Operating margins remain structurally constrained, fluctuating between 3.5% and 5.1% as SG&A expenses frequently scale alongside gross profits near the 10% threshold.
| 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 |
|---|
| Sales/Revenue | 2.7B | 2.66B | 2.66B | 2.84B | 2.89B | 2.26B | 2.05B | 2.27B | 2.57B | 2.47B | 2.31B | 2.54B | 2.8B | 2.51B | 2.47B | 2.25B | 2.4B | 2.09B | 2.59B | 2.92B | 2.91B | 2.26B | 2B | 1.84B | 1.63B | 1.28B | 1.7B | 877.84M | 524.07M | 325.23M | 201.3M |
| Revenue Growth % | 3.53% | 0.11% | -6.44% | -1.64% | 27.98% | 9.85% | -9.48% | -11.63% | 4.04% | 6.77% | -9.07% | -9.16% | 11.59% | 1.55% | 9.55% | -6.21% | 14.98% | -19.34% | -11.17% | 0.3% | 28.8% | 12.79% | 8.78% | 12.87% | 27.65% | -25.1% | 94.22% | 67.51% | 61.14% | 61.57% | 106.67% |
| Cost of Goods Sold | 2.43B | 2.39B | 2.39B | 2.57B | 2.63B | 2.05B | 1.88B | 2.08B | 2.35B | 2.24B | 2.1B | 2.32B | 2.58B | 2.32B | 2.29B | 2.11B | 2.21B | 1.94B | 2.41B | 2.72B | 2.71B | 2.1B | 1.85B | 1.69B | 1.51B | 1.18B | 1.58B | 810.31M | 472.35M | 285.63M | 177.98M |
| COGS % of Revenue | - | 90.04% | 89.83% | 90.45% | 91.16% | 90.87% | 91.47% | 91.82% | 91.4% | 90.77% | 90.76% | 91.4% | 92.14% | 92.56% | 92.84% | 93.84% | 92.14% | 92.98% | 93.21% | 93.18% | 93.14% | 92.84% | 92.32% | 91.83% | 92.34% | 92.68% | 92.72% | 92.31% | 90.13% | 87.82% | 88.42% |
| Gross Profit | 273.2M | 264.95M | 270.02M | 271.07M | 255.24M | 205.9M | 175.05M | 185.53M | 220.59M | 227.7M | 213.46M | 218.57M | 219.86M | 186.48M | 176.74M | 138.84M | 188.69M | 146.58M | 175.94M | 198.93M | 199.52M | 161.6M | 153.77M | 150.27M | 124.85M | 93.51M | 124.11M | 67.53M | 51.71M | 39.6M | 23.31M |
| Gross Margin % | 10.1% | 9.96% | 10.17% | 9.55% | 8.84% | 9.13% | 8.53% | 8.18% | 8.6% | 9.23% | 9.24% | 8.6% | 7.86% | 7.44% | 7.16% | 6.16% | 7.86% | 7.02% | 6.79% | 6.82% | 6.86% | 7.16% | 7.68% | 8.17% | 7.66% | 7.32% | 7.28% | 7.69% | 9.87% | 12.18% | 11.58% |
| Gross Profit Growth % | - | -1.88% | -0.39% | 6.2% | 23.96% | 17.63% | -5.65% | -15.9% | -3.12% | 6.67% | -2.34% | -0.58% | 17.9% | 5.51% | 27.3% | -26.42% | 28.73% | -16.69% | -11.56% | -0.3% | 23.47% | 5.1% | 2.33% | 20.36% | 33.52% | -24.65% | 83.78% | 30.59% | 30.59% | 69.84% | 60.79% |
| Operating Expenses | 162.09M | 159.66M | 160.61M | 161.41M | 165.17M | 152.84M | 149.91M | 156.98M | 152.69M | 140.47M | 125.29M | 111.74M | 115.7M | 99.33M | 89.95M | 93.03M | 92.25M | 85.5M | 339.64M | 95.72M | 69.3M | 62.32M | 61.11M | 56.87M | 65.8M | 128.32M | 70.71M | 38.91M | 20.99M | 14.49M | 7.92M |
| OpEx % of Revenue | - | 6% | 6.05% | 5.69% | 5.72% | 6.78% | 7.3% | 6.92% | 5.95% | 5.69% | 5.42% | 4.4% | 4.14% | 3.96% | 3.64% | 4.13% | 3.84% | 4.09% | 13.11% | 3.28% | 2.38% | 2.76% | 3.05% | 3.09% | 4.04% | 10.05% | 4.15% | 4.43% | 4.01% | 4.45% | 3.94% |
