Benchmark Electronics (BHE)
Market Price (11/8/2026): $60.365 | Market Cap: $2.2 BilSector: Information Technology | Industry: Electronic Manufacturing Services
Benchmark Electronics (BHE)
Market Price (11/8/2026): $60.365Market Cap: $2.2 BilSector: Information TechnologyIndustry: Electronic Manufacturing Services
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -42% Attractive yieldFCF Yield is 5.2% Low stock price volatilityVol 12M is 47% Megatrend and thematic driversMegatrends include 5G & Advanced Connectivity, Artificial Intelligence, and Automation & Robotics. Themes include Telecom Infrastructure, Show more. | Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is 0.9% Key risksBHE key risks include [1] susceptibility to demand fluctuations within its specific end-markets, Show more. |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -42% |
| Attractive yieldFCF Yield is 5.2% |
| Low stock price volatilityVol 12M is 47% |
| Megatrend and thematic driversMegatrends include 5G & Advanced Connectivity, Artificial Intelligence, and Automation & Robotics. Themes include Telecom Infrastructure, Show more. |
| Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is 0.9% |
| Key risksBHE key risks include [1] susceptibility to demand fluctuations within its specific end-markets, Show more. |
Qualitative Assessment
AI Analysis | Feedback
Benchmark Electronics (BHE) stock has lost about 25% since 7/31/2026 because of the following key factors:
1. Decline in Free Cash Flow and Elevated Inventory Levels. Despite record revenue of $810.9 million in fiscal Q3 2026, up 19% year-over-year, and a 35% surge in non-GAAP EPS to $0.84, Benchmark Electronics experienced a decline in quarterly free cash flow. Free cash flow decreased to $14.4 million in fiscal Q3 2026 from $25.1 million a year earlier, primarily due to higher capital expenditures and increased inventory to support accelerating demand. Inventories rose to $633.6 million from $482.5 million at year-end fiscal 2025, creating a "gap between earnings growth and cash generation" that was noted as an area for investors to monitor.
2. Concentration of Growth in Key Sectors and Delayed HPC Contributions. Benchmark's strong fiscal Q3 2026 performance was heavily concentrated in two sectors: Semiconductor Capital Equipment, which grew 30% year-over-year to $241 million, and Advanced Computing and Communications (AC&C), which increased 50%. This concentration raised concerns about the breadth and sustainability of demand across the entire portfolio. Additionally, the timing for contributions from next-generation High-Performance Computing (HPC) shifted later, with expectations now set for mid-to-late fiscal 2027 rather than earlier in the year, potentially dampening future growth outlooks.
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Benchmark Electronics (BHE) stock has lost about 25% since 7/31/2026 because of the following key factors:
1. Decline in Free Cash Flow and Elevated Inventory Levels. Despite record revenue of $810.9 million in fiscal Q3 2026, up 19% year-over-year, and a 35% surge in non-GAAP EPS to $0.84, Benchmark Electronics experienced a decline in quarterly free cash flow. Free cash flow decreased to $14.4 million in fiscal Q3 2026 from $25.1 million a year earlier, primarily due to higher capital expenditures and increased inventory to support accelerating demand. Inventories rose to $633.6 million from $482.5 million at year-end fiscal 2025, creating a "gap between earnings growth and cash generation" that was noted as an area for investors to monitor.
2. Concentration of Growth in Key Sectors and Delayed HPC Contributions. Benchmark's strong fiscal Q3 2026 performance was heavily concentrated in two sectors: Semiconductor Capital Equipment, which grew 30% year-over-year to $241 million, and Advanced Computing and Communications (AC&C), which increased 50%. This concentration raised concerns about the breadth and sustainability of demand across the entire portfolio. Additionally, the timing for contributions from next-generation High-Performance Computing (HPC) shifted later, with expectations now set for mid-to-late fiscal 2027 rather than earlier in the year, potentially dampening future growth outlooks.
3. Ongoing Supply Chain Constraints. Management acknowledged persistent supply chain challenges, specifically mentioning difficulties that began in memory and spread to other categories, particularly ASIC-related supplies. To mitigate these issues and support program ramps, Benchmark is selectively investing in inventory, which may further increase working capital requirements. These ongoing constraints highlight operational headwinds that could impact production and delivery schedules.
4. Broader Macroeconomic Headwinds. The period was marked by general macroeconomic concerns, including higher inflation and rising interest rates. Analysts expected the Consumer Price Index (CPI) to remain between 3.4% to 3.7% in fiscal Q4 2026 due to energy price pressures, and the Federal Reserve implemented a 0.25% rate increase in September 2026, with expectations for potentially more hikes. These factors contribute to a cautious investment environment, potentially impacting valuation multiples for companies across the technology and manufacturing sectors.
