BENCHMARK ELECTRONICS INC

Listed Company

BHECIK 0000863436NYSELarge AcceleratedPrinted Circuit BoardsTexasFY ends Dec 31

Period

FY 2025

Revenue

$2.66B

Net Income

$24.85M

Total Assets

$2.07B

Equity

$1.10B

Shares Out

35.88M

Op. Cash Flow

$123.96M

Business

BENCHMARK ELECTRONICS INC provides design engineering and advanced manufacturing services, encompassing electronic manufacturing services (EMS) and precision technology (PT) services throughout the product lifecycle from concept to volume production and aftermarket support. It offers printed circuit board assembly, subsystem and full system integration, precision machining, advanced metal joining, custom test and automation equipment, failure analysis, supply chain management, and turnkey design and engineering services including RF and high-frequency solutions. The company operates principal business areas of Manufacturing Services, Design & Engineering Services, and Precision Technology Services. It serves OEMs across aerospace & defense, medical, industrial, semiconductor capital equipment, and advanced computing & communication markets via a global manufacturing and direct order fulfillment network in the Americas, Asia, and Europe.

Summary from filing dated 2025-02-24

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Sales	2,659	2,656	2,839	2,886	2,255
Cost of sales	2,389	2,386	2,568	2,631	2,049
Gross profit	270	270	271	255	206
Selling, general and administrative expenses	160	149	147	150	137
Amortization of intangible assets	5	5	6	6	6
Restructuring charges and other costs	30	6	8	9	14
Income from operations	76	109	110	90	53
Interest expense	−20	−27	−32	−13	−8
Interest income	10	10	6	2	540,000
Other expense, net	−4	−9	−3	5	277,000
Income before income taxes	62	84	81	84	45
Income tax expense	37	23	12	16	10
Net income	25	61	69	68	36
Basic (per share)	0.69	1.7	1.94	1.94	1
Diluted (per share)	0.68	1.66	1.92	1.91	0.99
Basic (shares)	36	36	36	35	36
Diluted (shares)	36	37	36	36	36

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	322	315	277	207	272
Restricted cash	336,000	13	6	0	0
Accounts receivable, net of allowance for doubtful accounts of $438 and $241, respectively	391	412	449	492	356
Contract assets	183	168	175	184	155
Inventories	483	554	684	728	523
Prepaid expenses and other current assets	69	45	44	41	42
Total current assets	1,448	1,506	1,636	1,652	1,348
Property, plant and equipment, net	224	225	228	211	187
Operating lease right-of-use assets	103	118	131	93	99
Goodwill	192	192	192	192	192
Deferred income taxes	35	27	27	12	6
Other long-term assets	70	66	61	66	72
Total assets	2,072	2,134	2,275	2,227	1,904
Current installments of long-term debt	4	7	4	4	985,000
Accounts payable	403	354	367	424	427
Advance payments from customers	116	144	205	198	118
Income taxes payable	8	22	22	12	6
Accrued liabilities	105	122	115	110	103
Total current liabilities	636	649	714	749	654
Long-term debt, net of current installments	207	250	327	321	129
Operating lease liabilities	99	109	123	87	91
Other long-term liabilities	23	18	32	44	55
Deferred income taxes	8	4	0	495,000	84,000
Total liabilities	972	1,030	—	—	—
Preferred stock, $0.10 par value; 5,000 shares authorized, none issued	0	0	0	0	0
Common stock, $0.10 par value; 145,000 shares authorized; issued and outstanding - 35,669 and 35,992, respectively	4	4	4	4	4
Additional paid-in capital	537	535	529	519	507
Retained earnings	568	587	561	520	480
Accumulated other comprehensive loss	−9	−21	−14	−16	−17
Total shareholders equity	1,100	1,105	1,079	1,026	974
Total liabilities and shareholders' equity	2,072	2,134	2,275	2,227	1,904

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation	37	36	34	33	35
Amortization	10	10	11	11	9
Stock-based compensation expense	17	13	15	18	15
Provision for doubtful accounts	298,000	671,000	1	489,000	0
Deferred income taxes	−6	−4	−13	−7	−7
Asset impairments	11	0	1	0	4
Loss (gain) on the sale of property, plant and equipment	36,000	0	−101,000	−289,000	148,000
Gain on business divestiture	−3	0	0	—	—
Accounts receivable	26	34	42	−136	−47
Contract assets	−15	7	9	−28	−12
Inventories	75	128	45	−206	−198
Prepaid expenses and other assets	−28	−8	−5	−6	−12
Accounts payable	32	−18	−35	−17	140
Advance payments from customers	−28	−61	7	80	34
Accrued liabilities	−13	−10	−13	6	−508,000
Operating leases	2	131,000	2	441,000	167,000
Income taxes	−19	−28,000	3	7	792,000
Net cash provided by operating activities	124	189	174	−177	−3
Additions to property, plant and equipment	−36	−31	−73	−43	−39
Additions to capitalized purchased software	−3	−2	−4	−3	−3
Cash received from business divestiture	5	0	0	0	0
Proceeds from the disposal of property, plant and equipment	791,000	2	649,000	321,000	239,000
Other, net	−1,000	−2	−48,000	−93,000	63,000
Net cash used in investing activities	−33	−33	−77	−41	−42
Borrowings under credit agreement	891	600	750	828	150
Principal payments on credit agreement	−936	−674	−744	−633	−156
Dividends paid	−24	−24	−24	−23	−23
Employee taxes paid with shares withheld	−7	−6	−6	−3	−3
Proceeds from stock options exercised	4,000	482,000	129,000	700,000	300,000
Debt issuance costs	−2	0	−216,000	−574,000	−1
Principal payments on finance leases	−174,000	−181,000	−173,000	−165,000	−873,000
Share repurchases	−27	−5	0	−9	−40
Net cash used in financing activities	−106	−109	−24	159	−74
Effect of exchange rate changes on cash, cash equivalents and restricted cash	9	−3	2	−5	−6
Net (decrease) increase in cash, cash equivalents and restricted cash	−6	45	76	−64	−124
Interest paid	19	28	31	12	—

Filings

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