Camtek Ltd.
CAMT Technology Semiconductor Equipment & Materials
Camtek Ltd.’s revenue for fiscal 2025 (year ended December 2025) was $496.1 million, up 15.6% from fiscal 2024. In the quarter to June 2026, revenue grew 12.3%, EPS fell 33.3%, free cash flow grew 952.4% and total debt rose 146.1%, each against the same quarter a year earlier. Operating cash flow growth for three consecutive years.
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Camtek Ltd. (CAMT) Altman Z-score
Camtek Ltd.'s Altman Z-score for fiscal 2025 is 6.45, in the safe zone (above 2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 6.45 | (2.03) |
| FY2024 | 8.48 | 0.65 |
| FY2023 | 7.83 | 3.73 |
| FY2022 | 4.10 | (1.68) |
| FY2021 | 5.78 | (4.69) |
| FY2020 | 10.47 | 0.97 |
| FY2019 | 9.51 | 3.62 |
| FY2018 | 5.89 | 0.15 |
| FY2017 | 5.74 | 2.16 |
| FY2016 | 3.58 | 1.63 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.63 | — | 0.75 | |
| Retained earnings / total assets | 0.31 | — | 0.43 | |
| EBIT / total assets | 0.10 | — | 0.34 | |
| Market value of equity / total liabilities | 7.56 | — | 4.54 | |
| Sales / total assets | 0.39 | — | 0.39 | |
| Altman Z-score | Safe zone | 6.45 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 6.80 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| ONTO Onto Innovation Inc. compare | 19.0× |
| FORM FormFactor, Inc. compare | 15.1× |
| NVMI Nova Ltd. compare | 7.6× |
| KLIC Kulicke and Soffa Industries, Inc. compare | 7.4× |
| ACLS Axcelis Technologies, Inc. compare | 6.7× |
| CAMT Camtek Ltd. | 6.4× |
| AXTI AXT Inc compare | 3.4× |
| AMKR Amkor Technology, Inc. compare | 3.4× |
| ACMR ACM Research, Inc. compare | 2.9× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets