Benchmark Electronics Inc
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Why this colour
Whoever buys today is betting that two quarters of program wins become a durable growth path, that the tax rate stays normal and that the chip-equipment cycle holds — and pays nearly two and a half times the price the company itself set on its shares in 2025. Whoever waits checks three things in every quarterly report (10-Q): Does revenue grow against normal comparison quarters too? Do the AC&C and medical dynamics hold? And does Semi-Cap stay stable? Two or three quarters of answers cost some return but replace the bet with evidence. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
Benchmark Electronics is a fundamentally solid, net-cash company with genuine new programs in medical devices and high-performance computing — and a stock whose price has nearly doubled while revenue sits below its 2023 level and the 2025 net margin stayed under one percent. The 2025 profit collapse was one-off driven (a 59.6 percent tax rate), the 2026 recovery is real but base-effect amplified. At 98 times trailing earnings, the market is paying for a Benchmark that operationally has yet to come into being. Not investment advice.
Balance sheet & substance
$324.9 million in cash against $147.2 million of borrowings (March 31, 2026), an untouched $550 million credit facility through 2030, a Piotroski F-score of 8 of 9, an Altman Z-score around 8, a quarterly dividend plus buybacks — Benchmark is fundamentally soundly financed (10-K 2025, 10-Q as of 03/31/2026; scanner data as of July 17, 2026).
Technicals & momentum
Weinstein stage-2 uptrend, relative strength rating of 94, Minervini criteria met, about 2 percent below the all-time high, 24 scanner hits, up 148 percent in twelve months (data as of July 17, 2026) — the trend picture is as strong as for few stocks in the momentum run.
Growth & story coverage
2025 revenue: $2,659.1 million — up 0.1 percent on the prior year and below the 2023 level ($2,839.0 million); the 7 percent quarterly growth and the +257 percent profit jump in the first quarter of 2026 stand on a comparison base depressed by one-offs (10-K 2025, 10-Q as of 03/31/2026).
Margins & earnings quality
A 10.2 percent gross margin and a 0.9 percent net margin in 2025: a 59.6 percent tax rate, an $11.1 million plant impairment and an $11.0 million tax settlement halved profit — a business without a crumple zone where every special item hits at full force; plus quietly corrected tax-calculation errors of earlier years (Note 1 of the 2025 10-K).
Customers & cyclicality
Applied Materials accounts for 14 percent and the top ten customers for 51 percent of sales — with no purchase obligations; the largest sector, Semi-Cap (28 percent), rides the semiconductor equipment cycle and was already shrinking again slightly in the first quarter of 2026 (10-K 2025, Item 1; 10-Q as of 03/31/2026).
Valuation & signals
A P/E around 98 trailing resp. around 35 on the 2026 estimate, price-to-sales around 1.3 — while the company itself bought back at an average of $38.22 in 2025; insiders: twelve sales, no purchase; funds: 8 accumulators against 10 reducers; only three analysts cover the stock (data as of July 17, 2026). Normalized earnings can grow into this valuation — but they have to first.
Worth Noting
BHE landed on the research list through the momentum/stage-2 run of July 17, 2026 (24 hits in our in-house stock scanner, incl. Stan Weinstein stage 2, RS leader ≥90, Minervini trend criteria, pros 80%).
Scanner metrics (P/E, P/S, Piotroski, Altman-Z, fundamental grade, earnings growth) use trailing twelve-month figures; the 2025 one-offs are baked in — the reported quarterly earnings growth of plus 261 percent is correspondingly base-effect amplified.
Price and valuation figures dated July 17, 2026 (about $97, roughly $3.5 billion market value); analyses are evergreen, daily prices are not a buy argument.
