Benchmark Electronics(US:BHE)2026-02-03 21:27Revenue and Earnings - Fourth quarter 2025 revenue reached $704 million, reflecting a high single-digit growth compared to the previous quarter[1] - Full year 2025 revenue totaled $2,659 million, slightly up from $2,656 million in 2024[4] - Diluted GAAP earnings per share for Q4 2025 were $0.17, while diluted non-GAAP earnings per share were $0.71[3] - The company expects Q1 2026 revenue guidance between $655 million and $695 million[7] - The company reported a diluted GAAP earnings per share of $1.66 in 2024, up from $0.68 in 2025, marking a growth of 144.1%[22] Profitability and Margins - Gross margin for Q4 2025 improved to 10.5% from 10.0% in Q3 2025[1] - Benchmark's operating margin for the full year 2025 was 2.9%, down from 4.1% in 2024[4] - GAAP operating margin improved to 4.1% in 2024 from 2.9% in 2025, indicating enhanced operational efficiency[22] Cash Flow and Assets - Operating cash flow for Q4 2025 was $59 million, with free cash flow of $48 million[3] - Cash and cash equivalents at the end of 2024 were $328,027 thousand, down from $322,400 thousand in 2025, reflecting a decrease of 1.9%[20] - Free cash flow for 2024 was $155,972 thousand, compared to $85,420 thousand in 2025, representing an increase of 82.2%[22] - Net cash provided by operating activities was $189,225 thousand in 2024, compared to $123,964 thousand in 2025, indicating a 52.7% increase[20] Sector Performance - The aerospace and defense (A&D) sector revenue increased to $137 million in Q4 2025, representing 20% of total revenue[5] Liabilities and Current Financial Position - Total current liabilities decreased from $635,577 thousand in 2025 to $649,105 thousand in 2024, a reduction of approximately 1.5%[17] - Total liabilities decreased from $971,912 thousand in 2025 to $1,029,872 thousand in 2024, a decline of approximately 5.9%[17] Strategic Direction - The company plans to continue executing its growth strategy under new leadership, focusing on creating value for stakeholders[2] Cash Conversion Cycle - The cash conversion cycle decreased to 67 days in Q4 2025, down from 89 days in Q4 2024[6]