CAMTEK LTD financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data CAMTEK LTD files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	95.7	93.5	123	134	156	270	321	315	429	496
Cost of revenue	46.7	48	62.4	69.2	82.6	132	161	168	219	246
Gross profit	32.5	45.5	60.8	64.8	73.2	137	160	148	210	250
Research and development	12.6	13.5	14.6	16.3	19.6	23.5	28.9	31.5	38.3	48.3
Selling, general and administrative	21.9	22	26.2	26.5	31	43	49.5	50.8	63.6	73.8
General and administrative	8.75	7.93	6.95	7.19	8.06	9.36	11.3	13.9	15.5	17.5
Operating expenses	30.5	48.6	40.8	42.8	50.6	66.4	78.4	82.2	102	122
Operating income	2.02	-3.04	20	22	22.6	70.9	81.5	65.4	108	128
Interest expense	0.25	0.01
Other non-operating income	-0.48	-0.21	0.13	-0.61	-0.51	-0.27	-0.86	-0.74	-0.58	-2.32
Pre-tax income	1.17	-3.19	20.8	22.8	23.4	71.9	88.2	87.6	131	52.3
Income tax	0.3	-4.88	2.03	1.95	1.62	11.7	8.24	9	12.7	1.61
Income from continuing operations	0.87	1.69	18.7	20.8	21.8	60.3
Net income	4.73	14	18.7	22	21.8	60.3	79.9	78.6	119	50.7
EBITDA	3.98	-0.92	22	24.1	24.9	73.7	85.6	71.2	119	140
EPS, basic	0.13	0.40	0.52	0.58	0.55	1.38	1.81	1.76	2.62	1.11
EPS, diluted	0.13	0.39	0.51	0.57	0.54	1.34	1.68	1.63	2.42	1.04
Shares, basic (weighted)	35.3	35.4	36.2	0.04	0.04	0.04	0.04	0.04	0.05	0.05
Shares, diluted (weighted)	35.4	36	36.7	0.04	0.04	0.05	0.05	0.05	0.05	0.05

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	19.7	43.7	54.9	38	106	242	148	120	126	178
Short-term investments							0	18.8	30.8	78.9
Receivables	22.1	23.2	31.6	31.4	41	57.8	80.6	87.3	99.5	90.8
Inventory	16.6	21.3	30.1	23.8	39.7	58.8	65.5	85.9	111	112
Other current assets	2.16	3.22	2.61	2.91	3.37	5.65	11.2	19.5	21.3	25.8
Total current assets	85.6	91.4	119	148	262	520	557	547	620	897
Property, plant and equipment	13.7	15.5	17.1	18.5	20.4	25.4	33.1	42	54.2	65.1
Lease right-of-use assets			2.05	1.59	1.42	2.93	3.7
Goodwill							0	74.3	74.3	74.3
Intangible assets	0.52	0.48	0.48	0.49	0.61	0.61	0.6	16.9	13.4	10.1
Long-term investments							0	73.6	87.1	183
Other non-current assets	0.15	0.15	0.23	0.11	0.09	0.19	1.02	1.37	2	1.88
Total assets	106	113	142	170	288	584	677	788	892	1,260
Accounts payable	10.3	10.5	15.5	11.3	27.2	33.6	31.7	42.2	46.6	33.7
Deferred revenue	1.42	1.04	1.3	2	6.16
Total current liabilities	31.5	27.9	38.7	31.6	57.4	89.7	88.5	96.7	124	107
Lease liabilities				0.78	0.68	1.91	2.4	2.63	2.21	3.86
Other non-current liabilities		0.84	1.42	2.46	3.26	5.8	8.75	10.5	15.4	14.3
Total liabilities	32.2	28.7	40.1	34.1	60.6	290	293	312	343	643
Paid-in capital	76.5	78.4	81.9	101	170	177	187	200	215	232
Retained earnings	-1.35	7.61	21.3	36.7	58.5	119	199	277	336	387
Treasury stock	-1.9	-1.9	-1.9	-1.9	-1.9	-1.9	-1.9	-1.9	-1.9	-1.9
Other comprehensive income							0	0.13	0.2	0.29
Shareholders' equity	73.4	84.3	101	136	227	294	384	476	549	617
Total equity	73.4	84.3	101	136	227	294	384	476	549	617
Total liabilities and equity	106	113	142	170	288	584	677	788	892	1,260
Shares outstanding	35.3	35.8	36.4	38.6	43.3	43.8	44.4	44.9	45.4	45.8

