Benchmark Electronics Inc

Technology
Electrical Products
www.bench.com

Earnings Score
Moat Score
Safety Score

Market Cap $1.71B
PE 27
Debt $285.28M
Cash $324.42M
EV $1.67B
FCF $245.14M

Earnings

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Sales & Net Margins

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Earnings	$62.46M
EBIT	$112.99M
ROE	6%
ROA	5%
FCF	$245.14M
Equity	$1.10B
Growth Stability	-40%
PE	27.41
PEG	0.39
PB	1.55
P/FCF	6.98
P/S	0.64
Price/Cash	0.19
Debt/Equity	0.26
Debt/FCF	1.16
Net Margins	2%
Gross Margins	10%
Op. Margins	4%
Earnings CAGR	-2%
Sales Growth YoY	-9%
Sales Growth QoQ	-1%
Sales CAGR	2%
FCF CAGR	-1%
Equity CAGR	-3%
Earnings Stability	0.01
Earnings Growth YoY	-25%
Earnings Growth QoQ	-1%
Earnings CAGR 5Y	70%

Sales CAGR 5Y	9%
FCF CAGR 5Y	22%
Equity CAGR 5Y	2%
Earnings CAGR 3Y	6%
Sales CAGR 3Y	6%
FCF CAGR 3Y	6%
Equity CAGR 3Y	5%
Market Cap	$1.71B
Revenue	$2.69B
Dividend Yield	1%
Payout Ratio	38%
Assets	$2.15B
Total Debt	$285.28M
Cash	$324.42M
Shares Outstanding	35.92M
EV	1.67B
Earnings Score	6%
Moat Score	65%
Safety Score	65%
Final Score	45%
Working Capital	869.58M
Current Ratio	2.36
Gross Profit	$273.10M
Shares Growth 3y	1%
Equity Growth QoQ	1%
Equity Growth YoY	4%

Assets & ROA

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Stockholders Equity & ROE

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Benchmark Electronics Inc is engaged in product designing, engineering services, technology solutions, and advanced manufacturing services (electronic manufacturing services (EMS) and precision technology services). It serves various industries, including aerospace & defense (A&D), medical technologies, complex industrials, test and instrumentation, semiconductor capital equipment, next-generation telecommunications, and high-end computing. Its geographical segments are the Americas, Asia and Europe of which key revenue is derived from the Americas.

SEC Filings

Direct access to Benchmark Electronics Inc (BHE) Annual Reports (10K) and Quarterly Reports (10Q) from the SEC website.

2024
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2023
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2022
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31

Sector Comparison

How does Benchmark Electronics Inc compare to its competitors?

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Peter Lynch's Chart

This chart shows the current pricing of Benchmark Electronics Inc compared to its past. The addition of the earnings trend line provides further insights into the company's earnings power.

CAGR -2%

Stability 1%

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Benchmark Electronics Inc Discounted Cash Flow

Fully customizable DCF calculator online for Benchmark Electronics Inc.

Years

Calculation mode

= $2.4B

	0	1	2	3	4	5	6	7	8	9	10	TV
fcf	$245M	$244M	$242M	$241M	$239M	$238M	$237M	$235M	$234M	$233M	$231M	$2.3B
DCF		$222M	$200M	$181M	$164M	$148M	$134M	$121M	$109M	$99M	$89M	$891M
Value	$2.4B

Competitiveness and MOAT

High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.

Years	12/2014	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	TTM
Net Margins	3%	4%	3%	-1%	1%	1%	1%	2%	2%	2%	2%
ROA	-	5%	4%	4%	3%	2%	1%	3%	4%	5%	5%
ROE	-	7%	5%	-2%	2%	2%	1%	4%	7%	6%	6%

Bad Net Margins (2.25%)

Net Margins are too low to guarantee profitability in case of higher costs or higher interest rates. Furthermore lower margins cause higher earnings’ volatility.

Safety and Stability

Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.

Years	12/2014	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	TTM
Debt over FCF	-	2.3	0.99	2.54	16.37	2.61	1.79	-2.91	-1.47	3.47	1.16
Debt over Equity	0.01	0.19	0.18	0.17	0.14	0.15	0.15	0.13	0.32	0.31	0.26
Growth Stability	-	-	-	-40%	54%	100%	100%	100%	100%	100%	-40%

Good Debt/FCF ratio (1.16)

Net Margins are high enough to offer a good protection on the profits in case of higher costs or higher interests. Furthermore higher margins reduce earnings’ volatility.

Good Debt/Equity ratio (0.26)

The company is not overleveraged and has a good balance between equity and debt.

Bad Graham’s Stability (-40%)

The company has a bad stability in its earnings, which is a sign of a bad competitive advantage.

Growth

Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.

Years	12/2014	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	CAGR 5Y
Revenue YoY growth	-	-9%	-9%	6%	5%	-12%	-9%	10%	28%	-2%	9%
Earnings YoY growth	-	16%	-33%	-150%	-171%	3%	-40%	155%	91%	-6%	70%
Equity YoY growth	-	2%	3%	-3%	-15%	-10%	-2%	-2%	5%	5%	2%
FCF YoY growth	-	20%	120%	-62%	-89%	483%	39%	-155%	401%	-143%	22%