BHE Stock: Insider Activity, Filings & Research

Benchmark Electronics, Inc. (BHE) — Drillr’s hub for BHE insider activity, SEC filings, earnings signals and AI research. Over the trailing 3 months, BHE insiders filed 0 open-market buys and 4 sales (SEC Form 4).

Sentiment

0/100

Buys (3m)

Sells (3m)

Net (3m)

-$5.6M

Insider trades by month Buys Sells

Sep

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May

Context3-month price +53.9%Institutions accumulating (13F)

Date	Insider	Type	Shares	Price
May 28, 2026	LAMNECK KENNETH Tdirector	Grant	2,093	—
May 28, 2026	SCHEIBLE DAVID Wdirector	Grant	2,093	—
May 28, 2026	BRYAN GLYNISdirector	Grant	2,093	—
May 28, 2026	Wentworth Lynn Adirector	Grant	2,093	—
May 28, 2026	De Greef-Safft Annedirector	Grant	2,093	—
May 28, 2026	SLESSOR MIKEdirector	Grant	2,093	—
May 28, 2026	SWOBODA CHARLES Mdirector	Grant	2,093	—
May 28, 2026	Britt Douglasdirector	Grant	2,093	—
May 26, 2026	Moezidis Daviddirector, officer: President and CEO	Sell	12,500	$87.57
May 15, 2026	SCHEIBLE DAVID Wdirector	Sell	22,989	$85.00
May 12, 2026	LAMNECK KENNETH Tdirector	Sell	24,263	$81.49
May 8, 2026	Turner Rhonda Rofficer: SVP, Chief HR Officer	Sell	6,600	$85.14
Apr 2, 2026	Moezidis Daviddirector, officer: President and CEO	Grant	13,379	—
Feb 27, 2026	Turner Rhonda Rofficer: SVP, Chief HR Officer	Tax	1,006	$60.36
Feb 27, 2026	Beaver Stephen Jofficer: SVP, General Counsel and CLO	Tax	1,405	$60.36

Source: BHE SEC Form 4 filings, latest May 28, 2026. For informational purposes only — not investment advice.

Overview

Benchmark Electronics, Inc. (NYSE:BHE) is a global contract electronics manufacturing services company founded in 1979 and headquartered in Tempe, Arizona. The company went public in 1990 and has evolved from Electronics, Inc. into a comprehensive provider of engineering services, technology solutions, and manufacturing services across the Americas, Asia, and Europe. Benchmark serves original equipment manufacturers across multiple high-value industries including aerospace and defense, medical technologies, semiconductor capital equipment, complex industrials, telecommunications, and advanced computing.

Business

Benchmark Electronics operates in the Electronics Manufacturing Services (EMS) industry, which provides outsourced manufacturing and engineering services to companies that design electronic products but prefer to outsource their production. The EMS industry serves as a critical link in the global electronics supply chain, allowing original equipment manufacturers (OEMs) to focus on product design and marketing while leveraging specialized manufacturing expertise and economies of scale. The company's core offerings span the entire product lifecycle from initial design to end-of-life support. Engineering services include new product design, prototyping, testing, and custom automation equipment development. Manufacturing services encompass printed circuit board assembly, subsystem integration, precision machining, and electromechanical assembly. Testing and quality services provide comprehensive validation including environmental stress testing, component reliability testing, and failure analysis. Additionally, Benchmark offers supply chain management solutions and aftermarket services including repair, refurbishment, and spare parts manufacturing throughout a product's lifecycle. The company operates across six primary market segments with approximate revenue distributions: 1. Semiconductor Capital Equipment (Semi-Cap) represents roughly 25-30% of revenue, serving manufacturers of equipment used in semiconductor fabrication. 2. Aerospace & Defense (A&D) accounts for approximately 20-25% of revenue, providing mission-critical electronics for military and commercial aerospace applications. 3. Medical Technologies comprises about 15-20% of revenue, manufacturing devices for healthcare applications including life sciences equipment and medical monitoring systems. 4. Complex Industrials represents roughly 15-20% of revenue, serving automation, energy, and industrial equipment markets. 5. Advanced Computing & Communications (AC&C) accounts for approximately 10-15% of revenue, though this segment has faced significant headwinds. 6. Telecommunications represents the smallest segment at roughly 5-10% of revenue.

