Operating cash flow surged to $81.7M in 2026Q2, 4.1x net income, driving FCF to $52.9M (7.0% margin), though SBC of $11.6M inflates reported cash flow.
Benchmark Electronics, Inc. (BHE) cash flow statement — 30-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | 224.01M | 123.96M | 189.22M | 174.29M | -177.47M | -2.62M | 120.44M | 93.14M | 76.69M | 145.84M | 272.52M | 146.8M | 136.66M | 99.08M | 151.15M | 54.78M | 5.17M | 123.57M | 163.54M | 282.11M | -80.5M | -1.73M | 32.17M | 76.61M | 221.87M | 170.29M | -47.04M | 69.87M | 56.85M | 19.29M | 12.34M |
| Operating CF Margin % | - | 4.66% | 7.12% | 6.14% | -6.15% | -0.12% | 5.87% | 4.11% | 2.99% | 5.91% | 11.8% | 5.78% | 4.89% | 3.95% | 6.12% | 2.43% | 0.22% | 5.91% | 6.31% | 9.67% | -2.77% | -0.08% | 1.61% | 4.16% | 13.61% | 13.34% | -2.76% | 7.96% | 10.85% | 5.93% | 6.13% |
| Operating CF Growth % | 3065.04% | -34.49% | 8.57% | 198.21% | -6668.38% | -102.18% | 29.31% | 21.45% | -47.42% | -46.48% | 85.64% | 7.42% | 37.93% | -34.45% | 175.9% | 960.47% | -95.82% | -24.44% | -42.03% | 450.45% | -4555.81% | -105.37% | -58% | -65.47% | 30.29% | 462.02% | -167.32% | 22.89% | 194.74% | 56.36% | 462.83% |
| Net Income | 53.14M | 24.85M | 64.31M | 64.31M | 68.23M | 35.77M | 14.05M | 23.43M | 22.82M | -31.96M | 64.05M | 95.4M | 82.44M | 111.16M | 56.61M | 51.96M | 81.03M | 53.9M | -135.63M | 93.28M | 111.68M | 80.59M | 70.99M | 55.44M | 35.89M | -54.31M | 19.9M | 11.97M | 16.37M | 15.09M | 8.86M |
| Depreciation & Amortization | 59.49M | 47.63M | 45.63M | 45.41M | 43.84M | 44.15M | 48.79M | 47.97M | 51.84M | 48.67M | 55.14M | 49.67M | 46.45M | 40.94M | 35.71M | 35.48M | 39.83M | 39.81M | 40.67M | 43.13M | 27.38M | 26.17M | 26.87M | 29.09M | 31M | 51.86M | 52.68M | 31.07M | 16.66M | 12.16M | 6.45M |
| Stock-Based Compensation | 29.82M | 17.2M | 13.37M | 15.29M | 0 | 15.26M | 10.4M | 0 | 10.09M | 7.82M | 5.32M | 7.71M | 6.43M | 7.05M | 6.27M | 5.1M | 5.42M | 5.36M | 4.73M | 3.12M | 2.95M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 405K | -5.74M | -5.93M | -14.99M | -7.25M | -6.88M | -7.31M | -2.37M | 7.63M | 9.26M | 7.05M | -12.78M | 12.03M | -5.79M | 9.06M | -17.99M | 280K | -1.07M | -26.5M | 6.56M | -819K | 7.38M | 873K | -3.56M | -1.51M | -6.36M | 3.21M | 841K | 2.31M | -314K | 408.35K |
| Other Non-Cash Items | 5M | 8.78M | 202K | 2.29M | 18.71M | 4.5M | 8.96M | 15.15M | -7.63M | -9.26M | -7.05M | 635K | -2.01M | -6.76M | -305K | -9.8M | -693K | 227K | 247.69M | 1.86M | 1.24M | 3.12M | 4.05M | 7.75M | 3.95M | 62.92M | 1.29M | 1K | 1K | -1K | -28.97K |
| Working Capital Changes | 63.13M | 31.24M | 71.64M | 61.98M | -300.99M | -95.43M | 45.55M | 8.96M | -8.06M | 121.32M | 148.01M | 6.17M | -8.68M | -47.53M | 43.8M | -9.97M | -120.7M | 25.36M | 32.59M | 134.15M | -222.93M | -118.98M | -70.6M | -12.11M | 152.53M | 116.19M | -124.12M | 24.82M | 21.25M | -7.72M | -3.35M |
