olivLaw · US equity research
Benchmark Electronics, Inc. BHE
Printed Circuit Boards · SIC 3672 · Vertical: Printed Circuit Boards (SIC 3672)
Benchmark Electronics provides design engineering and advanced manufacturing services, combining electronic manufacturing services (EMS) with precision metal machining (PMM) for OEM customers in regulated, high-reliability sectors. It matters now because demand improved in 2026, with second-quarter revenue of 756 million USD and guidance raised toward a record 3 billion USD for fiscal 2026.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Benchmark Electronics, Inc. (BHE) stock was 65.26 USD (−7.99% on the day), with market capitalisation 2.3 bn USD, P/E 42.2 on diluted EPS of 1.55 USD over the last 12 months, dividend yield 0.25%, beta 1.52, 52-week range 42.15–98.67 USD. Latest reported quarter (Q3 2026): revenue of 810.9 m USD (+19.1% YoY), net income of 17.1 m USD (+20.2% YoY), diluted EPS 0.47 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 36.1
- weak (30–45)
- Bollinger (20, 2)
- 62.47 – 81.58
- in the lower half of the band · %B 0.15 · band width 26.5%
- SMA 50 / 200
- 75.31 / 72.93
- mixed trend
- MACD (12, 26, 9)
- -2.68 / -2.41
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −24.2% | −1.1% | −23.1 pp | — |
| 3 months | −22.4% | −0.5% | −21.9 pp | — |
| 6 months | −24.6% | +4.4% | −29.0 pp | — |
| Year to date | +52.6% | +12.3% | +40.3 pp | — |
| 1 year | +51.8% | +13.5% | +38.2 pp | −7.9% |
| 3 years | +166.4% | +76.4% | +90.0 pp | +102.9% |
| 5 years | +149.4% | +63.7% | +85.7 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 656.9 m | 631.8 m | 642.3 m | 680.7 m | 704.3 m | 677.3 m | 756.0 m | 810.9 m |
| Cost of revenue | 589.0 m | 568.6 m | 577.6 m | 612.7 m | 630.2 m | 608.0 m | 677.6 m | 726.5 m |
| Gross profit | 67.9 m | 63.2 m | 64.8 m | 67.9 m | 74.2 m | 69.2 m | 78.4 m | 84.4 m |
| SG&A | 37.5 m | 38.8 m | 40.6 m | 41.5 m | 38.8 m | 42.4 m | 46.1 m | 50.4 m |
| Operating income | 28.5 m | 11.8 m | 20.5 m | 23.7 m | 20.1 m | 21.9 m | 30.3 m | 30.7 m |
| Depreciation & amortisation | 11.6 m | 11.8 m | 12.0 m | 11.8 m | 12.0 m | 11.9 m | 12.0 m | 12.2 m |
| Interest expense | 6.2 m | 5.3 m | 6.3 m | 4.4 m | 4.1 m | 3.6 m | 3.8 m | 3.4 m |
| Pre-tax income | 23.9 m | 8.4 m | 16.6 m | 20.6 m | 15.9 m | 18.4 m | 28.7 m | 26.9 m |
| Income tax | 7.7 m | 4.8 m | 15.6 m | 6.3 m | 10.0 m | 5.4 m | 8.8 m | 9.7 m |
| Net income | 16.2 m | 3.6 m | 972.0 k | 14.3 m | 6.0 m | 13.0 m | 19.9 m | 17.1 m |
| Diluted EPS | 0.43 ≈ | 0.10 | 0.03 | 0.39 | 0.17 ≈ | 0.36 | 0.55 | 0.47 |
| Operating cash flow | 45.9 m | 31.5 m | -2.8 m ≈ | 36.6 m ≈ | 58.7 m | 47.0 m | 34.7 m ≈ | 29.9 m ≈ |
