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Benchmark Electronics Inc (BHE) stock

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NYSE: BHE NYSE Electronic Manufacturing Services Next results ~February 2, 2027

C+ Fundamentals grade

Benchmark Electronics Inc is a US-listed company in the electronic manufacturing services industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$99

Cash-flow model

Base case. Range ~$76–$130 across our lower- and higher-growth cases (1.7%–11.7% a year).

Price vs value

Undervalued

The price is below our entire value range; our base value is 44% above it.

Price used: $68.69, November 2, 2026

Benchmark Electronics Inc valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Benchmark Electronics files

10-Q filed October 28: Benchmark Electronics

Benchmark Electronics reported revenue of $2.95bn for the twelve months to September 2026, up 12.9% on a year earlier and an acceleration from the 8.9% growth recorded a quarter earlier. Free-cash-flow margin improved to 3.8%, from 2.8% a year earlier. The fundamentals grade has slipped from C+ to C, even as our model value holds steady at $84.88 a share. Against a share price of $70.70, the rating remains Hold. At that price, the market appears to be pricing in cash-flow growth of about 2.1% a year over five years, well below the 5.5% a year revenue growth the company has actually delivered.

Source: 10-Q filed October 28, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where Benchmark Electronics stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $2.82bn, up 8.9% on a year earlier, faster than the 3.5% growth a quarter earlier. Free-cash-flow margin rose to 4.4% from 3.0% a year earlier. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 6 of our 7 financial-health checks. Our cash-flow model value is $84.88 a share, against a share price of $66.45. At that price, our model says the market is pricing in about 0.4% a year of cash-flow growth for five years, slower than the 4.6% a year revenue growth it has delivered.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~February 2, 2027 (estimated)

Benchmark Electronics Inc's trailing-twelve-month revenue grew 12.9% year on year, with a free-cash-flow margin of 3.8%. Where it stands out: days sales outstanding of 54 days ranks 1 of 7 electronic manufacturing services companies we cover. Where it lags: net margin of 1.9% ranks 10 of 12 electronic manufacturing services companies we cover.

Our discounted-cash-flow model values the business at ~$99 per share in the base case (~$76–$130 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Revenue growth accelerating: TTM revenue growth rose to 12.9% (+4.0pp vs the prior quarter).

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Priced below our value. The share price of $68.69 is 44% below our value per share of $99.
  • Growth speeding up. The growth rate is 4.0 points higher than a quarter earlier.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • High earnings multiple. The shares trade at 44 times the last 12 months' earnings, so expectations are demanding.
  • Volatile shares. Over the past year the shares showed annualised volatility of 46% and a beta of 2.0 against the S&P 500.
  • Insiders selling. 8 insiders sold $13M of stock over the past 365 days and none bought (58% under pre-set trading plans).
  • Below peers: net margin. Net margin of 1.9% ranks 10 of 12 electronic manufacturing services companies we cover (median 3.4%).
  • Below peers: stock pay as % of revenue. Stock pay as % of revenue of 0.8% ranks 9 of 11 electronic manufacturing services companies we cover (median 0.6%).

Latest results: FY2026 Q3

Filed October 28, 2026
Earnings per share
$0.84 against an average estimate of $0.79: beat by 6.8%
Revenue
$811m, up 19.1% on a year earlier
Share reaction
+2.3% in the first session after the results on October 28, 2026, against 0.0% for the S&P 500
Guidance given
revenue $815m to $855m (Fourth Quarter 2026); diluted GAAP earnings per share $0.58 to $0.64 (Fourth Quarter 2026)
Next report
October 28, 2026; average EPS estimate $0.87

Benchmark Electronics' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+0.5%
  • 1 week+2.6%
  • 1 month-21.4%
  • This year+61.8%
  • 1 year+58.5%
  • 5 years+202.1%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$2.9B
Operating margin
3.5%
Net margin
1.9%
EPS (TTM, diluted)
$1.54

Growth

Revenue growth
+12.9%
Change in growth rate
+4.0 pts
Share count change
−0.9%

Cash

Free cash flow (TTM)
$113M
FCF margin
3.8%
Stock pay % of revenue
0.8%

Earnings

Last results
October 28, 2026
Next results (est.)
February 2, 2027

News & updates

Updated November 2, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Product
  2. Announcement
  3. Guidance
  4. Results
  5. Guidance
  6. Our research
  7. Results
  8. Dividend
  9. Announcement
  10. Results
  11. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Benchmark Electronics Inc valuation models and calculator

What the price is pricing in

The share price implies about 1.3% a year of cash-flow growth for five years.That is close to the 5.5% a year revenue growth Benchmark Electronics has delivered.

  • Priced in1.3%
  • Last 12 months12.9%
  • 3 years a year0.6%
  • 5 years a year5.5%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($71.72, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Buy12-month view
12-month price target
~$99
Price used
$71.72close November 3, 2026
Implied change
▲ +38%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Benchmark Electronics Inc's free cash flow after stock-based pay with after-tax interest added back ($153M, FY2026 Q3 TTM), growing 9.4% and 7% in the next two years (forecasts, guidance and its record), then back to 6.7% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$75–~$130 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Benchmark Electronics Inc's free cash flow after stock-based pay ( $153M, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Benchmark Electronics Inc as an operating company, with every model that fits that kind of business. Cost of equity 10.8%: the 10-year Treasury yield (4.9%) plus a beta of 1.3 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$99 ~$76–$130 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$44 ~$39–$49 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$17 ~$12–$24 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$9.7 ~$8.6–$11 Left out: out of range vs price (0.14x)
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$65 ~$17–$99 3 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Benchmark Electronics Inc with Electronic Manufacturing Services in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −24%
  • Revenue growth 5 points higher ▲ +30%
  • Free-cash-flow margin 1 point lower ▼ −23%
  • Last year's free-cash-flow margin change, if it persists ▲ +32%
  • Discount rate 1 point higher ▼ −15%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $65$87$116$155$205$270
8.5% $51$67$88$115$151$197
10% $42$54$71$92$119$154

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$17.05$25.15$24.00$17.88$29.63$24.01$24.66$24.94$26.52$44.32$42.46$68.69
Market value$888m$1.3bn$1.2bn$834m$1.1bn$884m$890m$891m$954m$1.6bn$1.5bn$2.5bn
+ Net debt (− = net cash)−$227m−$455m−$528m−$302m−$200m−$251m−$141m$118m$54m−$58m−$111m−$133m
Enterprise value$661m$798m$664m$532m$949m$633m$749m$1.0bn$1.0bn$1.6bn$1.4bn$2.4bn
Multiples
Price / sales 0.3x0.5x0.5x0.3x0.5x0.4x0.4x0.3x0.3x0.6x0.6x0.8x
Price / earnings 9.3x19.6x—36.6x49.0x62.9x24.9x13.1x13.8x26.7x62.0x44.5x
Price / free cash flow 8.1x5.2x12.5x60.1x19.0x10.3x——9.5x10.3x17.4x21.4x
EV / EBITDA 4.6x6.0x5.3x4.8x12.3x8.6x7.7x7.5x6.5x10.1x11.6x15.6x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

35 /100

Weak moat

How hard Benchmark Electronics's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 6 / 20

    Cash operating profit has been a median 6.1% of total assets over 10 years.

  • Pricing power 8 / 20

    Gross margin has been a median 9.2%, moving by 0.8 percentage points (standard deviation) across 10 years.

  • Durability 1 / 20

    Operating margin has been a median 3.1%; its worst year was 0.2%.

  • Cash conversion 8 / 20

    Free cash flow was positive in 7 of 10 years, at a median 2.5% of revenue.

  • Discipline 17 / 20

    The diluted share count fell 0.3% over five years; stock-based pay has been a median 0.5% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (40 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $3.01 +25% $3.1bn +15%
Next $3.40 +13% $3.3bn +8%

Next year's EPS estimate has moved +2.8% in 90 days, across 3 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +2.3% on 90 days ago. In the last 30 days, 3 analysts raised Benchmark Electronics Inc's forecast and 0 cut it.

