Camtek Ltd. (CAMT) 10-Year Financial Performance & Capital Metrics

CAMT •

TechnologySemiconductorsSemiconductor Test, Metrology and Inspection Equipment

AboutCamtek Ltd., together with its subsidiaries, develops, manufactures, and sells inspection and metrology equipment for the advanced interconnect packaging, memory, complementary metal oxide semiconductor image sensors, micro-electro mechanical systems, radio frequency, and other segments of the semiconductor industry. It provides inspection and metrology systems, including Eagle-i, a system that delivers 2D inspection and metrology capabilities; Eagle-AP, which addresses the advanced packaging market using software and hardware technologies that deliver superior 2D and 3D inspection and metrology capabilities on the same platform; and Golden Eagle, a panel inspection and metrology system to support fanout wafer level packaging applications. The company sells its products in the Asia Pacific, the United States, and Europe. Camtek Ltd. was incorporated in 1987 and is headquartered in Migdal HaEmek, Israel.Show more

Revenue $429M +36.1%
EBITDA $119M +66.8%
Net Income $119M +50.7%
EPS (Diluted) 2.42 +50.3%
Gross Margin 48.91% +4.5%
EBITDA Margin 27.66% +22.5%
Operating Margin 25.18% +21.4%
Net Margin 27.61% +10.7%
ROE 23.12% +26.4%
ROIC 13.65% +38.1%
Debt/Equity 0.38 -10.8%
Interest Coverage 98.78 +165.0%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 21.7%
✓Strong 5Y profit CAGR of 40.1%
✓Strong Piotroski F-Score: 7/9
✓FCF machine: 26.1% free cash flow margin
✓Momentum leader: RS Rating 93 (top 7%)
✓Strong 5Y sales CAGR of 26.2%

✗Weaknesses

✗Expensive at 15.0x book value

Price & Volume

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Growth Metrics

Revenue CAGR

10Y17.13%

5Y26.21%

3Y16.76%

TTM27.88%

Profit (Net Income) CAGR

10Y42.9%

5Y40.06%

3Y25.28%

TTM39.9%

EPS CAGR

10Y36.22%

5Y34.98%

3Y21.78%

TTM39.49%

ROCE

10Y Avg10.24%

5Y Avg14.34%

3Y Avg13.36%

Latest14.81%

Peer Comparison

Semiconductor Test, Metrology and Inspection Equipment

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
FORMFormFactor, Inc.	7.63B	98.88	111.10	15.16%	6.78%	5.14%	1.04%	0.04
TERTeradyne, Inc.	50.12B	320.03	91.96	13.13%	17.37%	19.82%	0.9%	0.12
NVMINova Ltd.	12.85B	438.86	76.32	29.83%	29.44%	19.66%	1.7%	0.25
CAMTCamtek Ltd.	7.18B	167.39	69.17	36.1%	28.36%	21.35%		0.38
ONTOOnto Innovation Inc.	10.63B	215.89	53.17	21.01%	17.46%	8.74%	2.01%	0.01
KLACKLA Corporation	201.28B	1524.55	50.20	23.89%	35.76%	83.39%	1.86%	1.30
INTTinTEST Corporation	144.21M	11.65	48.54	5.99%	-2.22%	-2.44%	1.73%	0.26
COHUCohu, Inc.	1.41B	30.20	-18.99	12.74%	-16.4%	-9.46%		0.46

