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Camtek Financials

CAMT
FY2025 annual
Revenue $496.1M +15.6% YoY
Net Income $50.7M -57.2% YoY
EPS (Diluted) $1.04 -57.0% YoY
Free Cash Flow $127.5M +13.7% YoY
Source SEC Filings (10-K/10-Q) Latest period FY2025, ended Dec 31, 2025 Reported Currency USD FYE December

Camtek (CAMT) reported $496.1M in revenue for fiscal year 2025, up 15.6% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI CAMT FY2025

Camtek’s operating engine converts growth into cash, while below-operating items interrupted how much of that strength reached net income.

In the latest year, operating cash flow rose to $141.9M even as net income fell to $50.7M, so the weaker bottom line did not reflect a similar drop in cash generation. A year earlier, net income was $118.5M even though operating income was lower than the latest year, pointing to pressure below operating profit rather than weaker demand or poorer cost absorption.

Cash conversion is unusually strong: free cash flow reached $127.5M on operating cash flow of $141.9M, because reinvestment demands stayed modest. With capital spending only 2.9% of revenue, more cash remains available for product development, distributions, or balance-sheet uses instead of maintenance spending.

The balance sheet became larger and more leveraged in the latest year, as debt-to-equity rose to 1.0x from 0.6x even though liquidity stayed high. A current ratio of 8.3x and financing inflow of $219.0M suggest expansion was funded externally without creating near-term cash pressure.

[ NOT FINANCIAL ADVICE ]

Financial Health Signals

Profitability Growth Leverage Liquidity CashFlow Returns 81 / 100
Financial Health Score 81/100

Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of Camtek's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability
92

Camtek has an operating margin of 25.8%, meaning the company retains $26 of operating profit per $100 of revenue. This strong profitability earns a score of 92/100, reflecting efficient cost management and pricing power. This is up from 25.2% the prior year.

Growth
86

Camtek's revenue surged 15.6% year-over-year to $496.1M, reflecting rapid business expansion. This strong growth earns a score of 86/100.

Leverage
45

Camtek has a moderate D/E ratio of 1.04. This balance of debt and equity financing earns a leverage score of 45/100.

Liquidity
95

With a current ratio of 8.35, Camtek holds $8.35 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 95/100.

Cash Flow
91

Camtek converts 25.7% of revenue into free cash flow ($127.5M). This strong cash generation earns a score of 91/100.

Returns
78

Camtek earns a strong 8.2% return on equity (ROE), meaning it generates $8 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 78/100. This is down from 21.6% the prior year.

Altman Z-Score Safe
7.82

Camtek scores 7.82, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($6.3B) relative to total liabilities ($642.8M). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.

Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.

Piotroski F-Score Partial
5/8

Camtek passes 5 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 3 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.

Earnings Quality Cash-Backed
2.80x

For every $1 of reported earnings, Camtek generates $2.80 in operating cash flow ($141.9M OCF vs $50.7M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

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Earnings & Revenue

Revenue
$496.1M
YoY+15.6%
5Y CAGR+26.1%
10Y CAGR+21.7%

Camtek generated $496.1M in revenue in fiscal year 2025. This represents an increase of 15.6% from the prior year.

EBITDA
$140.0M
YoY+17.9%
5Y CAGR+41.3%

Camtek's EBITDA was $140.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 17.9% from the prior year.

Net Income
$50.7M
YoY-57.2%
5Y CAGR+18.4%

Camtek reported $50.7M in net income in fiscal year 2025. This represents a decrease of 57.2% from the prior year.

EPS (Diluted)
$1.04
YoY-57.0%
5Y CAGR+14.0%

Camtek earned $1.04 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 57.0% from the prior year.

Cash & Balance Sheet

Free Cash Flow
$127.5M
YoY+13.7%
5Y CAGR+40.4%

Camtek generated $127.5M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 13.7% from the prior year.

Cash & Debt
$177.8M
YoY+40.9%
5Y CAGR+10.9%
10Y CAGR+19.2%

Camtek held $177.8M in cash as of fiscal year 2025; long-term debt is not reported for that period.

Shares Outstanding
46M
YoY+0.8%
5Y CAGR+1.1%
10Y CAGR+2.6%

Camtek had 46M shares outstanding in fiscal year 2025. This represents an increase of 0.8% from the prior year.

Dividends Per Share

Not reported for fiscal year 2025.

Margins & Returns

Gross Margin
50.5%
YoY+1.6pp
5Y CAGR+3.5pp
10Y CAGR+4.6pp

Camtek's gross margin was 50.5% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 1.6 percentage points from the prior year.

Operating Margin
25.8%
YoY+0.7pp
5Y CAGR+11.3pp
10Y CAGR+45.4pp

Camtek's operating margin was 25.8% in fiscal year 2025, reflecting core business profitability. This is up 0.7 percentage points from the prior year.

Net Margin
10.2%
YoY-17.4pp
5Y CAGR-3.7pp
10Y CAGR+24.8pp

Camtek's net profit margin was 10.2% in fiscal year 2025, showing the share of revenue converted to profit. This is down 17.4 percentage points from the prior year.

Return on Equity
8.2%
YoY-13.4pp
5Y CAGR-1.4pp
10Y CAGR+23.0pp

Camtek's ROE was 8.2% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 13.4 percentage points from the prior year.

Capital Allocation

R&D Spending
$48.3M
YoY+26.3%
5Y CAGR+19.8%
10Y CAGR+15.5%

Camtek invested $48.3M in research and development in fiscal year 2025. This represents an increase of 26.3% from the prior year.

