Semi inspection & metrology · HBM & packaging
Camtek
Camtek is a wafer optical-inspection and metrology maker strong in HBM, advanced packaging and hybrid-bonding inspection. FY2025 revenue was $496.1M (+20%) with a record Q4 of $128.1M and ~52% gross margin, supplying the back-end lines of 250+ customers such as SK hynix, Samsung, Amkor and ASE. HBM stacking, chiplets and hybrid bonding add inspection steps and difficulty, and securing tool-of-record for HBM4 metrology at all major makers underpins a guided double-digit 2026 growth.
CAMT Updated Jul 12, 2026 5 AI consumers· 1 recurring
Per the valuechain.wiki graph, Camtek is directly linked to 4 companies (0 supply, 4 revenue relationships) and reaches 10 companies within two hops; the links are backed by 5 dated sources, 3 of them primary filings (as of 2026-07-12).
Financials & Segments
- Total revenue · FY2025 revenue $496.1M (+20%); gross margin ~52%; Q4 record $128.1M
- Segments · Inspection and metrology (HBM, packaging)
Revenue from
- SK hynix High confidence
Supplies inspection and metrology to HBM leader SK hynix — as HBM stack counts rise, per-layer inspection steps increase and adoption expands; the top growth demand source.Mentions EN Analyst consensus Published Feb 5, 2026: Camtek (CAMT) analyst consensus — Buy-tilted on HBM-inspection growth; 2026 double-digit growth outlook - ASE Technology Medium confidence
Supplies inspection and metrology to the world's largest OSAT, ASE — advanced-packaging (flip-chip, fan-out) volume is inspection demand; OSAT back-end expansion drives Camtek revenue directly. - Samsung Electronics Medium confidence
Supplies inspection and metrology to Samsung's memory and packaging lines — HBM stacking and hybrid-bonding scaling raise inspection precision and steps, growing tool adoption. - Amkor Technology Medium confidence
Supplies inspection and metrology to OSAT Amkor Technology — revenue linked to outsourced advanced-packaging volume, riding the OSAT capex cycle.
Pays to
- equipment & infrastructure (undisclosed) Low confidence
Capex in assembly and cleanroom production facilities/infrastructure — capacity build-out matched to inspection-tool demand governs lead times and delivery (undisclosed). - components, materials & R&D (undisclosed) Low confidence
Optics, precision parts/materials and R&D are the cost core — the optical and algorithmic technology setting inspection resolution and speed is the product's competitiveness, so R&D is the cost of maintaining the moat (undisclosed).
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| Marvell | lead2 | +84.6 | -57.5 | +63.7 | +83.8 | -22.8 | +177.8 |
| AMD | lead2 | +56.9 | -55 | +127.6 | -18.1 | +77.3 | +160.5 |
| Everpure (formerly Pure Storage) | lead2 | +44 | -17.8 | +33.3 | +72.3 | +9.1 | +18.4 |
| Broadcom | lead2 | +56.5 | -13.3 | +104.2 | +110.5 | +50.6 | +16 |
| NVIDIA | lead2 | +125.5 | -50.3 | +239 | +171.2 | +38.9 | +13.3 |
| Qualcomm | lead2 | +22.3 | -38.6 | +35.1 | +8.3 | +13.8 | +11.7 |
| ASE Technology | lead1 | +38.3 | -12.8 | +60.9 | +10.1 | +65.6 | +167.6 |
| SK hynix | lead1 | -0.4 | -25.6 | +53.9 | +48.6 | +361.1 | +140.3 |
| Amkor Technology | lead1 | +65.6 | -2.3 | +40.3 | -20.8 | +55.9 | +79 |
| Samsung Electronics | lead1 | -9 | -14.2 | +20.9 | -26.4 | +212.9 | +77.9 |
| Camtek | node | +110.1 | -52.3 | +215.9 | +18.3 | +31.7 | +35.2 |
YTD as of 2026-07-10 · source: Yahoo Finance
Camtek's thesis is oligopoly leverage as AI-memory complexity adds inspection steps. As packaging grows more complex — HBM stacking, chiplets, hybrid bonding — optical-inspection and metrology steps and difficulty rise, and holding tool-of-record for HBM4 metrology at all major makers means content grows each generation, as FY2025 revenue +20% ($496.1M) and 52% gross margin show. Customer concentration on SK hynix, Samsung, Amkor and ASE ties it directly to their HBM and back-end capex, with 2026 guided to double-digit growth. Risks are the memory/back-end capex cycle and customer concentration. Graph propagation: HBM expansion at SK hynix and Samsung and advanced-packaging volume at Amkor and ASE pull inspection demand.
Analysis generated from returns as of 2026-07-10Analyst ratings
Consensus: Buy 2 · Hold 1 · Sell 0 · Avg. target $185 · Price $143.41 (07-11) · Upside +29%