Latest Ratios: P/E Ratio 119.1x · EV/EBITDA 19.7x · ROE 2.2%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $2.9B | $1.6B | $1.7B | $994M | $953M | $978M | $994M | $1.3B | $988M | $1.4B | $1.5B |
| Enterprise Value | $3.0B | $1.6B | $1.7B | $1.2B | $1.2B | $928M | $816M | $1.2B | $684M | $915M | $1.1B |
| P/E Ratio → | 119.13 | 62.88 | 26.40 | 15.44 | 13.97 | 27.37 | 71.08 | 57.27 | 43.22 | — | 23.64 |
| P/S Ratio | 1.09 | 0.58 | 0.63 | 0.35 | 0.33 | 0.43 | 0.48 | 0.59 | 0.39 | 0.59 | 0.66 |
| P/B Ratio | 2.67 | 1.41 | 1.50 | 0.92 | 0.93 | 1.00 | 1.00 | 1.31 | 0.87 | 1.09 | 1.11 |
| P/FCF | 34.02 | 18.17 | 10.70 | 10.30 | — | — | 12.29 | 21.99 | 99.26 | 15.83 | 6.33 |
| P/OCF | 23.45 | 12.52 | 8.82 | 5.70 | — | — | 8.26 | 14.30 | 12.89 | 9.91 | 5.58 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.62 | 0.65 | 0.41 | 0.40 | 0.41 | 0.40 | 0.53 | 0.27 | 0.37 | 0.46 |
| EV / EBITDA | 19.66 | 10.76 | 11.06 | 7.55 | 8.62 | 9.54 | 11.04 | 15.59 | 6.35 | 7.24 | 8.23 |
| EV / EBIT | 28.42 | 15.55 | 15.52 | 10.36 | 11.90 | 17.22 | 31.80 | 35.36 | 10.36 | 11.38 | 13.81 |
| EV / FCF | — | 19.17 | 11.03 | 12.13 | — | — | 10.08 | 19.81 | 68.72 | 10.02 | 4.45 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 10.0% | 10.0% | 10.2% | 9.5% | 8.8% | 9.1% | 8.5% | 8.2% | 8.6% | 9.2% | 9.2% |
| Operating Margin | 4.0% | 4.0% | 4.1% | 3.9% | 3.1% | 2.4% | 1.2% | 1.3% | 2.3% | 3.2% | 3.3% |
| Net Profit Margin | 0.9% | 0.9% | 2.4% | 2.3% | 2.4% | 1.6% | 0.7% | 1.0% | 0.9% | -1.3% | 2.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 2.2% | 2.2% | 5.8% | 6.1% | 6.8% | 3.6% | 1.4% | 2.2% | 1.9% | -2.4% | 4.8% |
| ROA | 1.2% | 1.2% | 2.9% | 2.9% | 3.3% | 2.0% | 0.8% | 1.3% | 1.1% | -1.6% | 3.3% |
| ROIC | 6.7% | 6.7% | 6.8% | 6.6% | 6.3% | 4.6% | 2.2% | 2.5% | 5.4% | 6.9% | 5.7% |
| ROCE | 7.2% | 7.2% | 7.2% | 7.2% | 6.6% | 4.2% | 2.0% | 2.1% | 3.9% | 4.9% | 4.8% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.37 | 0.37 | 0.33 | 0.42 | 0.40 | 0.23 | 0.21 | 0.21 | 0.14 | 0.16 | 0.17 |
| Debt / EBITDA | 2.68 | 2.68 | 2.35 | 2.93 | 3.06 | 2.27 | 2.87 | 2.80 | 1.43 | 1.67 | 1.78 |
| Net Debt / Equity | — | 0.08 | 0.05 | 0.16 | 0.20 | -0.05 | -0.18 | -0.13 | -0.27 | -0.40 | -0.33 |
| Net Debt / EBITDA | 0.56 | 0.56 | 0.33 | 1.14 | 1.52 | -0.52 | -2.41 | -1.71 | -2.82 | -4.20 | -3.46 |
| Debt / FCF | — | 1.00 | 0.33 | 1.83 | — | — | -2.21 | -2.18 | -30.54 | -5.81 | -1.87 |
| Interest Coverage | 5.22 | 5.22 | 4.12 | 3.55 | 7.54 | 6.36 | 3.07 | 5.09 | 6.30 | 8.55 | 8.33 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.28 | 2.28 | 2.32 | 2.29 | 2.21 | 2.06 | 2.50 | 2.60 | 2.61 | 3.38 | 3.71 |
| Quick Ratio | 1.52 | 1.52 | 1.46 | 1.33 | 1.23 | 1.26 | 1.82 | 1.92 | 2.04 | 2.55 | 2.79 |
| Cash Ratio | 0.51 | 0.51 | 0.49 | 0.39 | 0.28 | 0.42 | 0.81 | 0.76 | 0.85 | 1.55 | 1.65 |
| Asset Turnover | — | 1.28 | 1.24 | 1.25 | 1.30 | 1.18 | 1.18 | 1.29 | 1.35 | 1.18 | 1.16 |
| Inventory Turnover | 4.96 | 4.96 | 4.31 | 3.76 | 3.62 | 3.92 | 5.74 | 6.61 | 7.57 | 5.64 | 5.50 |
| Days Sales Outstanding | — | 53.68 | 79.71 | 80.28 | 85.43 | 82.78 | 80.45 | 78.31 | 86.53 | 86.29 | 69.64 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.8% | 1.6% | 1.4% | 2.4% | 2.4% | 2.4% | 2.3% | 1.7% | 2.1% | — | — |
| Payout Ratio | 98.3% | 98.3% | 37.8% | 36.5% | 33.9% | 65.0% | 163.9% | 99.4% | 92.1% | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 0.8% | 1.6% | 3.8% | 6.5% | 7.2% | 3.7% | 1.4% | 1.7% | 2.3% | — | 4.2% |
| FCF Yield | 2.9% | 5.5% | 9.3% | 9.7% | — | — | 8.1% | 4.5% | 1.0% | 6.3% | 15.8% |
| Buyback Yield | 0.9% | 1.7% | 0.3% | 0.0% | 1.0% | 4.1% | 2.5% | 9.2% | 21.4% | 2.0% | 2.8% |
| Total Shareholder Yield | 1.8% | 3.3% | 1.7% | 2.4% | 3.4% | 6.5% | 4.9% | 10.9% | 23.6% | 2.0% | 2.8% |
| Shares Outstanding | — | $36M | $37M | $36M | $36M | $36M | $37M | $39M | $47M | $50M | $50M |
Cyclical semiconductor demand volatility
