vs
BENCHMARK ELECTRONICS INC（BHE）与天弘科技（CLS）财务数据对比。点击上方公司名可切换其他公司
天弘科技的季度营收约是BENCHMARK ELECTRONICS INC的5.0倍（$3.7B vs $725.8M）。天弘科技自由现金流更多（$155.9M vs $48.2M）
Benchmark Electronics Inc是总部位于美国亚利桑那州坦佩市的电子制造服务（EMS）、原始设计制造（ODM）及原始设备制造（OEM）企业，为客户提供专业的合同制造服务，业务覆盖全球多个区域的电子产业链需求。
天弘科技（Celestica Inc.）是总部位于加拿大安大略省多伦多的跨国电子制造服务（EMS）企业，业务涵盖设计、生产制造、硬件平台搭建及供应链服务，目前在全球15个国家设有50个运营站点，为各行业客户提供专业的电子产业链相关解决方案。
BHE vs CLS — 直观对比
营收规模更大
CLS
是对方的5.0倍
$725.8M
自由现金流更多
CLS
多$107.7M
$48.2M
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $725.8M | $3.7B |
| 净利润 | — | $267.5M |
| 毛利率 | 10.2% | 11.8% |
| 营业利润率 | 2.8% | 8.6% |
| 净利率 | — | 7.3% |
| 营收同比 | 6.2% | — |
| 净利润同比 | — | — |
| 每股收益（稀释后） | $0.16 | $2.29 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收BHECLS
| Q4 25 | $725.8M | $3.7B | ||
| Q3 25 | $702.6M | $3.2B | ||
| Q2 25 | $665.7M | $2.9B | ||
| Q1 25 | $654.6M | $2.6B | ||
| Q4 24 | $683.6M | — | ||
| Q3 24 | $680.0M | $2.5B | ||
| Q2 24 | $686.7M | $2.4B | ||
| Q1 24 | $710.6M | $2.2B |
净利润BHECLS
| Q4 25 | — | $267.5M | ||
| Q3 25 | $14.3M | $267.8M | ||
| Q2 25 | $972.0K | $211.0M | ||
| Q1 25 | $3.6M | $86.2M | ||
| Q4 24 | — | — | ||
| Q3 24 | $15.4M | $89.5M | ||
| Q2 24 | $15.5M | $95.0M | ||
| Q1 24 | $14.0M | $91.8M |
毛利率BHECLS
| Q4 25 | 10.2% | 11.8% | ||
| Q3 25 | 9.7% | 13.0% | ||
| Q2 25 | 9.7% | 12.8% | ||
| Q1 25 | 9.7% | 10.3% | ||
| Q4 24 | 9.9% | — | ||
| Q3 24 | 9.8% | 10.4% | ||
| Q2 24 | 9.9% | 10.6% | ||
| Q1 24 | 9.5% | 10.1% |
营业利润率BHECLS
| Q4 25 | 2.8% | 8.6% | ||
| Q3 25 | 3.4% | 10.2% | ||
| Q2 25 | 3.1% | 9.4% | ||
| Q1 25 | 1.8% | 4.9% | ||
| Q4 24 | 4.2% | — | ||
| Q3 24 | 4.1% | 5.5% | ||
| Q2 24 | 4.0% | 5.6% | ||
| Q1 24 | 3.6% | 5.7% |
净利率BHECLS
| Q4 25 | — | 7.3% | ||
| Q3 25 | 2.0% | 8.4% | ||
| Q2 25 | 0.1% | 7.3% | ||
| Q1 25 | 0.6% | 3.3% | ||
| Q4 24 | — | — | ||
| Q3 24 | 2.3% | 3.6% | ||
| Q2 24 | 2.3% | 4.0% | ||
| Q1 24 | 2.0% | 4.2% |
每股收益（稀释后）BHECLS
| Q4 25 | $0.16 | $2.29 | ||
| Q3 25 | $0.39 | $2.31 | ||
| Q2 25 | $0.03 | $1.82 | ||
| Q1 25 | $0.10 | $0.74 | ||
| Q4 24 | $0.43 | — | ||
| Q3 24 | $0.42 | $0.75 | ||
| Q2 24 | $0.43 | $0.80 | ||
| Q1 24 | $0.38 | $0.77 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $322.1M | $595.6M |
| 总债务越低越好 | $206.8M | $750.5M |
| 股东权益账面价值 | $1.1B | $2.2B |
| 总资产 | $2.1B | $7.2B |
| 负债/权益比越低杠杆越低 | 0.19× | 0.34× |
8季度趋势，按日历期对齐
现金及短期投资BHECLS
| Q4 25 | $322.1M | $595.6M | ||
| Q3 25 | $285.4M | $305.9M | ||
| Q2 25 | $264.6M | $313.8M | ||
| Q1 25 | $355.3M | $303.0M | ||
| Q4 24 | $315.2M | — | ||
| Q3 24 | $324.4M | — | ||
| Q2 24 | $309.3M | — | ||
| Q1 24 | $296.1M | — |
总债务BHECLS
| Q4 25 | $206.8M | $750.5M | ||
| Q3 25 | $212.6M | $756.7M | ||
| Q2 25 | $203.4M | $848.6M | ||