Consensus EPS forecast Benchmark Electronics Inc, last 90 days
$2.80 $3.00 $3.20 $3.40 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $2.94 Current fiscal year, 60 days ago: $2.94 Current fiscal year, 30 days ago: $2.94 Current fiscal year, 7 days ago: $2.94 Current fiscal year, Now: $3.01 $3.01 Next fiscal year, 90 days ago: $3.31 Next fiscal year, 60 days ago: $3.31 Next fiscal year, 30 days ago: $3.31 Next fiscal year, 7 days ago: $3.31 Next fiscal year, Now: $3.40 $3.40

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $2.94$3.31
60 days ago $2.94$3.31
30 days ago $2.94$3.31
7 days ago $2.94$3.31
Now $3.01$3.40

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $0.79 $0.84 +6.8%
Jun 2026 $0.69 $0.75 +9.2%
Mar 2026 $0.55 $0.58 +4.8%
Dec 2025 $0.64 $0.71 +10.9%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 28, 2026
  • 2026 revenue growth 2026 about 16% growth Raised
    “We now expect 2026 revenue growth of approximately 16%, further increasing our outlook beyond the $3 billion annual revenue level we established last quarter.” source
  • Revenue Fourth Quarter 2026 $815m to $855m
    “Revenue between $815 million and $855 million” source
  • Diluted GAAP earnings per share Fourth Quarter 2026 $0.58 to $0.64 GAAP
    “Diluted GAAP earnings per share between $0.58 and $0.64” source
  • Diluted non-GAAP earnings per share Fourth Quarter 2026 $0.85 to $0.91 Non-GAAP
    “Diluted non-GAAP earnings per share between $0.85 and $0.91” source

How earlier guidance turned out

  • Diluted GAAP earnings per share, Third Quarter 2026 guided $0.51 to $0.57 Below range: $0.47
  • Revenue, Third Quarter 2026 guided $755m to $795m Above range: $811m

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Benchmark Electronics Inc's revenue by +9.4% next year and +7.0% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+9.7%, weight 37%) , management guidance (+10.8%, weight 37%) and the company's own record (+6.7%, weight 25%) . How the weights are set.

Analyst recommendations

2 analysts, Oct 2026
Buy2100%
Hold00%
Sell00%

Monthly trend

  1. Oct 2026112
  2. Sep 2026112
  3. Aug 20261113

Counts of recommendations published by analysts covering Benchmark Electronics Inc, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
4.4%
of tradable shares
Days to cover
3.35
at average volume
Short interest, 1 month
−3%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
1.8%
of shares
Employees
11,840
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +58.5%

$43.34 on October 31, 2025 to $68.69

ThenNowEffect
Revenue (last 12 months) $2.6bn $2.8bn +8.9%
Net margin 1.4% 1.9% +34.8%
P/E multiple 44.0x 46.9x +6.5%
Share count 37m 36m +1.4%

Biggest factor: net margin.

Last 3 years +194.0%

$23.37 on November 3, 2023 to $68.69

ThenNowEffect
Revenue (last 12 months) $3.0bn $2.8bn −4.5%
Net margin 2.3% 1.9% −16.2%
P/E multiple 12.6x 46.9x +271.6%
Share count 36m 36m −1.2%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
BHE+3%+1%+6%+67%−4%+62%
Industry peers (median)+36%+3%+12%+11%+56%−5%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
BHE50%50%58%50%42%64%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
BHE−27%−22%−28%−19%−33%−33%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 60% from January 23, 2020 to March 18, 2020. Getting back needed a 152% gain, reached on May 2, 2024, 1506 days after the low.

Price behaviour

52-week range
$41.69 – $98.47
From 52-week high
−30.2%
vs 50-day average
−8.9%
vs 200-day average
−5.3%
Volatility (1 year)
46%
Beta vs S&P 500
2.01

