BEL FUSE INC /NJ BELFA
Bel Fuse Inc. designs, manufactures and markets a broad array of products that power, protect and connect electronic circuits. These products are primarily used in the defense, commercial aerospace, networking, telecommunications, computing, general industrial, high-speed data transmission, transportation and eMobility industries. Bel's portfolio of products also finds application in the automotive, medical, broadcasting and consumer electronics markets. Bel's product groups include Power Solutions and Protection (front-end, board-mount, industrial and transportation power products, module products and circuit protection), Connectivity Solutions (expanded beam fiber optic, copper-based, RF and RJ connectors and cable assemblies), and Magnetic Solutions (integrated connector modules, power transformers, power inductors and discrete components).
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 | $675.5M | $534.8M | $639.8M | $654.2M | $543.5M | $465.8M | $492.4M | $548.2M | $491.6M | $500.2M |
| Cost of revenue | $411.0M | $332.4M | $424.0M | $470.8M | $409.1M | $346.0M | $382.4M | $408.9M | $389.3M | $400.2M |
| Gross profit | $264.4M | $202.4M | $215.8M | $183.5M | $134.4M | $119.7M | $110.0M | $139.3M | $102.3M | $99.9M |
| R&D | $30.9M | $23.6M | $22.5M | $20.2M | $21.9M | $23.6M | $26.9M | $29.5M | $28.8M | $26.7M |
| SG&A | $125.8M | $110.6M | $99.1M | $92.3M | $86.6M | $78.7M | $77.4M | $82.6M | $84.7M | $71.0M |
| Operating income | $111.0M | $64.3M | $88.0M | $65.1M | $31.3M | $18.7M | -$1.6M | $26.9M | $17.4M | -$76.5M |
| Interest expense | $14.8M | $4.1M | $2.9M | $3.4M | $3.5M | $4.7M | $5.4M | $5.3M | $6.8M | $6.7M |
| Pre-tax income | $95.0M | $61.8M | $83.3M | $59.1M | $27.3M | $12.1M | -$7.3M | $23.6M | $9.6M | -$82.6M |
| Income tax | $20.9M | $12.6M | $9.5M | $6.4M | $2.5M | $659.0K | $1.4M | $2.9M | $21.5M | $17.7M |
| Net income | $74.1M | $49.2M | $73.8M | $52.7M | $24.8M | $12.8M | -$8.7M | $20.7M | -$11.9M | -$64.8M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $57.8M | $68.3M | $89.4M | $70.3M | $61.8M | $84.9M | $72.3M | $53.9M | $69.4M | $73.4M |
| Receivables | $121.5M | $111.4M | $84.1M | $107.3M | $87.1M | $71.4M | $76.1M | $91.9M | $78.8M | $74.4M |
| Inventory | $167.3M | $161.4M | $136.5M | $172.5M | $139.4M | $100.1M | $107.3M | $120.1M | $107.7M | $98.9M |
| Total current assets | $384.8M | $373.5M | $381.5M | $381.4M | $329.0M | $280.2M | $283.2M | $290.5M | $266.1M | $255.4M |
| Property, plant and equipment | $48.4M | $47.9M | $36.5M | $36.8M | $38.2M | $34.5M | $41.9M | $43.9M | $43.5M | $48.8M |
| Goodwill | $214.8M | $208.0M | $26.6M | $25.1M | $26.7M | $24.0M | $10.8M | $19.8M | $20.2M | $18.0M |
| Other intangibles | $218.0M | $231.9M | $49.4M | $54.1M | $61.0M | $65.8M | $72.4M | $62.7M | $69.4M | $74.8M |
| Total assets | $935.2M | $949.8M | $571.6M | $560.5M | $511.8M | $453.9M | $468.9M | $443.5M | $431.3M | $426.7M |
| Accounts payable | $53.0M | $49.2M | $40.4M | $64.6M | $66.0M | $39.8M | $44.2M | $56.2M | $47.9M | $47.2M |
| Short-term debt | — | — | — | — | $0 | $5.3M | $5.5M | $2.5M | $2.6M | $11.4M |
| Total current liabilities | $127.4M | $128.1M | $110.6M | $136.3M | $112.0M | $87.5M | $90.2M | $106.0M | $87.3M | $92.3M |
| Long-term debt | $197.5M | $287.5M | $60.0M | $95.0M | $112.5M | $110.3M | $138.2M | $111.7M | $120.1M | $129.8M |
| Total liabilities | $416.5M | $508.6M | $231.1M | $298.1M | $303.1M | $268.1M | $300.9M | $267.1M | $273.3M | $268.3M |
| Retained earnings | $403.1M | $345.0M | $307.5M | $237.2M | $187.9M | $166.5M | $157.1M | $168.7M | $147.8M | $161.3M |
| Total equity | $425.5M | $360.6M | $340.6M | $262.3M | $208.7M | $185.8M | $168.1M | $176.5M | $158.0M | $158.4M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $80.6M | $74.1M | $108.3M | $40.3M | $4.6M | $46.1M | $24.4M | $10.1M | $24.1M | $38.6M |
| Depreciation and amortisation | $26.6M | $16.5M | $13.3M | $14.9M | $16.9M | $16.4M | $16.5M | $18.2M | $20.7M | $21.8M |
| Stock-based compensation | $6.8M | $3.7M | $3.5M | $2.4M | $2.3M | $2.3M | $2.9M | $2.8M | $3.0M | $2.8M |
| Capital expenditure | $12.0M | $14.1M | $12.1M | $8.8M | $9.4M | $5.5M | $9.9M | $11.6M | $6.4M | $8.2M |
| Investing cash flow | -$3.2M | -$297.9M | -$53.5M | -$7.0M | -$18.9M | -$1.5M | -$33.1M | -$13.7M | -$6.3M | -$2.4M |
| Financing cash flow | -$94.1M | $206.3M | -$38.6M | -$21.3M | -$8.4M | -$32.1M | $25.2M | -$12.3M | -$24.3M | -$47.5M |
| Dividends paid | $3.5M | $3.5M | $3.5M | $3.4M | $3.4M | $3.4M | $3.4M | $3.3M | $3.3M | $3.2M |
| Buybacks | $0 | $16.1M | $105.0K | $349.0K | $0 | $0 | $448.0K | — | — | — |
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 0001437749-26-011998.