| Capex | 8.8 m | 3.4 m | 12.3 m | 11.5 m | 10.4 m | 16.0 m | 12.9 m | 14.5 m ≈ |
| Dividends paid | 6.1 m | 6.1 m | 6.1 m | 6.1 m | 6.1 m | 6.1 m | 6.1 m | 6.1 m |
| Share repurchases | -1.0 k | 8.0 m | 8.0 m ≈ | 10.0 m ≈ | 854.0 k | 5.8 m | 0 ≈ | 8.5 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 74 percentile of its own 35-quarter history (min 12.1, median 26.9, max 2,160.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2.6 bn | 2.3 bn | 2.1 bn | 2.3 bn | 2.9 bn | 2.8 bn | 2.7 bn | 2.7 bn |
| Revenue YoY | +4.6% | −11.6% | −9.5% | +9.8% | +28.0% | −1.6% | −6.4% | +0.1% |
| Net income | 22.8 m | 23.4 m | 14.1 m | 35.8 m | 68.2 m | 68.9 m | 61.1 m | 24.9 m |
| Net income YoY | unavailable | +2.7% | −40.0% | +154.5% | +90.7% | +1.0% | −11.3% | −59.3% |
| Diluted EPS | 0.49 | 0.60 | 0.38 | 0.99 | 1.91 | 1.92 | 1.66 | 0.68 |
| Diluted EPS YoY | unavailable | +22.4% | −36.7% | +160.5% | +92.9% | +0.5% | −13.5% | −59.0% |
| net % | 0.9% | 1.0% | 0.7% | 1.6% | 2.4% | 2.4% | 2.3% | 0.9% |
| Free cash flow | 13.9 m | 60.6 m | 85.9 m | -41.4 m | -220.8 m | 100.8 m | 157.9 m | 88.4 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 322.1 m USD
- Financial debt
- 214.3 m USD
- Net debt
- -107.7 m USD
- Equity
- 1.1 bn USD
- Total assets
- 2.1 bn USD
- Debt / equity
- 0.19x
- Current ratio
- 2.28x
- ROE
- 2.2%
- ROA
- 1.2%
- FCF margin
- 3.3%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 2.1 bn | 2.3 bn | 2.9 bn | 2.8 bn | 2.7 bn | 2.7 bn | SEC (XBRL)· 24 Feb 2026verified |
| Cost of revenue | 1.9 bn | 2.0 bn | 2.6 bn | 2.6 bn | 2.4 bn | 2.4 bn | SEC (XBRL)· 24 Feb 2026verified |
| Gross profit | 175.0 m | 205.9 m | 255.2 m | 271.1 m | 270.0 m | 270.1 m | SEC (XBRL)· 24 Feb 2026verified |
| SG&A | 122.2 m | 136.7 m | 150.2 m | 147.0 m | 149.5 m | 159.7 m | SEC (XBRL)· 24 Feb 2026verified |
| Operating income | 25.1 m | 53.1 m | 90.1 m | 109.7 m | 109.4 m | 76.0 m | SEC (XBRL)· 24 Feb 2026verified |
| Depreciation & amortisation | 48.8 m | 44.2 m | 44.3 m | 45.4 m | 46.1 m | 47.6 m | SEC (XBRL)· 24 Feb 2026verified |
| EBITDA | 73.9 m ≈ | 97.2 m ≈ | 134.3 m ≈ | 155.1 m ≈ | 155.6 m ≈ | 123.7 m ≈ | SEC (XBRL)· 24 Feb 2026derived |
| Interest expense | 8.4 m | 8.5 m | 12.9 m | 31.9 m | 26.9 m | 20.2 m | SEC (XBRL)· 24 Feb 2026verified |
| Pre-tax income | 17.3 m | 45.4 m | 84.3 m | 81.2 m | 83.9 m | 61.5 m | SEC (XBRL)· 24 Feb 2026verified |
| Income tax | 3.2 m | 9.6 m | 16.1 m | 12.3 m | 22.8 m | 36.7 m | SEC (XBRL)· 24 Feb 2026verified |
| Net income | 14.1 m | 35.8 m | 68.2 m | 68.9 m | 61.1 m | 24.9 m | SEC (XBRL)· 24 Feb 2026verified |
| Diluted EPS | 0.38 | 0.99 | 1.91 | 1.92 | 1.66 | 0.68 | SEC (XBRL)· 24 Feb 2026verified |
