Benchmark Electronics, Inc. Financial Ratios — BHE Stock

Profitability	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Return on Common Equity (%)	15.8	20.34	11.86	11.87	20.34	13.09	14.04	8.74	-4.35	3.51	4.23	2.77	7.3	13.55	11.83
Return on Assets (%)	3.72	5.42	3.49	3.77	7.02	4.88	5.35	3.28	-1.55	1.14	1.28	0.8	1.96	3.3	2.86
Return on Capital (%)	- -	20.07	- -	11.85	20.29	13.13	- -	7.54	-3.8	3.25	3.95	2.89	6.01	9.59	9.17
Return on Invested Capital (%)	- -	7.77	- -	5.7	6.95	6.73	- -	5.23	-2.44	1.95	3.36	2.92	4.11	6.02	6.22
Gross Margin (%)	7.02	7.8	6.16	7.16	7.44	7.88	8.63	9.24	9.2	8.02	8.18	8.53	9.13	8.84	9.55
EBITDA Margin (%)	4.83	5.62	3.76	4.96	5.11	5.38	6.16	6.22	5.46	4.67	4.31	4.51	4.74	4.95	5.76
Operating Margin (%)	2.92	3.96	2.18	3.52	3.48	3.72	4.2	3.85	3.48	2.65	2.17	2.13	2.79	3.42	4.16
Incremental Operating Margin (%)	4.53	10.9	30.85	17.49	0.96	5.85	-1.04	7.97	-2.98	-15.67	6.23	2.59	9.43	5.68	-41.03
Pretax Margin (%)	2.49	3.62	1.83	3.06	4.63	3.53	3.54	2.99	2.89	2.16	1.2	0.84	2.01	2.92	2.86
Profit Margin (%)	2.58	3.32	2.31	2.29	4.43	2.9	3.75	2.75	-1.3	0.89	1.03	0.68	1.59	2.36	2.27
Net Income to Common Margin (%)	2.58	3.32	2.31	2.29	4.43	2.9	3.75	2.75	-1.3	0.89	1.03	0.68	1.59	2.36	2.27
Effective Tax Rate (%)	- -	8.34	- -	24.96	4.33	17.63	- -	7.89	144.93	58.92	14.1	18.72	21.22	19.1	20.81
Dvd Payout Ratio (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	92.06	99.41	163.93	65.03	33.94	36.47
Sustainable Growth Rate (%)	15.8	20.34	11.86	11.87	20.34	13.09	14.04	8.74	-4.35	0.28	0.02	-1.77	2.55	8.95	7.51

Credit	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Total Debt	12	11	11	11	10	10	235	224	212	154	216	212	221	412	454
ST Debt	- -	- -	- -	- -	1	1	12	12	18	7	9	9	1	4	4
LT Debt	11	11	11	10	10	9	223	211	193	147	207	203	220	407	450
Total Debt/EBITDA	0.12	0.08	0.13	0.09	0.08	0.06	1.5	1.55	1.58	1.29	2.21	2.29	2.07	2.88	2.78
Net Debt/EBITDA	-4.18	-2.57	-3.35	-3.14	-2.7	-2.77	-1.47	-3.17	-5.54	-2.54	-2.04	-2.71	-1.32	0.82	0.33
Total Debt/EBIT	0.19	0.12	0.22	0.12	0.12	0.09	2.2	2.5	2.48	2.27	4.37	4.85	3.52	4.17	3.85
Net Debt/EBIT	-6.9	-3.64	-5.77	-4.43	-3.96	-4.01	-2.16	-5.12	-8.69	-4.48	-4.05	-5.73	-2.25	1.19	0.45
EBITDA to Interest Expense	72.11	99.12	63.79	77.53	66.23	79.69	52.24	15.54	14.26	11.43	14.67	11.06	12.63	11.08	5.13
EBITDA-CapEx/Interest Expense	48.03	72.66	9.54	46.5	51.37	55.67	39.53	12.06	8.47	5.06	9.4	6.34	7.65	7.45	2.69
EBIT to Interest Expense	43.66	69.88	37.05	54.93	45.06	55.11	35.66	9.61	9.09	6.48	7.4	5.23	7.41	7.65	3.7
Interest Expense	1	1	1	2	2	2	3	9	9	10	7	8	8	13	32
Common Equity/Total Assets	24.78	28.5	30.33	33.25	35.71	38.76	37.49	37.69	33.81	30.97	29.52	28.43	25.4	23.5	24.8
Long-Term Debt/Equity (%)	1.04	0.98	0.95	0.89	0.78	0.69	16.86	15.47	14.44	13.01	20.38	20.53	22.61	39.69	41.71
Long-Term Debt/Capital (%)	3.04	2.55	2.27	1.98	1.58	1.34	23.59	21.62	20.91	19.84	28.13	28.69	31.24	43.57	44.19
Long-Term Debt/Total Assets (%)	0.78	0.75	0.71	0.67	0.57	0.53	11.77	10.57	9.17	7.75	11.75	11.65	11.56	18.29	19.78
Total Debt/Equity (%)	1.07	1.02	0.99	0.93	0.82	0.74	17.79	16.38	15.81	13.61	21.25	21.46	22.71	40.1	42.1
Total Debt/Capital (%)	3.12	2.63	2.36	2.08	1.68	1.44	24.89	22.89	22.89	20.75	29.33	29.98	31.38	44.02	44.61
Total Debt/Total Assets (%)	0.8	0.77	0.73	0.71	0.61	0.57	12.42	11.19	10.04	8.11	12.25	12.17	11.62	18.48	19.97
Net Debt to Equity	-38.61	-30.9	-25.45	-33.75	-28.16	-32.4	-17.46	-33.53	-55.45	-26.85	-19.69	-25.32	-14.53	11.45	4.96
Net Debt/Capital (%)	908.83	-402.03	-155.94	-307.16	-134.8	-180.48	-48.17	-154.89	-407.48	-106.91	-51.55	-78.96	-32.68	16.15	7.23
EBITDA	101	135	85	122	128	151	157	145	134	120	98	93	107	143	163
EBITDA-CapEx	67	99	13	73	99	105	118	112	80	53	63	53	65	96	86
Operating Income (Loss)	61	95	49	87	87	104	107	89	85	68	49	44	63	99	118