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
7 up, 5 down
typical move ±7.9%
After a week
7 up, 4 down
typical move ±10.4%
After a month
7 up, 4 down
typical move ±9.5%
Results releasedNext dayS&P 500 next day5 days21 days
October 28, 2026 +2.3% 0.0% — —
July 29, 2026 +3.2% +0.1% +9.3% −4.2%
April 29, 2026 +19.2% +1.0% +25.9% +22.7%
February 3, 2026 +3.9% −1.3% +8.1% +2.1%
November 4, 2025 +6.1% −0.8% +2.4% +6.4%
July 30, 2025 −4.2% −0.5% −3.8% +3.2%
April 29, 2025 −14.6% +0.7% −9.7% −4.0%
January 29, 2025 −3.2% +0.1% −3.9% −9.0%
October 30, 2024 −4.3% −2.3% +13.6% +7.2%
July 30, 2024 +13.2% +1.1% −4.7% −0.1%
May 1, 2024 +18.4% +0.6% +32.5% +42.6%
March 19, 2024 −1.8% +1.5% +0.6% +3.2%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Benchmark Electronics Inc’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: fundamentals grade C+ (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: the shares trade below our fair value: a collar caps upside the model expects.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Benchmark Electronics Inc in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Benchmark Electronics Inc
$2.5B $2.6B $2.7B $2.8B $2.9B $3B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $2.8B Revenue (TTM), FY24 Q1: $2.8B Revenue (TTM), FY24 Q2: $2.8B Revenue (TTM), FY24 Q3: $2.7B Revenue (TTM), FY24 Q4: $2.7B Revenue (TTM), FY25 Q1: $2.6B Revenue (TTM), FY25 Q2: $2.6B Revenue (TTM), FY25 Q3: $2.6B Revenue (TTM), FY25 Q4: $2.7B Revenue (TTM), FY26 Q1: $2.7B Revenue (TTM), FY26 Q2: $2.8B Revenue (TTM), FY26 Q3: $2.9B $2.9B

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $2.8B
FY24 Q1 $2.8B
FY24 Q2 $2.8B
FY24 Q3 $2.7B
FY24 Q4 $2.7B
FY25 Q1 $2.6B
FY25 Q2 $2.6B
FY25 Q3 $2.6B
FY25 Q4 $2.7B
FY26 Q1 $2.7B
FY26 Q2 $2.8B
FY26 Q3 $2.9B
Revenue growth, TTM YoY Benchmark Electronics Inc
-10% 0% 10% 20% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: -1.6% Revenue growth, TTM YoY, FY24 Q1: -4.2% Revenue growth, TTM YoY, FY24 Q2: -6.7% Revenue growth, TTM YoY, FY24 Q3: -7.2% Revenue growth, TTM YoY, FY24 Q4: -6.4% Revenue growth, TTM YoY, FY25 Q1: -7.4% Revenue growth, TTM YoY, FY25 Q2: -6.0% Revenue growth, TTM YoY, FY25 Q3: -2.9% Revenue growth, TTM YoY, FY25 Q4: 0.1% Revenue growth, TTM YoY, FY26 Q1: 3.5% Revenue growth, TTM YoY, FY26 Q2: 8.9% Revenue growth, TTM YoY, FY26 Q3: 12.9% 12.9%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 -1.6%
FY24 Q1 -4.2%
FY24 Q2 -6.7%
FY24 Q3 -7.2%
FY24 Q4 -6.4%
FY25 Q1 -7.4%
FY25 Q2 -6.0%
FY25 Q3 -2.9%
FY25 Q4 0.1%
FY26 Q1 3.5%
FY26 Q2 8.9%
FY26 Q3 12.9%
Operating margin (TTM) Benchmark Electronics Inc
2.5% 3% 3.5% 4% 4.5% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 3.9% Operating margin (TTM), FY24 Q1: 4.0% Operating margin (TTM), FY24 Q2: 4.2% Operating margin (TTM), FY24 Q3: 4.2% Operating margin (TTM), FY24 Q4: 4.1% Operating margin (TTM), FY25 Q1: 3.7% Operating margin (TTM), FY25 Q2: 3.4% Operating margin (TTM), FY25 Q3: 3.2% Operating margin (TTM), FY25 Q4: 2.9% Operating margin (TTM), FY26 Q1: 3.2% Operating margin (TTM), FY26 Q2: 3.4% Operating margin (TTM), FY26 Q3: 3.5% 3.5%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 3.9%
FY24 Q1 4.0%
FY24 Q2 4.2%
FY24 Q3 4.2%
FY24 Q4 4.1%
FY25 Q1 3.7%
FY25 Q2 3.4%
FY25 Q3 3.2%
FY25 Q4 2.9%
FY26 Q1 3.2%
FY26 Q2 3.4%
FY26 Q3 3.5%
FCF margin (TTM) Benchmark Electronics Inc
0% 5% 10% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 3.4% FCF margin (TTM), FY24 Q1: 7.2% FCF margin (TTM), FY24 Q2: 8.5% FCF margin (TTM), FY24 Q3: 9.1% FCF margin (TTM), FY24 Q4: 5.8% FCF margin (TTM), FY25 Q1: 5.4% FCF margin (TTM), FY25 Q2: 3.0% FCF margin (TTM), FY25 Q3: 2.8% FCF margin (TTM), FY25 Q4: 3.1% FCF margin (TTM), FY26 Q1: 3.1% FCF margin (TTM), FY26 Q2: 4.4% FCF margin (TTM), FY26 Q3: 3.8% 3.8%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 3.4%
FY24 Q1 7.2%
FY24 Q2 8.5%
FY24 Q3 9.1%
FY24 Q4 5.8%
FY25 Q1 5.4%
FY25 Q2 3.0%
FY25 Q3 2.8%
FY25 Q4 3.1%
FY26 Q1 3.1%
FY26 Q2 4.4%
FY26 Q3 3.8%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Benchmark Electronics took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $2.7B
  2. Cost of revenue $2.4B · 89.8%
  3. Gross profit $270M · 10.2%
  4. Selling, general and admin $160M · 6.0%
  5. Other operating costs $34.4M · 1.3%
  6. Operating income $76M · 2.9%
  7. Income tax $36.7M · 1.4%
  8. Interest and other $14.5M · 0.5%
  9. Net income $24.9M · 0.9%