Stock Watch
This analysis is as of August 26, 2026. Stock Watch will tell you what's changed at BHE since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 36.00 $ to 98.70 $ · Last price: 74.60 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
Quality & Screener
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Electronic Components
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Benchmark Electronics Inc BHE | 2.7 | 73.9 | 17.5 | 10.3 | 3.8 | 0.1 | 92.3 |
| Corning Incorporated GLW | 127.2 | 68.9 | 35.8 | 36.4 | 15.7 | 19.1 | 93.9 |
| Amphenol Corporation APH | 96.5 | 22.3 | 23.8 | 39.0 | 27.3 | 51.7 | 33.1 |
| TE Connectivity Ltd TEL | 59.8 | 20.2 | 13.2 | 36.1 | 20.8 | 7.9 | -3.5 |
| Flex Ltd FLEX | 41.0 | 41.3 | 20.9 | 9.5 | 5.7 | 8.1 | 93.1 |
| Jabil Circuit Inc JBL | 31.6 | 35.3 | 16.7 | 9.2 | 5.2 | 3.2 | 39.5 |
| Fabrinet FN | 14.4 | 30.6 | 20.6 | 12.0 | 9.9 | 18.6 | 6.3 |
| TTM Technologies Inc TTMI | 11.9 | 93.8 | 30.2 | 21.2 | 8.6 | 19.0 | 134.1 |
| Vicor Corporation VICR | 10.7 | 69.1 | 73.4 | 56.6 | 15.0 | 13.6 | 314.5 |
| Median of companies shown | 31.6 | 41.3 | 20.9 | 21.2 | 9.9 | 13.6 | 92.3 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2016 | 2,310 | 76 | 64 | 1.29 | 273 | 1,365 | 1,999 |
| 2017 | 2,467 | 79 | -32 | -0.64 | 146 | 1,329 | 2,097 |
| 2018 | 2,566 | 59 | 23 | 0.49 | 77 | 1,132 | 1,900 |
| 2019 | 2,268 | 29 | 23 | 0.60 | 93 | 1,015 | 1,760 |
| 2020 | 2,053 | 25 | 14 | 0.38 | 120 | 990 | 1,744 |
| 2021 | 2,255 | 53 | 36 | 0.99 | -3 | 974 | 1,904 |
| 2022 | 2,886 | 90 | 68 | 1.91 | -177 | 1,026 | 2,227 |
| 2023 | 2,839 | 110 | 64 | 1.79 | 174 | 1,079 | 2,275 |
| 2024 | 2,656 | 109 | 63 | 1.72 | 189 | 1,113 | 2,139 |
| 2025 | 2,659 | 105 | 25 | 0.68 | 124 | 1,100 | 2,072 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | 0.43 | -30.60 | 657 | -5.00 | 2.80 | 46 | 37 |
| 2025: Q1 | 0.10 | -74.10 | 632 | -6.50 | 0.60 | 32 | 27 |
| 2025: Q2 | 0.03 | -93.70 | 642 | -3.50 | 0.20 | -3 | -15 |
| 2025: Q3 | 0.39 | -6.10 | 681 | 3.50 | 2.10 | 37 | 26 |
| 2025: Q4 | 0.17 | -60.50 | 704 | 7.20 | 0.80 | 59 | 47 |
| 2026: Q1 | 0.36 | 260.60 | 677 | 7.20 | 1.90 | 47 | 29 |
| 2026: Q2 | 0.55 | 1,733.30 | 756 | 17.70 | 2.60 | 35 | 22 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 24 of our scanner strategies — each hit links to the scanner.
Growth
- Ben Bennett: Power Screen
- Dan Zanger: Leader
- EPS Acceleration
- Patrick Walker: 30% EPS Growth
- Patrick Walker: 40, 40 Screen
Quality & Balance Sheet
Breakout & Setup
Momentum & Trend
- 21-EMA Trend
- Above 21-EMA Pullback
- Above the 50- & 200-SMA
- CANSLIM Type RS
- Gary Antonacci: Dual Momentum (Stock Adaptation)
- Mark Minervini: Trend Criteria — 1 Month
- Mike Webster: Down Days Tell Screen
- Near 52-Week High
- Oliver Kell: Doublers
- RS Leader (≥90)
- RS New Highs
- Richard Moglen: Top Performers 3/6 Month
- Stage 2 Leader
- Stan Weinstein: Checklist
- Stan Weinstein: Stage 2
- Strength on Stress Days
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | 2.94 | 2.92 – 2.96 | 3,003 | 22.6% | 3 |
| 12/31/2027 | 3.31 | 3.28 – 3.34 | 3,215 | 12.3% | 3 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Instead of guessing what the stock is worth, we turn the question around: what free cash flow growth has to happen for today’s market value to add up? The assumptions behind it can be moved.
Today’s market value implies roughly 8.5% growth in free cash flow per year over ten years (assumptions: discount rate 10.0%, terminal growth 2.5%).
| Free cash flow (last twelve months) | $126.1M |
|---|---|
| Market cap | $2.68B |
| Free cash flow in year ten | $286.2M |
| Terminal value as a share of market value | 56.3% |
For comparison: over the past five years free cash flow grew by 1.1% per year.
