Belden (BDC) Financials

$114.47 +2.46 (+2.19%)

Closing price 05/6/2026 03:59 PM Eastern

Extended Trading

$114.72 +0.25 (+0.22%)

As of 04:14 AM Eastern

Annual Income Statements for Belden

This table shows Belden'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	66	113	58	126	-395	-55	64	255	243	198	238
Consolidated Net Income / (Loss)	66	128	93	161	-377	-55	64	255	243	198	238
Net Income / (Loss) Continuing Operations	67	128	103	167	110	71	199	268	243	198	238
Total Pre-Tax Income	40	126	98	230	152	91	227	317	286	228	267
Total Operating Income	141	232	234	314	207	150	264	363	318	266	316
Total Gross Profit	918	981	802	830	794	576	772	916	955	922	1,031
Total Revenue	2,309	2,357	2,087	2,166	2,131	1,752	2,301	2,606	2,512	2,461	2,715
Operating Revenue	2,309	2,357	2,087	2,166	2,131	1,752	2,301	2,606	2,512	2,461	2,715
Total Cost of Revenue	1,391	1,375	1,285	1,336	1,338	1,177	1,529	1,690	1,557	1,539	1,684
Operating Cost of Revenue	1,391	1,375	1,285	1,336	1,338	1,177	1,529	1,690	1,557	1,539	1,684
Total Operating Expenses	778	749	569	516	586	426	508	553	637	656	715
Selling, General & Admin Expense	526	486	390	411	417	323	378	449	493	495	533
Research & Development Expense	148	141	89	92	94	73	90	104	116	112	129
Amortization Expense	104	98	90	75	75	29	31	38	40	49	53
Other Special Charges / (Income)	-	0.00	0.00	-62	0.00	0.00	0.00	-38	-12	0.00	0.00
Total Other Income / (Expense), net	-101	-106	-136	-84	-55	-59	-37	-46	-32	-39	-49
Interest Expense	101	97	135	84	56	59	68	6.39	0.00	0.00	0.08
Interest & Investment Income	-	-	-	-	-	-	-	-44	-34	-38	-46
Other Income / (Expense), net	-	-8.23	-0.56	-0.10	1.02	0.00	32	4.01	1.86	-0.22	-2.40
Income Tax Expense	-27	-1.19	-4.62	63	43	20	28	50	43	30	29
Net Income / (Loss) Attributable to Noncontrolling Interest	-0.02	-0.36	-0.36	-0.18	0.24	0.10	0.39	0.16	-0.20	-0.02	0.00
Basic Earnings per Share	$1.56	$2.67	$1.38	$3.10	($9.37)	($1.23)	$1.43	$5.81	$5.75	$4.88	$6.00
Weighted Average Basic Shares Outstanding	42.39M	42.09M	42.22M	40.68M	42.20M	44.78M	44.80M	43.85M	42.24M	40.69M	39.61M
Diluted Earnings per Share	$1.54	$2.65	$1.37	$3.08	($9.37)	($1.23)	$1.41	$5.72	$5.66	$4.80	$5.91
Weighted Average Diluted Shares Outstanding	42.95M	42.56M	42.64M	40.96M	42.42M	44.94M	45.36M	44.54M	42.86M	41.30M	40.21M
Weighted Average Basic & Diluted Shares Outstanding	42.40M	42.20M	42.20M	40.60M	45.46M	44.66M	44.99M	42.90M	41.09M	40.27M	38.75M
Cash Dividends to Common per Share	$0.20	$0.20	$0.20	$0.20	$0.20	$0.20	$0.20	$0.20	$0.20	$0.20	$0.20

This table shows Belden'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	10/1/2023	12/31/2023	3/31/2024	6/30/2024	9/29/2024	12/31/2024	3/30/2025	6/29/2025	9/28/2025	12/31/2025	3/29/2026
Net Income / (Loss) Attributable to Common Shareholders	72	38	37	49	54	58	52	61	57	68	51
Consolidated Net Income / (Loss)	72	39	37	49	54	58	52	61	57	68	51
Net Income / (Loss) Continuing Operations	72	39	37	49	54	58	52	61	57	68	51
Total Pre-Tax Income	87	36	46	60	65	57	62	67	64	74	63
Total Operating Income	95	44	53	69	75	69	73	79	76	88	78
Total Gross Profit	241	206	202	227	244	250	246	259	263	264	258
Total Revenue	627	551	536	604	655	666	625	672	698	720	696
Operating Revenue	627	551	536	604	655	666	625	672	698	720	696
Total Cost of Revenue	386	345	334	378	411	416	379	413	435	457	438
Operating Cost of Revenue	386	345	334	378	411	416	379	413	435	457	438
Total Operating Expenses	146	162	149	158	169	181	173	179	187	176	180
Selling, General & Admin Expense	118	126	111	119	127	137	132	132	139	131	139
Research & Development Expense	30	26	27	28	28	29	28	34	34	33	30
Amortization Expense	9.53	10	11	9.94	14	14	13	13	14	13	11
Total Other Income / (Expense), net	-8.25	-7.63	-7.35	-8.79	-11	-12	-11	-13	-12	-14	-15
Interest Expense	-	-	-	-	0.00	-	0.00	-	0.08	-	1.27
Interest & Investment Income	-8.58	-	-7.58	-9.02	-11	-	-10	-12	-12	-12	-13
Other Income / (Expense), net	0.33	-	0.23	0.23	0.29	-0.96	-0.44	-0.36	-0.40	-1.19	-0.46
Income Tax Expense	15	-2.19	8.36	11	11	-1.01	10	5.67	7.56	5.97	12
Basic Earnings per Share	$1.72	$0.93	$0.91	$1.21	$1.32	$1.44	$1.29	$1.54	$1.43	$1.74	$1.31
Weighted Average Basic Shares Outstanding	42.05M	42.24M	40.99M	40.69M	40.80M	40.69M	40.17M	39.51M	39.52M	39.61M	38.81M
Diluted Earnings per Share	$1.70	$0.91	$0.90	$1.19	$1.30	$1.41	$1.27	$1.53	$1.41	$1.70	$1.30
Weighted Average Diluted Shares Outstanding	42.63M	42.86M	41.49M	41.20M	41.42M	41.30M	40.84M	40.00M	40.14M	40.21M	39.40M
Weighted Average Basic & Diluted Shares Outstanding	41.68M	41.09M	40.68M	40.81M	40.34M	40.27M	39.50M	39.62M	39.30M	38.75M	38.94M
Cash Dividends to Common per Share	$0.05	-	$0.05	$0.05	$0.05	-	$0.05	$0.05	$0.05	-	$0.05

