Comprehensive Stock Comparison
Compare FormFactor, Inc. (FORM) vs Camtek Ltd. (CAMT) Stock
Analyze side-by-side fundamentals, valuation, growth, and profitability to decide which stock is the better buy.
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Quick Verdict
| Category | Winner | Why |
|---|---|---|
| Growth | CAMT | 36.1% revenue growth vs FORM's 15.2% |
| Value | CAMT | Lower P/E (48.2x vs 55.4x), PEG 1.38 vs 4.70 |
| Quality / Margins | CAMT | 28.4% net margin vs FORM's 6.8% |
| Stability / Safety | CAMT | Beta 1.83 vs FORM's 2.00 |
| Dividends | CAMT | 0.7% yield; 2-year raise streak; FORM pays no meaningful dividend |
| Momentum (1Y) | FORM | +196.9% vs CAMT's +124.6% |
| Efficiency (ROA) | CAMT | 13.7% ROA vs FORM's 4.3%, ROIC 13.7% vs 6.2% |
Who Each Stock Is For
Income & stability
Growth exposure
Long-term compounding (10Y)
Sleep-well-at-night portfolio
Valuation efficiency (growth/$)
Defensive / Recession hedge
Business Model
What each company does and how it makes money
FormFactor is a semiconductor testing equipment company that designs and manufactures probe cards and analytical systems used to test integrated circuits during development and production. It generates revenue primarily from probe cards (~70% of sales) for production testing and systems (~30%) for R&D applications—serving semiconductor manufacturers, foundries, and research institutions. The company's competitive advantage lies in its deep technical expertise in wafer-level testing and strong relationships with leading semiconductor companies that rely on its precision measurement solutions.
Camtek designs and manufactures specialized inspection and metrology equipment for semiconductor manufacturers — particularly for advanced packaging, memory, and image sensor production. It generates revenue primarily from selling its Eagle-series inspection systems and related services to chipmakers across Asia, the US, and Europe. The company's competitive advantage lies in its proprietary 2D and 3D inspection technologies that address complex semiconductor manufacturing challenges where precision is critical.
Revenue Breakdown by Segment
How each company's revenue is distributed across its business units
Financial Metrics Comparison
Side-by-side fundamentals across 2 stocks. BestLagging
Financial Scorecard
CAMT leads in 5 of 6 categories — strongest in Financial Metrics and Valuation Metrics.
Financial Metrics (TTM)
FORM is the larger business by revenue, generating $785M annually — 1.7x CAMT's $472M. CAMT is the more profitable business, keeping 28.4% of every revenue dollar as net income compared to FORM's 6.8%. On growth, CAMT holds the edge at +20.2% YoY revenue growth, suggesting stronger near-term business momentum.
| Metric | FORMFormFactor, Inc. | CAMTCamtek Ltd. |
|---|---|---|
| RevenueTrailing 12 months | $785M | $472M |
| EBITDAEarnings before interest/tax | $85M | $161M |
| Net IncomeAfter-tax profit | $53M | $134M |
| Free Cash FlowCash after capex | $12M | $0 |
| Gross MarginGross profit ÷ Revenue | +39.3% | +50.3% |
| Operating MarginEBIT ÷ Revenue | +7.3% | +26.6% |
| Net MarginNet income ÷ Revenue | +6.8% | +28.4% |
| FCF MarginFCF ÷ Revenue | +1.5% | +26.1% |
| Rev. Growth (YoY)Latest quarter vs prior year | +13.6% | +20.2% |
| EPS Growth (YoY)Latest quarter vs prior year | +141.7% | +21.1% |
Valuation Metrics
At 69.2x trailing earnings, CAMT trades at a 38% valuation discount to FORM's 111.1x P/E. Adjusting for growth (PEG ratio), CAMT offers better value at 1.98x vs FORM's 9.43x — a lower PEG means you pay less per unit of expected earnings growth.
| Metric | FORMFormFactor, Inc. | CAMTCamtek Ltd. |
|---|---|---|
| Market CapShares × price | $7.6B | $7.2B |
| Enterprise ValueMkt cap + debt − cash | $7.5B | $7.3B |
| Trailing P/EPrice ÷ TTM EPS | 111.10x | 69.17x |
| Forward P/EPrice ÷ next-FY EPS est. | 55.40x | 48.24x |
| PEG RatioP/E ÷ EPS growth rate | 9.43x | 1.98x |
| EV / EBITDAEnterprise value multiple | 76.51x | — |
| Price / SalesMarket cap ÷ Revenue | 9.99x | — |
| Price / BookPrice ÷ Book value/share | 8.18x | 15.05x |
| Price / FCFMarket cap ÷ FCF | 96.40x | — |
Profitability & Efficiency
CAMT delivers a 21.4% return on equity — every $100 of shareholder capital generates $21 in annual profit, vs $5 for FORM. FORM carries lower financial leverage with a 0.04x debt-to-equity ratio, signaling a more conservative balance sheet compared to CAMT's 0.38x.
