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CAMT, Camtek Ltd.

Electronic Components & Instruments consumer brand Cyclical

Camtek is a developer and manufacturer of high-end inspection and metrology equipment for the semiconductor industry.

Camtek's systems inspect IC and measure IC features on wafers throughout the production process of semiconductor devices, covering the back-end-of-line (BEOL) of the front-end and mid-end and up to the beginning of assembly (Post Dicing).

Camtek's systems inspect wafers for the most demanding semiconductor market segments, including Advanced Packaging, Chiplets, HBM, Compound Semiconductors, Memory, CMOS Image Sensors, Power, RF and MEMS, serving the industry's leading global IDMs, OSATs, and foundries.

Latest annual: FY2025 20-F · US listing is the ordinary share

CAMT · Camtek Ltd.

The business

What it sells, where the money comes from, the kind of company it is.

Revenue · FY2025

$496M

+15.6% YoY · 26% 5-yr CAGR

Vital signs · TTM, with 5-yr average

Revenue $496M 5-yr avg $366M

Gross margin 50% 5-yr avg 49%

Operating margin 25.8% 5-yr avg 24.7%

Owner-earnings margin 26% 5-yr avg 23%

Free cash flow margin 26% 5-yr avg 22%

The business in brief

read the 10-K →

What this business is and what moves its needle, from its own SEC filings.

Situation: Cyclical. Margins collapse and recover repeatedly across the record; a single year, good or bad, misstates the through-cycle earning power.
What moves the needle: Gross margin has run about 49% and operating margin about 16% through the cycle, a solid spread between what it charges and what the product costs to make. The operating margin has swung widely — from −3.2% to 26% — on a steadier 49% gross margin, so what moves it sits below the gross line, in operating spend and one-off charges more than in the cost of the product itself. Inventory runs near 23% of sales, so how fast it turns back into cash — and the risk of writing it down when demand softens — sits alongside the margin. Read this kind of business on the installed base and the upgrade cycle. On its own account, the filing leans hardest on customer concentration, set against the numbers in what the filing emphasizes, below.
Is it a good business?: Return on capital has run high across the record (median 22%, above 15% in 8 of 10 years). Owner earnings agree: roughly 17% of revenue reaches owners as cash, though it swings. Whether these returns reflect real pricing power or an accounting artifact is the judgment the 10-K is for.

Every line is arithmetic on the company's filings, shown in full in the sections below.

Where the money comes from

read the 20-F →

Revenue spreads across 5 regions, the largest China at 49%.

Revenue by geography, FY2025

China49%$244M
Asia Pacific34%$169M
South Korea7%$37M
United States6%$29M
Europe4%$17M

From the segment footnote of the company's own 20-F. Shares are of total revenue; the profit bar shows each segment's share of segment operating profit, before unallocated corporate costs.

The record

Ten years of arithmetic, read across the cycle.

