NASDAQ : BELFA
Bel Fuse Inc. — Financial statements
Technology · Electronic Components · United States
Last price 188.9 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 2.73B
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Financial statements
Bel Fuse Inc. (BELFA) reported revenue of 785.62M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 785.62M | 675.46M | 534.79M | 639.81M | 654.23M | 543.49M |
| Cost of Revenue | 472.40M | 411.04M | 332.43M | 423.96M | 470.78M | 409.11M |
| Gross Profit | 313.22M | 264.42M | 202.36M | 215.85M | 183.45M | 134.38M |
| Selling, General & Admin | 145.88M | 126.65M | 98.70M | 100.05M | 93.29M | 87.16M |
| Research & Development | 34.30M | 30.87M | 23.59M | 22.49M | 20.24M | 21.89M |
| Operating Expenses | 180.18M | 157.51M | 122.28M | 122.53M | 113.53M | 109.05M |
| Operating Income | 133.05M | 106.90M | 80.07M | 93.31M | 69.92M | 25.33M |
| Interest Expense | -7.38M | -14.75M | -4.08M | -2.85M | -3.38M | -3.54M |
| Interest & Investment Income | 4.43M | 1.03M | 4.75M | 1.70M | 177.00K | |
| Earnings From Equity Investments | -13.09M | -13.09M | ||||
| Currency Exchange Gain (Loss) | 10.80M | 10.80M | -1.90M | -1.40M | 300.00K | 62.00K |
| Other Non Operating Income (Expenses) | -9.20M | 1.28M | 317.00K | 1.35M | -2.24M | 599.00K |
| EBT Excluding Unusual Items | 118.61M | 92.18M | 79.17M | 92.11M | 64.78M | 22.45M |
| Merger & Restructuring Charges | -1.91M | 677.00K | -16.36M | -10.11M | -7.32M | -1.70M |
| Gain (Loss) on Sale of Investments | -400.00K | -400.00K | -600.00K | -800.00K | ||
| Gain (Loss) on Sale of Assets | 5.70M | 2.10M | 1.60M | 6.58M | ||
| Asset Writedown | -400.00K | |||||
| Other Unusual Items | -4.54M | -3.10M | ||||
| Pretax Income | 111.76M | 95.05M | 61.81M | 83.30M | 59.06M | 27.33M |
| Income Tax Expense | 17.97M | 20.94M | 12.62M | 9.47M | 6.37M | 2.51M |
| Earnings From Continuing Operations | 93.79M | 74.11M | 49.19M | 73.83M | 52.69M | 24.82M |
| Minority Interest in Earnings | -36.09M | -12.57M | -8.23M | |||
| Net Income | 57.70M | 61.54M | 40.96M | 73.83M | 52.69M | 24.82M |
| Net Income to Common | 57.70M | 61.54M | 40.96M | 73.83M | 52.69M | 24.82M |
| Shares Outstanding (Basic) | 13.34M | 12.64M | 12.62M | 12.78M | 12.54M | 12.40M |
| Shares Outstanding (Diluted) | 13.37M | 12.66M | 12.62M | 12.78M | 12.54M | 12.40M |
| EPS (Basic) | 4.32 | 4.87 | 3.25 | 5.78 | 4.20 | 2.00 |
| EPS (Diluted) | 4.32 | 4.86 | 3.25 | 5.78 | 4.20 | 2.00 |
| Free Cash Flow | 81.06M | 68.61M | 59.96M | 96.22M | 31.43M | -4.76M |
| Free Cash Flow Per Share | 6.06 | 5.42 | 4.75 | 7.53 | 2.51 | -0.38 |
| Dividend Per Share | 0.24 | 0.24 | 0.24 | 0.24 | 0.24 | 0.24 |
| Gross Margin | 39.87% | 39.15% | 37.84% | 33.74% | 28.04% | 24.73% |
| Operating Margin | 16.93% | 15.83% | 14.97% | 14.59% | 10.69% | 4.66% |
| Profit Margin | 7.34% | 9.11% | 7.66% | 11.54% | 8.05% | 4.57% |
| Free Cash Flow Margin | 10.32% | 10.16% | 11.21% | 15.04% | 4.80% | -0.88% |
| EBITDA | 160.51M | 133.50M | 96.53M | 106.63M | 84.79M | 42.19M |
| EBITDA Margin | 20.43% | 19.76% | 18.05% | 16.66% | 12.96% | 7.76% |
