BENCHMARK ELECTRONICS INC, DEF 14A filed on 4/17/2026
Proxy Statement (definitive)
v3.26.1
Document and Entity Information
12 Months Ended
Dec. 31, 2025
Cover [Abstract]  
Document Type DEF 14A
Amendment Flag false
Entity Registrant Name BENCHMARK ELECTRONICS, INC.
Entity Central Index Key 0000863436
v3.26.1
Pay vs Performance Disclosure - USD ($)
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Pay vs Performance Disclosure          
Pay vs Performance Disclosure, Table

In accordance with rules adopted by the SEC, we provide the following disclosure regarding executive “Compensation Actually Paid” or “CAP” (as calculated in accordance with SEC rules) and certain Company performance for the fiscal years listed below. You should refer to “2025 Executive Compensation Program in Detail” in the Compensation Discussion and Analysis in this Proxy Statement for a complete description of how executive compensation relates to Company performance and how the Human Capital and Compensation Committee makes its decisions.

 

 

 

 

 

 

 

 

 

 

Value of Initial Fixed $100 Investment Based on:

 

 

 

 

 

Year

Summary Compensation Table Total for Jeffrey W. Benck
$

 

Compensation Actually Paid to Jeffrey W. Benck(1)(2)
$

 

Average Summary Compensation Table Total for Non-CEO NEOs(3)
$

 

Average Compensation Actually Paid to Non-CEO NEOs(1)(2)(3)
$

 

BHE Total Shareholder Return
$

 

10-K Peer Group Total Shareholder Return(4)
$

 

Net Income
(in thousands)
$

 

Revenue
(in thousands)
$

 

2025

 

7,411,869

 

 

3,680,749

 

 

2,127,977

 

 

1,228,811

 

 

176.76

 

 

185.16

 

 

24,852

 

 

2,659,108

 

2024

 

6,544,395

 

 

10,504,543

 

 

1,665,717

 

 

1,844,780

 

 

149.30

 

 

150.80

 

 

61,126

 

 

2,656,105

 

2023

 

5,837,439

 

 

4,425,392

 

 

1,679,186

 

 

1,506,671

 

 

89.35

 

 

120.18

 

 

68,943

 

 

2,838,976

 

2022

 

6,718,650

 

 

8,543,236

 

 

1,803,293

 

 

2,202,770

 

 

84.06

 

 

126.12

 

 

68,229

 

 

2,886,331

 

2021

 

6,736,846

 

 

4,310,263

 

 

1,776,762

 

 

1,053,904

 

 

83.10

 

 

126.69

 

 

35,770

 

 

2,255,319

 

(1)
Deductions from, and additions to, total compensation in the Summary Compensation Table by year to calculate Compensation Actually Paid include:

 

 

 

2025

 

 

2024

 

 

2023

 

 

2022

 

 

2021

 

 

 

Jeffrey W. Benck
$

 

 

Average Non-CEO NEOs
$

 

 

Jeffrey W. Benck
$

 

 

Average Non-CEO NEOs
$

 

 

Jeffrey W. Benck
$

 

 

Average Non-CEO NEOs
$

 

 

Jeffrey W. Benck
$

 

 

Average Non-CEO NEOs
$

 

 

Jeffrey W. Benck
$

 

 

Average Non-CEO NEOs
$

 

Total Compensation from Summary Compensation Table

 

 

7,411,869

 

 

 

2,127,977

 

 

 

6,544,395

 

 

 

1,665,717

 

 

 

5,837,439

 

 

 

1,679,186

 

 

 

6,718,650

 

 

 

1,803,293

 

 

 

6,736,846

 

 

 

1,776,762

 

Adjustments for Equity Awards

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjustment for grant date values in the Summary Compensation Table

 

 

(5,000,000

)

 

 

(1,187,500

)

 

 

(4,200,000

)

 

 

(1,055,000

)

 

 

(4,000,000

)

 

 

(1,081,250

)

 

 

(3,850,000

)

 

 

(854,673

)

 

 

(4,375,000

)

 

 

(961,344

)

Year-end fair value of unvested awards granted in the current year

 

 

5,065,161

 

 

 

1,203,010

 

 

 

7,439,589

 

 

 

1,492,843

 

 

 