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	99.28M	109.52M	93.48M	123.17M	134.02M	155.86M	269.66M	320.91M	315.38M	429.23M
Revenue Growth %	12.41%	10.32%	-14.64%	31.76%	8.8%	16.3%	73.01%	19.01%	-1.72%	36.1%
Cost of Goods Sold+	56.15M	60.64M	47.97M	62.38M	69.23M	82.63M	132.31M	161.05M	167.74M	219.28M
COGS % of Revenue	56.56%	55.37%	51.31%	50.64%	51.66%	53.01%	49.07%	50.19%	53.19%	51.09%
Gross Profit+	43.13M	48.88M	45.52M	60.8M	64.78M	73.23M	137.34M	159.86M	147.63M	209.95M
Gross Margin %	43.44%	44.63%	48.69%	49.36%	48.34%	46.99%	50.93%	49.81%	46.81%	48.91%
Gross Profit Growth %	5.14%	13.35%	-6.89%	33.56%	6.56%	13.04%	87.55%	16.39%	-7.65%	42.21%
Operating Expenses+	38.45M	41.4M	48.56M	40.76M	42.81M	50.61M	66.45M	78.36M	82.22M	101.88M
OpEx % of Revenue	38.73%	37.8%	51.94%	33.09%	31.94%	32.47%	24.64%	24.42%	26.07%	23.74%
Selling, General & Admin	23.59M	25.5M	22.02M	26.18M	26.48M	31.03M	42.97M	49.5M	50.75M	63.59M
SG&A % of Revenue	23.76%	23.28%	23.56%	21.26%	19.76%	19.91%	15.94%	15.42%	16.09%	14.82%
Research & Development	14.86M	15.9M	13.53M	14.58M	16.33M	19.57M	23.47M	28.86M	31.47M	38.29M
R&D % of Revenue	14.97%	14.51%	14.48%	11.84%	12.19%	12.56%	8.7%	8.99%	9.98%	8.92%
Other Operating Expenses	0	0	13M	0	0	0	0	0	0	0
Operating Income+	-10.06M	6.62M	-3.04M	20.03M	21.97M	22.62M	70.9M	81.5M	65.41M	108.07M
Operating Margin %	-10.13%	6.04%	-3.25%	16.26%	16.39%	14.52%	26.29%	25.4%	20.74%	25.18%
Operating Income Growth %	-295.85%	165.77%	-145.9%	759.63%	9.68%	2.97%	213.38%	14.95%	-19.74%	65.21%
EBITDA+	-8M	8.58M	-915K	22M	24.11M	24.86M	73.71M	85.59M	71.2M	118.73M
EBITDA Margin %	-8.06%	7.83%	-0.98%	17.86%	17.99%	15.95%	27.33%	26.67%	22.57%	27.66%
EBITDA Growth %	-209.47%	207.23%	-110.67%	2504.26%	9.58%	3.12%	196.52%	16.12%	-16.82%	66.77%
D&A (Non-Cash Add-back)	2.06M	1.96M	2.12M	1.97M	2.13M	2.23M	2.81M	4.09M	5.78M	10.67M
EBIT	-11.47M	2.89M	-3.17M	20.03M	21.97M	23.55M	72.36M	89.28M	88.72M	132.33M
Net Interest Income+	-1.31M	-847K	64K	594K	801K	1.13M	972K	7.55M	22.3M	23.75M
Interest Income	88K	74K	77K	594K	801K	1.28M	1.41M	8.65M	24.05M	24.84M
Interest Expense	1.88M	994K	13K	0	0	155K	436K	1.09M	1.75M	1.09M
Other Income/Expense	1.64M	-847K	-150K	728K	801K	775K	1.03M	6.69M	22.22M	23.17M
Pretax Income+	-11.94M	5.62M	-3.19M	20.76M	22.77M	23.4M	71.93M	88.19M	87.63M	131.24M
Pretax Margin %	-12.02%	5.13%	-3.41%	16.86%	16.99%	15.01%	26.67%	27.48%	27.79%	30.57%
Income Tax+	-1.82M	888K	-4.88M	2.03M	1.95M	1.62M	11.65M	8.24M	9M	12.72M
Effective Tax Rate %	84.73%	84.2%	-438.09%	90.22%	96.54%	93.07%	83.8%	90.66%	89.73%	90.31%
Net Income+	-10.11M	4.73M	13.96M	18.73M	21.99M	21.78M	60.28M	79.95M	78.63M	118.52M
Net Margin %	-10.19%	4.32%	14.94%	15.21%	16.41%	13.97%	22.35%	24.91%	24.93%	27.61%
Net Income Growth %	-403.06%	146.81%	194.93%	34.16%	17.38%	-0.95%	176.78%	32.64%	-1.65%	50.72%
Net Income (Continuing)	-12.82M	869K	1.69M	18.73M	20.82M	21.78M	60.28M	79.95M	78.63M	118.52M
Discontinued Operations	0	3.87M	12.27M	0	1.16M	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	-0.30	0.13	0.39	0.51	0.54	0.54	1.34	1.66	1.61	2.42
EPS Growth %	-372.73%	143.33%	200%	30.77%	5.88%	0%	148.15%	23.88%	-3.01%	50.31%
EPS (Basic)	-0.30	0.13	0.40	0.52	0.55	0.55	1.38	1.81	1.76	2.62
Diluted Shares Outstanding	33.35M	35.38M	35.96M	36.75M	38.43M	40.37M	45.03M	48.23M	48.86M	49.37M
Basic Shares Outstanding	33.35M	35.35M	35.44M	36.19M	37.63M	39.38M	43.64M	44.16M	44.73M	45.28M
