Benchmark Electronics

BHE · NYSE · Information Technology · Financials, fiscal 2016 to 2025

BHE · Last close · November 6, 2026

$60.40

Benchmark Electronics' revenue rose 0.1% to $2.7 billion in fiscal 2025. Its operating margin was 2.9%, down from 4.1% a year earlier. Free cash flow was $88 million, down 44.0%. It paid out $51 million in dividends and buybacks, 58% of free cash flow. The diluted share count fell 1.2%.

BENCHMARK ELECTRONICS, INC. Latest fiscal year ended December 31, 2025 10-K filed February 24, 2026 · 0001193125-26-064849 Updated November 5, 2026

Revenue

$2.7B

0.1%

Operating margin

2.9%

1.3 pts

Net income

$25M

59.3%

Free cash flow

$88M

44.0%

Return on capital

3.7%

3.6 pts

Market cap

$2.2B

Nov 6 close

P/E

39.2x

On $1.54 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

Charts show fiscal years, from the 10-K filings.

What Benchmark Electronics does

Benchmark Electronics is a Texas company that designs and builds electronics for other companies. It offers electronic manufacturing services and precision metal machining, and supports customers from first product concept through volume production, including order fulfillment and aftermarket services.

Its customers are mainly European and U.S. equipment makers in advanced computing and communication, aerospace and defense, industrial, medical, and semiconductor equipment markets. It builds circuit board assemblies, subsystems and full systems, and does complex assembly, testing and fulfillment. It also offers turnkey product design and engineering. It has factories in the United States and Mexico, Asia and Europe, and about 11,840 people work for it.

A small number of customers account for much of its sales. Its ten largest customers made up 51% of total sales in 2025, and its largest customer, Applied Materials, made up 14%. The company says the industry is highly competitive and that customers can cancel orders or change quantities.

Its biggest risks, as it describes them

Losing a major customer, since a few customers account for a large share of sales.
Customers cancelling orders, cutting volumes or changing where they source their products.
Customers paying late or not at all for products made to their specific needs.
Strong competition in contract electronics manufacturing, and consolidation among its customers and rivals.
Risks from its international operations and from restructuring its operations.

From Benchmark Electronics's annual report on Form 10-K, filed February 24, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new annual report.

Income statement

Revenue and net income

US$ billions, fiscal years; net losses in red. Revenue on the left axis, net income on the right; zero is the same line on both.

Revenue (left axis)Net income (right axis)

Gross profit, R&D and operating income

US$ billions, fiscal years. Gross profit is revenue minus the cost of what was sold; research and development is one of the costs paid from it; what remains after all operating costs is operating income. Losses in red.

Gross profitResearch and developmentOperating income

Margins

Percent of revenue

GrossOperatingNetFree cash flow

From fiscal 2016 to 2025, earnings per share fell 6.8% a year and net income 9.9% a year, while buybacks cut the share count by 27%.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Balance sheet

Cash and debt

US$ billions, at each fiscal year end. Debt includes finance leases.

Cash and short-term investmentsDebt

Assets, liabilities and equity

US$ billions, at each fiscal year end. Assets equal liabilities plus equity; negative equity in red.

Total assetsTotal liabilitiesShareholders' equity

Debt and liquidity ratios

Times. Debt to equity, current assets over current liabilities, and net debt over EBITDA (a full year's).

Debt to equityCurrent ratioNet debt to EBITDA

Five years at a glance

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	272	207	277	315	322
Debt incl. finance leases	130	325	331	257	211
Net debt (negative means net cash)	−142	117	54	−58	−112
Net debt to EBITDA	−1.5x	0.9x	0.3x	−0.4x	−0.9x
Debt to equity	0.1x	0.3x	0.3x	0.2x	0.2x
Interest coverage	6.3x	7.0x	3.4x	4.1x	3.8x
Current ratio	2.1x	2.2x	2.3x	2.3x	2.3x
Quick ratio	1.3x	1.2x	1.3x	1.5x	1.5x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Cash flow

Cash from operations, capital spending and free cash flow

US$ billions, fiscal years. Free cash flow is cash from operations minus capital spending; negative years in red.

