Tearsheet

Benchmark Electronics (BHE)

Market Price (12/25/2025): $44.93 | Market Cap: $1.6 Bil
Sector: Information Technology | Industry: Electronic Manufacturing Services

Benchmark Electronics (BHE)

Market Price (12/25/2025): $44.93
Market Cap: $1.6 Bil
Sector: Information Technology
Industry: Electronic Manufacturing Services

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0	Low stock price volatility Vol 12M is 39%	Weak multi-year price returns 3Y Excs Rtn is -6.6%	Weak revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -2.9%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -1.8%
1	Megatrend and thematic drivers Megatrends include 5G & Advanced Connectivity, Artificial Intelligence, and Automation & Robotics. Themes include Telecom Infrastructure, Show more.		Key risks BHE key risks include [1] susceptibility to demand fluctuations within its specific end-markets, Show more.

0	Low stock price volatility Vol 12M is 39%
1	Megatrend and thematic drivers Megatrends include 5G & Advanced Connectivity, Artificial Intelligence, and Automation & Robotics. Themes include Telecom Infrastructure, Show more.
2	Weak multi-year price returns 3Y Excs Rtn is -6.6%
3	Weak revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -2.9%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -1.8%
4	Key risks BHE key risks include [1] susceptibility to demand fluctuations within its specific end-markets, Show more.

Valuation, Metrics & Events

	12/25/25	2024	2023	2022	2021
Share Price CYE	$44.93	$44.80	$26.81	$25.21	$24.93
Market Cap CYE ($ Bil)	1.6	1.6	1.0	0.9	0.9
Total Debt ($ Bil)	0.3	0.4	0.5	0.4	0.2
Total Cash ($ Bil)	0.3	0.3	0.3	0.2	0.3
Enterprise Value ($ Bil)	1.6	2.0	1.5	1.3	1.1
Valuation Ratios
P/S TTM	0.6	0.6	0.3	0.3	0.4
P/EBIT TTM	17.5	14.7	8.7	9.7	17.9
P/E TTM	43.1	25.8	15.3	13.8	27.0
P/FCF TTM	21.7	10.5	10.2	-4.2	-21.6
Sector Ratios
P/S TTM (Sector)	3.2	3.2	2.9	2.6	4.6
P/EBIT TTM (Sector)	3.0	2.3	-0.2	-0.7	-0.0
P/E TTM (Sector)	-0.2	-0.3	-0.5	-0.8	-0.0
P/FCF TTM (Sector)	12.3	13.7	12.2	6.9	13.8

	12/25/25	2024	2023
Share Price CYE	$44.93	$44.80	$26.81
Market Cap CYE ($ Bil)	1.6	1.6	1.0
Total Debt ($ Bil)	0.3	0.4	0.5
Total Cash ($ Bil)	0.3	0.3	0.3
Enterprise Value ($ Bil)	1.6	2.0	1.5
Valuation Ratios
P/S TTM	0.6	0.6	0.3
P/EBIT TTM	17.5	14.7	8.7
P/E TTM	43.1	25.8	15.3
P/FCF TTM	21.7	10.5	10.2
Sector Ratios
P/S TTM (Sector)	3.2	3.2	2.9
P/EBIT TTM (Sector)	3.0	2.3	-0.2
P/E TTM (Sector)	-0.2	-0.3	-0.5
P/FCF TTM (Sector)	12.3	13.7	12.2

	BHE	S&P 500
REVENUE GROWTH	VERY POOR
Rev LTM ($ Bil)	2.6
Rev Chg Q	3.5%	7.3%
Rev Chg LTM	-2.9%	6.1%
Rev Chg 3Y Avg	-1.8%	5.5%
PROFITABILITY	VERY POOR
Op Inc LTM ($ Bil)	0.1
CFO LTM ($ Bil)	0.1
Net Inc LTM ($ Bil)	0.0
Op Mgn LTM	3.9%	18.8%
CFO/Rev LTM	4.3%	20.4%
Net Inc Mgn	1.4%	13.1%
VALUATION	MODERATE
P/S	0.6	3.2
P/CFO	14.5	15.7
P/FCF	21.7	20.6
P/E	43.1	23.5
STABILITY	VERY GOOD
Debt/Equity	0.20	0.21
Cash/Assets	0.14	0.07

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Metric	Value	Date	Source
Cash Conversion Cycle	77 days	9302025	Link
Inventory Turns	4.8	9302025	Link
Number of Employees	11700	12312024	Link
EcoVadis Sustainability Rating	Silver	2272024	Link
MSCI ESG Rating	AA	2272025	Link

Upcoming
12/31/2025	Dividend	Amount: $0.17 Payment On: 1/13/2026
2/04/2026	Earnings Release	Rev: - EPS: -

BHE Stock

Return (1M):

Why The Stock Moved

Qualitative Assessment

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1. Q3 2025 Earnings Outperformance

Benchmark Electronics reported strong third-quarter 2025 financial results on November 4, 2025, surpassing both revenue and non-GAAP earnings per share (EPS) expectations. The company achieved $681 million in revenue, marking a 6% sequential increase and a 3.5% year-over-year growth, exceeding analyst forecasts of $661.25 million. Non-GAAP EPS reached $0.62, outperforming the forecasted $0.58. This earnings beat, despite an initial after-hours stock dip, contributed to a modest rebound in BHE's share price, which had seen an 8.3% climb over the 90 days leading up to late November 2025.