Dividend Payout Ratio	-	-	35.82%	27.03%	29.8%	-	-	-	-	50.66%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	95.76M	84.91M	91.45M	119.3M	147.7M	261.92M	520.18M	556.96M	546.79M	620.06M
Cash & Short-Term Investments	30.83M	19.74M	43.74M	54.94M	89.55M	177.81M	397.94M	399.66M	354.03M	388.04M
Cash Only	30.83M	19.74M	43.74M	54.94M	38.05M	105.81M	241.94M	148.16M	119.97M	126.22M
Short-Term Investments	0	0	0	0	51.5M	72M	156M	251.5M	234.07M	261.81M
Accounts Receivable	27.56M	23.81M	23.76M	33.09M	33.67M	43.48M	60.91M	87.19M	99.38M	114.2M
Days Sales Outstanding	101.34	79.34	92.77	98.04	91.69	101.82	82.45	99.17	115.01	97.11
Inventory	27.6M	25.45M	21.34M	30.11M	23.8M	39.74M	58.76M	65.54M	85.91M	111.2M
Days Inventory Outstanding	179.41	153.18	162.36	176.18	125.49	175.53	162.09	148.54	186.93	185.1
Other Current Assets	9.16M	26.89M	2.65M	2.31M	209K	435K	542K	747K	2.31M	1.12M
Total Non-Current Assets+	20.51M	20.63M	21.59M	22.25M	23.7M	27.48M	65.43M	120.12M	240.88M	271.98M
Property, Plant & Equipment	13.53M	14.11M	15.5M	17.12M	18.53M	20.4M	25.4M	33.14M	41.99M	54.2M
Fixed Asset Turnover	7.34x	7.76x	6.03x	7.20x	7.23x	7.64x	10.62x	9.68x	7.51x	7.92x
Goodwill	0	0	0	0	0	0	0	0	74.34M	74.34M
Intangible Assets	795K	865K	482K	476K	491K	609K	610K	597K	16.94M	13.36M
Long-Term Investments	248K	0	0	0	0	0	0	79M	94.58M	113.11M
Other Non-Current Assets	1.98M	2.38M	1.54M	2.29M	2.9M	4.5M	37.34M	6.38M	10.39M	13.88M
Total Assets+	116.27M	105.54M	113.04M	141.55M	171.4M	289.4M	585.61M	677.09M	787.67M	892.04M
Asset Turnover	0.85x	1.04x	0.83x	0.87x	0.78x	0.54x	0.46x	0.47x	0.40x	0.48x
Asset Growth %	20.47%	-9.23%	7.1%	25.22%	21.09%	68.84%	102.36%	15.62%	16.33%	13.25%
Total Current Liabilities+	42.52M	31.3M	27.9M	39.24M	31.61M	57.38M	89.69M	88.5M	96.67M	123.91M
Accounts Payable	11.81M	10.3M	10.5M	15.54M	11.33M	27.18M	33.55M	31.67M	42.19M	46.63M
Days Payables Outstanding	76.78	62.02	79.92	90.94	59.75	120.06	92.55	71.77	91.8	77.62
Short-Term Debt	0	0	0	0	826K	736K	1.02M	0	0	0
Deferred Revenue (Current)	1.96M	2.29M	3.59M	4.03M	2M	6.16M	10.84M	12.82M	14.7M	28.92M
Other Current Liabilities	24.08M	15.68M	7.56M	5.75M	9.03M	12.86M	21.79M	29.99M	26.73M	28.44M
Current Ratio	2.25x	2.71x	3.28x	3.04x	4.67x	4.56x	5.80x	6.29x	5.66x	5.00x
Quick Ratio	1.60x	1.90x	2.51x	2.27x	3.92x	3.87x	5.14x	5.55x	4.77x	4.11x
Cash Conversion Cycle	203.96	170.5	175.21	183.29	157.43	157.28	151.99	175.94	210.14	204.59
Total Non-Current Liabilities+	5.54M	870K	838K	898K	3.49M	4.75M	202.3M	204.49M	214.84M	218.9M
Long-Term Debt	0	0	0	0	0	0	194.64M	195.74M	196.83M	197.93M
Capital Lease Obligations	0	0	0	0	776K	679K	1.91M	2.4M	2.63M	6.66M
Deferred Tax Liabilities	0	656K	666K	740K	1.03M	1.49M	1.85M	0	7.54M	5.61M
Other Non-Current Liabilities	5.54M	870K	838K	1.42M	1.68M	1.24M	1.27M	1.28M	1.58M	1.4M
Total Liabilities	48.06M	32.17M	28.73M	40.14M	35.1M	62.13M	291.98M	292.99M	311.52M	342.81M
Total Debt+	0	0	0	0	1.6M	1.42M	197.57M	199.44M	201.15M	207.07M
Net Debt	-30.83M	-19.74M	-43.74M	-54.94M	-36.45M	-104.4M	-44.37M	51.28M	81.18M	80.85M
Debt / Equity	-	-	-	-	0.01x	0.01x	0.67x	0.52x	0.42x	0.38x
Debt / EBITDA	-	-	-	-	0.07x	0.06x	2.68x	2.33x	2.83x	1.74x
Net Debt / EBITDA	-	-2.30x	-	-2.50x	-1.51x	-4.20x	-0.60x	0.60x	1.14x	0.68x
Interest Coverage	-5.36x	6.66x	-233.62x	-	-	145.96x	162.61x	74.50x	37.27x	98.78x
Total Equity+	68.2M	73.36M	84.3M	101.41M	136.3M	227.26M	293.63M	384.1M	476.15M	549.24M
Equity Growth %	3.76%	7.57%	14.91%	20.29%	34.41%	66.74%	29.2%	30.81%	23.96%	15.35%
