# Camtek (CAMT.US)

Canonical: https://gigainvestors.com/s/CAMT

Analysis as of: 2026-10-16T07:27:13.828Z. Financial observations: FY1999–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $131.38 per share; close as of 2026-10-15.

Estimated value: low $49.17 per share, central $64.55 per share, high $73.50 per share. Buy at or below the central value $64.55 per share. Valuation as of 2026-10-16T07:27:13.828Z; scenarios are not confidence intervals.

Expected annual return: 6.1% at the stated quote. About 6.1% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: fail

- 2 revenue declines in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 0

- Operating margin variation: 0.53×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.06×

- FY2017: -0.03×

- FY2018: 0.16×

- FY2019: 0.16×

- FY2020: 0.15×

- FY2021: 0.26×

- FY2022: 0.25×

- FY2023: 0.21×

- FY2024: 0.25×

- FY2025: 0.26×

### moat: fail

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 35.8%

- ROIC, second-lowest year: 10.0%

- Typical minus recent gross margin: -0.1 pp

- Typical gross margin (annual median): 48.8%

- Recent gross margin (lower of latest and 3-year median): 48.9%

- Years with nonpositive capital: 0

- Capital spending / revenue: 2.1%

- ROIC including acquisitions, ten-year median: 34.7%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 10.0%

- FY2017: -5.4%

- FY2018: 38.4%

- FY2019: 41.5%

- FY2020: 41.4%

- FY2021: 63.7%

- FY2022: 40.2%

- FY2023: 23.6%

- FY2024: 33.2%

- FY2025: 31.5%

### economics: pass

- Owner earnings / net income, 5-yr: 1.00×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $386M

- Net income, five-year total: $388M

- Return on incremental invested capital: 97.4%

- Working capital / revenue, annual change: -0.1 pp

- Working capital / revenue, change between three-year averages: 0.4 pp

- Working capital / revenue, final three-year average: 40.4%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.00×

- FY2022: 1.00×

- FY2023: 0.97×

- FY2024: 1.00×

- FY2025: 1.00×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 10.0% vs 31.5%

- Per-share earnings: 0.13 to 1.60 (three-year endpoint medians)

- five-year and ten-year diluted share growth both above threshold

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 3.6%

- Ordinary dilution, 5-year annual growth: 3.6%

- Market cap gain: $5.2B

- Cumulative retained earnings: $388M

- Diluted shares, 10-year annual growth: 3.6%

- Diluted shares, 5-year annual growth: 3.6%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 36.4%

- Per-share value change: $1.47

- Per-share value, starting three-year median: $0.13

- Per-share value, ending three-year median: $1.60

- Buyback history: 0 years

- Debt-funded buybacks: No

- Acquisition spending: $91M

- Cumulative net income, 10 years: $469M

- ROIC, first three-year median: 10.0%

- ROIC, last three-year median: 31.5%

Chart: Earnings per share; fiscal year observations.

- FY2016: $0.13

- FY2017: $0.39

- FY2018: $0.51

- FY2019: $0.57

- FY2020: $0.52

- FY2021: $1.30

- FY2022: $1.65

- FY2023: $1.60

- FY2024: $2.39

- FY2025: $1.02

### accounting: pass

- Sloan accruals: -7.2%

- Receivables to sales index (DSRI): 0.69×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 11.9%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.80×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.14×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 20.9%

- FY2017: 10.9%

- FY2018: 1.4%

- FY2019: -1.5%

- FY2020: -1.4%

- FY2021: -0.1%

- FY2022: 3.3%

- FY2023: -0.1%

- FY2024: -0.4%

- FY2025: -7.2%

## Holders

- [Lee Ainslie](https://gigainvestors.com/mc): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Dan Davidowitz](https://gigainvestors.com/pcm): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 32% since Apr 2026 · sales +15.6%

Story as of 2026-10-16T09:58:27.477Z; price observation 2026-10-15.

Price needs cash profits to grow 17.2% a year for ten years

- 2026-04-03: Camtek’s US$31m AI Packaging Order Puts OSAT Exposure In Focus ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/camtek-us-31m-ai-packaging-130724324.html))

- 2026-08-10: Camtek stock advances as record Q2 revenue and upbeat guidance impress investors ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/camtek-stock-advances-record-q2-124708728.html))

### Sales · FY2024–2025

sales +15.6%; source https://www.sec.gov/Archives/edgar/data/1109138/000117891326001561/zk2634678.htm; observed 2026-03-19.

