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Belden
(NYSE:BDC)
Select Model
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Rating:69Neutral
Price Target:
$131.00
▲(0.02% Upside)
Action:Reiterated
Date:07/01/26
Overall score reflects solid underlying profitability but constrained by weaker free-cash-flow conversion and still-elevated leverage. The latest earnings call was a meaningful positive catalyst (beat-and-raise tone, improving margins, and a defined deleveraging plan), while technicals and valuation are more mixed with limited yield support.
Positive Factors
Profitability and Returns
Sustained mid-30s gross margins and a ~19% ROE indicate durable operating economics and strong returns on equity. That margin and return profile supports reinvestment in products, R&D and solutions expansion, providing resilience through cycles and funding long-term strategic initiatives.
Negative Factors
Elevated Leverage
Net leverage near parity with equity leaves the balance sheet sensitive to demand slumps or tighter financing conditions. Even with improvement versus earlier years, higher indebtedness reduces flexibility for capex, M&A or shareholder returns if operating cash flow weakens.
Read all positive and negative factors
Positive Factors
Negative Factors
Profitability and Returns
Sustained mid-30s gross margins and a ~19% ROE indicate durable operating economics and strong returns on equity. That margin and return profile supports reinvestment in products, R&D and solutions expansion, providing resilience through cycles and funding long-term strategic initiatives.
Read all positive factors
Belden Key Performance Indicators (KPIs)
Any
Revenue by Geography
Shows how sales are split across regions, revealing where Belden earns most of its revenue, which markets are driving growth, and the company’s exposure to regional economic cycles, currency moves, and supply‑chain risks.
Shows how sales are split across regions, revealing where Belden earns most of its revenue, which markets are driving growth, and the company’s exposure to regional economic cycles, currency moves, and supply‑chain risks.
Data provided by:
The Fly
The FlyBelden (BDC) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$4.17B
Dividend Yield0.17%
Average Volume (3M)587.15K
Price to Earnings (P/E)17.9
Beta (1Y)1.28
Revenue Growth9.28%
EPS Growth14.45%
CountryUS
Employees7,500
SectorTechnology
Sector Strength88
IndustryCommunication Equipment
Share Statistics
EPS (TTM)6.01
Shares Outstanding38,944,040
10 Day Avg. Volume589,184
30 Day Avg. Volume587,154
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 Cap1.38
Enterprise Value/Revenue2.06
Enterprise Value/Gross Profit5.77
Enterprise Value/Ebitda12.79
Forecast
1Y Price Target
$158.75Price Target Upside21.20% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)7.97
Revenue Forecast (FY)$2.96B
Belden Business Overview & Revenue Model
Company Description
Belden Inc. stands as a global leader in signal transmission solutions, serving a diverse customer base across the Americas, Europe, the Middle East, Africa, and Asia-Pacific. The company operates through two primary segments: Enterprise Solutions...
How the Company Makes Money
Belden makes money primarily by selling network infrastructure products and solutions to commercial and industrial customers, with revenue recognized largely from product sales and, to a lesser extent, software and services attached to networking ...
Belden Earnings Call Summary
Earnings Call Date:Apr 30, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 30, 2026
Earnings Call Sentiment Positive
The call presents a broadly positive tone driven by strong Q1 financial performance (11% revenue and EPS growth), improving margins, continued solutions momentum and a strategic, financially compelling acquisition of Ruckus that materially strengthens the company’s active networking, software and addressable market. Management provided conservative standalone guidance and a clear deleveraging plan backed by committed financing, but flagged near-term macro uncertainty, modest margin dilution from pass-throughs, increased leverage from the acquisition, and integration/regulatory risks. Overall, the positives on growth, margin accretion, strategic fit and cash-flow-backed deleveraging materially outweigh the flagged risks.Positive Updates
Strong Quarterly Revenue and EPS Growth
Q1 revenue of $696 million, up 11% year-over-year; adjusted EPS of $1.77, up 11% year-over-year. Both revenue and adjusted EPS exceeded the high end of guidance.
Negative Updates
Pass-Through Costs Diluted Reported Margins
Copper and tariff-related pass-throughs modestly diluted reported margin percentages this quarter; while core margins (excluding pass-throughs) expanded, reported margins were impacted.
Read all updates
Q1-2026 Updates
Positive
Negative
Strong Quarterly Revenue and EPS Growth
Q1 revenue of $696 million, up 11% year-over-year; adjusted EPS of $1.77, up 11% year-over-year. Both revenue and adjusted EPS exceeded the high end of guidance.