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Stock Movement Drivers
Fundamental Drivers
The -24.1% change in BHE stock from 7/31/2026 to 11/7/2026 was primarily driven by a -28.1% change in the company's P/E Multiple.| (LTM values as of) | 7312026 | 11072026 | Change |
|---|---|---|---|
| Stock Price ($) | 79.61 | 60.40 | -24.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,818 | 2,948 | 4.6% |
| Net Income Margin (%) | 1.9% | 1.9% | 0.8% |
| P/E Multiple | 53.8 | 38.7 | -28.1% |
| Shares Outstanding (Mil) | 36 | 36 | 0.1% |
| Cumulative Contribution | -24.1% |
Market Drivers
7/31/2026 to 11/7/2026| Return | Correlation | |
|---|---|---|
| BHE | -24.1% | |
| Market (SPY) | -1.6% | 49.6% |
| Sector (XLK) | -6.1% | 73.5% |
Fundamental Drivers
The -26.1% change in BHE stock from 4/30/2026 to 11/7/2026 was primarily driven by a -54.7% change in the company's P/E Multiple.| (LTM values as of) | 4302026 | 11072026 | Change |
|---|---|---|---|
| Stock Price ($) | 81.74 | 60.40 | -26.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,705 | 2,948 | 9.0% |
| Net Income Margin (%) | 1.3% | 1.9% | 50.1% |
| P/E Multiple | 85.4 | 38.7 | -54.7% |
| Shares Outstanding (Mil) | 36 | 36 | -0.3% |
| Cumulative Contribution | -26.1% |
Market Drivers
4/30/2026 to 11/7/2026| Return | Correlation | |
|---|---|---|
| BHE | -26.1% | |
| Market (SPY) | 2.6% | 55.2% |
| Sector (XLK) | 3.4% | 76.4% |
Fundamental Drivers
The 39.3% change in BHE stock from 10/31/2025 to 11/7/2026 was primarily driven by a 35.8% change in the company's Net Income Margin (%).| (LTM values as of) | 10312025 | 11072026 | Change |
|---|---|---|---|
| Stock Price ($) | 43.34 | 60.40 | 39.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,589 | 2,948 | 13.9% |
| Net Income Margin (%) | 1.4% | 1.9% | 35.8% |
| P/E Multiple | 43.1 | 38.7 | -10.2% |
| Shares Outstanding (Mil) | 36 | 36 | 0.3% |
| Cumulative Contribution | 39.3% |
Market Drivers
10/31/2025 to 11/7/2026| Return | Correlation | |
|---|---|---|
| BHE | 39.3% | |
| Market (SPY) | 8.7% | 55.1% |
| Sector (XLK) | 10.0% | 66.3% |
Fundamental Drivers
The 161.6% change in BHE stock from 10/31/2023 to 11/7/2026 was primarily driven by a 212.3% change in the company's P/E Multiple.| (LTM values as of) | 10312023 | 11072026 | Change |
|---|---|---|---|
| Stock Price ($) | 23.09 | 60.40 | 161.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,950 | 2,948 | -0.1% |
| Net Income Margin (%) | 2.3% | 1.9% | -15.6% |
| P/E Multiple | 12.4 | 38.7 | 212.3% |
| Shares Outstanding (Mil) | 36 | 36 | -0.7% |
| Cumulative Contribution | 161.6% |
Market Drivers
10/31/2023 to 11/7/2026| Return | Correlation | |
|---|---|---|
| BHE | 161.6% | |
| Market (SPY) | 81.9% | 55.8% |
| Sector (XLK) | 104.5% | 61.3% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| BHE Return | 3% | 1% | 6% | 67% | -4% | 42% | 152% |
| Peers Return | 32% | 12% | 57% | 78% | 86% | 2% | 685% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 105% |
Monthly Win Rates [3] | |||||||
| BHE Win Rate | 50% | 50% | 58% | 50% | 42% | 55% | |
| Peers Win Rate | 58% | 55% | 62% | 65% | 62% | 47% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 45% | |
Max Drawdowns [4] | |||||||
| BHE Max Drawdown | -27% | -22% | -28% | -19% | -33% | -40% | |
| Peers Max Drawdown | -17% | -26% | -23% | -24% | -37% | -49% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: JBL, FLEX, SANM, PLXS, CLS.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 11/6/2026 (YTD)
How Low Can It Go
| Event | BHE | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -23.3% | -18.8% |
| % Gain to Breakeven | 30.4% | 23.1% |
| Time to Breakeven | 173 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -12.4% | -9.5% |
| % Gain to Breakeven | 14.1% | 10.5% |
| Time to Breakeven | 49 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -17.5% | -6.7% |
| % Gain to Breakeven | 21.1% | 7.1% |
| Time to Breakeven | 37 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -20.8% | -24.5% |
| % Gain to Breakeven | 26.3% | 32.4% |
| Time to Breakeven | 36 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -47.0% | -33.7% |
| % Gain to Breakeven | 88.5% | 50.9% |
| Time to Breakeven | 272 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -15.7% | -19.2% |
| % Gain to Breakeven | 18.7% | 23.8% |
| Time to Breakeven | 25 days | 105 days |
In The Past
Benchmark Electronics's stock fell -23.3% during the 2025 US Tariff Shock. Such a loss loss requires a 30.4% gain to breakeven.
