BELDEN INC. BDC

Basic materials SIC 3357 - Drawing & Insulating of Nonferrous Wire NAICS Manufacturing › Primary Metal Manufacturing derived NYSE

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.

Last close 104.15 2026-10-23
Market cap $4.07B 2026-06-28 share count
52-week range 98.00 - 159.99

Valuation FY2025 figures against the last close

P/S1.5x
P/E17.6x
P/FCF18.6x
EV/EBITDA11.2x
Dividend yield0.2%
Diluted EPS5.91

Where the revenue comes from as reported in the latest 10-K

Revenue by geography

  • United  States
  • Other
  • Canada
  • Germany
  • China
Revenue by geography, 5 categories over 3 years. The same figures are in the table below. FY2025 United  States, FY2025: 1.6B (58.2%) 58% United  States Other, FY2025: 708.5M (26.1%) 26% Other Canada, FY2025: 188.9M (7.0%) 7% Canada Germany, FY2025: 139.2M (5.1%) 5% Germany China, FY2025: 99.2M (3.7%) 4% FY2024 United  States, FY2024: 1.4B (56.6%) 57% Other, FY2024: 698.3M (28.4%) 28% Canada, FY2024: 160M (6.5%) 7% Germany, FY2024: 118.3M (4.8%) 5% China, FY2024: 92.1M (3.7%) 4% FY2023 United  States, FY2023: 1.4B (55.1%) 55% Other, FY2023: 720.9M (28.7%) 29% Canada, FY2023: 169.1M (6.7%) 7% Germany, FY2023: 134.1M (5.3%) 5% China, FY2023: 104.7M (4.2%) 4%
Region FY2025FY2024FY2023
United  States $1.58B $1.39B $1.38B
Other $708.5M $698.3M $720.9M
Canada $188.9M $160.0M $169.1M
Germany $139.2M $118.3M $134.1M
China $99.2M $92.1M $104.7M

As the company reported it, from the “Operating Segments and Geographic Information - Schedule of Revenue from External Customers and Long-Lived Assets Based on Physical Location (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Regions are the filer's own and are not mapped onto a standard list — one company's “Americas” and another's “United States” are different areas, and making them look comparable would mean making at least one of them wrong. Slices under 1% are folded into “Other”.

Revenue by segment

  • Automation Solutions
  • Smart Infrastructure Solutions
Revenue by segment, 2 categories over 3 years. The same figures are in the table below. FY2025 Automation Solutions, FY2025: 1.5B (55.1%) 55% Automation Solutions Smart Infrastructure Solutions, FY2025: 1.2B (44.9%) 45% Smart Infrastructure Solutions FY2024 Automation Solutions, FY2024: 1.3B (53.5%) 54% Smart Infrastructure Solutions, FY2024: 1.1B (46.5%) 46% FY2023 Automation Solutions, FY2023: 1.4B (55.3%) 55% Smart Infrastructure Solutions, FY2023: 1.1B (44.7%) 45%
Segment FY2025FY2024FY2023
Automation Solutions $1.50B $1.32B $1.39B
Smart Infrastructure Solutions $1.22B $1.14B $1.12B

As the company reported it, from the “Operating Segments and Geographic Information - Schedule of Operating Segment Information (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Segments are the filer's own reporting structure, which is a decision about how it runs itself rather than a standard taxonomy: two companies in the same industry routinely divide themselves along different lines, so these are worth reading down a single company rather than across two. Slices under 1% are folded into “Other”.

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 6.004.885.755.811.43-1.23-9.373.101.382.67
EPS, diluted 5.914.805.665.721.41-1.23-9.373.081.372.65
Shares, diluted (wtd. avg.) 40.2M41.3M42.9M44.5M45.4M44.9M42.4M41.0M42.6M42.6M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -1B 0 1B 2B 3B Revenue, FY2016: 2.4B Gross profit, FY2016: 981.3M Net income, FY2016: 128M Revenue, FY2017: 2.1B Gross profit, FY2017: 802.3M Net income, FY2017: 93.2M Revenue, FY2018: 2.2B Gross profit, FY2018: 829.9M Net income, FY2018: 160.9M Revenue, FY2019: 2.1B Gross profit, FY2019: 793.5M Net income, FY2019: -377M Revenue, FY2020: 1.8B Gross profit, FY2020: 575.6M Net income, FY2020: -55.2M Revenue, FY2021: 2.3B Gross profit, FY2021: 771.8M Net income, FY2021: 64.3M Revenue, FY2022: 2.6B Gross profit, FY2022: 916.3M Net income, FY2022: 254.8M Revenue, FY2023: 2.5B Gross profit, FY2023: 955M Net income, FY2023: 242.6M Revenue, FY2024: 2.5B Gross profit, FY2024: 922.2M Net income, FY2024: 198.4M Revenue, FY2025: 2.7B Gross profit, FY2025: 1B Net income, FY2025: 237.5M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $2.36B $2.09B $2.17B $2.13B $1.75B $2.30B $2.61B $2.51B $2.46B $2.72B
Gross profit $981.3M $802.3M $829.9M $793.5M $575.6M $771.8M $916.3M $955.0M $922.2M $1.03B
Net income $128.0M $93.2M $160.9M -$377.0M -$55.2M $64.3M $254.8M $242.6M $198.4M $237.5M

Recent filings and events

  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • Acquisition or disposal completed A purchase or sale of a significant business or asset has closed. Item 2.01
  • New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Material agreement signed Item 1.01
  • Results announced Item 2.02
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Results announced Item 2.02
  • Material agreement signed Item 1.01
  • New debt or obligation Item 2.03

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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