Read all positive updates
Company Guidance
Management guided Q2 FY2026 revenue of $735–$750 million, GAAP EPS of $1.53–$1.63 and adjusted EPS of $1.95–$2.05 on a stand‑alone basis (excluding any contribution from the announced Ruckus acquisition), noting the outlook assumes a continuation of current market conditions, reflects typical seasonal patterns and that near‑term visibility is limited though demand signals are encouraging. For context, Q1 topped the high end of guidance with revenue of $696 million (+11% YoY; +7% organic), adjusted EPS of $1.77 (+11% YoY), adjusted EBITDA of $118 million (+14% YoY) and a 17% adjusted EBITDA margin (up 40 bps), and management reiterated that incremental EBITDA margins remain aligned with the 25–30% target range.Belden Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
67
Positive
Cash Flow
60
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 2.79B | 2.72B | 2.46B | 2.51B | 2.61B | 2.30B |
| Gross Profit | 996.37M | 978.24M | 922.22M | 954.97M | 916.29M | 771.84M |
| EBITDA | 449.54M | 442.67M | 381.99M | 418.83M | 449.69M | 377.46M |
| Net Income | 236.61M | 237.52M | 198.43M | 242.76M | 254.66M | 63.92M |
Balance Sheet | ||||||
| Total Assets | 3.46B | 3.54B | 3.33B | 3.24B | 3.16B | 3.42B |
| Cash, Cash Equivalents and Short-Term Investments | 272.15M | 389.89M | 370.30M | 597.04M | 687.68M | 641.56M |
| Total Debt | 1.35B | 1.47B | 1.25B | 1.30B | 1.24B | 1.54B |
| Total Liabilities | 2.18B | 2.28B | 2.03B | 2.07B | 2.02B | 2.46B |
| Stockholders Equity | 1.28B | 1.26B | 1.29B | 1.17B | 1.14B | 955.29M |
Cash Flow | ||||||
| Free Cash Flow | 180.40M | 218.69M | 222.98M | 202.91M | 176.20M | 181.07M |
| Operating Cash Flow | 328.76M | 354.86M | 352.08M | 319.64M | 281.30M | 272.06M |
| Investing Cash Flow | -148.45M | -128.24M | -426.75M | -200.36M | 168.41M | -92.00M |
| Financing Cash Flow | -174.07M | -217.77M | -143.72M | -211.93M | -393.21M | -32.93M |
Belden Technical Analysis
Negative
130.98
Price Trends
111.82
Negative
119.64
Negative
119.42
Negative
Market Momentum
-1.22
Positive
39.22
Neutral
14.99
Positive
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 130.98 is above the 20-day moving average (MA) of 115.76, above the 50-day MA of 111.82, and above the 200-day MA of 119.42, indicating a bearish trend. The MACD of -1.22 indicates Positive momentum. The RSI at 39.22 is Neutral, neither overbought nor oversold. The STOCH value of 14.99 is Positive, 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 |
|---|---|---|---|---|---|---|---|
70 Outperform | $2.55B | 59.17 | 6.72% | ― | 13.48% | 0.69% | |
69 Neutral | $4.17B | 17.88 | 18.84% | 0.17% | 9.28% | 14.45% | |
67 Neutral | $4.41B | 274.52 | 21.07% | ― | 14.90% | ― | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
61 Neutral | $4.39B | -158.04 | -13.90% | ― | -0.69% | -3584.62% | |
58 Neutral | $10.63B | -177.97 | -6.92% | ― | 30.59% | -1171.00% |
* Technology Sector Average
BDC
Belden
106.96
-15.07
-12.35%
DGII
Digi International
67.69
35.04
107.32%
EXTR
Extreme Networks
33.71
16.64
97.48%
VIAV
Viavi Solutions
43.08
32.86
321.53%
PI
IMPINJ
144.03
31.33
27.80%
Belden Corporate Events
Business Operations and StrategyM&A TransactionsPrivate Placements and Financing
Belden Completes RUCKUS Networks Acquisition, Expanding Networking Portfolio
Positive
Jul 1, 2026
On July 1, 2026, Belden completed its acquisition of RUCKUS Networks from Vistance Networks for approximately $1.87 billion in cash, net of cash acquired and subject to customary post‑closing adjustments. The deal was funded in part by a new...
Shareholder Meetings
Belden Stockholders Back Board, Pay and Incentive Plan
Positive
May 26, 2026
On May 21, 2026, Belden Inc. held its regular Annual Meeting of Stockholders, during which shareholders elected ten directors to one-year terms with strong majority support and minimal opposition. The board slate, including figures such as David A...
Business Operations and StrategyM&A TransactionsPrivate Placements and Financing
Belden to Acquire RUCKUS Segment in $1.85B Deal
Positive
Apr 30, 2026
On April 29, 2026, Belden entered a definitive agreement to acquire the RUCKUS reporting segment of Vistance Networks for about $1.85 billion in cash, in a deal approved by both boards and expected to close in the second half of 2026 subject to re...
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.