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Contract electronics manufacturer (EMS) building complex products for aerospace, defense, medical and industrial customers.
Contract electronics manufacturer (EMS) building complex products for aerospace, defense, medical and industrial customers.
Builds electronic equipment to its customers' designs and specifications and sells none under its own name, charging for production runs and engineering services. Long qualification periods in aerospace, medical and industrial work keep programs in place for years, but volumes follow customers' own production schedules.
Moat: narrow (switching costs, process know-how, regulatory licence). Qualified for regulated aerospace/medical production lines, which are costly and slow to requalify elsewhere.
Headquarters: Tempe, Arizona, US · Founded: 1979 · Employees: 11,840
Size Benchmark Electronics (BHE) is a United States Information Technology company (Electronic Production Equipment) with a market value of $2.16B, the 1745th largest of 3,117 United States companies the cockpit tracks. Shares closed at $60.40 on 6 Nov 2026.
Performance Over six months the shares fell 29.4%, against -31.6% for the median peer and -1.1% for the United States market (cap-weighted) — 11th highest of 21 in its peer set.
Growth Revenue grew 12.9% over the last twelve months (peer median +12.0%); the operating margin is 4.3% (peer median 5.0%).
Valuation It trades at 17.7× forward earnings against a peer median of 30.5× (5th cheapest of 18).
Price implies For today's price to make sense, revenue must grow about 14% a year for seven years (Req g). Recent delivered growth is +5%, so the hurdle is +9 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 2.1 points below its cost of capital (11.2% WACC).
Short interest Short interest is 3.7% of the free float (15 Oct 2026).
Next results Next results expected around 3 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $2.95B | $2.66B | $2.66B | $2.84B | $2.89B |
| Revenue growth | — | 0% | -6% | -2% | — |
| Gross profit | $303M | $265M | $265M | $262M | $248M |
| EBITDA | $173M | $152M | $161M | $160M | $142M |
| Net income | $56.0M | $24.9M | $61.1M | $64.3M | $68.2M |
| Free cash flow | $117M | $88.4M | $158M | $101M | -$221M |
| Capital expenditure | $57.3M | $38.5M | $33.3M | $77.7M | $46.8M |
| Total debt | $268M | $323M | $383M | $470M | $424M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Benchmark Electronics BHE | $2.16B | -29% | +13% | 4% | 17.7× | 13.8% |
| Jabil JBL | $24.6B | -33% | +21% | 5% | 13.5× | 8.3% |
| Celestica CLS.TO | $26.3B | -44% | +61% | 9% | 11.5× | 11.0% |
| Sanmina SANM | $7.22B | -46% | +59% | 5% | 10.7× | 6.8% |
| Flex FLEX | $25.8B | -51% | +18% | 6% | 11.2× | 15.9% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | BHE | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -25.6% | -19.7% | 8th lowest of 21 |
| 6-month return | -29.4% | -31.6% | 11th highest of 21 |
| Distance from 52-week high | -39.9% | -57.5% | 5th highest of 21 |
| Revenue growth (TTM) | +12.9% | +12.0% | 10th highest of 21 |
| Operating margin | 4.3% | 5.0% | 11th highest of 21 |
| Forward P/E | 17.7× | 30.5× | 5th cheapest of 18 |
| Growth the price implies (Req g, 7 yrs) | 13.8% | 3.5% | 4th most demanding of 10 |
| Growth delivered (Del g) | +5.3% | +7.9% | 4th lowest of 10 |
| Hurdle (Req g minus delivered) | +8.5 pp | -2.7 pp | 4th most demanding of 10 |
| ROIC minus cost of capital | -2.1 pp | -2.9 pp | 9th highest of 21 |
| EV / EBITDA | 12.3× | 28.0× | 3rd cheapest of 7 |
| Net debt / EBITDA | -0.1× | -0.7× | 3rd most indebted of 8 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Benchmark Electronics BHE | United States | $2.16B | -29% | +13% | 4% | 17.7× | 13.8% | +5.3% |
| Xiamen Intretech 002925.SZ | China | $2.16B | -3% | +39% | 9% | 32.1× | n/a | n/a |
| XiaMen HongXin Electron-tech 300657.SZ | China | $2.21B | -18% | +4% | 8% | 28.2× | n/a | n/a |
| Foxconn Technology 2354.TW | Taiwan | $2.23B | -11% | +13% | 2% | 13.3× | n/a | n/a |
| Shenzhen H&T Intelligent Control 002402.SZ | China | $2.23B | -49% | +2% | 6% | 41.3× | n/a | n/a |
| Alps Alpine 6770.T | Japan | $2.23B | -24% | +5% | 3% | 10.8× | -3.8% | +7.3% |
| Universal Microwave Technology 3491.TWO | Taiwan | $2.26B | -36% | +36% | 27% | 42.9× | n/a | n/a |
| VECO VECO | United States | $2.27B | -37% | -3% | 4% | 13.3× | 37.1% | +7.9% |
| Shenzhen SED Industry 000032.SZ | China | $2.03B | -36% | +5% | 1% | 42.9× | 7.0% | +8.9% |
| Plug Power PLUG | United States | $2.03B | -54% | +11% | -68% | n/a | n/a | n/a |
| Kitron KIT.OL | Norway | $2.02B | -20% | +54% | 10% | 22.0× | -0.6% | +16.9% |
| Nippon Electric Glass 5214.T | Japan | $2.32B | -44% | +3% | 8% | 22.6× | 2.4% | +5.1% |
| Shenzhen Zesum Technology 301486.SZ | China | $2.41B | -42% | +57% | 3% | 99.2× | n/a | n/a |
| Shenzhen Microgate Technology 300319.SZ | China | $1.86B | +12% | +11% | 8% | 30.5× | 22.5% | +10.3% |
| Sinomag Technology 300835.SZ | China | $2.54B | +10% | +18% | 6% | 75.2× | n/a | n/a |
| AXT AXTI | United States | $2.55B | -67% | +89% | 20% | 16.2× | n/a | n/a |
| DBG Technology 300735.SZ | China | $1.81B | -28% | +17% | 2% | 26.0× | 3.5% | +31.6% |
| Visual Photonics Epitaxy 2455.TW | Taiwan | $1.80B | -17% | +34% | 26% | 34.1× | 38.7% | +5.0% |
| LG Display 034220.KS | South Korea | $2.61B | -42% | -7% | 2% | n/a | -13.4% | +1.2% |
| Aehr Test Systems AEHR | United States | $1.75B | -45% | -15% | -28% | n/a | n/a | n/a |
| Forehope Electronic (Ningbo) 688362.SS | China | $2.67B | -19% | +19% | 0% | 86.7× | n/a | n/a |