The Short Answer
Camtek stock (CAMT) is qualitatively halal because its core business is generally permissible, but the current filing-based quantitative result fails the examined asset screens. The December 31, 2025 Form 20-F shows debt/assets of 41.26%, identifiable liquidity/assets of 67.56%, and disclosed interest income of 5.85% of revenue.
Current quantitative Sharia screen
Based on 20-F figures for the period ended 2025-12-31; calculated 2026-07-15.
519.833 / 1,259.833
851.101 / 1,259.833
268.677 / 1,259.833
29.037 / 496.072
- Financial
- Fails
- Overall
- Fails
Debt/assets is 41.26%, liquidity/assets is 67.56% and disclosed interest income is 5.85%; debt, liquidity and income exceed the examined limits.
- Financial
- Fails
- Overall
- Fails
Debt/assets is 41.26% and liquidity/assets is 67.56%, above the examined MSCI total-assets limits; this is not an index-membership claim.
- Financial
- Fails
- Overall
- Fails
Debt/assets is 41.26% and identifiable deposits and marketable securities are 67.56% of total assets, above the examined Malaysia limits; this is not an official classification.
- Financial
- Not calculated
- Overall
- Fails
A licensed historical market-cap series is not stored; the asset-based debt and liquidity screens fail independently.
Business-activity disclosure
Camtek designs and sells inspection and metrology systems for semiconductor fabrication and advanced packaging, including applications supporting high-bandwidth memory and AI-related production. The general-purpose equipment activity is generally permissible, but the filing does not provide a universal prohibited-revenue numerator for all customer end uses.
Limitation: The filing does not classify every customer, end use or application by a universal Sharia category; activity remains qualitative.
Purification
Camtek discloses $29.037 million of interest income for 2025, but ZakatInvest does not prescribe a scholar-approved purification percentage.
Inputs, assumptions and primary sources
- Amounts are USD millions from Camtek's December 31, 2025 Form 20-F.
- Interest-bearing debt is the $519.833 million carrying value of convertible notes; operating liabilities are excluded.
- Cash and cash equivalents are $177.848 million. Interest-bearing securities include $411.450 million of short-term deposits, $78.862 million of current marketable securities and $182.941 million of non-current marketable securities.
- Net trade accounts receivable is $90.829 million and fiscal-year revenue is $496.072 million.
- The filing reports $29.037 million of interest income for 2025; no fixed purification percentage is prescribed.
- Camtek's inspection, metrology and advanced-packaging equipment is generally permissible, while customer end-use and geographic concentration remain qualitative.
This is a reproducible financial screen, not a fatwa. A failed total-assets screen can coexist with a pass under a market-cap methodology. ZakatInvest keeps the qualitative assessment separate so numerical thresholds do not erase material context.
Designing and selling semiconductor inspection equipment is generally permissible. The filing also shows substantial convertible notes, deposits and marketable securities; activity and prohibited-revenue classification remain qualitative, and ZakatInvest does not prescribe a fixed purification percentage.
Sharia Screening Methodology
Islamic scholars use several criteria to screen stocks:
- Business activity screen: Is the company's primary business halal?
- Debt ratio: Total debt / market cap must be under 33%
- Interest income: Interest income / total revenue must be under 5%
- Haram revenue: Revenue from haram sources must be under 5%
- Receivables ratio: Total receivables / total assets must be under 49–70% (varies by board)
Camtek's Business Activity
Camtek makes inspection and metrology systems for chipmakers and packaging houses. Its products include:
- Inspection systems: Tools that detect defects during fabrication
- Metrology systems: Tools that measure chip and package features
- Advanced packaging: Equipment for high-bandwidth-memory and 2.5D/3D packaging
Designing and selling these inspection systems is permissible at the activity level — they are general-purpose semiconductor-manufacturing equipment.
Concerns to Be Aware Of
1. Interest Income on Cash
Camtek holds substantial deposits and marketable securities. The filing-based liquidity ratio is above the examined asset limits, and the disclosed interest-income ratio is above the examined 5% benchmark.
2. Debt Ratio
Camtek reports $519.833 million of convertible notes. The filing-based debt/assets ratio is 41.26%, above the examined 33% limits; market-cap denominators are not calculated here.
3. Cyclicality
As a semiconductor inspection-equipment company, revenue and margins are cyclical and tied to chip-industry capital spending. This is a business and valuation consideration rather than a Sharia screen concern.
Filing-Based Ratios (December 31, 2025)
Based on Camtek's Form 20-F:
- Debt / Assets: 41.26% — above the examined 33% limits
- Cash + interest-bearing securities / Assets: 67.56% — above the examined liquidity limits
- Receivables + cash / Assets: 21.33%
- Disclosed interest income / Revenue: 5.85% — above the examined 5% FTSE benchmark
Methodology Interpretation
The filing-based FTSE, MSCI and Malaysia asset calculations fail on debt and/or liquidity; FTSE also exceeds its examined interest-income benchmark. This is a calculation against named methods, not an index-membership claim or universal religious certification.
Bottom Line
Camtek (CAMT) has a generally permissible semiconductor-equipment business, but its current filing-based quantitative result is not compliant under the examined asset screens. Investors should apply their chosen methodology, review the convertible-note and securities balances, and obtain qualified scholarly guidance on activity and purification.
For Muslim investors seeking semiconductor-equipment exposure, CAMT sits alongside other halal-screened names like Nova (NVMI) and FormFactor (FORM).
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