Liquidity	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Cash Ratio	1.24	1.08	0.81	1.16	0.87	1.19	1.4	1.65	1.55	0.85	0.76	0.81	0.42	0.28	0.39
Current Ratio	3.53	3.79	3.41	3.67	3.37	3.84	4.17	3.71	3.41	2.61	2.6	2.5	2.06	2.21	2.29
Quick Ratio	2.48	2.5	2.04	2.58	2.28	2.64	2.84	2.72	2.77	1.99	1.82	1.75	1.2	1.18	1.26
CFO/Avg Current Liab	0.36	0.02	0.16	0.44	0.27	0.36	0.43	0.73	0.33	0.15	0.19	0.26	- -	-0.25	0.24
Common Equity/Total Assets	24.78	28.5	30.33	33.25	35.71	38.76	37.49	37.69	33.81	30.97	29.52	28.43	25.4	23.5	24.8
Long-Term Debt/Equity (%)	1.04	0.98	0.95	0.89	0.78	0.69	16.86	15.47	14.44	13.01	20.38	20.53	22.61	39.69	41.71
Long-Term Debt/Capital (%)	3.04	2.55	2.27	1.98	1.58	1.34	23.59	21.62	20.91	19.84	28.13	28.69	31.24	43.57	44.19
Long-Term Debt/Total Assets (%)	0.78	0.75	0.71	0.67	0.57	0.53	11.77	10.57	9.17	7.75	11.75	11.65	11.56	18.29	19.78
Total Debt/Equity (%)	1.07	1.02	0.99	0.93	0.82	0.74	17.79	16.38	15.81	13.61	21.25	21.46	22.71	40.1	42.1
Total Debt/Capital (%)	3.12	2.63	2.36	2.08	1.68	1.44	24.89	22.89	22.89	20.75	29.33	29.98	31.38	44.02	44.61
Total Debt/Total Assets (%)	0.8	0.77	0.73	0.71	0.61	0.57	12.42	11.19	10.04	8.11	12.25	12.17	11.62	18.48	19.97
CFO/Total Liabilities	32.97	1.45	14.26	41.76	22.97	35.11	25.77	43.13	18.94	9.99	12.5	15.96	-0.28	-14.78	14.58
CFO/CapEx	3.67	0.14	0.76	3.08	3.44	2.98	3.87	8.45	2.68	1.15	2.65	3.05	-0.06	-3.79	2.24
Altman's Z-Score	4.35	4.65	3.84	4.4	4.43	5.03	3.99	3.98	3.62	3.53	3.65	3.25	2.99	2.92	2.95

