Revenue growth remains robust at 20.2% year-over-year, while gross margins have expanded significantly from 44.9% in 2023Q4 to 50.8% in 2025Q2 due to specialized product pricing.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 |
|---|
| Sales/Revenue | 471.59M | 496.07M | 429.23M | 315.38M | 320.91M | 269.66M | 155.86M | 134.02M | 123.17M | 93.48M | 109.52M | 99.28M | 88.31M | 85.41M | 84.55M | 107.03M | 87.78M | 53.52M | 75.46M | 70.97M | 100.06M | 63.03M | 67.42M | 31.14M | 22.59M | 44.07M | 53.13M | 23.89M |
| Revenue Growth % | 27.88% | 15.57% | 36.1% | -1.72% | 19.01% | 73.01% | 16.3% | 8.8% | 31.76% | -14.64% | 10.32% | 12.41% | 3.4% | 1.01% | -21% | 21.93% | 64.01% | -29.08% | 6.33% | -29.07% | 58.74% | -6.51% | 116.5% | 37.83% | -48.73% | -17.05% | 122.35% | - |
| Cost of Goods Sold | 234.43M | 245.75M | 219.28M | 167.74M | 161.05M | 132.31M | 82.63M | 69.23M | 62.38M | 47.97M | 60.64M | 56.15M | 47.29M | 51M | 47.48M | 59.59M | 49.36M | 36.04M | 47.62M | 41.94M | 48.44M | 32.78M | 31.36M | 16.82M | 15.45M | 21.65M | 23.63M | 11.69M |
| COGS % of Revenue | - | 49.54% | 51.09% | 53.19% | 50.19% | 49.07% | 53.01% | 51.66% | 50.64% | 51.31% | 55.37% | 56.56% | 53.55% | 59.72% | 56.16% | 55.68% | 56.23% | 67.34% | 63.1% | 59.1% | 48.42% | 52.01% | 46.52% | 54.03% | 68.37% | 49.13% | 44.49% | 48.91% |
| Gross Profit | 237.16M | 250.32M | 209.95M | 147.63M | 159.86M | 137.34M | 73.23M | 64.78M | 60.8M | 45.52M | 48.88M | 43.13M | 41.02M | 34.4M | 37.06M | 47.44M | 38.42M | 17.48M | 27.85M | 29.03M | 51.61M | 30.25M | 36.06M | 14.32M | 7.15M | 22.42M | 29.49M | 12.21M |
| Gross Margin % | 50.29% | 50.46% | 48.91% | 46.81% | 49.81% | 50.93% | 46.99% | 48.34% | 49.36% | 48.69% | 44.63% | 43.44% | 46.45% | 40.28% | 43.84% | 44.32% | 43.77% | 32.66% | 36.9% | 40.9% | 51.58% | 47.99% | 53.48% | 45.97% | 31.63% | 50.87% | 55.51% | 51.09% |
| Gross Profit Growth % | - | 19.23% | 42.21% | -7.65% | 16.39% | 87.55% | 13.04% | 6.56% | 33.56% | -6.89% | 13.35% | 5.14% | 19.23% | -7.18% | -21.87% | 23.48% | 119.76% | -37.22% | -4.07% | -43.76% | 70.62% | -16.1% | 151.85% | 100.32% | -68.12% | -23.99% | 141.59% | - |
| Operating Expenses | 111.54M | 122.11M | 101.88M | 82.22M | 78.36M | 66.45M | 50.61M | 42.81M | 40.76M | 48.56M | 41.4M | 38.45M | 35.82M | 36.73M | 34.05M | 38.42M | 33.57M | 27.99M | 37.63M | 36.23M | 39.68M | 27.23M | 24.4M | 15.9M | 18.25M | 26.83M | 17.26M | 10.72M |
| OpEx % of Revenue | - | 24.62% | 23.74% | 26.07% | 24.42% | 24.64% | 32.47% | 31.94% | 33.09% | 51.94% | 37.8% | 38.73% | 40.56% | 43.01% | 40.28% | 35.9% | 38.24% | 52.29% | 49.87% | 51.05% | 39.66% | 43.2% | 36.2% | 51.05% | 80.78% | 60.88% | 32.49% | 44.87% |
| Selling, General & Admin | 69.57M | 73.77M | 63.59M | 50.75M | 49.5M | 42.97M | 31.03M | 26.48M | 26.18M | 22.02M | 25.5M | 23.59M | 21.42M | 22.36M | 21.14M | 24.34M | 20.66M | 17.67M | 24.83M | 24.12M | 27.85M | 18.76M | 15.95M | 10.04M | 11.06M | 14.18M | 12.31M | 7.83M |
| SG&A % of Revenue | - | 14.87% | 14.82% | 16.09% | 15.42% | 15.94% | 19.91% | 19.76% | 21.26% | 23.56% | 23.28% | 23.76% | 24.25% | 26.18% | 25% | 22.74% | 23.54% | 33.01% | 32.91% | 33.99% | 27.83% | 29.76% | 23.66% | 32.24% | 48.94% | 32.17% | 23.17% | 32.76% |
| Research & Development | 41.98M | 48.34M | 38.29M | 31.47M | 28.86M | 23.47M | 19.57M | 16.33M | 14.58M | 13.53M | 15.9M | 14.86M | 14.41M | 14.37M | 12.92M | 14.08M | 12.91M | 10.32M | 12.8M | 12.11M | 11.83M | 8.47M | 7.33M | 5.86M | 7.19M | 12.65M | 4.95M | 2.42M |
