Detailed financial statements for Bel Fuse Inc. (BELFB): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Bel Fuse Inc. specializes in creating cutting-edge power management, circuit protection, and interconnect solutions. These critical components are essential for advancing modern industrial operations and driving innovation in data-centric fields.
Analysis Summary
Bel Fuse Inc. reported revenue of $675.5M in the most recent fiscal year, growing at a 5-year CAGR of 7.7%. Net income reached $61.5M, with a 36.9% 5-year CAGR.
Trailing-twelve-month margins: gross margin 39.5%, operating margin 16.4%, net margin 8.1%. Free cash flow grew at 10.8% CAGR over 5 years.
Balance sheet quality for BELFB: current ratio of 3.0, net debt of $163.6M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $67.9M represents 110% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | $500.2M | $491.6M | $548.2M | $492.4M | $465.8M | $543.5M | $654.2M | $639.8M | $534.8M | $675.5M |
| Cost of Revenue | $400.2M | $389.6M | $438.4M | $381.7M | $346.0M | $409.1M | $470.8M | $424.0M | $332.4M | $411.0M |
| Gross Profit | $99.9M | $102.0M | $109.8M | $110.7M | $119.7M | $134.4M | $183.5M | $215.8M | $202.4M | $264.4M |
| Research & Development | $26.7M | $28.8M | $29.4M | $26.9M | $23.6M | $21.9M | $20.2M | $22.5M | $23.6M | $30.9M |
| Selling, General & Admin | $71.0M | $85.1M | $79.9M | $75.9M | $78.7M | $86.6M | $92.3M | $99.1M | $110.6M | $125.8M |
| Operating Expenses | $71.0M | $85.1M | $79.9M | $102.9M | $101.1M | $103.1M | $118.3M | $127.9M | $138.1M | $156.7M |
| Operating Income | -$76.5M | $16.3M | $29.6M | $7.8M | $18.7M | $31.3M | $65.1M | $88.0M | $64.3M | $107.7M |
| EBITDA | -$54.1M | $40.2M | $44.3M | $14.6M | $33.3M | $47.7M | $77.3M | $99.5M | $82.3M | $136.4M |
| Interest Expense | $6.7M | $6.8M | $5.3M | $5.4M | $4.7M | $3.5M | $3.4M | $2.9M | $4.1M | $14.8M |
| Pre-tax Income | -$82.6M | $9.6M | $23.6M | -$7.3M | $12.1M | $27.3M | $59.1M | $83.3M | $61.8M | $95.0M |
| Income Tax | -$17.7M | $21.5M | $2.9M | $1.4M | -$659000 | $2.5M | $6.4M | $9.5M | $12.6M | $20.9M |
| Net Income | -$64.8M | -$11.9M | $20.7M | -$8.7M | $12.8M | $24.8M | $52.7M | $73.8M | $41.0M | $61.5M |
| EPS | $-5.44 | $-0.99 | $1.71 | $-0.63 | $0.91 | $1.76 | $3.69 | $5.78 | $3.26 | $4.64 |
| EPS (Diluted) | $-5.44 | $-0.99 | $1.71 | $-0.63 | $0.91 | $1.76 | $3.69 | $5.78 | $3.26 | $4.64 |
| Shares Outstanding (Diluted) | $11.9M | $12.0M | $12.1M | $14.0M | $14.0M | $14.1M | $14.3M | $12.8M | $12.5M | $12.5M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | $179.0M | $175.9M | $178.5M | $210.7M |
| Gross Profit | $71.1M | $69.4M | $69.6M | $84.0M |
| Operating Income | $30.8M | $28.8M | $24.4M | $38.4M |
| EBITDA | $38.3M | $19.2M | $26.9M | $45.5M |
| Net Income | $22.2M | -$5.4M | $11.4M | $32.2M |
| EPS | $1.70 | $-0.51 | $0.92 | $1.89 |
| EPS (Diluted) | $1.70 | $-0.51 | $0.92 | $1.89 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $73.4M | $69.4M | $53.9M | $72.3M | $84.9M | $61.8M | $70.3M | $89.4M | $68.3M | $57.8M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $37.5M | $950000 | 0 |
| Receivables | $74.4M | $78.8M | $107.7M | $92.4M | $85.5M | $115.4M | $125.5M | $96.9M | $116.4M | $131.2M |
