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BHE

Benchmark Electronics, Inc.

BHE

Benchmark Electronics, Inc. • NYSE
$44.93 ▲ 0.04% (+0.02)
Market Cap $1.62 B
52w High $50.26
52w Low $30.73
Dividend Yield 0.68%
P/E 44.49
Volume 133.98K
Outstanding Shares 35.95M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $680.678M ▲ $41.52M ▼ $14.263M ▲ 2.095% ▲ $0.398 ▲ $36.711M ▲
Q2-2025 $642.335M ▲ $44.286M ▼ $972K ▼ 0.151% ▼ $0.03 ▼ $34.972M ▲
Q1-2025 $631.764M ▼ $51.421M ▲ $3.644M ▼ 0.577% ▼ $0.1 ▼ $25.457M ▼
Q4-2024 $656.887M ▼ $39.401M ▲ $18.423M ▲ 2.805% ▲ $0.51 ▲ $41.619M ▲
Q3-2024 $657.747M $38.636M $15.374M 2.337% $0.43 $38.516M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $286.061M ▲ $2.067B ▲ $958.089M ▲ $1.109B ▲
Q2-2025 $264.647M ▼ $2.031B ▼ $923.975M ▼ $1.107B ▲
Q1-2025 $355.34M ▲ $2.136B ▼ $1.031B ▲ $1.105B ▼
Q4-2024 $315.152M ▼ $2.139B ▼ $1.026B ▼ $1.113B ▲
Q3-2024 $324.423M $2.149B $1.046B $1.103B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $14.263M ▲ $36.608M ▲ $-6.412M ▲ $-7.502M ▲ $21.414M ▲ $25.82M ▲
Q2-2025 $972K ▼ $-2.823M ▼ $-12.292M ▼ $-82.946M ▼ $-90.693M ▼ $-15.127M ▼
Q1-2025 $3.644M ▼ $31.503M ▼ $-4.106M ▲ $-2.469M ▲ $27.313M ▲ $27.347M ▼
Q4-2024 $18.423M ▲ $45.916M ▲ $-9.029M ▼ $-27.902M ▼ $3.604M ▼ $36.884M ▲
Q3-2024 $15.374M $39.035M $-7.926M $-22.312M $14.558M $29.221M

Five-Year Company Overview

Income Statement

Income Statement Revenue grew strongly coming out of 2020 but has slipped slightly over the last two years, suggesting some cooling after a strong recovery. Profitability, however, has improved meaningfully versus earlier years: gross margins have edged higher and operating profits are now on a firmer footing. Earnings per share roughly doubled compared with the early part of the period and have since drifted down only modestly, indicating better efficiency and mix, even if top-line growth has stalled recently. The pattern points to a more profitable business than a few years ago, but with some exposure to end-market softness or customer timing.

Balance Sheet

Balance Sheet The balance sheet looks generally sound and sturdier than a few years ago. Total assets have grown over time, reflecting expansion and investment, while shareholders’ equity has steadily crept higher, signaling accumulated profits. Debt increased meaningfully in the middle of the period, likely to fund growth and capacity, but has started to come down, which reduces financial risk. Cash levels, while not excessive, have improved recently, giving the company more flexibility to manage cycles and invest without overreliance on borrowing.

Cash Flow

Cash Flow Cash generation went through a weak patch in the middle of the period, with operating cash flow and free cash flow pressured by working capital swings and heavier investment. More recently, both operating cash flow and free cash flow have recovered well, now comfortably positive and stronger than in the early years shown. Capital spending has been steady to slightly elevated, consistent with a company investing for more complex manufacturing and engineering work. Overall, cash flow now better supports both ongoing investments and balance sheet health, though the history shows that cash can be lumpy when the company ramps projects or inventory.

Competitive Edge

Competitive Edge Benchmark operates in a demanding corner of the electronics manufacturing industry, serving customers in aerospace, defense, medical, semiconductor equipment, and advanced communications. Its edge comes from handling complex, lower-volume, high-reliability products rather than chasing commodity consumer electronics. By integrating deeply with customers across design, manufacturing, and after-market support, the company becomes hard to replace, creating sticky relationships and high switching costs. Its strong North American and Mexican presence also aligns well with reshoring and nearshoring trends. The main competitive risks are intense price and capability competition from larger global contract manufacturers and exposure to cyclical, capital-intensive end markets.

Innovation and R&D

Innovation and R&D Innovation at Benchmark is less about single flagship products and more about advanced capabilities: miniaturized and high-density circuit design, radio frequency and high-speed electronics, precision machining, photonics, and automation. The company runs distributed design centers that work side-by-side with customers, often reshaping products for better performance, manufacturability, and cost. It is investing in infrastructure and expertise for AI-related hardware, high-performance computing, and advanced cooling, as well as expanding capacity in key regions like Malaysia. This engineering-led, “design plus manufacturing” model deepens customer reliance but also requires ongoing, disciplined R&D and capital spending to stay ahead.

Summary

Benchmark has evolved into a more profitable, cash-generative business than it was several years ago, even though revenue has recently eased from its peak. The balance sheet shows growing equity, manageable debt, and improving cash reserves, suggesting increased financial resilience. Cash flows, while historically volatile, now comfortably support investment needs. Strategically, the company is positioned in complex, regulated industries where quality and reliability matter more than sheer volume, and where tight integration with customers creates a durable, if not unassailable, moat. Its ongoing bets on AI, high-speed communications, and semiconductor-related equipment could support future growth, but results will remain tied to cyclical, technologically demanding end markets and continued execution on innovation and cost control.

NEWS

November 4, 2025 · 4:07 PM UTC

Benchmark Reports Third Quarter 2025 Results

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October 21, 2025 · 4:07 PM UTC

Benchmark Electronics to Report Third Quarter Fiscal Year 2025 Results

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October 7, 2025 · 4:07 PM UTC

Benchmark Announces Appointment of Dr. Michael Slessor to its Board of Directors

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September 9, 2025 · 4:07 PM UTC

Benchmark Electronics Announces Quarterly Cash Dividend

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