Benchmark Electronics (BHE) financial statements
Benchmark Electronics reported revenue of $2.7B in fiscal 2025, up 1.5% a year over 9 years.
Net income was $25M and the operating margin 2.9%, against 3.3% in 2016.
Free cash flow was $85M, and the company returned $24M in dividends and $27M in net buybacks.
The diluted share count fell 27% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Benchmark Electronics's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.3B | $2.5B | $2.6B | $2.3B | $2.1B | $2.3B | $2.9B | $2.8B | $2.7B | $2.7B |
| Cost of revenue | $2.1B | $2.2B | $2.4B | $2.1B | $1.9B | $2.0B | $2.6B | $2.6B | $2.4B | $2.4B |
| Gross profit | $215M | $226M | $206M | $186M | $175M | $206M | $255M | $271M | $270M | $270M |
| Selling, general and admin | $113M | $130M | $128M | $127M | $122M | $137M | $150M | $147M | $149M | $160M |
| Operating income | $77M | $77M | $59M | $29M | $25M | $53M | $90M | $110M | $109M | $76M |
| Interest expense | $9M | $9M | $10M | $7M | $8M | $8M | $13M | $32M | $27M | $20M |
| Pre-tax income | $69M | $71M | $56M | $27M | $17M | $45M | $84M | $81M | $84M | $62M |
| Income tax | $5M | $103M | $33M | $4M | $3M | $10M | $16M | $12M | $23M | $37M |
| Net income | $64M | -$32M | $23M | $23M | $14M | $36M | $68M | $69M | $61M | $25M |
| EPS (diluted) | $1.28 | -$0.64 | $0.49 | $0.60 | $0.38 | $0.99 | $1.91 | $1.92 | $1.66 | $0.68 |
| Diluted shares | 50M | 50M | 47M | 39M | 37M | 36M | 36M | 36M | 37M | 36M |
| Gross margin | 9.2% | 9.2% | 8.0% | 8.2% | 8.5% | 9.1% | 8.8% | 9.5% | 10.2% | 10.2% |
| Operating margin | 3.3% | 3.1% | 2.3% | 1.3% | 1.2% | 2.4% | 3.1% | 3.9% | 4.1% | 2.9% |
| Net margin | 2.8% | -1.3% | 0.9% | 1.0% | 0.7% | 1.6% | 2.4% | 2.4% | 2.3% | 0.9% |
Balance sheet
Fiscal years, from Benchmark Electronics's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $681M | $743M | $458M | $348M | $391M | $272M | $207M | $277M | $315M | $322M |
| Receivables | $441M | $437M | $468M | $324M | $309M | $356M | $492M | $449M | $412M | $391M |
| Inventory | $381M | $269M | $310M | $315M | $327M | $523M | $728M | $684M | $554M | $483M |
| Total current assets | $1.5B | $1.6B | $1.4B | $1.2B | $1.2B | $1.3B | $1.7B | $1.6B | $1.5B | $1.4B |
| Property, plant and equipment | $166M | $186M | $211M | $206M | $185M | $187M | $211M | $228M | $225M | $224M |
| Goodwill | $192M | $192M | $192M | $192M | $192M | $192M | $192M | $192M | $192M | $192M |
| Total assets | $2.0B | $2.1B | $1.9B | $1.8B | $1.7B | $1.9B | $2.2B | $2.3B | $2.1B | $2.1B |
| Total current liabilities | $412M | $478M | $537M | $459M | $481M | $654M | $749M | $714M | $649M | $636M |
| Long-term debt | $211M | $193M | $147M | $139M | $131M | $129M | $321M | $327M | $250M | $207M |
| Total liabilities | $623M | $770M | $768M | $745M | $755M | $930M | $1.2B | $1.2B | $1.0B | $972M |
| Shareholders' equity | $1.4B | $1.3B | $1.1B | $1.0B | $990M | $974M | $1.0B | $1.1B | $1.1B | $1.1B |
| Net debt | -$470M | -$549M | -$311M | -$209M | -$260M | -$142M | $113M | $49M | -$65M | -$115M |
Cash flow
Fiscal years, from Benchmark Electronics's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $273M | $146M | $77M | $93M | $120M | -$3M | -$177M | $174M | $189M | $124M |
| Capital spending | $32M | $55M | $67M | $35M | $40M | $42M | $47M | $78M | $33M | $39M |
| Free cash flow | $241M | $91M | $10M | $58M | $81M | -$45M | -$224M | $97M | $156M | $85M |
| Stock-based compensation | $5M | $8M | $10M | $10M | $10M | $15M | $18M | $15M | $13M | $17M |
| Dividends paid | $0 | $0 | $21M | $23M | $23M | $23M | $23M | $23M | $24M | $24M |
| Share buybacks (net) | -$42M | -$29M | -$212M | -$122M | -$25M | -$40M | -$9M | $0 | -$5M | -$27M |
| Net borrowing | — | — | — | — | — | -$6M | $195M | $6M | -$74M | -$45M |
| Free cash flow margin | 10.4% | 3.7% | 0.4% | 2.6% | 3.9% | -2.0% | -7.8% | 3.4% | 5.9% | 3.2% |
| Dividends per share | — | — | $0.45 | $0.60 | $0.63 | $0.64 | $0.65 | $0.65 | $0.65 | $0.67 |
Questions
What was Benchmark Electronics's revenue in 2025?
$2.7B in fiscal 2025, from its 10-K filing.
How much free cash flow does Benchmark Electronics generate?
$85M in fiscal 2025 (operating cash flow minus capital spending).
From Benchmark Electronics's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.