Benchmark’s fourth quarter results reflected balanced growth across key sectors, with management citing strong performance in medical devices, aerospace and defense, and advanced computing. CEO Jeffrey Benck highlighted, “Double-digit growth in three of our five focus sectors helped offset softness in semi cap equipment.” Management also noted continued progress in operational efficiency and working capital improvements, which supported gross margin stability despite challenging end-market dynamics.
Is now the time to buy BHE? Find out in our full research report (it’s free for active Edge members).
Benchmark (BHE) Q4 CY2025 Highlights:
- Revenue: $704.3 million vs analyst estimates of $696.7 million (7.2% year-on-year growth, 1.1% beat)
- Adjusted EPS: $0.71 vs analyst estimates of $0.64 (10.9% beat)
- Adjusted EBITDA: $51.23 million (7.3% margin, 25.3% year-on-year growth)
- Revenue Guidance for Q1 CY2026 is $675 million at the midpoint, above analyst estimates of $662.8 million
- Adjusted EPS guidance for Q1 CY2026 is $0.56 at the midpoint, above analyst estimates of $0.55
- Operating Margin: 4.9%, in line with the same quarter last year
- Market Capitalization: $2.10 billion
While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.
Our Top 5 Analyst Questions From Benchmark’s Q4 Earnings Call
- Jim Ricchiuti (Needham and Company) asked about margin sustainability as revenues accelerate. CFO Bryan Schumaker replied that operating leverage should improve as revenue grows, with SG&A not rising at the same pace.
- Steven Fox (Fox Advisors) questioned potential expansion in the industrial sector’s total addressable market. President David Moezidis described broad subsector opportunities, including transportation and building management, with gradual improvement expected.
- Fox also sought clarity on gross margin drivers. Schumaker explained that margin improvement was mainly due to plant leverage and product mix, rather than any one-time benefit.
- Maxwell Michaelis (Lake Street Capital) asked for detail on medical program wins and their momentum. Moezidis explained ongoing momentum in both device and life sciences categories, citing customer demand and accelerated production ramps.
- Anja Soderstrom (Sidoti) inquired about visibility in AC and C (advanced computing) and defense program timing. Moezidis said strong project-based visibility in computing would persist in the first half, while defense growth is expected to moderate before picking up again in 2027.
Catalysts in Upcoming Quarters
In the coming quarters, our analysts will be watching (1) the pace of semi cap recovery and whether customer order pull-ins materialize as expected, (2) the sustained ramp of medical and AI computing programs as new facilities and equipment come online, and (3) margin trends as capital spending rises to support growth. Execution in space and defense contract ramps will also be critical indicators for future performance.
Benchmark currently trades at $58.80, up from $56.02 just before the earnings. At this price, is it a buy or sell? The answer lies in our full research report (it’s free).
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