| Selling, General & Admin | 162.09M | 159.66M | 149.46M | 147.03M | 150.22M | 136.7M | 122.19M | 126.74M | 143.21M | 130.4M | 113.45M | 111.74M | 115.7M | 99.33M | 89.95M | 93.03M | 92.25M | 85.5M | 90.37M | 93.93M | 69.3M | 62.32M | 61.11M | 64.98M | 64.19M | 54.38M | 57.87M | 32.48M | 17.68M | 12.82M | 7.23M |
| SG&A % of Revenue | - | 6% | 5.63% | 5.18% | 5.2% | 6.06% | 5.95% | 5.59% | 5.58% | 5.29% | 4.91% | 4.4% | 4.14% | 3.96% | 3.64% | 4.13% | 3.84% | 4.09% | 3.49% | 3.22% | 2.38% | 2.76% | 3.05% | 3.53% | 3.94% | 4.26% | 3.39% | 3.7% | 3.37% | 3.94% | 3.59% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 11.15M | 14.38M | 14.95M | 16.14M | 27.72M | 30.24M | 628K | -1.79M | -282K | 0 | -452K | -101K | 154K | 0 | 0 | 0 | 249.26M | 1.79M | 0 | 0 | 0 | 0 | 1.61M | 73.94M | 12.84M | 6.43M | 3.31M | 1.67M | 695.72K |
| Operating Income | 111.11M | 105.29M | 109.41M | 109.66M | 90.07M | 53.06M | 25.13M | 28.55M | 58.54M | 78.6M | 75.64M | 92.97M | 100.14M | 116.52M | 75.56M | 41.29M | 89.72M | 52.81M | -166.48M | 91.63M | 125.5M | 99.28M | 92.66M | 90.59M | 59.05M | -42.38M | 53.4M | 28.62M | 30.72M | 25.11M | 15.39M |
| Operating Margin % | 4.11% | 3.96% | 4.12% | 3.86% | 3.12% | 2.35% | 1.22% | 1.26% | 2.28% | 3.19% | 3.27% | 3.66% | 3.58% | 4.65% | 3.06% | 1.83% | 3.74% | 2.53% | -6.43% | 3.14% | 4.32% | 4.4% | 4.63% | 4.92% | 3.62% | -3.32% | 3.13% | 3.26% | 5.86% | 7.72% | 7.65% |
| Operating Income Growth % | - | -3.77% | -0.23% | 21.76% | 69.74% | 111.12% | -11.95% | -51.24% | -25.53% | 3.92% | -18.64% | -7.16% | -14.06% | 54.22% | 82.98% | -53.98% | 69.88% | 131.72% | -281.68% | -26.99% | 26.41% | 7.15% | 2.28% | 53.4% | 239.34% | -179.37% | 86.55% | -6.83% | 22.33% | 63.16% | 65.5% |
| EBITDA | 156.97M | 152.15M | 155.56M | 155.07M | 134.32M | 97.21M | 73.93M | 76.97M | 107.66M | 126.41M | 130.02M | 142.64M | 146.59M | 157.47M | 111.27M | 76.78M | 129.55M | 92.62M | -125.81M | 134.76M | 152.88M | 125.45M | 119.53M | 119.68M | 90.06M | 9.48M | 106.08M | 59.69M | 47.38M | 37.27M | 21.84M |
| EBITDA Margin % | 5.8% | 5.72% | 5.86% | 5.46% | 4.65% | 4.31% | 3.6% | 3.39% | 4.19% | 5.12% | 5.63% | 5.61% | 5.24% | 6.28% | 4.51% | 3.41% | 5.39% | 4.43% | -4.86% | 4.62% | 5.26% | 5.56% | 5.97% | 6.5% | 5.52% | 0.74% | 6.22% | 6.8% | 9.04% | 11.46% | 10.85% |
| EBITDA Growth % | 3.11% | -2.19% | 0.31% | 15.45% | 38.17% | 31.5% | -3.96% | -28.5% | -14.84% | -2.77% | -8.85% | -2.7% | -6.91% | 41.51% | 44.93% | -40.74% | 39.87% | 173.62% | -193.36% | -11.85% | 21.87% | 4.96% | -0.13% | 32.89% | 850.16% | -91.06% | 77.71% | 25.97% | 27.12% | 70.7% | 89.89% |
