Is Camtek Ltd (CAMT) a good stock to buy?
What we have tested leans negative. To like it anyway you need a reason our checks do not capture.
What each rating means, in numbers
Business quality — Middling. Passes 6 of the 9 health checks we can measure — things like making a profit, turning it into cash, and not piling on debt. Across 131,000 company-quarters the weakest scorers went on to fail at 5.4% against 1.4% for the strongest, in every era and all twelve sectors.
How wild is the price? — Wild. The share price swings about 54% in a typical year, which puts it in the above average. Out of every 100 companies that swung like this, about 3.7 went bankrupt within the year. Across the three periods we tested that ran from 0.9% to 5.7%.
What "tested" means here, and why there is no score out of 100
Tested means the read was measured against what actually happened afterwards, on a history that keeps the companies that were later delisted, using only figures that had been filed on the day they are used. Survival was ranked on companies that really did fail. What an owner keeps was tested across the universe from 2011 to 2025.
The full record of everything we have tested is on the research pages.
Which benchmark. Over the period we tested, the median listed company returned +5.8% a year while the S&P 500 returned about +13.9% — the index is weighted by size and was carried by a handful of enormous winners. So "beats the index" and "beats the other companies you could have bought" are different questions. Where a read says it picks better companies, it means the second one. None of these gets you an index fund's return, and we would rather say that than imply otherwise.
The quality read is the strongest thing we have tested: 131,000 company-quarters across 5,300 companies, where the weakest scorers went on to fail at 5.4% against 1.4% for the strongest, holding in every era and all twelve sectors. It still says less likely to break, not likely to beat the market — every band in that study lost to the index at the median, because the median listed company does.
Each read is shown on its own rather than merged into a single score, so you can see which part is strong and which is weak instead of taking an average on trust.
▾ What goes into the smart-money reading
Contributions (weight × component score) sum to the total. This near-term score now includes fundamental health (leverage, FCF trend). See the Financial Health section for the full balance-sheet read.
Chance the S&P 500 falls 10% or more in the next three months.
Counted from every day since 2006. Says nothing about CAMT — see the board for how it is measured.
📍 Where to start on this page, and what to look at first
How to read CAMT
We are not publishing an intrinsic value for this one — the section below says exactly why. Everything on this page that comes straight from the filings and the tape is still here; treat the missing valuation as a known gap, not as a verdict on the business.
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1
Reported earnings & margins ↓
What the company actually reported — unaffected by the valuation being held.
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Balance sheet & book value ↓
Assets, liabilities and equity as filed.
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Who's selling & betting against it ↓
Insider and short-interest behaviour needs no valuation model.
The share count we read for CAMT looks wrong — common for multi-class / founder-controlled filers that report shares per share-class. That makes per-share figures (including intrinsic value) misleading, so we suppressed them. The company's total financials below are sound.
What to use instead: Lean on the totals — revenue, net income, cash flow — and the balance sheet. Multi-class share counts are being corrected; once fixed, the per-share valuation returns automatically.
This note is only about the single DCF fair-value number — CAMT's full financial statements, health scores, and written analysis are all below.
Who owns CAMT, and how it moves
From the SEC's own filings: every fund manager over $100M reports its holdings each quarter, and every officer and director reports theirs. Each point is what was public at the time.
⚠ We found only 1 genuine same- or closely-related-industry (Optical Instruments & Lenses) comparable — fewer than the 4 we require for a reliable median. The 2 names in the table below therefore include 1 broader Technology name marked fallback, whose business models and margins differ — which is why any median below is computed over that wider set, not over true comparables. So we do not derive a peer-implied share value here. Read the multiples as rough context only.
How does CAMT stack up against its closest peers?
Ideally we compare CAMT only to same-industry peers, but too few exist in our universe right now, so the basket below mixes in broader-sector names. Treat the multiples as rough context, not a valuation. For a leveraged business, FCF yield (in the table) is usually more reliable than EV/Sales, because revenue multiples ignore differences in margins and debt.
▾ What's "EV / Sales" in plain English?
EV (Enterprise Value) = market cap + total debt − cash. It's "what you'd pay to buy the entire company outright" — you pay the market cap to shareholders and take over their debt, but you keep their cash. EV is fairer than market cap alone because it includes the debt the new owner inherits.
EV / Sales = EV ÷ annual revenue. So "2.5×" means investors pay $2.50 of enterprise value per $1 of yearly sales. Higher = market is paying more per dollar of sales (usually because they expect future growth or fat margins).
p25 / median / p75 are the 25th, 50th (middle), and 75th percentile of the peers' multiples. Half the peers fall between p25 and p75. The median (p50) is the typical peer — that's the benchmark we compare to.
