Benchmark Electronics Inc BHE

Information TechnologyElectronic Equipment & PartsUnited States of America

Last close 68.69 USD on Nov 2, 2026, +61.7% year to date

Quant rating

Quant rating C Rank 259 of 389 in Information Technology

Growth D 280 of 389
Valuation B 91 of 389
Quality C 260 of 389
Revisions D 307 of 389
Momentum C 203 of 389

Wall Street consensus Buy (2.25)Average target 85.75 USD +24.8%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 2.5B
Enterprise value: 2.3B
52-week range: 41.97 – 100.33
3-year range: 23.86 – 100.33
Dividend yield: 0.99%
Beta (5 years): 1.41
Shares outstanding: 35.8M
Next earnings: Feb 1, 2027

About the company

Benchmark Electronics, Inc. provides comprehensive solutions across the entire product life cycle through its technology and engineering design services, leveraging its global supply chain and delivering manufacturing services in various industries. It provides design engineering and advanced manufacturing services that include both electronic manufacturing services (EMS) and precision technology (PT) services. Its advanced manufacturing services include printed circuit board assembly (PCBA) and test, component engineering services, systems assembly and test development, and failure analysis. In addition to traditional EMS, it offers complex PT services, including full electromechanical assembly and test services. It offers a full spectrum of new product design, automation, test development, prototype and related engineering services. It provides its customers with a comprehensive range of custom circuit and functional test equipment, process automation and replication solutions.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	2,659	2,656	2,839	2,886	2,255	–
Revenue growth	0.1%	−6.4%	−1.6%	28.0%	9.8%	5.3%
EPS (basic, normalized)	2.40	2.29	2.04	2.09	1.35	–
EPS growth	4.8%	12.3%	−2.4%	54.8%	–	–
Gross margin	10.2%	10.2%	9.5%	8.8%	9.1%	9.6%
Net margin	0.9%	2.3%	2.4%	2.4%	1.6%	1.9%
ROE	2.3%	5.6%	6.5%	6.8%	3.6%	5.0%

Balance sheet, last quarter
Cash & short-term investments (mil)	291
Current ratio	1.87x
Long-term debt (mil)	154
Net debt (mil)	−133
Total equity (mil)	1,128
Net debt / equity	−0.12x
Net debt / EBITDA	−0.75x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	2,659	+0.1%	0.9x	177	−0.1%	13.2x	2.40	+4.8%	28.6x
2026	3,079	+15.8%	0.8x	–	–	–	3.02	+26.0%	22.7x
2027	3,325	+8.0%	0.7x	–	–	–	3.44	+13.7%	20.0x
2028	3,490	+5.0%	0.7x	–	–	–	3.83	+11.2%	18.0x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	3,079	+2.5%	+3.2%	+5.8%	3.02	+2.7%	+4.0%	+9.5%
2027	3,325	+3.4%	+3.3%	+6.3%	3.44	+4.0%	+4.4%	+13.1%
2028	3,490	–	–	–	3.83	–	–	–

Earnings surprises EPS beat in 4 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	676	666	658	657	632	642	681	704	677	756
Sales mean (mil)	645	636	650	661	640	639	661	696	677	720
Surprise	+4.7%	+4.7%	+1.2%	−0.6%	−1.3%	+0.5%	+2.9%	+1.2%	+0.1%	+5.0%
EPS reported	0.55	0.57	0.57	0.61	0.52	0.55	0.62	0.71	0.58	0.75
EPS mean	0.46	0.51	0.54	0.56	0.50	0.54	0.58	0.64	0.56	0.69
Surprise	+19.6%	+12.3%	+5.3%	+8.6%	+3.5%	+1.4%	+7.2%	+10.7%	+4.3%	+9.5%

Peer comparison Electronic Equipment & Parts

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
BHE Benchmark Electronics Inc	2.5B	−0.75x	0.9%	2.18x	22.7x	20.0x	–	–
2317 HON HAI PRECISION INDUSTRY CO., LTD.	108.4B	0.09x	2.3%	1.85x	13.3x	10.5x	7.2x	5.9x
TEL TE Connectivity PLC	62.5B	0.79x	10.7%	4.61x	16.0x	14.2x	10.9x	10.0x
CLS Celestica Inc.	31.4B	−3.10x	6.7%	5.06x	21.7x	11.4x	14.7x	7.2x
FLEX Flex Ltd	31.1B	0.94x	3.2%	5.36x	16.9x	11.0x	10.1x	7.0x
JBL Jabil Inc.	27.4B	0.62x	2.9%	17.25x	15.1x	12.0x	8.4x	7.0x
Mean		−0.24x	4.5%	6.05x	17.6x	13.2x	10.3x	7.4x
Median		0.36x	3.0%	4.83x	16.5x	11.7x	10.1x	7.0x