2. Strategic Focus on AI and Advanced Computing

The company is strategically positioned to capitalize on the increasing demand for advanced computing and artificial intelligence (AI) infrastructure. Benchmark highlighted recent contract successes in water-cooling solutions for high-performance computing and AI data centers. Opportunities in this sector, particularly Advanced Computing & Communications (AC&C), are anticipated to drive revenue growth in late 2025 and extend into 2026. Benchmark also played a key role in the manufacturing, testing, and support for Intel's Aurora exascale supercomputer.

Show more 1. Q3 2025 Earnings Outperformance

Benchmark Electronics reported strong third-quarter 2025 financial results on November 4, 2025, surpassing both revenue and non-GAAP earnings per share (EPS) expectations. The company achieved $681 million in revenue, marking a 6% sequential increase and a 3.5% year-over-year growth, exceeding analyst forecasts of $661.25 million. Non-GAAP EPS reached $0.62, outperforming the forecasted $0.58. This earnings beat, despite an initial after-hours stock dip, contributed to a modest rebound in BHE's share price, which had seen an 8.3% climb over the 90 days leading up to late November 2025.

2. Strategic Focus on AI and Advanced Computing

The company is strategically positioned to capitalize on the increasing demand for advanced computing and artificial intelligence (AI) infrastructure. Benchmark highlighted recent contract successes in water-cooling solutions for high-performance computing and AI data centers. Opportunities in this sector, particularly Advanced Computing & Communications (AC&C), are anticipated to drive revenue growth in late 2025 and extend into 2026. Benchmark also played a key role in the manufacturing, testing, and support for Intel's Aurora exascale supercomputer.

3. Optimistic Outlook and Growth Projections

Management provided a positive outlook, expecting a return to year-over-year growth in the second half of 2025. The company anticipates mid-single-digit year-over-year revenue growth in this period, implying sequential growth throughout the latter half of the year. Benchmark's CEO, Jeff Benck, expressed confidence in indicators pointing towards stronger growth as the year concludes, including the initial stages of new enterprise AI opportunities. Fourth-quarter 2025 guidance was also provided, projecting revenue between $670 million and $720 million and diluted non-GAAP EPS between $0.62 and $0.68.

4. Key Leadership Appointments

In December 2025, Benchmark Electronics announced the appointment of David L. Cummings as Senior Vice President and Chief Commercial Officer. This leadership change followed the earlier promotion of David Moezidis to President, who is slated to become CEO upon Jeff Benck's retirement in March 2026. Cummings' appointment is expected to bolster the company's focus on global customer management and supply chain transformation as it pursues more complex, higher-value programs.

5. Favorable Analyst Sentiment and Price Targets

Analysts covering Benchmark Electronics largely maintained a positive perspective on the stock. As of November 30, 2025, all two analysts providing ratings recommended "Buy." By December 24, 2025, the consensus analyst rating for BHE was "Strong Buy." While price targets varied, with an average of $46.50 on August 1, 2025, and an average of $49.00 by December 2025, forecasting a 9.18% upside from the then-current price of $44.88, the overall positive sentiment and analyst recommendations likely contributed to investor confidence. Show less

Stock Movement Drivers

Fundamental Drivers

The 13.4% change in BHE stock from 9/24/2025 to 12/24/2025 was primarily driven by a 16.2% change in the company's P/E Multiple.

	9242025	12242025	Change
Stock Price ($)	39.58	44.88	13.39%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	2588.73	2611.66	0.89%
Net Income Margin (%)	1.48%	1.43%	-3.74%
P/E Multiple	37.08	43.08	16.15%
Shares Outstanding (Mil)	35.99	35.80	0.53%
Cumulative Contribution			13.39%

LTM = Last Twelve Months as of date shown

Market Drivers

9/24/2025 to 12/24/2025

	Return	Correlation
BHE	13.4%
Market (SPY)	4.4%	60.7%
Sector (XLK)	5.1%	59.8%

Fundamental Drivers

The 17.2% change in BHE stock from 6/25/2025 to 12/24/2025 was primarily driven by a 65.3% change in the company's P/E Multiple.

	6252025	12242025	Change
Stock Price ($)	38.29	44.88	17.21%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	2612.29	2611.66	-0.02%
Net Income Margin (%)	2.03%	1.43%	-29.56%
P/E Multiple	26.06	43.08	65.28%
Shares Outstanding (Mil)	36.05	35.80	0.69%
Cumulative Contribution			17.20%

LTM = Last Twelve Months as of date shown

Market Drivers

6/25/2025 to 12/24/2025

	Return	Correlation
BHE	17.2%
Market (SPY)	14.0%	60.6%
Sector (XLK)	17.5%	57.9%

Fundamental Drivers

The -2.6% change in BHE stock from 12/24/2024 to 12/24/2025 was primarily driven by a -38.5% change in the company's Net Income Margin (%).