| Metric | FORMFormFactor, Inc. | CAMTCamtek Ltd. |
|---|---|---|
| ROE (TTM)Return on equity | +5.1% | +21.4% |
| ROA (TTM)Return on assets | +4.3% | +13.7% |
| ROICReturn on invested capital | +6.2% | +13.7% |
| ROCEReturn on capital employed | +6.5% | +14.8% |
| Piotroski ScoreFundamental quality 0–9 | 7 | 7 |
| Debt / EquityFinancial leverage | 0.04x | 0.38x |
| Net DebtTotal debt minus cash | -$152M | $81M |
| Cash & Equiv.Liquid assets | $191M | $126M |
| Total DebtShort + long-term debt | $39M | $207M |
| Interest CoverageEBIT ÷ Interest expense | 154.98x | 4356.62x |
Total Returns (with DRIP)
A $10,000 investment in CAMT five years ago would be worth $56,827 today (with dividends reinvested), compared to $20,434 for FORM. Over the past 12 months, FORM leads with a +196.9% total return vs CAMT's +124.6%. The 3-year compound annual growth rate (CAGR) favors CAMT at 83.9% vs FORM's 48.7% — a key indicator of consistent wealth creation.
| Metric | FORMFormFactor, Inc. | CAMTCamtek Ltd. |
|---|---|---|
| YTD ReturnYear-to-date | +67.1% | +44.9% |
| 1-Year ReturnPast 12 months | +196.9% | +124.6% |
| 3-Year ReturnCumulative with dividends | +228.5% | +522.1% |
| 5-Year ReturnCumulative with dividends | +104.3% | +468.3% |
| 10-Year ReturnCumulative with dividends | +1201.1% | +8757.0% |
| CAGR (3Y)Annualised 3-year return | +48.7% | +83.9% |
Risk & Volatility
CAMT is the less volatile stock with a 1.83 beta — it tends to amplify market swings less than FORM's 2.00 beta. A beta below 1.0 means the stock typically moves less than the S&P 500. CAMT currently trades 95.9% from its 52-week high vs FORM's 92.4% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | FORMFormFactor, Inc. | CAMTCamtek Ltd. |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 2.00x | 1.83x |
| 52-Week HighHighest price in past year | $107.04 | $174.61 |
| 52-Week LowLowest price in past year | $22.58 | $47.41 |
| % of 52W HighCurrent price vs 52-week peak | +92.4% | +95.9% |
| RSI (14)Momentum oscillator 0–100 | 61.6 | 65.4 |
| Avg Volume (50D)Average daily shares traded | 1.2M | 423K |
Analyst Outlook
Wall Street rates FORM as "Buy" and CAMT as "Buy". Consensus price targets imply -1.1% upside for CAMT (target: $166) vs -22.8% for FORM (target: $76). CAMT is the only dividend payer here at 0.73% yield — a key consideration for income-focused portfolios.
| Metric | FORMFormFactor, Inc. | CAMTCamtek Ltd. |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Buy | Buy |
| Price TargetConsensus 12-month target | $76.29 | $165.60 |
| # AnalystsCovering analysts | 19 | 12 |
| Dividend YieldAnnual dividend ÷ price | — | +0.7% |
| Dividend StreakConsecutive years of raises | — | 2 |
| Dividend / ShareAnnual DPS | — | $1.22 |
| Buyback YieldShare repurchases ÷ mkt cap | +0.7% | — |
Historical Charts
Charts are rendered on first load. Hover for details.
Chart 1Total Return — 5 Years (Rebased to 100)
| Stock | Mar 20 | Feb 26 | Change |
|---|---|---|---|
| FormFactor, Inc. (FORM) | 100 | 319.88 | +219.9% |
| Camtek Ltd. (CAMT) | 100 | 1,405.35 | +1305.3% |
Camtek Ltd. (CAMT) returned +468% over 5 years vs FormFactor, Inc. (FORM)'s +104%. A $10,000 investment in CAMT 5 years ago would be worth $56,827 today (including dividends reinvested).
Chart 2Revenue Growth — 10 Years
| Stock | 2015 | 2024 | Change |
|---|---|---|---|
| FormFactor, Inc. (FORM) | $282M | $764M | +170.4% |
| Camtek Ltd. (CAMT) | $99M | $429M | +332.4% |
FormFactor, Inc.'s revenue grew from $282M (2015) to $764M (2024) — a 11.7% CAGR. Camtek Ltd.'s revenue grew from $99M (2015) to $429M (2024) — a 17.7% CAGR.
Chart 3Net Margin Trend — 10 Years
| Stock | 2015 | 2024 | Change |
|---|---|---|---|
| FormFactor, Inc. (FORM) | -0.5% | 9.1% | +1790.1% |
| Camtek Ltd. (CAMT) | -10.2% | 27.6% | +371.0% |
FormFactor, Inc.'s net margin went from -1% (2015) to 9% (2024). Camtek Ltd.'s net margin went from -10% (2015) to 28% (2024).