| R&D % of Revenue | - | 9.75% | 8.92% | 9.98% | 8.99% | 8.7% | 12.56% | 12.19% | 11.84% | 14.48% | 14.51% | 14.97% | 16.31% | 16.83% | 15.28% | 13.15% | 14.7% | 19.28% | 16.96% | 17.07% | 11.82% | 13.44% | 10.87% | 18.8% | 31.84% | 28.71% | 9.32% | 10.12% |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 13M | 0 | 0 | 60K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.12M | 0 | 0 | 0 | 0 | 474K |
| Operating Income | 125.62M | 128.2M | 108.07M | 65.41M | 81.5M | 70.9M | 22.62M | 21.97M | 20.03M | -3.04M | 6.62M | -10.06M | 5.14M | 1.14M | -95K | 9.02M | 4.85M | -10.5M | -9.79M | -7.2M | 11.93M | 3.02M | 11.65M | -1.58M | -11.1M | -4.96M | 11.71M | 1.49M |
| Operating Margin % | 26.64% | 25.84% | 25.18% | 20.74% | 25.4% | 26.29% | 14.52% | 16.39% | 16.26% | -3.25% | 6.04% | -10.13% | 5.82% | 1.33% | -0.11% | 8.43% | 5.53% | -19.63% | -12.97% | -10.15% | 11.93% | 4.79% | 17.29% | -5.07% | -49.15% | -11.25% | 22.04% | 6.22% |
| Operating Income Growth % | - | 18.63% | 65.21% | -19.74% | 14.95% | 213.38% | 2.97% | 9.68% | 759.63% | -145.9% | 165.77% | -295.85% | 352.11% | 1295.79% | -101.05% | 85.98% | 146.18% | -7.33% | -35.91% | -160.35% | 294.84% | -74.07% | 838.13% | 85.78% | -123.92% | -142.36% | 687.36% | - |
| EBITDA | 166.63M | 139.98M | 118.73M | 71.2M | 85.59M | 73.71M | 24.86M | 24.11M | 22M | -915K | 8.58M | -8M | 7.31M | 3.72M | 2.03M | 11.39M | 7.11M | -8.36M | -7.84M | -5.89M | 13.49M | 3.81M | 12.53M | -695K | -10.21M | -4.11M | 12.23M | 1.96M |
| EBITDA Margin % | 35.33% | 28.22% | 27.66% | 22.57% | 26.67% | 27.33% | 15.95% | 17.99% | 17.86% | -0.98% | 7.83% | -8.06% | 8.27% | 4.36% | 2.4% | 10.64% | 8.1% | -15.63% | -10.39% | -8.3% | 13.48% | 6.04% | 18.59% | -2.23% | -45.21% | -9.33% | 23.02% | 8.21% |
| EBITDA Growth % | 48.29% | 17.89% | 66.77% | -16.82% | 16.12% | 196.52% | 3.12% | 9.58% | 2504.26% | -110.67% | 207.23% | -209.47% | 96.27% | 83.4% | -82.17% | 60.1% | 185.04% | -6.71% | -32.98% | -143.69% | 254.4% | -69.62% | 1902.88% | 93.2% | -148.33% | -133.63% | 523.66% | - |
| D&A (Non-Cash Add-back) | 0 | 11.78M | 10.67M | 5.78M | 4.09M | 2.81M | 2.23M | 2.13M | 1.97M | 2.12M | 1.96M | 2.06M | 2.17M | 2.59M | 2.13M | 2.37M | 2.26M | 2.14M | 1.95M | 1.31M | 1.56M | 785K | 875K | 884K | 890K | 846K | 522K | 474K |
| EBIT | 166.63M | 52.34M | 132.33M | 88.72M | 89.28M | 72.36M | 23.55M | 21.97M | 20.03M | -3.17M | 2.89M | -11.47M | 3.92M | -421K | 376K | 6.69M | 3.48M | -11.3M | -8.51M | -7.01M | 12.07M | 3.11M | 11.65M | -1.58M | -11.1M | -4.41M | 12.23M | 1.49M |
| Net Interest Income | 22.88M | 25.06M | 23.75M | 22.3M | 7.55M | 972K | 1.13M | 801K | 594K | 64K | -847K | -1.31M | -1.22M | -188K | 125K | -2.9M | -1.48M | -143K | -96K | -9K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 22.92M | 25.06M | 24.84M | 24.05M | 8.65M | 1.41M | 1.28M | 801K | 594K | 77K | 74K | 88K | 0 | 90K | 125K | 32K | 14K | 17K | 181K | 311K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 37K | 0 | 1.09M | 1.75M | 1.09M | 436K | 155K | 0 | 0 | 13K | 994K | 1.88M | 1.22M | 278K | 0 | 100K | 112K | 160K | 277K | 320K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 22.92M | -75.87M | 23.17M | 22.22M | 6.69M | 1.03M | 775K | 801K | 728K | -150K | -847K | 1.64M | -1.22M | -1.74M | 233K | -2.9M | -1.48M | -952K | 1M | -128K | -288K | -320K | -359K | 235K | 331K | 1.4M | 31K | 0 |
