Bel Fuse (BELFB) Financials

$285.77 -1.12 (-0.39%)

As of 01:23 PM Eastern

Annual Income Statements for Bel Fuse

This table shows Bel Fuse's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	19	-65	-12	-378	-8.74	13	25	53	74	41	62
Consolidated Net Income / (Loss)	19	-65	-12	0.00	-8.74	13	25	53	74	49	74
Net Income / (Loss) Continuing Operations	19	-65	-12	-378	-8.74	13	25	53	74	49	74
Total Pre-Tax Income	26	-83	9.64	24	-7.30	12	27	59	83	62	95
Total Operating Income	29	-77	17	27	-1.60	19	31	65	88	64	111
Total Gross Profit	109	100	102	-259	110	120	134	183	216	202	264
Total Revenue	567	500	492	150	492	466	543	654	640	535	675
Operating Revenue	567	500	492	150	492	466	543	654	640	535	675
Total Cost of Revenue	458	400	389	409	382	346	409	471	424	332	411
Operating Cost of Revenue	458	400	389	409	382	346	409	471	424	332	411
Total Operating Expenses	80	176	85	112	112	101	103	118	128	138	153
Selling, General & Admin Expense	78	71	85	83	77	79	87	92	99	111	126
Research & Development Expense	-	-	-	29	27	24	22	20	22	24	31
Other Operating Expenses / (Income)	-	-	-	-	-	-	-	-	0.00	0.00	3.11
Impairment Charge	0.00	106	-	0.00	8.89	-	-	0.00	0.00	0.40	0.00
Restructuring Charge	2.11	2.09	0.31	0.22	2.59	0.60	1.20	7.32	10	3.46	-0.68
Other Special Charges / (Income)	0.16	-2.64	-	0.00	-4.26	-1.85	-6.58	-1.60	-3.82	0.00	-5.70
Total Other Income / (Expense), net	-2.87	-6.04	-7.74	-3.33	-5.71	-6.53	-3.93	-6.09	-4.68	-2.49	-16
Interest Expense	7.59	6.66	6.80	5.32	5.45	4.75	3.54	3.38	2.85	4.08	15
Interest & Investment Income	4.72	0.62	-	-	-	-	-	0.18	1.70	4.75	-12
Other Income / (Expense), net	-	-	-0.94	1.99	-0.26	-1.79	-0.39	-2.89	-3.52	-3.17	11
Income Tax Expense	6.54	-18	22	2.91	1.44	-0.66	2.51	6.37	9.47	13	21
Net Income / (Loss) Attributable to Noncontrolling Interest	-	-	-	-	-	-	-	0.00	0.00	8.23	13
Basic Earnings per Share	-	-	-	$1.73	($1.42)	$2.02	$3.92	$8.25	$11.35	$6.38	$9.56
Weighted Average Basic Shares Outstanding	11.70M	12.03M	12.03M	9.94M	2.17M	2.15M	12.40M	12.54M	12.78K	12.62K	12.64K
Diluted Earnings per Share	-	-	-	$1.73	($1.42)	$2.02	-	-	$5.83	$3.28	$4.90
Weighted Average Diluted Shares Outstanding	11.70M	12.03M	12.03M	9.94M	2.17M	2.15M	2.15M	12.78M	10.63K	10.49K	10.55K
Weighted Average Basic & Diluted Shares Outstanding	11.70M	12.03M	12.03M	9.94M	12.28M	12.33M	2.15M	12.78M	12.76M	12.54M	12.66M

This table shows Bel Fuse's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	19	12	16	19	8.08	-1.80	18	27	22	-5.45	11
Consolidated Net Income / (Loss)	19	12	16	19	8.08	6.43	18	27	23	6.44	15
Net Income / (Loss) Continuing Operations	19	12	16	19	8.08	6.43	18	27	23	6.44	15
Total Pre-Tax Income	24	13	20	23	11	7.39	24	34	28	9.56	18
Total Operating Income	25	16	18	23	11	12	25	30	30	26	24
Total Gross Profit	55	51	48	53	45	56	59	65	71	69	70
Total Revenue	159	140	128	133	124	150	152	168	179	176	178
Operating Revenue	159	140	128	133	124	150	152	168	179	176	178
Total Cost of Revenue	103	89	80	80	79	94	93	103	108	107	109
Operating Cost of Revenue	103	89	80	80	79	94	93	103	108	107	109
Total Operating Expenses	31	35	30	31	33	44	34	35	41	44	46
Selling, General & Admin Expense	24	25	25	24	27	35	30	31	33	33	37
Research & Development Expense	5.29	5.97	5.22	5.99	5.44	6.93	7.22	8.10	7.55	7.99	8.51
Other Operating Expenses / (Income)	-	-	-	-	0.00	-	0.00	-	1.86	-	0.62
Restructuring Charge	2.09	3.81	0.07	0.64	1.09	1.67	-2.93	0.28	0.22	1.76	0.08
Total Other Income / (Expense), net	-0.74	-2.97	2.50	0.26	-0.26	-4.99	-1.24	3.84	-2.33	-16	-5.87
Interest Expense	0.51	0.45	0.43	0.42	0.41	2.82	4.15	3.99	3.63	2.98	2.53
Interest & Investment Income	0.00	1.59	1.12	1.15	1.48	1.01	0.28	0.26	0.24	-13	0.15
Other Income / (Expense), net	-0.23	-4.11	1.82	-0.47	-1.33	-3.19	2.64	7.57	1.06	-0.41	-3.49
Income Tax Expense	4.32	1.46	4.48	4.08	3.11	0.95	5.46	6.91	5.45	3.12	2.81
Net Income / (Loss) Attributable to Noncontrolling Interest	-	-	0.00	0.00	0.00	-	0.45	0.82	0.62	10	3.61
Basic Earnings per Share	$3.00	$1.84	$2.45	$2.93	$1.26	($0.26)	$2.79	$4.17	$3.45	($0.85)	$1.77
Weighted Average Basic Shares Outstanding	12.78M	12.78M	12.75M	12.62M	12.55M	12.62M	12.57M	12.67M	12.66M	12.64K	12.67M
Diluted Earnings per Share	-	-	-	-	-	-	$1.43	-	-	-	$0.91
Weighted Average Diluted Shares Outstanding	12.77M	12.76M	12.62M	12.55M	12.55M	12.54M	10.46M	12.66M	12.66M	10.55K	10.55M
Weighted Average Basic & Diluted Shares Outstanding	12.77M	12.76M	12.62M	12.55M	12.55M	12.54M	12.67M	12.66M	12.66M	12.66M	12.72M