Shares of revenue. Source: Benchmark Electronics's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 2,089 2,402 2,253 2,468 2,506 2,797 2,541 2,322 2,454 2,566 2,268 2,053 2,255 2,886 2,839 2,656 2,659 2,948
Gross profit 146 187 139 177 186 220 219 215 226 206 186 175 206 255 271 270 270 306
EBITDA 92 128 77 111 157 147 143 132 125 110 77 74 97 134 155 156 124 151
Operating income 52 88 41 76 117 100 93 77 77 59 29 25 53 90 110 109 76 103
Net income 53 80 52 57 111 81 95 64 −32 23 23 14 36 68 69 61 25 56
Diluted EPS $0.82 $1.27 $0.87 $1.00 $2.03 $1.50 $1.83 $1.28 −$0.64 $0.49 $0.60 $0.38 $0.99 $1.91 $1.92 $1.66 $0.68 $1.54
Growth (year on year)
Revenue −19.3% +15.0% −6.2% +9.5% +1.6% +11.6% −9.2% −8.6% +5.7% +4.6% −11.6% −9.5% +9.8% +28.0% −1.6% −6.4% +0.1% +12.9%
EBITDA — +39.3% −40.1% +44.9% +41.5% −6.9% −2.7% −7.5% −4.9% −12.0% −30.3% −4.0% +31.5% +38.2% +15.5% +0.3% −20.5% +14.7%
Operating income — +69.1% −53.3% — +54.2% −14.1% −7.2% −17.3% −0.0% −23.8% −51.2% — — +69.7% +21.8% −0.2% −30.5% +22.0%
Net income — +49.4% −34.9% +8.9% +96.0% −26.8% +17.4% −33.0% −149.9% — — — — — +1.0% −11.3% −59.3% —
Diluted EPS — +54.9% −31.5% +14.9% +103.0% −26.1% +22.0% −30.1% −150.0% — — — — — +0.5% −13.5% −59.0% —
Margins
Gross margin 7.0% 7.8% 6.2% 7.2% 7.4% 7.9% 8.6% 9.2% 9.2% 8.0% 8.2% 8.5% 9.1% 8.8% 9.5% 10.2% 10.2% 10.4%
EBITDA margin 4.4% 5.3% 3.4% 4.5% 6.3% 5.2% 5.6% 5.7% 5.1% 4.3% 3.4% 3.6% 4.3% 4.7% 5.5% 5.9% 4.7% 5.1%
Operating margin 2.5% 3.7% 1.8% 3.1% 4.6% 3.6% 3.7% 3.3% 3.1% 2.3% 1.3% 1.2% 2.4% 3.1% 3.9% 4.1% 2.9% 3.5%
Net margin 2.6% 3.3% 2.3% 2.3% 4.4% 2.9% 3.8% 2.8% −1.3% 0.9% 1.0% 0.7% 1.6% 2.4% 2.4% 2.3% 0.9% 1.9%
Free-cash-flow margin 4.8% −1.3% −0.7% 4.2% 2.9% 3.3% 4.3% 10.4% 3.9% 0.5% 2.7% 4.2% −1.8% −7.7% 3.6% 5.9% 3.3% 3.9%
Cash flow
Cash from operations 124 5 55 151 99 137 147 273 146 77 93 120 −3 −177 174 189 124 170
Capital spending 22 36 71 48 27 44 37 30 51 63 33 35 39 43 73 31 36 54
Free cash flow 101 −31 −17 103 72 92 110 243 95 14 61 86 −41 −221 101 158 88 116
Stock-based pay 5 5 5 6 7 6 8 5 8 10 10 10 15 18 15 13 17 23
Free cash flow after stock pay 96 −36 −22 97 65 86 103 237 87 4 50 75 −57 −239 86 145 71 93
Balance sheet
Cash 421 346 284 385 346 427 466 681 743 458 348 391 272 207 277 315 322 291
Total debt 0 0 0 0 0 10 239 227 214 156 148 140 130 325 331 257 211 158
Net debt (negative = net cash) −421 −346 −284 −385 −346 −418 −227 −455 −528 −302 −200 −251 −141 118 54 −58 −111 −133
Diluted shares 65m 63m 60m 57m 55m 54m 52m 50m 50m 47m 39m 37m 36m 36m 36m 37m 36m 36m
Returned to shareholders
Dividends — — — — — — — 0 0 21 23 23 23 23 23 24 24 24
Buybacks 28 59 56 47 41 44 68 42 29 212 122 25 40 9 0 5 27 15
Total returned 28 59 56 47 41 44 68 42 29 233 145 48 63 33 23 29 51 39