| D&A For EBITDA | 27.46M | 26.59M | 16.46M | 13.31M | 14.86M | 16.86M |
| EBIT | 133.05M | 106.90M | 80.07M | 93.31M | 69.92M | 25.33M |
| EBIT Margin | 16.93% | 15.83% | 14.97% | 14.59% | 10.69% | 4.66% |
| Effective Tax Rate | 16.08% | 22.03% | 20.41% | 11.37% | 10.79% | 9.17% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 333.12M | 57.80M | 68.25M | 89.37M | 70.27M | 61.76M |
| Short-Term Investments | 950.00K | 37.55M | ||||
| Cash & Short-Term Investments | 333.12M | 57.80M | 69.20M | 126.92M | 70.27M | 61.76M |
| Receivables | 156.18M | 131.24M | 116.37M | 96.92M | 125.52M | 115.41M |
| Inventory | 224.71M | 167.27M | 161.37M | 136.54M | 172.47M | 139.38M |
| Other Current Assets | 32.78M | 28.45M | 26.59M | 21.10M | 13.16M | 12.47M |
| Total Current Assets | 746.79M | 384.76M | 373.53M | 381.48M | 381.41M | 329.02M |
| Property, Plant & Equipment | 81.90M | 71.30M | 73.00M | 57.01M | 58.38M | 59.46M |
| Long-Term Investments | 905.00K | 11.99M | 14.24M | 5.54M | ||
| Goodwill | 214.82M | 208.04M | 26.64M | 25.10M | 26.65M | |
| Other Intangible Assets | 431.19M | 217.97M | 231.95M | 49.39M | 54.11M | 60.99M |
| Long-Term Deferred Tax Assets | 12.84M | 16.43M | 11.55M | 7.28M | 4.46M | |
| Other Long-Term Assets | 49.56M | 32.61M | 31.91M | 29.16M | 28.64M | 31.26M |
| Total Assets | 1.31B | 935.20M | 949.79M | 571.63M | 560.47M | 511.85M |
| Accounts Payable | 92.49M | 52.99M | 49.18M | 40.44M | 64.59M | 65.96M |
| Accrued Expenses | 47.71M | 45.65M | 47.62M | 33.94M | 31.16M | |
| Current Portion of Leases | 8.69M | 8.45M | 8.33M | 6.83M | 6.32M | 7.24M |
| Current Unearned Revenue | 9.77M | 6.12M | 3.05M | 8.85M | 4.45M | |
| Other Current Liabilities | 67.38M | 8.53M | 18.79M | 12.67M | 22.61M | 3.20M |
| Total Current Liabilities | 168.56M | 127.44M | 128.07M | 110.61M | 136.30M | 112.01M |
| Long-Term Debt | 197.50M | 292.50M | 60.00M | 95.00M | 112.62M | |
| Long-Term Leases | 23.57M | 16.70M | 18.82M | 15.75M | 17.35M | 16.32M |
| Pension & Post-Retirement Benefits | 19.30M | 18.43M | 19.88M | 18.52M | 23.91M | |
| Long-Term Deferred Tax Liabilities | 29.68M | 28.92M | 1.46M | 1.26M | 1.49M | |
| Other Long-Term Liabilities | 69.89M | 25.89M | 21.90M | 23.38M | 29.69M | 36.76M |
| Total Liabilities | 262.03M | 416.53M | 508.63M | 231.07M | 298.12M | 303.10M |
| Common Stock | 933.37M | 1.27M | 1.26M | 1.28M | 1.28M | 1.25M |
| Additional Paid-In Capital | 38.31M | 31.51M | 44.26M | 40.77M | 38.42M | |
| Retained Earnings | 403.10M | 345.03M | 307.51M | 237.19M | 187.94M | |
| Treasury Stock | -454.00K | -349.00K | ||||
| Comprehensive Income & Other | -17.17M | -17.23M | -12.04M | -16.55M | -18.86M | |
| Total Common Equity | 933.37M | 425.51M | 360.58M | 340.56M | 262.35M | 208.74M |
| Minority Interest | 114.04M | 93.16M | 80.59M | |||
| Shareholders' Equity | 1.05B | 518.67M | 441.16M | 340.56M | 262.35M | 208.74M |
| Total Liabilities & Equity | 1.31B | 935.20M | 949.79M | 571.63M | 560.47M | 511.85M |
| Total Debt | 32.26M | 222.66M | 319.64M | 82.59M | 118.67M | 136.18M |
| Net Cash (Debt) | 300.86M | -164.86M | -250.44M | 44.33M | -48.40M | -74.42M |