The record, 2016–2025

realized figures from each filing · older years to the left

2016’16	2017’17	2018’18	2019’19	2020’20	2021’21	2022’22	2023’23	2024’24	2025’25	TTMTTMDec 2025
											Income statement
$79M	$93M	$123M	$134M	$156M	$270M	$321M	$315M	$429M	$496M	$496M	RevenueRevenue
41%	49%	49%	48%	47%	51%	50%	47%	49%	50%	50%	Gross marginGross mgn
$2M	($3M)	$20M	$22M	$23M	$71M	$81M	$65M	$108M	$128M	$128M	Operating incomeOp. inc.
2.5%	−3.2%	16.3%	16.4%	14.5%	26.3%	25.4%	20.7%	25.2%	25.8%	25.8%	Operating marginOp. mgn
$5M	$14M	$19M	$22M	$22M	$60M	$80M	$79M	$119M	$51M	$51M	Net incomeNet inc.
6%	—	10%	8%	7%	16%	9%	10%	10%	3%	3%	Effective tax rateTax rate
											Cash flow & returns
($17M)	$2M	$17M	$25M	$26M	$61M	$58M	$79M	$122M	$142M	$142M	Operating cash flowOp. cash
$2M	$2M	$2M	$2M	$2M	$3M	$4M	$6M	$11M	$12M	$12M	DepreciationDeprec.
($24M)	($14M)	($4M)	$506K	$2M	($2M)	($26M)	($5M)	($7M)	$79M	$79M	Working capital & otherWC & other
$1M	$3M	$2M	$1M	$2M	$4M	$8M	$8M	$10M	$14M	$14M	CapexCapex
1.6%	3.4%	1.8%	0.9%	1.5%	1.5%	2.6%	2.6%	2.4%	2.9%	2.9%	Capex / revenueCapex/rev
($19M)	($487K)	$15M	$23M	$23M	$58M	$54M	$74M	$112M	$127M	$127M	Owner earningsOwner earn.
−23.5%	−0.5%	11.8%	17.4%	15.0%	21.6%	16.7%	23.3%	26.1%	25.7%	25.7%	Owner earnings marginOE mgn
($19M)	($2M)	$15M	$23M	$23M	$57M	$50M	$71M	$112M	$127M	$127M	Free cash flowFCF
−23.5%	−1.6%	11.8%	17.4%	15.0%	21.1%	15.5%	22.6%	26.1%	25.7%	25.7%	Free cash flow marginFCF mgn
4%	-7%	39%	21%	17%	115%	31%	16%	23%	28%	—	ROICROIC
6%	17%	18%	16%	10%	21%	21%	17%	22%	8%	8%	Return on equityROE
6%	17%	18%	16%	10%	21%	21%	17%	22%	8%	8%	Retained to equityRetained/eq
											Balance sheet
$20M	$44M	$55M	$38M	$106M	$242M	$148M	$139M	$157M	$257M	$257M	Cash & investmentsCash+inv
$22M	$23M	$32M	$31M	$41M	$58M	$81M	$87M	$99M	$91M	$91M	ReceivablesReceiv.
$17M	$21M	$30M	$24M	$40M	$59M	$66M	$86M	$111M	$112M	$112M	InventoryInvent.
$10M	$11M	$16M	$11M	$27M	$34M	$32M	$42M	$47M	$34M	$34M	Accounts payablePayables
$28M	$34M	$46M	$44M	$54M	$83M	$114M	$131M	$164M	$169M	$169M	Operating working capitalOper. WC
$86M	$91M	$119M	$148M	$262M	$520M	$557M	$547M	$620M	$897M	$897M	Current assetsCur. assets
$32M	$28M	$39M	$32M	$57M	$90M	$89M	$97M	$124M	$107M	$107M	Current liabilitiesCur. liab.
2.7×	3.3×	3.1×	4.7×	4.6×	5.8×	6.3×	5.7×	5.0×	8.3×	8.3×	Current ratioCurr. ratio
—	—	—	—	—	—	$0	$74M	$74M	$74M	$74M	GoodwillGoodwill
$106M	$113M	$142M	$170M	$288M	$584M	$677M	$788M	$892M	$1.3B	$1.3B	Total assetsAssets
8.2×	-233.6×	—	—	—	—	—	—	—	—	9861.8×	Interest coverageInt. cov.
$73M	$84M	$101M	$136M	$227M	$294M	$384M	$476M	$549M	$617M	$617M	Shareholders’ equityEquity
											Per share
35.4M	36.0M	36.7M	38.4M	40.4M	45.0M	48.2M	48.9M	49.4M	50.0M	45.8M	Shares out (diluted)Shares
$2.24	$2.60	$3.35	$3.49	$3.86	$5.99	$6.65	$6.45	$8.69	$9.93	$10.82	Revenue / shareRev/sh
$0.13	$0.39	$0.51	$0.57	$0.54	$1.34	$1.66	$1.61	$2.40	$1.02	$1.11	EPS (diluted)EPS
$-0.53	$-0.01	$0.40	$0.61	$0.58	$1.29	$1.11	$1.51	$2.27	$2.55	$2.78	Owner earnings / shareOE/sh
$-0.53	$-0.04	$0.40	$0.61	$0.58	$1.26	$1.03	$1.46	$2.27	$2.55	$2.78	Free cash flow / shareFCF/sh
$0.04	$0.09	$0.06	$0.03	$0.06	$0.09	$0.17	$0.17	$0.20	$0.29	$0.31	Cap. spending / shareCapex/sh
$2.07	$2.34	$2.76	$3.55	$5.63	$6.52	$7.96	$9.74	$11.13	$12.35	$13.46	Book value / shareBVPS