- FY2016: $110M 

- FY2017: $93M 

- FY2018: $123M 

- FY2019: $134M 

- FY2020: $156M 

- FY2021: $270M 

- FY2022: $321M 

- FY2023: $315M 

- FY2024: $429M 

- FY2025: $496M 

### Gross margin · FY2025

gross margin 50.5%; source https://www.sec.gov/Archives/edgar/data/1109138/000117891326001561/zk2634678.htm; observed 2026-03-19.

- FY2016: 44.6% 

- FY2017: 48.7% 

- FY2018: 49.4% 

- FY2019: 48.3% 

- FY2020: 47.0% 

- FY2021: 50.9% 

- FY2022: 49.8% 

- FY2023: 46.8% 

- FY2024: 48.9% 

- FY2025: 50.5% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in semiconductor equipment & materials; annual sales are USD 496.1 million.

- Source: https://www.sec.gov/Archives/edgar/data/1109138/000117891326001561/zk2634678.htm (filed 2026-03-19); FY2025: revenue 496072000; grossProfit 250317000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); CAMT.US: 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.

### Why customers stay

Margins ranged from 46.8% to 50.5% during 2023–25; it earns 35.8% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-19); FY2023: grossProfit / revenue = 46.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-19); FY2024: grossProfit / revenue = 48.9%.

- Source: https://www.sec.gov/Archives/edgar/data/1109138/000117891326001561/zk2634678.htm (filed 2026-03-19); FY2025: grossProfit / revenue = 50.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-19); 10-year return on capital observations [[2016,0.0996333148223629],[2017,-0.054347619263353415],[2018,0.38399336015221025],[2019,0.41546389977342885],[2020,0.4139802072236709],[2021,0.6370842585557043],[2022,0.40179687187884683],[2023,0.23579924022949192],[2024,0.3320285037591431],[2025,0.3150949262981285]]; median 0.3580109319556767. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 5.2% of cash earnings on expansion; earns 97.4% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-19); FY2016: growth capex 0; upkeep 1293000; owner earnings 5402000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-19); FY2017: growth capex 0; upkeep 3138000; owner earnings 12946000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-19); FY2018: growth capex 277000; upkeep 1966000; owner earnings 18731000. Growth capex / owner earnings = 0.014788318829747477.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-19); FY2019: growth capex 0; upkeep 1362000; owner earnings 22758000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-19); FY2020: growth capex 176000; upkeep 2234000; owner earnings 21778000. Growth capex / owner earnings = 0.008081550188263386.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-19); FY2021: growth capex 1254000; upkeep 2811000; owner earnings 60277000. Growth capex / owner earnings = 0.02080395507407469.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-19); FY2022: growth capex 4102999; upkeep 4094000; owner earnings 79949000. Growth capex / owner earnings = 0.05132020413013296.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-19); FY2023: growth capex 0; upkeep 8096999; owner earnings 76319001. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-19); FY2024: growth capex 0; upkeep 10102000; owner earnings 119079000. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/1109138/000117891326001561/zk2634678.htm (filed 2026-03-19); FY2025: growth capex 2617000; upkeep 11779000; owner earnings 50722000. Growth capex / owner earnings = 0.05159496865265565.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-19); Incremental return on capital 0.9737791438775666, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-19); Dividend observations: [[2016,5001000],[2017,5001000],[2018,5063000],[2019,6551000],[2020,0],[2021,0],[2022,0],[2023,0],[2024,60045000],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 37.5% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); CAMT.US SharesStats.PercentInsiders = 37.469 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 17.2% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-19); Ten-year compound average after fade. Initial solved rate 0.23568448886350535. Price 131.38; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share -0.2875952678876123 → FY2025 1.0150490294176506. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $2.90 per share