Cash from operationsCapital spendingFree cash flow

Stock-based compensation and buybacks

US$ billions, fiscal years. Shares paid to employees (stock-based compensation, a cost that uses no cash) against cash spent buying shares back. Buybacks that only match it leave the share count roughly where it was.

Stock-based compensationShare buybacks

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Projections

Project Benchmark Electronics' revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them, or value it with a discounted cash flow model. Every projected figure is yours: it is not a forecast of ours.

Open Benchmark Electronics' projections

What Benchmark Electronics says to expect

Fiscal year 2026: revenue growthWe now expect 2026 revenue growth of approximately 16%, further increasing our outlook beyond the $3 billion annual revenue level we established last quarter.

The company's own words, from its earnings release (Form 8-K, Exhibit 99), filed October 28, 2026. They are its expectations, not ours, and not a forecast or price target from The Filing Desk. Replaced when the next release is out.

Insider trades

Over the 12 months between November 7, 2025 and November 6, 2026, no insider bought Benchmark Electronics shares on the open market, and 8 insiders sold $12.9 million, $7.5 million of it under trading plans set up in advance.

Buys and sells by month

US$ millions, open-market purchases (up) and sales (down) by officers, directors and 10% owners in each month.

BoughtSold

Date	Insider	Trade	Shares	Price	Value	Filing
Aug 11, 2026	Greef-Safft Anne DeDirector	Sold	6,000	$82.10	$492,628	Form 4
Jun 11, 2026	Stephen J BeaverSVP, General Counsel and CLO	Sold plan	20,000	$86.25	$1.7 million	Form 4
May 26, 2026	David MoezidisPresident and CEO, Director	Sold plan	12,500	$87.57	$1.1 million	Form 4
May 13, 2026	David W ScheibleDirector	Sold	22,989	$85.00	$2.0 million	Form 4
May 12, 2026	Kenneth T LamneckDirector	Sold	24,263	$81.49	$2.0 million	Form 4
May 6, 2026	Rhonda R TurnerSVP, Chief HR Officer	Sold	6,600	$85.14	$561,924	Form 4
Feb 24, 2026	Jeff BenckCEO, Director	Sold plan	9,066	$60.40	$547,586	Form 4
Feb 13, 2026	Jeff BenckCEO, Director	Sold plan	834	$60.06	$50,090	Form 4
Feb 12, 2026	Jeff BenckCEO, Director	Sold plan	100	$60.03	$6,003	Form 4
Feb 6, 2026	Jeff BenckCEO, Director	Sold plan	25,000	$58.19	$1.5 million	Form 4
Jan 21, 2026	Jeff BenckCEO, Director	Sold plan	14,900	$50.24	$748,576	Form 4
Jan 20, 2026	Jeff BenckCEO, Director	Sold plan	100	$50.00	$5,000	Form 4

The latest 12 of 18 trades. Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Indicators

Four widely used measures, worked out from the company's filings. The cutoffs are the ones their authors or users go by, not a verdict of ours.

Indicator	FY23	FY24	FY25
Piotroski F-score	6 of 9	6 of 9	6 of 9
Rule of 40	1.9%	−0.5%	3.4%
Altman Z''	4.72	5.00	4.90
Accruals ratio	−4.7%	−5.8%	−4.7%

Piotroski F-score: how many of nine simple tests of profitability, funding and efficiency the company passed in the year (Piotroski, 2000); 8 or 9 is strong, 0 to 2 weak. Rule of 40: revenue growth plus free cash flow margin; software investors treat 40% or more as the bar. Altman Z'': working capital, retained earnings, operating income and equity weighed against assets and liabilities (Altman, 1995); Altman puts above 2.6 in the safe zone and below 1.1 in the distress zone. Accruals ratio: net income minus cash from operations, over average total assets; lower means profit is backed by cash.

