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Camtek
(NASDAQ:CAMT)
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Rating:65Neutral
Price Target:
$147.00
▼(-18.23% Downside)
Action:Reiterated
Date:06/03/26
The score is driven mainly by solid underlying financial performance and a bullish earnings-call outlook (strong orders, constructive guidance, and expected H2 improvement). These positives are tempered by very expensive valuation and weaker near-term technical momentum, plus the recent net income compression and higher leverage noted in the financial statements.
Positive Factors
High margins and revenue scale
Camtek's multi-year revenue growth to $496M and consistently high gross (47–51%) and operating (~26%) margins indicate durable product pricing power and efficient operations. Strong margins support reinvestment in R&D and product development, helping sustain competitive differentiation across cycles.
Negative Factors
Rising leverage
Debt rising materially to ~$520M and debt/equity ~0.84 reduces financial flexibility versus prior years. Higher leverage increases financing cost exposure and limits room to absorb execution delays or additional working-capital needs, forcing tradeoffs between growth investments and balance-sheet repair.
Read all positive and negative factors
Positive Factors
Negative Factors
High margins and revenue scale
Camtek's multi-year revenue growth to $496M and consistently high gross (47–51%) and operating (~26%) margins indicate durable product pricing power and efficient operations. Strong margins support reinvestment in R&D and product development, helping sustain competitive differentiation across cycles.
Read all positive factors
Camtek (CAMT) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$6.71B
Dividend YieldN/A
Average Volume (3M)511.81K
Price to Earnings (P/E)131.5
Beta (1Y)1.89
Revenue Growth10.70%
EPS Growth-62.92%
CountryUS
Employees709
SectorTechnology
Sector Strength88
IndustrySemiconductors
Share Statistics
EPS (TTM)1.04
Shares Outstanding46,656,520
10 Day Avg. Volume543,361
30 Day Avg. Volume511,811
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 Cap1.27
Enterprise Value/Revenue17.01
Enterprise Value/Gross Profit33.87
Enterprise Value/Ebitda232.54
Forecast
1Y Price Target
$182.76Price Target Upside1.66% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering13
EPS Forecast (FY)3.48
Revenue Forecast (FY)$571.25M
Camtek Business Overview & Revenue Model
Company Description
Camtek Ltd., operating with its subsidiaries, is dedicated to the development, manufacturing, and global distribution of advanced inspection and precision measurement tools. These critical systems serve a variety of specialized segments within the...
How the Company Makes Money
Camtek primarily makes money by selling semiconductor inspection and metrology systems to customers involved in semiconductor fabrication and advanced packaging. Revenue is recognized from (1) product sales of its inspection/metrology tools (capit...
Camtek Earnings Call Summary
Earnings Call Date:May 12, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 05, 2026
Earnings Call Sentiment Positive
The call conveyed strong optimism driven by record order intake, a large disclosed HBM contract (> $260M across 2026–2027), robust AI-driven revenue mix (~50%), growing adoption of new platforms (Eagle G5 and Hawk) and the strategic acquisition of Visual Layer. These positives are balanced against near-term profitability and cash-generation pressures driven by higher operating expenses, a YoY decline in net income, a sharp rise in accounts receivable, supply-chain/component cost pressures and some China competition/timing risks. Management expects margins and revenue to improve in the second half of 2026, and the strong balance sheet ($850M) supports execution of the growth plan.Positive Updates
Strong Order Intake and Large HBM Contract
Management reported an 'unprecedented' start to the year in incoming orders and disclosed orders/forecasts from two HBM manufacturers representing expected revenue exceeding $260 million for 2026 and 2027, strengthening backlog and multi-year visibility.
Negative Updates
Operating Margin and Expense Pressure
Operating expenses rose to $30.9 million (from $24.4M a year ago and $28.7M in the prior quarter) driven by R&D and S&M investments; operating margin fell to 25.5% from 31.5% a year earlier (a decline of 6 percentage points), pressuring operating profitability in Q1.
Read all updates
Q1-2026 Updates
Positive
Negative
Strong Order Intake and Large HBM Contract
Management reported an 'unprecedented' start to the year in incoming orders and disclosed orders/forecasts from two HBM manufacturers representing expected revenue exceeding $260 million for 2026 and 2027, strengthening backlog and multi-year visibility.