Capital Expenditures
$14.4M
YoY+42.5%
5Y CAGR+43.0%
10Y CAGR+20.5%

Camtek invested $14.4M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 42.5% from the prior year.

Share Buybacks

Not reported for fiscal year 2025.

CAMT Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

CAMT quarterly income statement
MetricQ4'25Q2'25Q4'24Q2'24Q4'23Q2'23Q4'22Q2'22

Not reported in any period shown, so not listed: Revenue, Cost of Revenue, Gross Profit, R&D Expenses, SG&A Expenses, Operating Income, Interest Expense, Income Tax, Net Income, EPS (Diluted).

CAMT Balance Sheet

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

CAMT quarterly balance sheet
MetricQ4'25Q2'25Q4'24Q2'24Q4'23Q2'23Q4'22Q2'22
Total Assets$1.3B+29.2%$974.7M+9.3%$892.0M+12.0%$796.2M+1.1%$787.7M+11.0%$709.7M+4.8%$677.1M+8.3%$625.2M
Current Assets$897.0M+27.6%$702.9M+13.4%$620.1M+10.6%$560.5M+2.5%$546.8M-6.8%$586.5M+5.3%$557.0M+2.8%$541.7M
Cash & Equivalents$177.8M-7.4%$192.0M+52.1%$126.2M+46.4%$86.2M-28.1%$120.0M-48.5%$232.8M+57.1%$148.2M+164.4%$56.0M
Inventory$112.2M-16.1%$133.7M+20.2%$111.2M+12.1%$99.2M+15.5%$85.9M+40.4%$61.2M-6.6%$65.5M-6.5%$70.1M
Goodwill$74.3M0.0%$74.3M0.0%$74.3M0.0%$74.3M0.0%$74.3MN/A$0N/A
Total Liabilities$642.8M+84.6%$348.3M+1.6%$342.8M+6.9%$320.7M+3.0%$311.5M+10.0%$283.2M-3.3%$293.0M+1.6%$288.4M
Current Liabilities$107.4M-17.3%$130.0M+4.9%$123.9M+15.2%$107.5M+11.2%$96.7M+25.9%$76.8M-13.3%$88.5M+2.6%$86.3M
Total Equity$617.0M-1.5%$626.5M+14.1%$549.2M+15.5%$475.4M-0.2%$476.1M+11.7%$426.4M+11.0%$384.1M+14.1%$336.8M
Retained Earnings$386.5M-4.3%$403.8M+20.3%$335.8M+24.3%$270.1M-2.6%$277.4M+18.3%$234.5M+18.0%$198.7M+27.1%$156.3M

Not reported in any period shown, so not listed: Accounts Receivable, Long-Term Debt.

CAMT Cash Flow Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

CAMT quarterly cash flow statement
MetricQ4'25Q2'25Q4'24Q2'24Q4'23Q2'23Q4'22Q2'22

Not reported in any period shown, so not listed: Operating Cash Flow, Capital Expenditures, Free Cash Flow, Investing Cash Flow, Financing Cash Flow, Dividends Paid, Share Buybacks.

CAMT Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples.

CAMT quarterly financial ratios
MetricQ4'25Q2'25Q4'24Q2'24Q4'23Q2'23Q4'22Q2'22
Current Ratio8.35+2.9x5.41+0.4x5.00-0.2x5.21-0.4x5.66-2.0x7.64+1.3x6.290.0x6.28
Debt-to-Equity1.04+0.5x0.56-0.1x0.62-0.1x0.670.0x0.650.0x0.66-0.1x0.76-0.1x0.86

Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Net Margin, Return on Equity, Return on Assets, FCF Margin.

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Frequently Asked Questions

What is Camtek's annual revenue?

Camtek (CAMT) reported $496.1M in total revenue for fiscal year 2025. This represents a 15.6% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Camtek's revenue growing?

Camtek (CAMT) revenue grew by 15.6% year-over-year, from $429.2M to $496.1M in fiscal year 2025.

Is Camtek profitable?

Yes, Camtek (CAMT) reported a net income of $50.7M in fiscal year 2025, with a net profit margin of 10.2%.

Camtek (CAMT) reported diluted earnings per share of $1.04 for fiscal year 2025. This represents a -57.0% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Camtek (CAMT) had EBITDA of $140.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

Camtek (CAMT) had a gross margin of 50.5% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

Camtek (CAMT) had an operating margin of 25.8% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

Camtek (CAMT) had a net profit margin of 10.2% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Camtek (CAMT) has a return on equity of 8.2% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

Camtek (CAMT) generated $127.5M in free cash flow during fiscal year 2025. This represents a 13.7% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

Camtek (CAMT) generated $141.9M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

Camtek (CAMT) had $1.3B in total assets as of fiscal year 2025, including both current and long-term assets.

Camtek (CAMT) invested $14.4M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Camtek (CAMT) invested $48.3M in research and development during fiscal year 2025.

Camtek (CAMT) had 46M shares outstanding as of fiscal year 2025.

Camtek (CAMT) had a current ratio of 8.35 as of fiscal year 2025, which is generally considered healthy.

Camtek (CAMT) had a debt-to-equity ratio of 1.04 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

Camtek (CAMT) had a return on assets of 4.0% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

Camtek (CAMT) has an Altman Z-Score of 7.82, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

Camtek (CAMT) has a Piotroski F-Score of 5 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Camtek (CAMT) has an earnings quality ratio of 2.80x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Camtek (CAMT) scores 81 out of 100 on our Financial Health Score, indicating strong standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.

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