This table details how cash moves in and out of Belden'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	-524	631	-287	-140	5.28	76	142	44	-91	-227	20
Net Cash From Operating Activities	241	315	255	289	277	173	272	281	320	352	355
Net Cash From Continuing Operating Activities	241	315	255	289	277	173	272	281	320	352	355
Net Income / (Loss) Continuing Operations	66	128	93	161	-377	-55	64	255	243	198	238
Consolidated Net Income / (Loss)	66	128	93	161	-377	-55	64	255	243	198	238
Depreciation Expense	150	146	150	149	139	109	88	89	99	116	129
Non-Cash Adjustments To Reconcile Net Income	18	44	67	41	539	133	171	-7.82	8.97	28	30
Changes in Operating Assets and Liabilities, net	7.19	-2.90	-54	-62	-25	-13	-51	-54	-31	10	-42
Net Cash From Investing Activities	-746	-73	-230	-141	-184	-32	-92	168	-200	-427	-128
Net Cash From Continuing Investing Activities	-746	-73	-230	-141	-184	-32	-92	168	-200	-427	-128
Purchase of Property, Plant & Equipment	-55	-54	-64	-98	-110	-90	-91	-105	-117	-129	-136
Acquisitions	-695	-19	-167	-85	-74	0.59	-77	-105	-107	-296	7.74
Sale of Property, Plant & Equipment	0.53	0.39	1.04	1.58	0.03	3.16	30	44	14	0.11	0.19
Divestitures	-	0.00	0.00	40	0.00	55	46	335	9.30	-1.32	0.00
Net Cash From Financing Activities	-11	402	-331	-282	-87	-75	-33	-393	-212	-144	-218
Net Cash From Continuing Financing Activities	-11	402	-331	-282	-87	-75	-33	-393	-212	-144	-218
Repayment of Debt	-153	-298	-1,123	-492	-0.36	-190	-368	-231	0.00	0.73	-53
Repurchase of Preferred Equity	-	0.00	-25	-175	-50	-35	0.00	-150	-192	-134	-196
Payment of Dividends	-8.40	-16	-43	-43	-34	-9.03	-12	-8.95	-8.50	-8.26	-7.97
Issuance of Debt	200	222	867	431	-	190	356	-	0.00	0.00	50
Issuance of Common Equity	1.47	-	-	-	-	0.00	0.00	3.72	6.57	8.92	12
Other Financing Activities, net	-12	-7.48	-6.56	-2.51	-2.15	-31	-8.72	-7.34	-18	-11	-23
Effect of Exchange Rate Changes	-8.55	-12	-	-7.27	-0.30	-	-5.36	-	2.02	-	11

This table details how cash moves in and out of Belden'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	10/1/2023	12/31/2023	3/31/2024	6/30/2024	9/29/2024	12/31/2024	3/30/2025	6/29/2025	9/28/2025	12/31/2025	3/29/2026
Net Change in Cash & Equivalents	16	66	-90	58	-242	47	-111	42	13	76	-118
Net Cash From Operating Activities	105	160	2.72	83	92	175	7.44	82	105	160	-19
Net Cash From Continuing Operating Activities	105	160	2.72	83	92	175	7.44	82	105	160	-19
Net Income / (Loss) Continuing Operations	72	39	37	49	54	58	52	61	57	68	51
Consolidated Net Income / (Loss)	72	39	37	49	54	58	52	61	57	68	51
Depreciation Expense	25	25	27	26	31	32	30	32	34	34	32
Non-Cash Adjustments To Reconcile Net Income	-9.37	6.18	6.40	8.25	7.44	5.45	7.78	6.83	8.01	7.40	10
Changes in Operating Assets and Liabilities, net	17	89	-68	-0.30	-0.52	79	-82	-18	6.74	51	-113
Net Cash From Investing Activities	-24	-55	-24	-21	-321	-61	-24	-25	-40	-39	-44
Net Cash From Continuing Investing Activities	-24	-55	-24	-21	-321	-61	-24	-25	-40	-39	-44
Purchase of Property, Plant & Equipment	-29	-55	-24	-22	-25	-58	-32	-25	-40	-39	-44
Acquisitions	-9.13	-	0.00	-	-296	-0.86	7.92	-	-	-	0.00
Sale of Property, Plant & Equipment	14	-	0.06	-	0.05	0.01	0.11	0.01	0.05	0.02	0.00
Net Cash From Financing Activities	-62	-45	-65	-2.46	-17	-59	-97	-19	-54	-47	-53
Net Cash From Continuing Financing Activities	-62	-45	-65	-2.46	-17	-59	-97	-19	-54	-47	-53
Repayment of Debt	-0.14	0.25	-0.23	-0.23	-0.24	1.42	0.00	-50	-3.64	1.32	-544
Repurchase of Preferred Equity	-64	-42	-58	-	-20	-56	-84	-16	-50	-45	-30
Payment of Dividends	-2.12	-2.09	-2.08	-2.04	-2.04	-2.11	-2.02	-2.01	-1.98	-1.97	-1.97
Issuance of Debt	-	-	-	-	-	-	0.00	-	-	-	537
Issuance of Common Equity	4.89	-	3.15	-	5.77	-	3.82	-	7.81	-	4.70
Other Financing Activities, net	-0.37	-0.56	-7.92	-0.19	-0.82	-1.86	-14	-0.49	-6.36	-2.14	-18
Effect of Exchange Rate Changes	-3.06	5.82	-3.81	-1.11	4.56	-7.99	-	-	-	1.76	-1.60

This table presents Belden'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	3,291	3,807	3,841	3,779	3,407	3,140	3,418	3,162	3,240	3,328	3,544
Total Current Assets	837	1,479	1,372	1,259	1,378	1,098	1,878	1,536	1,457	1,196	1,349
Cash & Equivalents	217	848	561	407	407	502	642	688	597	370	390
Accounts Receivable	387	388	474	336	335	297	383	440	414	410	463
Inventories, net	196	190	297	265	231	247	345	342	367	343	402
Other Current Assets	37	52	40	31	29	52	58	67	79	73	94
Plant, Property, & Equipment, net	311	309	337	311	346	369	344	382	451	496	566
Total Noncurrent Assets	2,143	2,019	2,131	2,210	1,683	1,673	1,196	1,244	1,332	1,636	1,628
Goodwill	1,385	1,386	1,478	1,207	1,244	1,252	821	862	907	1,019	1,037
Intangible Assets	656	560	545	360	340	287	238	247	269	419	400
Noncurrent Deferred & Refundable Income Taxes	34	34	43	26	25	30	32	15	16	16	15
Other Noncurrent Operating Assets	68	39	65	13	75	104	105	120	140	182	177
Total Liabilities & Shareholders' Equity	3,291	3,807	3,841	3,779	3,407	3,140	3,418	3,162	3,240	3,328	3,544
Total Liabilities	2,465	2,345	2,406	2,392	2,441	2,383	2,462	2,018	2,074	2,033	2,279
Total Current Liabilities	549	570	679	717	723	521	753	640	634	623	697
Accounts Payable	224	258	376	297	268	244	378	350	343	316	361
Accrued Expenses	323	310	303	272	284	277	278	290	290	307	336
Total Noncurrent Liabilities	1,916	1,775	1,727	1,675	1,718	1,862	1,709	1,378	1,440	1,410	1,582
Long-Term Debt	1,725	1,620	1,561	1,463	1,439	1,574	1,460	1,161	1,204	1,130	1,286
Noncurrent Deferred & Payable Income Tax Liabilities	46	14	28	36	49	38	51	59	49	77	98
Noncurrent Employee Benefit Liabilities	105	104	102	128	136	160	121	68	75	63	64
Other Noncurrent Operating Liabilities	39	37	36	30	94	89	77	90	112	140	134
Total Equity & Noncontrolling Interests	826	1,461	1,435	1,388	966	757	956	1,144	1,166	1,295	1,264
Total Preferred & Common Equity	824	1,460	1,434	1,387	960	751	955	1,143	1,166	1,295	1,264
Total Common Equity	824	1,460	1,434	1,387	960	751	955	1,143	1,166	1,295	1,264
Common Stock	606	1,117	1,124	1,140	812	824	834	826	819	840	868
Retained Earnings	680	784	834	922	518	451	506	752	986	1,176	1,406
Accumulated Other Comprehensive Income / (Loss)	-59	-39	-98	-75	-63	-192	-71	-5.87	-41	-3.53	-97
Other Equity Adjustments	-	-	-	-	-	-	-314	-	-	-	-912