The nine F-score tests

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Fail	Fail	Fail
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Pass	Pass	Pass
Current ratio rose	Pass	Pass	Fail
Share count didn't rise	Fail	Fail	Pass
Gross margin rose	Pass	Pass	Fail
Revenue rose relative to assets	Fail	Fail	Pass
F-score	6 of 9	6 of 9	6 of 9

Companies that report no gross profit are scored on the other eight.

Compare

Put Benchmark Electronics side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Benchmark Electronics	FY25	0.1%	2.9%	3.3%	3.7%	−0.9x	6
TTM Technologies	FY25	19.0%	9.1%	−0.0%	10.7%	1.1x	7	Compare
Plexus	FY25	1.8%	5.0%	3.8%	—	—	—	Compare
Fabrinet	FY26	35.7%	10.0%	0.1%	30.0%	−1.6x	5	Compare
Kimball Electronics	FY26	−3.7%	4.6%	1.4%	5.6%	0.3x	8	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score under Indicators.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	2,322	2,454	2,566	2,268	2,053	2,255	2,886	2,839	2,656	2,659
Revenue growth	−8.6%	5.7%	4.6%	−11.6%	−9.5%	9.8%	28.0%	−1.6%	−6.4%	0.1%
Gross profit	215	226	206	186	175	206	255	271	270	270
Research and development	—	—	—	—	—	—	—	—	—	—
Operating income	77	77	58	28	25	53	90	110	109	76
Net income	64	−32	23	23	14	36	68	69	61	25
Diluted EPS (US$)	1.28	−0.64	0.49	0.60	0.38	0.99	1.91	1.92	1.66	0.68
Diluted shares (millions)	50	50	47	39	37	36	36	36	37	36
Cash flow
Cash from operations	273	146	77	93	120	−3	−178	174	189	124
Capital expenditure	30	51	63	33	35	39	43	74	31	36
Free cash flow	243	95	14	61	86	−41	−221	101	158	88
Dividends paid	0	0	21	23	23	23	23	24	24	24
Share buybacks	42	29	212	122	25	40	9	0	5	27
Acquisitions	0	0	3	0	0	0	0	0	0	0
Stock-based compensation	5	8	10	10	10	15	18	15	13	17
Balance sheet at fiscal year end
Cash and short-term investments	681	742	458	348	391	272	207	277	315	322
Debt incl. finance leases	224	212	148	148	140	130	325	331	257	211
Total assets	2,009	2,109	1,900	1,760	1,744	1,904	2,227	2,275	2,134	2,072
Total liabilities	623	770	768	745	755	930	1,212	1,202	1,030	972
Shareholders' equity	1,366	1,339	1,132	1,015	990	974	1,026	1,079	1,105	1,100
Margins and ratios
Gross margin	9.2%	9.2%	8.0%	8.2%	8.5%	9.1%	8.8%	9.6%	10.2%	10.2%
Operating margin	3.3%	3.1%	2.3%	1.3%	1.2%	2.4%	3.1%	3.9%	4.1%	2.9%
Net margin	2.8%	−1.3%	0.9%	1.0%	0.7%	1.6%	2.4%	2.4%	2.3%	0.9%
Free cash flow margin	10.4%	3.9%	0.5%	2.7%	4.2%	−1.8%	−7.7%	3.5%	6.0%	3.3%
Rule of 40 (growth + FCF margin)	1.8%	9.6%	5.1%	−9.0%	−5.3%	8.0%	20.3%	1.9%	−0.5%	3.4%
Return on capital	7.0%	4.5%	3.6%	3.0%	2.6%	5.3%	7.4%	8.2%	7.3%	3.7%
Return on equity	4.8%	−2.4%	1.9%	2.2%	1.4%	3.6%	6.8%	6.5%	5.6%	2.2%
Return on assets	3.3%	−1.6%	1.1%	1.3%	0.8%	2.0%	3.3%	3.1%	2.8%	1.2%
Net debt to EBITDA	−3.5x	−4.2x	−2.8x	−2.6x	−3.4x	−1.5x	0.9x	0.3x	−0.4x	−0.9x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Benchmark Electronics' Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Benchmark Electronics.