| Nov 25 | Feb 26 | May 26 | Aug 26 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Buy | — | — | — | — | — | — | — | — | — | — | — | — |
| Sell | — | 3 | 1 | — | 2 | 5 | — | — | 1 | — | 1 | 2 |
| total | individual payouts | |
|---|---|---|
| 2026 | 0.21 |
—
—
—
|
| 2025 | 0.28 |
—
—
—
—
|
| 2024 | 0.28 |
—
—
—
—
|
| 2023 | 0.28 |
—
—
—
—
|
| 2022 | 0.28 |
—
—
—
—
|
| 2021 | 0.28 |
—
—
—
—
|
| 2020 | 0.28 |
—
—
—
—
|
| 2019 | 0.28 |
—
—
—
—
|
| 2018 | 0.35 |
—
—
—
—
—
|
| 2017 | 0.28 |
—
—
—
—
|
| 2016 | 0.28 |
—
—
—
—
|
| 2023 | 2024 | 2025 | Q'26 | |
|---|---|---|---|---|
| Cash | 126.92 | 69.20 | 57.80 | 306.11 |
| Receivables | 96.92 | 116.37 | 131.24 | 166.22 |
| Inventory | 136.54 | 161.37 | 167.27 | 200.23 |
| Other | 21.10 | 26.59 | 28.45 | 26.18 |
| 381.48 | 373.53 | 384.76 | 698.73 |
| 2023 | 2024 | 2025 | Q'26 | |
|---|---|---|---|---|
| Payables | 40.44 | 49.18 | 52.99 | 87.61 |
| ST’ Debt | — | — | — | — |
| Other | 9.16 | 17.90 | 16.72 | 14.55 |
| 110.61 | 128.07 | 127.45 | 155.92 |
| 10y | 5y | 3y | |
| Sales | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Cash Flow | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Earnings | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Book Value | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | 178.49 | 210.69 | — | — |
—
|
| ’25 | 152.24 | 168.30 | 178.98 | 175.94 |
675.46
|
| ’24 | 128.09 | 133.21 | 123.64 | 149.86 |
534.79
|
| ’23 | 172.34 | 168.78 | 158.68 | 140.01 |
639.81
|
| ’22 | 136.72 | 170.57 | 177.74 | 169.20 |
654.23
|
| ’21 | 110.64 | 138.74 | 146.97 | 147.14 |
543.49
|
| ’20 | 103.98 | 121.17 | 124.49 | 116.13 |
465.77
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | 13.83 | 17.93 | — | — |
—
|
| ’25 | 8.15 | 20.72 | 22.18 | 29.57 |
80.61
|
| ’24 | 6.15 | 32.19 | 27.38 | 8.34 |
74.06
|
| ’23 | 16.84 | 23.82 | 40.77 | 26.92 |
108.35
|
| ’22 | (7.75) | 18.89 | 12.92 | 16.19 |
40.26
|
| ’21 | 1.77 | (3.69) | 0.21 | 6.35 |
4.63
|
| ’20 | 8.06 | 8.79 | 17.93 | 11.34 |
46.11
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | 11.19 | 15.69 | — | — |
—
|
| ’25 | 5.42 | 21.60 | 23.22 | 26.19 |
76.41
|
| ’24 | 3.41 | 30.88 | 23.76 | 2.79 |
60.84
|
| ’23 | 13.10 | 25.72 | 38.36 | 25.09 |
102.26
|
| ’22 | (9.70) | 17.39 | 12.60 | 12.97 |
33.26
|
| ’21 | 7.29 | (4.92) | (0.99) | 1.18 |
2.57
|
| ’20 | 6.23 | 7.66 | 16.44 | 14.27 |
44.59
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | 0.91 | 1.89 | — | — |
—
|
| ’25 | 1.43 | 2.14 | 1.77 | (0.43) |
4.91
|
| ’24 | 1.26 | 1.50 | 0.65 | (0.14) |
3.28
|
| ’23 | 1.15 | 2.19 | 1.54 | 0.95 |
5.83
|
| ’22 | 0.41 | 1.37 | 1.34 | 1.12 |
4.24
|
| ’21 | 0.26 | 0.61 | 0.47 | 0.65 |
2.02
|
| ’20 | (0.31) | 0.46 | 0.61 | 0.29 |
1.05
|
| 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡ | ‡‡‡ | ‡‡‡‡‡ | 11.58 | 30.11 | 45.75 | 58.00 | — | — | — |
Low Price
|
| ‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | 38.49 | 69.57 | 92.61 | 179.41 | — | — | — |
High Price
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 7,000 | 5,260 | 5,370 | 4,964 | — | — | — |
Employees
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 0.09 | 0.12 | 0.10 | 0.14 | — | — | — |
Revenue/Emp
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 654.23 | 639.81 | 534.79 | 675.46 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Revenue
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 28.04% | 33.74% | 37.84% | 39.15% | — | — | — |
Gross Margin
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 59.06 | 83.30 | 61.81 | 95.05 | — | — | — |
EBT
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 9.03% | 13.02% | 11.56% | 14.07% | ‡‡‡ | ‡‡‡ | ‡‡‡ |
EBT Margin
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 52.69 | 73.83 | 49.19 | 74.11 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Net Income
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 14.90 | 13.35 | 16.61 | 28.14 | — | — | — |
Depreciation