| Inventory | $98.9M | $107.7M | $120.1M | $107.3M | $100.1M | $139.4M | $172.5M | $136.5M | $161.4M | $167.3M |
| Total Current Assets | $255.4M | $266.1M | $290.5M | $283.2M | $280.2M | $329.0M | $381.4M | $381.5M | $373.5M | $384.8M |
| Property, Plant & Equipment | $48.8M | $43.5M | $43.9M | $60.4M | $48.7M | $59.5M | $58.4M | $57.0M | $73.0M | $71.3M |
| Goodwill | $18.0M | $20.2M | $19.8M | $22.0M | $24.0M | $26.7M | $25.1M | $26.6M | $208.0M | $214.8M |
| Intangible Assets | $74.8M | $69.4M | $62.7M | $72.4M | $65.8M | $61.0M | $54.1M | $49.4M | $231.9M | $218.0M |
| Total Assets | $426.7M | $431.3M | $443.5M | $468.9M | $453.9M | $511.8M | $560.5M | $571.6M | $949.8M | $935.2M |
| Accounts Payable | $47.2M | $47.9M | $56.2M | $44.2M | $39.8M | $66.0M | $64.6M | $40.4M | $49.2M | $53.0M |
| Short-term Debt | $11.4M | $2.6M | $2.5M | $5.5M | $5.3M | 0 | $6.3M | 0 | 0 | 0 |
| Total Current Liabilities | $92.3M | $87.3M | $106.0M | $90.2M | $87.5M | $112.0M | $136.3M | $110.6M | $128.1M | $127.4M |
| Long-term Debt | $129.8M | $120.1M | $111.7M | $138.2M | $110.3M | $112.5M | $95.0M | $60.0M | $292.5M | $197.5M |
| Total Liabilities | $268.3M | $273.3M | $267.1M | $300.9M | $268.1M | $303.1M | $298.1M | $231.1M | $508.6M | $416.5M |
| Retained Earnings | $161.3M | $147.8M | $168.7M | $157.1M | $166.5M | $187.9M | $237.2M | $307.5M | $345.0M | $403.1M |
| Total Equity | $158.4M | $158.0M | $176.5M | $168.1M | $185.8M | $208.7M | $262.3M | $340.6M | $360.6M | $425.5M |
| Total Debt | $141.2M | $122.7M | $114.2M | $162.8M | $130.2M | $134.0M | $118.7M | $82.1M | $318.2M | $221.4M |
| Net Debt | $67.8M | $53.3M | $60.3M | $90.5M | $45.3M | $72.3M | $48.4M | -$44.8M | $249.0M | $163.6M |
| Working Capital | $163.1M | $178.8M | $184.5M | $193.0M | $192.7M | $217.0M | $245.1M | $270.9M | $245.5M | $257.3M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $57.7M | $57.8M | $59.4M | $306.1M |
| Total Assets | $952.8M | $935.2M | $951.9M | $1.26B |
| Total Liabilities | $443.8M | $416.5M | $416.2M | $252.2M |
| Total Equity | $427.8M | $425.5M | $438.9M | $909.4M |
| Total Debt | $249.5M | $221.4M | $226.1M | $34.3M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | -$64.8M | -$11.9M | $20.7M | -$8.7M | $12.8M | $24.8M | $52.7M | $73.8M | $49.2M | $61.5M |
| Depreciation & Amortization | $21.8M | $20.7M | $18.2M | $16.5M | $16.4M | $16.9M | $14.9M | $13.3M | $16.5M | $26.6M |
| Stock-based Compensation | $2.8M | $3.0M | $2.8M | $2.9M | $2.3M | $2.3M | $2.4M | $3.5M | $3.7M | 0 |
| Change in Working Capital | -$17.8M | $5.5M | -$32.9M | $9.4M | $13.9M | -$36.0M | -$24.4M | $24.3M | $7.0M | -$26.7M |
| Operating Cash Flow | $38.6M | $24.1M | $10.1M | $24.4M | $46.1M | $4.6M | $40.3M | $108.3M | $74.1M | $79.9M |
| Capital Expenditure | -$8.2M | -$6.4M | -$11.6M | -$9.9M | -$5.5M | -$9.4M | -$8.8M | -$12.1M | -$14.1M | -$12.0M |
| Acquisitions | $5.8M | $76000 | -$2.2M | -$29.0M | 0 | -$16.8M | 0 | -$5.2M | -$320.5M | $7.8M |
| Stock Repurchased | 0 | 0 | 0 | -$448000 | 0 | 0 | -$349000 | -$105000 | -$16.1M | 0 |
| Dividends Paid | -$3.2M | -$3.3M | -$3.3M | -$3.4M | -$3.4M | -$3.4M | -$3.4M | -$3.5M | -$3.5M | -$3.5M |
