Camtek Ltd. (CAMT) vs FormFactor, Inc. (FORM)

Camtek Ltd. and FormFactor, Inc. are both Semiconductor Equipment & Materials companies. FormFactor, Inc. is the larger, with a market value of $10.3B against $6.8B — 1.5× the size. FormFactor, Inc. trades at the lower P/E: 87.8× against 193×. FormFactor, Inc. grew revenue faster over the last twelve months: 18.0% against 11.8%. FormFactor, Inc. has the higher net margin (12.8% vs 7.03%) and the lower return on invested capital (9.33% vs 13.0%). Across the 22 metrics below, FormFactor, Inc. leads on 13 and Camtek Ltd. on 9.

Valuation

Metric CAMT FORM Semiconductor Equipment & Materials median
P/E 193.49 87.75 54.39
P/S 13.60 11.23 6.08
P/B 9.66 9.12 4.89
Price to free cash flow 23.73 74.19 60.92
EV/EBITDA 54.51 64.77 39.95
EV/Sales 13.32 10.86 6.36
Earnings yield 0.52% 1.14% 1.14%
Free cash flow yield 4.21% 1.35% 1.28%

Profitability

Metric CAMT FORM Semiconductor Equipment & Materials median
Gross margin 50.23% 43.13% 43.95%
Operating margin 23.46% 12.85% 10.32%
Net margin 7.03% 12.80% 7.45%
Free cash flow margin 0.00% 15.14% 6.77%
Return on equity 5.31% 10.99% 4.78%
Return on assets 3.07% 9.15% 3.62%
Return on invested capital 13.01% 9.33% 6.10%

Growth

Metric CAMT FORM Semiconductor Equipment & Materials median
Revenue growth (TTM) 11.83% 18.01% 14.60%
EPS growth (last fiscal year) (57.02%) (22.47%) —
Revenue growth, 5-year CAGR 26.06% 2.51% 8.85%
Net income growth, 5-year CAGR 18.42% (7.09%) 0.00%

Health

Metric CAMT FORM Semiconductor Equipment & Materials median
Debt to equity 0.69 0.01 0.09
Current ratio 7.38 4.08 3.66
Net debt to EBITDA (1.06) (2.85) (0.49)

Dividend

Metric CAMT FORM Semiconductor Equipment & Materials median
Dividend yield — — 0.85%
Payout ratio 0.00 0.00 0.00

Size

Metric CAMT FORM Semiconductor Equipment & Materials median
Market cap 6.77b 10.27b 4.63b

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