One-glance verdict
Overvalued
$126.59 our estimate vs market $250.36
Wall Street consensus: $329.67 (160.4% higher than our fair-value estimate)
98% above our estimate, beyond the bull case
Fundamentals snapshot
Bel Fuse Inc.
BELFB · NMS · Technology · Electronic Components
Current price
$250.36
52-week range
$129.94 - $335.29
Market cap
$3.62B
Balance sheet
Healthy
7.30x Adequate
Net cash $271.84M. 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 10.2% last year.
- Reward Returns 10.4% on equity, ahead of 33% of its peers.
- Risk Net debt grew 253.0% over 3 years.
- Risk Stock trades 203.1% above its 5-year average P/E.
What this company does
Bel Fuse Inc.
Bel Fuse makes the critical electronic components that allow modern technology to function, such as power supplies, fuses, and data connectors. The company sells these parts to major manufacturers in high-tech industries like 5G networking, electric vehicles, and commercial aerospace. Because its products are essential building blocks, Bel Fuse's success is closely linked to the overall growth and demand within these large technology sectors.
How the company got here
Bel Fuse started in 1949, founded by Elliot Bernstein to make simple glass fuses for cars and then the new wave of color televisions. [3] As technology evolved, the company wisely shifted into making more complex electronic parts for early computer giants like IBM. [3] Over many years, it grew by purchasing other companies (a strategy known as acquisitions), which added new products and expertise. [11] This transformed Bel from a small fuse maker into a global supplier of a wide range of electronic components that are essential in today's high-tech world. [11]
What it actually does
Bel Fuse makes critical electronic parts that other companies build into their own products; you won't see the Bel name on a shelf at Best Buy. [2] These components are essential for making electronics work, doing three main jobs: powering devices, protecting them from electrical surges, and connecting them to each other. [5] Think of them as the tiny, unseen building blocks inside everything from internet routers and data centers to airplanes and medical equipment. [4, 16] Bel sells these parts directly to large manufacturers and through a network of specialized sellers. [2]
Aerospace, Defense & Rugged Solutions
This is Bel's largest business, making up a little over half of its sales. [10] It creates highly reliable connectors and components for machines that have to work perfectly in very tough conditions. [8] Customers include companies in the military, aerospace, and space industries, as well as those in sectors like oil and gas or agriculture. [8] These buyers pay for extreme durability and precision because the parts are used in mission-critical systems like aircraft, satellites, and military equipment where failure is not an option. [6]
Industrial Technology & Data Solutions
This part of the company, which accounts for just under half of its business, provides the components that power and protect a wide range of modern equipment. [10] It combines several of Bel's traditional product lines, including power supplies, circuit protection devices, and magnetic parts. [8] Key customers are in industries like factory automation, medical devices, transportation, and the data centers that run the internet. [10] They buy these parts to manage electricity safely and efficiently inside their complex machinery. [14]
What management is betting on now
The company's leadership is focusing on selling more specialized, high-performance products instead of common, easily-replaced parts. [2] They are targeting demanding industries like aerospace and defense, where customers will pay more for quality and reliability. [7] A key part of this plan was a recent reorganization to focus the business on specific customer markets rather than just product types, which should help them respond to unique needs faster. [8, 10] Management also continues to look for strategic acquisitions (buying other companies) to bring in new technology and expand its presence in these profitable areas. [7]
Price history
How the share price has moved
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Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2024 Q3
$23.75M
FY2024 Q4
$2.14M
FY2025 Q1
$5.36M
FY2025 Q2
$16.79M
FY2025 Q3
$20.32M
FY2025 Q4
$26.14M
FY2026 Q1
$11.19M
FY2026 Q2
$15.69M
Revenue
$210.69M
Net income
$25.48M
Diluted EPS
—
Operating cash flow
$17.93M
Free cash flow
$15.69M
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Sources
Revenue
$178.49M
Net income
$11.38M
Diluted EPS
—
Operating cash flow
$13.83M
Free cash flow
$11.19M
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Sources
Revenue
$175.94M
Net income
$43.66M
Diluted EPS
—
Operating cash flow
$29.57M
Free cash flow
$26.14M
Fetching…
Sources
Revenue
$178.98M
Net income
—
Diluted EPS
—
Operating cash flow
$22.18M
Free cash flow
$20.32M
Fetching…
Sources
Revenue
$168.30M
Net income
$26.86M
Diluted EPS
—
Operating cash flow
$20.72M
Free cash flow
$16.79M
Fetching…
Sources
Revenue
$152.24M
Net income
$17.87M
Diluted EPS
—
Operating cash flow
$8.15M
Free cash flow
$5.36M
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Sources
Revenue
$149.86M
Net income
$-1.80M
Diluted EPS
—
Operating cash flow
$8.34M
Free cash flow
$2.14M
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Sources
Revenue
$123.64M
Net income
$8.08M
Diluted EPS
—
Operating cash flow
$27.38M
Free cash flow
$23.75M
Fetching…
Sources
Is it cheap or expensive?
