Camtek Ltd (CAMT)
NASDAQ:CAMT
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Camtek
(NASDAQ:CAMT)
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Rating:71Outperform
Price Target:
$224.00
▲(24.60% Upside)
Action:ReiteratedDate:03/24/26
Score is driven mainly by solid fundamentals (strong margins and free-cash-flow generation) and constructive technical momentum. Offsetting factors are elevated valuation (high P/E) and financial risk signals from 2025 (net income compression and higher leverage), while the earnings call adds support via confident double-digit growth guidance and product/order momentum despite a softer H1 setup.
Positive Factors
Sustainably high gross and operating margins
Consistent ~47–51% gross margins and strong operating margins give Camtek durable profitability and pricing leverage. This margin profile supports reinvestment in R&D and capacity, helps absorb cyclical revenue swings, and underpins sustained free cash flow generation over the medium term.
Negative Factors
Rising leverage and higher debt load
Debt increases and a near‑0.84 debt/equity ratio materially reduce balance sheet cushion. Higher leverage raises interest and refinancing risks, constrains financial flexibility for opportunistic investments, and amplifies downside exposure if earnings or cash flow soften during semiconductor cycles.
Read all positive and negative factors
Positive Factors
Negative Factors
Sustainably high gross and operating margins
Consistent ~47–51% gross margins and strong operating margins give Camtek durable profitability and pricing leverage. This margin profile supports reinvestment in R&D and capacity, helps absorb cyclical revenue swings, and underpins sustained free cash flow generation over the medium term.
Read all positive factors
Camtek (CAMT) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$8.37B
Dividend YieldN/A
Average Volume (3M)413.88K
Price to Earnings (P/E)33.9
Beta (1Y)1.84
Revenue Growth15.57%
EPS Growth-57.34%
CountryUS
Employees656
SectorTechnology
Sector Strength88
IndustrySemiconductors
Share Statistics
EPS (TTM)2.93
Shares Outstanding45,828,133
10 Day Avg. Volume290,688
30 Day Avg. Volume413,885
Financial Highlights & Ratios
PEG Ratio-1.66
Price to Book (P/B)7.88
Price to Sales (P/S)9.80
P/FCF Ratio38.13
Enterprise Value/Market Cap1.15
Enterprise Value/Revenue20.41
Enterprise Value/Gross Profit40.58
Enterprise Value/Ebitda59.70
Forecast
1Y Price Target
$176.60Price Target Upside-1.77% Downside
Rating ConsensusModerate Buy
Number of Analyst Covering11
EPS Forecast (FY)3.48
Revenue Forecast (FY)$559.40M
Camtek Business Overview & Revenue Model
Company Description
Camtek 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 syst...
How the Company Makes Money
Camtek primarily makes money by selling capital equipment—metrology and inspection systems—to customers in the semiconductor manufacturing ecosystem (including wafer fabs and advanced packaging/HDI substrate producers). Revenue is recognized from ...
Camtek Earnings Call Summary
Earnings Call Date:Feb 18, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 12, 2026
Earnings Call Sentiment Positive
Overall the call was constructive: the company reported record quarterly and annual revenue, healthy gross margins (~51%), improved net income and a strong cash position with meaningful working capital improvements. Product adoption (Hawk and Eagle Gen 5), a $25M IDM order (part of ~$45M from that customer), an expanding backlog and confidence in double-digit growth for 2026 are strong positives. The primary near-term risks are a slow start to 2026 with Q1 revenue guidance below Q4, modest quarter-over-quarter operating margin compression, expected higher OpEx in H1 for R&D, and high revenue concentration in Asia. On balance, the positive operational and financial indicators and strong product momentum outweigh the near-term timing and expense headwinds.Positive Updates
Record Quarterly and Annual Revenue
Q4 revenue reached a quarterly record of $128.1M, up 9% year-over-year. Full-year revenue was $496.9M, up 16% YoY and reaching the milestone of ~$0.5B in revenues.
Negative Updates
Soft Start to 2026 and Q1 Sequential Decline
Q1 2026 revenue guidance is around $120M, down sequentially from Q4’s $128.1M. Management expects a first-half weighted slow start with growth concentrated in the second half of 2026.
Read all updates
Q4-2025 Updates
Positive
Negative
Record Quarterly and Annual Revenue
Q4 revenue reached a quarterly record of $128.1M, up 9% year-over-year. Full-year revenue was $496.9M, up 16% YoY and reaching the milestone of ~$0.5B in revenues.