Book Value per Share	2.04	2.07	2.34	2.76	3.55	5.63	6.52	7.96	9.74	11.13
Total Shareholders' Equity	68.2M	73.36M	84.3M	101.41M	136.3M	227.26M	293.63M	384.1M	476.15M	549.24M
Common Stock	148K	148K	149K	151K	157K	171K	172K	175K	176K	177K
Retained Earnings	-6.08M	-1.35M	7.61M	21.28M	36.72M	58.49M	118.77M	198.72M	277.35M	335.82M
Treasury Stock	-1.9M	-1.9M	-1.9M	-1.9M	-1.9M	-1.9M	-1.9M	-1.9M	-1.9M	-1.9M
Accumulated OCI	-11.79M	-10.79M	-10.58M	-10.89M	0	0	0	0	129K	203K
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	1.75M	-17.35M	1.64M	16.79M	24.63M	25.75M	60.96M	57.8M	79.32M	122.24M
Operating CF Margin %	1.76%	-15.84%	1.75%	13.63%	18.38%	16.52%	22.61%	18.01%	25.15%	28.48%
Operating CF Growth %	-70.6%	-1091.31%	109.42%	926.97%	46.66%	4.57%	136.71%	-5.18%	37.24%	54.1%
Net Income	-10.11M	4.73M	13.96M	18.73M	21.99M	21.78M	60.28M	79.95M	78.63M	118.52M
Depreciation & Amortization	1.88M	1.96M	2.12M	1.97M	2.13M	2.23M	2.92M	5.19M	6.88M	11.76M
Stock-Based Compensation	270K	429K	634K	1.68M	2.89M	4.24M	5.82M	10.52M	12.6M	14.5M
Deferred Taxes	0	0	0	0	0	0	0	0	0	0
Other Non-Cash Items	391K	-5.52M	-11.04M	6.8M	-3.7M	16.05M	6.42M	-2.9M	8.97M	2.72M
Working Capital Changes	9.32M	-18.96M	-4.04M	-12.39M	1.32M	-18.55M	-14.48M	-34.96M	-27.76M	-25.25M
Change in Receivables	-4.53M	-8.79M	-484K	-8.46M	156K	-9.7M	-17.34M	-21.98M	-1.89M	-12.18M
Change in Inventory	-5.08M	1.73M	-5.32M	-10.82M	4.8M	-19.33M	-21.7M	-9.52M	-13.69M	-32.15M
Change in Payables	0	0	0	0	0	0	0	0	0	0
Cash from Investing+	-443K	6.24M	26.63M	-2.26M	-51.6M	-23.13M	-120.18M	-150.79M	-107.45M	-55.91M
Capital Expenditures	-2.23M	-1.29M	-3.14M	-2.24M	-1.26M	-2.41M	-4.07M	-8.2M	-8.1M	-10.1M
CapEx % of Revenue	2.24%	1.18%	3.36%	1.82%	0.94%	1.55%	1.51%	2.55%	2.57%	2.35%
Acquisitions	0	0	0	0	0	0	0	0	-101.78M	0
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	1.56M	7.53M	29.77M	-16K	-50.35M	-20.72M	-116.11M	-142.6M	2.42M	-45.81M
Cash from Financing+	11.73M	-4K	-3.66M	-3.31M	10.02M	64.92M	194.8M	3K	182K	-60.05M
Debt Issued (Net)	0	0	0	0	0	0	194.53M	0	0	-42K
Equity Issued (Net)	1000K	0	0	0	1000K	1000K	271K	3K	182K	42K
Dividends Paid	0	0	-5M	-5.06M	-6.55M	0	0	0	0	-60.05M
Share Repurchases	0	0	0	0	0	0	0	0	0	0
Other Financing	-172K	-4K	1.34M	1.76M	542K	629K	0	0	0	0
Net Change in Cash	12.61M	-11.09M	24M	11.19M	-16.89M	67.77M	136.13M	-93.79M	-28.19M	6.26M
Free Cash Flow+	-478K	-18.64M	-1.5M	14.55M	23.37M	23.34M	56.89M	49.6M	71.23M	112.14M
FCF Margin %	-0.48%	-17.02%	-1.61%	11.81%	17.44%	14.98%	21.1%	15.46%	22.58%	26.12%
FCF Growth %	-108.87%	-3799.79%	91.94%	1067.93%	60.64%	-0.12%	143.73%	-12.81%	43.6%	57.44%
FCF per Share	-0.01	-0.53	-0.04	0.40	0.61	0.58	1.26	1.03	1.46	2.27
FCF Conversion (FCF/Net Income)	-0.17x	-3.66x	0.12x	0.90x	1.12x	1.18x	1.01x	0.72x	1.01x	1.03x
Interest Paid	0	0	17K	0	0	0	0	0	0	0
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-15.1%	6.69%	17.71%	20.17%	18.5%	11.98%	23.14%	23.59%	18.28%	23.12%
Return on Invested Capital (ROIC)	-17.78%	10.91%	-4.84%	34.53%	22.52%	15.24%	28.58%	17.86%	9.88%	13.65%
Gross Margin	43.44%	44.63%	48.69%	49.36%	48.34%	46.99%	50.93%	49.81%	46.81%	48.91%
Net Margin	-10.19%	4.32%	14.94%	15.21%	16.41%	13.97%	22.35%	24.91%	24.93%	27.61%
Debt / Equity	-	-	-	-	0.01x	0.01x	0.67x	0.52x	0.42x	0.38x
Interest Coverage	-5.36x	6.66x	-233.62x	-	-	145.96x	162.61x	74.50x	37.27x	98.78x
FCF Conversion	-0.17x	-3.66x	0.12x	0.90x	1.12x	1.18x	1.01x	0.72x	1.01x	1.03x
Revenue Growth	12.41%	10.32%	-14.64%	31.76%	8.8%	16.3%	73.01%	19.01%	-1.72%	36.1%

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Camtek Ltd. (CAMT) 10-Year Financial Performance & Capital Metrics

CAMT •

TechnologySemiconductorsSemiconductor Test, Metrology and Inspection Equipment

Revenue $429M +36.1%
EBITDA $119M +66.8%
Net Income $119M +50.7%
EPS (Diluted) 2.42 +50.3%
Gross Margin 48.91% +4.5%
EBITDA Margin 27.66% +22.5%
Operating Margin 25.18% +21.4%
Net Margin 27.61% +10.7%
ROE 23.12% +26.4%
ROIC 13.65% +38.1%
Debt/Equity 0.38 -10.8%
Interest Coverage 98.78 +165.0%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 21.7%
✓Strong 5Y profit CAGR of 40.1%
✓Strong Piotroski F-Score: 7/9
✓FCF machine: 26.1% free cash flow margin
✓Momentum leader: RS Rating 93 (top 7%)
✓Strong 5Y sales CAGR of 26.2%

✗Weaknesses

✗Expensive at 15.0x book value

Price & Volume

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Growth Metrics

Revenue CAGR

10Y17.13%

5Y26.21%

3Y16.76%

TTM27.88%

Profit (Net Income) CAGR

10Y42.9%

5Y40.06%

3Y25.28%

TTM39.9%

EPS CAGR

10Y36.22%

5Y34.98%

3Y21.78%

TTM39.49%

ROCE

10Y Avg10.24%

5Y Avg14.34%

3Y Avg13.36%

Latest14.81%

Peer Comparison

Semiconductor Test, Metrology and Inspection Equipment

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
FORMFormFactor, Inc.	7.63B	98.88	111.10	15.16%	6.78%	5.14%	1.04%	0.04
TERTeradyne, Inc.	50.12B	320.03	91.96	13.13%	17.37%	19.82%	0.9%	0.12
NVMINova Ltd.	12.85B	438.86	76.32	29.83%	29.44%	19.66%	1.7%	0.25
CAMTCamtek Ltd.	7.18B	167.39	69.17	36.1%	28.36%	21.35%		0.38
ONTOOnto Innovation Inc.	10.63B	215.89	53.17	21.01%	17.46%	8.74%	2.01%	0.01
KLACKLA Corporation	201.28B	1524.55	50.20	23.89%	35.76%	83.39%	1.86%	1.30
INTTinTEST Corporation	144.21M	11.65	48.54	5.99%	-2.22%	-2.44%	1.73%	0.26
COHUCohu, Inc.	1.41B	30.20	-18.99	12.74%	-16.4%	-9.46%		0.46

