Latest Ratios: P/E Ratio 145.5x · EV/EBITDA 52.9x · ROE 8.7%. (1999–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $7.1B | $5.3B | $4.0B | $3.4B | $1.1B | $2.1B | $885M | $416M | $249M | $206M | $116M |
| Enterprise Value | $7.4B | $5.7B | $4.1B | $3.5B | $1.1B | $2.0B | $780M | $380M | $194M | $162M | $97M |
| P/E Ratio → | 145.54 | 102.26 | 33.38 | 43.09 | 13.23 | 34.36 | 40.57 | 20.06 | 13.27 | 14.67 | 25.31 |
| P/S Ratio | 14.24 | 10.71 | 9.29 | 10.75 | 3.30 | 7.69 | 5.68 | 3.11 | 2.02 | 2.20 | 1.06 |
| P/B Ratio | 12.26 | 8.61 | 7.26 | 7.12 | 2.76 | 7.06 | 3.89 | 3.05 | 2.45 | 2.44 | 1.59 |
| P/FCF | 55.40 | 41.69 | 35.56 | 47.60 | 21.35 | 36.44 | 37.90 | 17.81 | 17.10 | — | — |
| P/OCF | 49.78 | 37.46 | 32.62 | 42.74 | 18.32 | 34.01 | 34.35 | 16.90 | 14.82 | 125.82 | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 11.40 | 9.48 | 11.01 | 3.46 | 7.52 | 5.01 | 2.83 | 1.57 | 1.73 | 0.88 |
| EV / EBITDA | 52.89 | 40.41 | 34.26 | 48.76 | 12.97 | 27.53 | 31.38 | 15.75 | 8.81 | — | 11.27 |
| EV / EBIT | 57.75 | 108.08 | 30.74 | 39.12 | 12.44 | 28.04 | 33.12 | 17.28 | 9.68 | — | 33.43 |
| EV / FCF | — | 44.37 | 36.28 | 48.74 | 22.39 | 35.66 | 33.42 | 16.25 | 13.32 | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 50.5% | 50.5% | 48.9% | 46.8% | 49.8% | 50.9% | 47.0% | 48.3% | 49.4% | 48.7% | 44.6% |
| Operating Margin | 25.8% | 25.8% | 25.2% | 20.7% | 25.4% | 26.3% | 14.5% | 16.4% | 16.3% | -3.2% | 6.0% |
| Net Profit Margin | 10.2% | 10.2% | 27.6% | 24.9% | 24.9% | 22.4% | 14.0% | 16.4% | 15.2% | 14.9% | 4.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 8.7% | 8.7% | 23.1% | 18.3% | 23.6% | 23.1% | 12.0% | 18.5% | 20.2% | 17.7% | 6.7% |
| ROA | 4.7% | 4.7% | 14.1% | 10.7% | 12.7% | 13.8% | 9.5% | 14.1% | 14.7% | 12.8% | 4.3% |
| ROIC | 12.1% | 12.1% | 13.7% | 9.9% | 17.9% | 28.6% | 15.2% | 22.5% | 34.5% | -4.8% | 10.9% |
| ROCE | 13.4% | 13.4% | 14.8% | 10.2% | 15.0% | 19.5% | 12.2% | 18.2% | 21.4% | -3.8% | 8.9% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.84 | 0.84 | 0.38 | 0.42 | 0.52 | 0.67 | 0.01 | 0.01 | — | — | — |
| Debt / EBITDA | 3.71 | 3.71 | 1.74 | 2.83 | 2.33 | 2.68 | 0.06 | 0.07 | — | — | — |
| Net Debt / Equity | — | 0.55 | 0.15 | 0.17 | 0.13 | -0.15 | -0.46 | -0.27 | -0.54 | -0.52 | -0.27 |
| Net Debt / EBITDA | 2.44 | 2.44 | 0.68 | 1.14 | 0.60 | -0.60 | -4.20 | -1.51 | -2.50 | — | -2.30 |
| Debt / FCF | — | 2.68 | 0.72 | 1.14 | 1.03 | -0.78 | -4.47 | -1.56 | -3.78 | — | — |
| Interest Coverage | — | — | 120.96 | 50.55 | 81.61 | 165.97 | 151.96 | — | — | -244.15 | 2.91 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 8.35 | 8.35 | 5.00 | 5.66 | 6.29 | 5.80 | 4.56 | 4.67 | 3.04 | 3.28 | 2.71 |
| Quick Ratio | 7.31 | 7.31 | 4.11 | 4.77 | 5.55 | 5.14 | 3.87 | 3.92 | 2.27 | 2.51 | 1.90 |
| Cash Ratio | 6.22 | 6.22 | 3.13 | 3.66 | 4.52 | 4.44 | 3.10 | 2.83 | 1.40 | 1.57 | 0.63 |
| Asset Turnover | — | 0.39 | 0.48 | 0.40 | 0.47 | 0.46 | 0.54 | 0.78 | 0.87 | 0.83 | 1.04 |
| Inventory Turnover | 2.19 | 2.19 | 1.97 | 1.95 | 2.46 | 2.25 | 2.08 | 2.91 | 2.07 | 2.25 | 2.38 |
| Days Sales Outstanding | — | 66.83 | 97.11 | 115.01 | 99.17 | 82.45 | 101.82 | 91.69 | 98.04 | 92.77 | 79.34 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | 1.5% | — | — | — | — | 1.6% | 2.0% | 2.4% | — |
| Payout Ratio | — | — | 50.7% | — | — | — | — | 29.8% | 27.0% | 35.8% | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 0.7% | 1.0% | 3.0% | 2.3% | 7.6% | 2.9% | 2.5% | 5.0% | 7.5% | 6.8% | 4.0% |
| FCF Yield | 1.8% | 2.4% | 2.8% | 2.1% | 4.7% | 2.7% | 2.6% | 5.6% | 5.8% | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.0% | 0.0% | 1.5% | 0.0% | 0.0% | 0.0% | 0.0% | 1.6% | 2.0% | 2.4% | 0.0% |
| Shares Outstanding | — | $50M | $49M | $49M | $48M | $45M | $40M | $38M | $37M | $36M | $35M |
Includes 30+ ratios · 27 years · Updated daily
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Quick answers to the most common questions about buying CAMT stock.