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

7 of 7 checks passed · September 30, 2026
What it owns · $2.3bn
Short-term assets $1.7bnLonger-term assets $618m
What it owes, and who funded it · $2.3bn
Short-term liabilities $910mLonger-term liabilities $279mShareholders' equity $1.1bn
  • Short-term assets cover short-term liabilities $1.7bn of assets due within a year against $910m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $1.7bn short-term assets against $279m of longer-dated liabilities.
  • More cash than debt $291m of cash against $158m of debt.
  • Debt below 40% of shareholders' equity Debt is 14% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 21% to 14% over five years.
  • A year's operating cash flow covers at least 20% of debt $170m of operating cash flow against $158m of debt.
  • Operating profit covers interest at least five times over Operating income of $103m against $15m of interest.

From Benchmark Electronics Inc's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$15.1M
Dividends (TTM)
$24.3M
Returned to shareholders
35%
of free cash flow
Buybacks, last 3 fiscal years
$31.9M
Diluted share count
−0.9%
year over year
Total shareholder yield
1.6%
dividends 1.0% + buybacks 0.6% of market value
Dividend payout ratio
43%
of net income paid out
Sales & admin spending
6.0%
of revenue
Days sales outstanding
54 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in electronic manufacturing services
Last 12 months unless stated BHE PLXS FN KE SANM CLS Median
Revenue, last 12 months $2.9bn $4.0bn $4.6bn $1.4bn $12.8bn $18.2bn $4.3bn
Revenue growth, last 12 months 12.9% 1.8% 35.7% −3.7% 58.6% 61.6% 14.7%
Revenue growth, 3-year average 0.6% −3.0% 20.6% −7.8% 11.9% — 1.2%
Revenue growth, latest quarter 19.1% 28.1% 44.6% −2.3% 69.7% 82.5% 24.8%
Gross margin 10.4% 11.4% 12.0% 8.2% 9.0% 11.5% 10.9%
Operating margin 3.5% 5.7% 10.0% 4.6% 4.2% 8.3% 4.7%
Operating margin, 3-year average 3.6% 9.5% 9.7% 3.5% 4.4% — 4.4%
Net margin 1.9% 4.6% 10.2% 2.0% 2.4% 6.8% 3.1%
Cash from operations / revenue 5.8% 4.2% 5.5% 5.0% 7.1% 7.7% 5.5%
Free-cash-flow margin 3.8% 1.5% 0.1% 1.4% 4.7% 3.0% 2.8%
Free-cash-flow margin, 3-year average 5.2% 10.1% 6.3% 4.4% 4.1% — 4.1%
Stock pay / revenue 0.8% 1.1% 0.7% 0.6% 0.7% 0.5% 0.5%
Change in share count −0.9% −1.3% −0.0% −1.0% −0.7% 0.8% −0.8%