According to current market data, BHE trades at a forward P/E of 33.32, which appears disconnected from its 0.11% year-over-year revenue growth, suggesting that investors are pricing in a potential structural re-rating rather than reflecting the company's immediate, muted financial performance.
The high valuation multiples relative to the company's historical growth trajectory imply that the market is anticipating a successful pivot toward higher-margin engineering services. However, given the PEG ratio of 10.97, the current share price may be overestimating the speed of this transition, warranting caution for investors expecting near-term earnings expansion.
Based on reported financial statements, BHE's ROIC has hovered between 1.4% and 2.3% over the last ten quarters, indicating that the company is struggling to generate returns that meaningfully exceed its cost of capital in its current high-mix, low-volume operational configuration.
The persistent inability to drive ROIC above the low single digits suggests that the company's specialized cleanroom assets are not being utilized at sufficient scale to generate excess economic value. This trend warrants further investigation into whether the current asset base is too large for the existing revenue volume or if pricing power is structurally capped by the competitive EMS landscape.
As reported in recent filings, BHE's cash conversion cycle has fluctuated significantly, peaking at 135 days in 2023Q4 before moderating to 74 days in 2026Q1, highlighting the company's ongoing struggle to optimize inventory turnover amidst volatile demand in the semiconductor capital equipment sector.
The high variability in the cash conversion cycle suggests that BHE is frequently forced to carry excess inventory to mitigate supply chain risks, which directly suppresses free cash flow margins. Investors should monitor whether the recent compression in the cycle is a sustainable improvement in operational efficiency or merely a temporary byproduct of reduced production activity.
According to the latest balance sheet data, BHE maintains a debt-to-equity ratio of 0.28, which, when compared to the significantly higher leverage of peers like Jabil, positions the company as a defensive outlier capable of weathering prolonged industrial downturns without immediate refinancing risk.
The minimal debt load provides management with significant optionality, yet the low interest coverage ratio of 7.38 suggests that even modest debt levels are sensitive to operating income volatility. This financial structure appears designed for stability rather than growth, which may explain the company's conservative approach to capital deployment.
As evidenced by the company's thin 0.93% net margin, the P/E ratio is a fundamentally flawed metric for BHE, as it obscures the massive impact of pass-through component costs and non-cash charges on the bottom line, leading to a distorted view of the company's true earning power.
Analysts should prioritize EV/EBITDA or P/FCF over P/E to better capture the cash-generative nature of the business, as the latter is overly sensitive to accounting noise and the cyclicality of the semiconductor segment. Relying on P/E in this context risks misinterpreting a temporary margin compression as a permanent decline in business value.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying BHE stock.
Benchmark Electronics, Inc.'s current P/E ratio is 119.1x. The historical average is 24.8x. This places it at the 100th percentile of its historical range.
Benchmark Electronics, Inc.'s current EV/EBITDA is 19.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 9.8x.
Benchmark Electronics, Inc.'s return on equity (ROE) is 2.2%. The historical average is 5.3%.
Based on historical data, Benchmark Electronics, Inc. is trading at a P/E of 119.1x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Benchmark Electronics, Inc.'s current dividend yield is 0.83% with a payout ratio of 98.3%.
Benchmark Electronics, Inc. has 10.0% gross margin and 4.0% operating margin.
Benchmark Electronics, Inc.'s Debt/EBITDA ratio is 2.7x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.