Belden Inc (BDC)
NYSE:BDC
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Belden
(NYSE:BDC)
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Rating:67Neutral
Price Target:
$125.00
▲(8.65% Upside)
Action:DowngradedDate: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
Consistent Cash Generation & Returns
Steady FCF (~$219M TTM) and large share repurchases demonstrate durable cash conversion and disciplined capital allocation. This cash generation supports reinvestment in growth initiatives, funding of strategic solutions expansion, and ongoing capital returns without relying on new external financing.
Negative Factors
Elevated Leverage Above Target
Net leverage near 1.9x, above management's ~1.5x target, constrains financial flexibility. Higher leverage raises refinancing and interest sensitivity risk, can limit M&A or larger strategic investments, and makes the company more vulnerable if organic growth or cash conversion softens.
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Positive Factors
Negative Factors
Consistent Cash Generation & Returns
Steady FCF (~$219M TTM) and large share repurchases demonstrate durable cash conversion and disciplined capital allocation. This cash generation supports reinvestment in growth initiatives, funding of strategic solutions expansion, and ongoing capital returns without relying on new external financing.
Read all positive factors
Belden (BDC) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$4.46B
Dividend Yield0.17%
Average Volume (3M)338.68K
Price to Earnings (P/E)19.4
Beta (1Y)1.34
Revenue Growth13.42%
EPS Growth31.28%
CountryUS
Employees7,500
SectorTechnology
Sector Strength88
IndustryCommunication Equipment
Share Statistics
EPS (TTM)2.08
Shares Outstanding38,748,997
10 Day Avg. Volume305,260
30 Day Avg. Volume338,682
Financial Highlights & Ratios
PEG Ratio0.85
Price to Book (P/B)3.65
Price to Sales (P/S)1.70
P/FCF Ratio21.11
Enterprise Value/Market Cap1.24
Enterprise Value/Revenue2.04
Enterprise Value/Gross Profit5.36
Enterprise Value/Ebitda12.25
Forecast
1Y Price Target
$178.00Price Target Upside54.72% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering3
EPS Forecast (FY)7.87
Revenue Forecast (FY)$2.92B
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 of...
How the Company Makes Money
Belden primarily makes money by selling connectivity and networking products and solutions to customers building or upgrading communication and data networks. Revenue is generated through (1) sales of physical infrastructure products such as speci...
Belden Key Performance Indicators (KPIs)
Belden Earnings Call Summary
Earnings Call Date:Feb 12, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 06, 2026
Earnings Call Sentiment Positive
The call presents a strongly positive operational and financial performance: record quarterly and annual revenue, record adjusted EPS, robust order growth, healthy cash generation, successful share repurchases, and accelerating solutions momentum (solutions >15% and pipeline +26%). Margin improvements and favorable underlying profitability (excluding pass-throughs) were highlighted. Challenges are present—broadband softness in H2, margin dilution from pass-through pricing, copper price volatility and inventory timing effects, and an early-stage data center opportunity—but these issues are presented as manageable and being actively addressed through pricing, regional supply strategies, product mix shift (fiber/wireless), and an organizational realignment to scale solutions. Overall, the positive financial results and strategic progress outweigh the headwinds noted on the call.Positive Updates
Record Quarterly and Annual Revenue
Q4 revenue of $720,000,000 (record) which was up 8% year-over-year and exceeded the high end of guidance; full year 2025 revenue of ~$2,700,000,000 (record), up 10% year-over-year.
Negative Updates
Smart Infrastructure Softness and Broadband Headwinds
Smart Infrastructure Solutions was flat in Q4 and grew only 7% for the year with organic growth of 1%; broadband experienced a softer back half of 2025 due to a temporary moderation in MSO capital deployments, contributing to near-term variability.
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Q4-2025 Updates
Positive
Negative
Record Quarterly and Annual Revenue
Q4 revenue of $720,000,000 (record) which was up 8% year-over-year and exceeded the high end of guidance; full year 2025 revenue of ~$2,700,000,000 (record), up 10% year-over-year.
Read all positive updates
Company Guidance
Belden guided first-quarter 2026 revenue of $675–690 million and adjusted EPS of $1.65–1.75, assuming continuation of current market conditions and typical seasonality, and noted an approximate 2% year‑over‑year FX benefit should be considered in modeling; that outlook builds on a record 2025 (FY revenue ≈ $2.7 billion, adjusted EPS $7.54, Q4 revenue $720 million, Q4 adj. EPS $2.08, orders +12% YoY / +5% QoQ), healthy cash generation (TTM free cash flow $219 million), year‑end net leverage of ~1.9x with a ~1.5x long‑term target, $145 million remaining on the repurchase authorization, and ongoing sensitivities such as copper volatility (recently ~$4–$6) and supply‑chain dynamics.Belden Financial Statement Overview
Summary
Income Statement
76
Positive
Balance Sheet
63
Positive
Cash Flow
68
Positive
| 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
Negative
115.05
Price Trends
127.87
Negative
122.26
Negative
122.18
Negative
Market Momentum
-4.32
Negative
41.05
Neutral
46.67
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BDC, the sentiment is Negative. The current price of 115.05 is below the 20-day moving average (MA) of 116.79, below the 50-day MA of 127.87, and below the 200-day MA of 122.18, indicating a bearish trend. The MACD of -4.32 indicates Negative momentum. The RSI at 41.05 is Neutral, neither overbought nor oversold. The STOCH value of 46.67 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for BDC.
Belden Risk Analysis
Belden disclosed 31 risk factors in its most recent earnings report. Belden reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Belden Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | $1.88B | 34.52 | 6.76% | ― | 1.46% | 78.77% | |
67 Neutral | $4.46B | 19.43 | 19.14% | 0.17% | 13.42% | 31.28% | |
63 Neutral | $8.54B | -21.27 | -5.44% | ― | 15.60% | ― | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
54 Neutral | $2.06B | 70.53 | 12.12% | ― | 14.31% | ― | |
52 Neutral | $3.04B | -469.76 | -5.77% | ― | 4.24% | -141.83% |
* Technology Sector Average
BDC
Belden
115.05
25.46
28.42%
DGII
Digi International
49.96
25.80
106.79%
EXTR
Extreme Networks
15.36
4.27
38.50%
VIAV
Viavi Solutions
36.89
27.00
273.00%
PI
IMPINJ
100.45
30.82
44.26%
Belden Corporate Events
Private Placements and Financing
Belden Issues €450 Million Senior Subordinated Notes Offering
Neutral
Jan 28, 2026
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. Th...
Business Operations and StrategyPrivate Placements and Financing
Belden Launches €450 Million Notes to Refinance 2027 Debt
Positive
Jan 13, 2026
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 3.3...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.