This table details how cash moves in and out of Bel Fuse's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	7.90	-12	-4.06	-15	18	13	-23	8.51	19	-21	-10
Net Cash From Operating Activities	66	39	24	10	24	46	4.63	40	108	74	81
Net Cash From Continuing Operating Activities	66	39	24	49	24	46	4.63	40	108	74	81
Net Income / (Loss) Continuing Operations	19	-65	-12	0.00	-8.74	13	25	53	74	49	74
Consolidated Net Income / (Loss)	19	-65	-12	0.00	-8.74	13	25	53	74	49	74
Depreciation Expense	23	22	21	0.00	16	16	17	15	13	16	27
Amortization Expense	1.43	1.80	2.26	-0.53	0.47	0.65	1.30	0.03	0.03	0.15	1.55
Non-Cash Adjustments To Reconcile Net Income	1.36	104	7.81	-5.83	8.48	6.23	-17	-2.89	6.16	15	-1.04
Changes in Operating Assets and Liabilities, net	21	-24	5.23	16	7.78	10	-21	-24	15	-7.08	-21
Net Cash From Investing Activities	-9.81	-2.38	-6.35	-14	-33	-1.52	-19	-7.00	-54	-298	-3.25
Net Cash From Continuing Investing Activities	-9.81	-2.38	-6.35	5.82	-33	-1.52	-19	-7.00	-54	-298	-3.25
Purchase of Property, Plant & Equipment	-9.89	-8.22	-6.43	0.00	-9.89	-5.48	-9.40	-8.83	-12	-14	-12
Acquisitions	-	-	0.00	0.00	-29	0.00	-17	0.00	-10	-320	0.00
Purchase of Investments	-	-	0.00	-	-	-	-	0.00	-60	-131	0.00
Sale of Property, Plant & Equipment	0.08	5.84	0.08	0.08	5.81	3.96	7.33	1.83	6.04	0.88	7.80
Divestitures	-	-	-	2.18	-	-	-	0.00	5.06	0.00	0.00
Sale and/or Maturity of Investments	2.82	2.16	0.00	2.70	-	-	-	0.00	20	168	0.95
Other Investing Activities, net	-2.82	-2.16	0.00	0.87	-	-	-	0.00	-2.15	-0.79	0.00
Net Cash From Financing Activities	-49	-47	-24	-12	25	-32	-8.40	-21	-39	206	-94
Net Cash From Continuing Financing Activities	-49	-47	-24	9.28	25	-32	-8.40	-21	-39	206	-94
Repayment of Debt	-58	-44	-152	-17	-15	-29	-120	-18	-40	-17	-99
Repurchase of Common Equity	-	-	-	0.00	-0.45	-	0.00	-0.35	-0.11	-16	0.00
Payment of Dividends	-3.24	-3.25	-3.28	-3.30	-3.35	-3.36	-3.38	-3.41	-3.49	-3.45	-3.47
Issuance of Debt	13	0.00	131	7.50	44	0.00	115	0.00	5.00	243	8.00
Other Net Changes in Cash	-	-	-	0.46	1.79	0.20	-0.54	-	2.89	-	6.33
Cash Interest Paid	6.15	4.84	4.35	4.78	4.85	4.13	2.14	3.37	4.73	5.80	15
Cash Income Taxes Paid	0.58	2.46	0.76	7.48	4.69	2.65	2.87	15	25	23	24

This table details how cash moves in and out of Bel Fuse's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	35	-11	-18	14	49	-66	-2.33	-6.64	-1.54	0.06	1.65
Net Cash From Operating Activities	41	27	6.15	32	27	8.34	8.15	21	22	30	14
Net Cash From Continuing Operating Activities	41	27	6.15	32	27	8.34	8.15	21	22	30	14
Net Income / (Loss) Continuing Operations	19	12	16	19	8.08	6.43	18	27	23	6.44	15
Consolidated Net Income / (Loss)	19	12	16	19	8.08	6.43	18	27	23	6.44	15
Depreciation Expense	3.39	3.35	3.68	3.44	3.64	5.70	6.68	6.60	6.65	6.66	6.62
Amortization Expense	-	-	0.03	0.00	-	0.12	0.30	0.40	0.43	0.42	0.33
Non-Cash Adjustments To Reconcile Net Income	-2.33	7.02	3.73	5.23	3.21	3.17	-3.60	-10	-2.65	16	7.46
Changes in Operating Assets and Liabilities, net	20	4.52	-17	4.72	12	-7.08	-14	-2.78	-4.81	0.54	-16
Net Cash From Investing Activities	-4.45	-42	-16	-10	25	-297	-3.07	1.39	0.83	-2.40	-18
Net Cash From Continuing Investing Activities	-4.45	-42	-16	-10	25	-297	-3.07	1.39	0.83	-2.40	-18
Purchase of Property, Plant & Equipment	-2.58	-2.47	-2.93	-1.35	-3.63	-6.20	-2.79	-3.93	-1.86	-3.42	-2.64
Acquisitions	-	-0.31	-	-	-	-320	0.00	-	-	-	-15
Sale of Property, Plant & Equipment	0.16	0.63	0.19	0.04	0.01	0.65	0.06	4.81	2.90	0.04	0.00
Other Investing Activities, net	-1.91	-0.25	-0.49	-0.14	-0.29	0.13	-0.33	-0.45	-0.21	0.99	0.00
Net Cash From Financing Activities	-0.83	-1.11	-7.12	-8.73	-3.02	225	-8.33	-32	-26	-28	6.16
Net Cash From Continuing Financing Activities	-0.83	-1.11	-7.12	-8.73	-3.02	225	-8.33	-32	-26	-28	6.16
Repayment of Debt	-	-	0.00	-	-0.33	-16	-13	-31	-28	-28	-13
Payment of Dividends	-0.83	-1.00	-0.84	-0.84	-0.81	-0.97	-0.83	-0.83	-0.83	-0.97	-0.84
Issuance of Debt	-	-	0.00	-	-	243	5.00	-	3.00	-	20
Other Net Changes in Cash	-	5.79	-	-	-	-	0.92	-	-	1.36	-0.48
Cash Interest Paid	0.98	0.99	0.98	1.00	1.03	2.79	4.21	3.98	3.64	2.96	2.55
Cash Income Taxes Paid	7.79	6.91	0.98	7.30	7.28	7.40	2.28	9.15	8.00	4.31	5.69

This table presents Bel Fuse's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	579	427	431	-	469	454	512	560	572	950	935
Total Current Assets	280	255	266	291	283	280	329	381	381	374	385
Cash & Equivalents	85	73	69	54	72	85	62	70	89	68	58
Accounts Receivable	86	74	79	108	92	86	115	126	97	116	131
Inventories, net	99	99	108	120	107	100	139	172	137	161	167
Other Current Assets	11	8.74	10	8.79	11	9.64	12	13	21	27	28
Plant, Property, & Equipment, net	58	49	43	44	42	35	38	37	37	48	48
Total Noncurrent Assets	240	123	122	-	144	139	145	142	154	528	502
Goodwill	122	18	20	-	22	24	27	25	27	208	215
Intangible Assets	88	75	69	63	72	66	61	54	49	232	218
Noncurrent Deferred & Refundable Income Taxes	3.44	3.41	4.16	0.50	3.73	5.71	4.46	7.28	12	16	13
Other Noncurrent Operating Assets	28	26	28	26	46	44	53	56	54	60	56
Total Liabilities & Shareholders' Equity	579	427	431	444	469	454	512	560	572	950	935
Total Liabilities	345	268	273	267	301	268	303	298	231	509	417
Total Current Liabilities	122	92	87	106	90	88	112	136	111	128	127
Accounts Payable	50	47	48	56	44	40	66	65	40	49	53
Accrued Expenses	38	32	31	32	27	28	34	51	55	53	50
Other Current Liabilities	8.96	2.15	6.20	15	14	14	12	21	16	26	25
Total Noncurrent Liabilities	224	176	186	-	211	181	191	162	120	381	289
Long-Term Debt	159	130	120	112	138	110	113	95	60	292	198
Noncurrent Deferred & Payable Income Tax Liabilities	49	29	30	29	29	27	30	26	21	47	47
Noncurrent Employee Benefit Liabilities	16	17	19	19	22	25	24	19	20	18	19
Other Noncurrent Operating Liabilities	0.57	0.31	17	1.92	22	18	25	22	19	23	25
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	-	-	-	-	-	-	-	-	0.00	81	93
Total Equity & Noncontrolling Interests	233	158	158	-	168	186	209	262	341	361	426
Total Preferred & Common Equity	233	158	158	-	168	186	209	262	341	361	426
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	233	158	158	-	168	186	209	262	341	361	426
Common Stock	26	28	30	31	35	37	40	42	46	33	40
Retained Earnings	229	161	148	169	157	166	188	237	308	345	403
Accumulated Other Comprehensive Income / (Loss)	-22	-31	-20	-25	-24	-18	-19	-17	-12	-17	-17

