CAMT

Camtek makes inspection and metrology systems for semiconductor packaging. The physical product is a large optical inspection tool — roughly the size of a commercial refrigerator — that sits on the packaging production floor and scans wafers, substrates, and partially assembled packages using white-light interferometry, 2D imaging, and proprietary 3D measurement algorithms. The machine images the surface of a wafer or substrate at micron and sub-micron resolution, looking for defects: misaligned bumps, voids in solder joints, cracks in redistribution layers, contamination on bonding surfaces.

The company is headquartered in Migdal HaEmek, Israel, with ~700 employees and a global customer base spanning foundries (TSMC, Samsung), memory manufacturers (SK Hynix, Micron, Samsung), IDMs (Intel), and OSATs (ASE, Amkor, JCET). Camtek does not compete in front-end wafer inspection — that is KLA's domain. Camtek competes in back-end and advanced packaging inspection, a narrower but rapidly growing market.

Two product platforms define the current business. The Eagle G5, launched in 2024, is a flexible, cost-effective inspection system popular with OSAT customers and mid-tier fabs. The Hawk, launched in late 2024, is the higher-end platform designed for high throughput, higher accuracy, and longer-term capability — targeting HBM, chiplets, hybrid bonding, and wafers with up to 500 million micro-bumps. In 2025, Hawk and Eagle G5 together accounted for ~30% of revenue; management expects these platforms to exceed 50% of revenue in 2026.

Revenue in FY2025 was $496M, a record year and 16% growth over FY2024. HPC/AI applications contributed approximately 50% of full-year revenue, with other advanced packaging applications adding another ~25%. The remaining ~25% comes from traditional packaging and display. The company generated $61M+ in operating cash flow in Q4 alone and carries no long-term debt.