Belden (BDC) AI Stock Analysis

• Market Cap: $5.69B
• Dividend Yield: 0.17%
• Average Volume (3M): 285.24K
• Price to Earnings (P/E): 24.8
• Beta (1Y): 1.32
• Revenue Growth: 13.42%
• EPS Growth: 31.28%
• Country: US
• Employees: 7,500
• Sector: Technology
• Sector Strength: 88
• Industry: Communication Equipment
• EPS (TTM): 2.08
• Shares Outstanding: 38,748,997
• 10 Day Avg. Volume: 363,150
• 30 Day Avg. Volume: 285,243
• PEG Ratio: 0.85
• Price to Book (P/B): 3.65
• Price to Sales (P/S): 1.70
• P/FCF Ratio: 21.11
• Enterprise Value/Market Cap: 1.19
• Enterprise Value/Revenue: 2.49
• Enterprise Value/Gross Profit: 6.56
• Enterprise Value/Ebitda: 14.99
• 1Y Price Target: $178.00
• Price Target Upside: 22.09% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 3
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 67 Neutral
• Price Target: $164.00 ▲(12.49% Upside)
• Action: Downgraded Date: 02/14/26
• Date: Action: Downgraded 02/14/26

The score is driven primarily by solid financial performance (profitability and steady cash generation tempered by leverage and some margin/FCF softness). Earnings-call momentum and guidance are a clear positive, while valuation is less supportive and technicals look overbought despite a strong uptrend.

Positive Factors

Steady Cash Generation

Belden generates consistent operating and free cash flow (TTM FCF ~$219M), with FCF roughly 62% of net income in 2025. Persistent cash generation supports buybacks, reinvestment in solutions, and gradual deleveraging, underpinning financial flexibility over the medium term.

Solutions & Product Mix Shift

The company is shifting mix toward higher‑value solutions (now >15% of revenue) with a 26% larger pipeline and increased broadband fiber content. Structural product mix improvement and solutions adoption support higher recurring, differentiated revenue and margin resilience over coming years.

Refinanced Debt, Extended Maturities

The €450M 2033 issuance and refinancing of 2027 notes lengthen maturities and lower average funding costs (~3.9%). Extending the debt profile reduces near‑term refinancing risk and gives management headroom to execute the solutions strategy and manage leverage over the medium term.

Negative Factors

Elevated Leverage

Net leverage near 1.9x remains above management's stated ~1.5x target and debt was roughly in line with equity. Elevated leverage limits balance sheet flexibility for acquisitions or cyclical shocks and could constrain capital allocation if cash flow weakens.

Margin Pressure from Pass‑Throughs

Reported margins have been diluted by pass‑through pricing to recover commodity and tariff costs; this obscures underlying performance and risks persistent compression if customers resist higher pass‑throughs or commodity volatility persists, reducing long‑term margin stability.

Early‑Stage Data Center Opportunity

Belden's data center (white/gray space) initiative shows promising pipeline but remains a very small revenue base (<5%). Scaling this higher‑margin channel will take time and capital, meaning near‑term diversification benefits are limited and execution risk is material.

Belden Business Overview & Revenue Model

Company Description

Belden Inc. provides portfolio of signal transmission solutions in the Americas, Europe, the Middle East, Africa, and the Asia-Pacific. It operates in two segments, Enterprise Solutions and Industrial Solutions. The Enterprise Solutions segment offers copper cable and connectivity solutions, fiber cable and connectivity solutions, interconnect panels, racks and enclosures, and signal extension and matrix switching systems for use in applications, such as local area networks, data centers, access control, 5G, fiber, and home and building automation. It also provides power, cooling, and airflow management products for mission-critical data center operations; and end-to-end copper and fiber network systems. This segment serves commercial real estate, hospitality, healthcare, education, financial, government, and broadband and wireless service providers, as well as end-markets, including sport venues, stadiums, data centers, military installations, and academia. The Industrial Solutions segment offers infrastructure components and on-machine connectivity systems; and industrial Ethernet switches, network management software, routers, firewalls, gateways, input/output (I/O) connectors/systems, industrial Ethernet cables, optical fiber industrial Ethernet cables, Fieldbus cables, IP and networking cables, I/O modules, distribution boxes, and customer specific wiring solutions. This segment provides its products for use in applications comprising network and fieldbus infrastructure; sensor and actuator connectivity; and power, control, and data transmission; and supplies heat-shrinkable tubing and wire management products to protect and organize wire and cable assemblies. It serves distributors, original equipment manufacturers, installers, and end-users. The company was formerly known as Belden CDT Inc. and changed its name to Belden Inc. in May 2007. Belden Inc. was founded in 1902 and is based in St. Louis, Missouri.

