BELDEN INC. BDC
Belden Inc. (the Company, us, we, or our) is a leading global supplier of complete connection solutions that unlock untold possibilities for our customers, their customers and the world. We advance ideas and technologies that enable a safer, smarter and more prosperous future. Throughout our 120-plus year history we have evolved as a company, but making connections remains our purpose. Our business is organized around two global businesses, Smart Infrastructure Solutions and Automation Solutions, both of which benefit from favorable secular trends which we expect to drive future growth. Each business represents a reportable segment. Financial information about our segments appears in Note 5 to the Consolidated Financial Statements. We sell our products to distributors, end-users, installers, and directly to original equipment manufacturers (OEMs). Belden Inc. is a Delaware corporation incorporated in 1988, but the Company's roots date back to its founding by Joseph Belden in 1902.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.72B | $2.46B | $2.51B | $2.61B | $2.30B | $1.75B | $2.13B | $2.17B | $2.09B | $2.36B |
| Cost of revenue | $1.68B | $1.54B | $1.56B | $1.69B | $1.53B | $1.18B | $1.34B | $1.34B | $1.28B | $1.38B |
| Gross profit | $1.03B | $922.2M | $955.0M | $916.3M | $771.8M | $575.6M | $793.5M | $829.9M | $802.3M | $981.3M |
| R&D | $128.8M | $112.4M | $116.4M | $104.3M | $90.2M | $73.0M | $94.4M | $91.6M | $88.7M | $140.5M |
| SG&A | $533.4M | $494.6M | $492.7M | $448.6M | $378.0M | $323.4M | $417.3M | $411.4M | $389.7M | $486.4M |
| Operating income | $315.7M | $266.5M | $317.5M | $363.3M | $263.7M | $150.1M | $207.2M | $314.0M | $233.6M | $232.1M |
| Interest expense | — | — | $33.6M | $43.6M | $62.7M | $58.9M | $55.8M | $60.8M | $82.7M | $95.0M |
| Pre-tax income | $266.9M | $227.9M | $285.8M | $317.4M | $226.8M | $90.8M | $152.4M | $230.1M | $98.0M | $126.5M |
| Income tax | $29.3M | $29.5M | $43.2M | $49.6M | $27.9M | $20.1M | $42.5M | $62.9M | $4.6M | $1.2M |
| Net income | $237.5M | $198.4M | $242.6M | $254.8M | $64.3M | -$55.2M | -$377.0M | $160.9M | $93.2M | $128.0M |
| EPS, basic | 6.00 | 4.88 | 5.75 | 5.81 | 1.43 | -1.23 | -9.37 | 3.10 | 1.38 | 2.67 |
| EPS, diluted | 5.91 | 4.80 | 5.66 | 5.72 | 1.41 | -1.23 | -9.37 | 3.08 | 1.37 | 2.65 |
| Shares, diluted (wtd. avg.) | $40.2M | $41.3M | $42.9M | $44.5M | $45.4M | $44.9M | $42.4M | $41.0M | $42.6M | $42.6M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $389.9M | $370.3M | $597.0M | $687.7M | $643.8M | $502.0M | $425.9M | $420.6M | $561.1M | $848.1M |
| Receivables | $462.8M | $409.7M | $413.8M | $440.1M | $383.4M | $296.8M | $334.6M | $336.0M | $473.6M | $388.1M |
| Inventory | $402.3M | $343.1M | $367.0M | $341.6M | $345.2M | $247.3M | $231.3M | $265.0M | $297.2M | $190.4M |
| Total current assets | $1.35B | $1.20B | $1.46B | $1.54B | $1.88B | $1.10B | $1.38B | $1.26B | $1.37B | $1.48B |
| Property, plant and equipment | $566.0M | $495.6M | $451.1M | $381.9M | $343.6M | $368.6M | $345.9M | $311.0M | $337.3M | $309.3M |
| Goodwill | $1.04B | $1.02B | $907.3M | $862.3M | $821.4M | $789.7M | $1.24B | $1.21B | $1.21B | $1.39B |
| Other intangibles | $399.8M | $419.1M | $269.1M | $246.8M | $238.2M | $219.1M | $339.5M | $359.9M | $424.9M | $560.1M |
| Total assets | $3.54B | $3.33B | $3.24B | $3.16B | $3.42B | $3.14B | $3.41B | $3.78B | $3.84B | $3.81B |
| Accounts payable | $361.4M | $315.7M | $343.2M | $350.1M | $377.8M | $244.1M | $268.5M | $297.5M | $376.3M | $258.2M |
| Short-term debt | — | — | — | — | — | — | — | — | — | $0 |
| Total current liabilities | $697.5M | $622.7M | $633.5M | $639.9M | $752.9M | $520.8M | $722.5M | $716.9M | $678.9M | $570.3M |
| Long-term debt | $1.29B | $1.13B | $1.20B | $1.16B | $1.46B | $1.57B | $1.44B | $1.46B | $1.56B | $1.62B |
| Retained earnings | $1.41B | $1.18B | $985.8M | $751.5M | $505.7M | $450.9M | $518.0M | $922.0M | $833.6M | $783.8M |
| Total equity | $1.26B | $1.29B | $1.17B | $1.14B | $956.1M | $757.1M | $965.8M | $1.39B | $1.43B | $1.46B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $354.9M | $352.1M | $319.6M | $281.3M | $272.1M | $173.4M | $276.9M | $289.2M | $255.3M | $314.8M |
| Depreciation and amortisation | $129.4M | $115.7M | $99.4M | $88.7M | $88.0M | $108.7M | $139.3M | $148.6M | $149.7M | $145.6M |
| Stock-based compensation | $30.0M | $27.5M | $21.0M | $23.7M | $24.9M | $20.0M | $17.8M | $18.5M | $14.6M | $18.2M |
| Capital expenditure | $136.2M | $129.1M | $116.7M | $105.1M | $91.0M | $90.2M | $110.0M | $97.8M | $64.3M | $54.0M |
| Investing cash flow | -$128.2M | -$426.8M | -$200.4M | $168.4M | -$92.0M | -$31.6M | -$184.4M | -$140.7M | -$230.1M | -$73.3M |
| Financing cash flow | -$217.8M | -$143.7M | -$211.9M | -$393.2M | -$32.9M | -$74.9M | -$86.9M | -$281.8M | -$331.4M | $401.7M |
| Dividends paid | $8.0M | $8.2M | $8.5M | $8.9M | $9.1M | $9.0M | $34.4M | $43.2M | $43.4M | $16.1M |
| Buybacks | $194.6M | $132.9M | $192.1M | $150.0M | — | — | — | — | $25.0M | $0 |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0000913142-26-000011.
Others in SIC 3357
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| GLW | CORNING INC /NY | $132.80B | 84.3x | 19.1% |
| OCC | OPTICAL CABLE CORP | $122.3M | — | 9.5% |
| APWC | ASIA PACIFIC WIRE & CABLE CORP LTD | — | — | — |