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Belden Inc

BDC Technology Communication Equipment

Belden Inc’s revenue for fiscal 2025 (year ended December 2025) was $2.7 billion, up 10.3% from fiscal 2024.

Revenue
+11.6%
EPS
+14.3%
Free cash flow
+55.7%
Total debt
−3.21%

Quarter to June 2026, against a year earlier

105.70 1.78 −1.66%
Market cap
$4.2B
P/E
17.0×
Fwd P/E
16.9×
Dividend yield
0.19%
F-score
8/9
Altman Z
3.05
Beneish M
−2.57
Dividend safety
74/100
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Bought, $m 6.00
Sold, $m 3.09
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — 1 — — — — — — —
Sell 6 3 2 — 1 — — — — 1 — —
Insider Ownership 1.71%

Capital & Financial Ratios $m

Size
Market Cap 4,200.00
Revenue ttm 2,864.87
Net income ttm 244.14
Free cash flow ttm 212.16
Net debt Q 881.91
Valuation
P/E 17.00
Forward P/E 16.90
Price / sales 1.44
Forward P/S Powerpack
Price / FCF 18.56
Price / book 2.98
Financial health
Current ratio Q 2.14 (at or above 1.5: strong)
Debt / equity Q 0.89
Interest coverage Q 7.30
Growth
Revenue growth Q +11.63% (above 0%: growing)
Operating income growth Q +25.27% (above 0%: growing)
EPS, this year +14.62%
EPS, next year A +14.94%
Revenue, next year A +24.71% (at or above 10%: strong)
EPS, past 5 yrs —
EPS, next 5 yrs A +14.00%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 1.7×, against a ten-year median of 1.7×; over the ten years it ranged from 1.2× in 2022 to 2.5× in 2024.
P/E against its own 10 years 22.61%
10-year low 10-year high
P/S against its own 10 years 69.56%
10-year low 10-year high
P/B against its own 10 years 62.61%
10-year low 10-year high
EV/Sales against its own 10 years 50.97%
10-year low 10-year high
EV/FCF against its own 10 years 68.05%
10-year low 10-year high

Dividends

Yield
0.19%
Annual rate
0.20
Payout ratio
3.25%
Growth, 2016–25
0.00%/yr
  1. 0.20 ’16
  2. 0.20 ’17 +0%
  3. 0.21 ’18 +5%
  4. 0.20 ’19 −5%
  5. 0.20 ’20 +0%
  6. 0.20 ’21 +0%
  7. 0.20 ’22 +0%
  8. 0.20 ’23 +0%
  9. 0.20 ’24 +0%
  10. 0.20 ’25 +0%
  11. 0.20 ’26e +0%
paid forecast Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 597 370 390 349
Receivables 414 410 463 534
Inventory 367 343 402 421
Other 79 73 94 90
1,457 1,196 1,349 1,394
2023 2024 2025 Q'26
Payables 343 316 361 359
ST’ Debt — — — —
Other — — — —
634 623 697 653

Compound Annual Growth %

10y 5y 3y
Sales 1.63% 9.16% 1.37%
Cash Flow 3.93% 15.40% 8.05%
Earnings 13.63% 0.00% (2.30%)
Book Value 4.36% 10.80% 3.39%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 2.30 Actual 2.26

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q3 FY25 1.90 1.97 Beat by 0.07
Q4 FY25 1.93 2.08 Beat by 0.15
Q2 FY26 2.04 2.34 Beat by 0.30
Q3 FY26 2.30 2.26 Miss by 0.04