This table presents Bel Fuse's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	554	575	552	559	555	568	584	940	951	953	952
Total Current Assets	377	383	354	363	364	376	388	368	379	388	397
Cash & Equivalents	71	78	65	100	71	85	134	66	59	58	59
Accounts Receivable	132	124	120	94	93	87	81	109	128	135	129
Inventories, net	164	166	157	140	130	128	125	165	165	166	181
Other Current Assets	10	15	12	29	20	17	18	27	27	29	27
Plant, Property, & Equipment, net	35	38	38	38	36	35	37	47	49	48	48
Total Noncurrent Assets	141	153	160	158	152	157	160	525	523	518	506
Goodwill	24	25	26	25	25	25	27	208	211	215	225
Intangible Assets	55	53	52	51	48	47	46	228	225	221	214
Noncurrent Deferred & Refundable Income Taxes	8.97	8.36	10	12	13	15	17	17	16	13	14
Other Noncurrent Operating Assets	54	55	58	58	56	57	58	58	57	55	53
Total Liabilities & Shareholders' Equity	554	575	552	559	555	568	584	940	951	953	952
Total Liabilities	318	296	248	238	209	211	217	483	465	444	416
Total Current Liabilities	137	130	127	118	87	90	97	111	124	127	125
Accounts Payable	66	60	52	44	33	36	37	46	54	54	64
Accrued Expenses	43	48	56	55	37	39	42	38	41	46	43
Other Current Liabilities	28	22	19	18	17	14	18	27	30	26	18
Total Noncurrent Liabilities	181	167	121	120	122	121	120	371	341	317	291
Long-Term Debt	110	100	60	60	60	60	60	285	253	226	205
Noncurrent Deferred & Payable Income Tax Liabilities	25	26	21	21	21	20	20	45	46	48	46
Noncurrent Employee Benefit Liabilities	24	19	19	19	20	20	20	18	19	19	19
Other Noncurrent Operating Liabilities	21	22	22	20	21	22	20	22	23	24	22
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	-	-	-	-	-	-	-	81	81	81	97
Total Equity & Noncontrolling Interests	236	278	304	321	347	356	367	377	405	428	439
Total Preferred & Common Equity	236	278	304	321	347	356	367	377	405	428	439
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	236	278	304	321	347	356	367	377	405	428	439
Common Stock	41	43	44	45	46	47	48	34	36	37	42
Retained Earnings	224	251	278	296	323	340	348	362	388	409	414
Accumulated Other Comprehensive Income / (Loss)	-29	-15	-17	-19	-15	-17	-12	-19	-19	-19	-16