This table presents Belden'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	10/2/2022	4/2/2023	7/2/2023	10/1/2023	3/31/2024	6/30/2024	9/29/2024	3/30/2025	6/29/2025	9/28/2025	3/29/2026
Total Assets	2,960	3,067	3,145	3,129	3,119	3,523	3,340	3,271	3,400	3,437	3,459
Total Current Assets	1,385	1,441	1,437	1,412	1,314	1,413	1,198	1,133	1,223	1,259	1,280
Cash & Equivalents	547	589	515	531	507	565	323	259	301	314	272
Accounts Receivable	437	418	510	481	356	397	430	420	455	461	499
Inventories, net	351	371	345	336	374	375	368	373	389	394	423
Other Current Assets	49	63	67	64	77	76	77	81	78	90	86
Plant, Property, & Equipment, net	332	382	393	405	454	461	477	506	525	538	569
Total Noncurrent Assets	1,243	1,244	1,316	1,312	1,351	1,649	1,665	1,632	1,652	1,640	1,610
Goodwill	849	864	893	893	902	1,031	1,057	1,019	1,035	1,037	1,034
Intangible Assets	244	243	287	272	257	424	406	417	415	406	392
Noncurrent Deferred & Refundable Income Taxes	30	15	15	15	17	16	17	16	18	17	14
Other Noncurrent Operating Assets	121	122	121	133	176	178	185	181	183	181	170
Total Liabilities & Shareholders' Equity	2,960	3,067	3,145	3,129	3,119	3,523	3,340	3,271	3,400	3,437	3,459
Total Liabilities	1,826	1,933	1,982	1,930	1,963	2,303	2,105	2,048	2,165	2,195	2,176
Total Current Liabilities	546	534	568	553	515	830	579	588	616	631	614
Accounts Payable	298	295	290	305	264	261	307	307	304	309	327
Accrued Expenses	248	239	277	248	251	277	273	281	312	323	287
Total Noncurrent Liabilities	1,280	1,398	1,415	1,377	1,449	1,473	1,526	1,460	1,550	1,563	1,563
Long-Term Debt	1,045	1,179	1,187	1,146	1,180	1,165	1,219	1,179	1,271	1,284	1,260
Noncurrent Deferred & Payable Income Tax Liabilities	59	58	68	68	51	90	88	77	70	81	112
Noncurrent Employee Benefit Liabilities	97	67	67	65	72	70	70	65	69	69	63
Other Noncurrent Operating Liabilities	79	93	92	98	146	148	148	138	139	128	127
Total Equity & Noncontrolling Interests	1,135	1,134	1,163	1,199	1,156	1,220	1,235	1,223	1,234	1,242	1,283
Total Preferred & Common Equity	1,134	1,134	1,163	1,199	1,156	1,220	1,235	1,223	1,234	1,242	1,283
Total Common Equity	1,134	1,134	1,163	1,199	1,156	1,220	1,235	1,223	1,234	1,242	1,283
Common Stock	823	810	810	813	815	824	834	841	848	859	863
Retained Earnings	692	813	879	949	1,021	1,068	1,120	1,226	1,285	1,340	1,455
Accumulated Other Comprehensive Income / (Loss)	37	-23	-28	-6.61	-32	-25	-55	-41	-81	-89	-96
Other Equity Adjustments	-418	-466	-498	-556	-648	-	-663	-804	-818	-868	-939

