Estados financieros detallados de Benchmark Electronics, Inc. (BHE): cuenta de resultados, balance general y flujo de caja. Sigue la evolución de márgenes, deuda, liquidez y rentabilidad año a año con hasta 20 años de histórico.
Resumen del Análisis
Benchmark Electronics, Inc. registró ingresos de $2.66B en el último ejercicio fiscal, con un CAGR de 5 años del 5.3%. El beneficio neto alcanzó $24.9M, con un CAGR a 5 años del 12.1%.
Márgenes de los últimos 12 meses: margen bruto 10.2%, margen operativo 4.2%, margen neto 1.9%. El flujo de caja libre creció a un CAGR del 1.1% en 5 años.
Al precio actual de $73.85, BHE cotiza a un P/E de 50.41 y un ROE del 2.26%. La capitalización bursátil es de $2.7B.
Cuenta de Resultados (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | $2.31B | $2.47B | $2.57B | $2.27B | $2.05B | $2.26B | $2.89B | $2.84B | $2.66B | $2.66B |
| Coste de Ventas | $2.10B | $2.24B | $2.35B | $2.08B | $1.88B | $2.05B | $2.63B | $2.57B | $2.39B | $2.39B |
| Beneficio Bruto | $213.5M | $227.7M | $220.6M | $185.5M | $175.0M | $205.9M | $255.2M | $271.1M | $270.0M | $264.9M |
| I+D | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Generales y Administrativos | $113.4M | $130.4M | $143.2M | $126.7M | $122.2M | $136.7M | $150.2M | $147.0M | $149.5M | $159.7M |
| Gastos Operativos | $125.3M | $140.5M | $152.7M | $157.0M | $149.9M | $152.8M | $165.2M | $161.4M | $160.6M | $159.7M |
| Beneficio Operativo | $75.6M | $78.6M | $58.5M | $28.5M | $25.1M | $53.1M | $90.1M | $109.7M | $109.4M | $105.3M |
| EBITDA | $131.9M | $128.2M | $115.1M | $82.4M | $74.4M | $98.0M | $141.5M | $158.5M | $157.0M | $128.6M |
| Gastos por Intereses | $9.3M | $9.4M | $10.5M | $6.7M | $8.4M | $8.5M | $12.9M | $31.9M | $26.9M | $20.2M |
| Beneficio Antes de Impuestos | $68.2M | $72.8M | $55.5M | $27.3M | $17.3M | $45.4M | $84.3M | $81.2M | $83.9M | $61.5M |
| Impuestos | $4.1M | $104.7M | $32.7M | $3.8M | $3.2M | $9.6M | $16.1M | $16.9M | $20.6M | $36.7M |
| Beneficio Neto | $64.0M | -$32.0M | $22.8M | $23.4M | $14.1M | $35.8M | $68.2M | $64.3M | $63.3M | $24.9M |
| BPA | $1.30 | $-0.64 | $0.49 | $0.61 | $0.38 | $1.00 | $1.94 | $1.81 | $1.76 | $0.69 |
| BPA Diluido | $1.29 | $-0.64 | $0.49 | $0.60 | $0.38 | $0.99 | $1.91 | $1.79 | $1.72 | $0.68 |
| Acciones en Circulación (Diluidas) | $49.8M | $49.7M | $46.7M | $38.8M | $36.8M | $36.1M | $35.7M | $36.0M | $36.8M | $36.3M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | $680.7M | $704.3M | $677.3M | $756.0M |
| Beneficio Bruto | $67.3M | $73.3M | $69.3M | $78.4M |
| Beneficio Operativo | $25.8M | $35.7M | $26.9M | $30.3M |
| EBITDA | $36.7M | $30.8M | $33.8M | $41.8M |
| Beneficio Neto | $14.3M | $6.0M | $13.0M | $19.9M |
| BPA | $0.40 | $0.17 | $0.36 | $0.55 |
| BPA Diluido | $0.39 | $0.17 | $0.36 | $0.55 |
Balance (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $681.4M | $742.5M | $458.1M | $347.6M | $390.8M | $271.7M | $207.4M | $277.4M | $315.2M | $322.1M |
| Inversiones a Corto | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cuentas por Cobrar | $440.8M | $583.2M | $608.4M | $486.6M | $452.5M | $511.5M | $675.6M | $624.4M | $580.0M | $574.0M |
| Inventario | $381.3M | $397.2M | $310.0M | $315.0M | $327.4M | $523.2M | $727.7M | $683.8M | $553.7M | $482.5M |
