MeritValue

BENCHMARK ELECTRONICS INC

BHEdata completeness 100%18 fiscal years on file

Data notes: no data for concept 'investmentsAtFairValue'; no data for concept 'netInvestmentIncome'

The thesis, from the filings

BENCHMARK ELECTRONICS INC earns about 6% on invested capital, below its ~9% cost of capital, with a roughly flat share count — no moat visible in the numbers. The estimate methods put fair value between $17.29 and $55.79 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$2.34B1$3.01B2$2.97B3$2.76B3$2.75B3
Net income$35.8M4$68.2M5$68.9M6$61.1M6$24.9M6
Operating cash flow−$2.62M7−$177.5M8$174.3M9$189.2M9$124M9
Capital expenditure$38.8M10$43.4M11$73.5M12$31.3M12$35.6M12
Free cash flow (derived)−$41.4M7−$220.8M8$100.8M9$157.9M9$88.4M9
Total debt$129.6M13$324.4M14$330.6M15$257M16$210.6M16
Cash & equivalents$271.7M17$207.4M18$277.4M19$315.2M20$322.1M20
Diluted shares36.1M35.7M36.0M36.8M36.3M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$302.98
your share of equity
Profit it earned you last year
$6.85
Free cash flow it threw off
$24.34
Debt you’d be carrying
$58.01

10 shares is a claim on $302.98 of net worth that earned you $6.85 and generated $24.34 of cash last year, against $58.01 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
6% avg · 5y
FY21 5%FY22 7%FY23 8%FY24 8%FY25 4%

It earned about 6% on invested capital against a ~9% cost of capital — below the cost of funding. The numbers show no moat.

seeing a moat in the numbers →
Management signal · capital allocation
+1% shares · 5y

Share count is roughly flat over 5 years — little dilution, little buyback. Total debt has risen 63% over the same window.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.5.0

The 3 estimate methods that apply put fair value between $17.29 and $55.79 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.

DCF · Growth Exit 10Y
$55.79
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth5.0%
  • fcfBase$100.8M
DCF · Growth Exit 5Y
$51.69
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth5.0%
  • fcfBase$100.8M
Earnings Power Value
$17.29
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$61.1M
  • growthAssumed0.0%
Graham Number
$21.72
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

v. The price question — last, on purpose
Is today’s price fair?
See live price ↗
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years5.0%
Discount rate (WACC)9.02%
Terminal growth2.5%
At your growth, a share is worth $51.69
The three cases
Bear0.0%$42.23
Base5.0%$51.69
Bull10.0%$63.01

Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.

Default growth 5.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0000950170-24-020565 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K/A · period ending 2022-12-31 · accession 0000950170-25-029247 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001193125-26-064849 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0000950170-24-020565 (NetIncomeLoss)
  5. 10-K/A · period ending 2022-12-31 · accession 0000950170-25-029247 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001193125-26-064849 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0000950170-24-020565 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K/A · period ending 2022-12-31 · accession 0000950170-25-029247 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001193125-26-064849 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0000950170-24-020565 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K/A · period ending 2022-12-31 · accession 0000950170-25-029247 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001193125-26-064849 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0000950170-23-004399 (LongTermDebt)
  14. 10-K · period ending 2022-12-31 · accession 0000950170-24-020565 (LongTermDebt)
  15. 10-K/A · period ending 2023-12-31 · accession 0000950170-25-029247 (LongTermDebt)
  16. 10-K · period ending 2024-12-31 · accession 0001193125-26-064849 (LongTermDebt)
  17. 10-K · period ending 2021-12-31 · accession 0000950170-23-004399 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0000950170-24-020565 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K/A · period ending 2023-12-31 · accession 0000950170-25-029247 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-12-31 · accession 0001193125-26-064849 (CashAndCashEquivalentsAtCarryingValue)