of 3: one of the highest P/Es in the group.
- 1Camtek97.1
- 2
Tower Semiconductor81.3 - 3
Nova40.2
P/E = market cap / net income over the last 12 months: how many years of earnings the market pays today. From highest to lowest; group median: 40.1. A high or low P/E alone does not say whether a share is expensive.
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Business and results
Revenue
in $M
Net income
In $M, losses in red
Margins
Net debt
Financial debt − cash, in $M
Data not available.
Summary financial statements
Swipe the table to see previous years
| 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|
| Revenue | 270 | 321 | 315 | 429 | 496 |
| Growth | — | +19.0% | −1.7% | +36.1% | +15.6% |
| Gross margin | 50.9% | 49.8% | 46.8% | 48.9% | 50.5% |
| Operating income | 71 | 81 | 65 | 108 | 128 |
| Operating margin | 26.3% | 25.4% | 20.7% | 25.2% | 25.8% |
| Net income | 60 | 80 | 79 | 119 | 51 |
| Net margin | 22.4% | 24.9% | 24.9% | 27.6% | 10.2% |
| Diluted EPS | 1.3 | 1.7 | 1.6 | 2.4 | 1.0 |
| EBITDA | 74 | 86 | 71 | 119 | 140 |
| Operating cash flow | 61 | 58 | 79 | 122 | 142 |
| Investments | 4 | 8 | 8 | 10 | 14 |
| Free cash flow | 57 | 50 | 71 | 112 | 127 |
| Cash | 242 | 148 | 120 | 126 | 178 |
| Equity | 294 | 384 | 476 | 549 | 617 |
| Return on equity | 20.5% | 20.8% | 16.5% | 21.6% | 8.2% |
In $M unless stated. EBITDA = operating income + depreciation and amortization. Net debt = financial debt − cash. Free cash flow = operating cash flow − capital expenditure. n.m. = not meaningful.
Quality of the accounts: three cross-check models
Quality of the accounts, seen through three models
Three well-known academic models, calculated only from the published accounts (last fiscal year compared with the previous one). These are signals to cross-check, not verdicts: they say neither whether the company is reliable, nor whether the share is a good investment.
Financial strength · Piotroski
Nine simple tests on profitability, debt, liquidity and efficiency.
- ✓ Positive net income
- ✓ Positive operating cash flow
- ✕ Return on assets up
- ✓ Operating cash flow above net income
- ✓ Long-term debt stable or down (relative to assets)
- ✓ Current ratio up
- ✓ No significant share issuance (increase of less than 1%)
- ✓ Gross margin up
- ✕ Asset turnover up
Earnings manipulation · Beneish
Not computable: a required figure is missing from the published accounts.
Distress risk · Altman Z″
Version without market data. Below 1.1: warning sign; above 2.6: healthy zone. The model penalizes an accumulated deficit or large share buybacks, which reduce equity.
Methods: Piotroski (2000), Beneish (1999, 8 variables), Altman Z″ (1995). Calculations redone from SEC XBRL data.
Company overview
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. 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.
Source: official company profile (Yahoo Finance), summary. Website: www.camtek.com