Per-share growththe realized rate an owner's share compounded

	9-yr	5-yr
Revenue / share	+18.0%/yr	+20.8%/yr
Owner earnings / share	—	+34.6%/yr
EPS	+25.2%/yr	+13.5%/yr
Capital spending / share	+25.8%/yr	+37.0%/yr
Book value / share	+21.9%/yr	+17.0%/yr

The record, charted

FY2016–2025

Each measure over its full record; the current point and the worst year marked.

Share count

50Mpeak FY2025

ROIC

28%low FY2017

Gross margin

50%low FY2016

Owner earnings vs. net income

Owner earningsNet income

The accountant's number, and the cash an owner can take; the gap is the tell.

$127Mowner earningsvs.$51Mnet incomelow FY2016

Where the cash went

ReinvestBuybacksDividendsAcquisitionsRetained

Each year's operating cash, by what management did with it: the mix, and how it drifts.

FY2017FY2025

Owner-earnings bridge

FY2021–FY2025cash-flow statement, SEC EDGAR →

Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.

In fiscal 2025 the business turned $51M of profit into $127M of owner earnings: more cash than the profit line showed, after the non-cash charges and the capital it put back in.

Reported net income$51M

Owner earnings$127M · 26% of revenue

	FY2025	FY2024	FY2023	FY2022	FY2021
Reported net income	$51M	$119M	$79M	$80M	$60M
Depreciation & amortizationnon-cash charge added back	+$12M	+$11M	+$6M	+$4M	+$3M
Working capital & othertiming of cash in and out, other non-cash items	+$79M	−$7M	−$5M	−$26M	−$2M
Cash from operations	$142M	$122M	$79M	$58M	$61M
Maintenance capital expenditurethe spending needed just to hold position and volume	−$14M	−$10M	−$6M	−$4M	−$3M
Owner earnings	$127M	$112M	$74M	$54M	$58M
Growth capital expenditurediscretionary; spent to get bigger, not to stand still	—	—	−$2M	−$4M	−$1M
Free cash flow	$127M	$112M	$71M	$50M	$57M
Owner-earnings marginowner earnings ÷ revenue	26%	26%	23%	17%	22%

Owner earnings is the cash an owner could pull out without starving the business: operating cash less the capital it must spend to hold its position .

Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2025 20-F · source on SEC EDGAR →

Will it survive?

Can it pay its interest? 9861.8×

Comfortable

Operating income $128M ÷ interest expense $13K

What this means
Operating profit covers interest with the kind of margin Graham wanted for a defensive holding. Necessary, not sufficient, it says solvent, not cheap.
How heavy is the debt, net of cash? +$253M

Net cash

Cash $178M + ST investments $79M − debt $4M

What this means
Cash and short-term investments exceed every dollar of debt by $253M, on net the company owes nothing, and can act from strength when others can't. Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
How long is cash tied up? 183d

Long (60+ days)

DSO 67 + DIO 167 − DPO 50 days

What this means
Days cash is tied up between paying suppliers and collecting from customers. Lower is better; a long cycle means growth itself eats cash.

Is it a good business?

Return on invested capital 21%

High through the cycle

10-yr median, range -7%–115%; the latest year is left out — large non-operating charges put its operating line well above pretax profit

Industry peers: median -3%

What this means
The rate the business earns on the money tied up in it, Buffett's north star, because over time a stock tracks the ROIC beneath it. Above ~15% sustained hints at a moat; a return below the cost of capital (~8%) erodes value as a business grows rather than building it — the test Buffett weighs most. The headline is the median of the last 10 years, so one peak or trough year doesn't set the verdict. Asset-light businesses (R&D expensed, little capital) read artificially high, pair this with Owner Earnings.
Owner-earnings margin 17%

High through the cycle

10-yr median margin, range -24%–26%; latest $127M = operating cash $142M − maintenance capex $14M

Industry peers: median 7%

What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's 26% of revenue this year, a 17% median across 10 years.
Are earnings backed by cash? 2.80×

Cash-backed

Cash from ops $142M ÷ net income $51M

What this means
How much of reported profit showed up as operating cash. Above 1× is reassuring; well below suggests earnings lean on accruals. One year is noisy, growth and working-capital swings distort it, and this is operating cash, not free cash. Watch the multi-year trend.