| Activos Corrientes | $1.53B | $1.62B | $1.40B | $1.20B | $1.20B | $1.35B | $1.65B | $1.64B | $1.50B | $1.45B |
| Inmovilizado Material | $166.1M | $186.5M | $211.0M | $282.7M | $265.2M | $285.8M | $304.6M | $358.5M | $343.1M | $326.4M |
| Fondo de Comercio | $191.6M | $191.6M | $192.1M | $192.1M | $192.1M | $192.1M | $192.1M | $192.1M | $192.1M | $192.1M |
| Activos Intangibles | $96.3M | $90.9M | $84.1M | $75.8M | $70.0M | $64.2M | $58.2M | $51.0M | $44.4M | $38.8M |
| Activos Totales | $2.00B | $2.10B | $1.90B | $1.76B | $1.74B | $1.90B | $2.23B | $2.27B | $2.14B | $2.07B |
| Cuentas por Pagar | $326.2M | $362.7M | $422.1M | $303.0M | $282.2M | $426.6M | $424.3M | $367.5M | $354.2M | $403.2M |
| Deuda a Corto | $12.4M | $18.3M | $6.8M | $8.8M | $9.2M | $985000 | $4.3M | $4.3M | $6.7M | $3.8M |
| Pasivos Corrientes | $412.4M | $478.3M | $537.2M | $459.2M | $481.1M | $654.4M | $749.1M | $713.5M | $649.1M | $635.6M |
| Deuda a Largo | $211.3M | $187.3M | $147.3M | $138.9M | $131.1M | $129.3M | $320.7M | $326.7M | $250.5M | $206.8M |
| Pasivos Totales | $633.2M | $768.5M | $767.6M | $745.0M | $754.6M | $930.1M | $1.20B | $1.20B | $1.03B | $971.9M |
| Reservas | $748.6M | $697.9M | $584.3M | $515.9M | $492.2M | $480.0M | $519.9M | $560.5M | $596.0M | $568.2M |
| Patrimonio Neto | $1.37B | $1.33B | $1.13B | $1.01B | $989.6M | $973.8M | $1.03B | $1.08B | $1.11B | $1.10B |
| Deuda Total | $231.7M | $211.7M | $154.1M | $215.6M | $212.3M | $221.2M | $411.6M | $454.3M | $366.2M | $309.3M |
| Deuda Neta | -$449.7M | -$530.9M | -$304.0M | -$131.9M | -$178.5M | -$50.6M | $204.2M | $177.0M | $51.0M | -$12.8M |
| Capital Circulante | $1.12B | $1.14B | $866.4M | $735.8M | $721.2M | $693.8M | $903.0M | $922.2M | $855.1M | $812.6M |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $285.4M | $322.1M | $324.9M | $314.8M |
| Activos Totales | $2.07B | $2.07B | $2.10B | $2.21B |
| Pasivos Totales | $958.1M | $971.9M | $999.7M | $1.10B |
| Patrimonio Neto | $1.11B | $1.10B | $1.10B | $1.12B |
| Deuda Total | $318.2M | $309.3M | $304.3M | $277.3M |
Flujo de Caja (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | $64.0M | -$32.0M | $22.8M | $23.4M | $14.1M | $35.8M | $68.2M | $64.3M | $64.3M | $24.9M |
| Amortizaciones | $55.1M | $48.7M | $51.8M | $48.0M | $48.8M | $44.2M | $43.8M | $45.4M | $45.6M | $47.6M |
| Compensación en Acciones | $5.3M | $7.8M | $10.1M | 0 | $10.4M | $15.3M | 0 | $15.3M | $13.4M | $17.2M |
| Cambio en Capital Circulante | $148.0M | $121.3M | -$8.1M | $9.0M | $45.5M | -$95.4M | -$301.0M | $62.0M | $71.6M | $31.2M |
| Flujo de Caja Operativo | $272.5M | $145.8M | $76.7M | $93.1M | $120.4M | -$2.6M | -$177.5M | $174.3M | $189.2M | $124.0M |
| Inversiones (CapEx) | -$32.3M | -$54.5M | -$66.7M | -$32.6M | -$39.5M | -$42.2M | -$43.4M | -$77.7M | -$33.3M | -$38.5M |
| Adquisiciones | $10.8M | $280000 | -$2.7M | $259000 | $4.7M | 0 | $5.7M | 0 | 0 | $5.1M |
| Recompra de Acciones | -$41.9M | -$29.3M | -$211.9M | -$122.1M | -$25.2M | -$40.2M | -$9.4M | 0 | -$5.1M | -$26.8M |
| Dividendos Pagados | 0 | 0 | -$21.0M | -$23.3M | -$23.0M | -$23.3M | -$23.2M | -$23.5M | -$23.9M | -$24.4M |
| Flujo de Caja Libre | $240.2M | $91.3M | $10.0M | $60.6M | $80.9M | -$44.8M | -$220.8M | $96.6M | $156.0M | $85.4M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | $36.6M | $58.7M | $47.0M | $34.7M |
