Bel Fuse Inc.
BELFB 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 11.7%, free cash flow fell 27.4% and total debt fell 28.2%, each against the same quarter a year earlier. Dividend growth for twenty-five consecutive years.
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Bel Fuse Inc. (BELFB) Beneish M-score
Bel Fuse Inc.'s Beneish M-score for fiscal 2025 is −2.36; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −2.36 | (0.17) |
| FY2024 | −2.18 | 0.77 |
| FY2023 | −2.96 | (0.62) |
| FY2022 | −2.33 | (0.33) |
| FY2021 | −2.00 | 0.92 |
| FY2020 | −2.92 | (0.12) |
| FY2019 | −2.80 | (0.63) |
| FY2018 | −2.17 | 0.56 |
| FY2017 | −2.73 | 1.25 |
| FY2016 | −3.98 | (1.03) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.89 | — | 0.82 | |
| Gross margin index | 0.97 | — | 0.51 | |
| Asset quality index | 0.96 | — | 0.39 | |
| Sales growth index | 1.26 | — | 1.13 | |
| Depreciation index | 0.70 | — | 0.08 | |
| SG&A index | 0.90 | — | −0.15 | |
| Total accruals to total assets | (0.01) | — | −0.03 | |
| Leverage index | 0.78 | — | −0.26 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.36 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| ROG Rogers Corporation compare | −3.1× |
| OSIS OSI Systems, Inc. compare | −2.8× |
| BHE Benchmark Electronics, Inc. compare | −2.7× |
| ALNT Allient Inc. compare | −2.7× |
| KN Knowles Corporation compare | −2.4× |
| BELFA Bel Fuse Inc. compare | −2.4× |
| BELFB Bel Fuse Inc. | −2.4× |
| OLED Universal Display Corporation compare | −2.3× |
| OUST Ouster, Inc. compare | −2.3× |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI