One-glance verdict
Overvalued
$54.68 our estimate vs market $105.70
Wall Street consensus: $151.20 (176.5% higher than our fair-value estimate)
93% above our estimate, beyond the bull case
Fundamentals snapshot
Belden Inc.
BDC · NYQ · Technology · Communication Equipment
Current price
$105.70
52-week range
$96.06 - $159.99
Market cap
$4.13B
Balance sheet
Distressed
6.81x Adequate
Net debt $2.81B. Interest coverage shows how many times profit covers the interest bill.
What stands out
3 Rewards
3 Risks
3 rewards · 3 risks
- Reward Revenue grew 15.4% last year.
- Reward Free cash flow was positive in 10/10 years.
- Risk Net debt grew 84.2% over 3 years.
- Risk Stock trades 36.9% above its 5-year average P/E.
What this company does
Belden Inc.
Belden Inc. makes the wires and connectors that help computers and data move around, powering everything from your home internet to big data centers. Most of their money comes from selling these essential pieces of technology that businesses and internet providers need to connect their systems. This matters because strong connections are the backbone of our increasingly digital world, and Belden is a key player in building that infrastructure.
How the company got here
Belden Inc. has a long history, starting way back in 1902. Originally known as Belden CDT Inc., it officially became Belden Inc. in 2007. Over its many decades, the company has evolved significantly, adapting to changing technological landscapes. Its journey has been about providing the essential building blocks for communication and data networks, transforming from its early days to become a key player in today's connected world.
What it actually does
Belden provides the crucial components that allow data and signals to travel reliably. Think of them as the company that makes the 'roads' and 'intersections' for information. They create cables (both copper and fiber optic), connectors, and systems that help manage and move data in places like offices, data centers, and even for things like 5G wireless networks and smart buildings. Essentially, they ensure that information can get from point A to point B safely and efficiently.
Enterprise Connectivity
This part of Belden focuses on creating the physical infrastructure for data networks within businesses and organizations. This includes things like the cables that run through office walls, the panels where these cables connect, and the cabinets that house networking equipment. Customers in sectors like commercial real estate, education, and healthcare rely on these products to build and maintain their internal communication systems, ensuring smooth data flow for their daily operations.
Industrial Connectivity
Belden's Industrial Connectivity segment provides robust solutions designed for harsh and demanding environments. This means creating cables, connectors, and automation products that can withstand extreme temperatures, vibrations, and other challenging conditions found in factories and industrial settings. These products are vital for applications like manufacturing automation, energy production, and public transportation, where reliable data transmission is critical for safety and efficiency.
What management is betting on now
Belden's leadership is focused on leveraging its expertise in data infrastructure to capitalize on major technology trends. They are emphasizing solutions that support the growth of data centers, which are the backbone of cloud computing and digital services. Additionally, the company is investing in products that enable advanced networking for areas like 5G, the Internet of Things (IoT), and smart building technologies. The goal is to provide the essential connections that power these evolving digital landscapes.
Price history
How the share price has moved
—
Loading price history…
Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2024 Q4
$116.38M
FY2025 Q1
$-24.76M
FY2025 Q2
$56.88M
FY2025 Q3
$65.33M
FY2025 Q4
$121.25M
FY2026 Q1
$-63.06M
FY2026 Q2
$88.56M
FY2026 Q3
$81.83M
Revenue
$965.95M
Net income
$-11.35M
Diluted EPS
-0.29
Operating cash flow
$129.64M
Free cash flow
$81.83M
Fetching…
Sources
Revenue
$750.16M
Net income
$68.54M
Diluted EPS
1.74
Operating cash flow
$129.22M
Free cash flow
$88.56M
Fetching…
Sources
Revenue
$696.38M
Net income
$51.03M
Diluted EPS
1.30
Operating cash flow
$-18.67M
Free cash flow
$-63.06M
Fetching…
Sources
Revenue
$720.12M
Net income
$67.89M
Diluted EPS
1.70
Operating cash flow
$160.39M
Free cash flow
$121.25M
Fetching…
Sources
Revenue
$698.22M
Net income
$56.69M
Diluted EPS
1.41
Operating cash flow
$105.01M
Free cash flow
$65.33M
Fetching…
Sources
Revenue
$671.99M
Net income
$61.01M
Diluted EPS
1.53
Operating cash flow
$82.03M
Free cash flow
$56.88M
Fetching…
Sources
Revenue
$624.86M
Net income
$51.94M
Diluted EPS
1.27
Operating cash flow
$7.44M
Free cash flow
$-24.76M
Fetching…
Sources
Revenue
$666.04M
Net income
$58.38M
Diluted EPS
1.41
Operating cash flow
$174.72M
Free cash flow
$116.38M
Fetching…
Sources
Is it cheap or expensive?
Fair value $54.68 vs current price $105.70
Wall Street consensus is the average analyst price target: $151.20 (176.5% higher than our fair-value estimate).
Our most-likely fair value is $54.68 a share — about 48.3% below today's price of $105.70, so the stock currently looks expensive (overvalued).
Is it drowning in debt?
Distressed
Net debt $2.8B. Interest coverage 6.8x.
Net debt
$2.81B
Interest coverage
6.81x
Belden Inc.'s profit covers its interest bill about 6.8 times over.
Distressed
Worse cushion
Baseline
Better cushion
BDC
BASELINE
Belden Inc.
Total debt $3.19B Interest coverage 6.81x This is the baseline the peer rows are being compared against.
Total debt $17.87B Interest coverage 16.24x +138% vs BDC Carries about 2.4x more debt cushion than BDC.
Total debt $2.18B Interest coverage 8.22x +21% vs BDC Carries about 1.2x more debt cushion than BDC.
Total debt $228.20M Interest coverage 4.64x -32% vs BDC Carries about 1.5x less debt cushion than BDC.
Total debt $5.31B Interest coverage 18.86x +177% vs BDC Carries about 2.8x more debt cushion than BDC.
What you should know
The case for and against BDC
3 Rewards
3 Risks
Rewards
-
Revenue grew 15.4% last year.
-
Free cash flow was positive in 10/10 years.
-
Trades at 23.8x P/E vs peer median 32.5x (26.8% cheaper).
Risks
-
Net debt grew 84.2% over 3 years.
-
Stock trades 36.9% above its 5-year average P/E.
-
Operating margin compressed from 12.5% to 1.2% over 3 years.
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
23.75x
Forward P/E
10.54x
P/B
2.97x
P/S
1.32x
EV/EBITDA
15.97x
PEG ratio
1.05x
Profitability
How much profit each dollar creates
Gross margin
36.3%
Operating margin
1.2%
Net margin
5.6%
ROE
13.4%
ROA
3.6%
Health
Liquidity and balance-sheet strength
Debt / equity
2.29x
Current ratio
1.82x
Quick ratio
1.12x
Total debt
$3.19B
Total cash
$380.71M
Growth
How the business has been compounding
Revenue TTM
$3.13B
Revenue 5Y CAGR
4.2%
EPS TTM
4.45
EPS 5Y CAGR
1.1%
Cash flow
How much cash the business throws off
Operating CF TTM
$400.59M
Free CF TTM
$218.69M
FCF margin
7.0%
Dividend
Shareholder payout
Yield
0.2%
Payout ratio
4.5%
Last ex-div date
2026-09-16