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	99.28M	109.52M	93.48M	123.17M	134.02M	155.86M	269.66M	320.91M	315.38M	429.23M
Revenue Growth %	12.41%	10.32%	-14.64%	31.76%	8.8%	16.3%	73.01%	19.01%	-1.72%	36.1%
Cost of Goods Sold+	56.15M	60.64M	47.97M	62.38M	69.23M	82.63M	132.31M	161.05M	167.74M	219.28M
COGS % of Revenue	56.56%	55.37%	51.31%	50.64%	51.66%	53.01%	49.07%	50.19%	53.19%	51.09%
Gross Profit+	43.13M	48.88M	45.52M	60.8M	64.78M	73.23M	137.34M	159.86M	147.63M	209.95M
Gross Margin %	43.44%	44.63%	48.69%	49.36%	48.34%	46.99%	50.93%	49.81%	46.81%	48.91%
Gross Profit Growth %	5.14%	13.35%	-6.89%	33.56%	6.56%	13.04%	87.55%	16.39%	-7.65%	42.21%
Operating Expenses+	38.45M	41.4M	48.56M	40.76M	42.81M	50.61M	66.45M	78.36M	82.22M	101.88M
OpEx % of Revenue	38.73%	37.8%	51.94%	33.09%	31.94%	32.47%	24.64%	24.42%	26.07%	23.74%
Selling, General & Admin	23.59M	25.5M	22.02M	26.18M	26.48M	31.03M	42.97M	49.5M	50.75M	63.59M
SG&A % of Revenue	23.76%	23.28%	23.56%	21.26%	19.76%	19.91%	15.94%	15.42%	16.09%	14.82%
Research & Development	14.86M	15.9M	13.53M	14.58M	16.33M	19.57M	23.47M	28.86M	31.47M	38.29M
R&D % of Revenue	14.97%	14.51%	14.48%	11.84%	12.19%	12.56%	8.7%	8.99%	9.98%	8.92%
Other Operating Expenses	0	0	13M	0	0	0	0	0	0	0
Operating Income+	-10.06M	6.62M	-3.04M	20.03M	21.97M	22.62M	70.9M	81.5M	65.41M	108.07M
Operating Margin %	-10.13%	6.04%	-3.25%	16.26%	16.39%	14.52%	26.29%	25.4%	20.74%	25.18%
Operating Income Growth %	-295.85%	165.77%	-145.9%	759.63%	9.68%	2.97%	213.38%	14.95%	-19.74%	65.21%
EBITDA+	-8M	8.58M	-915K	22M	24.11M	24.86M	73.71M	85.59M	71.2M	118.73M
EBITDA Margin %	-8.06%	7.83%	-0.98%	17.86%	17.99%	15.95%	27.33%	26.67%	22.57%	27.66%
EBITDA Growth %	-209.47%	207.23%	-110.67%	2504.26%	9.58%	3.12%	196.52%	16.12%	-16.82%	66.77%
D&A (Non-Cash Add-back)	2.06M	1.96M	2.12M	1.97M	2.13M	2.23M	2.81M	4.09M	5.78M	10.67M
EBIT	-11.47M	2.89M	-3.17M	20.03M	21.97M	23.55M	72.36M	89.28M	88.72M	132.33M
Net Interest Income+	-1.31M	-847K	64K	594K	801K	1.13M	972K	7.55M	22.3M	23.75M
Interest Income	88K	74K	77K	594K	801K	1.28M	1.41M	8.65M	24.05M	24.84M
Interest Expense	1.88M	994K	13K	0	0	155K	436K	1.09M	1.75M	1.09M
Other Income/Expense	1.64M	-847K	-150K	728K	801K	775K	1.03M	6.69M	22.22M	23.17M
Pretax Income+	-11.94M	5.62M	-3.19M	20.76M	22.77M	23.4M	71.93M	88.19M	87.63M	131.24M
Pretax Margin %	-12.02%	5.13%	-3.41%	16.86%	16.99%	15.01%	26.67%	27.48%	27.79%	30.57%
Income Tax+	-1.82M	888K	-4.88M	2.03M	1.95M	1.62M	11.65M	8.24M	9M	12.72M
Effective Tax Rate %	84.73%	84.2%	-438.09%	90.22%	96.54%	93.07%	83.8%	90.66%	89.73%	90.31%
Net Income+	-10.11M	4.73M	13.96M	18.73M	21.99M	21.78M	60.28M	79.95M	78.63M	118.52M
Net Margin %	-10.19%	4.32%	14.94%	15.21%	16.41%	13.97%	22.35%	24.91%	24.93%	27.61%
Net Income Growth %	-403.06%	146.81%	194.93%	34.16%	17.38%	-0.95%	176.78%	32.64%	-1.65%	50.72%
Net Income (Continuing)	-12.82M	869K	1.69M	18.73M	20.82M	21.78M	60.28M	79.95M	78.63M	118.52M
Discontinued Operations	0	3.87M	12.27M	0	1.16M	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	-0.30	0.13	0.39	0.51	0.54	0.54	1.34	1.66	1.61	2.42
EPS Growth %	-372.73%	143.33%	200%	30.77%	5.88%	0%	148.15%	23.88%	-3.01%	50.31%
EPS (Basic)	-0.30	0.13	0.40	0.52	0.55	0.55	1.38	1.81	1.76	2.62
Diluted Shares Outstanding	33.35M	35.38M	35.96M	36.75M	38.43M	40.37M	45.03M	48.23M	48.86M	49.37M
Basic Shares Outstanding	33.35M	35.35M	35.44M	36.19M	37.63M	39.38M	43.64M	44.16M	44.73M	45.28M
Dividend Payout Ratio	-	-	35.82%	27.03%	29.8%	-	-	-	-	50.66%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	95.76M	84.91M	91.45M	119.3M	147.7M	261.92M	520.18M	556.96M	546.79M	620.06M
Cash & Short-Term Investments	30.83M	19.74M	43.74M	54.94M	89.55M	177.81M	397.94M	399.66M	354.03M	388.04M
Cash Only	30.83M	19.74M	43.74M	54.94M	38.05M	105.81M	241.94M	148.16M	119.97M	126.22M