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Asset Allocation
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| Event | BHE | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -23.3% | -18.8% |
| % Gain to Breakeven | 30.4% | 23.1% |
| Time to Breakeven | 173 days | 79 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -20.8% | -24.5% |
| % Gain to Breakeven | 26.3% | 32.4% |
| Time to Breakeven | 36 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -47.0% | -33.7% |
| % Gain to Breakeven | 88.5% | 50.9% |
| Time to Breakeven | 272 days | 140 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -23.8% | -6.8% |
| % Gain to Breakeven | 31.3% | 7.3% |
| Time to Breakeven | 257 days | 15 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -26.2% | -17.9% |
| % Gain to Breakeven | 35.4% | 21.8% |
| Time to Breakeven | 109 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -33.3% | -15.4% |
| % Gain to Breakeven | 50.0% | 18.2% |
| Time to Breakeven | 1128 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -52.9% | -53.4% |
| % Gain to Breakeven | 112.1% | 114.4% |
| Time to Breakeven | 217 days | 1085 days |
In The Past
Benchmark Electronics's stock fell -23.3% during the 2025 US Tariff Shock. Such a loss loss requires a 30.4% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Benchmark Electronics (BHE)
Benchmark Electronics (BHE) is a global technology solutions company that provides comprehensive product design, engineering, and manufacturing services. It partners with original equipment manufacturers (OEMs) to develop and produce complex electronic products, essentially serving as an external arm for their clients' product development and manufacturing needs from start to finish.
The company's main offerings span the entire product lifecycle. This includes upfront engineering services like new product design, rapid prototyping, and custom testing solutions. For manufacturing, BHE specializes in printed circuit board assembly, subsystem and system integration, and electromechanical assembly. Additionally, it provides critical support services such as supply chain management, direct order fulfillment, and extensive aftermarket services including repair, refurbishment, and spare parts management.
Benchmark Electronics primarily serves sophisticated and high-reliability markets, catering to OEMs in industries that demand stringent quality and advanced technology. Its key customer sectors include aerospace and defense, medical technologies, complex industrials, semiconductor capital equipment, telecommunications, and advanced computing. The company markets its expertise and services directly to these specialized clients.
AI Analysis | Feedback
Benchmark Electronics is like a Foxconn for specialized, high-reliability electronics and complex systems, focusing on sectors like aerospace, medical, and industrial rather than mass-market consumer gadgets.
Benchmark Electronics is like the Magna International of advanced electronics and electromechanical systems, designing and manufacturing critical components and products for a wide array of industries.
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- Engineering & Design Services: Provides comprehensive engineering services, including new product design, prototyping, testing, and custom technology solutions.
- Electronics Manufacturing Services (EMS): Offers electronics manufacturing, assembly, and extensive testing services for components, boards, and subsystems.
- Precision Machining & Electromechanical Assembly: Delivers precision machining and electromechanical assembly services for various industrial applications.
- System Integration: Provides full-service subsystem and system integration, including assembly, configuration, and testing.
- Supply Chain & Logistics Management: Manages end-to-end supply chain logistics, value-added support systems, and direct order fulfillment.
- Aftermarket Services: Offers a range of post-sale services including repair, refurbishment, remanufacturing, and spare parts manufacturing.
AI Analysis | Feedback
Benchmark Electronics (BHE) sells primarily to other companies, specifically original equipment manufacturers (OEMs). Based on the provided background information, the specific names of its major customer companies are not disclosed.
However, the company serves OEMs in the following industries, which represent its major customer segments:
- Aerospace and defense
- Medical technologies
- Complex industrials
- Semiconductor capital equipment
- Telecommunications
- Advanced computing
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Jeff Benck, Chief Executive Officer
Jeff Benck assumed the role of CEO in March 2019 and is responsible for redefining the company's strategic direction and leading Benchmark through a transformation. Prior to joining Benchmark, Mr. Benck served as President and Chief Executive Officer of Lantronix, a global provider of secure data access and management solutions for IoT and IT assets, where he drove significant growth, more than doubling profitability and tripling market capitalization. He also served as President and Chief Executive Officer of Emulex Corporation, a global supplier of advanced networking solutions, until its acquisition by Avago Technologies in May 2015. Earlier, he held roles as President and Chief Operating Officer of QLogic Corporation and spent 18 years at IBM Corporation in various executive leadership positions.
Bryan Schumaker, Executive Vice President and Chief Financial Officer
Bryan Schumaker serves as Executive Vice President and Chief Financial Officer at Benchmark, overseeing financial operations, including strategic financial planning, capital structure management, and investor relations. He was appointed to this role effective October 8, 2024. With over 20 years of financial leadership experience, Mr. Schumaker has held CFO roles at both public and private companies with significant global manufacturing operations. Before joining Benchmark, he served as Chief Financial Officer at SOURCE Global, TPI Composites, and 8point3 Energy Partners. At SOURCE Global, he was instrumental in transforming financial operations, preparing the company for public market readiness, and leading the development of a global shared service center, contributing to a quadrupling of revenue growth during his tenure. He also served as Senior Vice President and Chief Accounting Officer for First Solar Inc.
David Moezidis, President and CEO-Designate
David Moezidis is the President and CEO-Designate of Benchmark, set to assume the Chief Executive Officer position on March 31, 2026, following Jeff Benck's retirement. He was promoted to President and Chief Commercial Officer in September 2025. Mr. Moezidis brings over 35 years of leadership experience in operations, engineering, sales, and marketing within the digital imaging, semiconductor capital equipment, and electronic manufacturing services industries. Prior to Benchmark, he spent 25 years at Flex in various leadership positions, including President of the Lifestyle Solutions group and Senior Vice President of the Industrial and Energy group.
