Camtek Ltd. (CAMT) intrinsic value & 10-year financials
Camtek Ltd. (CAMT) has a Graham intrinsic value of $34.54 per share. Over the last 10 fiscal years revenue grew 18.3% a year to $496.1M, with an average return on invested capital of 32.9%.
- Graham intrinsic value
- $34.54
- Revenue (FY2025)
- $496.1M
- Revenue growth (10-yr CAGR)
- 18.3%
- ROIC (10-yr avg)
- 32.9%
- Free cash flow (FY2025)
- $127.5M
CAMT 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $496.1M | $50.7M | $1.04 | $127.5M | 25.8% | 28.3% |
| FY2024 | $429.2M | $118.5M | $2.42 | $112.1M | 25.2% | 24.8% |
| FY2023 | $315.4M | $78.6M | $1.63 | $71.2M | 20.7% | 19.7% |
| FY2022 | $320.9M | $79.9M | $1.66 | $49.6M | 25.4% | 50.6% |
| FY2021 | $269.7M | $60.3M | $1.34 | $56.9M | 26.3% | 67.6% |
| FY2020 | $155.9M | $21.8M | $0.54 | $23.3M | 14.5% | 19.0% |
| FY2019 | $134.0M | $22.0M | $0.57 | $23.4M | 16.4% | 20.4% |
| FY2018 | $123.2M | $18.7M | $0.51 | $14.5M | 16.3% | — |
| FY2017 | $93.5M | $14.0M | $0.39 | -$1.5M | -3.2% | — |
| FY2016 | $109.5M | $4.7M | $0.13 | -$18.7M | 6.0% | — |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
CAMTEK LTD is a consistent compounder, expanding top-line revenue at 18.3% annually over the past decade.
CAMTEK LTD has earned high returns on invested capital, averaging 32.9% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
Over the decade, CAMTEK LTD shows that management has aggressively returned capital to shareholders by retiring 99.9% of outstanding shares.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, CAMTEK LTD is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $34.54 per share.