This table displays calculated financial ratios and metrics derived from Bel Fuse's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	16.43%	-11.80%	-1.71%	-69.58%	229.32%	-5.41%	16.69%	20.38%	-2.20%	-16.41%	26.30%
EBITDA Growth	53.57%	-199.79%	174.48%	-27.95%	-46.89%	125.15%	44.39%	57.36%	26.75%	-20.51%	92.94%
EBIT Growth	112.29%	-367.52%	121.49%	75.94%	-106.41%	1,010.57%	82.85%	101.69%	35.64%	-27.61%	99.33%
NOPAT Growth	79.86%	-351.02%	59.95%	210.17%	-104.72%	1,862.71%	44.26%	104.72%	34.16%	-34.37%	69.12%
Net Income Growth	123.14%	-437.73%	81.65%	100.00%	0.00%	246.35%	93.99%	112.28%	40.13%	-33.37%	50.66%
EPS Growth	0.00%	0.00%	0.00%	0.00%	-182.08%	242.25%	0.00%	0.00%	0.00%	0.00%	49.39%
Operating Cash Flow Growth	204.42%	-41.32%	-37.52%	-58.14%	142.15%	88.58%	-89.95%	769.11%	169.14%	-31.64%	8.84%
Free Cash Flow Firm Growth	136.69%	-25.43%	-112.51%	377.32%	-231.44%	280.75%	-134.32%	308.29%	233.14%	-434.97%	124.47%
Invested Capital Growth	-12.67%	-31.77%	-6.62%	2.68%	10.38%	-9.62%	19.89%	10.63%	-8.26%	148.78%	0.49%
Revenue Q/Q Growth	-2.31%	-3.23%	0.29%	-71.54%	305.75%	0.22%	6.05%	3.49%	-4.36%	1.88%	4.02%
EBITDA Q/Q Growth	1.41%	4.31%	-15.20%	-33.94%	76.91%	40.63%	12.21%	9.46%	-5.76%	-2.99%	13.16%
EBIT Q/Q Growth	8.65%	3.56%	-31.58%	28.17%	-117.50%	140.59%	20.37%	14.31%	-6.70%	-7.37%	15.31%
NOPAT Q/Q Growth	4.73%	3.56%	-227.88%	498.68%	-143.22%	43.38%	18.44%	10.21%	0.01%	-7.25%	11.14%
Net Income Q/Q Growth	6.20%	0.74%	-196.99%	100.00%	54.17%	23.41%	19.51%	35.87%	-2.64%	-10.23%	0.01%
EPS Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	359.09%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Cash Flow Q/Q Growth	38.76%	-19.31%	-7.26%	-28.35%	-1.63%	14.44%	-51.88%	32.36%	11.00%	-20.06%	35.74%
Free Cash Flow Firm Q/Q Growth	40.87%	-8.06%	-130.21%	750.99%	-229.24%	383.70%	-294.21%	7.72%	24.17%	-567.67%	124.79%
Invested Capital Q/Q Growth	-6.21%	-6.39%	-10.85%	-7.23%	9.77%	-2.96%	3.49%	4.34%	-2.89%	158.42%	-1.39%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	19.19%	19.98%	20.82%	-173.48%	22.33%	25.71%	24.73%	28.04%	33.74%	37.84%	39.15%
EBITDA Margin	9.35%	-10.58%	8.02%	18.99%	3.06%	7.29%	9.02%	11.79%	15.29%	14.54%	22.21%
Operating Margin	5.04%	-15.30%	3.54%	18.02%	-0.32%	4.01%	5.75%	9.96%	13.75%	12.02%	16.43%
EBIT Margin	5.04%	-15.30%	3.35%	19.35%	-0.38%	3.62%	5.68%	9.52%	13.20%	11.43%	18.04%
Profit (Net Income) Margin	3.39%	-12.96%	-2.42%	0.00%	-1.78%	2.75%	4.57%	8.05%	11.54%	9.20%	10.97%
Tax Burden Percent	74.60%	78.54%	-123.37%	0.00%	119.73%	105.43%	90.83%	89.21%	88.63%	79.59%	77.97%
Interest Burden Percent	89.97%	107.89%	58.64%	81.62%	393.85%	71.89%	88.53%	94.86%	98.63%	101.11%	78.00%
Effective Tax Rate	25.40%	0.00%	223.37%	12.31%	0.00%	-5.43%	9.17%	10.79%	11.37%	20.41%	22.03%
Return on Invested Capital (ROIC)	6.00%	-19.20%	-9.80%	11.04%	-0.49%	8.63%	11.93%	21.27%	28.33%	11.14%	13.18%
ROIC Less NNEP Spread (ROIC-NNEP)	4.31%	-32.76%	5.96%	-6.45%	-5.78%	-4.86%	3.16%	6.88%	44.13%	8.25%	6.15%
Return on Net Nonoperating Assets (RNNOA)	2.40%	-13.92%	2.28%	-11.04%	-9.92%	-1.40%	0.65%	1.10%	-3.84%	1.44%	2.27%
Return on Equity (ROE)	8.39%	-33.12%	-7.52%	0.00%	-10.41%	7.23%	12.58%	22.37%	24.49%	12.59%	15.44%
Cash Return on Invested Capital (CROIC)	19.53%	18.57%	-2.96%	8.39%	-10.35%	18.73%	-6.16%	11.17%	36.95%	-74.17%	12.69%
Operating Return on Assets (OROA)	4.71%	-15.22%	3.83%	13.42%	-0.79%	3.66%	6.39%	11.61%	14.92%	8.04%	12.93%
Return on Assets (ROA)	3.16%	-12.90%	-2.77%	0.00%	-3.73%	2.77%	5.14%	9.83%	13.04%	6.47%	7.86%
Return on Common Equity (ROCE)	8.39%	-33.12%	-7.52%	0.00%	-10.41%	7.23%	12.58%	22.37%	24.49%	11.29%	12.65%
Return on Equity Simple (ROE_SIMPLE)	8.23%	-40.92%	-7.53%	0.00%	-5.20%	6.89%	11.89%	20.08%	21.68%	13.64%	0.00%
Net Operating Profit after Tax (NOPAT)	21	-54	-21	24	-1.12	20	28	58	78	51	87
NOPAT Margin	3.76%	-10.71%	-4.36%	15.80%	-0.23%	4.23%	5.22%	8.88%	12.19%	9.57%	12.81%
Net Nonoperating Expense Percent (NNEP)	1.68%	13.56%	-15.77%	17.49%	5.29%	13.49%	8.77%	14.39%	-15.80%	2.90%	7.03%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	16.26%	19.47%	7.84%	13.89%
Cost of Revenue to Revenue	80.81%	80.02%	79.18%	273.48%	77.67%	74.29%	75.27%	71.96%	66.26%	62.16%	60.85%
SG&A Expenses to Revenue	13.75%	14.20%	17.22%	55.24%	15.72%	16.90%	15.94%	14.11%	15.49%	20.68%	18.63%
R&D to Revenue	0.00%	0.00%	0.00%	19.72%	5.47%	5.07%	4.03%	3.09%	3.51%	4.41%	4.57%
Operating Expenses to Revenue	14.15%	35.27%	17.28%	75.11%	22.66%	21.70%	18.97%	18.08%	19.99%	25.82%	22.71%
Earnings before Interest and Taxes (EBIT)	29	-77	16	29	-1.85	17	31	62	84	61	122
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	53	-53	39	28	15	34	49	77	98	78	150
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.67	1.72	1.52	0.89	1.12	0.85	0.87	1.52	2.41	3.13	4.52
Price to Tangible Book Value (P/TBV)	6.56	4.16	3.50	1.38	2.54	1.65	1.51	2.17	3.11	0.00	0.00
Price to Revenue (P/Rev)	0.27	0.55	0.49	1.04	0.38	0.34	0.34	0.61	1.29	2.11	2.84
Price to Earnings (P/E)	8.08	0.00	0.00	0.00	0.00	12.37	7.35	7.55	11.14	27.57	31.22
Dividend Yield	1.84%	1.05%	1.20%	1.89%	1.96%	1.87%	1.63%	0.78%	0.39%	0.27%	0.16%
Earnings Yield	12.38%	0.00%	0.00%	0.00%	0.00%	8.08%	13.61%	13.25%	8.98%	3.63%	3.20%
Enterprise Value to Invested Capital (EV/IC)	0.76	1.51	1.39	1.00	1.08	0.87	0.90	1.47	2.83	2.17	3.27
Enterprise Value to Revenue (EV/Rev)	0.45	0.68	0.60	1.44	0.53	0.41	0.43	0.65	1.16	2.66	3.19
Enterprise Value to EBITDA (EV/EBITDA)	4.78	0.00	7.43	7.60	17.17	5.56	4.75	5.48	7.62	18.32	14.36
Enterprise Value to EBIT (EV/EBIT)	8.87	0.00	17.82	7.46	0.00	11.19	7.55	6.79	8.82	23.29	17.68
Enterprise Value to NOPAT (EV/NOPAT)	11.89	0.00	0.00	9.14	0.00	9.60	8.21	7.27	9.56	27.83	24.89
Enterprise Value to Operating Cash Flow (EV/OCF)	3.86	8.83	12.15	21.38	10.59	4.10	50.33	10.49	6.88	19.23	26.72
Enterprise Value to Free Cash Flow (EV/FCFF)	3.65	6.58	0.00	12.01	0.00	4.42	0.00	13.84	7.33	0.00	25.84
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.79	0.89	0.78	0.00	0.86	0.62	0.54	0.36	0.18	0.66	0.38
Long-Term Debt to Equity	0.68	0.82	0.76	0.00	0.82	0.59	0.54	0.36	0.18	0.66	0.38
Financial Leverage	0.56	0.42	0.38	1.71	1.72	0.29	0.21	0.16	-0.09	0.18	0.37