Working Capital	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Accounts Receivable Turnover	4.98	5.5	5.11	5.58	4.92	5.18	5.08	5.05	5.6	5.67	5.72	6.48	6.78	6.81	6.03
Days Sales Outstanding	73.32	66.34	71.43	65.44	74.18	70.48	71.79	72.29	65.23	64.33	63.77	56.33	53.83	53.61	60.51
Inventory Turnover	5.9	6.53	5.61	6.4	6.44	6.46	5.71	5.31	6.85	8.16	6.66	5.85	4.82	4.21	3.64
Days Inventory Outstanding	61.9	55.87	65.07	57	56.7	56.52	63.93	68.69	53.25	44.75	54.76	62.42	75.75	86.77	100.32
Accounts Payable Turnover	6.79	8.48	7.9	8.14	8.23	8.45	8.62	7.19	6.14	6.12	5.76	6.46	6.34	6.67	6.38
Accounts Payable Turnover Days	53.74	43.03	46.23	44.83	44.36	43.18	42.33	50.74	59.42	59.63	63.39	56.49	57.61	54.76	57.25
Cash Conversion Cycle	81.48	79.17	90.28	77.6	86.52	83.81	93.39	90.24	59.06	49.46	55.15	62.26	71.97	85.62	103.58
Inventory to Cash Days	11.42	10.47	6.36	8.44	17.49	13.96	7.86	3.59	11.98	19.58	9.01	-6.08	-21.92	-33.16	-39.8
Inventories	316	362	392	324	397	401	412	381	269	310	315	327	523	728	684
Raw Materials	237	275	294	213	245	267	276	233	258	300	304	313	504	710	659
Work In Process	54	61	72	67	85	85	86	113	9	7	8	9	15	16	22
Finished Goods	24	27	26	44	67	50	49	35	2	2	3	6	4	2	3
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Market Capitalization	1,043	961	680	797	1,065	1,159	907	1,280	1,231	855	1,173	905	907	906	973
- Cash & Cash Equivalents	421	346	284	385	346	427	466	681	743	458	348	391	272	207	277
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	12	11	11	11	10	10	235	224	212	154	216	212	221	412	454
Enterprise Value	633	626	407	423	730	741	676	822	700	551	1,041	727	857	1,110	1,150
Total Capital	375	432	466	510	602	659	945	977	925	742	735	708	705	935	1,018
Total Debt/Capital (%)	3.12	2.63	2.36	2.08	1.68	1.44	24.89	22.89	22.89	20.75	29.33	29.98	31.38	44.02	44.61
Total Debt / EV	0.02	0.02	0.03	0.03	0.01	0.01	0.35	0.27	0.3	0.28	0.21	0.29	0.26	0.37	0.39
EV/Sales	0.3	0.26	0.18	0.17	0.29	0.27	0.27	0.35	0.29	0.21	0.46	0.35	0.38	0.38	0.41
EV/EBITDA	6.27	4.64	4.81	3.45	5.7	4.92	4.32	5.69	5.22	4.6	10.65	7.85	8.01	7.77	7.04
EV/EBIT	10.36	6.57	8.28	4.87	8.37	7.12	6.33	9.19	8.19	8.12	21.1	16.61	13.64	11.25	9.74
EV/Cash Flow to Firm	5.06	97.55	7.21	2.78	7.25	5.41	4.49	2.92	4.94	6.81	10.53	5.71	211.46	- -	5.77
EV/Free Cash Flow to Firm	3.99	14.74	3.17	2.1	5.64	4.06	3.59	2.62	3.57	3.73	7.77	4.36	18.53	- -	4.15
Diluted Market Cap	1,048	969	686	801	1,076	1,174	916	1,293	1,231	861	1,186	912	919	919	985
Diluted Enterprise Value	639	634	413	427	741	756	685	836	700	557	1,054	734	868	1,124	1,162
EV per Share	9.78	10.07	6.87	7.51	13.46	13.85	13.11	16.67	14.08	11.9	27.15	19.89	24.03	31.54	32.35
TTM Sales	2,089	2,402	2,253	2,468	2,506	2,797	2,541	2,322	2,454	2,566	2,268	2,053	2,255	2,886	2,839
TTM EBITDA	101	135	85	122	128	151	157	145	134	120	98	93	107	143	163
TTM Operating Income	61	95	49	87	87	104	107	89	85	68	49	44	63	99	118
TTM Cash Flow to Firm	125	6	56	152	101	137	151	282	142	81	99	127	4	-167	200
TTM Free Cash Flow to Firm	159	42	128	201	129	182	189	314	196	148	134	167	46	-120	277

Multiples		2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Price/Earnings		19.35	12.05	13.09	14.08	9.6	14.27	9.51	20.02	- -	37.48	50.06	64.39	25.37	13.27	15.14
Price/Earnings Average		15.01	12	15.35	13.14	8.44

Benchmark Electronics, Inc.

Profitability

Credit

Liquidity

Working Capital

Enterprise Value

Multiples