Cash flow visibility remains limited due to the absence of reported operating cash flow data, while rising stock-based compensation of $4.6 million in 2025Q2 may indicate potential long-term shareholder dilution.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 |
|---|
| Cash from Operations | 0 | 141.87M | 122.24M | 79.32M | 57.8M | 60.96M | 25.75M | 24.63M | 16.79M | 1.64M | -17.35M | 1.75M | 5.95M | 4.65M | 3.95M | 9.8M | -39K | 3.94M | -2.9M | -1.28M | 751K | -349K | -1.8M | -3.05M | -7.66M | -9.42M | 9.96M | -391K |
| Operating CF Margin % | - | 28.6% | 28.48% | 25.15% | 18.01% | 22.61% | 16.52% | 18.38% | 13.63% | 1.75% | -15.84% | 1.76% | 6.74% | 5.45% | 4.67% | 9.15% | -0.04% | 7.36% | -3.84% | -1.81% | 0.75% | -0.55% | -2.68% | -9.79% | -33.9% | -21.39% | 18.74% | -1.64% |
| Operating CF Growth % | 0% | 16.06% | 54.1% | 37.24% | -5.18% | 136.71% | 4.57% | 46.66% | 926.97% | 109.42% | -1091.31% | -70.6% | 27.94% | 17.8% | -59.68% | 25220.51% | -100.99% | 235.9% | -126.21% | -270.71% | 315.19% | 80.66% | 40.8% | 60.2% | 18.72% | -194.64% | 2646.8% | - |
| Net Income | 133.76M | 50.72M | 118.52M | 78.63M | 79.95M | 60.28M | 21.78M | 21.99M | 18.73M | 13.96M | 4.73M | -10.11M | 3.34M | 7K | 3K | 5.38M | 2.82M | -11.84M | -9.56M | -7.69M | 11.6M | 2.7M | 10.8M | -1.57M | -11.3M | -3.71M | 10.89M | 625K |
| Depreciation & Amortization | 0 | 11.78M | 11.76M | 6.88M | 5.19M | 2.92M | 2.23M | 2.13M | 1.97M | 2.12M | 1.96M | 1.88M | 2.13M | 2.55M | 2.1M | 2.37M | 2.26M | 2.14M | 1.95M | 1.31M | 1.56M | 785K | 875K | 884K | 890K | 846K | 522K | 474K |
| Stock-Based Compensation | 15.67M | 16.89M | 14.5M | 12.6M | 10.52M | 5.82M | 4.24M | 2.89M | 1.68M | 634K | 429K | 270K | 308K | 380K | 401K | 417K | 155K | 148K | 271K | 766K | 127K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | -15.29M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -36K | -40K | 5K | 570K | -59K | -109K | 0 | 0 | 0 | 550K | 89K | 121K | 0 |
| Other Non-Cash Items | -149.43M | 101.85M | 2.72M | 8.97M | -2.9M | 6.42M | 16.05M | -3.7M | 6.8M | -11.04M | -5.52M | 391K | 2.64M | -2.33M | 1.85M | 2M | 1.66M | 1.26M | 725K | 178K | 647K | -6K | -194K | 3K | 70K | 3.72M | 33K | 88K |
| Working Capital Changes | 0 | -24.09M | -25.25M | -27.76M | -34.96M | -14.48M | -18.55M | 1.32M | -12.39M | -4.04M | -18.96M | 9.32M | -2.47M | 4.05M | 2.3M | -330K | -6.89M | 12.23M | 3.14M | 4.22M | -13.08M | -3.83M | -13.28M | -2.37M | 2.13M | -10.37M | -1.61M | -1.58M |
| Change in Receivables | 0 | 7.59M | -12.18M | -1.89M | -21.98M | -17.34M | -9.7M | 156K | -8.46M | -484K | -8.79M | -4.53M | 5.17M | -3.83M | 2.27M | 3.45M | -10.65M | -1.05M | 4.41M | -4.23M | -4.15M | 0 | 0 | 0 | 3.2M | 0 | 0 | 0 |
| Change in Inventory | 0 | -8.29M | -32.15M | -13.69M | -9.52M | -21.7M | -19.33M | 4.8M | -10.82M | -5.32M | 1.73M | -5.08M | -5.91M | 5.45M | 34K | -318K | -7.36M | 13.52M | 1.58M | 4.52M | -16.47M | -50K | -11.21M | -1.66M | 1.8M | -286K | -4.13M | -3.14M |
| Change in Payables | 0 | -13.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2.99M | 5.27M | -840K | -2.84M | 3.12M | 463K | 0 | 0 | 0 | -100K | 0 | 0 | 0 |
| Cash from Investing | 0 | -310.32M | -55.91M | -107.45M | -150.79M | -120.18M | -23.13M | -51.6M | -2.26M | 26.63M | 6.24M | -443K | -3.32M | -839K | -6.05M | -472K | -7.07M | -427K | 1.1M | -3.71M | -1.69M | -2.76M | -804K | 10.74M | 2.66M | 4.52M | -28.45M | -1.37M |
| Capital Expenditures | 0 | -14.8M | -10.1M | -8.1M | -8.2M | -4.07M | -2.41M | -1.26M | -2.24M | -3.14M | -1.29M | -2.23M | -563K | -1.86M | -2.04M | -1.55M | -1.89M | -414K | -1.37M | -3.4M | -1.7M | -673K | -829K | -220K | -240K | -7.43M | -1.71M | -1.42M |
| CapEx % of Revenue | 0% | 2.98% | 2.35% | 2.57% | 2.55% | 1.51% | 1.55% | 0.94% | 1.82% | 3.36% | 1.18% | 2.24% | 0.64% | 2.17% | 2.41% | 1.45% | 2.16% | 0.77% | 1.82% | 4.8% | 1.7% | 1.07% | 1.23% | 0.71% | 1.06% | 16.87% | 3.22% | 5.95% |
| Acquisitions | 0 | 0 | 0 | -101.78M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -13K | 352K | 0 | -18K | 0 | 0 | 0 | 0 | -1.19M | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | -45.81M | 2.42M | -142.6M | -116.11M | -20.72M | -50.35M | -16K | 29.77M | 7.53M | 1.56M | -2.76M | 1.02M | -4.01M | 1.07M | -5.17M | -616K | -352K | 40K | 18K | 18K | 25K | 39K | 2.9M | 80K | 105K | 47K |
| Cash from Financing | 0 | 218.99M | -60.05M | 182K | 3K | 194.8M | 64.92M | 10.02M | -3.31M | -3.66M | -4K | 11.73M | -258K | -5.99M | -1.16M | 3.37M | 660K | -3.65M | -1.07M | 32K | 15.15M | 2.68M | -1.09M | 2.25M | 860K | 2.14M | 27.75M | 1.98M |
| Debt Issued (Net) | 0 | 218.99M | -42K | 0 | 0 | 194.53M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -6.25M | -540K | 4.25M | 893K | -3.65M | -167K | 0 | 0 | 2.67M | 35K | 2.25M | 0 | 2.8M | -5.86M | 3.7M |
| Equity Issued (Net) | 0 | 0 | 42K | 182K | 3K | 271K | 64.29M | 16.03M | 0 | 0 | 0 | 11.9M | 0 | 0 | 0 | 146K | 0 | 0 | -905K | 32K | 15.15M | 15K | -1.12M | 0 | 0 | -546K | 36.01M | 274K |
| Dividends Paid | 0 | 0 | -60.05M | 0 | 0 | 0 | 0 | -6.55M | -5.06M | -5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -905K | 0 | 0 | 0 | -1.12M | 0 | 5.68M | -592K | 0 | 0 |
| Other Financing | 0 | 0 | 0 | 0 | 0 | 0 | 629K | 542K | 1.76M | 1.34M | -4K | -172K | -258K | 265K | -620K | -1.03M | -233K | 362K | 0 | 0 | 0 | 0 | 0 | 0 | 860K | -114K | -2.4M | -2M |
| Net Change in Cash | 0 | 51.62M | 6.26M | -28.19M | -93.79M | 136.13M | 67.77M | -16.89M | 11.19M | 24M | -11.09M | 12.61M | 18.22M | 16.5M | 18.87M | 12.61M | -6.22M | -147K | -2.65M | -4.76M | 14.64M | -427K | -3.7M | 9.94M | -4.13M | -2.76M | 9.26M | 210K |
| Free Cash Flow | 0 | 127.47M | 112.14M | 71.23M | 49.6M | 56.89M | 23.34M | 23.37M | 14.55M | -1.5M | -18.64M | -478K | 5.39M | 2.8M | 1.92M | 8.25M | -1.93M | 3.53M | -4.27M | -4.69M | -945K | -1.02M | -2.63M | -3.27M | -7.9M | -16.86M | 8.25M | -1.81M |
| FCF Margin % | 0% | 25.7% | 26.12% | 22.58% | 15.46% | 21.1% | 14.98% | 17.44% | 11.81% | -1.61% | -17.02% | -0.48% | 6.1% | 3.27% | 2.27% | 7.71% | -2.2% | 6.59% | -5.66% | -6.6% | -0.94% | -1.62% | -3.91% | -10.5% | -34.97% | -38.25% | 15.52% | -7.58% |
| FCF Growth % | - | 13.68% | 57.44% | 43.6% | -12.81% | 143.73% | -0.12% | 60.64% | 1067.93% | 91.94% | -3799.79% | -108.87% | 92.78% | 46.01% | -76.79% | 527.02% | -154.78% | 182.54% | 8.83% | -395.98% | 7.53% | 61.2% | 19.42% | 58.62% | 53.14% | -304.44% | 555.08% | - |
| FCF per Share | 0.00 | 2.55 | 2.27 | 1.46 | 1.03 | 1.26 | 0.58 | 0.61 | 0.40 | -0.04 | -0.53 | -0.01 | 0.18 | 0.09 | 0.06 | 0.27 | -0.06 | 0.12 | -0.14 | -0.16 | -0.03 | -0.04 | -0.09 | -0.12 | -0.33 | -0.76 | 0.43 | -0.11 |
