Benchmark Electronics (BHE)
Market Price (9/24/2026): $83.065 | Market Cap: $3.0 BilSector: Information Technology | Industry: Electronic Manufacturing Services
Benchmark Electronics (BHE)
Market Price (9/24/2026): $83.065Market Cap: $3.0 BilSector: Information TechnologyIndustry: Electronic Manufacturing Services
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Low stock price volatilityVol 12M is 45% Megatrend and thematic driversMegatrends include 5G & Advanced Connectivity, Artificial Intelligence, and Automation & Robotics. Themes include Telecom Infrastructure, Show more. | Stock price has recently run up significantly12M Rtn12 month market price return is 110% Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -1.3% Key risksBHE key risks include [1] susceptibility to demand fluctuations within its specific end-markets, Show more. |
| Low stock price volatilityVol 12M is 45% |
| Megatrend and thematic driversMegatrends include 5G & Advanced Connectivity, Artificial Intelligence, and Automation & Robotics. Themes include Telecom Infrastructure, Show more. |
| Stock price has recently run up significantly12M Rtn12 month market price return is 110% |
| Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -1.3% |
| Key risksBHE key risks include [1] susceptibility to demand fluctuations within its specific end-markets, Show more. |
Qualitative Assessment
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Benchmark Electronics (BHE) stock has remained largely at the same level since 5/31/2026 because of the following key factors:
1. Strong Fiscal Q2 2026 Performance and Elevated Full-Year Guidance.
Benchmark Electronics (BHE) reported robust financial results for its fiscal second quarter ended June 30, 2026, significantly surpassing analyst expectations. The company announced revenue of $756 million, marking an 18% increase year-over-year, which exceeded the consensus estimate of $681.5 million. Diluted non-GAAP earnings per share (EPS) reached $0.75, a 36% rise year-over-year, outperforming the $0.59 per share anticipated by analysts. Furthermore, Benchmark raised its full-year 2026 revenue outlook to a record $3 billion, projecting approximately 13% growth. This strong operational performance and optimistic future outlook provided significant upward support for the stock, preventing a sustained decline.
2. Mixed Valuation Signals and Overvaluation Concerns.
Despite the impressive earnings beat and increased guidance, the stock's valuation presented a mixed picture that likely tempered further upward momentum. InvestingPro data following the Q2 2026 earnings suggested that shares were overvalued relative to their Fair Value estimate, trading at a high P/E ratio of 79.77. As of mid-September 2026, the stock's P/E ratio was around 49.1x, notably above the US Electronic industry average of approximately 29.1x and its peers at 48.5x, indicating a premium valuation. While some analysis suggested the stock might be undervalued by about 13.3% based on growth expectations, the prevailing sentiment of a stretched valuation likely acted as a ceiling, causing the stock to stabilize or correct after earlier gains.
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Benchmark Electronics (BHE) stock has remained largely at the same level since 5/31/2026 because of the following key factors:
1. Strong Fiscal Q2 2026 Performance and Elevated Full-Year Guidance.
Benchmark Electronics (BHE) reported robust financial results for its fiscal second quarter ended June 30, 2026, significantly surpassing analyst expectations. The company announced revenue of $756 million, marking an 18% increase year-over-year, which exceeded the consensus estimate of $681.5 million. Diluted non-GAAP earnings per share (EPS) reached $0.75, a 36% rise year-over-year, outperforming the $0.59 per share anticipated by analysts. Furthermore, Benchmark raised its full-year 2026 revenue outlook to a record $3 billion, projecting approximately 13% growth. This strong operational performance and optimistic future outlook provided significant upward support for the stock, preventing a sustained decline.
2. Mixed Valuation Signals and Overvaluation Concerns.
Despite the impressive earnings beat and increased guidance, the stock's valuation presented a mixed picture that likely tempered further upward momentum. InvestingPro data following the Q2 2026 earnings suggested that shares were overvalued relative to their Fair Value estimate, trading at a high P/E ratio of 79.77. As of mid-September 2026, the stock's P/E ratio was around 49.1x, notably above the US Electronic industry average of approximately 29.1x and its peers at 48.5x, indicating a premium valuation. While some analysis suggested the stock might be undervalued by about 13.3% based on growth expectations, the prevailing sentiment of a stretched valuation likely acted as a ceiling, causing the stock to stabilize or correct after earlier gains.
3. Positive Analyst Sentiment and Upgraded Price Targets.
The consensus among Wall Street analysts remained largely positive during the period, providing a degree of stability for the stock. Analysts maintained either a "Strong Buy" or "Moderate Buy" rating for BHE. Several firms, including Needham, revised their 12-month price targets upward in July 2026, with the average target ranging from $90.00 to $91.00, representing a potential upside from current levels. This consistent positive endorsement from the analytical community helped to underpin investor confidence and limit downside risks, contributing to the stock remaining largely within a defined trading range.
