CAMT

Camtek is a semiconductor metrology and inspection equipment supplier benefiting directly from the advanced-packaging and AI-chip build-out. The operating fundamentals are excellent: FY2025 revenue grew 15.6% to $496M, gross margin held at a robust 50.5%, and operating income grew 18.6% to $128M (a 25.8% operating margin). The multi-year trajectory is strong — revenue has nearly doubled from $270M (FY2021) — driven by demand for inspection tools used in high-bandwidth-memory and advanced packaging for AI accelerators. Operating cash flow grew 16.1% to $142M on minimal capex ($14.4M), and the balance sheet remains solid with $178M cash, current assets ($897M) dwarfing current liabilities ($107M).

Read the full thesis with Pro →