How is the cash used?

Where do the earnings go? —

Not enough data

What this means
The filing data didn't include the inputs for this check.
Investing or harvesting? 1.22×

Expanding

Capex $14M ÷ depreciation $12M

What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.

Graham’s defensive tests · 4 of 6 met

Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.

Adequate size Miss

Revenue ≥ $2B · $496M

What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
Strong liquidity Pass

Current ratio ≥ 2× · 8.35×

What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
Conservative debt Pass

Debt ≤ working capital · $4M vs $790M WC

What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
Earnings stability Pass

A profit every year (10-yr record) · no losses

What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
Dividend record Miss

Uninterrupted dividends · none paid

What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
Earnings growth Pass

Earnings +33% over the record · +562%

What this means
At least a third more earnings than a decade ago, averaging three years at each end. Net income (not per-share), so stock splits don't distort it, buybacks and dilution show up in the share-count line instead.
Moderate price —

P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price

What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $1653.45/share (latest year $1015.05), the averaged base the calculator's gate runs on, and book value is $12347.47/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.

Durability & moat, 2016–2025

Whether the record’s returns held, and what the capital reinvested earned.

Profitable years 10 of 10

What this means
Never lost money over the record, the earnings stability Graham insisted on.
Operating margin 5% → 24% (3-yr avg ends)

What this means
Through the cycle the operating margin widened — about 5% early to 24% lately, median 16% — pricing power intact or improving.
Worst year 2017 · −3.2% op. margin

What this means
Operations went underwater in 2017, understand why before trusting the good years.
Share count +3.9%/yr

What this means
The share count is rising, dilution works against you on a per-share basis.

Does AI threaten the moat?

Low contestability

The moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.

In its own filing Framed as a capability

The filing positions AI as something the company uses, not something it fears.

“Continued growth is expected with the enhancements of existing products, and the inclusion of emerging technologies such as AI, as well as rapid growth in automotive, electrical and autonomous vehicles and industrial electronics.”

AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat, and the company is using it that way.

Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.

All figures as filed; the source filing is linked above.

Current Position

as of fiscal year-end, Dec 31, 2025

Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.

Current assets$897M

Cash & short-term investments$257M
Receivables$91M
Inventory$112M
Other current assets$437M

Current liabilities$107M

Accounts payable$34M
Other current liabilities$74M

Current ratio8.35×all current assets ÷ what's due · Graham looked for 2×

Quick ratio7.31×stricter: inventory excluded

Cash ratio2.39×strictest: cash alone against what's due

Working capital$790Mthe cushion left after near-term bills

Deeper floors

Tangible book value$533Mequity stripped of goodwill & intangibles

Net current asset value$254MGraham's net-net: current assets less all liabilities

Debt incl. operating leases$6M$2M of it operating leases

Deferred revenue$38Mcustomer cash collected before delivery; operating float

From the company's latest filing.

How the cash was used, 2016–2025

Over the record, the business generated $514M of operating cash; how management split it reads as a cash builder, a large share of cash simply built up on the balance sheet.

Reinvested$55M · 11%
Retained (debt / cash)$458M · 89%

Source of fundingOperating cash
Operating cash covered reinvestment and returns; over the span cash and short-term investments rose $237M.
Net change in share count29.5%
The diluted count rose from 35M to 46M: issuance (stock pay, deals) outran any buybacks, so owners were diluted on net.
Dividend record—
No dividend line was reported in the filing data over the span; the record here neither confirms nor rules out a payout.
Return on what it retained23%
Of the earnings it kept rather than paid out ($469M over the span), annual owner earnings (first three years vs last three) grew $106M, so each retained $1 added about 0.23 of yearly owner earnings. Buffett's test, run on owner earnings instead of market value.

Buybacks are gross of stock issued to staff; the share-count line above is the net of that, the figure that decides whether owners gained. The average price paid blends a year of purchases (and any accelerated repurchase), so it is close, not exact. The record of where the cash went and on what terms.