	12242024	12242025	Change
Stock Price ($)	46.06	44.88	-2.57%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	2690.57	2611.66	-2.93%
Net Income Margin (%)	2.32%	1.43%	-38.47%
P/E Multiple	26.59	43.08	62.01%
Shares Outstanding (Mil)	36.05	35.80	0.69%
Cumulative Contribution			-2.57%

LTM = Last Twelve Months as of date shown

Market Drivers

12/24/2024 to 12/24/2025

	Return	Correlation
BHE	-2.6%
Market (SPY)	15.8%	63.8%
Sector (XLK)	22.2%	65.9%

Fundamental Drivers

The 77.1% change in BHE stock from 12/25/2022 to 12/24/2025 was primarily driven by a 187.4% change in the company's P/E Multiple.

	12252022	12242025	Change
Stock Price ($)	25.34	44.88	77.09%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	2768.74	2611.66	-5.67%
Net Income Margin (%)	2.15%	1.43%	-33.46%
P/E Multiple	14.99	43.08	187.36%
Shares Outstanding (Mil)	35.15	35.80	-1.85%
Cumulative Contribution			77.03%

LTM = Last Twelve Months as of date shown

Market Drivers

12/25/2023 to 12/24/2025

	Return	Correlation
BHE	64.8%
Market (SPY)	48.9%	58.1%
Sector (XLK)	54.1%	58.9%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
BHE Return	-19%	3%	1%	6%	67%	-0%	49%
Peers Return	8%	32%	12%	57%	78%	92%	756%
S&P 500 Return	16%	27%	-19%	24%	23%	18%	115%
Monthly Win Rates [3]
BHE Win Rate	58%	50%	50%	58%	50%	42%
Peers Win Rate	57%	58%	55%	62%	65%	62%
S&P 500 Win Rate	58%	75%	42%	67%	75%	73%
Max Drawdowns [4]
BHE Max Drawdown	-57%	-13%	-20%	-21%	-7%	-28%
Peers Max Drawdown	-54%	-7%	-22%	-11%	-10%	-24%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[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] 2025 data is for the year up to 12/24/2025 (YTD)

How Low Can It Go

Unique Key	Event	BHE	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-35.4%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	54.8%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	359 days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-60.3%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	152.1%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	1,510 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-43.3%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	76.4%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	385 days	120 days
2008 Global Financial Crisis	2008 Global Financial Crisis
2008 Global Financial Crisis% Loss	% Loss	-65.8%	-56.8%
2008 Global Financial Crisis% Gain to Breakeven	% Gain to Breakeven	192.3%	131.3%
2008 Global Financial CrisisTime to Breakeven	Time to Breakeven	1,939 days	1,480 days

Compare to JBL, FN, TTMI, IPGP, TEL

In The Past

Benchmark Electronics's stock fell -35.4% during the 2022 Inflation Shock from a high on 4/5/2021. A -35.4% loss requires a 54.8% gain to breakeven.

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About Benchmark Electronics (BHE)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

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:

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.
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.
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.
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.

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MSFT (13.2%)

Microsoft

ORCL (9.8%)

Oracle

AAPL (1.8%)

Apple

Higher Op Mgn LTM (Value for BHE: 3.9%)

NVDA (58.8%)

NVIDIA

MSFT (46.3%)

Microsoft

AVGO (40.8%)

Broadcom

ORCL (31.9%)

Oracle

AAPL (31.9%)

Apple

Higher CFO/Rev LTM (Value for BHE: 4.3%)

MSFT (50.0%)

Microsoft

NVDA (44.4%)

NVIDIA

AVGO (43.1%)

Broadcom

ORCL (36.5%)

Oracle

AAPL (26.6%)

Apple

Higher FCF/Rev LTM (Value for BHE: 2.8%)

PLTR (46.0%)

Palantir Technologies

AVGO (42.1%)

Broadcom

NVDA (41.3%)

NVIDIA

MSFT (26.6%)

Microsoft

AAPL (23.5%)

Apple

Higher Total Yield (Value for BHE: 2.3%)

CSCO (5.4%)

Cisco Systems

MU (3.9%)

Micron Technology

ORCL (3.7%)

Oracle

MSFT (3.6%)

Microsoft

AAPL (2.8%)

Apple

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for BHE: -1.8% | 0.6x)

MCK (12.6% | 0.3x)

McKesson

CVS (7.7% | 0.3x)

CVS Health

GM (8.6% | 0.4x)

General Motors

ELV (8.4% | 0.4x)

Elevance Health

CI (13.6% | 0.3x)

Cigna

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for BHE: -1.8% | 16.0x)

UNH (11.4% | 11.3x)

UnitedHealth

MRK (2.9% | 11.9x)

Merck

TMUS (2.4% | 11.5x)

T-Mobile US

DIS (4.5% | 14.9x)

Walt Disney

T (1.1% | 7.3x)

AT&T

Higher Rev Chg LTM (Value for BHE: -2.9%)

LLY (36.8%)

Eli Lilly

META (21.3%)

Meta Platforms

GOOGL (13.4%)

Alphabet

AMZN (10.9%)

Amazon.com

TSLA (-1.6%)

Tesla

Higher Rev Chg 3Y Avg (Value for BHE: -1.8%)

BRK-B (19.8%)

Berkshire Hathaway

META (17.3%)

Meta Platforms

AMZN (11.3%)

Amazon.com

GOOGL (11.0%)

Alphabet

TSLA (9.3%)

Tesla

Higher Op Mgn LTM (Value for BHE: 3.9%)

META (43.2%)

Meta Platforms

LLY (43.0%)

