BENCHMARK ELECTRONICS INC (BHE) — payout ratio, three ways
Fiscal year ending 2025-12-31 · sector Technology · payout ratios computed from SEC filings, not taken from a data vendor.
| Basis | Payout | Why it differs |
|---|---|---|
| GAAP earnings | 99.0% | The figure most screeners publish. |
| Operating cash flow | 19.7% | Before capital spending, so it understates the payout that free cash flow shows. |
| Free cash flow | 27.6% | What is left after maintaining the business. |
Spread between highest and lowest: 79 percentage points. Same filings, different denominators.
Coverage rating 43 / 100 — Tight. ? Peer standing 25/50Direction 18/30Stability 0/20
Free cash flow payout, last 6 years
| Fiscal year | Payout |
|---|---|
| 2025-12-31 | 27.6% |
| 2024-12-31 | 15.1% |
| 2023-12-31 | 23.3% |
| 2020-12-31 | 26.8% |
| 2019-12-31 | 38.5% |
| 2018-12-31 | 151.3% |
Coverage worsened sharply this year, 15.1% to 27.6%, after no clear trend before it. One year is not a trend, but it is worth knowing which direction the last one moved.
Among the 42 technology companies here, 50% pay out a larger share on this basis.
The arithmetic
- GAAP earnings — dividends declared per share $0.67 ÷ diluted EPS $0.68
- Operating cash flow — dividends paid $24.4m ÷ operating cash flow $124.0m
- Free cash flow — dividends paid $24.4m ÷ (operating cash flow $124.0m − capex $35.6m)
Where the figures came from
- 10-K filed 2026-02-24 · accession
0001193125-26-064849
Every one is public at sec.gov and free to check. That is the point — you should not have to take my word for any of it.
Caveats on this company
- DPS derived from dividends paid ($0.67); no per-share tag filed
Computed by an open pipeline reading SEC XBRL directly. If any number here looks wrong to you, tell me — that is more useful to me than agreement.