Does BENCHMARK ELECTRONICS, INC. have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores BENCHMARK ELECTRONICS, INC. (BHE) 27.9 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 24, returns on capital 3, balance-sheet safety 59, capital discipline 40.

Is BHE stock trading below its intrinsic value?

Against a deliberately conservative owner-earnings model (9% discount rate, 0% assumed growth, capped at 4%), estimated intrinsic value is $21.48 per share versus a recent price of $78.45 — 265% above value. This is an educational estimate computed from primary SEC filings, not investment advice.

How has BHE's Moat Score changed over time?

The record logs 3 readings since Jul 17, 2026; the latest reads 27.9 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

The Moat Index

BENCHMARK ELECTRONICS, INC.

BHE · Technology · $2.8B mkt cap · FY2025 filings · No moat ·

Doesn't clear the bar

No moat

The four filters

Pricing power24

Median gross margin 9.0% over 10y, stable.

Returns on capital3

Median ROIC 5.6%, above the 9% hurdle in 0% of years.

Balance-sheet safety59

Net cash position — no leverage risk.

Capital discipline40

Owner earnings -9.3%/yr, share count shrinking (buybacks).

Margin of safety

Above valueOn sale

265% above value

Owner earnings (normalized): $68.9M
Est. intrinsic value / share: $21.48
Recent price: $78.45
Discount to value: 265% above value

Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

19 years of fundamentals

The business, in plain English

BENCHMARK ELECTRONICS, INC. booked $2.7B of revenue in FY2025 in the Technology sector and kept 9.8% of it as gross profit — a thin-margin business by that measure. After every other cost, 0.9% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $2.6B (FY2008) to $2.7B (FY2025) — about 0.4% a year compounded over 17 years.

It earned 5.0% on invested capital in FY2025, with a median of 6.9% across 18 filed years. The Returns on Capital filter above scores it 3/100.

The balance sheet carried $210.6M of total debt in FY2025 against $36.9M of owner earnings — roughly 5.7 years of owner earnings to retire it all. Balance-Sheet Safety scores it 59/100.

The share count fell 44.4% between FY2009 and FY2025 — management has been retiring shares, which concentrates each remaining owner's claim. Capital Discipline scores it 40/100.

Put together: Balance-Sheet Safety is the strongest of the four filters (59/100) and Returns on Capital the weakest (3/100), which is how BHE lands at 28/100 — a None moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

RevenueSales, as filed$2.7B FY2025

Gross marginRevenue kept after cost of goods9.8% FY2025

Return on invested capitalOperating profit on the capital employed5.0% FY2025

Owner earningsCash an owner could take out$36.9M FY2025

Gaps in a line mean that item isn’t in BHE’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale27.9 / 100

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — BHE has read No moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Technology context

#433 of 532 scored Technology companies, ranked by Moat Score.

Nearest peers by Moat Score

#431TBRG TruBridge, Inc.28.0 out of 100, No moatNo moat
#432TLS Telos Corporation27.9 out of 100, No moatNo moat
#434CBZ CBIZ, Inc.27.9 out of 100, No moatNo moat
#435KULR KULR TECHNOLOGY GROUP, INC.27.9 out of 100, No moatNo moat

Compare BHE with its nearest peers →All Technology companies on the Index →

Common questions about BHE

Does BENCHMARK ELECTRONICS, INC. have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores BENCHMARK ELECTRONICS, INC. (BHE) 27.9 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 24, returns on capital 3, balance-sheet safety 59, capital discipline 40.
Is BHE stock trading below its intrinsic value?: Against a deliberately conservative owner-earnings model (9% discount rate, 0% assumed growth, capped at 4%), estimated intrinsic value is $21.48 per share versus a recent price of $78.45 — 265% above value. This is an educational estimate computed from primary SEC filings, not investment advice.
How has BHE's Moat Score changed over time?: The record logs 3 readings since Jul 17, 2026; the latest reads 27.9 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell BHE. See the disclaimer.