Eli Lilly

GOOGL (32.2%)

Alphabet

AMZN (11.4%)

Amazon.com

TSLA (5.1%)

Tesla

Higher CFO/Rev LTM (Value for BHE: 4.3%)

META (56.8%)

Meta Platforms

GOOGL (39.3%)

Alphabet

AMZN (18.1%)

Amazon.com

TSLA (16.5%)

Tesla

BRK-B (9.8%)

Berkshire Hathaway

Higher FCF/Rev LTM (Value for BHE: 2.8%)

MA (52.5%)

Mastercard

META (23.7%)

Meta Platforms

GOOGL (19.1%)

Alphabet

TSLA (7.1%)

Tesla

BRK-B (4.8%)

Berkshire Hathaway

Higher Total Yield (Value for BHE: 2.3%)

JPM (6.4%)

JPMorgan Chase

BRK-B (6.2%)

Berkshire Hathaway

META (3.8%)

Meta Platforms

GOOGL (3.5%)

Alphabet

AMZN (2.9%)

Amazon.com

		Best Bets In Information Technology Sector
	BHE	VRSN	IDCC	NVDA	RMBS	GEN	ZM	DBX	YOU	MPWR	DAVE
What You Pay
P/E	43.1	28.3	17.1	46.3	44.4	29.9	16.4	14.6	19.2	24.1	21.0
P/EBIT	17.5	20.4	13.8	39.4	37.9	10.6	23.9	11.9	20.9	66.0	24.0
What You Get
Rev Chg Q	3.5%	7.3%	28.0%	62.5%	22.7%	25.3%	4.4%	-0.7%	15.5%	18.9%	63.0%
Rev Chg LTM	-2.9%	5.5%	28.8%	65.2%	31.0%	16.2%	3.8%	-0.4%	17.8%	30.5%	53.8%
Rev Chg 3Y Avg	-1.8%	5.2%	27.1%	91.6%	17.3%	16.5%	3.4%	3.4%	31.0%	17.2%	38.6%
FCF/Rev 3Y Avg	2.9%	57.4%	54.2%	43.4%	39.3%	36.7%	36.1%	33.4%	32.5%	28.6%	26.0%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 24%, alpha of 2.9%, and sharpe of 1.04

Latest Trefis Analyses

	Title	Topic
0	DASHBOARDS
1	Benchmark Electronics Earnings Notes
2	How Low Can Benchmark Electronics Stock Really Go?	Return
3	Why Benchmark Electronics Stock Moved: BHE Stock Has Gained 77% Since 2021 Fiscal End, Primarily Due To Favorable Change In Price To Sales Multiple (P/S)
4	BHE Dip Buy Analysis
5	Now Is Not The Time To Buy Benchmark Electronics Stock	Buy or Fear
6	Benchmark Electronics (BHE) Valuation Ratios Comparison	Financials
7	Benchmark Electronics Total Shareholder Return (TSR): 67.1% in 2024 and 21.6% 3-yr compounded annual returns (below peer average)
8	Benchmark Electronics (BHE) Operating Cash Flow Comparison	Financials
9	Benchmark Electronics (BHE) Net Income Comparison	Financials
10	Benchmark Electronics (BHE) Operating Income Comparison	Financials

	Title
0	ARTICLES

Trade Ideas

Select ideas related to BHE. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
ENPH_11302025_Dip_Buyer_High_CFO_Margins_ExInd_DE	11302025	ENPH	Enphase Energy	Dip Buy	DB \| CFO/Rev \| Low D/EDip Buy with High Cash Flow Margins Buying dips for companies with significant cash flows from operations and reasonable debt / market cap	11.7%	11.7%	-0.9%
PD_11262025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11262025	PD	PagerDuty	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	10.2%	10.2%	0.0%
CRM_11212025_Dip_Buyer_FCFYield	11212025	CRM	Salesforce	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	16.2%	16.2%	-0.1%
HUBS_11212025_Dip_Buyer_High_CFO_Margins_ExInd_DE	11212025	HUBS	HubSpot	Dip Buy	DB \| CFO/Rev \| Low D/EDip Buy with High Cash Flow Margins Buying dips for companies with significant cash flows from operations and reasonable debt / market cap	11.7%	11.7%	0.0%
FIVN_11212025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11212025	FIVN	Five9	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	4.2%	4.2%	0.0%

Recent Active Movers

Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
OMER	Omeros	0.9	75.5%	55.5%
DVAX	Dynavax Technologies	1.8	38.2%	20.4%
EWTX	Edgewise Therapeutics	2.9	25.5%	2.2%
AGIO	Agios Pharmaceuticals	1.7	18.6%	-11.2%
TVTX	Travere Therapeutics	3.6	13.9%	131.2%
KOD	Kodiak Sciences	1.6	13.2%	212.4%
RZLT	Rezolute	0.3	13.2%	-44.1%
UP	Wheels Up Experience	0.5	11.7%	-57.4%
FBYD	Falcons Beyond Global	0.7	9.5%	129.7%
BW	Babcock & Wilcox Enterprises	0.5	8.5%	226.2%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
ASTS	AST SpaceMobile	18.9	-8.9%	269.9%
QBTS	D-Wave Quantum	9.4	-5.5%	227.6%
NNE	Nano Nuclear Energy	1.2	-4.6%	21.7%
MNMD	Mind Medicine	1.2	-4.2%	93.0%
PPTA	Perpetua Resources	2.0	-4.0%	149.1%
KOS	Kosmos Energy	0.4	-4.0%	-73.6%
FRMI	Fermi	5.5	-4.0%	-75.7%
EXOD	Exodus Movement	0.4	-3.9%	-50.5%
TLRY	Tilray Brands	10.8	-3.6%	-23.7%
AEHR	Aehr Test Systems	0.7	-3.1%	32.7%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
OMER	Omeros	0.9	74.0%	55.5%
LUNR	Intuitive Machines	2.0	63.7%	-8.0%
AAOI	Applied Optoelectronics	2.6	51.1%	11.2%
FBYD	Falcons Beyond Global	0.7	47.2%	129.7%
FLY	Firefly Aerospace	3.8	45.9%	-55.2%
RKLB	Rocket Lab	39.8	43.0%	203.0%
DVAX	Dynavax Technologies	1.8	42.5%	20.4%
UAMY	United States Antimony	0.8	39.9%	258.8%
DJT	Trump Media & Technology	4.0	36.7%	-58.0%
RZLT	Rezolute	0.3	36.3%	-44.1%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
NOW	ServiceNow	31.7	-80.5%	-28.0%
TPL	Texas Pacific Land	6.8	-66.5%	-19.2%
LW	Lamb Weston	6.0	-28.6%	-34.8%
TLRY	Tilray Brands	10.8	-21.2%	-23.7%
INSP	Inspire Medical Systems	2.8	-19.1%	-48.4%
TDUP	ThredUp	0.8	-17.1%	354.7%
OLMA	Olema Pharmaceuticals	2.3	-15.8%	370.8%
IIPR	Innovative Industrial Properties	1.4	-12.9%	-15.7%
ABM	ABM Industries	2.6	-12.6%	-15.8%
FRMI	Fermi	5.5	-12.6%	-75.7%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
WVE	WAVE Life Sciences	3.0	144.6%	47.5%
TE	T1 Energy	1.1	124.5%	418.4%
ANF	Abercrombie & Fitch	6.0	93.2%	-15.2%
VERA	Vera Therapeutics	3.6	90.4%	31.6%
LUNR	Intuitive Machines	2.0	85.7%	-8.0%
AAOI	Applied Optoelectronics	2.6	82.5%	11.2%
RKLB	Rocket Lab	39.8	81.8%	203.0%
PL	Planet Labs PBC	6.2	76.1%	403.0%
NRGV	Energy Vault	0.8	66.9%	118.9%
FLY	Firefly Aerospace	3.8	60.4%	-55.2%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
RZLT	Rezolute	0.3	-72.0%	-44.1%
JANX	Janux Therapeutics	0.9	-54.6%	-73.3%
LENZ	LENZ Therapeutics	0.5	-46.3%	-40.6%
FRMI	Fermi	5.5	-45.2%	-75.7%
GOGO	Gogo	0.6	-34.1%	-43.0%
HPK	HighPeak Energy	0.6	-30.8%	-69.2%
ORIC	ORIC Pharmaceuticals	0.7	-28.5%	4.5%
FDMT	4D Molecular Therapeutics	0.5	-25.6%	45.4%
NKTR	Nektar Therapeutics	0.6	-25.1%	215.0%
LW	Lamb Weston	6.0	-24.8%	-34.8%

Peer Comparisons for Benchmark Electronics

Peers to compare with:

Financials

	BHE	JBL	FLEX	SANM	PLXS	CLS	Median
Name	Benchmar.	Jabil	Flex	Sanmina	Plexus	Celestica
Mkt Price	44.88	234.49	63.55	154.02	154.00	308.59	154.01
Mkt Cap	1.6	25.2	23.8	8.3	4.1	35.5	16.0
Rev LTM	2,612	29,802	26,333	8,128	4,033	11,282	9,705
Op Inc LTM	101	1,436	1,300	395	207	954	675
FCF LTM	74	1,172	1,191	473	154	398	436
FCF 3Y Avg	75	936	967	249	186	263	256
CFO LTM	111	1,640	1,698	621	249	552	586
CFO 3Y Avg	125	1,697	1,497	399	284	408	403

Growth & Margins

	BHE	JBL	FLEX	SANM	PLXS	CLS	Median
Name	Benchmar.	Jabil	Flex	Sanmina	Plexus	Celestica
Rev Chg LTM	-2.9%	3.2%	3.5%	7.4%	1.8%	22.1%	3.3%
Rev Chg 3Y Avg	-1.8%	-3.3%	-1.0%	1.6%	2.1%	18.9%	0.3%
Rev Chg Q	3.5%	18.5%	4.0%	3.9%	0.7%	27.8%	3.9%
QoQ Delta Rev Chg LTM	0.9%	4.5%	1.0%	1.0%	0.2%	6.6%	1.0%
Op Mgn LTM	3.9%	4.8%	4.9%	4.9%	5.1%	8.5%	4.9%
Op Mgn 3Y Avg	4.1%	4.8%	4.0%	4.9%	5.0%	6.2%	4.8%
QoQ Delta Op Mgn LTM	-0.2%	0.2%	0.1%	0.2%	-0.0%	1.2%	0.1%
CFO/Rev LTM	4.3%	5.5%	6.4%	7.6%	6.2%	4.9%	5.8%
CFO/Rev 3Y Avg	4.7%	5.5%	5.7%	4.9%	7.0%	4.2%	5.2%
FCF/Rev LTM	2.8%	3.9%	4.5%	5.8%	3.8%	3.5%	3.9%
FCF/Rev 3Y Avg	2.9%	3.1%	3.7%	3.1%	4.6%	2.7%	3.1%

