At a glance
Benchmark Electronics Inc is worth $2.62B, about 108 times its fiscal 2025 earnings. Revenue fell 0.4% to $2.75B in fiscal 2025, with 0.9% kept as profit; over 5 years it has grown 5.2% a year. It pays a 0.93% dividend yield, and returned $199.8M to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +73.6% over the past year with dividends reinvested and +28.5% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 47.5% in the 2020 crash (S&P 500: 33.7%) and 21.9% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 9 months and 1 month after the lows.
The business in plain English
Benchmark Electronics, a Texas corporation, is a contract manufacturer. It designs and builds electronics and precision metal parts for original equipment manufacturers (OEMs), the companies that market finished products under their own brands. Its customers are US and European OEMs in five markets: advanced computing and communications, aerospace and defense, industrial, medical, and semiconductor capital equipment (the machines used to make chips).
Nearly all sales come from manufacturing services: printed circuit board assemblies (boards fitted with their electronic parts), precision metal machining, full system assembly, testing, and shipping orders on customers' behalf. Benchmark also offers design and engineering services, helping customers develop products and make them easier to build. It avoids high-volume consumer and automotive work, focusing instead on lower-volume, complex products in regulated markets. Even so, margins are thin: in fiscal 2025, gross margin (the share of sales left after production costs) was 9.8% and operating margin 2.8%.
Revenue was about $2.75 billion in fiscal 2025, down 0.4% from 2024 but up about 5.2% a year since fiscal 2020. By segment, the Americas (the US and Mexico) brought in 44.7%, Asia 42.4% and Europe 12.8%. By country, the US accounted for 51.5% of revenue and Singapore 18.3%. Sales are concentrated: the ten largest customers made up 51% of the total.
Price history
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BHE +73.6% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By business segment
| Americas Segment | $1.23B | 44.7% |
| Asia Segment | $1.17B | 42.4% |
| Europe Segment | $352.5M | 12.8% |
By geography
| US | $1.42B | 51.5% |
| SG | $504.3M | 18.3% |
| Europe | $352.5M | 12.8% |
| Other Asia | $240.6M | 8.8% |
| Other Regions | $63.6M | 2.3% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $834.1M, up 18.7% from a year earlier, and net income was $17.1M (+20.2%).
- For fiscal 2025, revenue was $2.75B (-0.4% year over year; +5.2% a year from FY2020 to FY2025) with a 0.9% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +5.2% good |
|---|---|
| Operating margin | 2.8% weak |
| Free cash flow margin | 3.2% watch |
| Return on equity (FY2025) | 2.3% weak |
| Return on assets (FY2025) | 1.2% weak |
| Net cash (cash minus debt) | $132.8M good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $2.13B | $14.1M | $85.9M |
| FY2021 | $2.34B | $35.8M | $-41.4M |
| FY2022 | $3.01B | $68.2M | $-220.8M |
| FY2023 | $2.97B | $68.9M | $100.8M |
| FY2024 | $2.76B | $61.1M | $157.9M |
| FY2025 | $2.75B | $24.9M | $88.4M |
Valuation snapshot
| Market value | $2.62B |
|---|---|
| P/E ratio | 107.9 |
| Dividend yield | 0.93% |
Rank among 1514 US companies
Market value at each year end
Benchmark Electronics’s market value went from $1.49B at the end of 2016 to $2.62B on Oct 28, 2026, up 76%; since the end of 2025 it is up 72%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $2.62B | +72.0% |
| 2025 | $1.53B | -6.6% |
| 2024 | $1.63B | +65.7% |
| 2023 | $986.2M | +5.0% |
| 2022 | $938.9M | -1.6% |
| 2021 | $954.6M | -3.1% |
| 2020 | $985.2M | -22.3% |
| 2019 | $1.27B | +37.0% |
| 2018 | $925.8M | -36.0% |
| 2017 | $1.45B | -2.9% |
| 2016 | $1.49B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| BHE price data to Oct 28, 2026 | +72.7% | +73.6% | +47.3% | +28.5% | +13.5% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +72.7% |
| 2025 | -4.2% |
| 2024 | +67.2% |
| 2023 | +6.4% |
| 2022 | +1.2% |
| 2021 | +2.7% |
| 2020 | -19.1% |
| 2019 | +65.7% |
| 2018 | -25.5% |
| 2017 | -4.6% |
| 2016 | +47.6% |
| 2015 | -18.8% |
| 2014 | +10.2% |
| 2013 | +38.9% |
| 2012 | +23.4% |
| 2011 | -25.8% |
| 2010 | -4.0% |
| 2009 | +48.1% |
| 2008 | -28.0% |
| 2007 | -27.2% |
| 2006 | +8.7% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 60.2% over that stretch · deepest drop along the way 60.2%, back to its old high 12.5 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 36.5% over that stretch · deepest drop along the way 47.5%, back to its old high 8.9 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 6% over that stretch · deepest drop along the way 21.9%, back to its old high 1.2 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 8 sales ($8.4M), 3 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| May 12, 2026 | Kenneth T Lamneck Director | sell | $2.0M |
| May 13, 2026 | David W Scheible Director | sell | $2.0M |
| Jun 11, 2026 | Stephen J Beaver SVP, General Counsel and CLO | sell (plan) | $1.7M |
| May 26, 2026 | David Moezidis President and CEO, Director | sell (plan) | $1.1M |
| May 6, 2026 | Rhonda R Turner SVP, Chief HR Officer | sell | $562K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 15.5% | Mar 31, 2025 |
| Vanguard Portfolio Management | 8.84% | Mar 31, 2026 |
| Dimensional Fund Advisors LP | 6.2% | Jun 30, 2026 |
| Vanguard Capital Management | 5.12% | Mar 31, 2026 |
| First Trust Portfolios L.P. | 4.3% | Sep 30, 2025 |
| Franklin Resources, Inc. | 2.9% | Jun 30, 2026 |
ETFs with the most weight in BHE
| XSVM Invesco S&P SmallCap Value with Momentum ETF | 0.71% |
| VAMO Cambria Value & Momentum ETF | 0.69% |
| SDVY First Trust SMID Cap Rising Dividend Achievers ETF | 0.58% |
| SDVD FT Vest SMID Rising Dividend Achievers Target Income ETF | 0.57% |
| SQLV Royce Quant Small‑Cap Quality Value ETF | 0.37% |
| USVM VictoryShares US Small Mid Cap Value Momentum ETF | 0.3% |
| SFLO VictoryShares Small Cap Free Cash Flow ETF | 0.3% |
| JPSE JPMorgan Diversified Return U.S. Small Cap Equity ETF | 0.3% |
What could go wrong
- Ten customers bring in half of sales. Sales to the ten largest customers made up 51% of the total in 2025. Losing a major customer without replacing it, or one failing to pay its bills, would hurt results.
