Bel Fuse (BELFA)
NASDAQ:BELFA
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Bel Fuse
(NASDAQ:BELFA)
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Rating:76Outperform
Price Target:
$213.00
▲(33.59% Upside)
Action:ReiteratedDate:04/07/26
The score is driven primarily by strengthening fundamentals (material margin improvement, healthier leverage, and improved free cash flow) and very attractive valuation (low P/E and high dividend yield). These positives are tempered by mixed technical momentum and earnings-call commentary pointing to near-term margin pressure from raw-material and FX headwinds.
Positive Factors
Margin Expansion
Sustained gross-margin improvement to ~39% reflects better fixed-cost absorption and a higher-value product mix versus prior years. Higher structural margins increase resilience through cycles, supporting reinvestment, FCF generation and capacity to fund R&D and targeted M&A over the medium term.
Negative Factors
Revenue Volatility
Erratic top-line trends reduce predictability for capacity utilization and investment planning. Even with recent recovery, inconsistent revenue makes margin sustainability and capital allocation harder to forecast across quarters, raising execution risk for multi-quarter product ramps and M&A payoffs.
Read all positive and negative factors
Positive Factors
Negative Factors
Margin Expansion
Sustained gross-margin improvement to ~39% reflects better fixed-cost absorption and a higher-value product mix versus prior years. Higher structural margins increase resilience through cycles, supporting reinvestment, FCF generation and capacity to fund R&D and targeted M&A over the medium term.
Read all positive factors
Bel Fuse (BELFA) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$2.63B
Dividend Yield0.15%
Average Volume (3M)24.50K
Price to Earnings (P/E)5.8
Beta (1Y)1.35
Revenue Growth23.70%
EPS Growth14.78%
CountryUS
Employees5,370
SectorTechnology
Sector Strength88
IndustryHardware, Equipment & Parts
Share Statistics
EPS (TTM)1.98
Shares Outstanding2,115,263
10 Day Avg. Volume41,410
30 Day Avg. Volume24,500
Financial Highlights & Ratios
PEG Ratio0.14
Price to Book (P/B)0.84
Price to Sales (P/S)0.53
P/FCF Ratio5.28
Enterprise Value/Market Cap1.16
Enterprise Value/Revenue4.54
Enterprise Value/Gross Profit11.59
Enterprise Value/Ebitda20.89
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)7.35
Revenue Forecast (FY)$725.26M
Bel Fuse Business Overview & Revenue Model
Company Description
Bel Fuse Inc. designs, manufactures, markets, and sells products that are used in the networking, telecommunication, high-speed data transmission, commercial aerospace, military, broadcasting, transportation, e-Mobility and broadcasting, and consu...
How the Company Makes Money
Bel Fuse makes money primarily by selling electronic components and related assemblies to original equipment manufacturers (OEMs) and electronics manufacturing services (EMS) providers. Revenue is generated through (1) Power Solutions: sales of po...
Bel Fuse Earnings Call Summary
Earnings Call Date:Feb 17, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 29, 2026
Earnings Call Sentiment Positive
The call emphasized strong operational execution and robust financial results in 2025 — including record revenue, expanded margins, high book-to-bill, segment-level growth (Power, Connectivity, Magnetic), and meaningful debt reduction — while acknowledging tangible near-term headwinds from raw material inflation, unfavorable FX, some segment-specific softness (rail, e-mobility) and integration/seasonality effects. Management has actions in place (pricing, hedging, operational optimization, M&A pipeline) to mitigate pressures, and the forward guide shows continued demand with cautious margin expectations.Positive Updates
Record Full-Year Revenue and Earnings
Net sales for FY2025 were $675.5 million, up 26.3% year-over-year, with management reporting record revenue and record GAAP and non-GAAP EPS for the year.
Negative Updates
Raw Material Cost Inflation
Management cited headwinds from higher material pricing—particularly gold, copper and printed circuit boards—that pressured costs during 2025 and are expected to continue into 2026.
Read all updates
Q4-2025 Updates
Positive
Negative
Record Full-Year Revenue and Earnings
Net sales for FY2025 were $675.5 million, up 26.3% year-over-year, with management reporting record revenue and record GAAP and non-GAAP EPS for the year.