David Cummings, Senior Vice President and Chief Commercial Officer
David Cummings was appointed Senior Vice President and Chief Commercial Officer at Benchmark effective February 2026. In this role, he leads the organization's commercial strategy and global go-to-market approach, with responsibility for vertical market strategy, portfolio optimization, accelerating marketing and demand generation, and ensuring revenue realization. Mr. Cummings brings over 20 years of executive experience in global customer management, supply chain transformation, and commercial operations. Most recently, he served as VP General Manager at Flex, where he launched and scaled new market segments, secured significant new bookings, and orchestrated supply chain regionalization.
Josh Hollin, Senior Vice President and Chief Technology Officer
Josh Hollin was appointed Senior Vice President and Chief Technology Officer at Benchmark, effective January 2026. He brings over 25 years of engineering leadership experience to this role. Prior to joining Benchmark, Mr. Hollin served as Vice President of Engineering & Technical Program Management at GoPro, where he led hardware and software engineering programs. His previous experience includes senior leadership positions at AMP Robotics and Flex, where he focused on global design engineering and autonomous robotics initiatives.
AI Analysis | Feedback
The key risks to Benchmark Electronics' (BHE) business are primarily related to global economic and political factors, intense market competition, and the inherent cyclicality of its target industries.
- Geopolitical Risks and Supply Chain Volatility: Benchmark Electronics faces significant risks from geopolitical shifts, particularly U.S.-China trade tensions, which can disrupt global supply chains. These disruptions impact the company's ability to source components and efficiently manage production, which is critical for its manufacturing services.
- Intense Competition and Margin Pressure: The electronics manufacturing services (EMS) industry is highly competitive, with numerous players vying for market share. This intense competition puts constant pressure on pricing and, consequently, on Benchmark's operating margins, which are described as being "stubbornly thin". The company's historical performance also indicates a "suboptimal cost structure" and "mediocre job investing in profitable growth initiatives" contributing to this margin pressure.
- Cyclicality in End Markets and Macroeconomic Headwinds: Benchmark's revenue and growth are susceptible to the cyclical nature of its key end markets, such as semiconductor capital equipment, and broader macroeconomic conditions. Projected slowdowns in global GDP growth and a deceleration in overall capital expenditure can lead to scrutinization of corporate spending and weaker demand for BHE's services, despite its focus on diversified, high-reliability sectors.
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Benchmark Electronics (BHE) operates within several significant addressable markets, primarily centered around electronics manufacturing services, precision machining, and supply chain solutions. These markets exhibit substantial global valuations and growth projections.
Global Electronics Manufacturing Services (EMS) Market
Benchmark Electronics' core business of product design, engineering services, technology solutions, and manufacturing services falls under the expansive Electronics Manufacturing Services (EMS) market. The global EMS market was valued at approximately USD 648.11 billion in 2025 and is projected to reach around USD 1,167.08 billion by 2034, growing at a compound annual growth rate (CAGR) of 6.8% during this forecast period.
This market includes design, assembly, production, and aftermarket support for electronic components and devices, catering to a diverse range of industries.
Within the broader EMS market, the industries Benchmark serves also represent substantial segments:
- The global telecom electronic manufacturing services (EMS) market size reached USD 216.4 billion in 2024 and is expected to reach USD 348.6 billion by 2033, exhibiting a CAGR of 5.17% from 2025 to 2033.
- The medical and healthcare sector accounted for a 9.2% market share within the EMS market in 2024.
- The aerospace and defense market is projected to grow at a CAGR of 3.9% by 2034 within the EMS market.
Global Precision Machining Market
Benchmark Electronics' precision machining and electromechanical assembly services address the global precision machining market. This market was estimated at USD 123.54 billion in 2025 and is projected to grow to USD 228.75 billion by 2033, with a CAGR of 8.1% from 2026 to 2033. The demand for high-precision components in industries such as automotive, aerospace & defense, medical devices, and electronics drives this market.
Global Supply Chain Management Market
The company's supply chain management solutions are part of the global supply chain management market. This market was valued at USD 35.7 billion in 2025 and is projected to reach USD 91 billion by 2034, growing at a CAGR of 10.9% from 2026 to 2034. The increasing complexity of global supply networks and the need for operational visibility and efficiency are key drivers for this market.
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Share Repurchases
- Benchmark Electronics did not repurchase any outstanding shares in 2023.
- As of December 31, 2023, the company had an authorization of approximately $155 million remaining for future share repurchases.
- From July 1, 2025, to September 30, 2025, Benchmark Electronics repurchased shares totaling $9.99 million under its existing buyback program.
Share Issuance
- No significant dollar amount of shares issued in large, one-off capital-raising events by Benchmark Electronics has been identified over the last 3-5 years.
Inbound Investments
- No information is available regarding large inbound investments made in Benchmark Electronics by third parties over the last 3-5 years.
Outbound Investments
- No information is available regarding significant outbound strategic investments made by Benchmark Electronics in other companies over the last 3-5 years.
Capital Expenditures
- In fiscal year 2023, capital expenditures represented approximately 2.5% of the company's projected revenue, with a primary focus on investments in engineering and supply chain areas.