- Customers rarely commit more than a quarter ahead. Most customers don't commit to firm production schedules beyond one quarter and can cancel, cut or delay orders. That makes it hard to plan staffing, parts inventory and factory use.
- Parts shortages and rising component costs. Benchmark purchases the components customers specify. Shortages have delayed shipments in the past, and it may have to absorb price increases or tariff costs it can't pass on to customers.
- Thin margins leave little room for error. Operating margin was just 2.8% in fiscal 2025, and net income fell 59.3% on nearly flat sales. Underused factories or costly start-ups of new programs can quickly squeeze profit.
- Customers' markets can swing sharply. Benchmark's fortunes track its customers' markets. The semiconductor industry has a long history of booms and busts, and tighter export rules or sanctions could limit work tied to China.
- Tariffs and trade tensions abroad. Factories in Mexico, Asia and Europe expose Benchmark to tariffs, retaliatory measures, trade restrictions, currency swings and geopolitical conflict, any of which can raise costs or disrupt production.
Recent events
- Quarterly results released
- Other company announcement
- Quarterly results released
- Other company announcement
- Shareholder vote results
- Quarterly results released
- Other company announcement
- Executive or board change
- Quarterly results released
- Executive or board change
For income and retirement investors
Benchmark pays a dividend, but a small one: the yield was 0.93% as of October 28, 2026, so most of any return would come from the share price. Dividends were about $0.67 per share in fiscal 2025, up from about $0.63 in fiscal 2020, or about 1.5% a year. A slight dip in fiscal 2024 means the run of increases is just one year. The fiscal 2025 dividend took 98.3% of earnings, which fell sharply, but only 27.6% of free cash flow (cash left after running the business and investing in equipment). Buybacks totaled about $82 million over fiscal 2021–2025, yet the share count rose 1.5% between November 2021 and October 2026.
The stock has fallen hard in downturns: 60.2% in the 2008 financial crisis (recovered by March 2010), 47.5% in the 2020 COVID crash (recovered by December 2020) and 21.9% in 2022 (recovered by August 2022). Like any single stock, Benchmark carries more risk than a diversified fund.
Questions investors ask
How does Benchmark Electronics make money?
Benchmark earns money by designing and building products for other companies. Its factories in the Americas, Asia and Europe assemble printed circuit boards, machine precision metal parts, put together full systems, and test and ship them for original equipment manufacturers (OEMs). Its customers make equipment for computing and communications, aerospace and defense, industrial, medical and semiconductor markets. Revenue was about $2.75 billion in fiscal 2025, but profit margins are thin: net income was about $24.9 million, a net margin of 0.9%.
Does Benchmark Electronics raise its dividend every year?
No. Dividends per share edged down in fiscal 2024 before rising in fiscal 2025, so the run of increases is just one year. From fiscal 2020 to fiscal 2025, the per-share dividend grew about 1.5% a year, to about $0.67. The yield was 0.93% as of October 28, 2026. The fiscal 2025 dividend took 98.3% of earnings but only 27.6% of free cash flow, so cash flow covered it far more comfortably than profit did.
Does Benchmark Electronics have a lot of debt?
No. As of September 30, 2026, Benchmark held more cash than debt: about $290.7 million in cash and investments against $157.8 million of total debt, leaving net cash of about $132.8 million. Shareholders' equity (assets minus liabilities) was about $1.13 billion. The company still lists its debt and interest rate swings among its risks, because borrowing can limit flexibility in a downturn.
Is Benchmark Electronics stock expensive?
It trades at a high multiple of past earnings. As of October 28, 2026, the price-to-earnings (P/E) ratio, the share price divided by a year's earnings per share, was about 108, based on fiscal 2025 earnings of $0.68 per share. Net income fell 59.3% that year, which pushes the ratio up, and the share price rose 72.7% in 2026 through October 28. Results for the quarter ended September 30, 2026, were stronger: revenue rose 18.7% and net income 20.2% from a year earlier.
How volatile is Benchmark Electronics stock?
More volatile than the broad market. Over the year to October 28, 2026, its beta was 1.85, meaning it tended to move about 1.85 times as much as the market, and it fell as much as 33.2% from a peak. Its worst drop in more than 21 years of price history was 70.1%. Calendar-year returns have ranged from a 28% loss in 2008 to a 67% gain in 2024.