Loading financials from SEC filings…
Electronic components · Technology · Fiscal year ends Dec 31
Benchmark Electronics reported revenue of $2.7B in the fiscal year ended Dec 2025, down 0.4% from the year before. Operating income was $76M, an operating margin of 2.8%, and net income was $25M. Operating cash flow of $124M less capital expenditure of $36M left free cash flow of $88M. It held more cash than debt (net cash $111M).
Ranks among the 18 electronic components companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 2,345 | 3,012 | 2,968 | 2,761 | 2,749 |
| Cost of revenue | 2,049 | 2,631 | 2,568 | 2,386 | 2,389 |
| Gross profit | 206 | 255 | 271 | 270 | 270 |
| Selling, general & admin | 137 | 150 | 147 | 149 | 160 |
| Operating income | 53.1 | 90.1 | 110 | 109 | 76.0 |
| Interest expense | 8.5 | 12.9 | 31.9 | 26.9 | 20.2 |
| Pre-tax income | 45.4 | 84.3 | 81.2 | 83.9 | 61.5 |
| Income tax | 9.6 | 16.1 | 12.3 | 22.8 | 36.7 |
| Net income | 35.8 | 68.2 | 68.9 | 61.1 | 24.9 |
| Diluted EPS | 0.99 | 1.91 | 1.92 | 1.66 | 0.68 |
| Diluted shares | 36.1 | 35.7 | 36.0 | 36.8 | 36.3 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 272 | 207 | 277 | 315 | 322 |
| Receivables | 356 | 492 | 449 | 412 | 391 |
| Inventory | 523 | 728 | 684 | 554 | 483 |
| Current assets | 1,348 | 1,652 | 1,636 | 1,506 | 1,448 |
| Net PP&E | 187 | 211 | 228 | 225 | 224 |
| Goodwill | 192 | 192 | 192 | 192 | 192 |
| Total assets | 1,904 | 2,227 | 2,275 | 2,134 | 2,072 |
| Payables | 427 | 424 | 367 | 354 | 403 |
| Deferred revenue | 118 | 198 | 205 | 144 | 116 |
| Current liabilities | 654 | 749 | 714 | 649 | 636 |
| Long-term debt | 130 | 324 | 331 | 257 | 211 |
| Total liabilities | 930 | 1,212 | 1,202 | 1,030 | 972 |
| Shareholders' equity | 974 | 1,026 | 1,079 | 1,105 | 1,100 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −2.6 | −177 | 174 | 189 | 124 |
| Capital expenditure | 38.8 | 43.4 | 73.5 | 31.3 | 35.6 |
| Free cash flow | −41.4 | −221 | 101 | 158 | 88.4 |
| Depreciation & amortisation | 44.2 | 44.3 | 45.4 | 46.1 | 47.6 |
| Stock-based compensation | 15.3 | 18.5 | 15.3 | 13.4 | 17.2 |
| Share buybacks | 40.2 | 9.4 | 0.0 | 5.1 | 26.8 |
| Dividends paid | 23.3 | 23.2 | 23.5 | 23.9 | 24.4 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 28.4% | −1.5% | −7.0% | −0.4% |
| Operating income growth (YoY) | – | 69.7% | 21.8% | −0.2% | −30.5% |
| EPS growth (YoY) | – | 92.9% | 0.5% | −13.5% | −59.0% |
| Gross margin | 8.8% | 8.5% | 9.1% | 9.8% | 9.8% |
| Operating margin | 2.3% | 3.0% | 3.7% | 4.0% | 2.8% |
| Net margin | 1.5% | 2.3% | 2.3% | 2.2% | 0.9% |
| Return on equityBlank when equity is negative | 3.7% | 6.6% | 6.4% | 5.5% | 2.3% |
| ROCEEBIT ÷ (assets − current liabilities) | 4.2% | 6.1% | 7.0% | 7.4% | 5.3% |
| Free cash flow margin | −1.8% | −7.3% | 3.4% | 5.7% | 3.2% |
| Cash conversion (CFO ÷ net income) | −0.07x | −2.60x | 2.53x | 3.10x | 4.99x |
| Receivable days | 55 | 60 | 55 | 55 | 52 |
| Inventory days | 93 | 101 | 97 | 85 | 74 |
| Payable days | 76 | 59 | 52 | 54 | 62 |
| Interest cover | 6.26x | 6.99x | 3.44x | 4.06x | 3.77x |
| Debt ÷ equity | 0.13x | 0.32x | 0.31x | 0.23x | 0.19x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | −142 | 117 | 53.2 | −58.1 | −111 |
| Current ratio | 2.06x | 2.21x | 2.29x | 2.32x | 2.28x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.