This table displays calculated financial ratios and metrics derived from Belden'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	0.04%	2.05%	-11.44%	3.76%	-1.59%	-17.79%	31.34%	13.26%	-3.62%	-2.03%	10.33%
EBITDA Growth	9.66%	27.00%	3.60%	20.85%	-24.88%	-25.52%	48.06%	19.03%	-8.17%	-8.80%	15.90%
EBIT Growth	-13.83%	59.27%	4.12%	34.68%	-33.67%	-27.91%	96.64%	24.44%	-13.06%	-16.64%	17.67%
NOPAT Growth	57.20%	0.09%	4.44%	-6.76%	-34.51%	-21.76%	97.78%	32.58%	-12.07%	-13.94%	21.14%
Net Income Growth	-11.11%	92.88%	-27.26%	73.08%	-334.44%	85.39%	216.82%	296.20%	-4.81%	-18.20%	19.71%
EPS Growth	-8.88%	72.08%	-48.30%	124.82%	-404.22%	86.87%	214.63%	305.67%	-1.05%	-15.19%	23.13%
Operating Cash Flow Growth	20.20%	30.37%	-18.90%	13.29%	-4.26%	-37.39%	56.93%	3.40%	13.63%	10.15%	0.79%
Free Cash Flow Firm Growth	-183.34%	225.01%	-86.52%	1,839.35%	-83.87%	-42.73%	686.44%	-82.53%	1.88%	-143.28%	456.88%
Invested Capital Growth	27.41%	-4.34%	8.92%	-26.67%	0.44%	2.00%	-22.22%	13.72%	9.65%	15.85%	5.14%
Revenue Q/Q Growth	-0.50%	0.65%	-12.90%	-3.03%	17.28%	-8.45%	10.78%	1.84%	-4.12%	4.89%	2.03%
EBITDA Q/Q Growth	7.35%	-0.22%	-1.78%	5.05%	-11.28%	8.14%	7.84%	-3.81%	-6.67%	8.91%	4.84%
EBIT Q/Q Growth	8.07%	0.75%	-3.84%	7.77%	-15.56%	17.48%	12.57%	-4.69%	-9.21%	10.37%	6.14%
NOPAT Q/Q Growth	64.49%	-9.50%	-6.14%	2.63%	-26.43%	58.94%	14.00%	-1.40%	-7.22%	11.42%	3.77%
Net Income Q/Q Growth	103.52%	-11.37%	-2.97%	8.84%	-102.51%	73.69%	-46.84%	78.08%	-8.83%	11.13%	4.17%
EPS Q/Q Growth	0.00%	-17.96%	-4.86%	16.23%	-108.22%	76.88%	-47.39%	77.64%	-7.82%	11.63%	5.16%
Operating Cash Flow Q/Q Growth	5.86%	6.02%	-5.79%	14.52%	-0.35%	-23.31%	14.99%	13.00%	-11.82%	4.47%	-3.88%
Free Cash Flow Firm Q/Q Growth	29.16%	-3.67%	-57.33%	415.54%	-72.58%	-80.58%	304.81%	-82.36%	4.31%	54.86%	-7.58%
Invested Capital Q/Q Growth	-4.55%	-5.22%	-3.12%	-30.40%	-20.37%	-4.14%	-27.17%	-0.93%	-2.25%	-3.60%	-2.36%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	39.76%	41.64%	38.44%	38.32%	37.23%	32.85%	33.54%	35.15%	38.01%	37.47%	37.98%
EBITDA Margin	12.60%	15.68%	18.34%	21.36%	16.30%	14.77%	16.65%	17.50%	16.67%	15.52%	16.31%
Operating Margin	6.09%	9.85%	11.19%	14.50%	9.72%	8.57%	11.46%	13.94%	12.64%	10.83%	11.63%
EBIT Margin	6.09%	9.50%	11.17%	14.49%	9.77%	8.57%	12.83%	14.09%	12.71%	10.82%	11.54%
Profit (Net Income) Margin	2.87%	5.42%	4.45%	7.42%	-17.68%	-3.14%	2.79%	9.78%	9.66%	8.06%	8.75%
Tax Burden Percent	165.70%	100.94%	94.76%	69.85%	-247.21%	-60.63%	28.36%	80.29%	84.88%	87.05%	89.00%
Interest Burden Percent	28.42%	56.49%	42.04%	73.30%	73.20%	60.50%	76.83%	86.40%	89.47%	85.61%	85.18%
Effective Tax Rate	-66.52%	-0.94%	-4.71%	27.35%	27.90%	22.13%	12.32%	15.64%	15.12%	12.95%	11.00%
Return on Invested Capital (ROIC)	11.22%	10.25%	10.48%	10.81%	8.35%	6.46%	14.22%	20.17%	15.90%	12.12%	13.33%
ROIC Less NNEP Spread (ROIC-NNEP)	-2.01%	0.92%	-6.64%	1.16%	-77.58%	-11.66%	-7.48%	9.17%	10.91%	7.21%	8.08%
Return on Net Nonoperating Assets (RNNOA)	-3.12%	0.92%	-4.07%	0.58%	-40.37%	-12.85%	-6.71%	4.10%	5.10%	4.01%	5.23%
Return on Equity (ROE)	8.11%	11.16%	6.41%	11.39%	-32.02%	-6.39%	7.51%	24.27%	21.00%	16.12%	18.56%
Cash Return on Invested Capital (CROIC)	-12.88%	14.69%	1.94%	41.59%	7.91%	4.48%	39.22%	7.33%	6.69%	-2.57%	8.32%
Operating Return on Assets (OROA)	4.29%	6.31%	6.10%	8.24%	5.80%	4.59%	9.00%	11.17%	9.98%	8.11%	9.12%
Return on Assets (ROA)	2.02%	3.60%	2.43%	4.22%	-10.49%	-1.68%	1.96%	7.75%	7.58%	6.04%	6.91%
Return on Common Equity (ROCE)	8.10%	11.15%	6.41%	11.38%	-31.93%	-6.35%	7.48%	24.25%	20.99%	16.12%	18.56%
Return on Equity Simple (ROE_SIMPLE)	8.03%	8.74%	6.47%	11.59%	-39.25%	-7.34%	6.73%	22.29%	20.80%	15.32%	0.00%
Net Operating Profit after Tax (NOPAT)	234	234	245	228	149	117	231	307	270	232	281
NOPAT Margin	10.14%	9.94%	11.72%	10.53%	7.01%	6.67%	10.05%	11.76%	10.73%	9.42%	10.35%
Net Nonoperating Expense Percent (NNEP)	13.23%	9.33%	17.12%	9.65%	85.93%	18.11%	21.70%	11.00%	4.99%	4.91%	5.25%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	13.30%	11.37%	9.57%	11.02%
Cost of Revenue to Revenue	60.24%	58.36%	61.56%	61.68%	62.77%	67.15%	66.46%	64.85%	61.99%	62.53%	62.02%
SG&A Expenses to Revenue	22.76%	20.64%	18.67%	18.99%	19.58%	18.46%	16.43%	17.21%	19.61%	20.10%	19.64%
R&D to Revenue	6.42%	5.96%	4.25%	4.23%	4.43%	4.17%	3.92%	4.00%	4.63%	4.57%	4.74%
Operating Expenses to Revenue	33.67%	31.79%	27.25%	23.82%	27.51%	24.28%	22.08%	21.21%	25.38%	26.65%	26.35%
Earnings before Interest and Taxes (EBIT)	141	224	233	314	208	150	295	367	319	266	313
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	291	369	383	463	347	259	383	456	419	382	443
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.36	2.10	2.22	1.19	2.56	2.46	3.07	2.68	2.76	3.51	3.62
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	90.32	0.00	0.00	0.00
Price to Revenue (P/Rev)	0.84	1.30	1.52	0.76	1.15	1.06	1.27	1.18	1.28	1.85	1.69
Price to Earnings (P/E)	29.38	27.29	54.59	13.11	0.00	0.00	45.86	12.03	13.24	22.89	19.28
Dividend Yield	0.43%	0.27%	0.27%	0.49%	0.37%	0.48%	0.31%	0.28%	0.26%	0.18%	0.17%
Earnings Yield	3.40%	3.66%	1.83%	7.63%	0.00%	0.00%	2.18%	8.31%	7.55%	4.37%	5.19%
Enterprise Value to Invested Capital (EV/IC)	1.48	1.72	1.72	1.52	1.95	1.60	2.64	2.19	2.15	2.58	2.54
Enterprise Value to Revenue (EV/Rev)	1.50	1.63	2.00	1.25	1.64	1.67	1.63	1.36	1.52	2.15	2.02
Enterprise Value to EBITDA (EV/EBITDA)	11.89	10.41	10.93	5.85	10.07	11.31	9.79	7.76	9.12	13.88	12.37
Enterprise Value to EBIT (EV/EBIT)	24.60	17.18	17.94	8.62	16.80	19.51	12.71	9.63	11.96	19.91	17.48
Enterprise Value to NOPAT (EV/NOPAT)	14.77	16.41	17.09	11.87	23.42	25.05	16.22	11.55	14.18	22.86	19.49
Enterprise Value to Operating Cash Flow (EV/OCF)	14.32	12.22	16.38	9.36	12.64	16.89	13.79	12.58	11.95	15.06	15.43
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	11.45	92.42	3.09	24.71	36.11	5.88	31.77	33.66	0.00	31.24
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	2.09	1.11	1.09	1.05	1.49	2.08	1.53	1.02	1.03	0.87	1.02
Long-Term Debt to Equity	2.09	1.11	1.09	1.05	1.49	2.08	1.53	1.02	1.03	0.87	1.02
Financial Leverage	1.55	1.00	0.61	0.50	0.52	1.10	0.90	0.45	0.47	0.56	0.65
Leverage Ratio	4.01	3.10	2.64	2.70	3.05	3.80	3.83	3.13	2.77	2.67	2.69
