Bel Fuse Inc.
BELFA Technology Electronic Components
Bel Fuse Inc.’s revenue for fiscal 2025 (year ended December 2025) was $675.5 million, up 26.3% from fiscal 2024. In the quarter to June 2026, revenue grew 25.2%, EPS fell 11.3%, free cash flow fell 27.4% and total debt fell 28.2%, each against the same quarter a year earlier. Dividend growth for three consecutive years.
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Bel Fuse Inc. (BELFA) Altman Z-score
Bel Fuse Inc.'s Altman Z-score for fiscal 2025 is 4.31, in the safe zone (above 2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 4.31 | 1.54 |
| FY2024 | 2.76 | (2.33) |
| FY2023 | 5.09 | 1.61 |
| FY2022 | 3.48 | 0.83 |
| FY2021 | 2.65 | 0.10 |
| FY2020 | 2.55 | 0.15 |
| FY2019 | 2.40 | (0.44) |
| FY2018 | 2.84 | 0.02 |
| FY2017 | 2.83 | 0.58 |
| FY2016 | 2.24 | (0.09) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.28 | — | 0.33 | |
| Retained earnings / total assets | 0.43 | — | 0.60 | |
| EBIT / total assets | 0.12 | — | 0.39 | |
| Market value of equity / total liabilities | 3.76 | — | 2.26 | |
| Sales / total assets | 0.72 | — | 0.72 | |
| Altman Z-score | Safe zone | 4.31 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 4.88 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| OLED Universal Display Corporation compare | 18.6× |
| ROG Rogers Corporation compare | 6.1× |
| OUST Ouster, Inc. compare | 4.9× |
| BELFB Bel Fuse Inc. compare | 4.6× |
| BELFA Bel Fuse Inc. | 4.3× |
| KN Knowles Corporation compare | 4.3× |
| ALNT Allient Inc. compare | 4.0× |
| OSIS OSI Systems, Inc. compare | 3.3× |
| BHE Benchmark Electronics, Inc. compare | 3.2× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets