Belden (BDC) AI Stock Analysis

• Market Cap: $4.62B
• Dividend Yield: 0.17%
• Average Volume (3M): 239.92K
• Price to Earnings (P/E): 21.3
• Beta (1Y): 1.39
• Revenue Growth: 13.42%
• EPS Growth: 31.28%
• Country: US
• Employees: 7,500
• Sector: Technology
• Sector Strength: 88
• Industry: Communication Equipment
• EPS (TTM): 1.97
• Shares Outstanding: 39,300,210
• 10 Day Avg. Volume: 199,171
• 30 Day Avg. Volume: 239,917
• PEG Ratio: -1.53
• Price to Book (P/B): 3.54
• Price to Sales (P/S): 1.86
• P/FCF Ratio: 20.55
• Enterprise Value/Market Cap: 1.24
• Enterprise Value/Revenue: 2.15
• Enterprise Value/Gross Profit: 5.62
• Enterprise Value/Ebitda: 13.54
• 1Y Price Target: $147.50
• Price Target Upside: 25.52% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 2
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 70 Outperform
• Price Target: $129.00 ▲(9.78% Upside)

The score is driven primarily by solid financial profitability and a strong earnings update with constructive guidance and order trends. Offsetting factors include weak recent free-cash-flow growth, only neutral-to-soft technical momentum (negative MACD and price near moving averages), and a middling valuation with a low dividend yield.

Positive Factors

Strong profitability & ROE

High TTM gross margin (56.7%) and improving net margin reflect sustained pricing power and efficient cost structure across cables and networking products. A healthy 18% ROE shows effective capital use, supporting reinvestment in products and long-term competitiveness.

Durable Automation Solutions momentum

Double-digit organic growth in Automation Solutions and balanced order trends indicate durable exposure to industrial automation secular demand. Consistent bookings and a book-to-bill near 1.0 support predictable revenue and underpin long-term investments in Physical AI and industrial networking capabilities.

Refinancing extends debt maturities

Issuing €450M 2033 notes to retire 2027 paper materially extends the maturity profile, reducing near-term refinancing pressure. This structural move enhances liquidity runway and flexibility to fund operations, capex, or strategic initiatives over multiple years.

Negative Factors

Sharp free cash flow contraction

An 85% decline in FCF growth indicates deterioration in cash generation despite decent OCF-to-NI conversion. Persistently weak FCF constrains the firm's ability to fund capex, M&A, dividends, or debt repayment and raises dependence on external financing over the medium term.

Moderate leverage on the balance sheet

A D/E near 1.1 signifies meaningful leverage that amplifies earnings volatility and increases interest burden risk. Coupled with weaker cash flow, this capital structure reduces financial flexibility to pursue growth or weather cyclical slowdowns without raising costs or cutting discretionary investment.

Segment weakness & commodity margin risk

Declines in Smart Infrastructure and Broadband, plus a 50bp margin drag from copper/tariffs, highlight structural exposure to slower end-markets and commodity volatility. Persistent input-cost swings or weak end-market investment could compress margins and limit pricing power over time.

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

Profitability is strong (TTM gross margin 56.72%, net margin improved to 8.57%) with stable EBIT/EBITDA margins, while leverage is moderate (D/E 1.11) and ROE is healthy (18.26%). The main drag is cash flow quality, with free cash flow growth down 85.3% TTM despite adequate cash conversion (OCF/NI and FCF/NI both 0.58).

Income Statement

Belden's income statement shows a strong gross profit margin of 56.72% in TTM, indicating efficient cost management. The net profit margin has improved to 8.57% from previous years, reflecting better profitability. Revenue growth is modest at 1.65% TTM, but it shows recovery from a decline in earlier periods. EBIT and EBITDA margins are stable, suggesting consistent operational performance.

Balance Sheet

The balance sheet reveals a debt-to-equity ratio of 1.11 in TTM, indicating moderate leverage. Return on Equity (ROE) is healthy at 18.26%, showcasing effective use of equity. The equity ratio stands at 36.89%, suggesting a balanced capital structure. However, the company should monitor its debt levels to maintain financial stability.

Cash Flow

Cash flow analysis shows a decline in free cash flow growth by 85.3% TTM, which is a concern. However, the operating cash flow to net income ratio is 0.58, indicating decent cash generation relative to net income. The free cash flow to net income ratio is 0.58, suggesting that the company is generating adequate cash relative to its earnings.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	2.66B	2.46B	2.51B	2.61B	2.30B	1.75B
Gross Profit	1.02B	922.22M	954.97M	916.29M	771.84M	575.62M
EBITDA	422.20M	381.99M	418.83M	449.69M	377.46M	258.41M
Net Income	228.02M	198.43M	242.76M	254.66M	63.92M	-55.16M
Balance Sheet
Total Assets	3.37B	3.33B	3.24B	3.16B	3.42B	3.14B
Cash, Cash Equivalents and Short-Term Investments	314.26M	370.30M	597.04M	687.68M	641.56M	501.99M
Total Debt	1.38B	1.25B	1.30B	1.24B	1.54B	1.63B
Total Liabilities	2.12B	2.03B	2.07B	2.02B	2.46B	2.38B
Stockholders Equity	1.24B	1.29B	1.17B	1.14B	955.29M	750.58M
Cash Flow
Free Cash Flow	213.82M	222.98M	202.91M	176.20M	181.07M	83.15M
Operating Cash Flow	369.19M	352.08M	319.64M	281.30M	272.06M	173.36M
Investing Cash Flow	-149.63M	-426.75M	-200.36M	168.41M	-92.00M	-31.64M
Financing Cash Flow	-229.28M	-143.72M	-211.93M	-393.21M	-32.93M	-74.91M

Belden Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 117.51
• 50DMA: Positive
• 100DMA: Negative
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BDC, the sentiment is Neutral. The current price of 117.51 is above the 20-day moving average (MA) of 117.18, above the 50-day MA of 117.13, and above the 200-day MA of 117.14, indicating a bullish trend. The MACD of 0.15 indicates Negative momentum. The RSI at 49.80 is Neutral, neither overbought nor oversold. The STOCH value of 64.75 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for BDC.

Belden Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
BDC	70 Outperform	$4.62B	21.27	18.41%	0.17%	13.42%	31.28%
DGII	68 Neutral	$1.62B	39.74	6.71%	―	1.46%	78.77%
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
VIAV	60 Neutral	$5.66B	-128.94	-5.50%	―	15.60%	―
PI	58 Neutral	$4.16B	-316.09	-7.49%	―	4.24%	-141.83%
EXTR	54 Neutral	$1.96B	218.26	12.43%	―	14.31%	―

Belden Corporate Events

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.