Valuation

	BHE	JBL	FLEX	SANM	PLXS	CLS	Median
Name	Benchmar.	Jabil	Flex	Sanmina	Plexus	Celestica
Mkt Cap	1.6	25.2	23.8	8.3	4.1	35.5	16.0
P/S	0.6	0.8	0.9	1.0	1.0	3.1	1.0
P/EBIT	17.5	24.2	18.5	22.9	20.8	38.4	21.8
P/E	43.1	38.3	27.1	33.6	24.0	49.5	35.9
P/CFO	14.4	15.4	14.0	13.3	16.6	64.3	14.9
Total Yield	2.3%	2.6%	3.7%	3.0%	4.2%	2.0%	2.8%
Dividend Yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
FCF Yield 3Y Avg	3.2%	5.3%	6.8%	5.1%	5.2%	3.7%	5.1%
D/E	0.2	0.1	0.2	0.0	0.0	0.0	0.1
Net D/E	0.0	0.1	0.1	-0.1	-0.0	0.0	0.0

Returns

	BHE	JBL	FLEX	SANM	PLXS	CLS	Median
Name	Benchmar.	Jabil	Flex	Sanmina	Plexus	Celestica
1M Rtn	1.7%	18.9%	11.6%	0.2%	11.4%	-4.3%	6.6%
3M Rtn	13.4%	4.1%	10.4%	36.1%	7.2%	28.3%	11.9%
6M Rtn	17.2%	9.3%	29.6%	61.7%	14.7%	107.1%	23.4%
12M Rtn	-2.6%	59.0%	62.3%	98.2%	-4.4%	216.4%	60.6%
3Y Rtn	77.1%	242.4%	302.9%	164.0%	47.3%	2,741.5%	203.2%
1M Excs Rtn	-1.7%	15.6%	8.2%	-3.2%	8.0%	-7.7%	3.2%
3M Excs Rtn	11.9%	6.6%	7.5%	31.2%	4.3%	21.2%	9.7%
6M Excs Rtn	2.2%	-3.9%	14.0%	45.9%	0.2%	92.6%	8.1%
12M Excs Rtn	-15.9%	45.1%	47.6%	84.1%	-20.1%	206.4%	46.3%
3Y Excs Rtn	-6.6%	164.7%	221.1%	81.3%	-33.0%	2,667.8%	123.0%

FDIC Bank Data

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020	2019
Period End	9/30/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019
Filing Date	11/5/2025	2/24/2025	2/27/2024	2/24/2023	2/25/2022	3/1/2021	3/2/2020
Key Financials
Total Revenue	2,612	2,656	2,839	2,886	2,255	2,053	2,268
EBITDA	139	157	159	141	98	74	82
Operating Income	101	116	118	99	63	44	49
Net Income	37	63	64	68	36	14	23
EPS	1.04	1.76	1.81	1.94	1.00	0.38	0.61
Growth Rates
Total Revenue Growth	-2.9%	-6.4%	-1.6%	28.0%	9.8%	-9.5%	-11.6%
EBITDA Growth	-11.9%	-1.0%	12.0%	44.3%	31.7%	-9.6%	-30.1%
Operating Income Growth	-16.6%	-2.0%	19.7%	57.0%	43.6%	-11.3%	-27.4%
Net Income Growth	-40.3%	-1.5%	-5.7%	90.7%	154.5%	-40.0%	2.7%
Margins
EBITDA Margin	5.3%	5.9%	5.6%	4.9%	4.3%	3.6%	3.6%
Operating Income Margin	3.9%	4.4%	4.2%	3.4%	2.8%	2.1%	2.2%
Net Income Margin	1.4%	2.4%	2.3%	2.4%	1.6%	0.7%	1.0%
Cash & Debt
Total Cash	285	315	277	207	272	391	348
Total Debt	318	366	454	412	221	212	216
Net Debt / (Cash)	33	51	177	204	-51	-178	-132
Cash Flows
Net Cash from Operations	111	189	174	-177	-3	120	93
Free Cash from Operations	74	156	97	-224	-45	81	58
Returns to Shareholders
Dividends	24	24	23	23	23	23	23
Share Repurchases	26	5	-0	9	40	25	122