Leverage Ratio	2.65	2.57	2.71	2.73	2.79	2.61	2.45	2.28	1.88	1.95	1.96
Compound Leverage Factor	2.39	2.77	1.59	2.23	10.99	1.87	2.17	2.16	1.85	1.97	1.53
Debt to Total Capital	44.05%	47.13%	43.72%	100.00%	46.10%	38.35%	35.02%	26.58%	14.98%	39.87%	27.58%
Short-Term Debt to Total Capital	5.95%	3.80%	0.94%	2.20%	1.76%	1.75%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	38.11%	43.33%	42.78%	97.80%	44.33%	36.60%	35.02%	26.58%	14.98%	39.87%	27.58%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	10.98%	13.01%
Common Equity to Total Capital	55.95%	52.87%	56.28%	0.00%	53.90%	61.65%	64.98%	73.42%	85.02%	49.15%	59.41%
Debt to EBITDA	3.46	-2.67	3.11	4.02	9.53	3.40	2.29	1.23	0.61	3.76	1.32
Net Debt to EBITDA	1.86	-1.28	1.35	2.12	4.73	0.90	1.03	0.32	-0.79	2.75	0.93
Long-Term Debt to EBITDA	2.99	-2.45	3.05	3.93	9.16	3.25	2.29	1.23	0.61	3.76	1.32
Debt to NOPAT	8.60	-2.64	-5.72	4.83	-128.71	5.87	3.96	1.63	0.77	5.72	2.28
Net Debt to NOPAT	4.62	-1.27	-2.49	2.55	-63.96	1.56	1.79	0.43	-0.99	4.18	1.61
Long-Term Debt to NOPAT	7.44	-2.42	-5.60	4.73	-123.79	5.60	3.96	1.63	0.77	5.72	2.28
Altman Z-Score	2.30	2.18	2.77	0.00	2.37	2.53	2.64	3.45	5.06	2.93	4.85
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	10.31%	18.10%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.30	2.77	3.05	2.74	3.14	3.20	2.94	2.80	3.45	2.92	3.02
Quick Ratio	1.41	1.60	1.70	1.52	1.83	1.95	1.58	1.44	2.02	1.45	1.48
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	69	52	-6.48	18	-24	43	-15	31	102	-341	83
Operating Cash Flow to CapEx	670.36%	1,619.25%	379.90%	0.00%	598.68%	3,043.43%	224.09%	575.18%	1,779.13%	560.03%	1,920.25%
Free Cash Flow to Firm to Interest Expense	9.15	7.78	-0.95	3.38	-4.34	9.00	-4.14	9.03	35.68	-83.54	5.65
Operating Cash Flow to Interest Expense	8.67	5.79	3.55	1.90	4.49	9.72	1.31	11.91	38.02	18.16	5.46
Operating Cash Flow Less CapEx to Interest Expense	7.38	5.44	2.61	1.91	3.74	9.40	0.72	9.84	35.88	14.92	5.18
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.93	1.00	1.15	0.69	2.10	1.01	1.13	1.22	1.13	0.70	0.72
Accounts Receivable Turnover	6.10	6.23	6.42	1.60	4.92	5.24	5.41	5.43	5.75	5.01	5.46
Inventory Turnover	4.32	4.06	3.77	3.59	3.36	3.34	3.42	3.02	2.74	2.23	2.50
Fixed Asset Turnover	8.94	9.40	10.66	3.42	11.47	12.19	14.95	17.44	17.44	12.67	14.03
Accounts Payable Turnover	8.20	8.25	8.18	7.86	7.62	8.24	7.74	7.21	8.07	7.42	8.05
Days Sales Outstanding (DSO)	59.82	58.63	56.88	227.69	74.18	69.71	67.47	67.21	63.45	72.79	66.90
Days Inventory Outstanding (DIO)	84.49	90.00	96.86	101.66	108.49	109.39	106.85	120.89	133.01	163.55	145.92
Days Payable Outstanding (DPO)	44.49	44.24	44.62	46.47	47.88	44.27	47.17	50.61	45.21	49.20	45.36
Cash Conversion Cycle (CCC)	99.81	104.39	109.11	282.88	134.79	134.83	127.14	137.49	151.25	187.13	167.45
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	332	226	211	217	239	216	259	287	263	655	658
Invested Capital Turnover	1.59	1.79	2.25	0.70	2.16	2.04	2.28	2.39	2.32	1.16	1.03
Increase / (Decrease) in Invested Capital	-48	-105	-15	5.66	23	-23	43	28	-24	392	3.19
Enterprise Value (EV)	254	341	293	216	259	189	233	422	745	1,424	2,154
Market Capitalization	155	273	240	156	188	158	182	398	822	1,129	1,921
Book Value per Share	$19.61	$13.28	$13.13	$0.00	$13.69	$15.03	$16.83	$21.02	$26.66	$28.74	$33.61
Tangible Book Value per Share	$1.99	$5.50	$5.69	$0.00	$6.00	$7.77	$9.76	$14.67	$20.71	($6.33)	($0.57)
Total Capital	417	300	281	114	312	301	321	357	401	734	716
Total Debt	184	141	123	114	144	116	113	95	60	292	198
Total Long-Term Debt	159	130	120	112	138	110	113	95	60	292	198
Net Debt	99	68	53	60	71	31	51	25	-77	214	140
Capital Expenditures (CapEx)	9.81	2.38	6.35	-0.08	4.08	1.52	2.07	7.00	6.09	13	4.20
Debt-free, Cash-free Net Working Capital (DFCFNWC)	98	101	112	133	126	113	155	175	144	176	200
Debt-free Net Working Capital (DFNWC)	183	175	181	187	198	198	217	245	271	245	257
Net Working Capital (NWC)	159	163	179	184	193	193	217	245	271	245	257
Net Nonoperating Expense (NNE)	2.14	11	-9.55	24	7.63	6.89	3.57	5.43	4.14	1.98	12
Net Nonoperating Obligations (NNO)	99	68	53	217	71	31	51	25	-77	214	140
Total Depreciation and Amortization (D&A)	24	24	23	-0.53	17	17	18	15	13	17	28
Debt-free, Cash-free Net Working Capital to Revenue	17.34%	20.21%	22.80%	89.00%	25.62%	24.27%	28.56%	26.72%	22.50%	32.96%	29.54%
Debt-free Net Working Capital to Revenue	32.34%	34.89%	36.91%	125.05%	40.30%	42.50%	39.93%	37.46%	42.34%	45.90%	38.10%
Net Working Capital to Revenue	27.97%	32.61%	36.37%	123.38%	39.19%	41.37%	39.93%	37.46%	42.34%	45.90%	38.10%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	$0.00	$0.00	($0.71)	$2.02	$3.92	$8.25	$11.35	$6.38	$9.56
Adjusted Weighted Average Basic Shares Outstanding	11.88M	12.03M	12.03M	12.26M	12.27M	12.35M	12.52M	12.54M	12.78M	12.62M	12.64K
Adjusted Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	($0.71)	$2.02	$3.92	$0.00	$0.00	$0.00	$4.90
Adjusted Weighted Average Diluted Shares Outstanding	11.88M	12.03M	12.03M	12.26M	12.27M	12.35M	12.52M	12.78M	12.76M	12.54M	10.55K
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	($0.71)	$2.02	$3.92	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	11.88M	12.03M	12.03M	12.26M	10.12M	12.33M	12.40M	12.78M	12.76M	12.54M	12.66M
Normalized Net Operating Profit after Tax (NOPAT)	23	20	12	24	3.94	12	24	63	84	54	82
Normalized NOPAT Margin	4.06%	4.05%	2.52%	15.93%	0.80%	2.62%	4.33%	9.66%	13.06%	10.14%	12.08%
Pre Tax Income Margin	4.54%	-16.51%	1.96%	15.79%	-1.48%	2.61%	5.03%	9.03%	13.02%	11.56%	14.07%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	3.77	-11.48	2.42	5.44	-0.34	3.56	8.72	18.43	29.63	14.99	8.26
NOPAT to Interest Expense	2.81	-8.04	-3.15	4.44	-0.20	4.15	8.02	17.20	27.36	12.55	5.87
EBIT Less CapEx to Interest Expense	2.48	-11.84	1.48	5.46	-1.09	3.24	8.13	16.35	27.50	11.75	7.98
NOPAT Less CapEx to Interest Expense	1.52	-8.40	-4.09	4.46	-0.95	3.83	7.43	15.13	25.22	9.31	5.58
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	16.87%	-5.01%	-27.58%	0.00%	-38.34%	26.28%	13.61%	6.48%	4.73%	7.02%	4.68%
Augmented Payout Ratio	16.87%	-5.01%	-27.58%	0.00%	-43.46%	26.28%	13.61%	7.14%	4.87%	39.65%	4.68%