| Inversiones (CapEx) | -$10.8M | -$11.3M | -$18.3M | -$10.5M |
| Flujo de Caja Libre | $25.8M | $47.4M | $28.8M | $24.2M |
| Dividendos Pagados | -$6.1M | $18.4M | -$6.1M | -$6.1M |
| Compensación en Acciones | $5.3M | $7.5M | $5.4M | $6.2M |
Crecimiento y Márgenes (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | +6.8% | +4.0% | -11.6% | -9.5% | +9.8% | +28.0% | -1.6% | -6.4% | +0.1% |
| Crecimiento Beneficio Neto (anual) | | -149.9% | +171.4% | +2.7% | -40.0% | +154.5% | +90.7% | -5.7% | -1.5% | -60.8% |
| Crecimiento BPA (anual) | | -149.2% | +176.6% | +24.5% | -37.7% | +163.2% | +94.0% | -6.7% | -2.8% | -60.8% |
| Cambio en Acciones (anual) | | -0.3% | -6.1% | -16.9% | -5.0% | -1.9% | -1.1% | +0.7% | +2.2% | -1.2% |
| Crecimiento FCF (anual) | | -62.0% | -89.1% | +508.3% | +33.6% | -155.4% | -392.9% | +143.7% | +61.5% | -45.2% |
| Margen Bruto | 9.2% | 9.2% | 8.6% | 8.2% | 8.5% | 9.1% | 8.8% | 9.5% | 10.2% | 10.0% |
| Margen Operativo | 3.3% | 3.2% | 2.3% | 1.3% | 1.2% | 2.4% | 3.1% | 3.9% | 4.1% | 4.0% |
| Margen EBITDA | 5.7% | 5.2% | 4.5% | 3.6% | 3.6% | 4.3% | 4.9% | 5.6% | 5.9% | 4.8% |
| Margen Neto | 2.8% | -1.3% | 0.9% | 1.0% | 0.7% | 1.6% | 2.4% | 2.3% | 2.4% | 0.9% |
| Margen FCF | 10.4% | 3.7% | 0.4% | 2.7% | 3.9% | -2.0% | -7.7% | 3.4% | 5.9% | 3.2% |
| Tasa Impositiva Efectiva | 6.1% | 143.9% | 58.9% | 14.1% | 18.7% | 21.2% | 19.1% | 20.8% | 24.5% | 59.6% |
Datos por Acción (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $4.82 | $1.84 | $0.21 | $1.56 | $2.20 | $-1.24 | $-6.18 | $2.68 | $4.24 | $2.35 |
| Dividendo por Acción | $0.00 | $0.00 | $0.45 | $0.60 | $0.63 | $0.64 | $0.65 | $0.65 | $0.65 | $0.67 |
| Acciones en Circulación (Básicas) | $49.3M | $49.7M | $46.3M | $38.3M | $36.5M | $35.7M | $35.2M | $35.6M | $36.0M | $35.9M |
Qué mirar en empresas de Technology
- Crecimiento de ingresos 3a (≥15%/año) — Valida tracción sostenida, no un año puntual.
- Margen bruto (Depende del sub-sector) — SaaS ≥70%, Internet ≥55%, Semis ≥45%, Hardware ≥35%.
- FCF / Ingresos (≥20%) — Caja real generada. Muchas tech maquillan beneficios non-GAAP.
- ROIC (≥15%) — Eficiencia del capital reinvertido — la primera métrica de Buffett.
- SBC / Ingresos (<10% saludable) — Stock-based compensation. Dilución silenciosa: >20% destruye valor.
- Deuda Neta / EBITDA (≤2x (1,5x SaaS)) — Resistencia en recesiones y subidas de tipos.
Rentabilidad
| Rentabilidad sobre capital | 2.26% |
| Rentabilidad sobre capital invertido | 2.95% |
| Rentabilidad sobre activos | 1.20% |
| Margen bruto | 10.23% |
| Margen operativo | 4.21% |
| Margen neto | 1.89% |
Salud financiera
| Deuda / Patrimonio | 0.25 |
| Ratio corriente | 1.99 |
| Piotroski F-Score | 4 |
| Altman Z-Score | 3.25 |
Ratios Clave (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | 23.46 | -45.47 | 43.22 | 56.33 | 71.08 | 27.10 | 13.76 | 15.27 | 25.80 | 61.97 |
| P/VC | 1.10 | 1.09 | 0.87 | 1.30 | 1.00 | 0.99 | 0.91 | 0.91 | 1.47 | 1.39 |
| P/V | 0.65 | 0.59 | 0.38 | 0.58 | 0.48 | 0.43 | 0.33 | 0.35 | 0.61 | 0.58 |
| Margen Bruto | 9.2% | 9.2% | 8.6% | 8.2% | 8.5% | 9.1% | 8.8% | 9.5% | 10.2% | 10.0% |
| Margen Operativo | 3.3% | 3.2% | 2.3% | 1.3% | 1.2% | 2.4% | 3.1% | 3.9% | 4.1% | 4.0% |
| Margen Neto | 2.8% | -1.3% | 0.9% | 1.0% | 0.7% | 1.6% | 2.4% | 2.3% | 2.4% | 0.9% |