CAMTEK LTD
CAMTdata completeness 88%17 fiscal years on fileCAMTEK LTD earns about 42% on invested capital, far above its ~9% cost of capital, but has diluted owners by 11% over 5 years — a real edge showing up in the numbers. The estimate methods put fair value between $16,306.57 and $137,399.43 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|
| Revenue | $269.7M1 | $320.9M2 | $315.4M3 | $429.2M3 | $496.1M3 |
| Net income | $60.3M4 | $79.9M5 | $78.6M6 | $118.5M6 | $50.7M6 |
| Operating cash flow | $61M7 | $57.8M8 | $79.3M9 | $122.2M9 | $141.9M9 |
| Capital expenditure | $4.07M10 | $8.2M11 | $8.1M12 | $10.1M12 | $14.4M12 |
| Free cash flow (derived) | $56.9M7 | $49.6M8 | $71.2M9 | $112.1M9 | $127.5M9 |
| Total debt | — | — | — | — | — |
| Cash & equivalents | $241.9M13 | $148.2M14 | $120M15 | $126.2M16 | $177.8M16 |
| Diluted shares | 45,035 | 48,229 | 48,863 | 49,369 | 49,970 |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $123,474.68 of net worth that earned you $10,150.49 and generated $25,510.31 of cash last year.
It earned about 42% on invested capital, year after year, against a ~9% cost of capital — the footprint of real pricing power. Competition usually drags returns like this back down; here it hasn't.
seeing a moat in the numbers →Share count is up 11% over 5 years — owners have been diluted. Worth asking what they got for it.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
The 3 estimate methods that apply put fair value between $16,306.57 and $137,399.43 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth20.0%
- fcfBase$112.1M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth20.0%
- fcfBase$112.1M
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$78.6M
- growthAssumed0.0%
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $35,622.05 |
| Base | 20.0% | $76,724.37 |
| Bull | 20.0% | $76,724.37 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 20.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.
- 20-F · period ending 2021-12-31 · accession 0001178913-24-001028 (Revenues)
- 20-F · period ending 2022-12-31 · accession 0001178913-25-000945 (Revenues)
- 20-F · period ending 2023-12-31 · accession 0001178913-26-001561 (Revenues)
- 20-F · period ending 2021-12-31 · accession 0001178913-24-001028 (NetIncomeLoss)
- 20-F · period ending 2022-12-31 · accession 0001178913-25-000945 (NetIncomeLoss)
- 20-F · period ending 2023-12-31 · accession 0001178913-26-001561 (NetIncomeLoss)
- 20-F · period ending 2021-12-31 · accession 0001178913-24-001028 (NetCashProvidedByUsedInOperatingActivities)
- 20-F · period ending 2022-12-31 · accession 0001178913-25-000945 (NetCashProvidedByUsedInOperatingActivities)
- 20-F · period ending 2023-12-31 · accession 0001178913-26-001561 (NetCashProvidedByUsedInOperatingActivities)
- 20-F · period ending 2021-12-31 · accession 0001178913-24-001028 (PaymentsToAcquirePropertyPlantAndEquipment)
- 20-F · period ending 2022-12-31 · accession 0001178913-25-000945 (PaymentsToAcquirePropertyPlantAndEquipment)
- 20-F · period ending 2023-12-31 · accession 0001178913-26-001561 (PaymentsToAcquirePropertyPlantAndEquipment)
- 20-F · period ending 2021-12-31 · accession 0001178913-23-001057 (CashAndCashEquivalentsAtCarryingValue)
- 20-F · period ending 2022-12-31 · accession 0001178913-24-001028 (CashAndCashEquivalentsAtCarryingValue)
- 20-F · period ending 2023-12-31 · accession 0001178913-25-000945 (CashAndCashEquivalentsAtCarryingValue)
- 20-F · period ending 2024-12-31 · accession 0001178913-26-001561 (CashAndCashEquivalentsAtCarryingValue)