| Pretax Income | 148.54M | 52.34M | 131.24M | 87.63M | 88.19M | 71.93M | 23.4M | 22.77M | 20.76M | -3.19M | 5.62M | -11.94M | 3.92M | -602K | 486K | 6.12M | 3.37M | -11.46M | -8.79M | -7.33M | 11.64M | 2.7M | 11.3M | -1.34M | -10.77M | -3.56M | 11.74M | 0 |
| Pretax Margin % | 31.5% | 10.55% | 30.57% | 27.79% | 27.48% | 26.67% | 15.01% | 16.99% | 16.86% | -3.41% | 5.13% | -12.02% | 4.43% | -0.7% | 0.57% | 5.72% | 3.84% | -21.4% | -11.64% | -10.33% | 11.64% | 4.29% | 16.75% | -4.32% | -47.68% | -8.08% | 22.1% | - |
| Income Tax | 14.78M | 1.61M | 12.72M | 9M | 8.24M | 11.65M | 1.62M | 1.95M | 2.03M | -4.88M | 888K | -1.82M | 579K | -609K | 483K | 744K | 557K | 386K | 770K | 362K | 41K | 0 | 499K | 225K | 519K | 152K | 848K | 862K |
| Effective Tax Rate % | 9.95% | 3.08% | 9.69% | 10.27% | 9.34% | 16.2% | 6.93% | 8.56% | 9.78% | 152.97% | 15.8% | 15.27% | 14.79% | 101.16% | 99.38% | 12.15% | 16.51% | -3.37% | -8.76% | -4.94% | 0.35% | 0% | 4.42% | -16.74% | -4.82% | -4.27% | 7.22% | - |
| Net Income | 133.76M | 50.72M | 118.52M | 78.63M | 79.95M | 60.28M | 21.78M | 21.99M | 18.73M | 13.96M | 4.73M | -10.11M | 3.34M | 7K | 3K | 5.38M | 2.82M | -11.84M | -9.56M | -7.69M | 11.6M | 2.7M | 10.8M | -1.57M | -11.29M | -3.71M | 10.89M | 625K |
| Net Margin % | 28.36% | 10.22% | 27.61% | 24.93% | 24.91% | 22.35% | 13.97% | 16.41% | 15.21% | 14.94% | 4.32% | -10.19% | 3.78% | 0.01% | 0% | 5.02% | 3.21% | -22.13% | -12.66% | -10.84% | 11.6% | 4.29% | 16.01% | -5.04% | -49.98% | -8.42% | 20.5% | 2.62% |
| Net Income Growth % | 39.9% | -57.2% | 50.72% | -1.65% | 32.64% | 176.78% | -0.95% | 17.38% | 34.16% | 194.93% | 146.81% | -403.06% | 47571.43% | 133.33% | -99.94% | 90.98% | 123.78% | -23.91% | -24.26% | -166.28% | 329.42% | -74.97% | 788.15% | 86.11% | -204.28% | -134.07% | 1642.56% | - |
| Net Income (Continuing) | 133.76M | 50.72M | 118.52M | 78.63M | 79.95M | 60.28M | 21.78M | 20.82M | 18.73M | 1.69M | 869K | -12.82M | 3.34M | 7K | 3K | 5.38M | 2.82M | -11.84M | -9.56M | -7.69M | 11.6M | 2.7M | 10.8M | -1.57M | -11.29M | -3.71M | 10.89M | 625K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.16M | 0 | 12.27M | 3.87M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 2.71 | 1.04 | 2.42 | 1.61 | 1.66 | 1.34 | 0.54 | 0.54 | 0.51 | 0.39 | 0.13 | -0.30 | 0.11 | 0.00 | 0.00 | 0.18 | 0.09 | -0.41 | -0.32 | -0.26 | 0.39 | 0.10 | 0.39 | -0.06 | -0.47 | -0.17 | 0.57 | 0.04 |
| EPS Growth % | 39.49% | -57.02% | 50.31% | -3.01% | 23.88% | 148.15% | 0% | 5.88% | 30.77% | 200% | 143.33% | -372.73% | - | - | -99.94% | 100% | 121.95% | -28.13% | -23.08% | -166.67% | 290% | -74.36% | 772.41% | 87.66% | -176.47% | -129.82% | 1325% | - |
| EPS (Basic) | - | 1.11 | 2.62 | 1.76 | 1.81 | 1.38 | 0.55 | 0.55 | 0.52 | 0.40 | 0.13 | -0.30 | 0.11 | 0.00 | 0.00 | 0.18 | 0.10 | -0.41 | -0.32 | -0.26 | 0.40 | 0.10 | 0.40 | -0.06 | -0.47 | -0.17 | 0.58 | 0.04 |
| Diluted Shares Outstanding | 49.33M | 49.97M | 49.37M | 48.86M | 48.23M | 45.03M | 40.37M | 38.43M | 36.75M | 35.96M | 35.38M | 33.35M | 30.55M | 30.09M | 30.01M | 30.01M | 30.36M | 29.22M | 29.92M | 30.14M | 29.55M | 27.59M | 27.8M | 27.05M | 24.17M | 22.04M | 19.2M | 16.42M |
| Basic Shares Outstanding | 45.68M | 45.7M | 45.28M | 44.73M | 44.16M | 43.64M | 39.38M | 37.63M | 36.19M | 35.44M | 35.35M | 33.35M | 30.46M | 30.04M | 29.85M | 29.6M | 29.26M | 29.22M | 29.92M | 30.14M | 29.18M | 27.25M | 27.11M | 27.05M | 24.17M | 22.04M | 18.69M | 15.23M |