- Benchmark Electronics plans to break ground on a fourth building in Penang, Malaysia, to support its ongoing momentum in the Semiconductor Capital Equipment sector, as reported in its fourth-quarter 2024 results.
Peer Outperformance in Electronic Manufacturing Services
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| BHE | Benchmark Electronics | 0.9% | 38.7x | 38.4% | 165.4% | 155.2% | — |
| FLEX | Flex | 4.8% | 24.8x | 11.4% | 267.8% | 421.5% | +266pp |
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Electronic Manufacturing Services ← | 10 | 5.5% | 93.6% | 163.4% | FLEX 421% · TTMI 365% · JBL 272% |
| Technology Distributors | 9 | 43.9% | 52.8% | 52.9% | AVT 122% · SNX 104% · PLUS 53% |
| Semiconductor Materials & Equipment | 28 | 26.7% | 40.7% | 33.2% | AXTI 322% · KLAC 249% · LRCX 245% |
| Electronic Components | 24 | 13.8% | 61.0% | 21.1% | CLS 1777% · BELFA 985% · APH 283% |
| Communications Equipment | 36 | 1.6% | 71.8% | 17.8% | AAOI 755% · LITE 477% · ANET 415% |
| Electronic Equipment & Instruments | 27 | -6.4% | 27.4% | 1.7% | PI 120% · OSIS 105% · MIR 60% |
| Semiconductors | 55 | 6.4% | 37.8% | -12.6% | MU 869% · NVDA 530% · AVGO 474% |
| Technology Hardware, Storage & Peripherals | 21 | 12.4% | 51.8% | -20.2% | DELL 543% · WDC 531% · SMCI 517% |
| Internet Services & Infrastructure | 6 | -7.1% | 42.2% | -26.0% | GDDY 57% · VRSN 35% · AKAM -23% |
| IT Consulting & Other Services | 30 | -17.8% | -9.2% | -28.2% | APLD 253% · IBM 140% · GIB -8% |
| Application Software | 125 | -12.3% | -12.0% | -54.5% | PLTR 517% · FROG 159% · AGYS 143% |
| Systems Software | 70 | -10.7% | 13.7% | -54.6% | ZETA 237% · CRWD 217% · CVLT 133% |
Latest Trefis Analyses
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| ARTICLES |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 164.98 |
| Mkt Cap | 16.2 |
| Rev LTM | 15,497 |
| Op Inc LTM | 1,106 |
| FCF LTM | 570 |
| FCF 3Y Avg | 392 |
| CFO LTM | 1,154 |
| CFO 3Y Avg | 678 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 19.1% |
| Rev Chg 3Y Avg | 3.7% |
| Rev Chg Q | 28.4% |
| QoQ Delta Rev Chg LTM | 6.8% |
| Op Inc Chg LTM | 25.4% |
| Op Inc Chg 3Y Avg | 13.6% |
| Op Mgn LTM | 5.1% |
| Op Mgn 3Y Avg | 5.0% |
| QoQ Delta Op Mgn LTM | 0.0% |
| CFO/Rev LTM | 5.7% |
| CFO/Rev 3Y Avg | 6.0% |
| FCF/Rev LTM | 3.4% |
| FCF/Rev 3Y Avg | 4.0% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Single Segment | 2,659 | 2,656 | 2,839 | 2,886 | 2,255 |
| Total | 2,659 | 2,656 | 2,839 | 2,886 | 2,255 |
| $ Mil | 2015 | 2014 | 2013 | 2012 | 2011 |
|---|---|---|---|---|---|
| Americas | 77 | 59 | 55 | 60 | 46 |
| Asia | 63 | 79 | 93 | 52 | 31 |
| Europe | 7 | 10 | 9 | 1 | 0 |
| Eliminations | -54 | ||||
| Elimination of intersegment sales | -47 | -41 | -38 | -36 | |
| Total | 93 | 100 | 117 | 76 | 41 |
| $ Mil | 2015 | 2014 | 2013 | 2012 | 2011 |
|---|---|---|---|---|---|
| Americas | 868 | 713 | 702 | 569 | 651 |
| Asia | 605 | 667 | 659 | 636 | 611 |
| Europe | 306 | 239 | 256 | 201 | 197 |
| Corporate | 116 | ||||
| Elimination of intersegment sales | 60 | 41 | 95 | 41 | |
| Total | 1,894 | 1,679 | 1,657 | 1,501 | 1,500 |
Price Behavior
| Market Price | $60.40 | |
| Market Cap ($ Bil) | 2.2 | |
| First Trading Date | 06/28/1990 | |
| Distance from 52W High | -38.7% | |
| 50 Days | 200 Days | |
| DMA Price | $74.72 | $72.78 |
| DMA Trend | down | up |
| Distance from DMA | -19.2% | -17.0% |
| 3M | 1YR | |
| Volatility | 51.1% | 46.9% |
| Downside Capture | 224.63 | 160.84 |
| Upside Capture | 106.92 | 177.68 |
