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Bel Fuse Inc Financials

BELFB
Source SEC Filings (10-K/10-Q) Data as of Mar 31, 2026 Currency USD FYE December

This page shows Bel Fuse Inc (BELFB) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 17 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI BELFB FY2025

A purchase-led balance-sheet expansion was followed by sharper margins and deleveraging, showing the larger asset base is earning its keep.

FY2024 looks less like an operating stumble than a balance-sheet reset: total assets jumped by $378M while gross margin still widened to 37.8%. By FY2025, the bigger platform was producing a record operating margin of 16.4% while long-term debt fell to $198M, so the added assets were not just sitting on the books.

Cash conversion is credible rather than purely accounting-based: FY2025 operating cash flow of $80.6M exceeded net income of $74.1M. Because selling and R&D expense also increased, the profit improvement was not achieved simply by starving the business of operating support; it reflects better economics on the revenue base.

Liquidity stayed comfortable even after the 2024 leverage jump, with a current ratio of 3.0x and debt-to-equity back down to 0.5x in FY2025. Capital spending of $12.0M against free cash flow of $68.6M suggests a business that can use most of its cash for balance-sheet repair or integration needs instead of heavy upkeep.

[ NOT FINANCIAL ADVICE ]

Financial Health Signals

Profitability Growth Leverage Liquidity Cash Flow Returns 64 / 100
Financial Health Score 64/100

Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of Bel Fuse Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability
75

Bel Fuse Inc has an operating margin of 16.4%, meaning the company retains $16 of operating profit per $100 of revenue. This strong profitability earns a score of 75/100, reflecting efficient cost management and pricing power. This is up from 12.0% the prior year.

Growth
42

Bel Fuse Inc's revenue surged 26.3% year-over-year to $675.5M, reflecting rapid business expansion. This strong growth earns a score of 42/100.

Leverage
46

Bel Fuse Inc has a moderate D/E ratio of 0.46. This balance of debt and equity financing earns a leverage score of 46/100.

Liquidity
77

With a current ratio of 3.02, Bel Fuse Inc holds $3.02 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 77/100.

Cash Flow
71

Bel Fuse Inc converts 10.2% of revenue into free cash flow ($68.6M). This strong cash generation earns a score of 71/100.

Returns
73

Bel Fuse Inc earns a strong 17.4% return on equity (ROE), meaning it generates $17 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 73/100. This is up from 13.6% the prior year.

Altman Z-Score Safe
7.53

Bel Fuse Inc scores 7.53, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($3.8B) relative to total liabilities ($416.5M). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.

Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.

Piotroski F-Score Partial
8/8

Bel Fuse Inc passes 8 of 8 computable financial strength tests (1 of the nine could not be computed from available data). All 4 profitability signals pass (positive income, cash flow, and earnings quality), all 2 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Cash-Backed
1.09x

For every $1 of reported earnings, Bel Fuse Inc generates $1.09 in operating cash flow ($80.6M OCF vs $74.1M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage Safe
7.5x

Bel Fuse Inc earns $7.5 in operating income for every $1 of interest expense ($111.0M vs $14.8M). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.

Key Financial Metrics

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Earnings & Revenue

Revenue
$675.5M
YoY+26.3%
5Y CAGR+7.7%
10Y CAGR+1.8%

Bel Fuse Inc generated $675.5M in revenue in fiscal year 2025. This represents an increase of 26.3% from the prior year.

EBITDA
$137.6M
YoY+70.4%
5Y CAGR+31.4%
10Y CAGR+10.3%

Bel Fuse Inc's EBITDA was $137.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 70.4% from the prior year.

Net Income
$74.1M
YoY+50.7%
5Y CAGR+42.1%
10Y CAGR+14.5%

Bel Fuse Inc reported $74.1M in net income in fiscal year 2025. This represents an increase of 50.7% from the prior year.

EPS (Diluted)
N/A

Cash & Balance Sheet

Free Cash Flow
$68.6M
YoY+14.4%
5Y CAGR+11.0%
10Y CAGR+2.1%

Bel Fuse Inc generated $68.6M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 14.4% from the prior year.

Cash & Debt
$57.8M
YoY-15.3%
5Y CAGR-7.4%
10Y CAGR-3.8%

Bel Fuse Inc held $57.8M in cash against $197.5M in long-term debt as of fiscal year 2025.

Dividends Per Share
N/A
Shares Outstanding
N/A

Margins & Returns

Gross Margin
39.1%
YoY+1.3pp
5Y CAGR+13.4pp
10Y CAGR+20.0pp

Bel Fuse Inc's gross margin was 39.1% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 1.3 percentage points from the prior year.

Operating Margin
16.4%
YoY+4.4pp
5Y CAGR+12.4pp
10Y CAGR+11.4pp

Bel Fuse Inc's operating margin was 16.4% in fiscal year 2025, reflecting core business profitability. This is up 4.4 percentage points from the prior year.

Net Margin
11.0%
YoY+1.8pp
5Y CAGR+8.2pp
10Y CAGR+7.6pp

Bel Fuse Inc's net profit margin was 11.0% in fiscal year 2025, showing the share of revenue converted to profit. This is up 1.8 percentage points from the prior year.