Compound Leverage Factor	1.14	1.75	1.11	1.98	2.24	2.30	2.94	2.71	2.48	2.28	2.29
Debt to Total Capital	67.67%	52.58%	52.10%	51.33%	59.85%	67.52%	60.43%	50.37%	50.80%	46.61%	50.42%
Short-Term Debt to Total Capital	0.10%	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	67.57%	52.58%	52.10%	51.33%	59.85%	67.52%	60.43%	50.37%	50.80%	46.61%	50.42%
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	0.06%	0.03%	0.02%	0.02%	0.25%	0.28%	0.03%	0.04%	0.00%	0.00%	0.00%
Common Equity to Total Capital	32.28%	47.39%	47.88%	48.66%	39.91%	32.20%	39.54%	49.59%	49.20%	53.39%	49.58%
Debt to EBITDA	5.94	4.39	4.08	3.16	4.14	6.08	3.81	2.55	2.88	2.96	2.90
Net Debt to EBITDA	5.19	2.09	2.61	2.28	2.97	4.14	2.14	1.04	1.45	1.99	2.02
Long-Term Debt to EBITDA	5.93	4.39	4.08	3.16	4.14	6.08	3.81	2.55	2.88	2.96	2.90
Debt to NOPAT	7.38	6.92	6.38	6.41	9.64	13.46	6.32	3.79	4.47	4.87	4.58
Net Debt to NOPAT	6.46	3.30	4.09	4.63	6.91	9.17	3.54	1.54	2.25	3.28	3.19
Long-Term Debt to NOPAT	7.37	6.92	6.38	6.41	9.64	13.46	6.32	3.79	4.47	4.87	4.58
Altman Z-Score	1.71	2.17	2.06	1.77	1.88	1.60	2.28	2.79	2.76	3.05	3.04
Noncontrolling Interest Sharing Ratio	0.09%	0.11%	0.06%	0.04%	0.27%	0.72%	0.42%	0.08%	0.04%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.52	2.59	2.02	1.76	1.91	2.11	2.49	2.40	2.30	1.92	1.93
Quick Ratio	1.10	2.17	1.52	1.04	1.03	1.53	1.36	1.76	1.60	1.25	1.22
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-269	336	45	877	142	81	638	111	113	-49	175
Operating Cash Flow to CapEx	443.57%	587.50%	403.82%	300.44%	251.77%	199.15%	447.84%	456.95%	310.49%	272.95%	260.97%
Free Cash Flow to Firm to Interest Expense	-2.67	3.45	0.33	10.47	2.54	1.38	9.32	17.43	0.00	0.00	2,306.73
Operating Cash Flow to Interest Expense	2.40	3.23	1.89	3.45	4.96	2.94	3.98	44.01	0.00	0.00	4,669.26
Operating Cash Flow Less CapEx to Interest Expense	1.86	2.68	1.42	2.30	2.99	1.47	3.09	34.38	0.00	0.00	2,880.04
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.71	0.66	0.55	0.57	0.59	0.54	0.70	0.79	0.78	0.75	0.79
Accounts Receivable Turnover	6.02	6.08	4.84	5.35	6.36	5.55	6.77	6.33	5.88	5.98	6.22
Inventory Turnover	6.56	7.12	5.27	4.75	5.39	4.92	5.16	4.92	4.40	4.33	4.52
Fixed Asset Turnover	7.37	7.60	6.46	6.68	6.49	4.90	6.46	7.19	6.03	5.20	5.12
Accounts Payable Turnover	5.61	5.71	4.05	3.97	4.73	4.59	4.92	4.64	4.49	4.67	4.97
Days Sales Outstanding (DSO)	60.63	60.05	75.34	68.22	57.42	65.77	53.95	57.66	62.04	61.07	58.65
Days Inventory Outstanding (DIO)	55.67	51.27	69.26	76.81	67.71	74.24	70.70	74.15	83.04	84.22	80.78
Days Payable Outstanding (DPO)	65.07	63.92	90.12	92.05	77.21	79.51	74.21	78.59	81.25	78.15	73.38
Cash Conversion Cycle (CCC)	51.23	47.40	54.48	52.98	47.92	60.50	50.44	53.23	63.83	67.14	66.05
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	2,337	2,235	2,435	1,785	1,793	1,829	1,422	1,617	1,773	2,055	2,160
Invested Capital Turnover	1.11	1.03	0.89	1.03	1.19	0.97	1.42	1.71	1.48	1.29	1.29
Increase / (Decrease) in Invested Capital	503	-101	199	-649	7.83	36	-406	195	156	281	106
Enterprise Value (EV)	3,458	3,845	4,182	2,707	3,499	2,928	3,751	3,539	3,821	5,302	5,476
Market Capitalization	1,945	3,072	3,181	1,651	2,461	1,850	2,932	3,064	3,213	4,542	4,580
Book Value per Share	$19.63	$34.65	$34.01	$34.42	$21.12	$16.83	$21.28	$26.70	$27.98	$32.10	$32.17
Tangible Book Value per Share	($28.99)	($11.53)	($13.97)	($4.46)	($13.71)	($17.67)	($2.32)	$0.79	($0.25)	($3.55)	($4.38)
Total Capital	2,553	3,081	2,996	2,851	2,405	2,331	2,416	2,305	2,371	2,425	2,550
Total Debt	1,728	1,620	1,561	1,463	1,439	1,574	1,460	1,161	1,204	1,130	1,286
Total Long-Term Debt	1,725	1,620	1,561	1,463	1,439	1,574	1,460	1,161	1,204	1,130	1,286
Net Debt	1,511	772	1,000	1,056	1,032	1,072	818	474	607	760	896
Capital Expenditures (CapEx)	54	54	63	96	110	87	61	62	103	129	136
Debt-free, Cash-free Net Working Capital (DFCFNWC)	74	61	132	134	248	76	483	209	226	203	262
Debt-free Net Working Capital (DFNWC)	290	909	693	542	655	578	1,125	896	823	574	652
Net Working Capital (NWC)	288	909	693	542	655	578	1,125	896	823	574	652
Net Nonoperating Expense (NNE)	168	107	152	67	526	172	167	52	27	34	43
Net Nonoperating Obligations (NNO)	1,511	774	1,000	398	827	1,072	466	474	607	760	896
Total Depreciation and Amortization (D&A)	150	146	150	149	139	109	88	89	99	116	129
Debt-free, Cash-free Net Working Capital to Revenue	3.19%	2.57%	6.33%	6.20%	11.62%	4.32%	21.00%	8.00%	9.01%	8.26%	9.65%
Debt-free Net Working Capital to Revenue	12.58%	38.56%	33.21%	25.02%	30.74%	32.97%	48.88%	34.39%	32.78%	23.30%	24.01%
Net Working Capital to Revenue	12.47%	38.56%	33.21%	25.02%	30.74%	32.97%	48.88%	34.39%	32.78%	23.30%	24.01%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.56	$2.67	$1.38	$3.10	($9.37)	($1.23)	$1.43	$5.81	$5.75	$4.88	$6.00
Adjusted Weighted Average Basic Shares Outstanding	42.39M	42.09M	42.22M	40.68M	42.20M	44.78M	44.80M	43.85M	42.24M	40.69M	39.61M
Adjusted Diluted Earnings per Share	$1.54	$2.65	$1.37	$3.08	($9.37)	($1.23)	$1.41	$5.72	$5.66	$4.80	$5.91
Adjusted Weighted Average Diluted Shares Outstanding	42.95M	42.56M	42.64M	40.96M	42.42M	44.94M	45.36M	44.54M	42.86M	41.30M	40.21M
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	41.99M	42.18M	41.93M	39.40M	45.46M	44.66M	44.99M	42.90M	41.09M	40.27M	38.75M
Normalized Net Operating Profit after Tax (NOPAT)	98	179	164	183	149	117	239	275	259	232	281
Normalized NOPAT Margin	4.26%	7.60%	7.84%	8.45%	7.01%	6.67%	10.40%	10.53%	10.32%	9.42%	10.35%
Pre Tax Income Margin	1.73%	5.37%	4.69%	10.62%	7.15%	5.18%	9.85%	12.18%	11.38%	9.26%	9.83%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	1.40	2.30	1.73	3.74	3.73	2.55	4.32	57.47	0.00	0.00	4,122.33
NOPAT to Interest Expense	2.33	2.41	1.81	2.72	2.68	1.98	3.38	47.95	0.00	0.00	3,697.09
EBIT Less CapEx to Interest Expense	0.86	1.75	1.26	2.60	1.76	1.07	3.43	47.84	0.00	0.00	2,333.11
NOPAT Less CapEx to Interest Expense	1.79	1.86	1.34	1.57	0.71	0.51	2.49	38.32	0.00	0.00	1,907.87
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	12.69%	12.60%	46.71%	26.86%	-9.14%	-16.40%	18.25%	3.51%	3.50%	4.16%	3.35%
Augmented Payout Ratio	71.70%	12.60%	46.71%	26.86%	-9.14%	-16.40%	18.25%	3.51%	3.50%	4.16%	3.35%