Bold middle number = median peer. Half the peers trade above it, half below. Computed over 2 peers (broad — see caveat); implausible multiples excluded.
⚠️ Important caveat: peer multiples only work if the peers are genuinely comparable. Always check the peer list below — if the auto-picker grabbed micro-caps or unrelated businesses, the comparison is noise. A medical-device giant priced against tiny biotech startups won't produce a useful signal.
Bankruptcy + quality screens
Cheap stocks can be cheap for a reason. These screens warn when a low valuation comes paired with structural fragility.
What these health ratings mean, in numbers
Business quality — Middling. Passes 6 of the 9 health checks we can measure — making a profit, turning it into cash, not piling on debt, not issuing shares. Across 131,000 company-quarters the weakest scorers went on to fail at 5.4% within a year against 1.4% for the strongest, and that held in every era and all twelve sectors. It says "less likely to break", not "likely to beat the market".
Bankruptcy score (Altman Z) — Very safe. Altman Z is 6,887.47. It combines working capital, retained earnings, operating profit and market value against total assets into one bankruptcy score. Above 3.0 is the safe zone, 1.8 to 3.0 is grey, below 1.8 is the distress zone. It was calibrated on manufacturers in 1968, so it reads asset-light and heavily-financed businesses badly — which is why it is one input here and never the verdict.
Why it matters: Cheap-looking stocks (low P/E or P/B) often have low Z-scores because the market knows the company is dying. Z-score warns you before you fall into a value trap.
Reference: > 3.0 = safe zone · 1.81–3.0 = grey zone · < 1.81 = distress zone
Full explanation →
Safe zone under the classic Altman thresholds — companies scoring here have historically gone bankrupt only rarely within ~2 years. A screening signal, not a guarantee.
The classic Z-score was calibrated on manufacturers. It is less reliable for asset-light or non-manufacturing businesses (broadcasters, media, software, services) and not applicable to banks, REITs, or insurers — for those the coefficients and the asset-turnover term distort the result. Read it as one screening input, not a verdict.
Why it matters: High score = fundamentals improving. Low score = deteriorating. Especially powerful for filtering cheap stocks: cheap + high F-score historically outperforms; cheap + low F-score is often a value trap.
Reference: 7–9 = strong · 4–6 = mediocre · 0–3 = weak
Full explanation →
▾ The checks — what passed, what didn't (and what we couldn't measure)
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✓ Positive net incomeNet income $50.7M in FY2025.
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✓ Positive operating cash flowOperating cash flow $141.9M (was $122.2M the prior year).
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✓ Cash flow backs up reported profitOperating cash flow $141.9M vs net income $50.7M.
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✗ Return on assets improvingReturn on assets 4.0% vs 13.3% a year ago.Why this matters: Is the company squeezing more profit out of each dollar of assets than last year? Rising = getting more efficient; falling = the opposite.
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✓ Debt load (vs assets)The filing reports no interest-bearing debt in either year (total assets $1,259.8M).
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✓ Short-term liquidity (current ratio)Current ratio 8.35x vs 5.00x a year ago.
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✗ Share count (dilution)Share count rose 0.9% (45,279.0M → 45,703.0M year-over-year).Why this matters: Issuing lots of new shares splits the pie into more pieces, shrinking your slice. Stable or falling share count protects existing owners.
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✓ Pricing power (gross margin)Gross margin 50.5% vs 48.9% a year ago.
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✗ Sales per asset (asset turnover)Asset turnover 0.39x vs 0.48x a year ago.Why this matters: Asset turnover measures how much revenue each dollar of assets generates. Rising = more productive use of the asset base.
Missing data is never counted as a pass or a fail — it's shown as n/a and excluded from the denominator. Each check compares the company against its own prior year.
What if you assume different inputs?
Here's where we land — and what happens if you change the assumptions. Drag the sliders to set your own Discount RateDiscount Rate — The annual return you demand for taking single-stock risk instead of buying a safe Treasury or index fund.
Why it matters: Higher discount rate = stricter valuation (a stock has to produce more cash to be worth holding). Lower = more generous.
Reference: 8–12% is standard · 9–10% matches S&P 500 historical return · Below 7% is illogical for single-stock risk
Full explanation → (the annual return you demand for single-stock risk) and terminal growth; the value updates live so you can see whether the stock looks cheaper or richer. The discount rate starts at 10.0%, the figure our model used for CAMT. Open Advanced to also change beta, growth and the rate path.
Note: no headline intrinsic value is published for this stock (the valuation is held for a data-quality reason — see the notes above). The calculator below is a what-if tool: the values it produces are your assumptions played out, not our estimate.
A full intrinsic value isn't shown for CAMT because the valuation is currently held for a data-quality reason (see the guardrail notes above). The reverse-DCF reading still works — it needs only the price and cash flow — but we won't publish a forward value until the underlying data passes our checks.