How the Company Makes Money

Belden generates revenue primarily through the sale of its products and solutions in various sectors. The company has key revenue streams from its industrial solutions, which include cables and connectivity products used in manufacturing and automation systems, as well as from its enterprise solutions that cater to data centers and corporate networks. Additionally, Belden's broadcast solutions provide critical infrastructure for media and entertainment companies. The company benefits from strong partnerships with major players in different industries, enabling it to expand its market presence. Furthermore, Belden's focus on innovation and developing cutting-edge products helps to maintain its competitive edge, driving customer demand and sales growth.

Belden Financial Statement Overview

Summary

Solid profitability and steady operating/free cash flow, with improving earnings quality versus earlier years. Offsets include moderately elevated leverage (debt roughly in line with equity; net leverage above long-term target) plus some margin pressure and a slight 2025 free-cash-flow pullback.

Income Statement

Revenue has rebounded after two down years, with 2025 revenue up ~2% versus 2024 and profitability remaining solid. Margins are healthy for the period (2025 gross margin ~38%, EBIT margin ~11.5%, net margin ~8.7%), but they have eased from 2022–2023 levels, suggesting some cost or pricing pressure. Earnings quality looks improved versus 2020’s loss and 2021’s low profitability, yet the recent margin compression keeps the income statement from scoring higher.

Balance Sheet

Leverage is meaningful: debt is roughly in line with equity in 2024–2025 (debt-to-equity ~1.09 in 2025) and was higher earlier in the period (peaking above 2.0 in 2020). Equity has grown since 2020, and returns to shareholders are strong (return on equity ~19% in 2025), but the balance sheet still carries a moderately elevated debt load that can reduce flexibility if operating conditions weaken.

Cash Flow

Cash generation is steady, with operating cash flow around $350M in both 2024 and 2025 and free cash flow over $200M in those years. Free cash flow has generally improved versus 2020, but conversion is only moderate: free cash flow is about 62% of net income in 2025 (similar in prior years). Free cash flow growth was slightly negative in 2025 versus 2024, indicating some near-term softness despite solid absolute cash flow.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	2.72B	2.46B	2.51B	2.61B	2.30B
Gross Profit	1.03B	922.22M	954.97M	916.29M	771.84M
EBITDA	442.73M	381.99M	418.83M	449.69M	377.46M
Net Income	237.52M	198.43M	242.76M	254.66M	63.92M
Balance Sheet
Total Assets	3.54B	3.33B	3.24B	3.16B	3.42B
Cash, Cash Equivalents and Short-Term Investments	389.89M	370.30M	597.04M	687.68M	641.56M
Total Debt	1.47B	1.25B	1.30B	1.24B	1.54B
Total Liabilities	2.28B	2.03B	2.07B	2.02B	2.46B
Stockholders Equity	1.26B	1.29B	1.17B	1.14B	955.29M
Cash Flow
Free Cash Flow	218.69M	222.98M	202.91M	176.20M	181.07M
Operating Cash Flow	354.86M	352.08M	319.64M	281.30M	272.06M
Investing Cash Flow	-128.24M	-426.75M	-200.36M	168.41M	-92.00M
Financing Cash Flow	-217.77M	-143.72M	-211.93M	-393.21M	-32.93M

Belden Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 145.79
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Negative
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BDC, the sentiment is Positive. The current price of 145.79 is above the 20-day moving average (MA) of 133.13, above the 50-day MA of 124.30, and above the 200-day MA of 119.98, indicating a bullish trend. The MACD of 7.63 indicates Negative momentum. The RSI at 70.37 is Negative, neither overbought nor oversold. The STOCH value of 45.72 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for BDC.