Read all positive updates
Company Guidance
Management guided Q1 2026 sales of $165 million to $180 million with gross margin of 37%–39%, noting Q1 is typically the weakest quarter due to the Lunar New Year (about 2–3 weeks of downtime) and that the outlook reflects anticipated headwinds from higher raw‑material costs (gold, copper, PCBs) and unfavorable FX (weaker USD; peso, renminbi, shekel) despite partial hedges (roughly half of FX exposure) and planned pricing actions; for context, Bel closed 2025 with net sales of $675.5M (+26.3% YoY), Q4 sales of $175.9M (+17.4% YoY), Q4 gross margin 39.4% (FY gross margin 39.1%), full‑year book‑to‑bill 1.1 (Q4 at 1.3), cash of $57.8M, total debt $197.5M after $90M of debt paydown, cash from operations $80.6M, CapEx $12M, dividends $3.5M, and a weighted‑average debt rate of 4.4%.Bel Fuse Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
72
Positive
Cash Flow
69
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 675.46M | 534.79M | 639.81M | 654.23M | 543.49M |
| Gross Profit | 264.42M | 202.36M | 215.85M | 183.45M | 134.38M |
| EBITDA | 136.39M | 82.34M | 99.46M | 77.30M | 47.73M |
| Net Income | 61.54M | 40.96M | 73.83M | 52.69M | 24.82M |
Balance Sheet | |||||
| Total Assets | 935.20M | 949.79M | 571.63M | 560.47M | 511.85M |
| Cash, Cash Equivalents and Short-Term Investments | 57.80M | 69.20M | 126.92M | 70.27M | 61.76M |
| Total Debt | 237.26M | 318.21M | 82.10M | 118.67M | 134.05M |
| Total Liabilities | 416.53M | 508.63M | 231.07M | 298.12M | 303.10M |
| Stockholders Equity | 425.51M | 360.58M | 340.56M | 262.35M | 208.74M |
Cash Flow | |||||
| Free Cash Flow | 67.93M | 59.96M | 96.22M | 31.43M | -4.76M |
| Operating Cash Flow | 79.93M | 74.06M | 108.35M | 40.26M | 4.63M |
| Investing Cash Flow | -3.25M | -297.89M | -53.53M | -7.00M | -18.88M |
| Financing Cash Flow | -93.47M | 206.26M | -38.60M | -21.26M | -8.40M |
Bel Fuse Technical Analysis
Positive
159.44
Price Trends
197.42
Negative
173.46
Positive
143.28
Positive
Market Momentum
-0.76
Negative
53.29
Neutral
50.92
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BELFA, the sentiment is Positive. The current price of 159.44 is below the 20-day moving average (MA) of 190.26, below the 50-day MA of 197.42, and above the 200-day MA of 143.28, indicating a neutral trend. The MACD of -0.76 indicates Negative momentum. The RSI at 53.29 is Neutral, neither overbought nor oversold. The STOCH value of 50.92 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for BELFA.
Bel Fuse Risk Analysis
Bel Fuse disclosed 29 risk factors in its most recent earnings report. Bel Fuse 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
Bel Fuse Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | $7.25B | 41.35 | 18.74% | ― | 11.55% | 1745.46% | |
76 Outperform | $2.63B | 5.83 | 15.06% | 0.15% | 23.70% | 14.78% | |
68 Neutral | $1.42B | 19.37 | 11.94% | 0.36% | 3.70% | 1.68% | |
68 Neutral | $1.92B | 91.57 | -5.07% | ― | -4.87% | -235.48% | |
62 Neutral | $2.03B | 61.39 | 2.25% | 1.44% | -2.93% | -40.33% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
47 Neutral | $207.98M | -4.46 | -9.42% | 5.93% | -9.51% | 29.57% |
* Technology Sector Average
BELFA
Bel Fuse
196.85
129.01
190.19%
BHE
Benchmark Electronics
57.03
21.20
59.15%
CTS
CTS
49.46
11.21
29.31%
MEI
Methode Electronics
5.87
0.20
3.51%
ROG
Rogers
107.49
45.57
73.59%
VICR
Vicor
159.83
110.67
225.12%
Bel Fuse Corporate Events
Business Operations and StrategyExecutive/Board Changes
Bel Fuse realigns into two focused business units
Positive
Apr 6, 2026
On March 31, 2026, Bel Fuse Inc. announced a strategic realignment from a product-centric to an end-market-centric structure, consolidating its operations into two business units: Aerospace, Defense Rugged Solutions and Industrial Technology Dat...
Business Operations and StrategyExecutive/Board Changes
Bel Fuse Announces New Connectivity Solutions Leadership
Positive
Jan 15, 2026
On January 12, 2026, Bel Fuse’s board approved the retirement of Pete Bittner, longtime President of Connectivity Solutions, effective April 3, 2026, and the appointment of industry veteran Thomas Smelker as Vice President and President of B...
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.