Short-Term Investments	0	0	0	0	51.5M	72M	156M	251.5M	234.07M	261.81M
Accounts Receivable	27.56M	23.81M	23.76M	33.09M	33.67M	43.48M	60.91M	87.19M	99.38M	114.2M
Days Sales Outstanding	101.34	79.34	92.77	98.04	91.69	101.82	82.45	99.17	115.01	97.11
Inventory	27.6M	25.45M	21.34M	30.11M	23.8M	39.74M	58.76M	65.54M	85.91M	111.2M
Days Inventory Outstanding	179.41	153.18	162.36	176.18	125.49	175.53	162.09	148.54	186.93	185.1
Other Current Assets	9.16M	26.89M	2.65M	2.31M	209K	435K	542K	747K	2.31M	1.12M
Total Non-Current Assets+	20.51M	20.63M	21.59M	22.25M	23.7M	27.48M	65.43M	120.12M	240.88M	271.98M
Property, Plant & Equipment	13.53M	14.11M	15.5M	17.12M	18.53M	20.4M	25.4M	33.14M	41.99M	54.2M
Fixed Asset Turnover	7.34x	7.76x	6.03x	7.20x	7.23x	7.64x	10.62x	9.68x	7.51x	7.92x
Goodwill	0	0	0	0	0	0	0	0	74.34M	74.34M
Intangible Assets	795K	865K	482K	476K	491K	609K	610K	597K	16.94M	13.36M
Long-Term Investments	248K	0	0	0	0	0	0	79M	94.58M	113.11M
Other Non-Current Assets	1.98M	2.38M	1.54M	2.29M	2.9M	4.5M	37.34M	6.38M	10.39M	13.88M
Total Assets+	116.27M	105.54M	113.04M	141.55M	171.4M	289.4M	585.61M	677.09M	787.67M	892.04M
Asset Turnover	0.85x	1.04x	0.83x	0.87x	0.78x	0.54x	0.46x	0.47x	0.40x	0.48x
Asset Growth %	20.47%	-9.23%	7.1%	25.22%	21.09%	68.84%	102.36%	15.62%	16.33%	13.25%
Total Current Liabilities+	42.52M	31.3M	27.9M	39.24M	31.61M	57.38M	89.69M	88.5M	96.67M	123.91M
Accounts Payable	11.81M	10.3M	10.5M	15.54M	11.33M	27.18M	33.55M	31.67M	42.19M	46.63M
Days Payables Outstanding	76.78	62.02	79.92	90.94	59.75	120.06	92.55	71.77	91.8	77.62
Short-Term Debt	0	0	0	0	826K	736K	1.02M	0	0	0
Deferred Revenue (Current)	1.96M	2.29M	3.59M	4.03M	2M	6.16M	10.84M	12.82M	14.7M	28.92M
Other Current Liabilities	24.08M	15.68M	7.56M	5.75M	9.03M	12.86M	21.79M	29.99M	26.73M	28.44M
Current Ratio	2.25x	2.71x	3.28x	3.04x	4.67x	4.56x	5.80x	6.29x	5.66x	5.00x
Quick Ratio	1.60x	1.90x	2.51x	2.27x	3.92x	3.87x	5.14x	5.55x	4.77x	4.11x
Cash Conversion Cycle	203.96	170.5	175.21	183.29	157.43	157.28	151.99	175.94	210.14	204.59
Total Non-Current Liabilities+	5.54M	870K	838K	898K	3.49M	4.75M	202.3M	204.49M	214.84M	218.9M
Long-Term Debt	0	0	0	0	0	0	194.64M	195.74M	196.83M	197.93M
Capital Lease Obligations	0	0	0	0	776K	679K	1.91M	2.4M	2.63M	6.66M
Deferred Tax Liabilities	0	656K	666K	740K	1.03M	1.49M	1.85M	0	7.54M	5.61M
Other Non-Current Liabilities	5.54M	870K	838K	1.42M	1.68M	1.24M	1.27M	1.28M	1.58M	1.4M
Total Liabilities	48.06M	32.17M	28.73M	40.14M	35.1M	62.13M	291.98M	292.99M	311.52M	342.81M
Total Debt+	0	0	0	0	1.6M	1.42M	197.57M	199.44M	201.15M	207.07M
Net Debt	-30.83M	-19.74M	-43.74M	-54.94M	-36.45M	-104.4M	-44.37M	51.28M	81.18M	80.85M
Debt / Equity	-	-	-	-	0.01x	0.01x	0.67x	0.52x	0.42x	0.38x
Debt / EBITDA	-	-	-	-	0.07x	0.06x	2.68x	2.33x	2.83x	1.74x
Net Debt / EBITDA	-	-2.30x	-	-2.50x	-1.51x	-4.20x	-0.60x	0.60x	1.14x	0.68x
Interest Coverage	-5.36x	6.66x	-233.62x	-	-	145.96x	162.61x	74.50x	37.27x	98.78x
Total Equity+	68.2M	73.36M	84.3M	101.41M	136.3M	227.26M	293.63M	384.1M	476.15M	549.24M
Equity Growth %	3.76%	7.57%	14.91%	20.29%	34.41%	66.74%	29.2%	30.81%	23.96%	15.35%
Book Value per Share	2.04	2.07	2.34	2.76	3.55	5.63	6.52	7.96	9.74	11.13
Total Shareholders' Equity	68.2M	73.36M	84.3M	101.41M	136.3M	227.26M	293.63M	384.1M	476.15M	549.24M
Common Stock	148K	148K	149K	151K	157K	171K	172K	175K	176K	177K
Retained Earnings	-6.08M	-1.35M	7.61M	21.28M	36.72M	58.49M	118.77M	198.72M	277.35M	335.82M
Treasury Stock	-1.9M	-1.9M	-1.9M	-1.9M	-1.9M	-1.9M	-1.9M	-1.9M	-1.9M	-1.9M
Accumulated OCI	-11.79M	-10.79M	-10.58M	-10.89M	0	0	0	0	129K	203K
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	1.75M	-17.35M	1.64M	16.79M	24.63M	25.75M	60.96M	57.8M	79.32M	122.24M
Operating CF Margin %	1.76%	-15.84%	1.75%	13.63%	18.38%	16.52%	22.61%	18.01%	25.15%	28.48%