Chart 4P/E Ratio History — 8 Years
| Stock | 2017 | 2024 | Change |
|---|---|---|---|
| FormFactor, Inc. (FORM) | 28.5 | 49.4 | +73.3% |
| Camtek Ltd. (CAMT) | 14.7 | 33.4 | +127.2% |
FormFactor, Inc. has traded in a 10x–51x P/E range over 8 years; current trailing P/E is ~111x. Camtek Ltd. has traded in a 13x–43x P/E range over 8 years; current trailing P/E is ~69x.
Chart 5EPS Growth — 10 Years
| Stock | 2015 | 2024 | Change |
|---|---|---|---|
| FormFactor, Inc. (FORM) | -0.03 | 0.89 | +3484.0% |
| Camtek Ltd. (CAMT) | -0.3 | 2.42 | +906.7% |
FormFactor, Inc.'s EPS grew from $-0.03 (2015) to $0.89 (2024). Camtek Ltd.'s EPS grew from $-0.30 (2015) to $2.42 (2024).
Chart 6Free Cash Flow — 5 Years
FormFactor, Inc. generated $79M FCF in 2024 (+9% vs 2021). Camtek Ltd. generated $112M FCF in 2024 (+97% vs 2021).
FORM vs CAMT: Frequently Asked Questions
9 questions · data-driven answers · updated daily
01Is FORM or CAMT a better buy right now?
Camtek Ltd. (CAMT) offers the better valuation at 69.2x trailing P/E (48.2x forward), making it the more compelling value choice. Analysts rate FormFactor, Inc. (FORM) a "Buy" — based on 19 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.
02Which has the better valuation — FORM or CAMT?
On trailing P/E, Camtek Ltd. (CAMT) is the cheapest at 69.2x versus FormFactor, Inc. at 111.1x. On forward P/E, Camtek Ltd. is actually cheaper at 48.2x. The PEG ratio (P/E divided by earnings growth rate) is the most growth-adjusted single valuation metric: Camtek Ltd. wins at 1.38x versus FormFactor, Inc.'s 4.70x — a reasonable growth-adjusted valuation.
03Which is the better long-term investment — FORM or CAMT?
Over the past 5 years, Camtek Ltd. (CAMT) delivered a total return of +468.3%, compared to +104.3% for FormFactor, Inc. (FORM). A $10,000 investment in CAMT five years ago would be worth approximately $57K today (assuming dividends reinvested). Over 10 years, the gap is even starker: CAMT returned +87.6% versus FORM's +1201%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.
04Which is safer — FORM or CAMT?
By beta (market sensitivity over 5 years), Camtek Ltd. (CAMT) is the lower-risk stock at 1.83β versus FormFactor, Inc.'s 2.00β — meaning FORM is approximately 10% more volatile than CAMT relative to the S&P 500. On balance sheet safety, FormFactor, Inc. (FORM) carries a lower debt/equity ratio of 4% versus 38% for Camtek Ltd. — giving it more financial flexibility in a downturn.
05Which has better profit margins — FORM or CAMT?
Camtek Ltd. (CAMT) is the more profitable company, earning 27.6% net margin versus 9.1% for FormFactor, Inc. — meaning it keeps 27.6% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: CAMT leads at 25.2% versus 8.5% for FORM. At the gross margin level — before operating expenses — CAMT leads at 48.9%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.
06Is FORM or CAMT more undervalued right now?
The PEG ratio (forward P/E divided by expected earnings growth rate) is the most precise measure of undervaluation relative to growth potential. By this metric, Camtek Ltd. (CAMT) is the more undervalued stock at a PEG of 1.38x versus FormFactor, Inc.'s 4.70x. A PEG below 1.5 suggests fair-to-attractive pricing relative to expected growth. On forward earnings alone, Camtek Ltd. (CAMT) trades at 48.2x forward P/E versus 55.4x for FormFactor, Inc. — 7.2x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for CAMT: -1.1% to $165.60.
07Which pays a better dividend — FORM or CAMT?
In this comparison, CAMT (0.7% yield) pays a dividend. FORM does not pay a meaningful dividend and should not be held primarily for income.
08Is FORM or CAMT better for a retirement portfolio?
For long-horizon retirement investors, FormFactor, Inc. (FORM) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (+1201% 10Y return). Camtek Ltd. (CAMT) carries a higher beta of 1.83 — meaning larger drawdowns in market downturns, which matters significantly when you cannot wait years for a recovery. Both have compounded well over 10 years (FORM: +1201%, CAMT: +87.6%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.
09What are the main differences between FORM and CAMT?
Both stocks operate in the Technology sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both. CAMT pays a dividend while FORM does not, making them suitable for different income and tax situations. These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.
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