4,529,294

 

 

 

1,210,321

 

 

 

3,956,739

 

 

 

878,408

 

 

 

4,145,568

 

 

 

910,960

 

Year-over-year difference of year-end fair values for unvested awards granted in prior years

 

 

(281,857

)

 

 

(59,640

)

 

 

320,701

 

 

 

79,748

 

 

 

(1,820,841

)

 

 

(286,789

)

 

 

1,755,646

 

 

 

377,497

 

 

 

(2,377,268

)

 

 

(688,242

)

Fair values at vest date for awards granted in prior fiscal years and vested in current year

 

 

(3,218,815

)

 

 

(792,423

)

 

 

4,062,637

 

 

 

480,590

 

 

 

4,629,967

 

 

 

694,789

 

 

 

1,646,191

 

 

 

341,880

 

 

 

1,459,832

 

 

 

293,019

 

Difference in fair values between prior year-end fair values and vest date fair values for awards granted in prior years

 

 

(474,031

)

 

 

(75,135

)

 

 

(3,819,931

)

 

 

(414,109

)

 

 

(4,853,336

)

 

 

(727,383

)

 

 

(1,717,137

)

 

 

(356,934

)

 

 

(1,298,236

)

 

 

(282,430

)

Dividends or dividend equivalents not otherwise included in total compensation

 

 

178,422

 

 

 

12,522

 

 

 

157,152

 

 

 

10,144

 

 

 

102,869

 

 

 

17,797

 

 

 

33,147

 

 

 

13,299

 

 

 

18,521

 

 

 

5,179

 

Grants made in prior fiscal years that are forfeited during 2024

 

 

 

 

 

 

 

 

 

 

 

(415,153

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Compensation Actually Paid (as calculated)

 

 

3,680,749

 

 

 

1,228,811

 

 

 

10,504,543

 

 

 

1,844,780

 

 

 

4,425,392

 

 

 

1,506,671

 

 

 

8,543,236

 

 

 

2,202,770

 

 

 

4,310,263

 

 

 

1,053,904

 

 

(2)
Assumptions used in the valuation of equity awards for purposes of calculating Compensation Actually Paid were materially the same as at grant date, except for adjusting for expected performance of PSUs at each measurement date.
(3)
Non-CEO NEOs reflect the average Summary Compensation Table total compensation and average Compensation Actually Paid for the following executives by year:

2025: Mr. Moezidis; Mr. Schumaker; Mr. Valkanoff; Mr. Beaver

2024: Mr. Moezidis; Mr. Schumaker; Mr. Kamal; Mr. Valkanoff; Mr. Beaver; Mr. Lakkaraju

2023: Mr. Moezidis; Mr. Beaver; Ms. Rhonda R. Buseman; Mr. Lakkaraju

2022 and 2021: Michael D. Buseman; Mr. Beaver; Robert B. Crawford; Mr. Lakkaraju

(4) The Peer Group Index is the Nasdaq U.S. Benchmark Electronic Components Index.

Most Important Performance Measures

In our assessment, the most important financial performance measures used to link CAP to the Named Executive Officers, for 2025, to Company performance are listed below, not ranked in order of importance. The role of each of these performance measures in our executive compensation program is discussed in the Compensation Discussion and Analysis.

Financial Performance Measures

Revenue
Operating Income Margin
Operating Cash Flow

Descriptions of the Relationships Presented in the Pay Versus Performance Table

The illustrations below compare the relationships between CAP and the following measures:

the Company’s cumulative TSR and the Form 10-K Peer Group’s cumulative TSR;
the Company’s Net Income; and
the Company’s Revenue

 

CAP vs. TSR

 

img211128653_66.jpg

 

 

CAP vs. Net Income

img211128653_67.jpg

 

 

CAP vs. Revenue

img211128653_68.jpg

       
Company Selected Measure Name Revenue        
Named Executive Officers, Footnote
(3)
Non-CEO NEOs reflect the average Summary Compensation Table total compensation and average Compensation Actually Paid for the following executives by year:

2025: Mr. Moezidis; Mr. Schumaker; Mr. Valkanoff; Mr. Beaver

2024: Mr. Moezidis; Mr. Schumaker; Mr. Kamal; Mr. Valkanoff; Mr. Beaver; Mr. Lakkaraju