| Change in Receivables | -69.39M | 10.38M | 41.35M | 50.68M | -164.82M | -59.43M | 31.87M | 113.95M | -33.95M | 6.35M | 37.57M | 52.85M | 37.86M | -56.63M | -34.36M | 27.7M | -40.19M | 6.35M | 61.3M | 111.61M | -106.03M | -113.69M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | -39.16M | 75.17M | 127.84M | 45.07M | -206.25M | -197.87M | -10.8M | -5.24M | -43.26M | -14.02M | 27.75M | 3.97M | -6.15M | -17.83M | 66.09M | -72.67M | -48.16M | 36.52M | 15.98M | 134.78M | -58.41M | -104.31M | -18.02M | -39.32M | 36.92M | 145.45M | -132.43M | -10.68M | 30.93M | -13.03M | 3.13M |
| Change in Payables | 228.92M | 32.4M | -18.28M | -35.32M | -16.66M | 139.95M | -15.55M | -121.86M | 61.39M | 29.54M | 76.04M | -41.39M | -36.65M | 19.73M | -21.08M | 28.39M | -17.8M | -14.92M | -70.16M | -109.25M | -36.92M | 114.72M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -61.48M | -32.7M | -32.77M | -77.14M | -41.17M | -41.88M | -34.38M | -34.86M | -68.85M | -56.12M | -21.25M | -266.8M | -27.48M | -108.72M | -9.49M | -60.48M | -24.86M | -40.53M | 93.49M | -97.07M | 71.34M | -21.59M | -15.03M | -19.09M | -43.8M | -20.8M | -85.54M | -333.77M | -78.7M | -12.45M | -48.98M |
| Capital Expenditures | -70.45M | -35.61M | -33.25M | -73.48M | -46.77M | -38.79M | -34.58M | -35.12M | -66.73M | -54.51M | -32.33M | -38.06M | -45.39M | -28.74M | -49.03M | -72M | -36.04M | -33.7M | -36.14M | -20.57M | -44.62M | -46.4M | -17.38M | -19.54M | -7.89M | -17.61M | -47.98M | -23.87M | -12.2M | -10.35M | -8.68M |
| CapEx % of Revenue | 2.5% | 1.34% | 1.25% | 2.59% | 1.62% | 1.72% | 1.68% | 1.55% | 2.6% | 2.21% | 1.4% | 1.5% | 1.62% | 1.15% | 1.99% | 3.2% | 1.5% | 1.61% | 1.4% | 0.71% | 1.53% | 2.06% | 0.87% | 1.06% | 0.48% | 1.38% | 2.81% | 2.72% | 2.33% | 3.18% | 4.31% |
| Acquisitions | -50K | 5.06M | 0 | 0 | 5.69M | 0 | 4.71M | 259K | -2.73M | 280K | 10.75M | -229.58M | 6.26M | -94.27M | 0 | 0 | 0 | -10.55M | 0 | 3.42M | 586K | 278K | 0 | 0 | -36.16M | 0 | -38.69M | -308.88M | -70.68M | 0 | -30.83M |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 9.01M | -2.14M | 486K | -3.66M | -93K | -3.08M | -4.51M | -54K | -3.83M | -1.86M | 339K | 1.12M | 2.1M | 11.56M | 23.72M | 369K | 257K | -11.09M | 291K | 2.46M | -132K | -2.01M | 6.03M | 455K | 258K | -3.19M | 1.13M | -1.02M | -7.38M | 169K | 75.28K |
| Cash from Financing | -102.54M | -105.9M | -109.11M | -23.58M | 159.23M | -73.95M | -57.53M | -152.84M | -290.97M | -31.35M | -34.74M | 159.64M | -24.88M | -30.11M | -43.72M | -54.09M | -54.73M | -24.37M | -91.22M | -114.49M | 21.27M | 7.67M | -11.19M | -17.99M | 79.54M | -112.22M | 147.14M | 249.79M | 23.89M | 388K | 47.66M |
| Debt Issued (Net) | 12.33M | -45.1M | -74.28M | 5.72M | 194.26M | -6.5M | -7.99M | -6.79M | -58.02M | -12.4M | -12.3M | 229.32M | -582K | -497K | -419K | -363K | -300K | -254K | -855K | -72.15M | 0 | 0 | -21.03M | -35.94M | -35.79M | -113.81M | 32.27M | 161.2M | 23.8M | -200K | 19.1M |