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⚙ Advanced — tinker with every input (beta, growth, rate path, margin → full intrinsic value)
A standard discounted cash flowDCF — Discounted Cash Flow — sums up all future cash a business will produce, adjusted for the fact that future dollars are worth less than dollars today.
Why it matters: It is the most fundamentally honest valuation method when applicable — but only works for companies with predictable, positive cash flow.
Reference: Best for: mature, profitable businesses. Fails for: pre-profit growth, banks, REITs.
Full explanation → (DCF) valuation is not meaningful for Camtek Ltd. because its free cash flowFree Cash Flow (FCF) — Operating cash flow minus capital spending: cash left after a company covers operating costs, taxes and interest and reinvests in the business — but BEFORE repaying debt principal or paying dividends. The cash actually available to investors.
Why it matters: A company can show big profits on paper while burning through cash. FCF is what actually fills the bank account.
Reference: Healthy mature businesses convert 8–15% of revenue into FCF · Growth companies often negative
Full explanation → after stock comp of $110.6 million is less than 0.5% of its market capitalization, making the output unreliable. Investors are likely focused on the company's consistent revenue growth (16.5%/yr over 4 years) and positive net income, indicating a profitable and growing business. To value it, one would need a model more suited for growth companies, such as a revenue-based model. The biggest risk to our assumptions is that the company's revenue growth, which has been 16.5% annually, might not continue at a rate sufficient to justify its current market capitalization.
As of 4 days ago
Anatomy of a share
What you're buying per share. Bars are at the same scale so you can see the relative size of revenue, costs, cash flow, and debt — not just read them in a table.
What you actually need to decide
Every stock price is a disagreement. Here's the single thing that must go right for the bulls, the single thing that breaks the thesis, and the concrete signposts to watch so you can update your view as real results arrive.
- Quarterly revenue growth rates
- Gross margin trends in upcoming reports
- New product announcements or market share gains
The trend, in plain numbers (FY2024 → FY2025, latest reported)
Straight from the financial statements — no model, no opinion. For a small or unprofitable company, the direction of these numbers usually tells you more than any single valuation.
- Revenue grew +16% to $496.1M.
- Free cash flow rose to $110.6M.
- Gross margin improved to 50% (+2 pts).
- Net income fell -57% to $50.7M.
Management & Leadership
Camtek Ltd. is led by Chief Executive Officer Rafi Amit and Chief Financial Officer Moshe Eisenberg. Other key executives include Ram Langer as Chief Operating Officer and Orit Geva-Dvash as Vice President, HR. The company's leadership team is focused on its operational and financial performance.
Chief Executive Officer
Chief Financial Officer
What They Make
Camtek Ltd. develops and manufactures automated optical inspection (AOI) and metrology equipment for the semiconductor industry. Its customers are primarily semiconductor manufacturers and advanced packaging companies who pay for these inspection and metrology systems.
End Markets
Revenue Drivers
Why Is It Priced Like This?
Why Customers Pay
What we use instead: earnings (P/E, EV/EBIT), book value (P/B) — computed from the figures this company does report, shown in the sections below. Those numbers are unaffected by the missing cash-flow data.
The market is pricing Camtek based on its consistent revenue growth, which has been 16.5% annually over the last four years, and its positive net income for the latest fiscal year ($50.7 million). Investors are likely betting on the continuation of this growth trajectory and the company's ability to maintain profitability in the specialized semiconductor equipment market, rather than its current free cash flowFree Cash Flow (FCF) — Operating cash flow minus capital spending: cash left after a company covers operating costs, taxes and interest and reinvests in the business — but BEFORE repaying debt principal or paying dividends. The cash actually available to investors.
Why it matters: A company can show big profits on paper while burning through cash. FCF is what actually fills the bank account.
Reference: Healthy mature businesses convert 8–15% of revenue into FCF · Growth companies often negative
Full explanation → which is a small fraction of its market cap.
Business Model & Valuation
How They Make Money
Free Cash Flow DCF Strong franchise
Owner-earnings FCF DCF: positive free cash flow (operating cash flow − capex − stock-based comp) in a sector suited for cash-flow-based valuation. High P/FCF (62x) - market pricing significant growth.
Show advanced inputs
| Revenue Growth | 16.5% |
| Eps Growth | -6.7% |
| Historical Fcf Growth | 21.3% |
| Sector Default | 12.0% |
| Sector Default Source | Technology sector default |
| Best Estimate | 13.3% |
| Method | blend(30% revenue_cagr, 70% sector) |
| Growth Basis | total |
What this model does NOT do: this is a consolidated owner-earnings cash-flow model. Standalone segment assumptions: none. It does not project product, services and recurring/cloud lines independently; their combined effect is embedded in the historical revenue and cash-flow trend the model extrapolates. The calculator above can only approximate a segment's impact through the single consolidated growth rate — it cannot model any one line separately. For a true segment-level view, build a separate model from the company's segment disclosures.
