Bel Fuse IncBel Fuse Inc
Bel Fuse Inc

Bel Fuse Inc

BELFA
Information Technology·Electronic Equipment, Instruments & Components

Bel Fuse, Inc. engages in the design, manufacture, and marketing of products that power, protect, and connect electronic circuits. It operates through the following segments: Power Solutions & Protection, Connectivity Solutions, and Magnetic Solutions. The Power Solutions & Protection segment includes internal and external AC/DC power supplies, DC/DC converters and DC/AC inverters utilized in defense, commercial aerospace, industrial, networking and consumer applications. The Connectivity Solutions segment focuses on high speed and harsh environment copper and optical fiber connectors and integrated assemblies, providing connectivity solutions within the commercial aerospace, military communications, defense, network infrastructure, structured building cabling, and several industrial applications. The Magnetic Solutions segment is involved in integrating RJ45 connectors with discrete magnetic components to provide better performance and a more robust device, substantially reducing board space and optimizing performance. The company was founded by Elliot Bernstein in 1949 and is headquartered in West Orange, NJ.

New Jersey; U.S.A
Market cap
No dataNo data
Revenue
$675.5M+26.3% YoY
Net income
$61.5M+50.2% YoY
Free cash flow
$68.6M+14.4% YoY

Market

Listed stock
BELFAPriceNasdaq
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Financial performance

Revenue
$675.5M+26.3% YoY
Operating income
$111M+72.6% YoY
Net income
$61.5M+50.2% YoY
Free cash flow
$68.6M+14.4% YoY

Revenue, profit & cash trend

Revenue
Operating income
Net income
Free cash flow
Reference
Revenue: 2021 $543.5M, 2022 $654.2M, 2023 $639.8M, 2024 $534.8M, 2025 $675.5M. Operating income: 2021 $31.3M, 2022 $65.1M, 2023 $88M, 2024 $64.3M, 2025 $111M. Net income: 2021 $24.8M, 2022 $52.7M, 2023 $73.8M, 2024 $41M, 2025 $61.5M. Free cash flow: 2021 $-4.8M, 2022 $31.4M, 2023 $96.2M, 2024 $60M, 2025 $68.6M. Reference line: Reference at $0.

Growth & profitability

Revenue growth
26.3%+4272 bps YoY
Gross margin
No dataNo data
Operating margin
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FCF margin
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Earnings power over time

Operating income
Net income
Free cash flow
Operating income: 2021-12-31 $31.3M, 2022-12-31 $65.1M, 2023-12-31 $88M, 2024-12-31 $64.3M, 2025-12-31 $111M. Net income: 2021-12-31 $24.8M, 2022-12-31 $52.7M, 2023-12-31 $73.8M, 2024-12-31 $41M, 2025-12-31 $61.5M. Free cash flow: 2021-12-31 $-4.8M, 2022-12-31 $31.4M, 2023-12-31 $96.2M, 2024-12-31 $60M, 2025-12-31 $68.6M

Growth heatmap

2022202320242025CAGR
Revenue
+20.4%
-2.2%
-16.4%
+26.3%
+5.6%
Gross profit
+36.5%
+17.7%
-6.3%
+30.7%
+18.4%
Operating income
+108.4%
+35.0%
-26.9%
+72.6%
+37.3%
Free cash flow
+759.5%
+206.2%
-37.7%
+14.4%
No data

Earnings quality

Operating cash flow
$80.6M+8.8% YoY
Net income
$61.5M+50.2% YoY
Free cash flow
$68.6M+14.4% YoY
Diluted EPS
No dataNo data

Cash conversion quality

Operating cash flow
Free cash flow
Net income = 100%
Operating cash flow: 2025-12-31 131%, 2024-12-31 181%, 2023-12-31 147%, 2022-12-31 76%, 2021-12-31 19%. Free cash flow: 2025-12-31 111%, 2024-12-31 146%, 2023-12-31 130%, 2022-12-31 60%, 2021-12-31 -19%. Reference line: Net income = 100% at 100%.

Per-share economics

Diluted EPS
Latest
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FCF / share
Latest
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Diluted shares
Latest
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Financial flexibility

Cash & equivalents
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Total debt
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Net debt
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Current ratio
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Cash Coverage of Debt

Cash / Total debt
No data

Returns

Return on equity
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Return on assets
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Return on invested capital
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Asset turnover
No dataNo data

Return on capital

No data

Valuation

Price to earnings
No dataNo data
Price to sales
No dataNo data
EV / EBITDA
No dataNo data
Free cash flow yield
No dataNo data

Valuation vs its own 5Y history

Metric
Own five-year range
Current
Own 5Y median
Position in own range
Price to earnings
No data
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Price to sales
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EV / EBITDA
No data
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Free cash flow yield
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