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 $8.9B against $6.1B — 1.4× the size. FormFactor, Inc. trades at the lower P/E: 71.0× against 170×. 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 170.36 70.95 45.03
P/S 11.98 9.08 4.64
P/B 8.50 7.37 3.22
Price to free cash flow 26.08 59.99 48.18
EV/EBITDA 47.87 51.95 33.11
EV/Sales 11.70 8.71 5.52
Earnings yield 0.59% 1.41% 1.41%
Free cash flow yield 3.84% 1.67% 1.67%

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%) (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 4.08 3.66
Net debt to EBITDA (1.06) (2.85) (0.49)

Dividend

Metric CAMT FORM Semiconductor Equipment & Materials median
Dividend yield 0.00% — 0.42%
Payout ratio 0.00 — 0.19

Size

Metric CAMT FORM Semiconductor Equipment & Materials median
Market cap 6.13b 8.85b 3.80b

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