| D&A (Non-Cash Add-back) | 45.87M | 46.86M | 46.14M | 45.41M | 44.25M | 44.15M | 48.79M | 48.43M | 49.12M | 47.81M | 54.38M | 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 |
| EBIT | 111.11M | 105.29M | 110.82M | 113.09M | 97.24M | 53.88M | 25.66M | 33.93M | 66.01M | 80.41M | 77.49M | 93.03M | 100.52M | 117.9M | 77.02M | 42.46M | 88.38M | 53.32M | -156.03M | 101.88M | 129.05M | 99.28M | 92.66M | 93.41M | 59.05M | -34.81M | 53.4M | 28.5M | 30.7M | 25.1M | 15.4M |
| Net Interest Income | -9.79M | -10.61M | -16.71M | -25.62M | -11.16M | -7.93M | -7.17M | -2.83M | -3.63M | -4.04M | -7.17M | -1.79M | 158K | -246K | -274K | 441K | 259K | 811K | 7.22M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 8.72M | 9.55M | 10.21M | 6.26M | 1.73M | 540K | 1.2M | 3.83M | 6.85M | 5.37M | 2.14M | 1.21M | 2.05M | 1.69M | 1.31M | 1.77M | 1.62M | 2.21M | 8.68M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 18.51M | 20.16M | 26.92M | 31.88M | 12.89M | 8.47M | 8.36M | 6.66M | 10.47M | 9.4M | 9.3M | 3M | 1.89M | 1.93M | 1.58M | 1.33M | 1.36M | 1.4M | 1.46M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -39.55M | -43.76M | -25.52M | -28.44M | -5.73M | -7.66M | -7.84M | -1.28M | -3M | -5.82M | -8.67M | -2.93M | -294K | -347K | -120K | -161K | -153K | -894K | 8.99M | -1.85M | -38.63M | 6.53M | 1.49M | -7.58M | -4.09M | -15.91M | -24.96M | -8.2M | -3.8M | -1.1M | -900K |
| Pretax Income | 71.56M | 61.53M | 83.89M | 81.22M | 84.34M | 45.41M | 17.29M | 27.27M | 55.54M | 72.78M | 68.19M | 90.04M | 99.85M | 116.18M | 75.44M | 41.13M | 88.29M | 51.92M | -157.49M | 101.36M | 131.76M | 105.81M | 94.15M | 83.01M | 54.97M | -58.29M | 28.43M | 20.28M | 26.89M | 23.95M | 14.48M |
| Pretax Margin % | 2.65% | 2.31% | 3.16% | 2.86% | 2.92% | 2.01% | 0.84% | 1.2% | 2.16% | 2.95% | 2.95% | 3.54% | 3.57% | 4.64% | 3.06% | 1.83% | 3.68% | 2.49% | -6.08% | 3.48% | 4.53% | 4.69% | 4.7% | 4.51% | 3.37% | -4.57% | 1.67% | 2.31% | 5.13% | 7.36% | 7.19% |
| Income Tax | 37.33M | 36.68M | 20.57M | 16.91M | 16.11M | 9.64M | 3.24M | 3.84M | 32.72M | 104.75M | 4.14M | -5.36M | 17.41M | 5.02M | 18.83M | -10.83M | 7.26M | -1.97M | -21.86M | 8.08M | 20.08M | 25.23M | 23.16M | 27.57M | 19.07M | -3.98M | 8.53M | 7M | 10.52M | 8.86M | 5.62M |
| Effective Tax Rate % | 52.17% | 59.61% | 24.52% | 20.81% | 19.1% | 21.22% | 18.72% | 14.1% | 58.92% | 143.92% | 6.07% | -5.96% | 17.43% | 4.32% | 24.96% | -26.32% | 8.22% | -3.8% | 13.88% | 7.97% | 15.24% | 23.84% | 24.6% | 33.22% | 34.7% | 6.83% | 30% | 34.55% | 39.11% | 37% | 38.8% |
| Net Income | 34.23M | 24.85M | 63.33M | 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 |