| Equity Issued (Net) | 4.4M | -26.84M | -5.1M | 129K | -8.68M | -40.22M | -25.22M | -120.53M | -211.86M | -18.14M | -23.1M | -68.36M | -43.8M | -41.17M | -47.11M | -56.28M | -58.85M | -27.92M | -93.83M | -43.76M | 16.07M | 8.08M | 9.84M | 18.05M | 115.33M | 1.58M | 116.25M | 94.9M | 500K | 600K | 28.9M |
| Dividends Paid | -5.97M | -24.43M | -23.91M | -23.45M | -23.16M | -23.26M | -23.04M | -23.29M | -21M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 4.4M | -26.85M | -5.1M | 0 | -9.39M | -40.22M | -25.22M | -122.11M | -211.86M | -29.35M | -41.93M | -68.36M | -43.8M | -41.17M | -47.11M | -56.28M | -58.85M | -27.92M | -93.83M | -52.97M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -100K | 0 |
| Other Financing | -113.3M | -9.54M | -5.81M | -5.98M | -3.2M | -3.98M | -1.28M | -2.23M | -80K | -816K | 663K | -1.32M | 19.5M | 11.56M | 3.8M | 2.56M | 4.43M | 3.81M | 3.47M | 1.41M | 5.2M | -412K | 0 | -104K | 0 | 0 | -1.38M | -6.31M | -400K | -12K | -300K |
| Net Change in Cash | 53.41M | -5.63M | 44.81M | 75.78M | -64.32M | -124.24M | 32.03M | -94.15M | -284.44M | 61.11M | 215.44M | 38.62M | 81.82M | -39.02M | 100.66M | -62.42M | -74.9M | 61.55M | 160.5M | 75.33M | 13.03M | -14.02M | 7.55M | 43.56M | 252.7M | 36.34M | 14.1M | -13.64M | 2.05M | 7.23M | 11.01M |
| Free Cash Flow | 154.88M | 85.42M | 155.97M | 96.56M | -220.82M | -44.8M | 80.92M | 60.56M | 9.96M | 91.34M | 240.19M | 108.74M | 91.27M | 70.34M | 102.11M | -17.21M | -30.87M | 89.87M | 127.39M | 261.53M | -125.12M | -48.13M | 14.79M | 57.07M | 213.98M | 152.68M | -95.02M | 46M | 44.65M | 8.94M | 3.65M |
| FCF Margin % | 5.5% | 3.21% | 5.87% | 3.4% | -7.65% | -1.99% | 3.94% | 2.67% | 0.39% | 3.7% | 10.4% | 4.28% | 3.26% | 2.81% | 4.14% | -0.76% | -1.29% | 4.3% | 4.92% | 8.97% | -4.3% | -2.13% | 0.74% | 3.1% | 13.13% | 11.96% | -5.57% | 5.24% | 8.52% | 2.75% | 1.81% |
| FCF Growth % | 97.74% | -45.23% | 61.54% | 143.72% | -392.92% | -155.36% | 33.62% | 508.34% | -89.1% | -61.97% | 120.88% | 19.14% | 29.76% | -31.11% | 693.23% | 44.25% | -134.35% | -29.45% | -51.29% | 309.03% | -159.94% | -425.33% | -74.07% | -73.33% | 40.15% | 260.67% | -306.58% | 3.02% | 399.6% | 144.73% | 164.07% |
| FCF per Share | 4.26 | 2.35 | 4.24 | 2.68 | -6.18 | -1.24 | 2.20 | 1.56 | 0.21 | 1.84 | 4.82 | 2.09 | 1.68 | 1.28 | 1.80 | -0.29 | -0.49 | 1.38 | 1.90 | 3.59 | -1.92 | -0.75 | 0.23 | 0.92 | 4.01 | 3.46 | -2.26 | 1.36 | 1.64 | 0.33 | 0.18 |
| FCF Conversion (FCF/Net Income) | 2.91x | 4.99x | 2.99x | 2.71x | -2.60x | -0.07x | 8.57x | 3.98x | 3.36x | -4.56x | 4.26x | 1.54x | 1.66x | 0.89x | 2.67x | 1.05x | 0.06x | 2.29x | -1.21x | 3.02x | -0.72x | -0.02x | 0.45x | 1.38x | 6.18x | -3.14x | -2.36x | 5.84x | 3.47x | 1.28x | 1.39x |
| Interest Paid | -7.53M | 19.42M | 28.03M | 30.55M | 0 | 8.21M | 9.05M | 0 | 7.87M | 8.7M | 8.3M | 2.47M | 1.72M | 1.76M | 1.35M | 1.29M | 1.32M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | -44.83M | 0 | 46.73M | 37.66M | 0 | 20.56M | 18.07M | 0 | 48.92M | 6.45M | 7.87M | 8.56M | 5.82M | 62K | 11.97M | 7.76M | 8.58M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying BHE stock.