Return on Equity
17.4%
YoY+3.8pp
5Y CAGR+10.5pp
10Y CAGR+9.2pp

Bel Fuse Inc's ROE was 17.4% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 3.8 percentage points from the prior year.

Capital Allocation

R&D Spending
$30.9M
YoY+30.9%
5Y CAGR+5.5%
10Y CAGR+1.1%

Bel Fuse Inc invested $30.9M in research and development in fiscal year 2025. This represents an increase of 30.9% from the prior year.

Share Buybacks
$0
YoY-100.0%

Bel Fuse Inc spent $0 on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 100.0% from the prior year.

Capital Expenditures
$12.0M
YoY-14.9%
5Y CAGR+17.0%
10Y CAGR+2.0%

Bel Fuse Inc invested $12.0M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 14.9% from the prior year.

BELFB Income Statement

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Revenue $178.5M+1.5% $175.9M-1.7% $179.0M+6.3% $168.3M+10.5% $152.2M+1.6% $149.9M+21.2% $123.6M-7.2% $133.2M
Cost of Revenue $108.9M+2.2% $106.6M-1.2% $107.8M+4.5% $103.2M+10.5% $93.4M-0.2% $93.7M+18.6% $79.0M-1.1% $79.8M
Gross Profit $69.6M+0.3% $69.4M-2.5% $71.1M+9.3% $65.1M+10.6% $58.8M+4.6% $56.2M+25.8% $44.7M-16.3% $53.4M
R&D Expenses $8.5M+6.4% $8.0M+5.9% $7.5M-6.8% $8.1M+12.2% $7.2M+4.2% $6.9M+27.4% $5.4M-9.2% $6.0M
SG&A Expenses $36.7M+12.7% $32.6M-0.6% $32.8M+6.1% $30.9M+4.8% $29.5M-15.3% $34.8M+30.5% $26.7M+10.6% $24.1M
Operating Income $23.7M-8.2% $25.8M-15.0% $30.3M+1.6% $29.9M+19.3% $25.0M+102.2% $12.4M+8.1% $11.4M-49.4% $22.6M
Interest Expense $2.5M-15.0% $3.0M-18.0% $3.6M-9.1% $4.0M-3.8% $4.2M+47.5% $2.8M+580.0% $414K-0.2% $415K
Income Tax $2.8M-10.1% $3.1M-42.7% $5.4M-21.1% $6.9M+26.4% $5.5M+473.2% $953K-69.3% $3.1M-23.8% $4.1M
Net Income $11.4M+65.2% $6.9M-69.5% $22.6M-15.8% $26.8M+49.9% $17.9M+177.9% $6.4M-20.4% $8.1M-57.0% $18.8M
EPS (Diluted) N/A N/A N/A N/A N/A N/A N/A N/A

BELFB Balance Sheet

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Total Assets $951.9M+1.8% $935.2M-1.8% $952.8M+0.2% $950.6M+62.7% $584.4M-38.5% $949.8M+62.5% $584.4M+3.0% $567.6M
Current Assets $397.2M+3.2% $384.8M-0.8% $387.7M+2.4% $378.6M+2.8% $368.4M-1.4% $373.5M-3.6% $387.6M+3.1% $376.0M
Cash & Equivalents $59.4M+2.8% $57.8M+0.1% $57.7M-2.6% $59.3M-10.1% $65.9M-3.4% $68.3M-49.2% $134.3M+58.0% $85.0M
Inventory $181.2M+8.3% $167.3M+0.7% $166.1M+0.9% $164.6M-0.1% $164.8M+2.1% $161.4M+29.2% $124.9M-2.4% $127.9M
Accounts Receivable $120.0M-1.2% $121.5M-3.6% $126.0M+3.9% $121.2M+17.0% $103.6M-6.9% $111.4M+46.6% $76.0M-6.4% $81.2M
Goodwill $224.8M+4.7% $214.8M+0.1% $214.6M+1.6% $211.3M+1.6% $208.0M0.0% $208.0M+672.7% $26.9M+5.9% $25.4M
Total Liabilities $416.2M-0.1% $416.5M-6.1% $443.8M-4.5% $464.9M+124.0% $207.5M-59.2% $508.6M+134.3% $217.1M+2.8% $211.2M
Current Liabilities $124.7M-2.1% $127.4M+0.5% $126.8M+2.2% $124.1M+11.5% $111.2M-13.1% $128.1M+32.2% $96.9M+7.9% $89.8M
Long-Term Debt $204.5M+3.5% $197.5M-12.2% $225.0M-10.0% $250.0M N/A $287.5M+379.2% $60.0M0.0% $60.0M
Total Equity $438.9M+3.2% $425.5M-0.5% $427.8M+5.7% $404.7M+7.4% $376.9M+4.5% $360.6M-1.8% $367.4M+3.1% $356.4M
Retained Earnings $413.6M+2.6% $403.1M-1.5% $409.4M+5.5% $388.0M+7.2% $362.0M+4.9% $345.0M-0.8% $347.7M+2.1% $340.5M

