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 $5.6B against $4.3B — 1.3× the size. FormFactor, Inc. trades at the lower P/E: 32.8× against 122×. FormFactor, Inc. grew revenue faster over the last twelve months: 29.1% against 11.8%. FormFactor, Inc. has the higher net margin (17.7% vs 7.03%) and the higher return on invested capital (14.1% vs 13.0%). Across the 22 metrics below, FormFactor, Inc. leads on 15 and Camtek Ltd. on 7.

Valuation

Metric CAMT FORM Semiconductor Equipment & Materials median
P/E 121.83 32.80 33.70
P/S 8.57 5.82 4.22
P/B 6.08 4.83 2.94
Price to free cash flow 18.65 31.32 31.49
EV/EBITDA 33.92 24.89 22.64
EV/Sales 8.29 5.42 4.97
Earnings yield 0.82% 3.05% 2.02%
Free cash flow yield 5.36% 3.19% 2.27%

Profitability

Metric CAMT FORM Semiconductor Equipment & Materials median
Gross margin 50.23% 47.13% 46.86%
Operating margin 23.46% 18.32% 12.02%
Net margin 7.03% 17.72% 10.16%
Free cash flow margin 0.00% 18.57% 6.73%
Return on equity 5.31% 15.85% 5.31%
Return on assets 3.07% 13.18% 4.10%
Return on invested capital 13.01% 14.09% 6.36%

Growth

Metric CAMT FORM Semiconductor Equipment & Materials median
Revenue growth (TTM) 11.83% 29.08% 15.82%
EPS growth (last fiscal year) (57.02%) (22.47%) (4.56%)
Revenue growth, 5-year CAGR 26.06% 2.51% 10.11%
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 3.68 3.56
Net debt to EBITDA (1.06) (2.85) (0.49)

Dividend

Metric CAMT FORM Semiconductor Equipment & Materials median
Dividend yield 0.00% — 0.59%
Payout ratio 0.00 — 0.16

Size

Metric CAMT FORM Semiconductor Equipment & Materials median
Market cap 4.29b 5.63b 3.04b

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