Camtek (CAMT) Cash Flow: Operating & Free Cash Flow

Camtek Cash Flow Statement Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

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Cash flow statement showing operating, investing, and financing activities for Camtek Ltd. (CAMT) - Annual data in millions USD
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017
Operating Activities
Net Income	50.72	118.52	78.63	79.95	60.28	21.78	21.99	18.73	13.96
Depreciation & Amortization	11.78	10.67	5.78	4.09	2.81	2.23	2.13	1.97	2.12
Deferred Income Tax	-15.29	-1.75	-1.25	0.00	0.26	0.00	0.00	0.00	0.00
Stock Based Compensation	16.89	14.50	12.60	10.52	5.82	4.24	2.89	1.68	0.63
Change in Working Capital	-24.09	-20.98	-17.64	-37.08	-8.29	-18.55	1.32	-12.39	-4.04
Change in Accounts Receivable	7.60	-12.18	-1.89	-21.98	-17.34	-9.70	0.16	-8.46	-0.48
Change in Inventory	-8.29	-32.15	-13.69	-9.52	-21.70	-19.33	4.80	-10.82	-5.32
Change in Accounts Payable	-13.20	4.28	10.12	-2.11	6.19	0.00	0.00	0.00	0.00
Change in Other Working Capital	-10.20	-3.87	1.10	-6.34	-2.39	10.48	-3.64	6.89	1.77
Other Operating Activities	101.85	-0.47	1.10	0.31	0.34	16.05	-3.70	6.80	-11.04
Net Cash from Operating Activities	141.87	122.24	79.32	57.80	60.96	25.75	24.63	16.79	1.64
Investing Activities
Capital Expenditures	-14.40	-10.10	-8.27	-8.20	-4.07	-2.41	-1.26	-2.24	-3.14
Acquisitions	0.00	1.30	-101.78	0.00	0.00	0.00	0.00	0.00	0.00
Purchases of Investments	-395.67	-61.56	-103.53	-95.50	-84.00	0.00	0.00	0.00	0.00
Sales/Maturities of Investments	100.15	14.72	106.13	-47.00	-32.00	0.00	0.00	0.00	0.00
Other Investing Activities	0.00	-5.00	58.00	-47.00	-32.00	-20.72	-50.35	-0.02	29.77
Net Cash from Investing Activities	-310.33	-55.91	-107.45	-150.79	-120.18	-23.13	-51.61	-2.26	26.63
Financing Activities
Debt Repayment	218.99	-0.04	0.00	0.00	194.53	0.00	0.00	0.00	0.00
Common Stock Issued	0.00	0.04	0.18	0.00	0.27	64.29	16.03	1.76	1.34
Dividends Paid	0.00	-60.05	0.00	0.00	0.00	0.00	-6.55	-5.06	-5.00
Other Financing Activities	0.00	-0.04	0.00	0.00	0.00	0.63	0.54	1.76	1.34
Net Cash from Financing Activities	218.99	-60.05	0.18	0.00	194.80	64.92	10.02	-3.31	-3.66
Summary
Effect of Forex Changes on Cash	1.09	-0.03	-0.24	-0.80	0.55	0.23	0.07	-0.04	-0.60
Net Change in Cash	51.62	6.26	-28.19	-93.79	136.13	67.77	-16.89	11.19	24.00
Cash at Beginning of Period	126.22	119.97	148.16	241.94	105.82	38.05	54.94	43.74	19.74
Cash at End of Period	177.85	126.22	119.97	148.16	241.94	105.82	38.05	54.94	43.74
Free Cash Flow	127.48	112.14	71.05	49.60	56.89	23.34	23.37	14.55	-1.50
Supplemental Disclosures
Income Taxes Paid	-	10.45	13.81	11.84	0.56	-	-	-	-

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About Camtek Cash Flow

What is Camtek's free cash flow?

Camtek generated free cash flow of $127.47M in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of $141.87M minus $14.40M of capital expenditures. That was up 13.7% from $112.14M a year earlier. Free cash flow equaled 25.7% of revenue.

How much does Camtek spend on capital expenditures?

Camtek spent $14.40M on capital expenditures in fiscal 2025, compared with $10.10M a year earlier. That equals 10.1% of operating cash flow.

Does Camtek pay dividends or buy back shares?

Camtek's cash flow statement for fiscal 2025 shows no dividend payments or share repurchases.

What is free cash flow?

Free cash flow is operating cash flow minus capital expenditures. It is the cash a company has left for dividends, buybacks, debt repayment or acquisitions after funding its operations and investment. Full definition