| Net Margin % | 1.27% | 0.93% | 2.38% | 2.27% | 2.36% | 1.59% | 0.68% | 1.03% | 0.89% | -1.3% | 2.77% | 3.75% | 2.95% | 4.43% | 2.29% | 2.31% | 3.37% | 2.58% | -5.24% | 3.2% | 3.84% | 3.57% | 3.55% | 3.01% | 2.2% | -4.25% | 1.17% | 1.36% | 3.12% | 4.64% | 4.4% |
| Net Income Growth % | -35.38% | -60.76% | -1.54% | -5.74% | 90.74% | 154.5% | -40% | 2.66% | 171.38% | -149.91% | -32.87% | 15.72% | -25.83% | 96.37% | 8.95% | -35.88% | 50.36% | 139.74% | -245.4% | -16.47% | 38.58% | 13.52% | 28.06% | 54.45% | 166.09% | -372.91% | 66.2% | -26.86% | 8.5% | 70.25% | 45.3% |
| Net Income (Continuing) | 34.23M | 24.85M | 63.33M | 64.31M | 68.23M | 35.77M | 14.05M | 23.43M | 22.82M | -31.9M | 64.05M | 95.4M | 82.44M | 110.94M | 56.61M | 51.96M | 79.76M | 53.9M | -135.63M | 92.36M | 111.68M | 80.59M | 70.99M | 55.44M | 35.89M | -54.31M | 19.9M | 13.3M | 16.4M | 15.1M | 8.9M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.94 | 0.68 | 1.72 | 1.79 | 1.91 | 0.99 | 0.38 | 0.60 | 0.49 | -0.64 | 1.29 | 1.83 | 1.52 | 2.03 | 1.00 | 0.87 | 1.29 | 0.83 | -2.02 | 1.27 | 1.71 | 1.25 | 1.11 | 0.93 | 0.67 | -1.23 | 0.47 | 0.36 | 0.60 | 0.56 | 0.43 |
| EPS Growth % | -34.69% | -60.47% | -3.91% | -6.28% | 92.93% | 160.53% | -36.67% | 22.45% | 176.56% | -149.61% | -29.51% | 20.39% | -25.12% | 103% | 14.94% | -32.56% | 55.42% | 141.09% | -259.06% | -25.73% | 36.8% | 12.61% | 19.35% | 38.81% | 154.47% | -361.7% | 30.56% | -40% | 7.14% | 30.23% | 30.3% |
| EPS (Basic) | - | 0.69 | 1.76 | 1.81 | 1.94 | 1.00 | 0.38 | 0.61 | 0.49 | -0.64 | 1.30 | 1.85 | 1.54 | 2.05 | 1.01 | 0.88 | 1.30 | 0.83 | -2.02 | 1.28 | 1.74 | 1.29 | 1.15 | 0.97 | 0.69 | -1.23 | 0.50 | 0.38 | 0.63 | 0.58 | 0.44 |
| Diluted Shares Outstanding | 36.28M | 36.3M | 36.76M | 35.97M | 35.72M | 36.1M | 36.82M | 38.76M | 46.66M | 49.68M | 49.83M | 52.09M | 54.22M | 54.78M | 56.63M | 59.77M | 62.69M | 65.12M | 67.06M | 72.83M | 65.12M | 64.28M | 63.7M | 62.15M | 53.4M | 44.16M | 42.12M | 33.74M | 27.19M | 26.98M | 20.73M |
| Basic Shares Outstanding | 35.77M | 35.88M | 35.97M | 35.57M | 35.18M | 35.66M | 36.52M | 38.34M | 46.33M | 49.68M | 49.3M | 51.57M | 53.54M | 54.21M | 56.32M | 59.28M | 62.14M | 64.76M | 67.06M | 72.06M | 64.31M | 62.68M | 61.7M | 57.19M | 51.61M | 44.16M | 39.55M | 31.65M | 26.06M | 25.87M | 20.18M |
| Dividend Payout Ratio | - | 98.28% | 37.76% | 36.47% | 33.94% | 65.03% | 163.93% | 99.41% | 92.06% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Cyclical semiconductor demand volatility
As reported in recent financial filings, Benchmark Electronics experienced a negligible 0.11% year-over-year revenue growth, reflecting a period of stagnation that appears heavily influenced by the cyclical downturn in the semiconductor capital equipment market and broader industrial demand constraints across its core high-mix, low-volume segments.