This table displays calculated financial ratios and metrics derived from Belden'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	10/1/2023	12/31/2023	3/31/2024	6/30/2024	9/29/2024	12/31/2024	3/30/2025	6/29/2025	9/28/2025	12/31/2025	3/29/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	38,748,995.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	38,748,995.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	1.32
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-6.52%	-16.36%	-16.53%	-12.70%	4.49%	20.83%	16.65%	11.20%	6.61%	8.12%	11.44%
EBITDA Growth	-20.97%	-32.56%	-26.68%	-19.54%	-11.58%	43.92%	27.08%	16.63%	2.57%	20.47%	7.84%
EBIT Growth	-26.16%	-45.01%	-38.10%	-25.33%	-21.01%	55.20%	35.56%	14.07%	0.34%	26.58%	7.37%
NOPAT Growth	-29.45%	-30.11%	-37.39%	-25.49%	-21.12%	51.08%	40.27%	29.01%	7.78%	14.29%	4.30%
Net Income Growth	-26.44%	-37.90%	-40.73%	-28.70%	-25.77%	51.61%	39.21%	24.42%	5.59%	16.28%	-1.75%
EPS Growth	-23.77%	-34.53%	-37.93%	-25.63%	-23.53%	54.95%	41.11%	28.57%	8.46%	20.57%	2.36%
Operating Cash Flow Growth	20.48%	-21.16%	108.54%	-4.19%	-12.92%	9.44%	173.47%	-1.12%	14.54%	-8.20%	-350.85%
Free Cash Flow Firm Growth	-123.68%	14.80%	-15.64%	-118.38%	-148.34%	-92.53%	-308.79%	90.75%	94.59%	88.04%	73.94%
Invested Capital Growth	11.13%	9.65%	6.09%	15.04%	17.47%	15.85%	17.11%	4.40%	3.80%	5.14%	6.03%
Revenue Q/Q Growth	-9.45%	-12.06%	-2.82%	12.82%	8.37%	1.70%	-6.18%	7.54%	3.90%	3.14%	-3.30%
EBITDA Q/Q Growth	2.08%	-42.47%	15.57%	18.55%	12.18%	-6.36%	2.05%	8.80%	-1.34%	9.97%	-8.65%
EBIT Q/Q Growth	3.41%	-54.10%	21.15%	29.84%	9.39%	-9.81%	5.82%	9.26%	-3.78%	13.78%	-10.25%
NOPAT Q/Q Growth	4.97%	-41.14%	-7.05%	29.75%	11.12%	12.74%	-13.70%	19.33%	-7.16%	19.54%	-21.24%
Net Income Q/Q Growth	5.16%	-46.76%	-3.12%	31.43%	9.49%	8.74%	-11.04%	17.46%	-7.07%	19.75%	-24.84%
EPS Q/Q Growth	6.25%	-46.47%	-1.10%	32.22%	9.24%	8.46%	-9.93%	20.47%	-7.84%	20.57%	-23.53%
Operating Cash Flow Q/Q Growth	21.59%	51.64%	-98.30%	2,948.84%	10.51%	90.58%	-95.74%	1,002.39%	28.01%	52.74%	-111.64%
Free Cash Flow Firm Q/Q Growth	-1.79%	-6.75%	43.62%	-256.47%	-15.76%	17.24%	-19.70%	91.93%	32.33%	-83.02%	-160.76%
Invested Capital Q/Q Growth	-1.15%	-2.25%	3.14%	15.43%	0.94%	-3.60%	4.26%	2.90%	0.36%	-2.36%	5.14%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	38.48%	37.44%	37.63%	37.53%	37.26%	37.51%	39.34%	38.48%	37.70%	36.60%	37.06%
EBITDA Margin	19.25%	12.59%	14.98%	15.74%	16.29%	15.00%	16.32%	16.51%	15.68%	16.72%	15.79%
Operating Margin	15.22%	7.97%	9.90%	11.40%	11.51%	10.39%	11.62%	11.79%	10.93%	12.16%	11.20%
EBIT Margin	15.28%	7.97%	9.94%	11.44%	11.55%	10.24%	11.55%	11.74%	10.87%	11.99%	11.13%
Profit (Net Income) Margin	11.54%	6.99%	6.96%	8.11%	8.20%	8.77%	8.31%	9.08%	8.12%	9.43%	7.33%
Tax Burden Percent	82.97%	106.02%	81.69%	81.55%	82.88%	101.77%	83.66%	91.50%	88.23%	91.91%	81.29%
Interest Burden Percent	91.04%	82.64%	85.76%	86.96%	85.65%	84.10%	86.00%	84.53%	84.66%	85.54%	80.99%
Effective Tax Rate	17.03%	-6.02%	18.31%	18.45%	17.12%	-1.77%	16.34%	8.50%	11.77%	8.09%	18.71%
Return on Invested Capital (ROIC)	19.20%	12.53%	10.95%	10.92%	11.34%	13.59%	12.49%	13.09%	11.81%	14.40%	11.49%
ROIC Less NNEP Spread (ROIC-NNEP)	17.97%	11.03%	10.00%	10.01%	10.18%	11.83%	11.38%	11.85%	10.67%	12.88%	10.20%
Return on Net Nonoperating Assets (RNNOA)	8.57%	5.16%	5.52%	6.57%	6.32%	6.57%	7.62%	8.99%	8.04%	8.33%	7.77%
Return on Equity (ROE)	27.77%	17.68%	16.47%	17.49%	17.66%	20.16%	20.11%	22.08%	19.85%	22.73%	19.26%
Cash Return on Invested Capital (CROIC)	6.31%	6.69%	7.81%	-2.60%	-5.52%	-2.57%	-3.20%	8.02%	8.73%	8.32%	7.02%
Operating Return on Assets (OROA)	13.14%	6.26%	7.73%	7.95%	8.38%	7.68%	9.22%	8.88%	8.54%	9.48%	9.22%
Return on Assets (ROA)	9.93%	5.48%	5.42%	5.64%	5.95%	6.57%	6.63%	6.87%	6.38%	7.45%	6.07%
Return on Common Equity (ROCE)	27.76%	17.68%	16.46%	17.49%	17.66%	20.16%	20.11%	22.08%	19.85%	22.73%	19.26%
Return on Equity Simple (ROE_SIMPLE)	22.18%	0.00%	18.77%	16.16%	14.45%	0.00%	17.43%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	79	47	43	56	62	70	61	73	67	80	63
NOPAT Margin	12.63%	8.45%	8.09%	9.30%	9.54%	10.57%	9.72%	10.79%	9.64%	11.17%	9.10%
Net Nonoperating Expense Percent (NNEP)	1.23%	1.50%	0.95%	0.92%	1.16%	1.76%	1.11%	1.24%	1.14%	1.52%	1.29%
Return On Investment Capital (ROIC_SIMPLE)	-	1.97%	-	-	-	2.90%	2.53%	2.89%	2.66%	3.16%	2.49%
Cost of Revenue to Revenue	61.52%	62.56%	62.37%	62.47%	62.74%	62.49%	60.66%	61.52%	62.30%	63.40%	62.94%
SG&A Expenses to Revenue	18.84%	22.93%	20.68%	19.77%	19.39%	20.62%	21.05%	19.63%	19.97%	18.12%	19.91%
R&D to Revenue	4.82%	4.70%	5.04%	4.71%	4.27%	4.35%	4.55%	5.05%	4.85%	4.52%	4.32%
Operating Expenses to Revenue	23.25%	29.46%	27.74%	26.13%	25.75%	27.12%	27.72%	26.69%	26.77%	24.44%	25.87%
Earnings before Interest and Taxes (EBIT)	96	44	53	69	76	68	72	79	76	86	78
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	121	69	80	95	107	100	102	111	109	120	110
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	3.40	2.76	3.34	3.13	3.83	3.51	3.32	3.72	3.96	3.62	3.41
Price to Tangible Book Value (P/TBV)	116.17	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	1.56	1.28	1.60	1.65	2.02	1.85	1.59	1.76	1.85	1.69	1.57
Price to Earnings (P/E)	15.30	13.24	17.79	19.35	26.49	22.89	19.07	20.43	21.57	19.28	18.49
Dividend Yield	0.21%	0.26%	0.22%	0.21%	0.17%	0.18%	0.20%	0.17%	0.16%	0.17%	0.18%
Earnings Yield	6.53%	7.55%	5.62%	5.17%	3.78%	4.37%	5.24%	4.89%	4.64%	5.19%	5.41%
Enterprise Value to Invested Capital (EV/IC)	2.58	2.15	2.48	2.23	2.64	2.58	2.33	2.53	2.66	2.54	2.36
Enterprise Value to Revenue (EV/Rev)	1.79	1.52	1.88	2.03	2.40	2.15	1.95	2.13	2.21	2.02	1.92
Enterprise Value to EBITDA (EV/EBITDA)	10.45	9.12	11.69	12.91	16.03	13.88	12.34	13.27	13.94	12.37	11.90
Enterprise Value to EBIT (EV/EBIT)	13.33	11.96	15.91	18.01	23.31	19.91	17.47	18.88	19.95	17.48	16.83
Enterprise Value to NOPAT (EV/NOPAT)	16.14	14.18	18.59	20.95	27.02	22.86	19.98	20.95	21.74	19.49	18.89
Enterprise Value to Operating Cash Flow (EV/OCF)	12.94	11.95	12.79	13.43	16.69	15.06	13.96	15.65	15.95	15.43	16.31
Enterprise Value to Free Cash Flow (EV/FCFF)	43.10	33.66	32.65	0.00	0.00	0.00	0.00	32.19	31.04	31.24	34.64
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.96	1.03	1.02	1.19	0.99	0.87	0.96	1.03	1.03	1.02	0.98
