Benchmark Electronics, Inc.
BHE Technology Electronic Components
Benchmark Electronics, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $2.7 billion, roughly unchanged from fiscal 2024. In the quarter to June 2026, revenue grew 17.7%, EPS grew 1,733.3%, free cash flow grew 244.1% and total debt fell 12.7%, each against the same quarter a year earlier. Dividend growth for five consecutive years.
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Benchmark Electronics, Inc. (BHE) Altman Z-score
Benchmark Electronics, Inc.'s Altman Z-score for fiscal 2025 is 3.21, in the safe zone (above 2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 3.21 | (0.03) |
| FY2024 | 3.23 | 0.50 |
| FY2023 | 2.73 | 0.02 |
| FY2022 | 2.71 | 0.02 |
| FY2021 | 2.69 | (0.21) |
| FY2020 | 2.90 | (0.42) |
| FY2019 | 3.32 | 0.12 |
| FY2018 | 3.20 | (0.34) |
| FY2017 | 3.54 | (0.37) |
| FY2016 | 3.91 | 0.10 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.39 | — | 0.47 | |
| Retained earnings / total assets | 0.27 | — | 0.38 | |
| EBIT / total assets | 0.04 | — | 0.12 | |
| Market value of equity / total liabilities | 1.58 | — | 0.95 | |
| Sales / total assets | 1.28 | — | 1.28 | |
| Altman Z-score | Safe zone | 3.21 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 4.90 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| OLED Universal Display Corporation compare | 18.6× |
| ROG Rogers Corporation compare | 6.1× |
| OUST Ouster, Inc. compare | 4.9× |
| BELFB Bel Fuse Inc. compare | 4.6× |
| BELFA Bel Fuse Inc. compare | 4.3× |
| KN Knowles Corporation compare | 4.3× |
| ALNT Allient Inc. compare | 4.0× |
| OSIS OSI Systems, Inc. compare | 3.3× |
| BHE Benchmark Electronics, Inc. | 3.2× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets