Benchmark Electronics, Inc. (BHE) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-63.6%

$25.16

vs $69.10 price

Levered DCF

$121.18

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

3.42

Safe zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	61.97×	25.8×	15.27×	13.76×	27.1×	71.08×	56.33×	43.22×
P/B	1.39×	1.47×	0.91×	0.91×	0.99×	1×	1.3×	0.87×
P/S	0.58×	0.61×	0.35×	0.33×	0.43×	0.48×	0.58×	0.38×
EV / EBITDA	11.76×	10.73×	7.32×	8.08×	9.34×	10.85×	14.39×	5.75×
Gross margin	10.0%	10.2%	9.5%	8.8%	9.1%	8.5%	8.2%	8.6%
Operating margin	4.0%	4.1%	3.9%	3.1%	2.4%	1.2%	1.3%	2.3%
Net margin	0.9%	2.4%	2.3%	2.4%	1.6%	0.7%	1.0%	0.9%
Current ratio	2.28×	2.32×	2.29×	2.21×	2.06×	2.5×	2.6×	2.61×
Debt / equity	0.28×	0.33×	0.42×	0.4×	0.23×	0.21×	0.21×	0.14×
Interest coverage	5.22×	4.06×	3.44×	6.99×	6.26×	3.01×	4.28×	5.59×
Dividend yield	1.6%	1.5%	2.4%	2.5%	2.4%	2.3%	1.8%	2.1%
Payout ratio	98.3%	37.8%	36.5%	33.9%	65.0%	163.9%	99.4%	92.1%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	2.3%	5.7%	6.0%	6.6%	3.7%	1.4%	2.3%	2.0%
Return on invested capital	3.0%	5.5%	5.5%	4.9%	3.3%	1.6%	1.9%	1.7%
Return on assets	1.2%	3.0%	2.8%	3.1%	1.9%	0.8%	1.3%	1.2%
Free cash flow yield	5.6%	9.6%	9.8%	-23.5%	-4.6%	8.2%	4.6%	1.0%
Earnings yield	1.6%	3.9%	6.5%	7.3%	3.7%	1.4%	1.8%	2.3%
Enterprise value	$1.5B	$1.7B	$1.2B	$1.1B	$915.7M	$808M	$1.2B	$677.3M
Net debt / EBITDA	-0.1×	0.33×	1.12×	1.44×	-0.52×	-2.4×	-1.6×	-2.58×
Cash conversion cycle (days)	91	110	125	128	100	89	80	69