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Benchmark Electronics Inc key statistics and ratios

In fiscal 2025, Benchmark Electronics Inc had return on equity of 2.3%, an operating margin of 2.9%, debt equal to 19.1% of equity and a current ratio of 2.28. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

Fiscal year2009Dec 20092010Dec 20102011Dec 20112012Dec 20122013Dec 20132014Dec 20142015Dec 20152016Dec 20162017Dec 20172018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMSept 2026
Gross margin7.0%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%
Operating margin2.5%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 margin2.6%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 margin4.8%−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%
Return on equity4.9%7.2%4.6%5.0%9.4%6.5%7.3%4.8%−2.4%1.8%2.2%1.4%3.6%6.8%6.5%5.6%2.3%5.0%
Return on assets3.6%5.4%3.5%3.8%7.0%4.9%5.3%3.3%−1.5%1.1%1.3%0.8%2.0%3.3%3.1%2.8%1.2%2.6%
Asset turnover1.431.631.511.641.591.681.421.191.191.281.241.171.241.401.261.201.261.34
Current ratio3.533.773.413.673.373.844.173.713.412.612.602.502.062.212.292.322.281.87
Debt to equity0.0%0.0%0.0%0.0%0.0%0.7%18.1%16.6%16.0%13.8%14.6%14.2%13.4%31.7%30.7%23.3%19.1%14.0%
Interest cover (operating income ÷ interest)37.4x64.9x31.1x47.8x60.3x53.0x31.0x8.3x8.2x5.6x4.3x3.0x6.3x7.0x3.4x4.1x3.8x6.9x
Effective tax rate−3.8%8.3%−26.3%25.0%4.3%17.6%−6.0%7.9%—58.9%14.1%18.7%21.2%19.1%15.1%27.1%59.6%37.7%
SG&A as % of revenue4.1%3.8%4.0%3.6%4.0%4.0%4.2%4.9%5.3%5.0%5.6%6.0%6.1%5.2%5.2%5.6%6.0%6.0%
Capital spending as % of revenue1.1%1.5%3.2%1.9%1.1%1.6%1.5%1.3%2.1%2.4%1.4%1.7%1.7%1.5%2.6%1.2%1.3%1.8%
Free cash flow ÷ net income189.7%−38.4%−32.0%182.4%65.1%113.8%115.6%379.5%—60.8%258.5%610.8%−115.8%−323.7%146.2%258.4%355.5%207.7%
Dividends ÷ net income———————0.0%—92.1%99.4%163.9%65.0%33.9%34.0%39.1%98.3%43.4%
Dividends and buybacks ÷ free cash flow27.6%——45.6%57.0%47.4%62.0%17.3%30.9%>999%240.1%56.2%——23.3%18.4%58.0%33.9%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

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.

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.

Compare with peers

Head to head: BHE vs PLXSBHE vs FNBHE vs KE

More: Electronic Manufacturing Services stocks compared, Technology sector, rankings of US companies

Figures from Benchmark Electronics Inc's SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Benchmark Electronics Inc.