| Weighted average diluted shares | 36.8 m | 36.1 m | 35.7 m | 36.0 m | 36.8 m | 36.3 m | SEC (XBRL)· 24 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 390.8 m | 271.7 m | 207.4 m | 277.4 m | 315.2 m | 322.1 m | SEC (XBRL)· 24 Feb 2026verified |
| Receivables | 309.3 m | 355.9 m | 492.0 m | 449.4 m | 412.5 m | 391.1 m | SEC (XBRL)· 24 Feb 2026verified |
| Inventories | 327.4 m | 523.2 m | 727.7 m | 683.8 m | 553.7 m | 482.5 m | SEC (XBRL)· 24 Feb 2026verified |
| Current assets | 1.2 bn | 1.3 bn | 1.7 bn | 1.6 bn | 1.5 bn | 1.4 bn | SEC (XBRL)· 24 Feb 2026verified |
| Property, plant & equipment, net | 185.3 m | 186.7 m | 211.5 m | 227.7 m | 225.1 m | 223.8 m | SEC (XBRL)· 24 Feb 2026verified |
| Goodwill | 192.1 m | 192.1 m | 192.1 m | 192.1 m | 192.1 m | 192.1 m | SEC (XBRL)· 24 Feb 2026verified |
| Intangibles (excl. goodwill) | 70.0 m | 64.2 m | 58.2 m | 51.0 m | 44.4 m | 38.8 m | SEC (XBRL)· 24 Feb 2026verified |
| Total assets | 1.7 bn | 1.9 bn | 2.2 bn | 2.3 bn | 2.1 bn | 2.1 bn | SEC (XBRL)· 24 Feb 2026verified |
| Accounts payable | 282.2 m | 426.6 m | 424.3 m | 367.5 m | 354.2 m | 403.2 m | SEC (XBRL)· 24 Feb 2026verified |
| Short-term debt | 9.2 m | 985.0 k | 4.3 m | 4.3 m | 6.7 m | 3.8 m | SEC (XBRL)· 24 Feb 2026verified |
| Long-term debt | 135.7 m | 129.6 m | 324.4 m | 330.6 m | 257.0 m | 210.6 m | SEC (XBRL)· 24 Feb 2026verified |
| Current liabilities | 481.1 m | 654.4 m | 749.1 m | 713.5 m | 649.1 m | 635.6 m | SEC (XBRL)· 24 Feb 2026verified |
| Total liabilities | — | — | — | — | 1.0 bn | 971.9 m | SEC (XBRL)· 24 Feb 2026verified |
| Equity | 989.6 m | 973.8 m | 1.0 bn | 1.1 bn | 1.1 bn | 1.1 bn | SEC (XBRL)· 24 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 120.4 m | -2.6 m | -177.5 m | 174.3 m | 189.2 m | 124.0 m | SEC (XBRL)· 24 Feb 2026verified |
| Capex | 34.6 m | 38.8 m | 43.4 m | 73.5 m | 31.3 m | 35.6 m | SEC (XBRL)· 24 Feb 2026verified |
| Free cash flow | 85.9 m ≈ | -41.4 m ≈ | -220.8 m ≈ | 100.8 m ≈ | 157.9 m ≈ | 88.4 m ≈ | SEC (XBRL)· 24 Feb 2026derived |
| Investing cash flow | -34.4 m | -41.9 m | -41.2 m | -77.1 m | -32.8 m | -32.7 m | SEC (XBRL)· 24 Feb 2026verified |
| Financing cash flow | -57.5 m | -74.0 m | 159.2 m | -23.6 m | -109.1 m | -105.9 m | SEC (XBRL)· 24 Feb 2026verified |
| Dividends paid | 23.0 m | 23.3 m | 23.2 m | 23.5 m | 23.9 m | 24.4 m | SEC (XBRL)· 24 Feb 2026verified |
| Share repurchases | 25.2 m | 40.2 m | 9.4 m | 0 | 5.1 m | 26.8 m | SEC (XBRL)· 24 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
4 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 40 / 100
A scoring methodology on indicators and valuation, not investment advice.
