Benchmark Electronics, Inc., together with its subsidiaries, provides product design, engineering services, technology solutions, and manufacturing services in the Americas, Asia, and Europe. The company offers engineering services and technology solutions, including new product design, prototype, testing, and related engineering services; and custom testing and technology solutions, as well as automation equipment design and build services. It also provides electronics manufacturing and testing services, such as printed circuit board assembly and test solutions, assembly of subsystems, circuitry and functionality testing of printed assemblies, environmental and stress testing, and component reliability testing; component engineering services; manufacturing defect analysis, in-circuit testing, functional testing, and life cycle testing services, as well as environmental stress tests of assemblies of boards or systems; and failure analysis. In addition, the company offers precision machining and electromechanical assembly services; and subsystem and system integration services, including assembly, configuration, and testing for various industries. Further, it provides value-added support systems; supply chain management solutions; direct order fulfillment; and aftermarket non-warranty services, including repair, replacement, refurbishment, remanufacturing, exchange, systems upgrade, and spare parts manufacturing throughout a product's life cycle. The company serves original equipment manufacturers in the aerospace and defense, medical technologies, complex industrials, semiconductor capital equipment, telecommunications, and advanced computing industries. It markets its services and solutions primarily through a direct sales force. The company was formerly known as Electronics, Inc. Benchmark Electronics, Inc. was founded in 1979 and is headquartered in Tempe, Arizona.
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A smaller Flex or Jabil.
The Foxconn for specialized industrial, medical, and aerospace electronics.
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- Design & Engineering Services: Provides comprehensive product design, engineering, and development expertise for electronic systems across various industries.
- Precision Technologies: Offers specialized manufacturing services including precision machining, plastics, and high-level assembly for complex components.
- Electronics Manufacturing: Delivers end-to-end electronic manufacturing services, encompassing printed circuit board assembly (PCBA), system integration, and box build assembly.
- Test & Measurement Solutions: Develops and implements customized test strategies and equipment to ensure product quality, functionality, and reliability throughout the manufacturing process.
- Supply Chain Solutions: Manages the complete product lifecycle supply chain, from strategic component sourcing and procurement to global logistics and inventory optimization.
- Aftermarket Services: Offers post-production support including repair, refurbishment, warranty management, and end-of-life services for electronic products.
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Benchmark Electronics (symbol: BHE) is an Electronic Manufacturing Services (EMS) provider, selling primarily to other companies (Business-to-Business, or B2B).
According to the company's most recent 10-K filing (for the fiscal year ended December 31, 2023), no single customer accounted for more than 10% of its consolidated revenues in 2023, 2022, or 2021. This indicates that Benchmark Electronics has a diversified customer base and does not rely on one or a few dominant "major" customers that would typically be identified by name due to significant revenue concentration.
Benchmark Electronics serves a diverse group of Original Equipment Manufacturers (OEMs) across several key industries. While specific customer company names are not disclosed due to the diversified nature of their revenue, their customer companies operate within the following sectors:
- Medical
- Industrial
- Aerospace and Defense
- High-End Computing
- Next-Generation Communications
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Jeff Benck, President and Chief Executive Officer
Jeff Benck joined Benchmark Electronics as President and Chief Executive Officer in March 2019, and is responsible for redefining the company's strategic direction and leading its transformation. He is set to retire as CEO on March 31, 2026. Prior to joining Benchmark, Mr. Benck served as President and Chief Executive Officer of Lantronix from 2015 to 2019, where he led significant growth, more than doubling profitability and tripling market capitalization. Before Lantronix, he was President and Chief Executive Officer of Emulex Corporation from July 2013 until its acquisition by Avago Technologies in May 2015. He also held the role of President and Chief Operating Officer at QLogic Corporation. Earlier in his career, he spent 18 years at IBM Corporation, holding various executive leadership roles, including Vice President of xSeries, BladeCenter, and Retail Store Solutions development. Mr. Benck is also a distinguished inventor, holding 6 U.S. patents.
Bryan Schumaker, Executive Vice President and Chief Financial Officer
Bryan Schumaker became Executive Vice President and Chief Financial Officer of Benchmark Electronics in October 2024. He brings over 20 years of financial leadership experience from both public and private companies with significant global manufacturing operations. Before his tenure at Benchmark, Mr. Schumaker served as Chief Financial Officer at SOURCE Global. He also held CFO positions at TPI Composites and 8point3 Energy Partners.