| Correlation (S&P 500) | 47.1% | 55.1% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 3.49 | 2.38 | 2.28 | 2.33 | 2.02 | 1.55 |
| Up Beta | 1.61 | 1.24 | 2.33 | 2.63 | 2.25 | 1.52 |
| Down Beta | 2.86 | 3.99 | 3.54 | 1.71 | 1.77 | 1.33 |
| Up Capture | 250% | 223% | 160% | 263% | 392% | 692% |
| Bmk +ve Days | 12 | 18 | 28 | 62 | 130 | 427 |
| Stock +ve Days | 8 | 25 | 34 | 68 | 144 | 397 |
| Down Capture | 431% | 192% | 225% | 217% | 144% | 110% |
| Bmk -ve Days | 10 | 25 | 36 | 64 | 121 | 325 |
| Stock -ve Days | 14 | 18 | 30 | 58 | 106 | 350 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BHE | |
|---|---|---|---|---|
| BHE | 30.9% | 46.9% | 0.71 | - |
| Sector ETF (XLK) | 12.1% | 28.4% | 0.39 | 67.0% |
| Equity (SPY) | 9.5% | 13.6% | 0.40 | 55.4% |
| Gold (GLD) | 1.6% | 28.7% | 0.05 | 20.4% |
| Commodities (DBC) | 38.4% | 21.2% | 1.42 | -7.9% |
| Real Estate (VNQ) | 11.3% | 14.2% | 0.51 | -0.1% |
| Bitcoin (BTCUSD) | -27.2% | 43.6% | -0.61 | 18.6% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BHE | |
|---|---|---|---|---|
| BHE | 23.5% | 37.8% | 0.64 | - |
| Sector ETF (XLK) | 16.2% | 26.4% | 0.55 | 55.7% |
| Equity (SPY) | 11.3% | 17.3% | 0.48 | 52.2% |
| Gold (GLD) | 17.5% | 19.1% | 0.74 | 13.4% |
| Commodities (DBC) | 8.1% | 19.6% | 0.30 | 10.9% |
| Real Estate (VNQ) | 1.3% | 18.9% | -0.04 | 28.8% |
| Bitcoin (BTCUSD) | 4.0% | 51.6% | 0.26 | 19.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BHE | |
|---|---|---|---|---|
| BHE | 11.3% | 37.9% | 0.40 | - |
| Sector ETF (XLK) | 22.6% | 25.3% | 0.82 | 49.9% |
| Equity (SPY) | 15.0% | 18.0% | 0.70 | 51.6% |
| Gold (GLD) | 11.9% | 16.5% | 0.59 | 8.4% |
| Commodities (DBC) | 7.5% | 18.1% | 0.33 | 17.3% |
| Real Estate (VNQ) | 5.9% | 20.7% | 0.24 | 35.9% |
| Bitcoin (BTCUSD) | 60.0% | 66.3% | 1.00 | 16.3% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 11/6/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 10/28/2026 | -1.4% | -11.0% | |
| 7/29/2026 | 7.2% | 13.4% | -0.6% |
| 4/29/2026 | 13.3% | 19.6% | 16.7% |
| 2/3/2026 | -0.1% | 4.0% | -1.8% |
| 11/4/2025 | 8.6% | 4.8% | 9.2% |
| 7/30/2025 | -1.9% | -1.6% | 5.6% |
| 4/29/2025 | -15.0% | -10.0% | -4.4% |
| 1/29/2025 | -2.6% | -3.3% | -8.4% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 12 | 15 | 15 |
| # Negative | 12 | 9 | 8 |
| Median Positive | 6.3% | 4.0% | 6.8% |
| Median Negative | -2.3% | -3.1% | -3.7% |
| Max Positive | 18.1% | 32.2% | 42.2% |
| Max Negative | -15.0% | -13.2% | -16.1% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 10/28/2026 | -1.4% | -11.0% | |
| 7/29/2026 | 7.2% | 13.4% | -0.6% |
| 4/29/2026 | 13.3% | 19.6% | 16.7% |
| 2/3/2026 | -0.1% | 4.0% | -1.8% |
| 11/4/2025 | 8.6% | 4.8% | 9.2% |
| 7/30/2025 | -1.9% | -1.6% | 5.6% |
| 4/29/2025 | -15.0% | -10.0% | -4.4% |
| 1/29/2025 | -2.6% | -3.3% | -8.4% |
| 10/30/2024 | -4.7% | 13.2% | 6.8% |
| 7/30/2024 | 17.6% | -0.9% | 3.9% |
| 5/1/2024 | 18.1% | 32.2% | 42.2% |
| 1/31/2024 | 9.1% | 5.8% | 15.2% |
| 10/25/2023 | 4.4% | 6.1% | 10.7% |
| 7/31/2023 | 0.7% | 0.0% | -3.6% |
| 5/3/2023 | -2.0% | -3.1% | 12.0% |
| 2/1/2023 | -13.6% | -13.2% | -16.1% |
| 10/26/2022 | -7.0% | -2.6% | -1.8% |
| 8/3/2022 | 2.5% | 2.0% | 1.4% |
| 4/26/2022 | -1.5% | 1.7% | 3.1% |
| 2/3/2022 | 3.4% | 0.8% | 6.7% |
| 10/27/2021 | -7.6% | 0.1% | -3.9% |
| 7/28/2021 | 5.5% | 2.9% | 2.7% |
| 4/28/2021 | 0.3% | -0.6% | 3.8% |
| 2/4/2021 | -0.3% | 0.9% | 9.0% |
| SUMMARY STATS | |||
| # Positive | 12 | 15 | 15 |
| # Negative | 12 | 9 | 8 |
| Median Positive | 6.3% | 4.0% | 6.8% |
| Median Negative | -2.3% | -3.1% | -3.7% |
