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Semiconductor equipment & materials · Technology · Fiscal year ends Dec 31
Camtek reported revenue of $496M in the fiscal year ended Dec 2025, up 15.6% from the year before. Operating income was $128M, an operating margin of 25.8%, and net income was $51M. Operating cash flow of $142M less capital expenditure of $14M left free cash flow of $127M.
Ranks among the 16 semiconductor equipment & materials companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 270 | 321 | 315 | 429 | 496 |
| Cost of revenue | 132 | 161 | 168 | 219 | 246 |
| Gross profit | 137 | 160 | 148 | 210 | 250 |
| Research & development | 23.5 | 28.9 | 31.5 | 38.3 | 48.3 |
| Selling, general & admin | 43.0 | 49.5 | 50.8 | 63.6 | 73.8 |
| Operating income | 70.9 | 81.5 | 65.4 | 108 | 128 |
| Pre-tax income | 71.9 | 88.2 | 87.6 | 131 | 52.3 |
| Income tax | 11.7 | 8.2 | 9.0 | 12.7 | 1.6 |
| Net income | 60.3 | 79.9 | 78.6 | 119 | 50.7 |
| Diluted EPS | 1.34 | 1.68 | 1.63 | 2.42 | 1.04 |
| Diluted shares | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 242 | 148 | 120 | 126 | 178 |
| Receivables | 57.8 | 80.6 | 87.3 | 99.5 | 90.8 |
| Inventory | 58.8 | 65.5 | 85.9 | 111 | 112 |
| Current assets | 520 | 557 | 547 | 620 | 897 |
| Net PP&E | 25.4 | 33.1 | 42.0 | 54.2 | 65.1 |
| Goodwill | – | 0.0 | 74.3 | 74.3 | 74.3 |
| Total assets | 584 | 677 | 788 | 892 | 1,260 |
| Payables | 33.6 | 31.7 | 42.2 | 46.6 | 33.7 |
| Deferred revenue | 6.9 | 9.6 | 14.0 | 22.4 | 18.4 |
| Current liabilities | 89.7 | 88.5 | 96.7 | 124 | 107 |
| Total liabilities | 290 | 293 | 312 | 343 | 643 |
| Shareholders' equity | 294 | 384 | 476 | 549 | 617 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 61.0 | 57.8 | 79.3 | 122 | 142 |
| Capital expenditure | 4.1 | 8.2 | 8.1 | 10.1 | 14.4 |
| Free cash flow | 56.9 | 49.6 | 71.2 | 112 | 127 |
| Depreciation & amortisation | 2.8 | 4.1 | 5.8 | 10.7 | 11.8 |
| Stock-based compensation | 5.8 | 10.5 | 12.6 | 14.5 | 16.9 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 19.0% | −1.7% | 36.1% | 15.6% |
| Operating income growth (YoY) | – | 15.0% | −19.7% | 65.2% | 18.6% |
| EPS growth (YoY) | – | 25.4% | −3.0% | 48.5% | −57.0% |
| Gross margin | 50.9% | 49.8% | 46.8% | 48.9% | 50.5% |
| Operating margin | 26.3% | 25.4% | 20.7% | 25.2% | 25.8% |
| Net margin | 22.4% | 24.9% | 24.9% | 27.6% | 10.2% |
| Return on equityBlank when equity is negative | 20.5% | 20.8% | 16.5% | 21.6% | 8.2% |
| ROCEEBIT ÷ (assets − current liabilities) | 14.3% | 13.8% | 9.5% | 14.1% | 11.1% |
| Free cash flow margin | 21.1% | 15.5% | 22.6% | 26.1% | 25.7% |
| Cash conversion (CFO ÷ net income) | 1.01x | 0.72x | 1.01x | 1.03x | 2.80x |
| Receivable days | 78 | 92 | 101 | 85 | 67 |
| Inventory days | 162 | 149 | 187 | 185 | 167 |
| Payable days | 93 | 72 | 92 | 78 | 50 |
| Current ratio | 5.80x | 6.29x | 5.66x | 5.00x | 8.35x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.