Operating CF Growth %	-70.6%	-1091.31%	109.42%	926.97%	46.66%	4.57%	136.71%	-5.18%	37.24%	54.1%
Net Income	-10.11M	4.73M	13.96M	18.73M	21.99M	21.78M	60.28M	79.95M	78.63M	118.52M
Depreciation & Amortization	1.88M	1.96M	2.12M	1.97M	2.13M	2.23M	2.92M	5.19M	6.88M	11.76M
Stock-Based Compensation	270K	429K	634K	1.68M	2.89M	4.24M	5.82M	10.52M	12.6M	14.5M
Deferred Taxes	0	0	0	0	0	0	0	0	0	0
Other Non-Cash Items	391K	-5.52M	-11.04M	6.8M	-3.7M	16.05M	6.42M	-2.9M	8.97M	2.72M
Working Capital Changes	9.32M	-18.96M	-4.04M	-12.39M	1.32M	-18.55M	-14.48M	-34.96M	-27.76M	-25.25M
Change in Receivables	-4.53M	-8.79M	-484K	-8.46M	156K	-9.7M	-17.34M	-21.98M	-1.89M	-12.18M
Change in Inventory	-5.08M	1.73M	-5.32M	-10.82M	4.8M	-19.33M	-21.7M	-9.52M	-13.69M	-32.15M
Change in Payables	0	0	0	0	0	0	0	0	0	0
Cash from Investing+	-443K	6.24M	26.63M	-2.26M	-51.6M	-23.13M	-120.18M	-150.79M	-107.45M	-55.91M
Capital Expenditures	-2.23M	-1.29M	-3.14M	-2.24M	-1.26M	-2.41M	-4.07M	-8.2M	-8.1M	-10.1M
CapEx % of Revenue	2.24%	1.18%	3.36%	1.82%	0.94%	1.55%	1.51%	2.55%	2.57%	2.35%
Acquisitions	0	0	0	0	0	0	0	0	-101.78M	0
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	1.56M	7.53M	29.77M	-16K	-50.35M	-20.72M	-116.11M	-142.6M	2.42M	-45.81M
Cash from Financing+	11.73M	-4K	-3.66M	-3.31M	10.02M	64.92M	194.8M	3K	182K	-60.05M
Debt Issued (Net)	0	0	0	0	0	0	194.53M	0	0	-42K
Equity Issued (Net)	1000K	0	0	0	1000K	1000K	271K	3K	182K	42K
Dividends Paid	0	0	-5M	-5.06M	-6.55M	0	0	0	0	-60.05M
Share Repurchases	0	0	0	0	0	0	0	0	0	0
Other Financing	-172K	-4K	1.34M	1.76M	542K	629K	0	0	0	0
Net Change in Cash	12.61M	-11.09M	24M	11.19M	-16.89M	67.77M	136.13M	-93.79M	-28.19M	6.26M
Free Cash Flow+	-478K	-18.64M	-1.5M	14.55M	23.37M	23.34M	56.89M	49.6M	71.23M	112.14M
FCF Margin %	-0.48%	-17.02%	-1.61%	11.81%	17.44%	14.98%	21.1%	15.46%	22.58%	26.12%
FCF Growth %	-108.87%	-3799.79%	91.94%	1067.93%	60.64%	-0.12%	143.73%	-12.81%	43.6%	57.44%
FCF per Share	-0.01	-0.53	-0.04	0.40	0.61	0.58	1.26	1.03	1.46	2.27
FCF Conversion (FCF/Net Income)	-0.17x	-3.66x	0.12x	0.90x	1.12x	1.18x	1.01x	0.72x	1.01x	1.03x
Interest Paid	0	0	17K	0	0	0	0	0	0	0
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-15.1%	6.69%	17.71%	20.17%	18.5%	11.98%	23.14%	23.59%	18.28%	23.12%
Return on Invested Capital (ROIC)	-17.78%	10.91%	-4.84%	34.53%	22.52%	15.24%	28.58%	17.86%	9.88%	13.65%
Gross Margin	43.44%	44.63%	48.69%	49.36%	48.34%	46.99%	50.93%	49.81%	46.81%	48.91%
Net Margin	-10.19%	4.32%	14.94%	15.21%	16.41%	13.97%	22.35%	24.91%	24.93%	27.61%
Debt / Equity	-	-	-	-	0.01x	0.01x	0.67x	0.52x	0.42x	0.38x
Interest Coverage	-5.36x	6.66x	-233.62x	-	-	145.96x	162.61x	74.50x	37.27x	98.78x
FCF Conversion	-0.17x	-3.66x	0.12x	0.90x	1.12x	1.18x	1.01x	0.72x	1.01x	1.03x
Revenue Growth	12.41%	10.32%	-14.64%	31.76%	8.8%	16.3%	73.01%	19.01%	-1.72%	36.1%

Camtek Ltd. (CAMT) 10-Year Financial Performance & Capital Metrics

Key Insights

✓Strengths

✗Weaknesses

Price & Volume

Growth Metrics

Revenue CAGR

Profit (Net Income) CAGR

EPS CAGR

ROCE

Peer Comparison

Compare CAMT vs Peers

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Dividend History

Earnings History

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Revenue History

Financial Ratios

Camtek Ltd. (CAMT) 10-Year Financial Performance & Capital Metrics

Key Insights

✓Strengths

✗Weaknesses

Price & Volume

Growth Metrics

Revenue CAGR

Profit (Net Income) CAGR

EPS CAGR

ROCE

Peer Comparison

Compare CAMT vs Peers

vs KLAC

vs TER

Compare Top 5

Profit & Loss

Balance Sheet

Cash Flow

Key Ratios

Deep Dive Analysis

Valuation Overview

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Dividend History

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Financial Ratios