Median of all 12 companies we cover in electronic manufacturing services. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

12 electronic manufacturing services companies
Measure Company Peer median Rank
Revenue growth Growth 12.9% 16.5% 7 of 12
Change in growth rate Growth +4.0pp +4.0pp 6 of 12
Gross margin Profitability 10.4% 11.4% 7 of 12
Operating margin Profitability 3.5% 4.7% 9 of 12
Net margin Profitability 1.9% 3.4% 10 of 12
Free-cash-flow margin Cash generation 3.8% 3.0% 4 of 12
Stock pay as % of revenue Cash generation 0.8% 0.6% 9 of 11
Long-term debt as % of assets Balance sheet 6.8% 10.6% 3 of 9
Change in share count Balance sheet -0.9% -0.7% 6 of 12
Days sales outstanding Balance sheet 54 days 68 days 1 of 7

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Geography
Region Revenue YoY
United States $1.4B ▼ 4.8%
Americas $1.2B ▼ 7.6%
Asia $1.2B ▲ 6.9%
Singapore $504M ▲ 8.8%
Europe $353M ▲ 3.9%
Other Asia $241M ▲ 11.5%
Other Regions $63.6M ▼ 22.3%

These categories overlap or exclude eliminations, so shares aren't shown.

From Benchmark Electronics Inc's 10-K filed February 24, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$3.7B
Institutions reporting
331
Shares held vs prior quarter
▲ 1.0%
Positions opened / closed
83 / 20

Top buyers and sellers, Q2 2026: 187 institutions bought and 126 sold ; the biggest buyer was Invesco Ltd (+689K shares) and the biggest seller Franklin Resources Inc (−1.7M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $580M 5.9M 15.9% ▲ 4.1%
Vanguard Portfolio Management LLC $319M 3.2M 8.7% ▲ 3.0%
Dimensional Fund Advisors LP $220M 2.2M 6.0% ▼ 10.5%
American Century Companies Inc $185M 1.9M 5.0% ▲ 25.5%
Earnest Partners LLC $162M 1.6M 4.4% ▼ 3.7%
Vanguard Capital Management LLC $153M 1.6M 4.2% ▼ 0.3%
State Street Corp $142M 1.4M 3.9% ▲ 3.5%
Geode Capital Management, LLC $105M 1.1M 2.9% ▲ 17.5%
Franklin Resources Inc $104M 1.1M 2.8% ▼ 61.9%
Invesco Ltd. $100M 1.0M 2.7% ▲ 212.4%
Goldman Sachs Group Inc $92.9M 941K 2.5% ▲ 156.1%
First Eagle Investment Management, LLC $69.3M 702K 1.9% ▲ 136.7%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Benchmark Electronics Inc's complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $12.9M 19 trades by 8 insiders · 58% under pre-set plans
Net ▼ $12.9M net selling
Insider Date Trade Shares Price Value
De Greef-Safft Anne Director August 11, 2026 Sell 3,884 $82.02 $318,566
De Greef-Safft Anne Director August 11, 2026 Sell 2,116 $82.26 $174,062
Beaver Stephen J SVP, General Counsel and CLO June 11, 2026 Sell pre-set plan 20,000 $86.25 $1.7M
Moezidis David President and CEO May 26, 2026 Sell pre-set plan 12,500 $87.57 $1.1M
Scheible David W Director May 13, 2026 Sell 22,989 $85.00 $2M
Lamneck Kenneth T Director May 12, 2026 Sell 24,263 $81.49 $2M
Turner Rhonda R SVP, Chief HR Officer May 6, 2026 Sell 6,600 $85.14 $561,924
Benck Jeff CEO February 24, 2026 Sell pre-set plan 9,066 $60.40 $547,586
Benck Jeff CEO February 13, 2026 Sell pre-set plan 834 $60.06 $50,090
Benck Jeff CEO February 12, 2026 Sell pre-set plan 100 $60.03 $6,003
Benck Jeff CEO February 6, 2026 Sell pre-set plan 25,000 $58.19 $1.5M
Benck Jeff CEO January 21, 2026 Sell pre-set plan 14,900 $50.24 $748,576