Read all positive updates
Company Guidance
Camtek guided Q1 2026 revenue of about $120 million and reiterated that it expects 2026 to be a double‑digit growth year versus 2025 (FY2025 revenue $496.9M, +16% YoY), with revenues weighted to the second half (Q2 growth and a more significant ramp in H2); management expects Hawk and Eagle Gen‑5 to represent at least 50% of system shipments in 2026 (they were ~30% of 2025 revenues), cited a recent $25M order that brings that IDM’s total to roughly $45M, and said customers are qualifying the ability to ship/install double‑digit numbers of systems quickly. On margin and cost guidance, gross margin is expected to be roughly 50.5%–51.5% in H1 with improvement in H2, OpEx will rise in H1 due to R&D investment, and the company believes it has capacity (now described as well over $700M) and strong liquidity (cash and equivalents $851.1M; Q4 operating cash flow $61.2M) to execute.Camtek Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
64
Positive
Cash Flow
74
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 471.59M | 496.07M | 429.23M | 315.38M | 320.91M | 269.66M |
| Gross Profit | 237.16M | 250.32M | 209.95M | 147.63M | 159.86M | 137.34M |
| EBITDA | 161.19M | 128.20M | 143.00M | 94.51M | 93.38M | 75.17M |
| Net Income | 133.76M | 50.72M | 118.52M | 78.63M | 79.95M | 60.28M |
Balance Sheet | ||||||
| Total Assets | 974.74M | 1.26B | 892.04M | 787.67M | 677.09M | 585.61M |
| Cash, Cash Equivalents and Short-Term Investments | 435.99M | 668.16M | 388.04M | 354.03M | 399.66M | 397.94M |
| Total Debt | 200.68M | 519.83M | 207.07M | 201.15M | 199.44M | 197.57M |
| Total Liabilities | 348.26M | 642.83M | 342.81M | 311.52M | 292.99M | 291.98M |
| Stockholders Equity | 626.48M | 617.00M | 549.24M | 476.15M | 384.10M | 293.63M |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | 127.47M | 112.14M | 71.23M | 49.60M | 56.89M |
| Operating Cash Flow | 0.00 | 141.87M | 122.24M | 79.32M | 57.80M | 60.96M |
| Investing Cash Flow | 0.00 | -310.32M | -55.91M | -107.45M | -150.79M | -120.18M |
| Financing Cash Flow | 0.00 | 218.99M | -60.05M | 182.00K | 3.00K | 194.80M |
Camtek Technical Analysis
Positive
179.78
Price Trends
162.00
Positive
142.52
Positive
120.70
Positive
Market Momentum
5.63
Negative
61.02
Neutral
86.67
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CAMT, the sentiment is Positive. The current price of 179.78 is above the 20-day moving average (MA) of 167.67, above the 50-day MA of 162.00, and above the 200-day MA of 120.70, indicating a bullish trend. The MACD of 5.63 indicates Negative momentum. The RSI at 61.02 is Neutral, neither overbought nor oversold. The STOCH value of 86.67 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for CAMT.
Camtek Risk Analysis
Camtek disclosed 28 risk factors in its most recent earnings report. Camtek reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Camtek Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
80 Outperform | $14.90B | 194.34 | 6.85% | ― | 1.82% | -31.84% | |
77 Outperform | $4.36B | 18.11 | 11.72% | ― | -17.57% | -38.28% | |
75 Outperform | $7.72B | 4.95 | 15.21% | 2.22% | 10.32% | 35.32% | |
74 Outperform | $15.65B | 39.37 | 22.70% | ― | 30.96% | 37.48% | |
71 Outperform | $8.37B | 33.85 | 8.42% | ― | 15.57% | -57.34% | |
66 Neutral | $9.17B | 149.88 | -1.40% | ― | 8.67% | 79.04% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% |
* Technology Sector Average
CAMT
Camtek
182.71
113.12
162.55%
ACLS
Axcelis Technologies
141.87
83.79
144.27%
ONTO
Onto Innovation
299.55
174.36
139.28%
NVMI
Nova
492.29
291.57
145.26%
SIMO
Silicon Motion
227.16
175.15
336.77%
ALGM
Allegro MicroSystems
49.48
30.79
164.74%
Camtek Corporate Events
Camtek to Acquire AI Specialist Visual Layer to Strengthen Semiconductor Inspection Platform
Apr 14, 2026
On April 14, 2026, Camtek Ltd., a leading provider of semiconductor inspection and metrology systems, announced it has signed a definitive agreement to acquire Visual Layer, a Tel Aviv-based AI firm specializing in visual analytics. Visual Layer c...
Camtek Wins $31 Million OSAT Order as Q1 AI Packaging Bookings Top $90 Million
Mar 30, 2026
On March 30, 2026, Camtek Ltd. announced it had secured a $31 million multi-system order from a leading outsourced semiconductor assembly and test provider, mainly for CoWoS-like advanced packaging used in AI applications. With this deal, first-qu...
Camtek Posts Record 2025 Results and Signals Double-Digit Growth for 2026
Feb 18, 2026
On February 18, 2026, Israel-based Camtek reported record results for the fourth quarter and full year 2025, highlighted by Q4 revenue of $128.1 million, up 9% year-on-year, and full-year revenue of $496.1 million, up 16%. Profitability remained r...
Camtek Secures $45 Million in Hawk System Orders for AI-Focused IDM Deliveries in 2026
Feb 10, 2026
On February 10, 2026, Camtek announced it had received a $25 million order for its new Hawk inspection and metrology systems from a tier-1 integrated device manufacturer for AI-related applications, bringing total Hawk orders from this customer to...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.