| Dividend Payout Ratio | - | - | 50.66% | - | - | - | - | 29.8% | 27.03% | 35.82% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Geopolitical and Concentration Exposure
According to the latest quarterly financial statements, Camtek has maintained a robust growth trajectory, with revenue reaching $123.3 million in 2025Q2, representing a 20.2% year-over-year increase, as the company continues to benefit from the structural demand for advanced packaging and high-bandwidth memory inspection solutions.
The consistent top-line expansion suggests that Camtek is successfully capturing increased inspection intensity requirements within the AI supply chain. Investors should monitor whether this growth remains durable as the company faces tougher year-over-year comparisons following the rapid adoption of HBM3e architectures.
As reported in recent filings, Camtek has successfully expanded its gross margin to 50.8% in 2025Q2, a notable improvement from the 44.9% level observed in 2023Q4, reflecting the company's ability to command premium pricing for its specialized 3D inspection platforms in a competitive semiconductor equipment landscape.
This margin profile appears to validate the company's strategic focus on high-value metrology over commoditized back-end testing. The ability to maintain these levels suggests strong pricing power, though potential competitive entry into the advanced packaging niche warrants continued vigilance regarding future margin stability.
Based on the provided income statement data, Camtek has demonstrated significant operating leverage, with operating income scaling to $32.0 million in 2025Q2, as the company effectively manages its SG&A and R&D expenses relative to the rapid growth in its gross profit contribution.
The company's ability to grow operating income faster than revenue during recent periods indicates a disciplined cost structure that is not overly burdened by fixed overhead. This operational efficiency suggests that incremental revenue gains may continue to flow disproportionately to the bottom line, provided R&D spending remains aligned with product cycles.
Analysis of the reported figures indicates that Camtek's net income growth remains high-quality, with net margins consistently hovering near 27-29% in recent quarters, even after accounting for stock-based compensation expenses which totaled $4.6 million in the most recent period, suggesting limited dilution impact on shareholders.
The alignment between operating income and net income suggests an absence of significant non-operating distortions or tax anomalies. Investors should continue to evaluate the impact of stock-based compensation as a percentage of revenue to ensure that management's incentive structures remain appropriately balanced with long-term profitability goals.
Quick answers to the most common questions about buying CAMT stock.
For fiscal year 2025, Camtek Ltd. (CAMT) reported total revenue of $496.1M. This represents a 1976.3% increase compared to $23.9M in 1999.
Camtek Ltd. (CAMT) is profitable, generating $50.7M in net income for the fiscal year ending 2025 with a net profit margin of 10.2%.
Camtek Ltd. (CAMT) reported an operating income of $128.2M, resulting in an operating profit margin of 25.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Camtek Ltd. (CAMT) generated $250.3M in gross profit for the year, representing a gross profit margin of 50.5%. This demonstrates the company's core pricing power and production efficiency.