| Net Cash Per Share | 22.50 | -13.02 | -19.85 | 3.47 | -3.86 | -6.00 |
| Filing Date Shares Outstanding | 14.43M | 12.66M | 12.54M | 12.76M | 12.78M | 12.52M |
| Total Common Shares Outstanding | 14.43M | 12.66M | 12.54M | 12.76M | 12.78M | 12.52M |
| Working Capital | 578.23M | 257.32M | 245.46M | 270.87M | 245.10M | 217.00M |
| Book Value Per Share | 64.70 | 33.61 | 28.75 | 26.69 | 20.52 | 16.67 |
| Tangible Book Value | 502.18M | -7.27M | -79.41M | 264.52M | 183.14M | 121.10M |
| Tangible Book Value Per Share | 34.81 | -0.57 | -6.33 | 20.73 | 14.33 | 9.67 |
| Land | 130.00K | 115.00K | 348.00K | 1.10M | 1.10M | |
| Buildings | 16.41M | 19.39M | 15.29M | 21.53M | 20.91M | |
| Machinery | 103.44M | 99.75M | 98.53M | 118.36M | 120.96M | |
| Construction In Progress | 7.11M | 5.24M | 1.57M | 4.24M | 5.08M | |
| Order Backlog | 439.10M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 57.70M | 61.54M | 40.96M | 73.83M | 52.69M | 24.82M |
| Depreciation & Amortization | 27.46M | 26.59M | 16.46M | 13.31M | 14.86M | 16.86M |
| Other Amortization | 1.51M | 1.55M | 151.00K | 33.00K | 34.00K | 1.30M |
| Loss (Gain) From Sale of Assets | -976.00K | -5.70M | -3.10M | -1.60M | -6.44M | |
| Loss (Gain) on Equity Investments | 13.09M | 13.09M | ||||
| Stock-Based Compensation | 10.31M | 6.81M | 3.74M | 3.49M | 2.38M | 2.30M |
| Other Operating Activities | 34.73M | 3.47M | 5.77M | -3.55M | -3.68M | 1.76M |
| Change in Accounts Receivable | -27.21M | -13.36M | 983.00K | 27.95M | -10.67M | -27.12M |
| Change in Inventory | -57.25M | -2.42M | 15.12M | 33.61M | -36.59M | -34.01M |
| Change in Accounts Payable | 36.06M | 2.44M | 139.00K | -22.75M | 1.52M | 23.96M |
| Change in Income Taxes | 5.14M | -3.66M | -1.01M | -4.98M | 1.96M | -1.51M |
| Change in Other Net Operating Assets | -5.04M | -9.74M | -8.24M | -9.51M | 19.34M | 2.70M |
| Operating Cash Flow | 95.52M | 80.61M | 74.06M | 108.35M | 40.26M | 4.63M |
| Capital Expenditures | -14.46M | -12.00M | -14.11M | -12.13M | -8.83M | -9.40M |
| Sale of Property, Plant & Equipment | 1.23M | 7.80M | 883.00K | 6.04M | 1.83M | 7.33M |
| Cash Acquisitions | -16.22M | -320.48M | -16.81M | |||
| Divestitures | 5.06M | |||||
| Investment in Securities | 950.00K | 36.60M | -50.36M | |||
| Other Investing Activities | 985.00K | -785.00K | -2.15M | |||
| Investing Cash Flow | -28.47M | -3.25M | -297.89M | -53.53M | -7.00M | -18.88M |
| Long-Term Debt Issued | 8.00M | 242.50M | 5.00M | 115.00M | ||
| Total Debt Issued | 20.00M | 8.00M | 242.50M | 5.00M | 115.00M | |
| Long-Term Debt Repaid | -98.00M | -15.00M | -40.00M | -17.50M | -119.35M | |
| Total Debt Repaid | -245.00M | -98.00M | -15.00M | -40.00M | -17.50M | -119.35M |
| Net Debt Issued (Repaid) | -225.00M | -90.00M | 227.50M | -35.00M | -17.50M | -4.35M |
| Repurchase of Common Stock | -16.05M | -105.00K | -349.00K | |||
| Common Dividends Paid | -3.62M | -3.46M | -3.45M | -3.49M | -3.41M | -3.38M |
| Other Financing Activities | -6.86M | -681.00K | -1.74M | -675.00K | ||
| Financing Cash Flow | 206.17M | -94.15M | 206.26M | -38.60M | -21.26M | -8.40M |
