Recently, Large Language models (LLMs) find application in several fields. This extends to hardware definition and synthesis. However, most works at the intersection of LLMs and hardware generation focus on text-based tasks, creating a gap for multi-modal LLMs for RTL design. In this work, we introduce MultModLM, a benchmark for evaluating LLMs on the task of generating hardware schematics from RTL (Register Transfer Level) descriptions. The dataset consists of 99 diverse RTL modules spanning arithmetic, control, and state-based designs. To address the challenges of non-unique schematic representations, we propose a multi-stage evaluation framework combining rubric-based scoring, self-evaluation, cross-model assessment, blind evaluation, and human validation to enable exhaustive evaluation. Through experiments on state-of-the-art LLMs, we observe that while models can generate visually interpretable schematics, their functional correctness remains constrained. Furthermore, we find that LLM-based evaluators exhibit near-zero agreement with human raters, revealing, as a key finding, that LLM-as-a-judge paradigms are unreliable in structurally precise domains. These findings suggest that reliable evaluation of multi-modal hardware outputs remains an open challenge, motivating the need for more robust and domain-aware evaluation methodologies, as well as tools for structural evaluation, so as to enable formal equivalence checkers.

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