$ Mil \| FY: 12/31	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4
Period End	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022
Filing Date	11/5/2025	7/31/2025	5/1/2025	2/24/2025	11/1/2024	8/1/2024	5/3/2024	2/27/2024	11/2/2023	8/3/2023	5/5/2023	2/24/2023
Key Financials Quarterly
Total Revenue	681	642	632	657	658	666	676	691	720	733	695	751
Ebitda	37	35	25	42	39	39	38	42	46	38	33	43
Operating Income	25	23	23	29	29	29	29	34	32	28	24	31
Net Income	14	1	4	18	15	16	14	18	20	14	12	21
EPS	0.40	0.03	0.10	0.51	0.43	0.43	0.39	0.49	0.57	0.39	0.35	0.60
Key Financials TTM
Total Revenue TTM	2,612	2,589	2,612	2,656	2,691	2,753	2,820	2,839	2,898	2,950	2,945	2,886
Ebitda TTM	139	141	144	157	158	165	164	159	159	151	148	141
Operating Income TTM	101	104	110	116	121	124	123	118	115	110	103	99
Net Income TTM	37	38	53	63	62	67	66	64	68	66	70	68
Growth Rates Quarterly
Total Revenue Growth	3.5%	-3.5%	-6.5%	-5.0%	-8.6%	-9.2%	-2.8%	-7.9%	-6.7%	0.7%	9.2%	18.6%
EBITDA Growth	-4.3%	-10.1%	-32.9%	-1.7%	-15.6%	3.4%	15.2%	-1.5%	20.2%	9.2%	26.0%	45.5%
Operating Income Growth	-12.7%	-19.9%	-19.7%	-14.4%	-9.6%	3.4%	19.5%	10.2%	20.1%	30.2%	22.7%	36.3%
Net Income Growth	-7.2%	-93.7%	-74.0%	5.0%	-24.7%	11.0%	13.3%	-17.3%	8.4%	-18.8%	12.8%	70.9%
Margins Quarterly
EBITDA Margin	5.4%	5.4%	4.0%	6.3%	5.9%	5.8%	5.6%	6.1%	6.3%	5.1%	4.7%	5.7%
Operating Income Margin	3.7%	3.6%	3.7%	4.5%	4.4%	4.3%	4.3%	4.9%	4.4%	3.8%	3.5%	4.1%
Net Income Margin	2.1%	0.2%	0.6%	2.8%	2.3%	2.3%	2.1%	2.5%	2.8%	1.9%	1.8%	2.8%
Cash & Debt
Total Cash	285	265	355	315	324	309	296	277	260	245	211	207
Total Debt	318	312	382	366	393	406	435	454	547	513	491	412
Net Debt / (Cash)	33	47	27	51	69	97	139	177	287	268	280	204
Cash Flows Quarterly
FCF from Operations	37	-3	32	46	39	56	48	137	38	25	-25	-53
Cash Flows TTM
FCF from Operations TTM	111	114	172	189	280	279	248	174	-16	-84	-134	-177
Returns to Shareholders Quarterly
Dividends	6	6	6	6	6	6	6	6	6	6	6	6
Share Repurchases	10	8	8	-0	5	-0	-0	-0	-0	-0	-0	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	12.4%	0.9%	7.4%	15.9%	14.8%	14.2%	12.9%	15.4%	12.7%	11.1%	9.9%	14.1%
Return on Invested Capital (ROIC) TTM
ROIC TTM	9.6%	10.0%	14.7%	15.4%	15.6%	15.5%	14.5%	13.4%	11.5%	11.2%	10.6%	11.2%

Segment Financials

Revenue by Segment

$ Mil	2024	2023	2022	2021	2020
Single Segment	2,839	2,886	2,255	2,053	2,268
Total	2,839	2,886	2,255	2,053	2,268

Price Behavior

Price Behavior

Market Price	$44.88
Market Cap ($ Bil)	1.6
First Trading Date	06/28/1990
Distance from 52W High	-8.7%
	50 Days	200 Days
DMA Price	$44.39	$39.58
DMA Trend	up	up
Distance from DMA	1.1%	13.4%
	3M	1YR
Volatility	35.9%	38.9%
Downside Capture	192.07	150.00
Upside Capture	213.07	126.01
Correlation (SPY)	60.9%	63.8%

BHE Betas & Captures as of 11/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	1.94	1.65	1.64	1.84	1.25	1.24
Up Beta	1.41	0.80	1.32	2.35	1.22	1.25
Down Beta	2.47	1.62	1.39	1.32	1.15	1.13
Up Capture	236%	260%	204%	214%	136%	201%
Bmk +ve Days	12	25	38	73	141	426
Stock +ve Days	12	24	34	66	121	383
Down Capture	177%	148%	170%	175%	123%	106%
Bmk -ve Days	7	16	24	52	107	323
Stock -ve Days	7	17	28	58	126	362

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Based On 1-Year Data

		Comparison of BHE With Other Asset Classes (Last 1Y)
	BHE	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	-0.6%	26.7%	19.2%	71.9%	8.9%	6.0%	-10.4%
Annualized Volatility	38.7%	27.6%	19.5%	19.3%	15.3%	17.1%	35.0%
Sharpe Ratio	0.07	0.84	0.78	2.69	0.36	0.18	-0.12
Correlation With Other Assets		65.7%	63.4%	6.2%	31.5%	37.7%	31.2%

ETFs used for asset classes: Sector ETF = XLK, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
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Based On 5-Year Data

		Comparison of BHE With Other Asset Classes (Last 5Y)
	BHE	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	12.8%	19.0%	14.9%	18.7%	11.7%	4.8%	32.6%
Annualized Volatility	34.0%	24.7%	17.1%	15.5%	18.7%	18.9%	48.7%
Sharpe Ratio	0.43	0.69	0.70	0.97	0.51	0.17	0.59
Correlation With Other Assets		50.7%	53.3%	10.1%	18.8%	34.9%	22.3%

