Bel Fuse

BELFB · Nasdaq · Information Technology · Financials, fiscal 2016 to 2025

BELFB · Last close · November 6, 2026

$206.79

Bel Fuse's revenue rose 26.3% to $676 million in fiscal 2025. Its operating margin was 16.4%, up from 12.0% a year earlier. Free cash flow was $69 million, up 14.4%. It paid out $3 million in dividends and buybacks, 5% of free cash flow.

BEL FUSE INC /NJ Latest fiscal year ended December 31, 2025 10-K filed February 24, 2026 · 0001437749-26-005354 Updated November 6, 2026

Revenue

$676M

26.3%

Operating margin

16.4%

4.4 pts

Net income

$62M

50.2%

Free cash flow

$69M

14.4%

Return on capital

15.1%

3.6 pts

Market cap

—

No share count

P/E

—

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

Charts show fiscal years, from the 10-K filings.

What Bel Fuse does

Bel Fuse designs, makes and sells electronic components that power, protect and connect circuits. Its products are used in defense, commercial aerospace, networking, telecommunications, computing, industrial equipment, high-speed data transmission, transportation and electric mobility, and also in automotive, medical, broadcasting and consumer electronics.

It organizes its products in three groups. Power Solutions and Protection covers power supplies, modules and circuit protection. Connectivity Solutions covers fiber optic, copper, RF and RJ connectors and cable assemblies. Magnetic Solutions covers integrated connector modules, transformers, inductors and other discrete parts. Bel was incorporated in 1949 and has facilities in North America, Europe, the Middle East and Asia.

Acquisitions have been important to its growth. In November 2024 it bought an 80% stake in Enercon, which supplies customized power conversion and networking products to aerospace and defense markets and is part of the power group. Bel is planning to buy the remaining stake. Bel has substantial manufacturing operations in China.

Its biggest risks, as it describes them

Strong competition in its industry.
Substantial manufacturing operations in China, which expose it to significant risks.
Losing certain substantial customers.
Not gaining the expected benefits from its acquisitions, including Enercon, which has risks tied to Israel.
Cyclical demand in its end markets, which can lower orders for its products.

From Bel Fuse's annual report on Form 10-K, filed February 24, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new annual report.

Income statement

Revenue and net income

US$ billions, fiscal years; net losses in red. Revenue on the left axis, net income on the right; zero is the same line on both.

Revenue (left axis)Net income (right axis)

Gross profit, R&D and operating income

US$ billions, fiscal years. Gross profit is revenue minus the cost of what was sold; research and development is one of the costs paid from it; what remains after all operating costs is operating income. Losses in red.

Gross profitResearch and developmentOperating income

Margins

Percent of revenue

GrossOperatingNetFree cash flow

From fiscal 2018 to 2025, net income grew 16.8% a year; the filings' structured data doesn't give diluted earnings per share.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red. Where the filings' structured data doesn't give a year's earnings per share, the column is blank.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Balance sheet

Cash and debt

US$ billions, at each fiscal year end. Debt includes finance leases.

Cash and short-term investmentsDebt

Assets, liabilities and equity

US$ billions, at each fiscal year end. Assets equal liabilities plus equity; negative equity in red.

Total assetsTotal liabilitiesShareholders' equity

Debt and liquidity ratios

Times. Debt to equity, current assets over current liabilities, and net debt over EBITDA (a full year's).

Debt to equityCurrent ratioNet debt to EBITDA

Five years at a glance

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	62	70	89	68	58
Debt incl. finance leases	114	97	62	289	199
Net debt (negative means net cash)	53	27	−28	221	141
Net debt to EBITDA	1.1x	0.3x	−0.3x	2.7x	1.0x
Debt to equity	0.6x	0.4x	0.2x	0.8x	0.5x
Interest coverage	8.8x	19.3x	30.9x	15.8x	7.5x
Current ratio	2.9x	2.8x	3.5x	2.9x	3.0x
Quick ratio	1.7x	1.5x	2.2x	1.7x	1.7x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Cash flow

Cash from operations, capital spending and free cash flow

US$ billions, fiscal years. Free cash flow is cash from operations minus capital spending; negative years in red.

Cash from operationsCapital spendingFree cash flow

Stock-based compensation and buybacks

US$ billions, fiscal years. Shares paid to employees (stock-based compensation, a cost that uses no cash) against cash spent buying shares back. Buybacks that only match it leave the share count roughly where it was.

Stock-based compensationShare buybacks

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Projections

Project Bel Fuse's revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them, or value it with a discounted cash flow model. Every projected figure is yours: it is not a forecast of ours.

Open Bel Fuse's projections

Insider trades

Over the 12 months between November 7, 2025 and November 6, 2026, no insider bought Bel Fuse shares on the open market, and 10 insiders sold $18.1 million.

Buys and sells by month

US$ millions, open-market purchases (up) and sales (down) by officers, directors and 10% owners in each month.