Long-Term Debt to Equity	0.96	1.03	1.02	0.95	0.99	0.87	0.96	1.03	1.03	1.02	0.98
Financial Leverage	0.48	0.47	0.55	0.66	0.62	0.56	0.67	0.76	0.75	0.65	0.76
Leverage Ratio	2.61	2.77	2.70	2.80	2.66	2.67	2.69	2.82	2.74	2.69	2.69
Compound Leverage Factor	2.38	2.29	2.32	2.43	2.28	2.24	2.31	2.38	2.32	2.30	2.18
Debt to Total Capital	48.86%	50.80%	50.52%	54.42%	49.67%	46.61%	49.09%	50.74%	50.84%	50.42%	49.55%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	10.89%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	48.86%	50.80%	50.52%	43.53%	49.67%	46.61%	49.09%	50.74%	50.84%	50.42%	49.55%
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%	0.00%	0.00%
Common Equity to Total Capital	51.14%	49.20%	49.48%	45.58%	50.33%	53.39%	50.91%	49.26%	49.16%	49.58%	50.45%
Debt to EBITDA	2.55	2.88	3.04	3.99	3.48	2.96	2.92	3.03	3.04	2.90	2.80
Net Debt to EBITDA	1.37	1.45	1.74	2.44	2.55	1.99	2.28	2.31	2.30	2.02	2.19
Long-Term Debt to EBITDA	2.55	2.88	3.04	3.19	3.48	2.96	2.92	3.03	3.04	2.90	2.80
Debt to NOPAT	3.94	4.47	4.84	6.48	5.86	4.87	4.73	4.78	4.74	4.58	4.44
Net Debt to NOPAT	2.12	2.25	2.76	3.97	4.30	3.28	3.69	3.65	3.58	3.19	3.48
Long-Term Debt to NOPAT	3.94	4.47	4.84	5.18	5.86	4.87	4.73	4.78	4.74	4.58	4.44
Altman Z-Score	2.96	2.48	2.77	2.34	2.82	2.85	2.77	2.86	2.96	2.83	2.91
Noncontrolling Interest Sharing Ratio	0.04%	0.04%	0.03%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.55	2.30	2.55	1.70	2.07	1.92	1.93	1.99	1.99	1.93	2.09
Quick Ratio	1.83	1.60	1.68	1.16	1.30	1.25	1.15	1.23	1.23	1.22	1.26
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-102	-109	-62	-220	-255	-211	-252	-20	-14	-25	-66
Operating Cash Flow to CapEx	685.18%	291.00%	11.25%	377.15%	374.70%	299.51%	23.18%	326.26%	264.98%	410.04%	-42.05%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	-8.14	0.00	0.00	0.00	0.00	0.00	-181.20	0.00	-51.63
Operating Cash Flow to Interest Expense	0.00	0.00	0.36	0.00	0.00	0.00	0.00	0.00	1,381.66	0.00	-14.66
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	-2.83	0.00	0.00	0.00	0.00	0.00	860.24	0.00	-49.54
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.86	0.78	0.78	0.70	0.73	0.75	0.80	0.76	0.79	0.79	0.83
Accounts Receivable Turnover	5.71	5.88	6.21	5.11	5.15	5.98	6.57	6.15	5.97	6.22	6.06
Inventory Turnover	4.72	4.40	4.01	4.00	4.16	4.33	4.24	4.24	4.31	4.52	4.38
Fixed Asset Turnover	7.11	6.03	5.76	5.43	5.32	5.20	5.31	5.31	5.24	5.12	5.18
Accounts Payable Turnover	5.39	4.49	5.35	5.23	4.80	4.67	5.55	5.74	5.34	4.97	5.50
Days Sales Outstanding (DSO)	63.94	62.04	58.73	71.38	70.89	61.07	55.56	59.36	61.14	58.65	60.19
Days Inventory Outstanding (DIO)	77.26	83.04	90.93	91.17	87.66	84.22	86.14	86.06	84.64	80.78	83.35
Days Payable Outstanding (DPO)	67.68	81.25	68.18	69.76	76.06	78.15	65.76	63.63	68.34	73.38	66.37
Cash Conversion Cycle (CCC)	73.51	63.83	81.49	92.79	82.49	67.14	75.93	81.79	77.44	66.05	77.17
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,814	1,773	1,829	2,111	2,131	2,055	2,142	2,204	2,212	2,160	2,271
Invested Capital Turnover	1.52	1.48	1.35	1.17	1.19	1.29	1.28	1.21	1.23	1.29	1.26
Increase / (Decrease) in Invested Capital	182	156	105	276	317	281	313	93	81	106	129
Enterprise Value (EV)	4,689	3,821	4,531	4,707	5,624	5,302	4,982	5,568	5,887	5,476	5,362
Market Capitalization	4,074	3,213	3,858	3,816	4,728	4,542	4,063	4,598	4,917	4,580	4,374
Book Value per Share	$28.36	$27.98	$28.20	$29.99	$30.27	$32.10	$30.36	$31.26	$31.35	$32.17	$33.11
Tangible Book Value per Share	$0.83	($0.25)	($0.07)	($5.78)	($5.58)	($3.55)	($5.29)	($5.46)	($5.05)	($4.38)	($3.70)
Total Capital	2,345	2,371	2,336	2,676	2,454	2,425	2,401	2,506	2,527	2,550	2,543
Total Debt	1,146	1,204	1,180	1,456	1,219	1,130	1,179	1,271	1,284	1,286	1,260
Total Long-Term Debt	1,146	1,204	1,180	1,165	1,219	1,130	1,179	1,271	1,284	1,286	1,260
Net Debt	615	607	673	892	896	760	920	970	970	896	988
Capital Expenditures (CapEx)	15	55	24	22	24	58	32	25	40	39	44
Debt-free, Cash-free Net Working Capital (DFCFNWC)	328	226	293	310	296	203	285	306	314	262	394
Debt-free Net Working Capital (DFNWC)	859	823	800	874	619	574	544	607	628	652	666
Net Working Capital (NWC)	859	823	800	583	619	574	544	607	628	652	666
Net Nonoperating Expense (NNE)	6.85	8.09	6.01	7.17	8.76	12	8.82	11	11	13	12
Net Nonoperating Obligations (NNO)	615	607	673	892	896	760	920	970	970	896	988
Total Depreciation and Amortization (D&A)	25	25	27	26	31	32	30	32	34	34	32
Debt-free, Cash-free Net Working Capital to Revenue	12.53%	9.01%	12.18%	13.36%	12.62%	8.26%	11.19%	11.67%	11.79%	9.65%	14.14%
Debt-free Net Working Capital to Revenue	32.79%	32.78%	33.24%	37.72%	26.38%	23.30%	21.34%	23.19%	23.59%	24.01%	23.91%
Net Working Capital to Revenue	32.79%	32.78%	33.24%	25.15%	26.38%	23.30%	21.34%	23.19%	23.59%	24.01%	23.91%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.72	$0.93	$0.91	$1.21	$1.32	$1.44	$1.29	$1.54	$1.43	$1.74	$1.31
Adjusted Weighted Average Basic Shares Outstanding	42.05M	42.24M	40.99M	40.69M	40.80M	40.69M	40.17M	39.51M	39.52M	39.61M	38.81M
Adjusted Diluted Earnings per Share	$1.70	$0.91	$0.90	$1.19	$1.30	$1.41	$1.27	$1.53	$1.41	$1.70	$1.30
Adjusted Weighted Average Diluted Shares Outstanding	42.63M	42.86M	41.49M	41.20M	41.42M	41.30M	40.84M	40.00M	40.14M	40.21M	39.40M
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	41.68M	41.09M	40.68M	40.81M	40.34M	40.27M	39.50M	39.62M	39.30M	38.75M	38.94M
Normalized Net Operating Profit after Tax (NOPAT)	69	31	43	56	62	48	61	73	67	80	63
Normalized NOPAT Margin	11.04%	5.58%	8.09%	9.30%	9.54%	7.27%	9.72%	10.79%	9.64%	11.17%	9.10%
Pre Tax Income Margin	13.91%	6.59%	8.53%	9.95%	9.89%	8.61%	9.94%	9.92%	9.20%	10.26%	9.01%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	7.02	0.00	0.00	0.00	0.00	0.00	998.55	0.00	60.88
NOPAT to Interest Expense	0.00	0.00	5.71	0.00	0.00	0.00	0.00	0.00	885.65	0.00	49.78
EBIT Less CapEx to Interest Expense	0.00	0.00	3.83	0.00	0.00	0.00	0.00	0.00	477.13	0.00	26.01
NOPAT Less CapEx to Interest Expense	0.00	0.00	2.52	0.00	0.00	0.00	0.00	0.00	364.23	0.00	14.91
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	3.23%	3.50%	3.88%	4.23%	4.62%	4.16%	3.85%	3.63%	3.56%	3.35%	3.35%
Augmented Payout Ratio	3.23%	3.50%	3.88%	4.23%	4.62%	4.16%	3.85%	3.63%	3.56%	3.35%	3.35%

