Start here if you're new
what it is
Camtek sells machines that spot tiny chip-packaging defects before manufacturers turn expensive wafers into scrap.
how it gets paid
Last year Camtek made $429M in revenue. Eagle-AP advanced packaging inspection was the main engine at $193M, or 45% of sales.
growth snapshot
Revenue was roughly flat last year at $429M. The 44% vs. prior year revenue drop mattered most because it reminded you that semiconductor equipment demand can go from hot.
what just happened
The quarter was a mood swing: revenue hit $242M, but that was still down 44% vs. prior year.
At a glance
B+ balance sheet — decent shape, but not bulletproof
55/100 earnings predictability — expect surprises
148.6x trailing p/e — you're paying up for this one
15.9% return on capital — nothing to write home about
$2.42 fy2024 eps est
xvary composite: 57/100 — below average
What they do
Camtek sells machines that spot tiny chip-packaging defects before manufacturers turn expensive wafers into scrap.
Camtek sits where chipmakers hate surprises most: inspection. If your packaging line misses one hidden defect, a whole batch can turn into scrap, so you pay for the tool that catches it first. That shows up in a 50.9% gross margin (gross margin -> money left after building the machine -> customers are paying up) and a 27.9% operating margin (operating margin -> profit after running the business -> this niche has real pricing power).
How they make money
$429M
annual revenue · their business grew +0.0% last year
Eagle-AP advanced packaging inspection
$193M
Eagle-i 2D inspection and metrology
$129M
Golden Eagle panel inspection
$64M
Automatic defect classification software
$43M
The products that matter
inspection and metrology systems
Eagle Platform
$496.1M · current revenue base
It generated $496.1M in 2025 revenue. Right now, this is the business paying the bills and supporting the valuation debate.
current engine
advanced packaging inspection
Hawk Platform
50% revenue target · 2026
Management expects it to contribute at least 50% of revenue in 2026. You are underwriting a mix shift before it shows up cleanly in the income statement.
the bet
customer demand cushion
Order Backlog
$45M · about 9% of revenue
A $45M backlog is real demand, but it is not a giant safety net against a pause in semiconductor equipment spending.
limited cushion
Key numbers
148.6x
trailing p/e
P/E -> price divided by earnings -> you are paying almost 149 years of last year's profit for one share.
27.9%
operating margin
Operating margin -> profit after running the business -> Camtek keeps about 28 cents from every sales dollar before interest and taxes.
15.9%
return on capital
Return on capital -> profit generated from the money tied up in the business -> decent economics, but not rich enough to make 148.6x earnings look cheap.
$198M
long-term debt
Long-term debt -> money owed over many years -> the balance sheet is not the main problem when debt is just 3% of capital.
Financial health
B+
strength
- balance sheet grade B+ — solid but not elite
- risk rank 3 — safer than 50% of stocks
- price stability 15 / 100
- long-term debt $198M (3% of capital)
B+ — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for CAMT right now.
source: institutional data · return history unavailable
What just happened
missed estimates
The quarter was a mood swing: revenue hit $242M, but that was still down 44% vs. prior year.
EPS came in at $1.39, down 43% vs. prior year, while gross margin held at 50.9%. Translation: the business stayed profitable, but customer demand did not stay smooth.
$242M
revenue
$1.39
eps
50.9%
gross margin
the number that mattered
The 44% vs. prior year revenue drop mattered most because it reminded you that semiconductor equipment demand can go from hot to cold very fast.
source: company earnings report, 2026
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What could go wrong
the #1 risk is the Hawk ramp falling short of management's 50% revenue target for 2026.
med
Hawk does not scale fast enough
Management says Hawk could reach at least 50% of revenue in 2026. The stock is already leaning on that outcome.
If Hawk stays a smaller contributor, the growth narrative weakens and the premium multiple loses its excuse.
med
Multiple compression
CAMT trades at 148.6x earnings against a sector median near 16x. That gap leaves very little room for a merely decent quarter.
Even if revenue keeps growing, a lower multiple can still do the damage. Welcome to expensive-stock math.
med
Semiconductor equipment demand cools
A $45M backlog is helpful, but it is only about 9% of last year's revenue. That is not enough to fully blunt a capex pause.
This business sells critical tools, not recession insurance. If customer spending slips, revenue can feel it fast.
A miss on Hawk adoption or a simple re-rating toward sector norms would directly pressure a stock already priced for acceleration, while the current published sales-growth estimate sits at just 0.86%.
source: institutional data · regulatory filings · risk analysis
Pay attention to
the thesis
Hawk's path to 50% of revenue
Management set the bar at at least 50% of revenue in 2026. That is the cleanest tell on whether the current multiple is visionary or just early.
valuation
whether growth starts to catch the 148.6x p/e
Analysts still model just 0.86% sales growth. If estimates do not move up, the stock is depending on hope more than revisions.
calendar
next few quarters for proof, not promises
CAMT called 2026 a double-digit growth year. You want to see that show up in revenue cadence, not just slide-deck ambition.
street view
more valuation-driven downgrades
The Feb. 28, 2026 Sell call was a reminder that this stock can disappoint even when the business looks healthy. At triple-digit earnings multiples, sentiment matters.
Analyst rankings
earnings predictability
55 / 100
A mid-pack score. In human-speak, analysts do not view this as a clean, easy-to-model story.
risk rank
3
Risk rank 3 means the balance sheet is acceptable, but the stock is not built for people who hate volatility.
source: institutional data
Institutional activity
institutional ownership data for CAMT is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$143
current price
n/a
target midpoint · n/a from current
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