| Free Cash Flow | $30.4M | $17.7M | -$1.5M | $14.6M | $40.6M | -$4.8M | $31.4M | $96.2M | $60.0M | $67.9M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | $22.2M | $29.6M | $13.8M | $17.9M |
| Capital Expenditure | -$1.9M | -$3.4M | -$2.6M | -$2.2M |
| Free Cash Flow | $20.3M | $26.1M | $11.2M | $15.7M |
| Dividends Paid | -$834000 | -$971000 | -$840000 | -$844000 |
| Stock-based Compensation | $1.8M | 0 | $2.1M | $3.0M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue Growth (YoY) | | -1.7% | +11.5% | -10.2% | -5.4% | +16.7% | +20.4% | -2.2% | -16.4% | +26.3% |
| Net Income Growth (YoY) | | +81.7% | +274.1% | -142.2% | +246.3% | +94.0% | +112.3% | +40.1% | -44.5% | +50.2% |
| EPS Growth (YoY) | | +81.8% | +272.7% | -136.8% | +244.4% | +93.4% | +109.7% | +56.6% | -43.6% | +42.3% |
| Shares Change (YoY) | | +0.9% | +0.7% | +15.3% | +0.4% | +0.6% | +1.1% | -10.5% | -1.8% | -0.2% |
| FCF Growth (YoY) | | -41.8% | -108.5% | +1072.5% | +179.1% | -111.7% | +759.5% | +206.2% | -37.7% | +13.3% |
| Gross Margin | 20.0% | 20.8% | 20.0% | 22.5% | 25.7% | 24.7% | 28.0% | 33.7% | 37.8% | 39.1% |
| Operating Margin | -15.3% | 3.3% | 5.4% | 1.6% | 4.0% | 5.8% | 10.0% | 13.8% | 12.0% | 15.9% |
| EBITDA Margin | -10.8% | 8.2% | 8.1% | 3.0% | 7.2% | 8.8% | 11.8% | 15.5% | 15.4% | 20.2% |
| Net Margin | -13.0% | -2.4% | 3.8% | -1.8% | 2.7% | 4.6% | 8.1% | 11.5% | 7.7% | 9.1% |
| FCF Margin | 6.1% | 3.6% | -0.3% | 3.0% | 8.7% | -0.9% | 4.8% | 15.0% | 11.2% | 10.1% |
| Effective Tax Rate | 21.5% | 223.4% | 12.3% | -19.7% | -5.4% | 9.2% | 10.8% | 11.4% | 20.4% | 22.0% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $2.55 | $1.47 | $-0.12 | $1.04 | $2.90 | $-0.34 | $2.20 | $7.53 | $4.78 | $5.42 |
| Dividends Per Share | $0.27 | $0.27 | $0.27 | $0.24 | $0.24 | $0.24 | $0.24 | $0.27 | $0.28 | $0.28 |
| Shares Outstanding (Basic) | $11.9M | $12.0M | $12.1M | $14.0M | $14.0M | $14.1M | $14.3M | $12.8M | $12.5M | $12.5M |
What to look at in Technology companies
- Revenue growth 3y (>=15%/year) — Validates sustained traction, not a one-off.
- Gross margin (Sub-sector dependent) — SaaS >=70%, Internet >=55%, Semis >=45%, Hardware >=35%.
- FCF / Revenue (>=20%) — Real cash generated. Many tech firms dress up non-GAAP earnings.
- ROIC (>=15%) — Capital reinvested efficiency — Buffett's first metric.
- SBC / Revenue (<10% healthy) — Stock-based compensation. Silent dilution: >20% destroys value.
- Net Debt / EBITDA (<=2x (1.5x SaaS)) — Resilience in downturns and rate hikes.
Profitability
| Gross Margin | 39.52% |
| Operating Margin | 16.44% |
| Net Margin | 8.12% |
Financial Health
| Debt / Equity | 0.04 |
| Current Ratio | 4.48 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -5.68 | -25.43 | 10.77 | -32.54 | 16.52 | 7.35 | 8.92 | 11.55 | 25.30 | 36.56 |
| P/B | 2.33 | 1.92 | 1.26 | 1.70 | 1.13 | 0.87 | 1.79 | 2.50 | 2.87 | 4.99 |
| P/S | 0.74 | 0.62 | 0.41 | 0.58 | 0.45 | 0.34 | 0.72 | 1.33 | 1.93 | 3.15 |
| Gross Margin | 20.0% | 20.8% | 20.0% | 22.5% | 25.7% | 24.7% | 28.0% | 33.7% | 37.8% | 39.1% |
| Operating Margin | -15.3% | 3.3% | 5.4% | 1.6% | 4.0% | 5.8% | 10.0% | 13.8% | 12.0% | 15.9% |
| Net Margin | -13.0% | -2.4% | 3.8% | -1.8% | 2.7% | 4.6% | 8.1% | 11.5% | 7.7% | 9.1% |