EPS $

Mar Jun Sep Dec Year
’26 1.30 1.74 — — —
’25 1.27 1.53 1.41 1.70 5.91
’24 0.90 1.19 1.30 1.42 4.80
’23 1.45 1.60 1.70 0.91 5.66
’22 0.79 1.31 2.23 1.42 5.72
’21 0.64 0.97 0.91 (1.11) 1.41
’20 (0.25) (1.52) 0.38 0.15 (1.23)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 696 750 — — —
’25 625 672 698 720 2,715
’24 536 604 655 666 2,461
’23 642 692 627 551 2,512
’22 610 667 670 659 2,606
’21 509 576 605 612 2,301
’20 464 425 476 388 1,752
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 (19) 129 — — —
’25 7 82 105 160 355
’24 3 83 92 175 352
’23 (32) 87 105 160 320
’22 (58) 49 87 202 281
’21 (41) 68 75 170 272
’20 (52) 40 51 135 173
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (63) 89 — — —
’25 (25) 57 65 121 219
’24 (21) 61 67 116 223
’23 (46) 68 104 105 217
’22 (69) 31 110 148 220
’21 (53) 48 47 165 208
’20 (73) 22 33 104 86
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.3
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 2,357 2,087 2,166 2,131 1,752 2,301 2,606 2,512 2,461 2,715 2,865 +1.6% 3,386 3,996 4,197 +15.6%
Gross margin, % 41.64 38.44 38.32 37.23 32.85 33.54 35.15 38.01 37.47 37.98 37.64 (3.7) pt
EBT 126 98 230 152 91 227 317 286 228 267 286 +8.7%
EBT margin, % 5.37 4.69 10.62 7.15 5.18 9.85 12.18 11.38 9.26 9.83 9.99 +4.5 pt
Net income 128 93 161 (377) (55) 64 255 243 198 238 244 +7.1%
Per share, $
Per share, $ Revenue 55.99 49.44 53.24 50.50 39.13 51.37 59.45 59.48 60.48 68.56 73.54 +2.3%
Earnings 2.67 1.38 3.10 (9.37) (1.23) 1.43 5.81 5.75 4.88 6.00 6.23 +9.4%
Cash flow 7.48 6.05 7.11 6.56 3.87 6.07 6.42 7.57 8.65 8.96 9.65 +2.0%
Capex (1.27) (1.50) (2.37) (2.61) (1.94) (1.44) (1.40) (2.44) (3.17) (3.43) (4.20) +11.7%
Free cash flow 6.21 4.55 4.74 3.96 1.93 4.64 5.01 5.13 5.48 5.53 5.45 (1.3%)
Book value 34.72 33.99 34.11 22.89 16.91 21.34 26.09 27.61 31.82 31.93 35.54 (0.9%)
Shares, m 42 42 41 42 45 45 44 42 41 40 39 (0.7%)
Valuation, ×
Valuation, × P/E 28.74 57.25 13.43 0.00 0.00 45.97 12.54 13.41 23.03 19.46 17.00 21.4
P/S 1.37 1.60 0.78 1.09 1.07 1.28 1.23 1.30 1.86 1.70 1.44 1.3
P/B 2.21 2.32 1.22 2.40 2.48 3.08 2.80 2.79 3.54 3.65 2.98 2.7
EV/Sales 1.70 2.08 1.27 1.57 1.68 1.64 1.41 1.54 2.17 2.03 1.75 1.7
EV/FCF 15.33 22.58 14.29 20.10 34.17 17.82 16.75 17.04 22.91 24.07 22.54 20.5
Cash, $m
Cash, $m Operating cash flow 315 255 289 277 173 272 281 320 352 355 376 +1.3%
Capex (54) (63) (96) (110) (87) (64) (62) (103) (129) (136) (164) +10.9%
Free cash flow 261 192 193 167 86 208 220 217 223 219 212 (1.9%)
Balance, $m
Balance, $m Working capital 909 693 542 655 578 1,125 896 823 574 652 741 (3.6%)
Net debt 772 1,000 1,056 1,032 1,072 818 474 607 760 896 882 +1.7%
Shareholders’ equity 1,461 1,435 1,388 966 757 956 1,144 1,166 1,295 1,264 1,385 (1.6%)
Returns, %
Returns, % ROA 3.17 1.52 3.31 (11.01) (1.69) 1.95 7.74 7.58 6.04 6.91 7.01 +3.7 pt
ROIC 6.49 6.00 8.03 6.48 5.13 9.29 14.04 11.19 8.11 9.13 9.40 +2.6 pt
ROE 9.85 4.02 8.93 (33.61) (6.40) 7.46 24.25 21.02 16.13 18.56 18.64 +8.7 pt
People
People Employees 8,400 8,800 9,000 7,000 6,200 — 8,000 8,000 7,500 8,000 — (0.5%)
Revenue/emp, $m 0.28 0.24 0.24 0.30 0.28 0.00 0.33 0.31 0.33 0.34 — +2.1%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Belden Inc vs peers in Communication Equipment (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
VSAT Viasat Inc. $10.7B — (loss-making) — (loss-making) −1.24% (below 0%: shrinking) n/m −31.14% (below 0%: shrinking) 35.70% 4.09% Compare
VIAV Viavi Solutions Inc. $8.2B — (loss-making) 26.6× +52.53% (above 0%: growing) +250.00% (above 0%: growing) +2,728.57% (above 0%: growing) 59.06% 13.83% Compare
AAOI Applied Optoelectronics, Inc. $6.7B — (loss-making) 19.6× +86.42% (above 0%: growing) n/m −191.62% (below 0%: shrinking) 27.72% (12.88%) Compare
BDC Belden Inc $4.2B 17.0× 16.9× +11.63% (above 0%: growing) +14.29% (above 0%: growing) +55.69% (above 0%: growing) 39.14% 13.23%
ONDS Ondas Holdings Inc. $4.0B — (loss-making) 23.4× +1,235.44% (above 0%: growing) n/m −1,000.26% (below 0%: shrinking) 43.13% (194.51%) Compare
EXTR Extreme Networks, Inc. $3.1B 70.8× 42.1× +10.28% (above 0%: growing) n/m −13.31% (below 0%: shrinking) 62.17% 6.22% Compare
DGII Digi International Inc. $3.0B 55.8× 47.9× +28.98% (above 0%: growing) +50.00% (above 0%: growing) +41.46% (above 0%: growing) 64.85% 16.51% Compare
VISN Vistance Networks, Inc. $1.5B 0.2× 9.4× −37.66% (below 0%: shrinking) +1,671.43% (above 0%: growing) −200.40% (below 0%: shrinking) 35.33% (2.78%) Compare
HLIT Harmonic Inc. $1.2B — (loss-making) 20.6× +53.55% (above 0%: growing) n/m −284.31% (below 0%: shrinking) 52.37% 17.71% Compare
Median of peers $3.6B 55.8× 23.4× +40.75% +250.00% −111.38% 47.75% 5.16%