4. Continued Strategic Business Momentum in High-Growth End Markets.
Benchmark Electronics demonstrated ongoing business strength across key sectors, including Semi-Cap, Industrial, Medical, and Advanced Computing & Communications. The company is strategically positioned to capitalize on the surging demand for advanced computing and Artificial Intelligence (AI) infrastructure, evidenced by new contract wins in water-cooling for high-performance computing and AI data centers, expected to drive revenue growth in the Advanced Computing & Communications segment into 2026. Additionally, strategic partnerships, such as being named HPE's Manufacturing Partner of the Year and expanding collaboration with Ouster for lidar sensors in June 2026, reinforced its market position and long-term growth prospects. These underlying business fundamentals provided sustained support, contributing to the stock's resilience against significant downward movements.
5. Consistent Quarterly Dividend Payouts.
Benchmark Electronics consistently returned value to shareholders through regular dividend payments. The company declared a quarterly cash dividend of $0.17 per share in June 2026, payable in July, and again in September 2026, payable in October. This steady dividend stream can enhance investor appeal, particularly during periods of market uncertainty or consolidation, thereby providing a floor for the stock price and contributing to its largely stable movement.
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Stock Movement Drivers
Fundamental Drivers
The -1.4% change in BHE stock from 5/31/2026 to 9/23/2026 was primarily driven by a -36.3% change in the company's P/E Multiple.| (LTM values as of) | 5312026 | 9232026 | Change |
|---|---|---|---|
| Stock Price ($) | 84.31 | 83.11 | -1.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,705 | 2,818 | 4.2% |
| Net Income Margin (%) | 1.3% | 1.9% | 49.0% |
| P/E Multiple | 88.1 | 56.1 | -36.3% |
| Shares Outstanding (Mil) | 36 | 36 | -0.4% |
| Cumulative Contribution | -1.4% |
Market Drivers
5/31/2026 to 9/23/2026| Return | Correlation | |
|---|---|---|
| BHE | -1.4% | |
| Market (SPY) | 1.8% | 51.7% |
| Sector (XLK) | 2.4% | 76.4% |
Fundamental Drivers
The 44.5% change in BHE stock from 2/28/2026 to 9/23/2026 was primarily driven by a 101.8% change in the company's Net Income Margin (%).| (LTM values as of) | 2282026 | 9232026 | Change |
|---|---|---|---|
| Stock Price ($) | 57.52 | 83.11 | 44.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,659 | 2,818 | 6.0% |
| Net Income Margin (%) | 0.9% | 1.9% | 101.8% |
| P/E Multiple | 82.6 | 56.1 | -32.0% |
| Shares Outstanding (Mil) | 36 | 36 | -0.6% |
| Cumulative Contribution | 44.5% |
Market Drivers
2/28/2026 to 9/23/2026| Return | Correlation | |
|---|---|---|
| BHE | 44.5% | |
| Market (SPY) | 12.5% | 55.2% |
| Sector (XLK) | 41.1% | 68.5% |
Fundamental Drivers
The 107.5% change in BHE stock from 8/31/2025 to 9/23/2026 was primarily driven by a 41.0% change in the company's P/E Multiple.| (LTM values as of) | 8312025 | 9232026 | Change |
|---|---|---|---|
| Stock Price ($) | 40.05 | 83.11 | 107.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,589 | 2,818 | 8.9% |
| Net Income Margin (%) | 1.4% | 1.9% | 34.8% |
| P/E Multiple | 39.8 | 56.1 | 41.0% |
| Shares Outstanding (Mil) | 36 | 36 | 0.3% |
| Cumulative Contribution | 107.5% |
Market Drivers
8/31/2025 to 9/23/2026| Return | Correlation | |
|---|---|---|
| BHE | 107.5% | |
| Market (SPY) | 20.3% | 53.2% |
| Sector (XLK) | 49.6% | 62.3% |
Fundamental Drivers
The 240.2% change in BHE stock from 8/31/2023 to 9/23/2026 was primarily driven by a 328.4% change in the company's P/E Multiple.| (LTM values as of) | 8312023 | 9232026 | Change |
|---|---|---|---|
| Stock Price ($) | 24.43 | 83.11 | 240.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,950 | 2,818 | -4.5% |
| Net Income Margin (%) | 2.3% | 1.9% | -16.2% |
| P/E Multiple | 13.1 | 56.1 | 328.4% |
| Shares Outstanding (Mil) | 36 | 36 | -0.8% |
| Cumulative Contribution | 240.2% |
Market Drivers
8/31/2023 to 9/23/2026| Return | Correlation | |
|---|---|---|
| BHE | 240.2% | |
| Market (SPY) | 77.0% | 54.9% |
| Sector (XLK) | 126.9% | 58.9% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| BHE Return | 3% | 1% | 6% | 67% | -4% | 93% | 242% |
| Peers Return | 32% | 12% | 57% | 78% | 86% | 54% | 1081% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 107% |
Monthly Win Rates [3] | |||||||
| BHE Win Rate | 50% | 50% | 58% | 50% | 42% | 67% | |
| Peers Win Rate | 58% | 55% | 62% | 65% | 62% | 60% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 56% | |
Max Drawdowns [4] | |||||||
| BHE Max Drawdown | -27% | -22% | -28% | -19% | -33% | -29% | |
| Peers Max Drawdown | -17% | -26% | -23% | -24% | -37% | -33% | |
| 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 9/23/2026 (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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| 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.
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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.
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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.
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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 | -1.3% | 56.1x | 110.3% | 261.4% | 233.1% | — |
| FLEX | Flex | 1.8% | 42.2x | 89.3% | 490.9% | 703.2% | +470pp |
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Electronic Manufacturing Services ← | 9 | 62.1% | 192.4% | 276.6% | TTMI 904% · FLEX 703% · SANM 465% |
| Semiconductor Materials & Equipment | 27 | 94.9% | 99.9% | 105.2% | AXTI 749% · AEHR 516% · KLAC 434% |
| Technology Distributors | 9 | 35.0% | 78.8% | 99.6% | CLMB 399% · AVT 204% · SNX 176% |
| Communications Equipment | 36 | 8.8% | 80.9% | 70.6% | AAOI 1296% · FEIM 1001% · LITE 982% |
| Electronic Components | 26 | 37.0% | 75.5% | 65.3% | CLS 3725% · BELFA 1394% · COHR 389% |
| Semiconductors | 55 | 26.7% | 39.4% | 40.7% | POET 1815% · MU 1384% · NVDA 926% |
| Technology Hardware, Storage & Peripherals | 20 | 24.9% | 95.5% | 36.4% | STX 1135% · DELL 1057% · SMCI 1011% |
| Internet Services & Infrastructure | 6 | 3.8% | 51.7% | 31.2% | DOCN 71% · VRSN 37% · GDDY 36% |
| Electronic Equipment & Instruments | 26 | -15.3% | 12.1% | -11.3% | PI 189% · OSIS 116% · KEYS 98% |
| IT Consulting & Other Services | 30 | -27.9% | -16.5% | -39.3% | CHRN 539637% · APLD 1169% · TSSI 744% |
| Application Software | 125 | -30.5% | -13.8% | -46.7% | VIDA 153233% · INLX 5065% · PLTR 572% |
| Systems Software | 74 | -20.1% | 8.9% | -58.0% | QNC 666% · ZETA 397% · PANW 381% |
Latest Trefis Analyses
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| ARTICLES |
Research & Analysis
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 242.89 |
| Mkt Cap | 22.3 |
| Rev LTM | 14,179 |
| Op Inc LTM | 1,040 |
| FCF LTM | 556 |
| FCF 3Y Avg | 383 |
| CFO LTM | 1,023 |
| CFO 3Y Avg | 627 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 16.6% |
| Rev Chg 3Y Avg | 2.2% |
| Rev Chg Q | 25.6% |
| QoQ Delta Rev Chg LTM | 5.8% |
| Op Inc Chg LTM | 24.0% |
| Op Inc Chg 3Y Avg | 11.0% |
| Op Mgn LTM | 5.1% |
| Op Mgn 3Y Avg | 4.9% |
| QoQ Delta Op Mgn LTM | 0.1% |
| CFO/Rev LTM | 5.8% |
| CFO/Rev 3Y Avg | 5.9% |
| FCF/Rev LTM | 3.6% |
| 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 | $83.11 | |
| Market Cap ($ Bil) | 3.0 | |
| First Trading Date | 06/28/1990 | |
| Distance from 52W High | -15.8% | |
| 50 Days | 200 Days | |
| DMA Price | $77.42 | $68.27 |
| DMA Trend | up | down |
| Distance from DMA | 7.4% | 21.7% |
| 3M | 1YR | |
| Volatility | 54.1% | 44.8% |
| Downside Capture | 264.98 | 158.17 |
| Upside Capture | 157.88 | 217.07 |
| Correlation (SPY) | 47.7% | 54.3% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 2.28 | 2.44 | 2.26 | 2.18 | 1.89 | 1.49 |
| Up Beta | 3.07 | 4.43 | 3.04 | 2.46 | 2.23 | 1.52 |
| Down Beta | 2.59 | 0.33 | 1.11 | 1.48 | 1.38 | 1.20 |
| Up Capture | 51% | 77% | 215% | 312% | 373% | 630% |
| Bmk +ve Days | 10 | 21 | 32 | 68 | 138 | 427 |
| Stock +ve Days | 9 | 18 | 34 | 70 | 141 | 393 |
| Down Capture | 403% | 347% | 249% | 190% | 145% | 109% |
| Bmk -ve Days | 11 | 21 | 32 | 59 | 113 | 324 |
| Stock -ve Days | 12 | 24 | 30 | 57 | 109 | 352 |