| Q1 25 | $268.9M | $915.0M | ||
| Q4 24 | $250.5M | — | ||
| Q3 24 | $272.0M | — | ||
| Q2 24 | $283.6M | — | ||
| Q1 24 | $310.1M | — |
股东权益BHECLS
| Q4 25 | $1.1B | $2.2B | ||
| Q3 25 | $1.1B | $2.0B | ||
| Q2 25 | $1.1B | $1.8B | ||
| Q1 25 | $1.1B | $1.6B | ||
| Q4 24 | $1.1B | — | ||
| Q3 24 | $1.1B | $1.8B | ||
| Q2 24 | $1.1B | $1.8B | ||
| Q1 24 | $1.1B | $1.7B |
总资产BHECLS
| Q4 25 | $2.1B | $7.2B | ||
| Q3 25 | $2.1B | $6.6B | ||
| Q2 25 | $2.0B | $6.2B | ||
| Q1 25 | $2.1B | $5.8B | ||
| Q4 24 | $2.1B | — | ||
| Q3 24 | $2.1B | — | ||
| Q2 24 | $2.2B | — | ||
| Q1 24 | $2.2B | — |
负债/权益比BHECLS
| Q4 25 | 0.19× | 0.34× | ||
| Q3 25 | 0.19× | 0.37× | ||
| Q2 25 | 0.18× | 0.48× | ||
| Q1 25 | 0.24× | 0.59× | ||
| Q4 24 | 0.23× | — | ||
| Q3 24 | 0.25× | — | ||
| Q2 24 | 0.26× | — | ||
| Q1 24 | 0.29× | — |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $58.7M | $250.6M |
| 自由现金流经营现金流 - 资本支出 | $48.2M | $155.9M |
| 自由现金流率自由现金流/营收 | 6.6% | 4.3% |
| 资本支出强度资本支出/营收 | 1.4% | 2.6% |
| 现金转化率经营现金流/净利润 | — | 0.94× |
| 过去12个月自由现金流最近4个季度 | $88.4M | $458.3M |
8季度趋势，按日历期对齐
经营现金流BHECLS
| Q4 25 | $58.7M | $250.6M | ||
| Q3 25 | $36.6M | $126.2M | ||
| Q2 25 | $-2.8M | $152.4M | ||
| Q1 25 | $31.5M | $130.3M | ||
| Q4 24 | $45.9M | — | ||
| Q3 24 | $39.0M | $122.8M | ||
| Q2 24 | $55.8M | $99.6M | ||
| Q1 24 | $48.5M | $108.1M |
自由现金流BHECLS
| Q4 25 | $48.2M | $155.9M | ||
| Q3 25 | $25.8M | $88.9M | ||
| Q2 25 | $-13.8M | $119.9M | ||
| Q1 25 | $28.1M | $93.6M | ||
| Q4 24 | $37.2M | — | ||
| Q3 24 | $29.2M | $76.8M | ||
| Q2 24 | $48.2M | $62.7M | ||
| Q1 24 | $43.3M | $67.7M |
自由现金流率BHECLS
| Q4 25 | 6.6% | 4.3% | ||
| Q3 25 | 3.7% | 2.8% | ||
| Q2 25 | -2.1% | 4.1% | ||
| Q1 25 | 4.3% | 3.5% | ||
| Q4 24 | 5.4% | — | ||
| Q3 24 | 4.3% | 3.1% | ||
| Q2 24 | 7.0% | 2.6% | ||
| Q1 24 | 6.1% | 3.1% |
资本支出强度BHECLS
| Q4 25 | 1.4% | 2.6% | ||
| Q3 25 | 1.5% | 1.2% | ||
| Q2 25 | 1.7% | 1.1% | ||
| Q1 25 | 0.5% | 1.4% | ||
| Q4 24 | 1.3% | — | ||
| Q3 24 | 1.4% | 1.8% | ||
| Q2 24 | 1.1% | 1.5% | ||
| Q1 24 | 0.7% | 1.8% |
现金转化率BHECLS
| Q4 25 | — | 0.94× | ||
| Q3 25 | 2.57× | 0.47× | ||
| Q2 25 | -2.90× | 0.72× | ||
| Q1 25 | 8.65× | 1.51× | ||
| Q4 24 | — | — | ||
| Q3 24 | 2.54× | 1.37× | ||
| Q2 24 | 3.59× | 1.05× | ||
| Q1 24 | 3.46× | 1.18× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
BHE
| Other | $384.9M | 53% |
| Aerospace And Defense Sector | $107.6M | 15% |
| Healthcare Sector | $81.7M | 11% |
| Advanced Computing And Communications Sector | $70.0M | 10% |
| Semi Cap Sector | $45.4M | 6% |
| Industrial Sector | $25.2M | 3% |
| Intersegment Sales | $11.0M | 2% |
CLS
| CCS Communications | $2.1B | 58% |
| ATS Segment | $795.1M | 22% |
| CCS Enterprise | $745.2M | 20% |