This table displays calculated financial ratios and metrics derived from Bel Fuse's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	12,656,313.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	12,656,313.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	0.90
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-10.72%	-17.25%	-25.68%	-21.08%	-22.08%	7.03%	18.85%	26.35%	44.76%	17.40%	17.24%
EBITDA Growth	11.04%	-26.95%	2.19%	-18.86%	-50.28%	-4.44%	48.16%	73.59%	179.68%	116.18%	-21.70%
EBIT Growth	12.25%	-32.27%	0.30%	-21.46%	-58.31%	-25.65%	40.62%	68.96%	210.17%	176.13%	-27.08%
NOPAT Growth	13.66%	0.27%	-8.83%	-33.22%	-58.78%	-26.60%	38.42%	27.69%	195.57%	61.10%	3.40%
Net Income Growth	17.52%	-14.27%	8.93%	-32.29%	-58.45%	-46.56%	15.42%	42.47%	179.15%	0.14%	-18.22%
EPS Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-36.36%
Operating Cash Flow Growth	215.48%	66.32%	-63.47%	35.15%	-32.85%	-69.01%	32.47%	-35.65%	-18.98%	254.36%	69.73%
Free Cash Flow Firm Growth	455.31%	396.57%	1,825.54%	267.22%	8.12%	-1,092.19%	-1,281.07%	-963.65%	-1,602.70%	103.72%	101.43%
Invested Capital Growth	-1.43%	-8.26%	-6.13%	-8.93%	-6.51%	148.78%	144.50%	154.85%	163.34%	0.49%	2.19%
Revenue Q/Q Growth	-5.98%	-11.77%	-8.51%	3.99%	-7.18%	21.21%	1.59%	10.55%	6.35%	-1.70%	1.45%
EBITDA Q/Q Growth	-12.26%	-43.24%	48.87%	9.46%	-46.24%	9.09%	130.80%	28.24%	-13.38%	-15.68%	-16.41%
EBIT Q/Q Growth	-13.91%	-49.11%	59.20%	12.61%	-54.31%	-9.24%	201.10%	35.30%	-16.12%	-19.20%	-20.48%
NOPAT Q/Q Growth	-27.96%	-26.79%	-5.15%	33.51%	-55.54%	30.35%	78.87%	23.16%	2.92%	-28.95%	14.80%
Net Income Q/Q Growth	-29.98%	-38.11%	31.89%	18.47%	-57.04%	-20.40%	184.86%	46.23%	-15.82%	-71.44%	132.63%
EPS Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Cash Flow Q/Q Growth	71.15%	-33.96%	-77.16%	423.48%	-14.97%	-69.52%	-2.36%	154.29%	7.06%	33.31%	-53.23%
Free Cash Flow Firm Q/Q Growth	98.62%	60.12%	-17.45%	39.87%	-41.52%	-1,569.33%	1.73%	-2.28%	-1.75%	103.64%	-62.15%
Invested Capital Q/Q Growth	-5.97%	-2.89%	3.46%	-3.59%	-3.48%	158.42%	1.68%	0.48%	-0.26%	-1.39%	3.40%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	34.95%	36.56%	37.53%	40.09%	36.14%	37.51%	38.64%	38.67%	39.75%	39.43%	38.99%
EBITDA Margin	17.44%	11.22%	18.25%	19.21%	11.13%	10.02%	22.75%	26.40%	21.50%	18.44%	15.20%
Operating Margin	15.45%	11.76%	13.94%	16.98%	9.26%	8.26%	16.44%	17.74%	16.95%	14.65%	13.26%
EBIT Margin	15.30%	8.83%	15.36%	16.63%	8.19%	6.13%	18.17%	22.24%	17.54%	14.42%	11.30%
Profit (Net Income) Margin	12.26%	8.60%	12.39%	14.12%	6.54%	4.29%	12.04%	15.92%	12.60%	3.66%	8.39%
Tax Burden Percent	81.82%	89.16%	78.00%	82.18%	72.22%	87.10%	77.03%	79.51%	80.54%	67.35%	84.22%
Interest Burden Percent	97.89%	109.25%	103.46%	103.30%	110.53%	80.39%	85.98%	90.04%	89.20%	37.70%	88.20%
Effective Tax Rate	18.18%	10.84%	22.00%	17.82%	27.78%	12.90%	22.97%	20.49%	19.46%	32.65%	15.78%
Return on Invested Capital (ROIC)	30.95%	24.38%	23.01%	28.37%	13.38%	8.37%	15.08%	17.98%	19.25%	10.15%	11.63%
ROIC Less NNEP Spread (ROIC-NNEP)	41.91%	34.47%	16.73%	27.98%	13.61%	2.02%	13.66%	24.77%	10.86%	3.97%	8.83%
Return on Net Nonoperating Assets (RNNOA)	-0.83%	-3.00%	-1.66%	-4.65%	-3.24%	0.35%	2.28%	2.65%	0.56%	1.46%	3.14%
Return on Equity (ROE)	30.12%	21.38%	21.35%	23.72%	10.14%	8.73%	17.35%	20.63%	19.80%	11.61%	14.78%
Cash Return on Invested Capital (CROIC)	29.98%	36.95%	33.42%	33.64%	27.76%	-74.17%	-71.84%	-74.04%	-73.01%	12.69%	10.77%
Operating Return on Assets (OROA)	18.40%	9.98%	16.19%	16.63%	7.52%	4.31%	13.58%	17.40%	14.82%	10.33%	8.38%
Return on Assets (ROA)	14.74%	9.72%	13.06%	14.12%	6.00%	3.02%	8.99%	12.46%	10.65%	2.62%	6.23%
Return on Common Equity (ROCE)	30.12%	21.38%	21.35%	23.72%	10.14%	7.83%	15.61%	18.64%	17.97%	9.51%	12.13%
Return on Equity Simple (ROE_SIMPLE)	23.59%	0.00%	21.67%	18.56%	14.92%	0.00%	13.70%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	20	15	14	19	8.27	11	19	24	24	17	20
NOPAT Margin	12.64%	10.49%	10.87%	13.96%	6.69%	7.19%	12.66%	14.11%	13.65%	9.87%	11.17%
Net Nonoperating Expense Percent (NNEP)	-10.96%	-10.09%	6.28%	0.39%	-0.23%	6.35%	1.42%	-6.79%	8.39%	6.17%	2.80%
Return On Investment Capital (ROIC_SIMPLE)	-	3.67%	3.42%	-	-	1.65%	2.91%	3.61%	3.74%	2.79%	3.10%
Cost of Revenue to Revenue	65.05%	63.44%	62.47%	59.91%	63.86%	62.49%	61.36%	61.33%	60.25%	60.57%	61.01%
SG&A Expenses to Revenue	14.95%	17.82%	19.47%	18.12%	21.60%	23.24%	19.38%	18.37%	18.33%	18.53%	20.58%
R&D to Revenue	3.34%	4.26%	4.07%	4.50%	4.40%	4.63%	4.74%	4.82%	4.22%	4.54%	4.77%
Operating Expenses to Revenue	19.51%	24.80%	23.60%	23.10%	26.88%	29.25%	22.20%	20.93%	22.80%	24.78%	25.73%
Earnings before Interest and Taxes (EBIT)	24	12	20	22	10	9.19	28	37	31	25	20
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	28	16	23	26	14	15	35	44	38	32	27
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.86	2.41	2.60	2.86	3.39	3.13	2.40	2.81	3.44	4.52	5.19
Price to Tangible Book Value (P/TBV)	2.44	3.11	3.29	3.59	4.23	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	0.89	1.29	1.51	1.82	2.38	2.11	1.62	1.91	2.27	2.84	3.25
Price to Earnings (P/E)	7.88	11.14	11.98	15.42	22.76	27.57	21.01	22.30	22.59	31.22	41.42
Dividend Yield	0.56%	0.39%	0.34%	0.30%	0.24%	0.27%	0.33%	0.27%	0.21%	0.16%	0.13%
Earnings Yield	12.69%	8.98%	8.35%	6.48%	4.39%	3.63%	4.76%	4.49%	4.43%	3.20%	2.41%
Enterprise Value to Invested Capital (EV/IC)	2.02	2.83	3.04	3.53	4.47	2.17	1.79	2.09	2.56	3.27	3.70
Enterprise Value to Revenue (EV/Rev)	0.82	1.16	1.39	1.65	2.16	2.66	2.13	2.36	2.64	3.19	3.59
Enterprise Value to EBITDA (EV/EBITDA)	5.28	7.62	8.43	9.85	14.14	18.32	13.39	13.00	12.92	14.36	17.70
Enterprise Value to EBIT (EV/EBIT)	6.05	8.82	9.80	11.56	17.17	23.29	17.25	16.61	16.21	17.68	22.05
Enterprise Value to NOPAT (EV/NOPAT)	7.02	9.56	10.86	13.84	20.54	27.83	21.07	22.72	21.99	24.89	28.94
Enterprise Value to Operating Cash Flow (EV/OCF)	5.61	6.88	8.48	8.74	12.23	19.23	15.67	21.71	28.84	26.72	29.22
Enterprise Value to Free Cash Flow (EV/FCFF)	6.69	7.33	8.81	10.00	15.56	0.00	0.00	0.00	0.00	25.84	34.75
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.19	0.18	0.17	0.17	0.16	0.66	0.62	0.52	0.44	0.38	0.38
Long-Term Debt to Equity	0.19	0.18	0.17	0.17	0.16	0.66	0.62	0.52	0.44	0.38	0.38