Inverting the record

Invert: instead of why Camtek Ltd. is a good business, the question is what would make owning it a mistake, and whether those marks are in the record. Disconfirming tests across 2016–2025.

1 of the 4 tests turned up something to look into; the other 3 came back clean.

Look hereDid the share count rise anyway?29.5%
Diluted shares grew 29.5% over 2016–2025. Owners were diluted on net; each share owns less of the business than it did. Read the buyback line beside this one, not on its own.

And these came back clean

Is it less profitable than it was?
Did reported profit become cash?
Did receivables and inventory outpace sales?

Each test is read from the filings and is noisy alone; a flag can mark a cyclical trough or a year of heavy investment as easily as a problem. The filing says which.

What an owner would ask, FY2025

read the 10-K →

How much of the revenue rides on one buyer?
≈$74M · 15% of revenue on the largest customers (TTM)
“In 2024, three customers accounted for 15 %, 10 % and 10 % of total revenues, respectively.”verify →

The questions the record and the charts do not answer on their own; each carries the figure and the place to look.

Peers, Electronic Components & Instruments

The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.

Company	Revenue	Gross margin	Op. margin	ROIC	Owner earn. margin
CGNXCognex Corporation	$994M	74%	22.8%	16%	26%
TXG10x Genomics Inc.	$643M	77%	-31.9%	-42%	-9%
BVSBioventus Inc.	$568M	68%	2.8%	-3%	7%
ATRCAtriCure	$535M	75%	-10.8%	-8%	-8%
GKOSGlaukos Corporation	$507M	76%	-25.2%	-8%	-3%
CAMTCamtek Ltd.	$496M	49%	18.6%	22%	17%
IMAXImax Corporation	$410M	54%	12.3%	11%	16%
MLABMesa Laboratories Inc.	$249M	60%	6.8%	1%	19%
Group median	—	71%	4.8%	-1%	11%

The price

What a price has to assume.

What the price implies

reverse-DCF

Enter the US price, in dollars: the NYSE/Nasdaq quote you hold. Camtek Ltd.'s US listing is the ordinary share itself. The record tables elsewhere on this page remain as filed.

Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what Camtek Ltd. has delivered.

Camtek Ltd.’s latest year runs above its own through-cycle margin — the reported figure may flatter a peak. So the tool opens on the through-cycle base, Graham’s averaging cutting both ways; clear the toggle below to read the latest year exactly as reported.

Today’s price $

Through the cycle, Camtek Ltd. earns about $85M on its 17.1% median owner-earnings margin. This year’s 25.7% margin runs above that; the reported figure may flatter a peak you'd be paying on. Normalize, below, values the price on that through-cycle figure rather than the latest year. It comes pre-checked here for that reason, the same rule that already normalizes a trough; clear it to price the year as filed.

Base Normalize · through-cycle ($85M) Net of stock comp

—

The assumptions Required return 9% Years of high growth 10 Terminal growth 2.5%

9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.

Enter a price above to run it.

Implied by the price—

Owner-earnings growth · ’21→’25+21%/yr

Owner-earnings growth · since FY2018+36%/yr

Owner-earnings yield—

P/E (3-yr earnings ’23–’25)—

P/B—

Graham’s price gate—

Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.

Against a high-grade bond: Graham’s yardstick bond yield%

Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.

Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.

Owner earnings $127M on 0M shares outstanding (a weighted average, the only count this filer tags); net cash $253M. The if-converted diluted count is 46M, 91611% above the shares outstanding: the dilution overhang (convertibles, options) a buyer inherits. The base opens on the through-cycle figure (the latest year sits above the record’s own median, and Graham’s averaging cuts both ways); clear Normalize to use the year as filed. Net of stock comp treats option pay as the expense it is. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.

Weigh CAMT against another business →

Cite: Owner Scorecard, "Camtek Ltd. (CAMT), the owner's record," https://ownerscorecard.com/c/CAMT, data as of 2026-07-09.

Manual order: ← CAE its page in the Manual CAN →

Industry order: ← BMI the Electronic Components & Instruments chapter CGNX →