It shows which assumption is built into today’s price, not whether that assumption will hold. Every assumption can be changed with the sliders; the figures move with them.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Geprüft am 17.07.2026 gegen den Geschäftsbericht (10-K) für 2025 (eingereicht 24.02.2026), den 10-K für 2024 (24.02.2025) und die vier jüngsten Quartalsberichte (10-Q, zuletzt zum 31.03.2026): In den ausgewerteten SEC-Filings von Benchmark Electronics findet sich kein wesentlicher KI-Bezug. Der 10-K 2025 erwähnt „artificial intelligence“ nur an drei Randstellen: (1) im Wettbewerbs-Risikofaktor — größere EMS-Konkurrenten „may respond more quickly than us to advancements in technology, such as artificial intelligence“ (beiläufige Technologie-Aufzählung, kein konkretes, aufs eigene Geschäftsmodell zugeschnittenes KI-Risiko), (2) als Prüfvorhaben in der Fertigung — „We are continually evaluating the advantages and feasibility of new manufacturing processes (including utilization of machine learning and artificial intelligence)“ (Evaluierung, kein belegter operativer Einsatz), und (3) als Vertraulichkeits-Risiko, falls Dienstleister „third-party artificial intelligence-powered software“ nutzen. Weder KI-Umsatzquelle noch belegter operativer KI-Einsatz noch konkretes KI-Geschäftsrisiko; der 10-K 2024 und alle vier 10-Q enthalten überhaupt keine KI-Treffer. Dass der Sektor Advanced Computing & Communications (13 Prozent des Umsatzes 2025) Hochleistungsrechner-Fertigung umfasst, begründet nach dem Kriterienkatalog kein „verkauft“ — Benchmark verkauft Fertigungsdienstleistung, keine KI. Es bleibt bei „neutral“.
View the full file — quotes, sources, reviewed filings
Filings Reviewed: 10-Q 2026-04-30 · 10-Q 2025-11-05 · 10-Q 2025-07-31 · 10-Q 2025-05-01 · 10-K 2026-02-24 · 10-K 2025-02-24
Rated on July 17, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years -2.7%
- More than 10% revenue growth is expected for the coming year 6.5%
- Share count grows by less than 3% a year 0.5%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 3.3%
- Gross margin at 40% or higher and without meaningful erosion 10.0%
- Goodwill from acquisitions does not grow faster than revenue 9.3%
- Net debt below twice EBITDA 13 m net cash
- Operating cash flow covers the profits of the last three years 335 m
- Return on capital at 15% or higher, or up versus two years ago 7.3%
- Insiders hold at least 10% or are net buyers 1.8%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
5/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 1.6%
- Exp. sales growth 3Y > 5% 10.0%
- EBIT growth 10Y > 5% 3.7%
- Exp. EBIT growth 3Y > 5% 119.8%
- Net debt < 4x EBIT -0.1x
- EBIT positive, 10Y straight 10
- Max. EBIT decline < 50% 68.0%
- Return on equity > 15% 2.9%
- ROCE > 15% 7.3%
- Expected return > 10% 126.8%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Aug 17, 2026 | Valkanoff David | EVP, Chief Operating Officer | Other | 2,078 | 84.17 | 174,905 |
| Aug 17, 2026 | Moezidis David | President and CEO | Other | 4,569 | 84.17 | 384,573 |
| Aug 11, 2026 | De Greef-Safft Anne | Director | Sell | 3,884 | 82.02 | 318,566 |
| Aug 11, 2026 | De Greef-Safft Anne | Director | Sell | 2,116 | 82.26 | 174,062 |
The company
About the Company
Benchmark Electronics, Inc. bietet gemeinsam mit ihren Tochtergesellschaften Produktdesign, Ingenieurleistungen, Technologielösungen und Fertigungsdienstleistungen in Amerika, Asien und Europa an.
- Employees
- 11,840
- Headquarters
- Tempe, AZ
- Address
- 56 South Rockford Drive, 85288 Tempe, United States
- Phone
- 623 300 7000
- Website
- bench.com
- IPO Date
- 06/28/1990
- ISIN
- US08160H1014
- Stock Split
- 3:2 on 04/04/2006
- Stock Split
- 3:2 on 11/14/2003
- Stock Split
- 2:1 on 08/15/1997
Management
| Name | Title | Birth Year |
|---|---|---|
| David A. Moezidis | President, CEO & Director | 1972 |
| Bryan R. Schumaker CPA | Executive VP, CFO & Principal Accounting Officer | 1976 |
| David A. Valkanoff | Executive VP & COO | 1964 |
| Stephen J. Beaver Esq. | Senior VP, Corporate Secretary, General Counsel & Chief Legal Officer | 1972 |
| Josh T. Hollin | Senior VP & CTO | 1973 |
| Bipin Jayaraj | Senior VP and Chief Digital & Information Officer | 1977 |
| Paul Mansky | Investor Relations & Corporate Development Officer | – |
| Rhonda R. Buseman | Senior VP & Chief Human Resources Officer | 1973 |
| David A. Clark | Senior VP & Chief Procurement Officer | 1961 |
| David L. Cummings | Senior VP & Chief Commercial Officer | 1961 |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
Data as of: September 17, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.