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 52.18 | 50.08 | 42.39 | 53.44 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Revenue/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | 4.24 | 5.83 | 3.28 | 4.91 | ‡‡‡‡‡ | ‡‡‡ | ‡‡‡‡‡ |
Earnings/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 3.21 | 8.48 | 5.87 | 6.38 | — | — | — |
Cash Flow/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (0.56) | (0.48) | (1.05) | (0.33) | ‡‡‡ | ‡‡‡ | ‡‡‡ |
Capex/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 2.65 | 8.00 | 4.82 | 6.05 | — | — | — |
Free CF/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 20.93 | 26.66 | 28.58 | 33.66 | — | — | — |
Book Value/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 12.54 | 12.78 | 12.62 | 12.64 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Shares
|
| ‡‡‡ | ‡‡‡ | ‡‡‡‡‡ | ‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 7.72 | 11.19 | 25.22 | 34.55 | ‡‡‡‡ | ‡‡‡‡ | — |
PE Ratio
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 0.63 | 1.30 | 1.95 | 3.17 | ‡‡‡ | ‡‡‡ | ‡‡‡ |
PS Ratio
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 1.57 | 2.45 | 2.89 | 5.04 | ‡‡‡ | ‡‡‡ | ‡‡‡ |
PB Ratio
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 0.68 | 1.21 | 2.37 | 3.39 | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ |
EV/Sales
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 13.28 | 7.56 | 20.87 | 29.97 | — | — | — |
EV/FCF
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 40.26 | 108.35 | 74.06 | 80.61 | ‡‡‡ | ‡‡‡ | ‡‡‡ |
Op' Cash Flow
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (7.00) | (6.09) | (13.22) | (4.20) | ‡‡‡‡‡ | — | — |
Capex
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 33.26 | 102.26 | 60.84 | 76.41 | — | — | — |
FCF
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 245.10 | 270.87 | 245.46 | 257.32 | — | — | — |
Working Cap'
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 101.32 | 60.00 | 292.50 | 197.50 | — | — | — |
Total Debt
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 31.05 | (66.92) | 223.29 | 139.70 | — | — | — |
Net Debt
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 262.35 | 340.56 | 360.58 | 425.51 | — | — | — |
Sh' Equity
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 9.83% | 13.04% | 5.38% | 6.53% | — | — | — |
ROA
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 13.88% | 20.09% | 6.88% | 12.27% | — | — | — |
ROIC
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 22.37% | 24.49% | 11.68% | 15.66% | — | — | — |
ROE
|
Bel Fuse Inc. (BELFB), a designer of electronic components like power supplies and magnetics, has shown remarkable resilience amid trade wars, COVID disruptions, and cyclical swings. Revenue peaked at $654 million in 2022 (7% CAGR from 2016) before contracting 18% to $535 million in 2024, yet operational efficiency shone through: revenue per employee held near $100k, gross margins ballooned 89% to 37.8%, and ROE hit a stellar 24.5% in 2023. Free cash flow per share surged 201% to $7.99 that year, fueling buybacks and dividends, while the stock rocketed 1,370% from 2020 lows to 2024 highs near $93.
Challenges emerged in 2024 with net income down 33% to $49 million, EPS dropping 44% to $3.28, and debt exploding 388% to $292 million—elevating EV/Sales to 2.37x and P/E to 25x. Insider selling totaling $2.9 million, including by the CEO and CFO, signals caution amid elevated valuations and Asia supply risks. Still, the fortress-like balance sheet (working capital up 50%) provides a buffer.
Analysts forecast a rebound: revenue to $672 million in 2025 (+26%), EPS climbing to $6.19 (+89%), powered by AI data centers, 5G, and electrification megatrends. With targets implying 3-6% upside and ROE potential above sector medians, Bel Fuse offers compelling multi-year compounding—if debt and cycles cooperate. Dive into the full analysis for quantitative models and projections.
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