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 1 trade and filings

In the last 12 months, 1 member of Congress disclosed 1 purchase and 0 sales of Benchmark Electronics Inc shares.

  • Gilbert Ray Cisneros, Jr.(D-CA 31):Purchase, $15,001 - $50,000, traded October 1, 2026, filed October 12, 2026

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around February 2, 2027 estimated from the company's past filing pattern, not announced

  • October 28, 2026
  • July 29, 2026
  • April 29, 2026
  • February 3, 2026
  • November 4, 2025
  • July 30, 2025

Recent SEC filings

Data status

When each part of this page on Benchmark Electronics Inc was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Benchmark Electronics Inc in brief

What does Benchmark Electronics Inc do?
Benchmark Electronics Inc is a US-listed company in the electronic manufacturing services industry. Its financial year ends in December.
What is Benchmark Electronics Inc's stock ticker?
Benchmark Electronics Inc trades under the ticker BHE on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Benchmark Electronics Inc's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Benchmark Electronics Inc reported revenue of $2.9B, 12.9% higher than a year earlier, according to its SEC filings.
What is Benchmark Electronics Inc's free cash flow?
Benchmark Electronics Inc's free-cash-flow margin is 3.8% of revenue over the trailing twelve months, ranking 4 of the 12 electronic manufacturing services companies we cover.
What is Benchmark Electronics Inc's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Benchmark Electronics Inc's free cash flow after stock-based pay gives ~$99 per share in the base case, and ~$76–$130 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Benchmark Electronics Inc's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Portfolio Management LLC and Dimensional Fund Advisors LP. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Benchmark Electronics Inc buying back stock, and does it pay a dividend?
Benchmark Electronics Inc spent $15.1M on share repurchases over the trailing twelve months, and its diluted share count fell 0.9% over the year.
What is Benchmark Electronics Inc's market cap?
On November 2, 2026, Benchmark Electronics Inc's market capitalisation was about $2.5B, with a price-to-earnings ratio of 44.5 and net debt of -$133M. Market figures come from third-party market data and may be delayed.
Does Benchmark Electronics Inc pay a dividend?
Yes: Benchmark Electronics Inc paid $24.3M in dividends over the trailing twelve months, a dividend yield of 0.99% and a payout ratio of 43.4%.
How much debt does Benchmark Electronics Inc have?
Benchmark Electronics Inc's debt-to-equity ratio is 14.0%, from its latest balance sheet (20.8% five years earlier). The financial health section below sets out its other solvency checks.
Who are Benchmark Electronics Inc's competitors?
In our Electronic Manufacturing Services peer group, the companies closest to Benchmark Electronics Inc are Plexus Corp, Fabrinet, Kimball Electronics, Inc., Sanmina Corp and Celestica Inc. The side-by-side comparison below sets their revenue, margins and growth against Benchmark Electronics Inc's.
Are insiders buying or selling Benchmark Electronics Inc stock?
Over the last 12 months, Benchmark Electronics Inc's directors and officers reported 0 open-market purchases and 19 sales on Form 4. The insider trading page charts every trade.
When is Benchmark Electronics Inc's next earnings date?
Around February 2, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Benchmark Electronics Inc announces its own schedule.