Maturity & Competitive Position
Moat Signals
Revenue has been growing at 16.5% per year over the last four years, from $270 million to $496.1 million.
Geography & Markets
Geographic Risks
Market Signals
These are timing signals, not value signals — they describe the stock's recent price behavior, not what the business is worth. Use them for the "the thesis looks good, but is now the moment?" question. Each tile below explains what it's saying.
Why it matters: Short-term contrarian indicator. Extreme readings often precede mean reversion, though not always.
Reference: 30–70 normal · >70 overbought · <30 oversold
Full explanation → (14)50.4NeutralMomentum is balanced — neither overbought nor oversold.
Why it matters: When the fast line crosses above the slow line, short-term momentum is turning up; below, turning down. A timing cue, not a value signal.
Reference: Line above signal = bullish momentum · below = bearish
Full explanation →BullishLine above signalThe fast trend is above the slow trend — short-term momentum is currently upward.
Technicals describe price, not the business. A great company can have a "bearish" tape (a buying chance) and a weak one a "bullish" tape (a trap). Pair these with the valuation and health sections above.
QUALITY
Data Quality & Risk Flags (5 notes — click to expand/collapse)
Guardrail Notes (5)
- Base metric ($0/sh) is <0.5% of price ($151) - FCF DCF output will be unreliable. Growth/revenue model would be more appropriate for this stock.
- Model implies no positive equity value under these assumptions. Valuation is speculative/low-confidence.
- Extreme valuation: the model output is implausibly high vs the price — usually a share-count or units error. The model value is suppressed.
- VALUATION HELD (EXTREME_MODEL_GAP): per-share values suppressed due to the model output failed plausibility checks.
- Extreme valuation gap (P/IV withheld — see the note above): result may be dominated by model assumptions, share count issues, or sector-specific dynamics. Treat as low confidence.
FINANCIALS
Financial Statements (5-year tables — click to expand)
From Camtek Ltd's SEC filings (EDGAR).
Income (5yr)
| Year | Revenue | Net Income | EPS |
|---|---|---|---|
| 2025 | 496.1M | 50.7M | $1.04 |
| 2024 | 429.2M | 118.5M | $2.42 |
| 2023 | 315.4M | 78.6M | $1.63 |
| 2022 | 320.9M | 79.9M | $1.68 |
| 2021 | 269.7M | 60.3M | $1.34 |
Cash Flow (5yr)
| Year | Operating CF | CapEx | − SBC | Free Cash Flow |
|---|---|---|---|---|
| 2025 | 141.9M | 14.4M | 16.9M | 110.6M |
| 2024 | 122.2M | 10.1M | 14.5M | 97.6M |
| 2023 | 79.3M | 8.1M | 12.6M | 58.6M |
| 2022 | 57.8M | 8.2M | 10.5M | 39.1M |
| 2021 | 61.0M | 4.1M | 5.8M | 51.1M |
How we define FCF: operating cash flow − capital expenditure − stock-based compensation (owner-earnings basis — SBC is a real cost to shareholders even though it's non-cash). Latest year: 141.9M − 14.4M − 16.9M (stock-based comp) = 110.6M. This is the same owner-earnings FCF definition the valuation model uses.
Balance Sheet
| Total Assets | 1.3B |
| Total Liabilities | 642.8M |
| Equity | 617.0M |
Similar companies worth a look
Same sector and industry, similar fundamentals shape. Verify everything yourself — this list is computed mechanically and does not reflect our judgment about whether any of these are a good investment.
The questions people ask about CAMT
Is Camtek Ltd (CAMT) a good stock to buy?
We do not publish a single fair value for Camtek Ltd, because one number would not be reliable for this business (the page explains why). Judge it on what today's price assumes, its financial-health checks and what insiders are doing, all shown here from SEC filings. This is educational research from SEC filings, not investment advice.
Is Camtek Ltd (CAMT) overvalued?
A single fair-value number is not reliable for Camtek Ltd, so we do not call it overvalued or undervalued. The page shows what growth today's price assumes and how the company's finances look instead. This is educational research from SEC filings, not investment advice.
What growth is priced into CAMT?
Working backwards from today's price, the market expects CAMT's cash flow per share to grow by roughly 150.0% a year over the next five years. Compare that with the company's actual record on this page.
Where do these numbers come from?
From Camtek Ltd's own SEC filings (10-K and 10-Q), Form 4 insider filings and daily market prices. Every figure on the page links to how it was calculated, and the model's weak spots are listed next to its results.