Belden Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
DGII	76 Outperform	$1.87B	45.69	6.84%	―	1.46%	78.77%
BDC	67 Neutral	$5.69B	24.84	18.56%	0.17%	13.42%	31.28%
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
VIAV	60 Neutral	$6.09B	-138.80	-5.54%	―	15.60%	―
EXTR	54 Neutral	$1.90B	210.18	12.43%	―	14.31%	―
PI	50 Neutral	$3.72B	-324.59	-6.04%	―	4.24%	-141.83%

Belden Corporate Events

Belden Issues €450 Million Senior Subordinated Notes Offering

On January 28, 2026, Belden Inc. completed a €450 million issuance of 4.250% senior subordinated notes due 2033, sold at par in a private offering to qualified institutional buyers in the U.S. and to non-U.S. investors under Regulation S. The euro-denominated notes, which are guaranteed on a joint and several basis by the company’s current and future domestic subsidiary guarantors, rank pari passu with Belden’s other senior subordinated debt and are subordinated to its senior debt, including its revolving credit facility; they carry semi-annual interest payments starting August 1, 2026, and include optional redemption features from 2029, an equity-clawback option of up to 40% of the issue before 2029, and a change-of-control put at 101%, all under an indenture that imposes leverage, dividend, affiliate-transaction, asset-disposition, lien and merger restrictions, with certain covenants suspended if the notes reach investment-grade status, thereby shaping Belden’s future capital-structure flexibility and creditor protections.

The most recent analyst rating on (BDC) stock is a Buy with a $130.00 price target. To see the full list of analyst forecasts on Belden stock, see the BDC Stock Forecast page.

Belden Launches €450 Million Notes to Refinance 2027 Debt

On January 12 and 13, 2026, Belden Inc. announced a private offering and subsequent pricing of €450 million in senior subordinated notes due 2033, with the proceeds, together with cash on hand, earmarked to redeem in full its outstanding 3.375% senior subordinated notes due 2027 and to cover related fees and expenses. The company also issued a conditional redemption notice on January 12, 2026, setting February 11, 2026 as the redemption date for the 2027 notes, subject to the successful closing of the new notes offering, a refinancing move that extends the company’s debt maturity profile and may strengthen its capital structure, while limiting participation in the new securities to qualified institutional and non-U.S. professional investors under applicable U.S. and European securities regulations.

The most recent analyst rating on (BDC) stock is a Hold with a $125.00 price target. To see the full list of analyst forecasts on Belden stock, see the BDC Stock Forecast page.

Belden Names Brad Dineley Chief Digital and Operations Officer

Effective January 5, 2026, Belden Inc. appointed Brad Dineley as Executive Vice President – Chief Digital and Operations Officer, a new role with global responsibility reporting directly to the Chief Executive Officer. Dineley, 53, brings prior leadership experience from TE Connectivity, where he served as Vice President of Operations Excellence, and from various positions of increasing responsibility at the Schaeffler Group, and as an executive officer he will participate in Belden’s Executive Severance Plan, underscoring the strategic importance of his position in advancing the company’s digital and operational capabilities.

The most recent analyst rating on (BDC) stock is a Buy with a $150.00 price target. To see the full list of analyst forecasts on Belden stock, see the BDC Stock Forecast page.

Belden Appoints Adel Al-Saleh to Board of Directors

On November 19, 2025, Belden Inc. announced the appointment of Adel Al-Saleh to its Board of Directors, expanding the board from nine to ten members. Al-Saleh, with over 30 years of experience in the information technology sector, is expected to bring significant value to Belden with his expertise in leading technology transformations, as highlighted by Ashish Chand, President and CEO of Belden.

The most recent analyst rating on (BDC) stock is a Hold with a $118.00 price target. To see the full list of analyst forecasts on Belden stock, see the BDC Stock Forecast page.