Read all positive updates
Company Guidance
Camtek guided Q2 revenue of $129–131 million after reporting Q1 revenue of $121.7M (slightly ahead of guidance), Q1 gross profit $62M and a 51% gross margin, operating income ≈$31.1M on $30.9M of operating expenses (operating margin 25.5%), net income $35.3M or $0.70 diluted EPS on 51.4M diluted shares, and financial income $8.1M. Management expects H2 revenue to be >25% higher than H1 (with possible additional upside from Q4/early‑2027 timing), gross margin improvement in H2 and operating margin to return to ~30% in H2. Key backlog/order metrics include >$260M of orders/forecasts from two HBM customers for 2026–27; product mix in Q1 was ~50% AI-related and ~20% other advanced packaging; Hawk and Gen‑5 (Eagle G5) comprised 30% of last year’s revenue and are expected to double in 2026. Balance‑sheet and working‑capital metrics: cash & equivalents ≈$850M, inventory $116.7M (expected to rise as growth ramps), and accounts receivable $131.7M (from $90.8M prior quarter). Lead times: Eagle ≈3 months, Hawk 3–6 months. Management also targets a total addressable market >$2B in 2027 (roughly +$0.5B vs today’s ~$1.5–1.7B).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 | 499.09M | 496.07M | 429.23M | 315.38M | 320.91M | 269.66M |
| Gross Profit | 250.68M | 250.32M | 209.95M | 147.63M | 159.86M | 137.34M |
| EBITDA | 36.51M | 64.11M | 143.00M | 94.51M | 93.38M | 75.17M |
| Net Income | 48.06M | 50.72M | 118.52M | 78.63M | 79.95M | 60.28M |
Balance Sheet | ||||||
| Total Assets | 1.30B | 1.26B | 892.04M | 787.67M | 677.09M | 585.61M |
| Cash, Cash Equivalents and Short-Term Investments | 670.26M | 668.16M | 388.04M | 354.03M | 399.66M | 397.94M |
| Total Debt | 487.81M | 519.83M | 207.07M | 201.15M | 199.44M | 197.57M |
| Total Liabilities | 615.53M | 642.83M | 342.81M | 311.52M | 292.99M | 291.98M |
| Stockholders Equity | 682.53M | 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
Negative
179.78
Price Trends
171.25
Negative
169.51
Negative
145.44
Negative
Market Momentum
-10.06
Positive
37.82
Neutral
38.61
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CAMT, the sentiment is Negative. The current price of 179.78 is above the 20-day moving average (MA) of 162.99, above the 50-day MA of 171.25, and above the 200-day MA of 145.44, indicating a bearish trend. The MACD of -10.06 indicates Positive momentum. The RSI at 37.82 is Neutral, neither overbought nor oversold. The STOCH value of 38.61 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 |
|---|---|---|---|---|---|---|---|
79 Outperform | $15.99B | 140.84 | 5.19% | ― | 0.54% | -51.32% | |
73 Outperform | $4.41B | 42.41 | 9.79% | ― | -11.75% | -41.15% | |
72 Outperform | $10.95B | 14.80 | 20.24% | 2.22% | 36.05% | 80.83% | |
69 Neutral | $10.22B | -630.17 | -1.57% | ― | 22.77% | 79.17% | |
66 Neutral | $15.13B | 53.03 | 21.21% | ― | 21.32% | 19.06% | |
65 Neutral | $6.71B | 131.52 | 7.68% | ― | 10.70% | -62.92% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% |
* Technology Sector Average
CAMT
Camtek
149.90
58.95
64.82%
ACLS
Axcelis Technologies
142.24
70.49
98.24%
ONTO
Onto Innovation
319.32
219.63
220.31%
NVMI
Nova
473.54
187.63
65.63%
SIMO
Silicon Motion
308.41
238.52
341.27%
ALGM
Allegro MicroSystems
52.32
15.85
43.46%
Camtek Corporate Events
Camtek Sets July 29, 2026 AGM to Approve Board Slate and Auditor Renewal
Jun 24, 2026
Camtek has called its 2026 Annual General Meeting of Shareholders for July 29, 2026, at its offices in Migdal Ha’Emek, Israel, to vote on the re-election of seven directors and the renewal of indemnification and exemption letters for key boa...
Camtek Extends Key Registration Rights Deal With Major Shareholders to 2031
Jun 24, 2026
On June 24, 2026, Camtek reported that its Second Amended and Restated Registration Rights Agreement, originally signed on June 18, 2019 with major shareholders Priortech Ltd. and Chroma ATE Inc., had been amended. The revision extends the agreeme...
Camtek Lands Over $105 Million in AI-Focused Semiconductor Inspection Orders
Jun 2, 2026
On June 2, 2026, Camtek announced it has secured more than $105 million in multi-system orders tied to artificial intelligence applications, including a $55 million order from a tier-1 outsourced semiconductor assembly and test provider and over $...
Camtek Posts Q1 2026 Results and Projects Strong Second-Half Revenue Surge
May 12, 2026
Camtek reported financial results on May 12, 2026, for the first quarter ended March 31, 2026, showing revenues of $121.7 million, up 2.5% year over year, with GAAP gross margin at 50.1% and non-GAAP gross margin at 51.0%. Despite flat gross profi...
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.