score < 40
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 2.3 bn USD
Key indicators
Coverage and freshness
Score by group
- Valuation75
- Returns62
- Quality10
- Balance sheet81
- Growth6
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 44.50 – 81.07 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)44.50 – 66.97 (Mid 53.14)WACC 8.9% · starting FCFF 125.7 m USD · terminal value share of EV 73%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): 6.8%
- Peers: EV/Sales44.53 – 81.07 (Mid 61.96)6 companies used · median multiple 0.7x · quartiles 0.5x – 0.9xCLS, FLEX, JBL, KE, KTCC, SANM
- Peers: EV/EBITDA46.74 – 57.31 (Mid 53.04)4 companies used · median multiple 11.7x · quartiles 10.2x – 12.7xCLS, JBL, KE, SANM
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Unattractive profile · Score 40/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| Gross margin · Quality | 10.4% | 0 (on a fixed band) | 11% |
| EBIT margin · Quality | 3.5% | 18 (vs peers) | 9% |
| FCF margin · Quality | 3.9% | 16 (on a fixed band) | 9% |
| Revenue CAGR 3Y · Growth | -2.7% | 0 (on a fixed band) | 17% |
| Revenue growth (YoY) · Growth | 0.1% | 18 (vs peers) | 9% |
| Net debt / EBITDA · Balance sheet | -0.9x | 100 (on a fixed band) | 6% |
| Current ratio · Balance sheet | 1.9x | 63 (on a fixed band) | 6% |
| EV/Sales · Valuation | 0.7x | 57 (vs peers) | 17% |
| FCF yield · Valuation | 5.0% | 100 (on a fixed band) | 13% |
| Shareholder yield (distributions) · Returns | 1.7% | 62 (on a fixed band) | 4% |
Score groups
- Balance sheet81/100 · 2/2 factors with a value
- Growth6/100 · 2/2 factors with a value
- Quality10/100 · 3/3 factors with a value
- Returns62/100 · 1/1 factors with a value
- Valuation75/100 · 2/2 factors with a value
Memo
BENCHMARK ELECTRONICS, INC. (BHE). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 2.7 bn USD in 2025; YoY growth 0.1%; net margin 1.9%; ROE 5.0%; net debt/EBITDA -0.9x.
The estimated value range is 44.53–66.97 USD per share (median of 3 methods, agreement: high); assumptions are illustrative. Against the central value of 53.14 USD, the price of 65.26 USD leaves a potential of -18.6% (value / price − 1) and a margin of safety of -22.8% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 40/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net debt / EBITDA: -0.9x
- FCF yield: 5.0%
What contradicts it
- Gross margin: 10.4%
- EBIT margin: 3.5%
- FCF margin: 3.9%
- Revenue CAGR 3Y: -2.7%
- Revenue growth (YoY): 0.1%
Versus the vertical median
Printed Circuit Boards (SIC 3672) · same industry (4-digit SIC) · compared with 11 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| CLSCelestica Inc. | 29.8 bn | 22.4 | 30.2% | 6.8% | +28.5% | −31% / +777% |
| FLEXFlex Ltd. | 28.5 bn | 27.9 | 19.1% | 3.4% | +8.1% | +31% / +303% |
| JBLJabil Inc | 26.6 bn | 26.5 | 66.7% | 2.9% | +20.6% | +23% / +124% |
| TTMITtm Technologies, Inc. | 7.7 bn | 29.3 | 14.3% | 7.0% | +19.0% | +5% / +389% |
| SANMSanmina Corporation | 7.7 bn | 25.7 | 11.8% | 2.4% | +7.4% | −8% / +187% |
| PLXSPlexus Corp. | 5.5 bn | 30.5 | 12.6% | 4.6% | +1.8% | +45% / +103% |
| BHEBenchmark Electronics, Inc. | 2.3 bn | 42.2 | 5.0% | 1.9% | +0.1% | +52% / +166% |
| CTSCts Corporation | 1.8 bn | 24.4 | 13.0% | 12.9% | +5.2% | +46% / +60% |
| KEKimball Electronics, Inc. | 619.8 m | 22.9 | 4.8% | 2.0% | −3.7% | −11% / +5% |
| NNDMNano Dimension Ltd. | 278.3 m | — | -28.7% | -135.2% | +77.3% | −25% / −43% |
| ELTKEltek Ltd. | 42.0 m | 52.1 | 1.9% | 1.6% | +11.3% | −27% / −49% |
| KTCCKey Tronic Corp | 16.2 m | — | -51.3% | -12.4% | −17.4% | −44% / −64% |
1- and 3-year price returns: for BHE from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 36.28 Total return -44% · Per year -44% | 64.38 Total return -1% · Per year -1% | 97.30 Total return 49% · Per year 49% |
| 3 years | 30.30 Total return -54% · Per year -23% | 60.96 Total return -7% · Per year -2% | 101.84 Total return 56% · Per year 16% |
| 5 years | 25.31 Total return -61% · Per year -17% | 57.71 Total return -12% · Per year -2% | 106.58 Total return 63% · Per year 10% |
- Exit P/E± 15.24
- Net margin± 10.67
- Annual revenue growth± 9.40
- Annual dilution± 0.90
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 29 Jul 2026; since then the company filed 8-K (28 Oct 2026 · results), 10-Q (28 Oct 2026).
