BENCHMARK ELECTRONICS INC BHE
Our fiscal year ends on December 31. Consequently, references to 2025 relate to the calendar year ended December 31, 2025; references to 2024 relate to the calendar year ended December 31, 2024, etc.
Benchmark Electronics, Inc. (Benchmark or the Company) is a Texas corporation that provides design engineering and advanced manufacturing services that include both electronic manufacturing services (EMS) and precision metal machining (PMM) services. We support customers throughout their product lifecycle starting from initial product concept through volume production, including the ability to manage direct order fulfillment and provide aftermarket services. We are a trusted partner to our European and U.S. based national and multinational original equipment manufacturers (OEMs). Served markets include: advanced computing and communication (AC&C), aerospace and defense (A&D), industrial, medical and semiconductor capital equipment (semi-cap). The Company has manufacturing operations located in the United States and Mexico (the Americas), Asia and Europe. In this Report, references to Benchmark, the Company or use of the words "we," "our," and "us" include Benchmark's subsidiaries unless otherwise noted.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.75B | $2.76B | $2.97B | $3.01B | $2.34B | $2.13B | $2.35B | $2.64B | $2.45B | $2.32B |
| Cost of revenue | $2.39B | $2.39B | $2.57B | $2.63B | $2.05B | $1.88B | $2.08B | $2.36B | $2.23B | $2.11B |
| Gross profit | $270.1M | $270.0M | $271.1M | $255.2M | $205.9M | $175.0M | $185.5M | $205.8M | $225.9M | $214.7M |
| SG&A | $159.7M | $149.5M | $147.0M | $150.2M | $136.7M | $122.2M | $126.7M | $128.4M | $130.4M | $113.4M |
| Operating income | $76.0M | $109.4M | $109.7M | $90.1M | $53.1M | $25.1M | $28.5M | $58.5M | $76.8M | $76.9M |
| Interest expense | $20.2M | $26.9M | $31.9M | $12.9M | $8.5M | $8.4M | $6.7M | $10.5M | $9.4M | $9.3M |
| Pre-tax income | $61.5M | $83.9M | $81.2M | $84.3M | $45.4M | $17.3M | $27.3M | $55.5M | $71.0M | $69.4M |
| Income tax | $36.7M | $22.8M | $12.3M | $16.1M | $9.6M | $3.2M | $3.8M | $32.7M | $102.9M | $5.5M |
| Net income | $24.9M | $61.1M | $68.9M | $68.2M | $35.8M | $14.1M | $23.4M | $22.8M | -$31.9M | $63.9M |
| EPS, basic | 0.69 | 1.70 | 1.94 | 1.94 | 1.00 | 0.38 | 0.61 | 0.49 | -0.64 | 1.30 |
| EPS, diluted | 0.68 | 1.66 | 1.92 | 1.91 | 0.99 | 0.38 | 0.60 | 0.49 | -0.64 | 1.28 |
| Shares, diluted (wtd. avg.) | $36.3M | $36.8M | $36.0M | $35.7M | $36.1M | $36.8M | $38.8M | $46.7M | $49.7M | $49.8M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $322.1M | $315.2M | $283.2M | $207.4M | $271.7M | $396.0M | $364.0M | $458.1M | $742.5M | $681.4M |
| Receivables | $391.1M | $412.5M | $449.4M | $492.0M | $355.9M | $309.3M | $324.4M | $468.2M | $436.6M | $440.7M |
| Inventory | $482.5M | $553.7M | $683.8M | $727.7M | $523.2M | $327.4M | $315.0M | $310.0M | $268.9M | $381.3M |
| Total current assets | $1.45B | $1.51B | $1.64B | $1.65B | $1.35B | $1.20B | $1.20B | $1.40B | $1.63B | $1.53B |
| Property, plant and equipment | $223.8M | $225.1M | $227.7M | $211.5M | $186.7M | $185.3M | $205.8M | $211.0M | $186.5M | $166.1M |
| Goodwill | $192.1M | $192.1M | $192.1M | $192.1M | $192.1M | $192.1M | $192.1M | $192.1M | $191.6M | $191.6M |
| Other intangibles | $38.8M | $44.4M | $51.0M | $58.2M | $64.2M | $70.0M | $75.8M | $84.1M | $90.9M | $96.3M |
| Total assets | $2.07B | $2.13B | $2.27B | $2.23B | $1.90B | $1.74B | $1.76B | $1.90B | $2.11B | $2.01B |
| Accounts payable | $403.2M | $354.2M | $367.5M | $424.3M | $426.6M | $282.2M | $303.0M | $422.1M | $362.7M | $326.2M |
| Total current liabilities | $635.6M | $649.1M | $713.5M | $749.1M | $654.4M | $481.1M | $459.2M | $537.2M | $478.3M | $412.4M |
| Long-term debt | $210.6M | $257.0M | $330.6M | $324.4M | $129.6M | $135.7M | $142.8M | $147.9M | — | — |
| Total liabilities | $971.9M | $1.03B | — | — | — | — | — | — | $770.2M | — |
| Retained earnings | $568.2M | $587.3M | $560.5M | $519.9M | $480.0M | $492.2M | $515.9M | $584.3M | $708.2M | $748.4M |
| Total equity | $1.10B | $1.10B | $1.07B | $1.02B | $973.8M | $989.6M | $1.01B | $1.13B | $1.34B | $1.38B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $124.0M | $189.2M | $174.3M | -$177.5M | -$2.6M | $120.4M | $93.1M | $76.7M | $145.8M | $273.1M |
| Depreciation and amortisation | $47.6M | $46.1M | $45.4M | $44.3M | $44.2M | $48.8M | $48.4M | $51.8M | $48.7M | $55.1M |
| Stock-based compensation | $17.2M | $13.4M | $15.3M | $18.5M | $15.3M | $10.4M | $10.2M | $10.1M | $7.8M | $5.3M |
| Capital expenditure | $35.6M | $31.3M | $73.5M | $43.4M | $38.8M | $34.6M | $32.6M | $62.8M | $50.8M | $30.5M |
| Investing cash flow | -$32.7M | -$32.8M | -$77.1M | -$41.2M | -$41.9M | -$34.4M | -$34.9M | -$68.8M | -$56.1M | -$21.2M |
| Financing cash flow | -$105.9M | -$109.1M | -$23.6M | $159.2M | -$74.0M | -$57.5M | -$152.8M | -$291.0M | -$31.4M | -$35.3M |
| Dividends paid | $24.4M | $23.9M | $23.5M | $23.2M | $23.3M | $23.0M | $23.3M | $21.0M | $0 | $0 |
| Buybacks | $26.8M | $5.1M | $0 | $9.4M | $40.2M | $25.2M | $122.1M | $211.9M | $29.3M | $41.9M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-161703.
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