[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 | 109.8% | 44.7% | 1.78 | - |
| Sector ETF (XLK) | 38.9% | 26.5% | 1.21 | 62.9% |
| Equity (SPY) | 16.2% | 13.0% | 0.88 | 53.9% |
| Gold (GLD) | 13.9% | 29.3% | 0.44 | 22.8% |
| Commodities (DBC) | 46.6% | 20.7% | 1.75 | -8.7% |
| Real Estate (VNQ) | 4.5% | 13.7% | 0.08 | 6.5% |
| Bitcoin (BTCUSD) | -23.2% | 44.8% | -0.46 | 17.9% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BHE | |
|---|---|---|---|---|
| BHE | 27.6% | 37.1% | 0.74 | - |
| Sector ETF (XLK) | 20.8% | 26.0% | 0.71 | 54.0% |
| Equity (SPY) | 12.9% | 17.2% | 0.57 | 51.7% |
| Gold (GLD) | 18.6% | 18.8% | 0.80 | 13.1% |
| Commodities (DBC) | 10.5% | 19.5% | 0.41 | 11.3% |
| Real Estate (VNQ) | 0.8% | 18.9% | -0.06 | 30.1% |
| Bitcoin (BTCUSD) | 12.5% | 52.6% | 0.41 | 19.2% |
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 | 15.5% | 37.5% | 0.50 | - |
| Sector ETF (XLK) | 25.0% | 25.0% | 0.90 | 49.1% |
| Equity (SPY) | 15.5% | 17.9% | 0.73 | 51.6% |
| Gold (GLD) | 12.1% | 16.4% | 0.60 | 8.2% |
| Commodities (DBC) | 8.5% | 18.1% | 0.38 | 17.6% |
| Real Estate (VNQ) | 4.9% | 20.7% | 0.20 | 36.8% |
| Bitcoin (BTCUSD) | 64.2% | 66.2% | 1.04 | 16.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 8/31/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 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% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 14 | 17 | 16 |
| # Negative | 11 | 8 | 9 |
| Median Positive | 5.0% | 4.0% | 7.9% |
| Median Negative | -2.6% | -2.9% | -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 |
| 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% |
| 10/29/2020 | 1.0% | 7.3% | 17.9% |
| 7/31/2020 | 2.1% | 3.2% | -3.7% |
| SUMMARY STATS | |||
| # Positive | 14 | 17 | 16 |
| # Negative | 11 | 8 | 9 |
| Median Positive | 5.0% | 4.0% | 7.9% |
| Median Negative | -2.6% | -2.9% | -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 |
|---|---|---|
| 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 |
| Report Date | Filing Date | Filing |
|---|---|---|
| 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 |
| 09/30/2019 | 11/06/2019 | 10-Q |
Recent Forward Guidance
Updated 7/30/2026Latest: 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 | ||||||
Prior: 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 | |
Q3 2025 Earnings Reported 11/4/2025
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2025 Stock-based compensation expense | Reported | 2.30 Mil | ||||||
| Q4 2025 Revenue | Reported | 670.00 Mil | 695.00 Mil | 720.00 Mil | 5.3% | Higher New | Guidance: 660.00 Mil for Q3 2025 | |
| Q4 2025 Other non-operating expenses | Reported | 4.90 Mil | 5.10 Mil | 5.30 Mil | ||||
| Q4 2025 Diluted GAAP EPS | Reported | 0.44 | 0.47 | 0.5 | 51.6% | Higher New | Guidance: 0.31 for Q3 2025 | |
| Q4 2025 Diluted Non-GAAP EPS | Reported | 0.62 | 0.65 | 0.68 | 10.2% | Higher New | Guidance: 0.59 for Q3 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 |
Benchmark Electronics — Investor Video Playlist
Industry Resources
| Information Technology Resources |
| TechCrunch |
| Wired |
| CIO |
| MIT Technology Review |
| Gartner Insights |
| Ars Technica |
| Electronic Manufacturing Services Resources |
| EMSNOW |
| I-Connect007 |
| Circuits Assembly |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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