| Max Positive | 18.1% | 32.2% | 42.2% |
| Max Negative | -15.0% | -13.2% | -16.1% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2026 | 10/28/2026 | 10-Q |
| 06/30/2026 | 07/29/2026 | 10-Q |
| 03/31/2026 | 04/30/2026 | 10-Q |
| 12/31/2025 | 02/24/2026 | 10-K |
| 09/30/2025 | 11/05/2025 | 10-Q |
| 06/30/2025 | 07/31/2025 | 10-Q |
| 03/31/2025 | 05/01/2025 | 10-Q |
| 12/31/2024 | 02/24/2025 | 10-K |
| 09/30/2024 | 11/01/2024 | 10-Q |
| 06/30/2024 | 08/01/2024 | 10-Q |
| 03/31/2024 | 05/03/2024 | 10-Q |
| 12/31/2023 | 02/27/2024 | 10-K |
| 09/30/2023 | 11/02/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/05/2023 | 10-Q |
| 12/31/2022 | 02/24/2023 | 10-K |
| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2026 | 10/28/2026 | 10-Q |
| 06/30/2026 | 07/29/2026 | 10-Q |
| 03/31/2026 | 04/30/2026 | 10-Q |
| 12/31/2025 | 02/24/2026 | 10-K |
| 09/30/2025 | 11/05/2025 | 10-Q |
| 06/30/2025 | 07/31/2025 | 10-Q |
| 03/31/2025 | 05/01/2025 | 10-Q |
| 12/31/2024 | 02/24/2025 | 10-K |
| 09/30/2024 | 11/01/2024 | 10-Q |
| 06/30/2024 | 08/01/2024 | 10-Q |
| 03/31/2024 | 05/03/2024 | 10-Q |
| 12/31/2023 | 02/27/2024 | 10-K |
| 09/30/2023 | 11/02/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/05/2023 | 10-Q |
| 12/31/2022 | 02/24/2023 | 10-K |
| 09/30/2022 | 11/04/2022 | 10-Q |
| 06/30/2022 | 08/04/2022 | 10-Q |
| 03/31/2022 | 05/05/2022 | 10-Q |
| 12/31/2021 | 02/25/2022 | 10-K |
| 09/30/2021 | 11/04/2021 | 10-Q |
| 06/30/2021 | 08/05/2021 | 10-Q |
| 03/31/2021 | 05/06/2021 | 10-Q |
| 12/31/2020 | 03/01/2021 | 10-K |
| 09/30/2020 | 11/05/2020 | 10-Q |
| 06/30/2020 | 08/06/2020 | 10-Q |
| 03/31/2020 | 05/08/2020 | 10-Q |
| 12/31/2019 | 03/02/2020 | 10-K |
Recent Forward Guidance
Updated 11/2/2026Latest: Q3 2026 Earnings Reported 10/28/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2026 Stock-Based Compensation Expense | Reported | 7.80 Mil | ||||||
| Q4 2026 Revenue | Reported | 815.00 Mil | 835.00 Mil | 855.00 Mil | 7.7% | Higher New | Guidance: 775.00 Mil for Q3 2026 | |
| Q4 2026 Other Non-Operating Expenses | Reported | 2.70 Mil | 2.95 Mil | 3.20 Mil | ||||
| Q4 2026 Diluted GAAP EPS | Reported | 0.58 | 0.61 | 0.64 | 13.0% | Higher New | Guidance: 0.54 for Q3 2026 | |
| Q4 2026 Diluted non-GAAP EPS | Reported | 0.85 | 0.88 | 0.91 | 11.4% | Higher New | Guidance: 0.79 for Q3 2026 | |
| 2026 Revenue Growth | Reported | 16.0% | 3.0% | Raised | Guidance: 13.0% for 2026 | |||
Prior: Q2 2026 Earnings Reported 7/29/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q3 2026 Revenue | Reported | 755.00 Mil | 775.00 Mil | 795.00 Mil | 7.6% | Higher New | Actual: 720.00 Mil for Q2 2026 | |
| Q3 2026 Diluted GAAP EPS | Reported | 0.51 | 0.54 | 0.57 | 0 | Same New | Actual: 0.54 for Q2 2026 | |
| Q3 2026 Diluted Non-GAAP EPS | Reported | 0.76 | 0.79 | 0.82 | 16.2% | Higher New | Actual: 0.68 for Q2 2026 | |
| 2026 Revenue Growth | Reported | 13.0% | 3.5% | Raised | Guidance: 9.5% for 2026 | |||
| 2026 Annual Revenue | Reported | 3.00 Bil | ||||||
Q1 2026 Earnings Reported 4/29/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 Revenue | Reported | 700.00 Mil | 720.00 Mil | 740.00 Mil | 6.7% | Higher New | Guidance: 675.00 Mil for Q1 2026 | |
| Q2 2026 EPS | Reported | 0.51 | 0.54 | 0.57 | 58.8% | 20.0% | Higher New | Guidance: 0.34 for Q1 2026 |
| Q2 2026 Non-GAAP EPS | Reported | 0.65 | 0.68 | 0.71 | 21.4% | 12.0% | Higher New | Guidance: 0.56 for Q1 2026 |
| 2026 Revenue Growth | Reported | 9.0% | 9.5% | 10.0% | Raised | |||