Based On 10-Year Data

		Comparison of BHE With Other Asset Classes (Last 10Y)
	BHE	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	10.0%	22.3%	14.7%	14.9%	6.9%	5.2%	69.2%
Annualized Volatility	36.0%	24.2%	18.0%	14.8%	17.6%	20.8%	55.8%
Sharpe Ratio	0.37	0.84	0.70	0.83	0.31	0.22	0.90
Correlation With Other Assets		47.8%	52.5%	3.4%	22.0%	39.8%	17.6%

Short Interest

Short Interest: As Of Date	12152025
Short Interest: Shares Quantity	1,626,858
Short Interest: % Change Since 11302025	10.3%
Average Daily Volume	259,421
Days-to-Cover Short Interest	6.27
Basic Shares Quantity	35,802,000
Short % of Basic Shares	4.5%

Returns Analyses

	Title
0	How Low Can Benchmark Electronics Stock Really Go?

Earnings Returns History

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
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%
...
SUMMARY STATS
# Positive	13	15	16
# Negative	11	9	8
Median Positive	3.4%	3.2%	7.9%
Median Negative	-4.7%	-3.1%	-4.1%
Max Positive	18.1%	32.2%	42.2%
Max Negative	-15.0%	-13.2%	-22.7%

	Forward Returns
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%
5/1/2020	0.2%	4.2%	9.0%
1/30/2020	-8.1%	-12.1%	-22.7%
SUMMARY STATS
# Positive	13	15	16
# Negative	11	9	8
Median Positive	3.4%	3.2%	7.9%
Median Negative	-4.7%	-3.1%	-4.1%
Max Positive	18.1%	32.2%	42.2%
Max Negative	-15.0%	-13.2%	-22.7%

SEC Filings

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Report Date	Filing Date	Filing
9302025	11052025	10-Q 9/30/2025
6302025	7312025	10-Q 6/30/2025
3312025	5012025	10-Q 3/31/2025
12312024	2242025	10-K 12/31/2024
9302024	11012024	10-Q 9/30/2024
6302024	8012024	10-Q 6/30/2024
3312024	5032024	10-Q 3/31/2024
12312023	2272024	10-K 12/31/2023
9302023	11022023	10-Q 9/30/2023
6302023	8032023	10-Q 6/30/2023
3312023	5052023	10-Q 3/31/2023
12312022	2242023	10-K 12/31/2022
9302022	11042022	10-Q 9/30/2022
6302022	8042022	10-Q 6/30/2022
3312022	5052022	10-Q 3/31/2022
12312021	2252022	10-K 12/31/2021

Insider Activity

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	Owner	Title	Filing Date	Action	Price	Shares	Transacted Value	Value of Held Shares	Form
0	JANICK JAN M	SVP, Chief Technology Officer	11202025	Sell	42.66	8,967	382,532	2,278,087	Form

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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Benchmark Electronics (BHE)

Market Price (12/25/2025): $44.93 | Market Cap: $1.6 BilSector: Information Technology | Industry: Electronic Manufacturing Services

Benchmark Electronics (BHE)

Market Price (12/25/2025): $44.93Market Cap: $1.6 BilSector: Information TechnologyIndustry: Electronic Manufacturing Services

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Valuation, Metrics & Events

BHE Stock

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

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Price Returns Compared

How Low Can It Go

In The Past

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Asset Allocation

About Benchmark Electronics (BHE)

Interactive Breakdown

Better Bets than Benchmark Electronics (BHE)

INDUSTRY: Electronic Manufacturing Services

Higher Rev Chg LTM (Value for BHE: -2.9%)

Higher Rev Chg 3Y Avg (Value for BHE: -1.8%)

Higher Op Mgn LTM (Value for BHE: 3.9%)

Higher CFO/Rev LTM (Value for BHE: 4.3%)

Higher FCF/Rev LTM (Value for BHE: 2.8%)

Higher Total Yield (Value for BHE: 2.3%)

SECTOR: Information Technology

Higher Rev Chg 3Y Avg | Lower P/S (Values for BHE: -1.8% | 0.6x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for BHE: -1.8% | 16.0x)

Higher Rev Chg LTM (Value for BHE: -2.9%)

Higher Rev Chg 3Y Avg (Value for BHE: -1.8%)

Higher Op Mgn LTM (Value for BHE: 3.9%)

Higher CFO/Rev LTM (Value for BHE: 4.3%)

Higher FCF/Rev LTM (Value for BHE: 2.8%)

Higher Total Yield (Value for BHE: 2.3%)

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for BHE: -1.8% | 0.6x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for BHE: -1.8% | 16.0x)

Higher Rev Chg LTM (Value for BHE: -2.9%)

Higher Rev Chg 3Y Avg (Value for BHE: -1.8%)

Higher Op Mgn LTM (Value for BHE: 3.9%)

Higher CFO/Rev LTM (Value for BHE: 4.3%)

Higher FCF/Rev LTM (Value for BHE: 2.8%)

Higher Total Yield (Value for BHE: 2.3%)

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Market Price (12/25/2025): $44.93 | Market Cap: $1.6 Bil
Sector: Information Technology | Industry: Electronic Manufacturing Services

Market Price (12/25/2025): $44.93
Market Cap: $1.6 Bil
Sector: Information Technology
Industry: Electronic Manufacturing Services