Is Benchmark Electronics, Inc. (NYSE:BHE) a buy in 2026?

Where BHE is headed

Benchmark sits in an unglamorous corner of the supply chain, assembling the physical hardware that semi-cap equipment makers, defense primes, and medical device OEMs ship to customers. For most of the past decade it traded like a cyclical afterthought, a sub-5% operating margin business flipping between $2.3B and $2.9B in revenue depending on whether its end markets were restocking or destocking. That framing is now out of date. Revenue is growing 17.7% on a trailing basis, free cash flow has stepped up to $136M, and the end-market mix is tilting toward the two sectors where capex is accelerating fastest: semiconductor capital equipment and aerospace and defense. Both are structurally undersupplied right now, both are reshoring, and both have multi-year backlogs that spill directly onto Benchmark's assembly floors in Tempe, Penang, and Guadalajara.