BoughtSold

Date	Insider	Trade	Shares	Price	Value	Filing
Sep 14, 2026	Vincent VellucciDirector	Sold	1,000	$235.15	$235,150	Form 4
Sep 2, 2026	Vincent VellucciDirector	Sold	393	$243.61	$95,739	Form 4
Aug 12, 2026	Peter E GilbertDirector	Sold	500	$292.12	$146,060	Form 4
Jun 1, 2026	Suzanne KozlovskyGlobal Head of People	Sold	731	$271.09	$198,165	Form 4
Mar 16, 2026	Daniel BernsteinDirector, 10% owner	Sold	6,667	$203.21	$1.4 million	Form 4
Mar 16, 2026	Stephen DawsonPres. - Power Solutions	Sold	3,444	$203.21	$699,855	Form 4
Mar 16, 2026	Kenneth Koon Keung LaiVP of Asia Operations	Sold	552	$203.21	$112,172	Form 4
Mar 16, 2026	Suzanne KozlovskyGlobal Head of People	Sold	214	$203.21	$43,487	Form 4
Mar 6, 2026	Peter BittnerPres. - Connectivity Solution	Sold	12,311	$195.00	$2.4 million	Form 4
Mar 5, 2026	Peter BittnerPres. - Connectivity Solution	Sold	10,000	$209.00	$2.1 million	Form 4
Feb 25, 2026	Farouq Salem Ali TuweiqPresident and CEO, Director	Sold	33,967	$234.00	$7.9 million	Form 4
Feb 24, 2026	Peter E GilbertDirector	Sold	4,500	$238.75	$1.1 million	Form 4

The latest 12 of 19 trades. Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Indicators

Four widely used measures, worked out from the company's filings. The cutoffs are the ones their authors or users go by, not a verdict of ours.

Indicator	FY23	FY24	FY25
Piotroski F-score	—	—	—
Rule of 40	12.8%	−5.2%	36.5%
Altman Z''	7.44	4.08	5.08
Accruals ratio	−6.1%	−4.3%	−2.0%

Piotroski F-score: how many of nine simple tests of profitability, funding and efficiency the company passed in the year (Piotroski, 2000); 8 or 9 is strong, 0 to 2 weak. Rule of 40: revenue growth plus free cash flow margin; software investors treat 40% or more as the bar. Altman Z'': working capital, retained earnings, operating income and equity weighed against assets and liabilities (Altman, 1995); Altman puts above 2.6 in the safe zone and below 1.1 in the distress zone. Accruals ratio: net income minus cash from operations, over average total assets; lower means profit is backed by cash.

The nine F-score tests

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Pass	Fail	Fail
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Pass	Fail	Pass
Current ratio rose	Pass	Fail	Pass
Share count didn't rise	—	—	—
Gross margin rose	Pass	Pass	Pass
Revenue rose relative to assets	Fail	Fail	Fail
F-score	—	—	—

Companies that report no gross profit are scored on the other eight.

Compare

Put Bel Fuse side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Bel Fuse	FY25	26.3%	16.4%	10.2%	15.1%	1.0x	—
Knowles	FY25	7.2%	11.8%	—	6.7%	0.6x	—	Compare
Rogers	FY25	−2.3%	−5.5%	8.8%	−3.4%	−20.2x	4	Compare
Methode Electronics	FY26	−2.8%	0.9%	1.5%	0.8%	2.8x	5	Compare
nLight	FY25	31.6%	−10.2%	4.7%	−20.1%	—	5	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score under Indicators.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	500	492	548	492	466	544	654	640	535	676
Revenue growth	−11.8%	−1.7%	11.5%	−10.2%	−5.4%	16.7%	20.4%	−2.2%	−16.4%	26.3%
Gross profit	100	102	139	110	120	134	184	216	202	264
Research and development	27	29	30	27	24	22	20	22	24	31
Operating income	−76	17	27	−2	19	31	65	88	64	111
Net income	−65	−12	21	−9	13	25	53	74	41	62
Diluted EPS (US$)	—	—	—	—	—	—	—	—	—	—
Diluted shares (millions)	—	—	—	—	—	—	—	—	—	—
Cash flow
Cash from operations	39	24	10	24	46	5	40	108	74	81
Capital expenditure	8	6	12	10	6	9	9	12	14	12
Free cash flow	30	18	−2	15	41	−5	31	96	60	69
Dividends paid	3	3	3	3	3	3	3	4	4	4
Share buybacks	0	0	0	0	0	0	0	0	16	0
Acquisitions	0	0	2	29	0	17	0	0	320	0
Stock-based compensation	3	3	3	3	2	2	2	4	4	7
Balance sheet at fiscal year end
Cash and short-term investments	73	69	54	72	85	62	70	89	68	58
Debt incl. finance leases	141	123	114	146	118	114	97	62	289	199
Total assets	427	431	444	469	454	512	560	572	950	935
Total liabilities	268	273	267	301	268	303	298	231	509	416
Shareholders' equity	158	158	176	168	186	209	262	341	361	426
Margins and ratios
Gross margin	20.0%	20.8%	25.4%	22.3%	25.7%	24.7%	28.0%	33.7%	37.8%	39.1%
Operating margin	−15.3%	3.5%	4.9%	−0.3%	4.0%	5.8%	10.0%	13.8%	12.0%	16.4%
Net margin	−13.0%	−2.4%	3.8%	−1.8%	2.8%	4.6%	8.1%	11.5%	7.7%	9.1%
Free cash flow margin	6.1%	3.6%	−0.3%	3.0%	8.7%	−0.9%	4.8%	15.0%	11.2%	10.2%
Rule of 40 (growth + FCF margin)	−5.7%	1.9%	11.2%	−7.2%	3.3%	15.8%	25.2%	12.8%	−5.2%	36.5%
Return on capital	−21.7%	4.0%	10.6%	−0.5%	8.1%	11.8%	21.1%	25.9%	11.4%	15.1%
Return on equity	−33.1%	−7.5%	12.4%	−5.1%	7.2%	12.6%	22.4%	24.5%	11.7%	15.7%
Return on assets	−12.9%	−2.8%	4.7%	−1.9%	2.8%	5.1%	9.8%	13.0%	5.4%	6.5%
Net debt to EBITDA	—	1.4x	1.3x	4.9x	0.9x	1.1x	0.3x	−0.3x	2.7x	1.0x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Bel Fuse's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Bel Fuse.