BHEBenchmark Electronics, Inc.
Is the business good?
The checks split: nothing decisive, though earnings fully cash-backed (2.9×).
Mixed fundamental signals. Nine pass/fail tests of year-over-year health from the filings.
Operating profit is fully backed by cash. Conversion is improving vs a year ago.
Profits are tracking sales roughly one-for-one, limited operating leverage either way.
A balanced mix of margins, efficiency, and leverage. ROE 3% = margin × turnover × leverage.
Unless marked, from derived.
Against the whole market›
Percentile against every name Ryufin tracks. Higher is better; the tick marks the middle of the market. Context, not one of the checks above.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is BHE?
Benchmark Electronics, Inc. earns 7.7% on the capital it employs against a 9.0% cost of capital, so growth costs more than it returns.
Return on invested capital · cost of capital 9.0% · 1.3 points below what the capital costs: growth destroys value
- Operating margin
- 3.4%
Operating margin · Electronic Components median 8.4% · 12 months to Q2 2026
- Cash conversion
- 2.90×
Cash conversion · 2.45× a year ago · operating cash flow covers the operating profit after tax
- Share count, year on year
- +0.38%
Share count, year on year · flat: no meaningful dilution
| Year | Operating margin |
|---|---|
| FY2020 | 1.2% |
| FY2021 | 2.4% |
| FY2022 | 3.1% |
| FY2023 | 3.9% |
| FY2024 | 4.1% |
| FY2025 | 2.9% |
Details›
- Gross margin12 months to Q2 2026
- 10%
- Operating margin12 months to Q2 2026
- 3.4%
- Net margin12 months to Q2 2026
- 1.9%
- Free cash flow margin
- 4.5%
- Revenue, trailing twelve months
- $2.82B
- Free cash flow, trailing twelve months
- $126M
- Net income, trailing twelve months
- $53M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 7.7%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.
Electronic Components
Ranks #11 of 25 by RyuScore