| FCF Conversion (FCF/Net Income) | 0.00x | 2.80x | 1.03x | 1.01x | 0.72x | 1.01x | 1.18x | 1.12x | 0.90x | 0.12x | -3.66x | -0.17x | 1.78x | 664.71x | 1316.67x | 1.82x | -0.01x | -0.33x | 0.30x | 0.17x | 0.06x | -0.13x | -0.17x | 1.94x | 0.68x | 2.54x | 0.91x | -0.63x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 17K | 0 | 0 | 0 | 131K | 137K | 157K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 14.49M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 495K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Geopolitical and concentration exposure
Based on the provided financial data, Camtek's cash flow statement remains entirely opaque, as reported figures for operating cash flow are unavailable for the last ten quarters, preventing a direct assessment of the conversion quality between net income and actual cash generation for the semiconductor equipment manufacturer.
While net income has shown a consistent upward trend, reaching $33.7 million in 2025Q2, the absence of operating cash flow data makes it impossible to verify if these earnings are supported by actual cash inflows. Investors should monitor future disclosures to ensure that the reported profitability is not being offset by significant accruals or working capital inefficiencies.
As reported in recent financial statements, Camtek's free cash flow trajectory cannot be determined due to the lack of disclosed capital expenditure and operating cash flow data, leaving a critical gap in understanding the company's ability to self-fund its growth initiatives in the advanced packaging market.
The inability to calculate free cash flow margins limits the ability to assess the company's true capital efficiency. Given the high-growth nature of the HBM inspection segment, understanding the cash-generating capacity of these operations is essential for evaluating the sustainability of the current expansion phase.
According to the provided data, Camtek's capital expenditure remains unavailable, which obscures the company's investment in maintenance versus growth assets and prevents an analysis of the capital intensity required to sustain its competitive position in the specialized semiconductor inspection and metrology equipment industry.
Without visibility into capital spending, it is difficult to determine if the company is adequately reinvesting in its manufacturing infrastructure to maintain its technological lead. This lack of transparency warrants further investigation into how the company manages its asset base relative to its revenue growth.
Based on the provided figures, Camtek's stock-based compensation has trended upward from $2.9 million in 2023Q4 to $4.6 million in 2025Q2, indicating that non-cash expenses are rising alongside the company's net income, which may impact the quality of earnings and shareholder dilution over the long term.
The consistent increase in stock-based compensation suggests a reliance on equity-based incentives to attract and retain talent in a competitive semiconductor environment. Investors should monitor whether this trend continues to outpace net income growth, as it could eventually weigh on the company's overall earnings quality.
Quick answers to the most common questions about buying CAMT stock.
Camtek Ltd. (CAMT) generated $141.9M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Camtek Ltd. (CAMT) generated $127.5M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Camtek Ltd. (CAMT) spent $14.8M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.