2023: Mr. Moezidis; Mr. Beaver; Ms. Rhonda R. Buseman; Mr. Lakkaraju

2022 and 2021: Michael D. Buseman; Mr. Beaver; Robert B. Crawford; Mr. Lakkaraju

       
Adjustment To PEO Compensation, Footnote
(1)
Deductions from, and additions to, total compensation in the Summary Compensation Table by year to calculate Compensation Actually Paid include:

 

 

 

2025

 

 

2024

 

 

2023

 

 

2022

 

 

2021

 

 

 

Jeffrey W. Benck
$

 

 

Average Non-CEO NEOs
$

 

 

Jeffrey W. Benck
$

 

 

Average Non-CEO NEOs
$

 

 

Jeffrey W. Benck
$

 

 

Average Non-CEO NEOs
$

 

 

Jeffrey W. Benck
$

 

 

Average Non-CEO NEOs
$

 

 

Jeffrey W. Benck
$

 

 

Average Non-CEO NEOs
$

 

Total Compensation from Summary Compensation Table

 

 

7,411,869

 

 

 

2,127,977

 

 

 

6,544,395

 

 

 

1,665,717

 

 

 

5,837,439

 

 

 

1,679,186

 

 

 

6,718,650

 

 

 

1,803,293

 

 

 

6,736,846

 

 

 

1,776,762

 

Adjustments for Equity Awards

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjustment for grant date values in the Summary Compensation Table

 

 

(5,000,000

)

 

 

(1,187,500

)

 

 

(4,200,000

)

 

 

(1,055,000

)

 

 

(4,000,000

)

 

 

(1,081,250

)

 

 

(3,850,000

)

 

 

(854,673

)

 

 

(4,375,000

)

 

 

(961,344

)

Year-end fair value of unvested awards granted in the current year

 

 

5,065,161

 

 

 

1,203,010

 

 

 

7,439,589

 

 

 

1,492,843

 

 

 

4,529,294

 

 

 

1,210,321

 

 

 

3,956,739

 

 

 

878,408

 

 

 

4,145,568

 

 

 

910,960

 

Year-over-year difference of year-end fair values for unvested awards granted in prior years

 

 

(281,857

)

 

 

(59,640

)

 

 

320,701

 

 

 

79,748

 

 

 

(1,820,841

)

 

 

(286,789

)

 

 

1,755,646

 

 

 

377,497

 

 

 

(2,377,268

)

 

 

(688,242

)

Fair values at vest date for awards granted in prior fiscal years and vested in current year

 

 

(3,218,815

)

 

 

(792,423

)

 

 

4,062,637

 

 

 

480,590

 

 

 

4,629,967

 

 

 

694,789

 

 

 

1,646,191

 

 

 

341,880

 

 

 

1,459,832

 

 

 

293,019

 

Difference in fair values between prior year-end fair values and vest date fair values for awards granted in prior years

 

 

(474,031

)

 

 

(75,135

)

 

 

(3,819,931

)

 

 

(414,109

)

 

 

(4,853,336

)

 

 

(727,383

)

 

 

(1,717,137

)

 

 

(356,934

)

 

 

(1,298,236

)

 

 

(282,430

)

Dividends or dividend equivalents not otherwise included in total compensation

 

 

178,422

 

 

 

12,522

 

 

 

157,152

 

 

 

10,144

 

 

 

102,869

 

 

 

17,797

 

 

 

33,147

 

 

 

13,299

 

 

 

18,521

 

 

 

5,179

 

Grants made in prior fiscal years that are forfeited during 2024

 

 

 

 

 

 

 

 

 

 

 

(415,153

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Compensation Actually Paid (as calculated)

 

 

3,680,749

 

 

 

1,228,811

 

 

 

10,504,543

 

 

 

1,844,780

 

 

 

4,425,392

 

 

 

1,506,671

 

 

 

8,543,236

 

 

 

2,202,770

 

 

 

4,310,263

 

 

 

1,053,904

 

 

