Companies · BHE
Benchmark Electronics
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Latest analysis
Updated Oct 28, 2026
Benchmark Electronics posts record Q3 revenue of $811M (+19% YoY) with EPS growth of 35%, raising 2026 guidance to exceed $3B.
Benchmark delivered record quarterly revenue of $811 million, up 19% year-over-year, with non-GAAP EPS of $0.84 up 35%, significantly outpacing revenue growth and demonstrating operating leverage. The company raised full-year 2026 guidance to exceed $3 billion in revenue (16% annual growth) and expects to maintain earnings growth of 1.5x to 2x revenue growth, driven by broad-based demand across Semi-Cap, Medical, Industrial, and AC&C segments, with only A&D modestly down 1% YoY due to program timing rather than demand weakness. Management's confidence extends into 2027, grounded in healthy bookings, customer forecast visibility extending into 2029-2030 for semiconductors, and multiple program ramps across 11 global sites, though HPC opportunities are now expected mid-to-late 2027 rather than early 2027.
Tone: bullishRevenue
$2.7B
BHE 10-K · FY 2025
Employees
11,840
Revenue FY2024
$2.8B
Headquarters
Tempe, AZ
Profile
BHE 10-K Item 1 · Feb 24, 2026Benchmark Electronics is a Texas-based electronic manufacturing services (EMS) and precision metal machining (PMM) company serving OEMs across aerospace and defense, semiconductor capital equipment, medical, industrial, and advanced computing markets. The company provides integrated design, engineering, and manufacturing solutions from concept through volume production, global distribution, and aftermarket support. Its operations span manufacturing facilities in seven countries across the Americas, Asia, and Europe.
Read filing description ↓ Collapse description ↑
Benchmark Electronics, Inc. is a Texas corporation that provides design engineering and advanced manufacturing services that include both electronic manufacturing services (EMS) and precision metal machining (PMM) services. We support customers throughout their product lifecycle starting from initial product concept through volume production, including the ability to manage direct order fulfillment and provide aftermarket services. We are a trusted partner to our European and U.S. based national and multinational original equipment manufacturers (OEMs). Served markets include: advanced computing and communication (AC&C), aerospace and defense (A&D), industrial, medical and semiconductor capital equipment (semi-cap). The Company has manufacturing operations located in the United States and Mexico (the Americas), Asia and Europe. Our customer engagement focuses on two principal areas: Manufacturing Services include printed circuit board assemblies (PCBAs), subsystem and full system integration, precision metal machining, complex electromechanical assembly, and related test and fulfillment services. Design & Engineering Services include turnkey product design, designing for manufacturability, design optimization for our factory processes and supply chain, test development, concurrent and sustaining engineering, and regulatory services. Our core strength lies in our ability to partner with our customers to provide concept-to-production solutions through a tightly integrated and seamless set of design, test, manufacturing, supply chain, and support services. The integration of these product realization services, along with our global manufacturing presence, increases our ability to respond to our customers' needs by providing accelerated time-to-market and time-to-volume production of high-quality products, with an emphasis on complex products serving regulated markets with high reliability requirements.
Primary products
- Printed Circuit Board Assembly (PCBA) and Test
- Systems Assembly and Test Development
- Failure Analysis
- Component Engineering Services
- Precision Metal Machining (PMM)
- Complex Electromechanical Assembly
Business segments
End markets
Geographies
Named customers
Sales to our ten largest customers represented 51%, 50% and 52% of our total sales in 2025, 2024 and 2023, respectively. Sales to our largest customer, Applied Materials, Inc. and subsidiaries, represented 14% of our total sales in both 2025 and 2024 and 12% of our total sales in 2023.
Named competitors
“We believe that the principal competitive factors in our focus end-markets are our engineering capabilities, product quality, flexibility, cost and timeliness in responding to design and schedule changes, reliability in meeting product delivery schedules, pricing, access to senior management, technological sophistication, and geographic location.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Sales remained flat year-over-year in 2025, with increases in A&D, Medical, and Semi-Cap offset by a 27% decline in AC&C.
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Analysis, signals, diligence answers, M&A activity and every quote, each citing the filing it came from.