Logo

BELFB

Bel Fuse Inc.

BELFB

Bel Fuse Inc. • NASDAQ
$154.03 ▲ 0.88% (+1.34)
Market Cap $1.94 B
52w High $167.04
52w Low $58.00
Dividend Yield 0.28%
P/E 31.18
Volume 63.33K
Outstanding Shares 12.61M

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

Five-Year Company Overview

Income Statement

Income Statement Bel Fuse’s income statement tells a story of a company that became much more profitable over the last five years, but is now coming off a peak. Sales climbed strongly from 2020 through 2022, stayed high in 2023, and then stepped back in 2024 to around earlier levels. Even with that pullback, profit margins today are much healthier than they were several years ago. The company has shifted from barely breaking even to generating solid operating and net profits, and earnings per share are still several times higher than they were in 2020, even though they are below the unusually strong 2022–2023 period. Overall, it looks like Bel has structurally improved its profitability, but results are now normalizing after a strong cycle.

Balance Sheet

Balance Sheet The balance sheet shows a business that has grown in scale and taken on more financial muscle, along with more financial obligations. Total assets have expanded sharply in the most recent year, likely reflecting acquisitions or growth investments. Shareholders’ equity has been steadily built up over time, which is a positive sign of retained value creation. On the other hand, debt has risen meaningfully in the latest year, making the company more leveraged than before, although not extreme for a hardware manufacturer. Cash on hand is modest but consistent. In short, Bel looks stronger and larger than it was a few years ago, but with a higher reliance on debt that will need to be managed carefully if conditions weaken.

Cash Flow

Cash Flow Cash generation has been generally constructive. Operating cash flow has been positive in four of the last five years and notably better in the middle of the period, lining up with the profit peak. Free cash flow has also been positive in most years, suggesting the company is bringing in more cash than it spends on its operations and investments. Capital spending has been relatively small and steady, indicating disciplined investment and a fairly asset-light or efficiently run manufacturing base. The main takeaway is that Bel has usually converted its accounting profits into real cash, providing flexibility to service debt, fund acquisitions, or return capital, though the latest year shows somewhat softer cash inflows compared with the recent high point.

Competitive Edge

Competitive Edge Bel Fuse sits in a relatively specialized corner of the hardware and components market, with strength in products that power, protect, and connect electronic systems. Its competitive position rests on several pillars: a diversified product set, exposure to many end markets (from networking and telecom to medical, industrial, aerospace, and defense), and a reputation for engineering-heavy, customized solutions. Customers that integrate Bel’s parts deeply into their designs face switching costs, which helps retain business. Strategic acquisitions, such as the move into higher-end aerospace and defense power systems, have added depth and higher-margin niches. The flip side is that Bel still competes against larger, well-funded global component makers, and demand in some of its markets can be cyclical and sensitive to broader tech and industrial spending.

Innovation and R&D

Innovation and R&D Innovation is a clear focus and a key part of Bel’s edge. The company has built a track record of differentiated products like its integrated MagJack connectors, which combine multiple functions into a single, space-saving component, and advanced power solutions that use newer materials such as Gallium Nitride to achieve higher efficiency and smaller size. Bel is also leaning into emerging growth areas—e‑mobility, aerospace, defense, AI-related infrastructure, and even space—through both internal R&D and acquisitions. Dedicated R&D centers and close collaboration with customers’ engineering teams support a steady flow of tailored designs rather than just off‑the‑shelf parts. The main risks are execution and pacing: integrating new technologies, keeping ahead of fast-moving standards, and ensuring that R&D spending and acquisitions translate into sustainable, profitable growth.

Summary

Bel Fuse today looks like a more profitable, more sophisticated version of the company it was five years ago. Profitability has improved significantly compared with 2020, even after stepping down from an exceptional peak in 2022–2023. The balance sheet shows larger scale and stronger equity, offset by a noticeable rise in debt tied to growth initiatives. Cash flow has generally supported the story, with consistent free cash generation and restrained capital spending. Competitively, Bel benefits from specialization, customization, and diversification across many industries, while facing the usual pressures of a cyclical, highly competitive components market. Its emphasis on innovation—especially in high-growth, higher-margin areas like aerospace, defense, e‑mobility, and advanced power technologies—creates meaningful opportunity, but also introduces typical integration and execution risks. Overall, the company appears to have upgraded its profit profile and strategic positioning, while taking on the challenge of managing more complexity and leverage as it pursues further growth.

NEWS

October 31, 2025 · 2:35 PM UTC

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

Read more

October 31, 2025 · 8:30 AM UTC

Bel Fuse Announces Upcoming Conference Schedule for November 2025

Read more

October 29, 2025 · 4:15 PM UTC

Bel Reports Third Quarter 2025 Results

Read more

October 9, 2025 · 8:00 AM UTC

Bel Fuse Schedules Third Quarter 2025 Financial Results Conference Call

Read more