       
Non-PEO NEO Average Total Compensation Amount $ 2,127,977 $ 1,665,717 $ 1,679,186 $ 1,803,293 $ 1,776,762
Non-PEO NEO Average Compensation Actually Paid Amount $ 1,228,811 1,844,780 1,506,671 2,202,770 1,053,904
Adjustment to Non-PEO NEO Compensation Footnote
(1)
Deductions from, and additions to, total compensation in the Summary Compensation Table by year to calculate Compensation Actually Paid include:

 

 

 

2025

 

 

2024

 

 

2023

 

 

2022

 

 

2021

 

 

 

Jeffrey W. Benck
$

 

 

Average Non-CEO NEOs
$

 

 

Jeffrey W. Benck
$

 

 

Average Non-CEO NEOs
$

 

 

Jeffrey W. Benck
$

 

 

Average Non-CEO NEOs
$

 

 

Jeffrey W. Benck
$

 

 

Average Non-CEO NEOs
$

 

 

Jeffrey W. Benck
$

 

 

Average Non-CEO NEOs
$

 

Total Compensation from Summary Compensation Table

 

 

7,411,869

 

 

 

2,127,977

 

 

 

6,544,395

 

 

 

1,665,717

 

 

 

5,837,439

 

 

 

1,679,186

 

 

 

6,718,650

 

 

 

1,803,293

 

 

 

6,736,846

 

 

 

1,776,762

 

Adjustments for Equity Awards

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjustment for grant date values in the Summary Compensation Table

 

 

(5,000,000

)

 

 

(1,187,500

)

 

 

(4,200,000

)

 

 

(1,055,000

)

 

 

(4,000,000

)

 

 

(1,081,250

)

 

 

(3,850,000

)

 

 

(854,673

)

 

 

(4,375,000

)

 

 

(961,344

)

Year-end fair value of unvested awards granted in the current year

 

 

5,065,161

 

 

 

1,203,010

 

 

 

7,439,589

 

 

 

1,492,843

 

 

 

4,529,294

 

 

 

1,210,321

 

 

 

3,956,739

 

 

 

878,408

 

 

 

4,145,568

 

 

 

910,960

 

Year-over-year difference of year-end fair values for unvested awards granted in prior years

 

 

(281,857

)

 

 

(59,640

)

 

 

320,701

 

 

 

79,748

 

 

 

(1,820,841

)

 

 

(286,789

)

 

 

1,755,646

 

 

 

377,497

 

 

 

(2,377,268

)

 

 

(688,242

)

Fair values at vest date for awards granted in prior fiscal years and vested in current year

 

 

(3,218,815

)

 

 

(792,423

)

 

 

4,062,637

 

 

 

480,590

 

 

 

4,629,967

 

 

 

694,789

 

 

 

1,646,191

 

 

 

341,880

 

 

 

1,459,832

 

 

 

293,019

 

Difference in fair values between prior year-end fair values and vest date fair values for awards granted in prior years

 

 

(474,031

)

 

 

(75,135

)

 

 

(3,819,931

)

 

 

(414,109

)

 

 

(4,853,336

)

 

 

(727,383

)

 

 

(1,717,137

)

 

 

(356,934

)

 

 

(1,298,236

)

 

 

(282,430

)

Dividends or dividend equivalents not otherwise included in total compensation

 

 

178,422

 

 

 

12,522

 

 

 

157,152

 

 

 

10,144

 

 

 

102,869

 

 

 

17,797

 

 

 

33,147

 

 

 

13,299

 

 

 

18,521

 

 

 

5,179

 

Grants made in prior fiscal years that are forfeited during 2024

 

 

 

 

 

 

 

 

 

 

 

(415,153

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Compensation Actually Paid (as calculated)

 

 

3,680,749

 

 

 

1,228,811

 

 

 

10,504,543

 

 

 

1,844,780

 

 

 

4,425,392

 

 

 

1,506,671

 

 

 

8,543,236

 

 

 

2,202,770

 

 

 

4,310,263

 

 

 

1,053,904

 

 

       
Compensation Actually Paid vs. Total Shareholder Return

CAP vs. TSR

 

img211128653_66.jpg

       
Compensation Actually Paid vs. Net Income

CAP vs. Net Income

img211128653_67.jpg

       
Compensation Actually Paid vs. Company Selected Measure

CAP vs. Revenue

img211128653_68.jpg

       
Total Shareholder Return Vs Peer Group

CAP vs. TSR

 

img211128653_66.jpg

       
Tabular List, Table

Most Important Performance Measures

In our assessment, the most important financial performance measures used to link CAP to the Named Executive Officers, for 2025, to Company performance are listed below, not ranked in order of importance. The role of each of these performance measures in our executive compensation program is discussed in the Compensation Discussion and Analysis.