David Moezidis, President and Chief Commercial Officer
David Moezidis serves as Benchmark's President and Chief Commercial Officer and is slated to become the next CEO effective March 31, 2026. He holds two Bachelor of Science degrees in Engineering and a Master of Business Administration from Pepperdine University, and has completed the Executive Management Program at Stanford University. Earlier in his career, he held engineering operations and marketing roles at KLA Corporation and began his professional journey at Eastman Kodak Company.
Dave Valkanoff, Executive Vice President and Chief Operating Officer
Dave Valkanoff is Benchmark's Executive Vice President and Chief Operating Officer, responsible for leading the company's worldwide manufacturing operations across the United States, Mexico, Asia, and Europe. He previously served as Vice President of Operations for the Refrigeration segment at Carrier Corporation and held leadership roles at TPG, Celestica, Visteon, and Nissan.
Jan M. Janick, Senior Vice President and Chief Technology Officer
Jan M. Janick is the Senior Vice President and Chief Technology Officer at Benchmark Electronics, a role he has held since 2020, having previously served as Chief Technology Officer and Vice President of Global Engineering from 2015 to 2020. Before joining Benchmark, Mr. Janick was Vice President of FlashSystems and Technology at IBM from 2012 to 2015. He also held various leadership roles at IBM and Lenovo, where he was instrumental in the development and delivery of several major products, including IBM's x86-based servers and PureFlex systems.
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The key risks to Benchmark Electronics' (BHE) business are primarily centered around global supply chain vulnerabilities, fluctuations in customer demand, and intense market competition.
- Supply Chain Disruptions, Geopolitical Uncertainties, and Economic Pressures: Benchmark Electronics faces significant risks from disruptions in its global supply chain, including constraints, increased procurement costs, and inflationary pressures. Geopolitical dynamics, such as U.S.-China trade tensions, trade restrictions, and sanctions, directly influence the company's manufacturing strategies and global supply chain operations. These factors can lead to higher operating costs and impact the company's ability to efficiently source components and produce goods.
- Customer Demand Fluctuations: The company is susceptible to variations in customer demand, which can affect its business, financial condition, and results of operations. Performance is linked to specific market sectors like semiconductor capital equipment, aerospace & defense, medical, and complex industrials; weakness in any of these areas can negatively impact revenue.
- Intense Competition: Benchmark Electronics operates in a highly competitive environment and faces threats from both established companies and new entrants that may offer similar services at lower prices or with faster turnaround times. To mitigate this risk, the company must continuously enhance its operational efficiency, invest in technology, and maintain strong customer relationships to retain its competitive edge.
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Benchmark Electronics (BHE) operates within several key addressable markets, providing electronic manufacturing services (EMS), precision technology services (precision machining), and design engineering and technology solutions to various industries. Here are the estimated sizes for their main addressable markets:
- Electronics Manufacturing Services (EMS): The global electronics manufacturing services market was valued at approximately USD 577.32 billion in 2024 and is projected to reach about USD 1,130.89 billion by 2034, growing at a Compound Annual Growth Rate (CAGR) of 6.95% from 2025 to 2034. Asia Pacific held the largest market share in 2024, at 36%, with an estimated size of USD 207.84 billion. North America's EMS market accounted for USD 220.0 billion in 2024 and is projected to reach USD 360.0 billion by 2035. Europe's market was valued at USD 150.0 billion in 2024 and is expected to grow to USD 250.0 billion in 2035.
- Precision Machining: The global precision machining market size was estimated at USD 107.06 billion in 2023 and is anticipated to grow to USD 180.25 billion by 2030, with a CAGR of 7.8% from 2024 to 2030. The Asia Pacific region dominated this market, holding 32.67% of the global market in 2023.
- Medical Technologies (including Medical Devices and Medical Device Contract Manufacturing): The global medical device contract manufacturing market was valued at an estimated USD 76.8 billion in 2024 and is projected to reach USD 151.98 billion by 2030, with a CAGR of 12.36% from 2025 to 2030. The broader global medical devices market was valued at USD 542.21 billion in 2024 and is projected to grow to USD 886.68 billion by 2032, exhibiting a CAGR of 6.5%. North America dominated the medical devices market with a 38.17% market share in 2024.