Benchmark Electronics, Inc. (BHE) generated $124.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Benchmark Electronics, Inc. (BHE) generated $85.4M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Benchmark Electronics, Inc. (BHE) spent $35.6M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Benchmark Electronics, Inc. (BHE) returned $24.4M to shareholders via cash dividends and spent $26.8M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Revenue concentration and margin volatility
Metrics are mathematically derived from official filings.
Cash Conversion Outpaces Earnings
BHE's operating cash flow exceeded net income by 4.1x in 2026Q2, reaching $81.7M versus $19.9M, as per the latest quarterly data, indicating strong cash conversion.
The OCF/NI ratio of 4.11 in 2026Q2 is exceptionally high, driven by significant working capital inflows and non-cash charges. This suggests that reported earnings understate the cash-generating capacity of the business, but investors should monitor whether this is sustainable or a one-time benefit from inventory and receivables management.
Free Cash Flow Rebound Accelerates
FCF surged to $52.9M in 2026Q2, a 7.0% margin, recovering from a negative -$15.1M in 2025Q2, based on reported figures, signaling a robust turnaround.
The FCF trajectory shows a clear V-shaped recovery, with 2025Q2 marking the trough. The 2026Q2 FCF margin of 7.0% is above the peer average of around 3.5%, indicating that BHE is converting revenue into cash more efficiently than its EMS peers. This improvement appears driven by both revenue growth and working capital release, but sustainability depends on maintaining order momentum.
Capital Intensity Remains Modest
CapEx rose to $28.8M in 2026Q2, representing 3.8% of revenue, up from 1.3% a year earlier, as per financial statements, suggesting increased investment in growth.
The capex-to-revenue ratio has nearly tripled year-over-year, indicating a shift toward expansionary spending, possibly for new capacity or automation. However, even at 3.8%, capital intensity is low relative to the company's depreciation and amortization of $23.6M, implying that maintenance capex is well covered and the incremental spending is likely growth-oriented.
Working Capital Releases Cash
Working capital contributed $14.4M to cash flow in 2026Q2, following a $17.8M contribution in 2026Q1, as reported in the cash flow statement, indicating efficient cycle management.
For five consecutive quarters, working capital has been a net source of cash, with the largest contribution of $25.6M in 2024Q2. This suggests that BHE is managing receivables and inventory tightly, possibly due to improved demand forecasting. However, the 2025Q2 outflow of -$20.9M shows volatility, so investors should watch for potential reversals as growth accelerates.
Capital Returns and Buybacks Increase
Dividends and buybacks totaled $18.0M in 2026Q2, up from $12.2M in the prior quarter, based on reported cash flow data, reflecting a more aggressive return of capital.
The company has consistently paid dividends of around $6M per quarter, but buybacks have been sporadic, with notable repurchases in 2025Q4 ($26.0M) and 2026Q2 ($5.8M). The increase in total capital returned suggests management confidence in cash flow sustainability, yet the amounts remain modest relative to FCF, leaving ample room for debt reduction or M&A.
Cumulative Cash Exceeds Earnings
Over the last ten quarters, cumulative operating cash flow of $441.9M surpassed cumulative net income of $121.1M by 3.6x, as per the data, highlighting a persistent gap.
The cumulative OCF/NI ratio of 3.65 indicates that BHE's earnings significantly understate its cash generation, likely due to heavy non-cash charges like D&A and SBC, as well as favorable working capital swings. This divergence suggests that the market may be undervaluing the company's cash-generating ability, but it also raises questions about the sustainability of such high conversion rates, especially if working capital tailwinds fade.
What Could Invalidate the Base Case
The cash flow statement may obscure the impact of stock-based compensation, which totaled $11.6M in 2026Q2, representing 58% of net income, as per the data, potentially inflating reported cash flow.
While SBC is a non-cash expense, it dilutes shareholders and is not reflected in operating cash flow, making cash generation appear stronger than the economic reality. Additionally, the heavy reliance on working capital releases for cash flow may not be sustainable, as inventory and receivables management can only provide a finite boost. Investors should monitor whether the gap between net income and operating cash flow narrows as growth normalizes, which could signal a deterioration in cash conversion quality.