Camtek (CAMT)
NASDAQ:CAMT
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Camtek
(NASDAQ:CAMT)
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Rating:69Neutral
Price Target:
$166.00
▼(-7.66% Downside)
Action:Downgraded
Date:05/13/26
The score is driven primarily by solid underlying fundamentals (strong margins and free cash flow) and a supportive earnings outlook with improved H2 guidance and strong multi-year AI/HBM demand visibility. These positives are moderated by higher balance-sheet leverage and earnings variability, a softer near-term technical setup (below the 20-day average, RSI ~45), and a relatively high P/E valuation.
Positive Factors
High and stable gross margins
Sustained ~47–51% gross margins and healthy operating margins indicate structural pricing power and differentiated, high-value capital equipment. Durable margin profile supports long-term cash generation, funds R&D/AI investments, and provides resilience across semiconductor capex cycles.
Negative Factors
Rising leverage
Material increase in debt to ~$520M and debt/equity ~0.84 reduces financial flexibility and raises interest/repayment pressure. With ROE falling (to ~8%), higher leverage amplifies downside risk if revenue/margins slip or if execution on large multi-year orders is delayed.
Read all positive and negative factors
Positive Factors
Negative Factors
High and stable gross margins
Sustained ~47–51% gross margins and healthy operating margins indicate structural pricing power and differentiated, high-value capital equipment. Durable margin profile supports long-term cash generation, funds R&D/AI investments, and provides resilience across semiconductor capex cycles.
Read all positive factors
Camtek (CAMT) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$7.87B
Dividend YieldN/A
Average Volume (3M)472.91K
Price to Earnings (P/E)165.6
Beta (1Y)1.85
Revenue Growth10.70%
EPS Growth-62.92%
CountryUS
Employees656
SectorTechnology
Sector Strength88
IndustrySemiconductors
Share Statistics
EPS (TTM)2.93
Shares Outstanding45,828,133
10 Day Avg. Volume456,394
30 Day Avg. Volume472,910
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 Cap1.04
Enterprise Value/Revenue17.29
Enterprise Value/Gross Profit34.39
Enterprise Value/Ebitda50.59
Forecast
1Y Price Target
$183.53Price Target Upside2.09% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering13
EPS Forecast (FY)3.48
Revenue Forecast (FY)$571.26M
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: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 | 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
175.55
Negative
163.13
Positive
133.78
Positive
Market Momentum
-3.13
Positive
48.37
Neutral
78.02
Neutral
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 177.18, above the 50-day MA of 175.55, and above the 200-day MA of 133.78, indicating a neutral trend. The MACD of -3.13 indicates Positive momentum. The RSI at 48.37 is Neutral, neither overbought nor oversold. The STOCH value of 78.02 is Neutral, 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 |
|---|---|---|---|---|---|---|---|
75 Outperform | $15.97B | 62.83 | 21.21% | ― | 21.32% | 19.06% | |
75 Outperform | $9.29B | 13.71 | 20.24% | 2.22% | 36.05% | 80.83% | |
74 Outperform | $8.91B | -595.47 | -1.57% | ― | 22.77% | 79.17% | |
73 Outperform | $4.62B | 45.81 | 9.79% | ― | -11.75% | -41.15% | |
73 Outperform | $12.85B | 120.71 | 5.19% | ― | 0.54% | -51.32% | |
69 Neutral | $7.87B | 165.56 | 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
171.66
104.85
156.94%
ACLS
Axcelis Technologies
150.41
93.95
166.40%
ONTO
Onto Innovation
258.24
165.48
178.40%
NVMI
Nova
502.33
290.53
137.17%
SIMO
Silicon Motion
276.87
214.45
343.57%
ALGM
Allegro MicroSystems
47.87
22.03
85.26%
Camtek Corporate Events
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...
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...
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.