In brief
Benchmark Electronics provides design engineering and advanced manufacturing services, combining electronic manufacturing services (EMS) with precision metal machining (PMM) for OEM customers in regulated, high-reliability sectors. It matters now because demand improved in 2026, with second-quarter revenue of 756 million USD and guidance raised toward a record 3 billion USD for fiscal 2026 3.
SWOT
Strengths
Weaknesses
Opportunities
- Growing outsourcing in regulated and high-complexity sectors where the company has technical advantages 1.
- Demand for artificial intelligence infrastructure could generate new advanced computing orders if the trend strengthens 3.
- Production relocation to Mexico and other locations could attract customers reorganizing their supply chains 1.
Risks
- Customer concentrationhigh
A small number of large customers generate a substantial share of sales, and losing an important customer could seriously affect results 1.
- Component shortages and priceshigh
Delays in component deliveries can postpone shipments and reduce revenue, especially when the company cannot pass cost increases on to customers 1.
- International exposuremedium
Foreign operations, which account for most sales, are exposed to tariffs, regulatory changes and currency fluctuations 1.
- Volatile customer demandmedium
Customers do not commit to long-term production schedules, which can lead to idle capacity and write-downs of obsolete inventory 1.
- Litigation and tax obligationslow
Tax regulation and disputes with authorities can generate unplanned costs, such as those tied to past indirect tax assessments 1.
Investment thesis
What would need to be true (bull case)
- Demand in aerospace, defense and medical has grown and supports a more robust revenue base, with guidance pointing to a record fiscal 2026 3.
- An improving cash conversion cycle shows more efficient inventory and receivables management, which could support future cash flows 3.
- Positioning in complex, regulated work could protect margins against volume competition if the outsourcing trend persists 1.
What would break the thesis
- Gross margins remain very thin, and restructuring costs and impairments can weigh on operating profitability 1.
- Dependence on a few customers and on the semiconductor sector exposes the company to demand cycles that could reverse recent growth 1.
- Tariffs and geopolitical tensions could raise costs and reduce demand in some regions, affecting results if they cannot be passed on to customers 1.
What to watch
- Third-quarter results and delivery against revenue and EPS guidanceQ3 2026
- Trend in new bookings and growth pace in aerospace and medicalQ4 2026
- Impact of tariffs and the IMMEX program on Mexico cost base2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 29 Jul 2026; since then the company filed 8-K (28 Oct 2026 · results), 10-Q (28 Oct 2026).
The business
Benchmark Electronics, Inc. is a Texas corporation that provides design engineering and advanced manufacturing services, including electronic manufacturing services (EMS) and precision metal machining (PMM) 1. It supports customers across the product lifecycle, from initial concept through volume production, including direct order fulfillment and aftermarket services 1. Manufacturing operations are located in the United States, Mexico, Asia and Europe, serving advanced computing and communications, aerospace and defense, industrial, medical and semiconductor capital equipment markets 1.
Market context
OEMs increasingly outsource engineering and manufacturing to focus on research, branding and sales, and Benchmark benefits from this trend in complex, regulated sectors 1. Outsourcing is most advanced in computing and telecommunications, while medical, industrial, aerospace and semi-cap have lower outsourcing rates and room to grow 1.
The market remains exposed to semiconductor cycles and geopolitical tensions that can influence customer demand 1. The recovery in demand could continue if demand across its key sectors strengthens, although this depends on macroeconomic conditions 3.
Trends
- Outsourcing to specialized providerstailwind
Original equipment manufacturers increasingly outsource engineering and production, and Benchmark positions itself on higher-complexity work in regulated sectors 1.
- Production relocation and geographic diversificationtailwind
OEMs diversify suppliers geographically and seek to reduce tariffs, which favors the company's capacity in Mexico, Asia and Europe 1.
- Tariffs and trade tensionsheadwind
US tariffs and retaliatory measures could raise component costs and reduce demand for production in China if they cannot be fully passed on to customers 1.
- Semiconductor cycle and AC&C demandmixed
The semiconductor industry is cyclical, and sales to advanced computing and communications fell 27% in 2025, although the 2026 recovery points to firmer demand 13.
Competitive position
Benchmark competes mainly on complex, regulated work, where it differentiates through integrated engineering, RF, optics and precision machining rather than low-cost volume production 1. The company avoids commoditized consumer and automotive markets, where price competition is more intense 1.
