Camtek (CAMT) financial statements
Camtek reported revenue of $496M in fiscal 2025, up 22.6% a year over 9 years.
Net income was $51M and the operating margin 25.8%, against 2.5% in 2016.
Free cash flow was $127M.
The diluted share count rose 41% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Camtek's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $79M | $93M | $123M | $134M | $156M | $270M | $321M | $315M | $429M | $496M |
| Cost of revenue | $47M | $48M | $62M | $69M | $83M | $132M | $161M | $168M | $219M | $246M |
| Gross profit | $32M | $46M | $61M | $65M | $73M | $137M | $160M | $148M | $210M | $250M |
| Research and development | $13M | $14M | $15M | $16M | $20M | $23M | $29M | $31M | $38M | $48M |
| Selling, general and admin | $22M | $22M | $26M | $26M | $31M | $43M | $49M | $51M | $64M | $74M |
| Operating income | $2M | -$3M | $20M | $22M | $23M | $71M | $81M | $65M | $108M | $128M |
| Interest expense | $246,000 | $13,000 | — | — | — | — | — | — | — | — |
| Pre-tax income | $1M | -$3M | $21M | $23M | $23M | $72M | $88M | $88M | $131M | $52M |
| Income tax | $303,000 | -$5M | $2M | $2M | $2M | $12M | $8M | $9M | $13M | $2M |
| Net income | $5M | $14M | $19M | $22M | $22M | $60M | $80M | $79M | $119M | $51M |
| EPS (diluted) | $0.13 | $0.39 | $0.51 | $0.57 | $0.54 | $1.34 | $1.68 | $1.63 | $2.42 | $1.04 |
| Diluted shares | 35M | 36M | 37M | 38M | 40M | 45M | 48M | 49M | 49M | 50M |
| Gross margin | 41.0% | 48.7% | 49.4% | 48.3% | 47.0% | 50.9% | 49.8% | 46.8% | 48.9% | 50.5% |
| Operating margin | 2.5% | -3.2% | 16.3% | 16.4% | 14.5% | 26.3% | 25.4% | 20.7% | 25.2% | 25.8% |
| Net margin | 6.0% | 14.9% | 15.2% | 16.4% | 14.0% | 22.4% | 24.9% | 24.9% | 27.6% | 10.2% |
Balance sheet
Fiscal years, from Camtek's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $20M | $44M | $55M | $38M | $106M | $242M | $148M | $139M | $157M | $257M |
| Receivables | $22M | $23M | $32M | $31M | $41M | $58M | $81M | $87M | $99M | $91M |
| Inventory | $17M | $21M | $30M | $24M | $40M | $59M | $66M | $86M | $111M | $112M |
| Total current assets | $86M | $91M | $119M | $148M | $262M | $520M | $557M | $547M | $620M | $897M |
| Property, plant and equipment | $14M | $16M | $17M | $19M | $20M | $25M | $33M | $42M | $54M | $65M |
| Goodwill | — | — | — | — | — | — | $0 | $74M | $74M | $74M |
| Total assets | $106M | $113M | $142M | $170M | $288M | $584M | $677M | $788M | $892M | $1.3B |
| Total current liabilities | $32M | $28M | $39M | $32M | $57M | $90M | $88M | $97M | $124M | $107M |
| Total liabilities | $32M | $29M | $40M | $34M | $61M | $290M | $293M | $312M | $343M | $643M |
| Shareholders' equity | $73M | $84M | $101M | $136M | $227M | $294M | $384M | $476M | $549M | $617M |
| Net debt | -$20M | -$44M | -$55M | -$38M | -$106M | -$242M | -$148M | -$120M | -$126M | -$178M |
Cash flow
Fiscal years, from Camtek's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$17M | $2M | $17M | $25M | $26M | $61M | $58M | $79M | $122M | $142M |
| Capital spending | $1M | $3M | $2M | $1M | $2M | $4M | $8M | $8M | $10M | $14M |
| Free cash flow | -$19M | -$2M | $15M | $23M | $23M | $57M | $50M | $71M | $112M | $127M |
| Stock-based compensation | $429,000 | $634,000 | $2M | $3M | $4M | $6M | $11M | $13M | $15M | $17M |
| Free cash flow margin | -23.5% | -1.6% | 11.8% | 17.4% | 15.0% | 21.1% | 15.5% | 22.6% | 26.1% | 25.7% |
Every line, every quarterThe deep dive has fifteen-plus years of statements, quarterly results, charts and valuation models for CAMT.
Open CAMT in InvestinglyQuestions
What was Camtek's revenue in 2025?
$496M in fiscal 2025, from its 10-K filing.
How much free cash flow does Camtek generate?
$127M in fiscal 2025 (operating cash flow minus capital spending).
From Camtek's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.