Financial Leverage	-0.02	-0.09	-0.10	-0.17	-0.24	0.18	0.17	0.11	0.05	0.37	0.36
Leverage Ratio	2.00	1.88	1.81	1.69	1.66	1.95	1.86	1.80	1.75	1.96	1.90
Compound Leverage Factor	1.95	2.05	1.87	1.75	1.84	1.56	1.60	1.62	1.56	0.74	1.68
Debt to Total Capital	15.73%	14.98%	14.75%	14.41%	14.04%	39.87%	38.36%	34.27%	30.78%	27.58%	27.63%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	15.73%	14.98%	14.75%	14.41%	14.04%	39.87%	38.36%	34.27%	30.78%	27.58%	27.63%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	10.98%	10.91%	10.96%	11.05%	13.01%	13.07%
Common Equity to Total Capital	84.27%	85.02%	85.25%	85.59%	85.96%	49.15%	50.73%	54.77%	58.17%	59.41%	59.30%
Debt to EBITDA	0.58	0.61	0.61	0.64	0.75	3.76	3.20	2.35	1.71	1.32	1.44
Net Debt to EBITDA	-0.48	-0.79	-0.73	-1.00	-1.42	2.75	2.34	1.70	1.20	0.93	1.02
Long-Term Debt to EBITDA	0.58	0.61	0.61	0.64	0.75	3.76	3.20	2.35	1.71	1.32	1.44
Debt to NOPAT	0.77	0.77	0.79	0.90	1.09	5.72	5.04	4.10	2.91	2.28	2.35
Net Debt to NOPAT	-0.64	-0.99	-0.94	-1.40	-2.06	4.18	3.68	2.98	2.04	1.61	1.66
Long-Term Debt to NOPAT	0.77	0.77	0.79	0.90	1.09	5.72	5.04	4.10	2.91	2.28	2.35
Altman Z-Score	4.12	4.65	5.19	5.46	5.83	2.75	2.68	3.12	3.71	4.51	5.05
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	10.31%	10.07%	9.61%	9.27%	18.10%	17.89%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	3.08	3.45	4.21	4.19	4.00	2.92	3.31	3.05	3.06	3.02	3.18
Quick Ratio	1.65	2.02	2.47	2.57	2.53	1.45	1.58	1.51	1.52	1.48	1.51
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	24	38	32	44	26	-381	-374	-383	-390	14	5.37
Operating Cash Flow to CapEx	1,688.86%	1,468.05%	224.70%	2,453.81%	756.03%	150.21%	298.21%	0.00%	0.00%	874.02%	523.19%
Free Cash Flow to Firm to Interest Expense	46.85	85.92	73.05	106.86	62.64	-135.37	-90.19	-95.92	-107.36	4.76	2.12
Operating Cash Flow to Interest Expense	79.63	60.23	14.17	77.58	66.13	2.96	1.96	5.19	6.11	9.94	5.47
Operating Cash Flow Less CapEx to Interest Expense	74.91	56.13	7.86	74.41	57.38	0.99	1.30	5.41	6.40	8.80	4.42
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.20	1.13	1.05	1.00	0.92	0.70	0.75	0.78	0.84	0.72	0.74
Accounts Receivable Turnover	5.92	5.75	5.50	5.41	5.98	5.01	5.54	5.53	6.00	5.46	5.88
Inventory Turnover	2.97	2.74	2.60	2.47	2.47	2.23	2.34	2.52	2.74	2.50	2.47
Fixed Asset Turnover	18.22	17.44	15.98	15.23	14.01	12.67	13.42	14.18	15.41	14.03	14.66
Accounts Payable Turnover	8.21	8.07	8.28	7.98	8.08	7.42	8.76	8.20	8.72	8.05	7.75
Days Sales Outstanding (DSO)	61.67	63.45	66.39	67.53	61.04	72.79	65.90	65.96	60.82	66.90	62.07
Days Inventory Outstanding (DIO)	122.90	133.01	140.33	147.92	147.56	163.55	155.82	144.61	133.39	145.92	148.07
Days Payable Outstanding (DPO)	44.48	45.21	44.08	45.73	45.19	49.20	41.65	44.53	41.88	45.36	47.10
Cash Conversion Cycle (CCC)	140.08	151.25	162.64	169.72	163.41	187.13	180.07	166.03	152.33	167.45	163.04
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	271	263	272	263	254	655	666	669	668	658	681
Invested Capital Turnover	2.45	2.32	2.12	2.03	2.00	1.16	1.19	1.27	1.41	1.03	1.04
Increase / (Decrease) in Invested Capital	-3.93	-24	-18	-26	-18	392	394	407	414	3.19	15
Enterprise Value (EV)	548	745	828	927	1,133	1,424	1,192	1,402	1,713	2,154	2,522
Market Capitalization	598	822	900	1,020	1,247	1,129	903	1,137	1,473	1,921	2,280
Book Value per Share	$25.15	$26.66	$27.17	$28.24	$29.28	$28.74	$30.06	$31.95	$33.78	$33.61	$34.68
Tangible Book Value per Share	$19.19	$20.71	$21.44	$22.53	$23.48	($6.33)	($4.75)	($2.49)	($0.64)	($0.57)	$0.00
Total Capital	381	401	407	416	427	734	743	739	735	716	740
Total Debt	60	60	60	60	60	292	285	253	226	198	205
Total Long-Term Debt	60	60	60	60	60	292	285	253	226	198	205
Net Debt	-50	-77	-72	-94	-114	214	208	184	159	140	145
Capital Expenditures (CapEx)	2.41	1.83	2.74	1.31	3.62	5.56	2.73	-0.88	-1.04	3.38	2.64
Debt-free, Cash-free Net Working Capital (DFCFNWC)	145	144	157	142	127	176	190	195	203	200	213
Debt-free Net Working Capital (DFNWC)	245	271	278	286	291	245	257	255	261	257	272
Net Working Capital (NWC)	245	271	278	286	291	245	257	255	261	257	272
Net Nonoperating Expense (NNE)	0.61	2.65	-1.95	-0.21	0.19	4.34	0.95	-3.05	1.88	11	4.95
Net Nonoperating Obligations (NNO)	-50	-77	-74	-94	-114	214	208	184	159	140	145
Total Depreciation and Amortization (D&A)	3.39	3.35	3.71	3.44	3.64	5.82	6.98	7.00	7.08	7.08	6.95
Debt-free, Cash-free Net Working Capital to Revenue	21.69%	22.50%	26.30%	25.44%	24.18%	32.96%	34.05%	32.87%	31.29%	29.54%	30.35%
Debt-free Net Working Capital to Revenue	36.67%	42.34%	46.65%	51.12%	55.39%	45.90%	46.01%	42.85%	40.18%	38.10%	38.82%
Net Working Capital to Revenue	36.67%	42.34%	46.65%	51.12%	55.39%	45.90%	46.01%	42.85%	40.18%	38.10%	38.82%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$3.00	$1.84	$2.45	$2.93	$1.26	($0.26)	$2.79	$4.17	$3.45	($0.85)	$1.77
Adjusted Weighted Average Basic Shares Outstanding	12.78M	12.78M	12.75M	12.62M	12.55M	12.62M	12.57M	12.67M	12.66M	12.64K	12.67M
Adjusted Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.91
Adjusted Weighted Average Diluted Shares Outstanding	12.77M	12.76M	12.62M	12.55M	12.55M	12.54M	12.67M	12.66M	12.66M	10.55K	10.55M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	12.77M	12.76M	12.62M	12.55M	12.55M	12.54M	12.67M	12.66M	12.66M	12.66M	12.72M
Normalized Net Operating Profit after Tax (NOPAT)	22	18	14	19	9.05	12	17	21	23	19	20
Normalized NOPAT Margin	13.64%	12.91%	10.91%	14.35%	7.32%	8.16%	11.18%	12.31%	13.02%	10.54%	11.20%
Pre Tax Income Margin	14.98%	9.64%	15.89%	17.18%	9.05%	4.93%	15.62%	20.02%	15.65%	5.44%	9.97%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	47.42	27.64	45.32	53.38	24.45	3.26	6.66	9.37	8.65	8.52	7.97
NOPAT to Interest Expense	39.17	32.85	32.09	44.80	19.97	3.83	4.64	5.95	6.73	5.83	7.88
EBIT Less CapEx to Interest Expense	42.71	23.54	39.02	50.22	15.70	1.29	6.00	9.59	8.93	7.39	6.93
NOPAT Less CapEx to Interest Expense	34.46	28.74	25.78	41.64	11.22	1.85	3.98	6.17	7.02	4.70	6.83
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	4.53%	4.73%	4.66%	5.30%	6.37%	7.02%	6.67%	5.77%	4.67%	4.68%	4.91%
Augmented Payout Ratio	4.53%	4.87%	13.16%	26.88%	35.85%	39.65%	25.59%	8.92%	4.67%	4.68%	4.91%