Financials Breakdown Chart

Key Financial Trends

Here are the key trends for Belden (BD C) based on quarterly results over the last four years. The bullets highlight the main positives, neutrals, and risks that retail investors may want to consider when evaluating the stock’s trajectory.

Revenue has rebounded and trended higher in 2025, with Q4 2025 operating revenue at 720.12 million, topping 2024’s 666.04 million and marking a multi-quarter upturn from the 2023–2024 dip.
Net income and earnings per share show improvement in 2025, with Q4 2025 net income attributable to common shareholders around 67.89 million and diluted EPS rising to 1.70, reflecting stronger profitability even as revenue grows.
Operating margins have improved in late 2025 versus the prior year, with total operating income roughly 87.54 million in Q4 2025 and a margin around the low-to-mid teens, indicating better operating leverage as revenue recovers.
Cash flow from operations remains solid, with Q4 2025 consolidated net cash from continuing operating activities about 160.39 million, supporting positive liquidity even as the company invests in growth.
Free cash flow in Q4 2025 is positive (roughly CFO minus capex, about 121 million), underscoring the ability to fund ongoing capex, debt repayments, or potential returns to shareholders from cash generation.
Gross margins have remained relatively stable in the mid-30s to high-30s percent range (roughly 36–39%), indicating a stable gross profitability anchor even as revenue moves.
Cash position remains healthy, with cash and equivalents around 314 million in mid-2025, providing a cushion for operating needs and near-term liquidity.
R&D and SG&A expenses stay elevated as ongoing investments in product development and go-to-market initiatives continue, which is a typical growth-focused pattern for a manufacturing/infrastructure supplier.
Debt levels have risen, with long-term debt in the roughly 1.18–1.28 billion range across 2025 quarters, suggesting higher leverage that investors should monitor for interest burden and balance-sheet pressure.
Financing cash flows have been negative in several periods (net cash from financing activities generally negative in multiple quarters), indicating ongoing use of external funding or shareholder returns that reduce cash, even while operating cash flow remains positive.

05/07/26 04:01 AM ETAI Generated. May Contain Errors.

Frequently Asked Questions About Belden's Financials

When does Belden's fiscal year end?

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

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

Belden's net income appears to be on an upward trend, with a most recent value of $237.52 million in 2025, rising from $66.18 million in 2015. The previous period was $198.41 million in 2024. See Belden's forecast for analyst expectations on whatâ€™s next for the company.

What is Belden's operating income?

Belden's total operating income in 2025 was $315.69 million, based on the following breakdown:

Total Gross Profit: $1.03 billion
Total Operating Expenses: $715.48 million

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

Over the last 10 years, Belden's total revenue changed from $2.31 billion in 2015 to $2.72 billion in 2025, a change of 17.6%.

How much debt does Belden have?

Belden's total liabilities were at $2.28 billion at the end of 2025, a 12.1% increase from 2024, and a 7.5% decrease since 2015.

How much cash does Belden have?

In the past 10 years, Belden's cash and equivalents has ranged from $216.75 million in 2015 to $848.12 million in 2016, and is currently $389.89 million as of their latest financial filing in 2025.

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

Over the last 10 years, Belden's book value per share changed from 19.63 in 2015 to 32.17 in 2025, a change of 63.9%.

Related Companies

Financial statements for NYSE:BDC last updated on 5/3/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Belden (BDC) Financials

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