- 2016-11: $2.98 per share

- 2016-12: $3.29 per share

- 2017-01: $3.32 per share

- 2017-02: $3.55 per share

- 2017-03: $3.81 per share

- 2017-04: $3.72 per share

- 2017-05: $6.33 per share

- 2017-06: $4.83 per share

- 2017-07: $5.26 per share

- 2017-08: $4.44 per share

- 2017-09: $5.12 per share

- 2017-10: $5.75 per share

- 2017-11: $6.03 per share

- 2017-12: $5.72 per share

- 2018-01: $6.76 per share

- 2018-02: $6.57 per share

- 2018-03: $6.75 per share

- 2018-04: $6.88 per share

- 2018-05: $8.07 per share

- 2018-06: $7.35 per share

- 2018-07: $8.23 per share

- 2018-08: $10.13 per share

- 2018-09: $8.57 per share

- 2018-10: $7.97 per share

- 2018-11: $8.45 per share

- 2018-12: $6.77 per share

- 2019-01: $7.15 per share

- 2019-02: $8.69 per share

- 2019-03: $8.92 per share

- 2019-04: $9.98 per share

- 2019-05: $8.06 per share

- 2019-06: $8.45 per share

- 2019-07: $9.82 per share

- 2019-08: $9.04 per share

- 2019-09: $9.38 per share

- 2019-10: $10.79 per share

- 2019-11: $10.55 per share

- 2019-12: $10.83 per share

- 2020-01: $11.33 per share

- 2020-02: $10.46 per share

- 2020-03: $8.42 per share

- 2020-04: $10.53 per share

- 2020-05: $12.89 per share

- 2020-06: $12.58 per share

- 2020-07: $15.03 per share

- 2020-08: $15.44 per share

- 2020-09: $15.38 per share

- 2020-10: $17.64 per share

- 2020-11: $18.85 per share

- 2020-12: $21.91 per share

- 2021-01: $23.62 per share

- 2021-02: $27.60 per share

- 2021-03: $29.90 per share

- 2021-04: $34.06 per share

- 2021-05: $36.47 per share

- 2021-06: $37.71 per share

- 2021-07: $37.40 per share

- 2021-08: $41.33 per share

- 2021-09: $40.51 per share

- 2021-10: $38.87 per share

- 2021-11: $46.12 per share

- 2021-12: $46.04 per share

- 2022-01: $37.17 per share

- 2022-02: $32.84 per share

- 2022-03: $30.46 per share

- 2022-04: $29.70 per share

- 2022-05: $29.53 per share

- 2022-06: $24.86 per share

- 2022-07: $29.15 per share

- 2022-08: $27.00 per share

- 2022-09: $23.17 per share

- 2022-10: $23.02 per share

- 2022-11: $24.39 per share

- 2022-12: $21.96 per share

- 2023-01: $25.99 per share

- 2023-02: $27.12 per share

- 2023-03: $28.35 per share

- 2023-04: $26.35 per share

- 2023-05: $28.89 per share

- 2023-06: $35.63 per share

- 2023-07: $47.61 per share

- 2023-08: $60.30 per share

- 2023-09: $62.26 per share

- 2023-10: $52.60 per share

- 2023-11: $63.48 per share

- 2023-12: $69.38 per share

- 2024-01: $77.84 per share

- 2024-02: $79.59 per share

- 2024-03: $83.77 per share

- 2024-04: $80.97 per share

- 2024-05: $102.41 per share

- 2024-06: $125.24 per share

- 2024-07: $105.00 per share

- 2024-08: $91.02 per share

- 2024-09: $79.85 per share

- 2024-10: $79.56 per share

- 2024-11: $74.50 per share

- 2024-12: $80.77 per share

- 2025-01: $94.54 per share

- 2025-02: $74.52 per share

- 2025-03: $58.63 per share

- 2025-04: $65.34 per share

- 2025-05: $66.54 per share

- 2025-06: $84.56 per share

- 2025-07: $94.15 per share

- 2025-08: $82.71 per share

- 2025-09: $105.05 per share

- 2025-10: $123.82 per share

- 2025-11: $105.30 per share

- 2025-12: $106.35 per share

- 2026-01: $146.53 per share

- 2026-02: $167.39 per share

- 2026-03: $151.61 per share

- 2026-04: $191.92 per share

- 2026-05: $171.66 per share

- 2026-06: $163.12 per share

- 2026-07: $132.46 per share

- 2026-08: $134.00 per share

- 2026-09: $155.25 per share

- 2026-10: $131.38 per share

## Annual estimated value (USD per share)

- FY2016: low $0.79 per share, central $0.83 per share, high $0.88 per share

- FY2017: low $2.59 per share, central $2.82 per share, high $3.09 per share

- FY2018: low $3.59 per share, central $4.06 per share, high $4.49 per share

- FY2019: low $8.53 per share, central $10.87 per share, high $12.36 per share

- FY2020: low $10.22 per share, central $11.55 per share, high $12.77 per share

- FY2021: low $19.58 per share, central $23.06 per share, high $25.54 per share

- FY2022: low $23.46 per share, central $30.03 per share, high $33.86 per share

- FY2023: low $26.28 per share, central $34.10 per share, high $38.79 per share

- FY2024: low $36.19 per share, central $48.42 per share, high $55.53 per share

- FY2025: low $45.83 per share, central $59.83 per share, high $67.98 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:32:53.225Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original 20-F filing](https://www.sec.gov/Archives/edgar/data/1109138/000117891326001561/zk2634678.htm); period 2025-12-31, filed 2026-03-19.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.