All 46 Communication Equipment stocks →

Pay and ownership Proxy statement filed 9 April 2026

Ownership

Directors and executive officers, together 1.05%
BlackRock, Inc.55 East 12.83%
The Vanguard Group100 Vanguard BoulevardMalvern, PA 12.32%
FMR LLC 11.77%
T-Rowe Price Associates, Inc. 8.28%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Belden Inc (BDC) Latest News

31 Oct

Impact 3 · · StockStory

30 Oct

Impact 3 · · MarketBeat

29 Oct

Impact 4 · · Moby
Impact 4 · · The Motley Fool transcript
Impact 4 · · StockStory
Impact 4 · · Business Wire
Impact 3 · · Associated Press

28 Oct

Impact 3 · · StockStory

23 Oct

Impact 4 · · Business Wire

5 Oct

Impact 4 · · Simply Wall St.

1 Oct

Impact 4 · · Business Wire

24 Sep

Impact 4 · · Business Wire

28 Aug

Impact 3 ·

27 Aug

Impact 4 ·
Impact 3 ·

26 Aug

Impact 3 ·

24 Aug

Impact 4 ·

19 Aug

Impact 3 ·

18 Aug

Impact 4 · · MarketBeat

12 Aug

Impact 3 ·

11 Aug

Impact 3 ·

1 Aug

Impact 3 · · MarketBeat

30 Jul

Impact 4 ·
Impact 4 ·
Impact 3 ·
Impact 3 ·

17 Jul

Impact 4 ·

14 Jul

Impact 3 ·

3 Jul

Impact 3 ·

1 Jul

Impact 4 ·
stockrow.com/BDC · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com