Relationships with large customers are both a competitive strength and a risk, since the ten largest customers generate a substantial share of sales and losing a major customer could affect the company's position 1. Positions in competitive bid selection are essential for winning new programs 1.
- Asian EMS providers
Asian electronics manufacturers compete on volume and cost in similar sectors, and Benchmark's regional capacity in Asia lets it respond with its own local capabilities 1.
- European engineering and manufacturing service providers
European competitors in regulated sectors such as medical and aerospace are relevant to the company's market position in Europe 1.
- Precision metal machining specialists
In precision machining, firms specializing in components for regulated industries compete directly with Benchmark's machining division 1.
- Regional industrial assembly suppliers
Regional suppliers in the Americas compete on proximity and lead times, an area where Benchmark invests through its capacity in Mexico and the United States 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- Frankfurt Stock Exchange’s benchmark DAX index hits record highTASS (RU, EN) · 05 Nov 2026 · EN
- BREAKING - Benchmark international oil contract Brent crude fell more than four …Telegram — Insider Paper (EN, defense leaks) · 04 Nov 2026 · EN
- Dubai Benchmark Slips Into Contango for the First Time Since JulyOil Price · 03 Nov 2026 · EN
- Machine learning dataset and benchmark for accurate T cell receptor–pHLA binding predictionNature Computational Science · 26 Oct 2026 · EN
- Key Mideast Oil Benchmark Hits 3-Month Low on Resilient ExportsBloomberg Markets · 21 Oct 2026 · EN
- Indonesia to Exclude Tightly Owned Stocks From Benchmark IndexBloomberg Markets · 19 Oct 2026 · EN
- China Signals Overnight Rate Set to Become Main Policy BenchmarkBloomberg Markets · 19 Oct 2026 · EN
- Analysts forecast BOK to hold benchmark rate unchanged at upcoming meeting: pollYonhap News (KR, EN) · 18 Oct 2026 · EN
- Datalab Releases OmniParseBench: An Open OCR Benchmark With 16,288 Pass/Fail Tests to Audit OCR ParsersMarkTechPost (Asia AI) · 14 Oct 2026 · EN
- Show HN: Parsimony – an open-source benchmark for how much code AI models addHacker News · 13 Oct 2026 · EN
- Gains from Trade in Gun Policy: A Compensation-Based Benchmark -- by Bradley Shapiro, Sara Drango, Sarah MosharyNBER — New Working Papers · 12 Oct 2026 · EN
- Show HN: AI SRE Arena, an Open Benchmark for AI SRE Agents on KubernetesHacker News · 08 Oct 2026 · EN
- Firma de benchmark acordă Mistral Large 4 Preview un scor de Inteligență de 38 - Unite.AISurge — Google News · 06 Oct 2026 · RO
- Benchmark in MillisecondsHacker News · 05 Oct 2026 · EN
- Saudi Arabia Cuts Price of Benchmark Oil Grade to AsiaBloomberg Markets · 05 Oct 2026 · EN
- "Strange bedfellows": Bernie Sanders, Florida Dems and a benchmark $250k donationAxios · 02 Oct 2026 · EN
- Global Bond Selloff, US Benchmark Slides, Paramount's DebtBloomberg Markets · 01 Oct 2026 · EN
- US Benchmark Yield Hits Highest Since 2002Bloomberg Markets · 01 Oct 2026 · EN
- HoneyBench - A general benchmark for reward hacking in frontier modelsLessWrong · 01 Oct 2026 · EN
- Uncensored and Offensive Security AI Models BenchmarkHacker News · 29 Sept 2026 · EN
SEC filings
- Quarterly report28 Oct 2026
- Current report28 Oct 2026Results of operations · Financial statements and exhibits
- Current report08 Sept 2026Other events · Financial statements and exhibits
- Quarterly report29 Jul 2026
- Current report29 Jul 2026Results of operations · Financial statements and exhibits
- Current report08 Jun 2026Other events · Financial statements and exhibits
- Current report29 May 2026Shareholder vote
- Quarterly report30 Apr 2026
- Current report29 Apr 2026Results of operations · Financial statements and exhibits
- Proxy statement17 Apr 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Benchmark Electronics, Inc. · 24 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Benchmark Electronics, Inc. · 29 Jul 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Benchmark Electronics, Inc. · 29 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.