The lack of meaningful top-line expansion suggests that the company is struggling to offset cyclical weakness in its semiconductor segment with growth from its medical or defense verticals. Investors should monitor whether this revenue plateau represents a structural limitation of the current project-based model or merely a temporary pause in the broader capital expenditure cycle of its OEM partners.
Based on the provided income statement data, Benchmark Electronics maintains gross margins hovering near the 10% threshold, a figure that underscores the intense pricing pressure inherent in contract manufacturing and the limited value-add potential of its current assembly-heavy operational mix within the competitive EMS landscape.
The thin net margin of 0.93% indicates that the company possesses minimal buffer to absorb fluctuations in labor costs or facility utilization rates. Any further compression in these margins could quickly transition the firm toward a net loss, suggesting that management must prioritize a shift toward higher-margin engineering services to improve long-term profitability.
According to the latest quarterly results, operating margins have fluctuated between 3.5% and 5.1%, indicating that Benchmark Electronics struggles to achieve meaningful operating leverage as SG&A expenses often scale in tandem with gross profit, leaving little room for bottom-line expansion during periods of revenue volatility.
The inability to consistently expand operating margins despite the company's specialized manufacturing capabilities suggests that fixed overhead costs remain a significant burden on the income statement. This lack of scalability warrants further investigation into whether the company's current facility utilization rates are optimized for its high-mix, low-volume operational strategy.
As evidenced by the quarterly income statement, net income has exhibited significant volatility, with stock-based compensation expenses reaching as high as $7.5 million in 2025Q4, which appears to periodically distort the quality of reported earnings and complicates the assessment of true operational profitability for shareholders.
The frequent fluctuations in net income, often decoupled from gross profit trends, suggest that non-operating items and compensation structures are playing an outsized role in bottom-line performance. Investors should be cautious of relying on GAAP EPS as a proxy for cash-generative capacity, given the impact of these recurring equity-based charges on the company's reported results.
While the company maintains a fortress balance sheet with minimal debt, the counter-argument to this stability is that the 0.93% net margin leaves the firm dangerously exposed to operational errors or supply chain disruptions, potentially rendering the business model unsustainable in a prolonged period of industrial stagnation.
Short-sellers may focus on the company's inability to generate meaningful growth or margin expansion despite its specialized niche, arguing that the business is essentially a commodity assembler with high fixed-cost risks. The reliance on a few key sectors like semiconductor capital equipment creates a concentration risk that could lead to rapid margin erosion if those specific end-markets face a deeper or more protracted downturn.
Quick answers to the most common questions about buying BHE stock.
For fiscal year 2025, Benchmark Electronics, Inc. (BHE) reported total revenue of $2.66B. This represents a 1221.0% increase compared to $201.3M in 1996.
Benchmark Electronics, Inc. (BHE) is profitable, generating $24.9M in net income for the fiscal year ending 2025 with a net profit margin of 0.9%.
Benchmark Electronics, Inc. (BHE) reported an operating income of $105.3M, resulting in an operating profit margin of 4.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Benchmark Electronics, Inc. (BHE) generated $264.9M in gross profit for the year, representing a gross profit margin of 10.0%. This demonstrates the company's core pricing power and production efficiency.