BELFB Cash Flow Statement

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Operating Cash Flow $13.8M-53.2% $29.6M+33.3% $22.2M+7.1% $20.7M+154.3% $8.1M-2.4% $8.3M-69.5% $27.4M-15.0% $32.2M
Capital Expenditures $2.6M-22.8% $3.4M+84.1% $1.9M-52.6% $3.9M+40.8% $2.8M-55.0% $6.2M+70.9% $3.6M+168.9% $1.3M
Free Cash Flow $11.2M-57.2% $26.1M+28.7% $20.3M+21.0% $16.8M+213.4% $5.4M+150.1% $2.1M-91.0% $23.7M-23.0% $30.8M
Investing Cash Flow -$17.9M-645.1% -$2.4M-389.3% $829K-40.2% $1.4M+145.2% -$3.1M+99.0% -$297.3M-1271.7% $25.4M+344.6% -$10.4M
Financing Cash Flow $6.2M+121.6% -$28.5M-10.2% -$25.8M+18.0% -$31.5M-278.3% -$8.3M-103.7% $225.1M+7552.1% -$3.0M+65.4% -$8.7M
Dividends Paid $840K-13.5% $971K+16.4% $834K+0.4% $831K+0.2% $829K-14.2% $966K+18.8% $813K-2.9% $837K
Share Buybacks N/A $0 $0 $0 $0 $0-100.0% $1.9M-76.2% $7.9M

BELFB Financial Ratios

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Gross Margin 39.0%-0.4pp 39.4%-0.3pp 39.8%+1.1pp 38.7%+0.0pp 38.6%+1.1pp 37.5%+1.4pp 36.1%-3.9pp 40.1%
Operating Margin 13.3%-1.4pp 14.6%-2.3pp 17.0%-0.8pp 17.7%+1.3pp 16.4%+8.2pp 8.3%-1.0pp 9.3%-7.7pp 17.0%
Net Margin 6.4%+2.5pp 3.9%-8.7pp 12.6%-3.3pp 15.9%+4.2pp 11.7%+7.5pp 4.3%-2.3pp 6.5%-7.6pp 14.1%
Return on Equity 2.6%+1.0pp 1.6%-3.6pp 5.3%-1.3pp 6.6%+1.9pp 4.7%+3.0pp 1.8%-0.4pp 2.2%-3.1pp 5.3%
Return on Assets 1.2%+0.5pp 0.7%-1.6pp 2.4%-0.5pp 2.8%-0.2pp 3.1%+2.4pp 0.7%-0.7pp 1.4%-1.9pp 3.3%
Current Ratio 3.18+0.2 3.02-0.0 3.060.0 3.05-0.3 3.31+0.4 2.92-1.1 4.00-0.2 4.19
Debt-to-Equity 0.470.0 0.46-0.1 0.53-0.1 0.62+0.1 0.55-0.2 0.80+0.6 0.160.0 0.17
FCF Margin 6.3%-8.6pp 14.9%+3.5pp 11.3%+1.4pp 10.0%+6.5pp 3.5%+2.1pp 1.4%-17.8pp 19.2%-4.0pp 23.2%

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Frequently Asked Questions

Bel Fuse Inc (BELFB) reported $675.5M in total revenue for fiscal year 2025. This represents a 26.3% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

Bel Fuse Inc (BELFB) revenue grew by 26.3% year-over-year, from $534.8M to $675.5M in fiscal year 2025.

Yes, Bel Fuse Inc (BELFB) reported a net income of $74.1M in fiscal year 2025, with a net profit margin of 11.0%.

Bel Fuse Inc (BELFB) had EBITDA of $137.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

As of fiscal year 2025, Bel Fuse Inc (BELFB) had $57.8M in cash and equivalents against $197.5M in long-term debt.

Bel Fuse Inc (BELFB) had a gross margin of 39.1% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

Bel Fuse Inc (BELFB) had an operating margin of 16.4% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

Bel Fuse Inc (BELFB) had a net profit margin of 11.0% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Bel Fuse Inc (BELFB) has a return on equity of 17.4% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

Bel Fuse Inc (BELFB) generated $68.6M in free cash flow during fiscal year 2025. This represents a 14.4% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

Bel Fuse Inc (BELFB) generated $80.6M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

Bel Fuse Inc (BELFB) had $935.2M in total assets as of fiscal year 2025, including both current and long-term assets.

Bel Fuse Inc (BELFB) invested $12.0M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Bel Fuse Inc (BELFB) invested $30.9M in research and development during fiscal year 2025.

Bel Fuse Inc (BELFB) had a current ratio of 3.02 as of fiscal year 2025, which is generally considered healthy.

Bel Fuse Inc (BELFB) had a debt-to-equity ratio of 0.46 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

Bel Fuse Inc (BELFB) had a return on assets of 7.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

Bel Fuse Inc (BELFB) has an Altman Z-Score of 7.53, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

Bel Fuse Inc (BELFB) has a Piotroski F-Score of 8 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Bel Fuse Inc (BELFB) has an earnings quality ratio of 1.09x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Bel Fuse Inc (BELFB) has an interest coverage ratio of 7.5x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

Bel Fuse Inc (BELFB) scores 64 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.

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