Financials Breakdown Chart

Key Financial Trends

Here are the key takeaways from Bel Fuse’s quarterly financials (BELFA data in the provided dataset, reflecting Bel Fuse Inc. /NJ). The focus is on trends across the last four years, with an emphasis on the most recent four quarters (Q1–Q4 2025) and notable nearby years for context.

Revenue stability in 2025: Operating revenue remained in the high-100 millions per quarter, with Q3 2025 near $178.98M and Q4 2025 at about $175.94M, indicating resilient demand relative to 2024 dips.
Consistent gross margins: Total gross profit margins stayed in the ~38–40% band across 2025 quarters (e.g., ~39% in Q4 2025 and ~40% in Q3 2025), signaling steady product profitability despite mixings.
Profitability rebound in mid-2025: Net income attributable to common shareholders was positive in Q2 2025 (~$26.86M) and Q3 2025 (~$22.25M), showing a rebound in quarterly profitability.
Strong operating cash flow in late 2025: Net cash from continuing operating activities rose through 2025, with Q4 2025 around $29.6M, underscoring solid cash generation from core operations.
Debt reduction improves leverage: Long-term debt declined through 2025 (e.g., from roughly $285M in Q1 2025 down to about $226.4M by Q3 2025), suggesting improving leverage and deleveraging progress.
Healthy liquidity position: Total current assets (~$387–389M in mid-2025) exceed total current liabilities (~$126–128M), implying a solid current ratio around 3x in recent quarters.
Solid equity base: Total equity sits around $427.8M in mid-2025 (Total Common Equity near $427.8M), indicating a stable capital base to support ongoing operations and investments.
Redeemable noncontrolling interest is sizable: Redeemable Noncontrolling Interest sits around $81M on the liabilities side across several quarters, a neutral factor that can influence reported equity and future earnings allocation.
Q4 2025 earnings softness: Net income attributable to common shareholders was negative in Q4 2025 (about -$5.45M), and Basic EPS was -$0.85, signaling a quarterly earnings setback despite earlier improvements.
Financing activity outflows persist: Net cash from financing activities remained negative in several recent quarters (e.g., substantial outflows in Q3–Q4 2025 due to debt repayments and related activities), indicating ongoing financing-related cash outflows despite positive operating cash flow.

05/07/26 01:24 PM ETAI Generated. May Contain Errors.

Frequently Asked Questions About Bel Fuse's Financials

When does Bel Fuse's fiscal year end?

According to the most recent income statement we have on file, Bel Fuse's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

How has Bel Fuse's net income changed over the last 10 years?

Bel Fuse's net income appears to be on an upward trend, with a most recent value of $74.11 million in 2025, rising from $19.20 million in 2015. The previous period was $49.19 million in 2024. See Bel Fuse's forecast for analyst expectations on whatâ€™s next for the company.

What is Bel Fuse's operating income?

Bel Fuse's total operating income in 2025 was $111.00 million, based on the following breakdown:

Total Gross Profit: $264.42 million
Total Operating Expenses: $153.42 million

How has Bel Fuse's revenue changed over the last 10 years?

Over the last 10 years, Bel Fuse's total revenue changed from $567.08 million in 2015 to $675.46 million in 2025, a change of 19.1%.

How much debt does Bel Fuse have?

Bel Fuse's total liabilities were at $416.53 million at the end of 2025, a 18.1% decrease from 2024, and a 20.6% increase since 2015.

How much cash does Bel Fuse have?

In the past 10 years, Bel Fuse's cash and equivalents has ranged from $53.91 million in 2018 to $89.37 million in 2023, and is currently $57.80 million as of their latest financial filing in 2025.

How has Bel Fuse's book value per share changed over the last 10 years?

Over the last 10 years, Bel Fuse's book value per share changed from 19.61 in 2015 to 33.61 in 2025, a change of 71.4%.

Related Companies

Financial statements for NASDAQ:BELFB last updated on 5/7/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Bel Fuse (BELFB) Financials

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