What is the market's earnings forecast for Benchmark next quarter?

What is the revenue and EPS growth rate for Benchmark year over year?

What guidance did Benchmark's management provide for the next earnings period?

What is Benchmark's latest dividend and current dividend yield?

What were the key takeaways from Benchmark's earnings call?

Did Benchmark beat or miss consensus estimates last quarter?

What is Benchmark's gross profit margin?

What does Benchmark do and what are its main business segments?

- **Revenue Beat**: Q3 revenue of $681 million (+6% QoQ, +15% AC&C YoY) with non-GAAP EPS of $0.62, driven by medical (18% YoY) and A&D (26% YoY) growth.
- **AI & HPC Momentum**: 2026H2 AI/enterprise AI ramp expected, with HPC builds supporting 2026 growth. Semi-cap recovery signals for 2026H2.
- **Cash Flow Strength**: $25M free cash flow (Q3) and $74M LTM, with 77-day cash conversion cycle (down 13 YoY).
- **Medical Recovery**: 15% YoY growth, competitive takeaways, and medtech expansion driving 2026 continuity.
- **CapEx Outlook**: 2026 capex ~2% of revenue, focused on automation and growth programs.

**【CEO Summary Section】**
- **Revenue Growth**: Q3 2025 revenue of $681 million, up 6% sequentially and at the high end of guidance, with non-GAAP EPS of $0.62. This marks the eighth consecutive quarter of 10%+ gross margin.
- **Sector Momentum**: Double-digit growth in medical (18% YoY) and A&D (26% YoY), with sequential growth in 4 of 5 sectors. Semi-cap softened due to China restrictions and tariffs.
- **Cash Flow Strength**: Generated $25 million in free cash flow, totaling $74 million over 12 months. Investing in new PT4 building in Malaysia while maintaining 50% Americas manufacturing capacity.

**【CFO Financial Commentary】**
- **Q3 Financials**: GAAP net income of $42.3 million, with non-GAAP gross margin of 10.1% (down 10bps YoY). Operating margin improved to 4.8% due to revenue leverage.
- **Q4 Guidance**: Revenue $670-720 million (mid-single-digit YoY growth), non-GAAP EPS $0.62-0.68. Free cash flow expected to remain strong, with capex focused on automation and growth programs.
- **Liquidity**: Cash balance of $286 million, with $476 million available under revolver. Cash conversion cycle improved to 77 days (down 13 YoY).

**【CCO Sector Update】**
- **AC&C**: Sequential growth driven by AI and HPC wins, with Q4 ramp expected. 2026 outlook includes sovereign AI and enterprise opportunities.
- **Medical**: 15% YoY growth, with competitive takeaway wins and medtech subsector expansion. 2026 growth expected to continue as channel inventory normalizes.
- **A&D**: Double-digit YoY growth in space and defense, with significant satellite manufacturing wins. Semi-cap bookings remain strong despite near-term demand softness.

**【Q&A Highlights】**
- **AI/HPC Timeline**: Revenue ramp expected in mid-2026, with enterprise AI and sovereign projects driving growth. HPC builds will complement AI demand.
- **Semi-Cap Recovery**: 2026H2 outlook for demand pickup, supported by multiyear AI-related silicon content growth. Malaysia expansion positions for long-term wins.
- **Cash Management**: Inventory turns improved to 4.8x, with focus on maintaining cash flow discipline amid growth investments.


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