Technical analysis

1M−21.4%
3M−13.7%
1Y+58.5%
3Y+195.9%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Benchmark Electronics Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	2,659	2,656	2,839	2,886	2,255	2,053
Cost of revenue	2,389	2,386	2,568	2,631	2,049	1,878
Gross profit	270	270	271	255	206	175
Selling, general & administrative expenses	160	149	147	150	137	122
Research & development	–	–	–	–	–	–
Depreciation/amortization	4.8	4.8	6.0	6.4	6.4	9.1
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	29.5	6.3	8.4	8.6	13.7	20.0
Other operating expenses	0	0	0	0	−3.9	−1.4
Operating income	76.0	109	110	90.1	53.1	25.1
Net interest income (expense)	−10.6	−16.7	−25.6	−11.2	−7.9	−7.2
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−3.9	−8.8	−2.8	5.4	0.3	−0.7
Net income before taxes	61.5	83.9	81.2	84.3	45.4	17.3
Provision for taxes	36.7	22.8	12.3	16.1	9.6	3.2
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	24.9	61.1	68.9	68.2	35.8	14.1
Extraordinary items	–	–	–	–	–	–
Net income	24.9	61.1	68.9	68.2	35.8	14.1
EBIT, normalized	106	116	118	98.6	65.7	45.1
EBITDA, normalized	152	161	163	143	110	93.9
Basic EPS, normalized	2.40	2.29	2.04	2.09	1.35	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Benchmark Electronics Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	322	315	277	207	272	391
Receivables	574	580	624	676	511	453
Total inventory	483	554	684	728	523	327
Prepaid expenses	69.2	44.7	44.4	41.4	41.7	26.5
Other current assets	0.3	12.9	5.8	0	0	5.2
Total current assets	1,448	1,506	1,636	1,652	1,348	1,202
Property, plant & equipment	326	343	359	305	287	268
Goodwill	192	192	192	192	192	192
Intangibles	38.8	44.4	51.0	58.2	64.2	70.0
Long-term investments	–	–	–	–	–	–
Note receivable	–	–	–	–	–	–
Other long-term assets	66.2	48.4	37.3	19.7	12.8	12.1
Total assets	2,072	2,134	2,275	2,227	1,904	1,744
Liabilities
Accounts payable	403	354	367	424	427	282
Payable/accrued	–	–	–	–	–	–
Accrued expenses	105	122	115	110	103	100
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	3.8	6.7	4.3	4.3	1.0	9.2
Other current liabilities	123	166	227	210	124	89.7
Total current liabilities	636	649	714	749	654	481
Long-term debt	207	250	327	321	129	131
Minority interest	–	–	–	–	–	–
Other liabilities	130	130	155	131	146	142
Total liabilities	972	1,030	1,196	1,201	930	755
Shareholders' equity
Preferred stock	0	0	–	–	0	0
Common stock	3.6	3.6	3.6	3.5	3.5	3.6
Additional paid-in capital	537	535	529	519	507	510
Retained earnings (accumulated deficit)	568	587	561	520	480	492
Treasury stock	–	–	–	–	–	–
Other equity	−9.0	−21.2	−13.9	−16.2	−17.2	−16.7
Total equity	1,100	1,105	1,079	1,026	974	990
Total liabilities & shareholders' equity	2,072	2,134	2,275	2,227	1,904	1,744

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Benchmark Electronics Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	24.9	63.3	64.3	68.2	35.8	14.1
Depreciation, depletion & amortization	47.6	46.1	45.4	44.3	44.2	48.8
Deferred taxes	−5.7	−5.9	−15.0	−7.2	−6.9	−7.3
Non-cash items	26.0	14.0	17.6	18.3	19.8	19.4
Changes in working capital	31.2	71.6	62.0	−301	−95.4	45.5
Cash from operations	124	189	174	−177	−2.6	120
Investing activities
Capital expenditures	−38.5	−33.3	−77.7	−46.8	−42.2	−39.5
Other investing cash flows	5.8	0.5	0.6	5.6	0.3	5.1
Cash from investing	−32.7	−32.8	−77.1	−41.2	−41.9	−34.4
Financing activities
Financing cash flow items	−9.5	−6.3	−6.0	−3.8	−4.3	−2.2
Cash dividends paid	−24.4	−23.9	−23.5	−23.2	−23.3	−23.0
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−71.9	−78.9	5.9	186	−46.4	−32.2
Cash from financing	−106	−109	−23.6	159	−74.0	−57.5
Foreign exchange effects	9.0	−2.5	2.2	−4.9	−5.8	3.5
Net change in cash	−5.6	44.8	75.8	−64.3	−124	32.0
Free cash flow	85.4	156	96.6	−224	−44.8	80.9

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.