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BELFA

Bel Fuse Inc.

BELFA

Bel Fuse Inc. • NASDAQ
$131.43 ▲ 1.77% (+2.28)
Market Cap $1.84 B
52w High $142.70
52w Low $53.95
Dividend Yield 0.24%
P/E 26.61
Volume 10.48K
Outstanding Shares 14.00M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $178.98M ▲ $40.803M ▲ $22.25M ▼ 12.432% ▼ $1.8 ▼ $38.285M ▼
Q2-2025 $168.299M ▲ $35.223M ▲ $26.861M ▲ 15.96% ▲ $2.17 ▲ $44.292M ▲
Q1-2025 $152.238M ▲ $33.796M ▼ $17.874M ▲ 11.741% ▲ $1.43 ▲ $34.621M ▲
Q4-2024 $149.859M ▲ $43.834M ▲ $-1.8M ▼ -1.201% ▼ $-0.14 ▼ $15.898M ▲
Q3-2024 $123.638M $33.23M $8.08M 6.535% $0.64 $15.238M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $57.743M ▼ $952.804M ▲ $443.773M ▼ $427.76M ▲
Q2-2025 $59.284M ▼ $950.58M ▲ $464.871M ▼ $404.743M ▲
Q1-2025 $66.877M ▼ $940.456M ▼ $482.521M ▼ $376.901M ▲
Q4-2024 $69.203M ▼ $949.789M ▲ $508.627M ▲ $360.576M ▼
Q3-2024 $163.807M $584.417M $217.055M $367.362M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $22.555M ▼ $22.18M ▲ $829K ▼ $-25.834M ▲ $-1.541M ▲ $20.32M ▲
Q2-2025 $26.793M ▲ $20.717M ▲ $1.386M ▲ $-31.512M ▼ $-6.643M ▼ $16.789M ▲
Q1-2025 $18.322M ▲ $8.147M ▼ $-3.065M ▲ $-8.329M ▼ $-2.326M ▲ $5.357M ▲
Q4-2024 $6.432M ▼ $8.344M ▼ $-297.312M ▼ $225.128M ▲ $-66.013M ▼ $2.142M ▼
Q3-2024 $8.08M $27.334M $25.375M $-3.021M $49.29M $23.748M

Revenue by Products

Product Q3-2024Q4-2024Q1-2025Q2-2025
Power Solutions and Protection
Power Solutions and Protection
 $50.00M ▲$80.00M ▲$80.00M ▲$90.00M ▲
Magnetic Solutions
Magnetic Solutions
 $20.00M ▲$20.00M ▲$20.00M ▲$0 ▼

Five-Year Company Overview

Income Statement

Income Statement Bel Fuse’s income statement shows a company that has shifted from barely profitable a few years ago to consistently earning healthy profits, though with some recent cooling. Sales climbed steadily from 2020 through 2023, with margins improving more than the top line as the business became more efficient and moved into higher‑value products. In the latest year, revenue and earnings both stepped down from the unusually strong 2023 level, but still sit well above where they were earlier in the decade. That suggests 2023 was something of a peak year rather than a new baseline. Overall profitability now looks established, but earnings remain quite sensitive to industry cycles and demand swings in key end markets.

Balance Sheet

Balance Sheet The balance sheet reflects a business that has grown and is now carrying more weight. Total assets have expanded significantly, helped by acquisitions and organic growth, and shareholder equity has built up over time, which strengthens the company’s capital base. At the same time, debt has moved notably higher in the most recent year, while cash has edged down from its prior peak. The result is a sturdier equity cushion but also a more leveraged profile than in the recent past. The key question going forward is whether the higher earnings power and acquired businesses are sufficient to comfortably support the added debt. Overall, the financial position looks stronger than a few years ago but less conservative than it was just before the latest expansion push.

Cash Flow

Cash Flow Cash generation has been a clear positive. Operating cash flow has generally tracked the improvement in profits, with the last few years showing solid cash inflows from the core business. Free cash flow has been consistently positive, even after a steady, moderate level of capital spending, which indicates the business is not overly capital‑hungry. The most recent year shows somewhat softer cash generation than the prior peak, echoing the earnings normalization, but it remains broadly healthy. This pattern suggests Bel Fuse has been able to convert its accounting profits into real cash reasonably well, providing support for debt service, acquisitions, and potential shareholder returns, as long as industry conditions remain supportive.

Competitive Edge

Competitive Edge Bel Fuse occupies attractive niches in power, protection, and connectivity components rather than trying to compete head‑on across the entire electronics landscape. Its breadth across magnetics, connectors, fuses, power supplies, and PoE solutions gives it exposure to many end markets—industrial, networking, aerospace, defense, and eMobility—reducing dependence on any single segment. Strategic acquisitions have deepened its positions, particularly in integrated connector modules and, more recently, in aerospace and defense power systems. A key part of its moat comes from long‑term customer relationships, engineering collaboration, and the complexity of qualifying new suppliers in mission‑critical applications. However, Bel still operates in a highly competitive, price‑sensitive industry with large global rivals, and demand in many of its markets can be cyclical. Its competitive position looks solid in its chosen niches, but it is not immune to broader industry pressures.

Innovation and R&D

Innovation and R&D Innovation is a central part of Bel Fuse’s strategy. The company is leaning into newer technologies like Gallium Nitride power devices to make smaller, more efficient power supplies, and it has a strong franchise in high‑power Power over Ethernet connectors. Its push into eMobility components and high‑voltage fuses taps into the long‑term shift toward electric vehicles and charging infrastructure, while the Enercon acquisition extends its reach into specialized aerospace and defense power systems. Bel emphasizes custom designs and close engineering support, which can deepen customer dependence and raise switching costs. The global R&D footprint and targeted investment in design centers indicate a commitment to staying relevant in fast‑moving segments. The main execution risks are keeping innovation cycles ahead of larger competitors and successfully integrating acquired technologies and teams without diluting focus.

Summary

Bel Fuse has evolved from a low‑margin, somewhat cyclical component supplier into a more profitable, niche‑focused technology company with a clearer strategic identity. Earnings and cash flow have improved meaningfully over the last several years, even if the most recent period shows some normalization from an unusually strong peak. The balance sheet now carries more debt but also more scale and earning power, reflecting a deliberate decision to grow through acquisitions and deeper participation in higher‑value markets. Competitively, the company benefits from diversification across products and end markets, strong positions in select niches like PoE and power magnetics, and a customer‑centric engineering approach. Its innovation pipeline in GaN power, eMobility, and aerospace/defense power systems provides credible avenues for future growth. Key things to monitor are margin sustainability as demand cycles shift, the integration and payoff of recent acquisitions, and how comfortably the business services its higher debt load over time.

NEWS

October 31, 2025 · 2:35 PM UTC

Bel Fuse Inc. Announces Regular Quarterly Cash Dividend on its Class A and Class B Shares

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October 31, 2025 · 8:30 AM UTC

Bel Fuse Announces Upcoming Conference Schedule for November 2025

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October 29, 2025 · 4:15 PM UTC

Bel Reports Third Quarter 2025 Results

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October 9, 2025 · 8:00 AM UTC

Bel Fuse Schedules Third Quarter 2025 Financial Results Conference Call

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