Camtek Ltd.'s current P/E ratio is 145.5x. The historical average is 28.7x. This places it at the 100th percentile of its historical range.
Camtek Ltd.'s current EV/EBITDA is 52.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 19.8x.
Camtek Ltd.'s return on equity (ROE) is 8.7%. The historical average is 7.4%.
Based on historical data, Camtek Ltd. is trading at a P/E of 145.5x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Camtek Ltd. has 50.5% gross margin and 25.8% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Camtek Ltd.'s Debt/EBITDA ratio is 3.7x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
China export control exposure
Premium Pricing for AI Packaging
CAMT trades at 152x trailing earnings and 55x EV/EBITDA, per reported figures, far above peers like ONTO (105x P/E) and KLIC, reflecting market expectations of sustained AI-driven growth.
The forward P/E of 45x implies the market expects earnings to nearly triple from current levels, a steep assumption given revenue growth has decelerated to 2.5% in 2026Q1. The PEG of 10.85 suggests the stock is priced for growth that may not materialize at consensus rates. Investors should monitor whether HBM inspection intensity can re-accelerate revenue to justify the premium.
Margins Hold Despite Slower Growth
Gross margin has held near 50% for five consecutive quarters, as reported in financial statements, while operating margin contracted from 27.6% in 2025Q1 to 22.4% in 2026Q1, indicating fading operating leverage.
The stability in gross margin suggests pricing power in the HBM niche remains intact, but the operating margin decline points to rising R&D and SG&A costs as a percentage of revenue. Net margin was distorted by a one-time loss in 2025Q3, so investors should focus on operating margin as the cleaner measure of earning power. The trend suggests that as growth normalizes, margin expansion may be limited without further mix shift toward higher-value metrology.
Returns Compress as Capital Base Grows
ROIC fell from 4.1% in 2025Q1 to 2.1% in 2026Q1, per SEC filings, while ROE declined from 6.0% to 4.9%, indicating that recent investments have not yet generated proportional returns.
The decline in ROIC is partly due to a surge in debt-funded capital, with total debt rising to $487.8M, which expanded the capital base faster than operating income. The company's asset turnover has also dropped to 0.10x, suggesting that new assets, including the FRT acquisition, are not yet contributing to revenue. If HBM-driven demand reaccelerates, returns could recover, but the current trajectory warrants monitoring.
Working Capital Cycle Lengthens
Cash conversion cycle extended from 169 days in 2023Q4 to 189 days in 2026Q1, as reported, driven by rising DIO (142 to 157 days) and stable DSO, indicating slower inventory turnover.
Inventory days have increased steadily, suggesting management may be building stock in anticipation of future orders, or that demand is softening. DSO has remained elevated around 80 days, reflecting the project-based nature of sales and customer acceptance terms. The lengthening CCC ties up cash and may pressure liquidity if growth continues to decelerate.
Debt Surge Raises Coverage Questions
Debt-to-equity jumped from 0.42 in 2023Q4 to 0.71 in 2026Q1, per financial statements, while D/EBITDA spiked to 13.77x, indicating a significant increase in leverage that may strain interest coverage.
The sharp rise in debt, particularly the jump to $519.1M in 2025Q3, appears to be a strategic shift, possibly to fund the FRT acquisition or for other corporate purposes. Interest coverage data is largely unavailable, but the elevated D/EBITDA suggests that if EBITDA declines, debt service could become challenging. Investors should scrutinize the terms and purpose of this debt, as it marks a departure from the company's historically minimal leverage.
Ample Liquidity Masks Inventory Risk
Current ratio improved to 8.35 in 2026Q1, per reported figures, with quick ratio at 7.46, indicating strong short-term liquidity, though inventory levels have risen, potentially signaling demand softness.
The high current ratio is supported by a large cash pile and minimal short-term obligations, providing a cushion against cyclical downturns. However, the increase in DIO suggests that inventory may be building faster than sales, which could lead to write-downs if demand does not recover. The liquidity position appears robust, but the quality of current assets depends on the saleability of inventory.
Premium vs. Back-End Peers
CAMT's P/E of 152x and EV/EBITDA of 55x are well above ONTO (105x, 73x) and KLIC (negative earnings), per peer data, reflecting a premium for its HBM exposure.
The valuation premium suggests the market views CAMT as a key enabler of AI packaging, but its ROE of 4.9% is below ONTO's 6.5%, indicating that the premium is not yet supported by superior returns. The gap may narrow if CAMT's growth reaccelerates, but if it continues to decelerate, the stock could de-rate. Investors should compare CAMT's metrics to ONTO and NVMI, as they are the closest operational peers.
Misapplied P/E on Cyclical Earnings
The trailing P/E of 152x is misleading for CAMT because earnings are near cyclical lows and include one-time charges, as reported, making forward P/E of 45x a more relevant metric.
The market often applies a simple P/E to semiconductor equipment makers without adjusting for the cyclicality of earnings and the impact of non-recurring items. For CAMT, the 2025Q3 loss distorts trailing earnings, while the forward P/E better reflects normalized earnings power. Investors should use EV/EBITDA or P/FCF, but given the lumpy cash flows, a normalized earnings power approach is more appropriate.