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	4.73	14	18.7	22	21.8	60.3	79.9	78.6	119	50.7
Depreciation and amortization	1.96	2.12	1.97	2.13	2.23	2.81	4.09	5.78	10.7	11.8
Stock-based compensation	0.43	0.63	1.68	2.89	4.24	5.82	10.5	12.6	14.5	16.9
Deferred income tax	-0.1	0.01	1.7	1.53	0.48	0.26	-0.78	-1.25	-1.75	-15.3
Change in receivables	-7.37	-0.48	-8.46	0.16	-9.7	-17.3	-22	-1.89	-12.2	7.6
Change in inventory	1.73	-5.32	-10.8	4.8	-19.3	-21.7	-9.52	-13.7	-32.2	-8.29
Cash from operations	-17.3	1.64	16.8	24.6	25.8	61	57.8	79.3	122	142
Capital expenditures	-1.29	-3.14	-2.24	-1.26	-2.41	-4.07	-8.2	-8.1	-10.1	-14.4
Purchases of investments						0	0	-104	-45.8	-215
Sales and maturities of investments							0	11.9	19.7	74.1
Cash from investing	6.24	26.6	-2.26	-51.6	-23.1	-120	-151	-107	-55.9	-310
Stock issued		1.34	1.76	16	64.3	0	0	0.18	0.04	0
Dividends paid		-5	-5.06	-6.55	0	0	0	0	-60	0
Cash from financing	-0	-3.66	-3.31	10	64.9	195	0	0.18	-60	219
Exchange rate effect	0.02	-0.6	-0.04	0.07	0.23	0.55
Net change in cash	-11.1	24	11.2	-16.9	67.8	136	-93.8	-28.2	6.26	51.6
Free cash flow	-18.6	-1.5	14.5	23.4	23.3	56.9	49.6	71.2	112	127
Interest paid		0.02
Income taxes paid	0.63	1.38	0.53	0.67	0.55	0.56	11.8	13.8	10.5	14.5

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $147.05 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	50.5%	Gross profit / revenue.
Operating margin	25.8%	Operating income / revenue.
EBITDA margin	28.2%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	10.5%	Pre-tax income / revenue.
Net margin	10.2%	Net income / revenue.
FCF margin	25.7%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	28.6%	Cash from operations / revenue.
Effective tax rate	3.1%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	8.7%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	4.7%	Net income / average total assets.
Return on invested capital (ROIC)	28.8%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	9.7%	Research and development expense / revenue.
SG&A / revenue	14.9%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	3.4%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	2.9%	Capital expenditures / revenue.
D&A / revenue	2.4%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	15.6%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	15.6%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	26.1%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	19.2%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	16.1%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	27.9%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	18.6%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	16.3%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	41.5%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	17.9%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	17.8%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	41.3%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-57.2%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-14.1%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	18.4%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-57.0%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-14.8%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	14.0%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	16.1%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	34.9%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	40.7%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	13.7%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	37.0%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	40.4%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	12.3%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	17.1%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	22.1%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	41.2%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	23.0%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	34.3%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	1.2%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	1.2%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	4.4%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	8.35x	Current assets / current liabilities.
Quick ratio	3.24x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	2.39x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	51.0%	Total liabilities / total assets.
Working capital	$789.6M	Current assets - current liabilities.
Goodwill and intangibles / assets	6.7%	(Goodwill + intangible assets) / total assets.
Tangible book value	$532.6M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.46x	Revenue / average total assets.
Fixed asset turnover	8.32x	Revenue / average property, plant and equipment.
Inventory turnover	2.20x	Cost of revenue / average inventory.
Days inventory	166 days	365 x average inventory / cost of revenue.
Receivables turnover	5.21x	Revenue / average receivables.
Days sales outstanding	70 days	365 x average receivables / revenue.
Days payables	60 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	176 days	Days inventory + days sales outstanding - days payables.
FCF conversion	251.3%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	10.1%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$1.04	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	$1.11	Net income per basic share, as reported (split-adjusted).
Revenue per share	$9,927.00	Revenue / diluted weighted shares.
FCF per share	$2,551.00	Free cash flow / diluted weighted shares.
Operating cash flow per share	$2,839.00	Cash from operations / diluted weighted shares.
Book value per share	$13.46	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$11.62	Tangible book value / shares outstanding.
Cash per share	$5.60	(Cash + short-term investments) / shares outstanding.
Payout ratio	0.0%	Dividends paid / net income, when net income is positive.
Dividends / FCF	0.0%	Dividends paid / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$6.84B	Share price x shares outstanding.
Enterprise value	$6.59B	Market cap + total debt - cash - short-term investments.
P/E	135x	Market cap / net income. Only when net income is positive.
P/S	13.8x	Market cap / revenue.
P/B	11.1x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	12.9x	Market cap / tangible book value, when positive.
P/FCF	53.7x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	48.2x	Market cap / cash from operations, when positive.
EV/Sales	13.3x	Enterprise value / revenue.
EV/EBIT	51.4x	Enterprise value / operating income, when both are positive.
EV/EBITDA	47.1x	Enterprise value / EBITDA, when both are positive.
EV/FCF	51.7x	Enterprise value / free cash flow, when both are positive.
FCF yield	1.9%	Free cash flow / market cap.
Earnings yield	0.7%	Net income / market cap (the inverse of P/E).
Dividend yield	0.0%	Dividends paid over the period / market cap.
Shareholder yield	0.0%	(Dividends paid + share buybacks) / market cap.

What was CAMTEK LTD's revenue in fiscal 2025?

CAMTEK LTD reported revenue of $496.1M for fiscal 2025, 15.6% higher than the year before.

Was CAMTEK LTD profitable in fiscal 2025?

Yes. Net income was $50.7M, a net margin of 10.2%.

How much free cash flow did CAMTEK LTD generate in fiscal 2025?

Cash from operations of $141.9M minus capital expenditures of $14.4M left free cash flow of $127.5M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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