Revenue model

Benchmark generates revenue primarily through contract manufacturing fees and engineering services charged to OEM customers. The company operates on a fee-for-service model where customers pay for manufacturing services based on the complexity and volume of products produced, plus additional fees for engineering, testing, and supply chain management services. Revenue is also generated through component sales where Benchmark procures components on behalf of customers and includes them in the final product pricing. The company's paying customers are primarily large OEMs in technology-intensive industries who require high-quality, complex electronic assemblies but prefer to outsource manufacturing to focus on their core competencies. These customers typically engage Benchmark through multi-year contracts that provide revenue visibility and stability. Several factors influence Benchmark's margins and profitability. Positive margin drivers include higher-value engineering services content, improved factory utilization rates, favorable product mix toward complex assemblies, supply chain optimization, and operational efficiency improvements. The company has maintained gross margins above 10% by focusing on higher-value services rather than commodity manufacturing. Negative margin pressures include component cost inflation, supply chain disruptions, competitive pricing pressure, underutilized manufacturing capacity during demand downturns, and customer concentration risks. The company's margins are also sensitive to macroeconomic factors affecting end-market demand, particularly in cyclical sectors like semiconductor capital equipment. Geographic mix matters as well, with the company strategically expanding lower-cost manufacturing capabilities in regions like Romania, Mexico, and Malaysia while maintaining higher-value engineering operations in North America.

Competitive moat

Benchmark's competitive moat is moderate but not exceptionally strong, relying primarily on operational excellence, customer relationships, and specialized capabilities rather than structural barriers to entry. The company's key defensive attributes include deep customer relationships built over decades, with high switching costs due to the complexity of transferring manufacturing processes and quality certifications. Benchmark has developed specialized engineering expertise in complex, regulated industries like aerospace and medical devices where quality and reliability requirements create barriers for new entrants. The company's geographic manufacturing footprint provides some competitive advantage, with 55% of operations in North America offering supply chain proximity and reduced geopolitical risk for customers concerned about over-reliance on Asian manufacturing. This positioning has become more valuable amid recent supply chain disruptions and reshoring trends. Additionally, Benchmark's multi-sector diversification provides stability compared to pure-play competitors focused on single industries. However, the EMS industry is inherently competitive with relatively low barriers to entry for basic manufacturing services. Potential competitive threats include larger EMS providers like Foxconn, Flextronics, and Jabil who can offer greater scale economies, emerging low-cost manufacturers in developing markets, and the possibility of customers bringing manufacturing in-house during economic downturns. The company also faces disruption risks from automation technologies that could commoditize manufacturing processes, and from customers increasingly demanding shorter product lifecycles that reduce the value of long-term manufacturing partnerships. While Benchmark has carved out defensible positions in specialized niches, the company lacks the scale advantages of industry leaders or truly unique technological capabilities that would create a wide moat.

Risks & safety

Benchmark demonstrates solid financial stability with manageable risks, though cyclical earnings create some uncertainty. • Strong liquidity position: $355 million cash, current ratio of 2.37, quick ratio of 1.48 • Moderate debt levels: Debt-to-equity ratio of 0.35, manageable interest obligations • Positive cash generation: $156 million free cash flow in 2024, consistent operational cash flow despite cyclical pressures • Valuation appears reasonable: P/E ratio of 94x (distorted by low Q1 earnings), more normalized 22-26x P/E based on annual results, EV/EBITDA of 13.7x • Cyclical earnings risk: Net income volatile ranging from $3.6M (Q1 2025) to $18.4M (Q4 2024), requiring attention to normalized earning power • Working capital intensity: $1.5B in current assets reflects inventory and receivables needs of manufacturing business • No immediate solvency concerns: Strong balance sheet supports operations through industry cycles

Recent development

Over the past few years, Benchmark has executed several strategic initiatives to position itself for long-term growth and margin expansion. The company has made significant geographic expansion investments, including groundbreaking a new facility in Penang, Malaysia and expanding capabilities in Romania and Mexico to provide customers with lower-cost manufacturing alternatives while maintaining quality standards. Sector focus and portfolio optimization has been a key strategic priority, with management concentrating resources on higher-growth, higher-margin segments. The company has particularly emphasized semiconductor capital equipment capabilities, anticipating recovery in that cyclical market and benefiting from reshoring trends driven by the CHIPS Act. In aerospace and defense, Benchmark has capitalized on increased global defense spending and improved component availability to achieve strong double-digit growth. The company has also prioritized operational excellence initiatives, successfully maintaining gross margins above 10% for multiple consecutive quarters while reducing operating expenses. Supply chain optimization has been critical, with Benchmark reducing inventory levels by $140 million year-over-year while improving customer service levels. The company has enhanced its engineering services capabilities across multiple sectors, recognizing that higher-value engineering content provides better margins and customer stickiness compared to pure manufacturing services. Capital allocation discipline has improved significantly, with management increasing dividend payments, reducing debt levels, and generating substantial free cash flow. The company has also indicated active evaluation of acquisition opportunities focused on accretive investments that enhance current capabilities rather than pure scale plays.

BHE company profile · for informational purposes only — not investment advice.

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