| Foreign Exchange Rate Adjustments | 2.15M | 6.33M | -3.55M | 2.89M | -3.49M | -537.00K |
| Net Cash Flow | 275.38M | -10.45M | -21.12M | 19.11M | 8.51M | -23.18M |
| Free Cash Flow | 81.06M | 68.61M | 59.96M | 96.22M | 31.43M | -4.76M |
| Free Cash Flow Margin | 10.32% | 10.16% | 11.21% | 15.04% | 4.80% | -0.88% |
| Free Cash Flow Per Share | 6.06 | 5.42 | 4.75 | 7.53 | 2.51 | -0.38 |
| Levered Free Cash Flow | 60.97M | 57.16M | 19.94M | 91.61M | 31.38M | -17.99M |
| Unlevered Free Cash Flow | 64.07M | 64.84M | 22.33M | 93.36M | 33.45M | -17.08M |
| Cash Interest Paid | 6.78M | 14.79M | 5.79M | 4.73M | 3.37M | 2.14M |
| Cash Income Tax Paid | 19.91M | 23.73M | 22.95M | 25.06M | 14.62M | 2.87M |
| Change in Working Capital | -48.30M | -26.73M | 6.99M | 24.34M | -24.44M | -35.97M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 2.74B | 2.11B | 1.05B | 848.24M | 409.27M | 164.85M |
| Enterprise Value | 2.44B | 2.38B | 968.33M | 829.76M | 469.27M | 226.95M |
| Last Close Price | 188.90 | 151.62 | 89.72 | 64.18 | 31.78 | 14.64 |
| PE Ratio | 43.95 | 34.29 | 25.65 | 11.49 | 7.77 | 6.64 |
| Forward PE | 21.67 | 25.99 | 21.47 | 11.07 | 8.03 | 15.31 |
| PS Ratio | 3.55 | 3.12 | 1.97 | 1.33 | 0.63 | 0.30 |
| PB Ratio | 2.92 | 4.07 | 2.38 | 2.49 | 1.56 | 0.79 |
| P/TBV Ratio | 5.55 | 3.21 | 2.23 | 1.36 | ||
| P/FCF Ratio | 34.37 | 30.75 | 17.52 | 8.81 | 13.02 | |
| P/OCF Ratio | 29.16 | 26.17 | 14.19 | 7.83 | 10.17 | 35.59 |
| EV/Sales Ratio | 3.16 | 3.53 | 1.81 | 1.30 | 0.72 | 0.42 |
| EV/EBITDA Ratio | 15.48 | 17.85 | 10.03 | 7.78 | 5.54 | 5.38 |
| EV/EBIT Ratio | 18.68 | 22.29 | 12.09 | 8.89 | 6.71 | 8.96 |
| EV/FCF Ratio | 30.66 | 34.73 | 16.15 | 8.62 | 14.93 | |
| Debt / Equity Ratio | 0.03 | 0.43 | 0.72 | 0.24 | 0.45 | 0.65 |
| Debt / EBITDA Ratio | 0.19 | 1.53 | 2.98 | 0.72 | 1.26 | 2.68 |
| Debt / FCF Ratio | 0.40 | 3.25 | 5.33 | 0.86 | 3.78 | |
| Net Debt / Equity Ratio | -0.29 | 0.32 | 0.57 | -0.13 | 0.18 | 0.36 |
| Net Debt / EBITDA Ratio | -1.87 | 1.24 | 2.59 | -0.42 | 0.57 | 1.76 |
| Net Debt / FCF Ratio | -3.71 | 2.40 | 4.18 | -0.46 | 1.54 | -15.62 |
| Asset Turnover | 0.69 | 0.72 | 0.70 | 1.13 | 1.22 | 1.13 |
| Inventory Turnover | 2.42 | 2.50 | 2.23 | 2.74 | 3.02 | 3.42 |
| Quick Ratio | 2.90 | 1.48 | 1.45 | 2.02 | 1.44 | 1.58 |
| Current Ratio | 4.43 | 3.02 | 2.92 | 3.45 | 2.80 | 2.94 |
| Return on Equity (ROE) | 12.05% | 15.44% | 12.59% | 24.49% | 22.37% | 12.58% |
| Return on Assets (ROA) | 7.35% | 7.09% | 6.58% | 10.30% | 8.15% | 3.28% |
| Return on Invested Capital (ROIC) | 15.02% | 12.12% | 12.90% | 27.25% | 21.01% | 8.93% |
| Return on Capital Employed (ROCE) | 11.70% | 13.20% | 9.70% | 20.20% | 16.50% | 6.30% |
| Earnings Yield | 2.28% | 2.92% | 3.90% | 8.70% | 12.87% | 15.06% |
| FCF Yield | 2.91% | 3.25% | 5.71% | 11.34% | 7.68% | -2.89% |
| Dividend Yield | 0.13% | 0.14% | 0.29% | 0.36% | 0.75% | 1.82% |
| Payout Ratio | 5.56% | 5.63% | 8.43% | 4.73% | 6.48% | 13.61% |
| Buyback Yield / Dilution | -6.01% | -0.36% | 1.26% | -1.91% | -1.08% | -0.59% |
| Total Shareholder Return | -5.89% | -0.22% | 1.55% | -1.54% | -0.33% | 1.23% |