Financial Performance Measures

Revenue
Operating Income Margin
Operating Cash Flow
       
Total Shareholder Return Amount $ 176.76 149.3 89.35 84.06 83.1
Peer Group Total Shareholder Return Amount 185.16 150.8 120.18 126.12 126.69
Net Income (Loss) $ 24,852,000 $ 61,126,000 $ 68,943,000 $ 68,229,000 $ 35,770,000
Company Selected Measure Amount 2,659,108,000 2,656,105,000 2,838,976,000 2,886,331,000 2,255,319,000
PEO Name Jeffrey W. Benck Jeffrey W. Benck Jeffrey W. Benck Jeffrey W. Benck Jeffrey W. Benck
Measure:: 1          
Pay vs Performance Disclosure          
Name Revenue        
Measure:: 2          
Pay vs Performance Disclosure          
Name Operating Income Margin        
Measure:: 3          
Pay vs Performance Disclosure          
Name Operating Cash Flow        
Jeffrey W. Benck [Member]          
Pay vs Performance Disclosure          
PEO Total Compensation Amount $ 7,411,869 $ 6,544,395 $ 5,837,439 $ 6,718,650 $ 6,736,846
PEO Actually Paid Compensation Amount 3,680,749 10,504,543 4,425,392 8,543,236 4,310,263
PEO | Jeffrey W. Benck [Member] | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (5,000,000) (4,200,000) (4,000,000) (3,850,000) (4,375,000)
PEO | Jeffrey W. Benck [Member] | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 5,065,161 7,439,589 4,529,294 3,956,739 4,145,568
PEO | Jeffrey W. Benck [Member] | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (281,857) 320,701 (1,820,841) 1,755,646 (2,377,268)
PEO | Jeffrey W. Benck [Member] | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (3,218,815) 4,062,637 4,629,967 1,646,191 1,459,832
PEO | Jeffrey W. Benck [Member] | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (474,031) (3,819,931) (4,853,336) (1,717,137) (1,298,236)
PEO | Jeffrey W. Benck [Member] | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 0 0 0 0 0
PEO | Jeffrey W. Benck [Member] | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 178,422 157,152 102,869 33,147 18,521
Non-PEO NEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (1,187,500) (1,055,000) (1,081,250) (854,673) (961,344)
Non-PEO NEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 1,203,010 1,492,843 1,210,321 878,408 910,960
Non-PEO NEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (59,640) 79,748 (286,789) 377,497 (688,242)
Non-PEO NEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (792,423) 480,590 694,789 341,880 293,019
Non-PEO NEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (75,135) (414,109) (727,383) (356,934) (282,430)
Non-PEO NEO | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount   (415,153) 0 0 0
Non-PEO NEO | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount $ 12,522 $ 10,144 $ 17,797 $ 13,299 $ 5,179
v3.26.1
Award Timing Disclosure
12 Months Ended
Dec. 31, 2025
Award Timing Disclosures [Line Items]  
Award Timing MNPI Disclosure

To reinforce performance feedback through compensation and to comply with certain regulations impacting performance-based awards, the Human Capital and Compensation Committee makes executive compensation decisions in the first quarter of each year. This allows for an assessment based on the prior year’s performance among other strategic goals and affords the opportunity to consider the relative contribution of each of the executives. The committee reviews and approves the available equity award pool for eligible employees, and individual awards for executive officers, once a year, on the date of the committee’s regularly scheduled first quarter meeting. The Company believes that the practice of granting stock-based awards in the first quarter of each year is reasonable when followed on a consistent basis each year and reduces the risk of inadvertently timing the grant of such awards with the release of material nonpublic information.

Award Timing Method The committee reviews and approves the available equity award pool for eligible employees, and individual awards for executive officers, once a year, on the date of the committee’s regularly scheduled first quarter meeting.
Award Timing Predetermined true
v3.26.1
Insider Trading Policies and Procedures
12 Months Ended
Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true