- Semiconductor Capital Equipment (Semiconductor Manufacturing Equipment): The global semiconductor manufacturing equipment market was valued at USD 101.78 billion in 2024, with a projected CAGR of 7.6% from 2025 to 2034. Another estimate places the market size at USD 123.13 billion in 2025, projected to reach USD 280.97 billion by 2035, growing at a CAGR of more than 8.6%. Asia Pacific led this market in 2024, accounting for 68.7% of the global revenue share. North America is expected to hold a market share of 24% during 2026-2035.
- Aerospace & Defense Electronics Manufacturing Services: The global aerospace and defense electronic manufacturing services market was valued at USD 22.48 billion in 2024 and is projected to reach USD 29.68 billion by 2032, growing at a CAGR of 3.90% from 2026 to 2032. North America dominates this market, holding an estimated 40% market share in 2024. The broader global aerospace-defense electronics market was valued at approximately USD 145.7 billion in 2023 and is projected to reach USD 258.3 billion by 2032, with a CAGR of 6.4%.
- Industrial Electronics: The global industrial electronics market was valued at approximately USD 212.2 billion in 2024 and is expected to grow to USD 340.58 billion by 2033, with a projected CAGR of about 6.1% from 2025 to 2033. Asia Pacific is noted as the fastest-growing market in industrial electronics.
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Benchmark Electronics (BHE) is expected to drive future revenue growth over the next 2-3 years through several key areas:
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Growth in the Medical Sector: The Medical segment has demonstrated strong momentum, with double-digit year-over-year and sequential growth. This growth is anticipated to continue, supported by normalized channel inventories and new customer acquisitions.
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Expansion in the Aerospace & Defense (A&D) Sector: The Aerospace & Defense sector has consistently shown robust double-digit year-over-year revenue growth, a trend expected to persist as the company continues to secure new programs and benefit from strong defense demand.
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Artificial Intelligence (AI) and High-Performance Computing (HPC) Opportunities within Advanced Computing & Communications (AC&C): Benchmark Electronics is strategically positioned to capitalize on emerging opportunities in AI and high-performance computing. Recently secured contracts in these areas, particularly with government and enterprise customers, are projected to drive incremental revenue growth, with significant ramps expected throughout 2026. The company's U.S.-based liquid cooling infrastructure is a key enabler for these AI initiatives. The AC&C sector is expected to return to growth in late 2025 and 2026.
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Recovery in the Semiconductor Capital Equipment (Semi-Cap) Sector: Although the Semi-Cap sector has experienced recent challenges, management anticipates a market reacceleration in the second half of 2026, which is expected to contribute to future revenue growth for Benchmark Electronics.
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Share Repurchases
- Benchmark Electronics repurchased $8 million in shares in Q1 2025 and $8 million in Q2 2025.
- In Q3 2025, the company repurchased $10 million in stock.
- As of Q3 2025, approximately $124 million remained under the existing share repurchase authorization.
Share Issuance
- As of February 22, 2024, there were 35,774,555 common shares outstanding.
- As of June 30, 2023, the number of outstanding common shares was 34,995,303.
- As of February 23, 2022, 35,198,317 common shares were outstanding.
Outbound Investments
- Benchmark Electronics focuses on organic growth but selectively evaluates acquisitions that could expand core technology capabilities and service value.
- No major one-time events or acquisitions were highlighted in Q2 2025.
- M&A opportunities will be evaluated based on strategic alignment.
Capital Expenditures
- Capital expenditures in Q3 2025 were approximately $11 million, primarily for enhancing capabilities and infrastructure at Americas and Asia facilities.
- In 2023, Benchmark invested $78.4 million in capital expenditures, focusing on advanced manufacturing technologies and automation infrastructure, and $45.2 million in expanding high-reliability electronics capabilities.
- Projected capital expenditures for 2025 are $50 million, and for 2026, they are expected to increase, moving towards the top end of 2% of revenue, focusing on finishing PT 4, factory automation, and growth initiatives.