Q4 2025 Earnings Reported 2/3/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 Revenue | Reported | 655.00 Mil | 675.00 Mil | 695.00 Mil | -2.9% | Lower New | Guidance: 695.00 Mil for Q4 2025 | |
| Q1 2026 Diluted GAAP EPS | Reported | 0.31 | 0.34 | 0.37 | -27.7% | Lower New | Guidance: 0.47 for Q4 2025 | |
| Q1 2026 Diluted Non-GAAP EPS | Reported | 0.53 | 0.56 | 0.59 | -13.8% | Lower New | Guidance: 0.65 for Q4 2025 | |
Insider Activity
Updated 8/18/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | De, Greef-Safft Anne | Direct | Sell | 8122026 | 82.26 | 2,116 | 174,062 | 3,054,807 | Form | |
| 2 | De, Greef-Safft Anne | Spouse | Sell | 8122026 | 82.02 | 3,884 | Form | |||
| 3 | Beaver, Stephen J | SVP, General Counsel and CLO | Direct | Sell | 6112026 | 86.25 | 20,000 | 1,725,000 | 6,470,475 | Form |
| 4 | Moezidis, David | President and CEO | Direct | Sell | 5262026 | 87.57 | 12,500 | 1,094,625 | 7,492,839 | Form |
| 5 | Scheible, David W | Direct | Sell | 5152026 | 85.00 | 22,989 | 1,954,065 | 5,274,845 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | De, Greef-Safft Anne | Direct | Sell | 8122026 | 82.26 | 2,116 | 174,062 | 3,054,807 | Form | |
| 2 | De, Greef-Safft Anne | Spouse | Sell | 8122026 | 82.02 | 3,884 | Form | |||
| 3 | Beaver, Stephen J | SVP, General Counsel and CLO | Direct | Sell | 6112026 | 86.25 | 20,000 | 1,725,000 | 6,470,475 | Form |
| 4 | Moezidis, David | President and CEO | Direct | Sell | 5262026 | 87.57 | 12,500 | 1,094,625 | 7,492,839 | Form |
| 5 | Scheible, David W | Direct | Sell | 5152026 | 85.00 | 22,989 | 1,954,065 | 5,274,845 | Form | |
| 6 | Lamneck, Kenneth T | Direct | Sell | 5122026 | 81.49 | 24,263 | 1,977,192 | 3,864,093 | Form | |
| 7 | Turner, Rhonda R | SVP, Chief HR Officer | Direct | Sell | 5082026 | 85.14 | 6,600 | 561,924 | 3,070,744 | Form |
| 8 | Benck, Jeff | CEO | Direct | Sell | 2262026 | 60.40 | 9,066 | 547,586 | 21,830,553 | Form |
| 9 | Benck, Jeff | CEO | Direct | Sell | 2172026 | 60.06 | 834 | 50,090 | 23,858,595 | Form |
| 10 | Benck, Jeff | CEO | Direct | Sell | 2172026 | 60.03 | 100 | 6,003 | 23,896,742 | Form |
| 11 | Benck, Jeff | CEO | Direct | Sell | 2112026 | 58.19 | 25,000 | 1,454,750 | 23,170,094 | Form |
| 12 | Benck, Jeff | CEO | Direct | Sell | 1222026 | 50.24 | 14,900 | 748,576 | 21,260,563 | Form |
| 13 | Benck, Jeff | CEO | Direct | Sell | 1222026 | 50.00 | 100 | 5,000 | 21,904,000 | Form |
| 14 | Turner, Rhonda R | SVP, Chief HR Officer | Direct | Sell | 12162025 | 47.83 | 10,000 | 478,300 | 1,659,749 | Form |
| 15 | Beaver, Stephen J | SVP, General Counsel and CLO | Direct | Sell | 12092025 | 48.00 | 1,250 | 60,000 | 4,115,760 | Form |
| 16 | Benck, Jeff | President and CEO | Direct | Sell | 12092025 | 47.55 | 10,000 | 475,500 | 20,835,459 | Form |
| 17 | Turner, Rhonda R | SVP, Chief HR Officer | Direct | Sell | 12092025 | 46.90 | 10,000 | 469,000 | 2,096,477 | Form |
| 18 | Beaver, Stephen J | SVP, General Counsel and CLO | Direct | Sell | 12092025 | 46.92 | 8,750 | 410,550 | 4,081,805 | Form |
| 19 | Janick, Jan M | SVP, Chief Technology Officer | Direct | Sell | 11202025 | 42.66 | 8,967 | 382,532 | 2,278,087 | Form |
| 20 | Janick, Jan M | SVP, Chief Technology Officer | Direct | Sell | 9102025 | 40.50 | 10,004 | 405,162 | 2,525,904 | Form |
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Industry Resources
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| MIT Technology Review |
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| SeekingAlpha | ValueLine |
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