Fair value $126.59 vs current price $250.36
Wall Street consensus is the average analyst price target: $329.67 (160.4% higher than our fair-value estimate).
Our most-likely fair value is $126.59 a share — about 49.4% below today's price of $250.36, so the stock currently looks expensive (overvalued).
Is it drowning in debt?
Healthy
Net cash $271.8M - more cash than debt. Interest coverage 7.3x.
Net debt
$-271.84M
Interest coverage
7.30x
Bel Fuse Inc.'s profit covers its interest bill about 7.3 times over. which is stronger than most peers shown here.
Healthy
Worse cushion
Baseline
Better cushion
BELFB
BASELINE
Bel Fuse Inc.
Total debt $34.26M Interest coverage 7.30x This is the baseline the peer rows are being compared against.
Total debt $1.10B Interest coverage 1.47x -80% vs BELFB Carries about 5.0x less debt cushion than BELFB.
Total debt $709.39M Interest coverage 10.42x +43% vs BELFB Carries about 1.4x more debt cushion than BELFB.
Total debt $89.89M Interest coverage 19.50x +167% vs BELFB Carries about 2.7x more debt cushion than BELFB.
Total debt $7.61M Interest coverage 6.75x -8% vs BELFB Has roughly the same debt cushion as BELFB.
Total debt $1.10B Interest coverage 5.90x -19% vs BELFB Carries about 1.2x less debt cushion than BELFB.
What you should know
The case for and against BELFB
3 Rewards
3 Risks
Rewards
-
Revenue grew 10.2% last year.
-
Returns 10.4% on equity, ahead of 33% of its peers.
-
Free cash flow was positive in 8/10 years.
Risks
-
Net debt grew 253.0% over 3 years.
-
Stock trades 203.1% above its 5-year average P/E.
-
Insider ownership is only 1.3% (peer median: 1.8%).
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)
62.43x
Forward P/E
23.45x
P/B
3.98x
P/S
4.86x
EV/EBITDA
23.19x
PEG ratio
1.69x
Profitability
How much profit each dollar creates
Gross margin
39.5%
Operating margin
18.2%
Net margin
7.2%
ROE
10.4%
ROA
6.9%
Health
Liquidity and balance-sheet strength
Debt / equity
0.03x
Current ratio
4.48x
Quick ratio
3.03x
Total debt
$34.26M
Total cash
$306.11M
Growth
How the business has been compounding
Revenue TTM
$744.09M
Revenue 5Y CAGR
5.6%
EPS TTM
4.01
EPS 5Y CAGR
3.1%
Cash flow
How much cash the business throws off
Operating CF TTM
$83.51M
Free CF TTM
$68.61M
FCF margin
9.2%
Dividend
Shareholder payout
Yield
0.1%
Payout ratio
7.2%
Last ex-div date
2026-10-15