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Belden
(NYSE:BDC)
Select Model
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Rating:71Outperform
Price Target:
$150.00
▲(45.97% Upside)
Action:Upgraded
Date:08/18/26
The score is driven primarily by solid financial performance (healthy margins, improving growth, and strong ROE) and a favorable earnings-call setup (strong orders and growth-oriented guidance), partially offset by moderate cash-flow conversion and leverage risk. Technicals are supportive but appear overextended (RSI/Stochastic elevated), and valuation is only average with a modestly elevated P/E and very low yield.
Positive Factors
Strong orders and industrial demand
Record bookings and a book-to-bill above one indicate demand is exceeding shipments. Broad-based growth across industrial, enterprise, and automation markets supports revenue visibility over the next several quarters.
Negative Factors
Higher post-acquisition leverage
The acquisition materially increases financial obligations and reduces flexibility if industrial demand weakens. Although management has a deleveraging plan, elevated leverage can constrain investment and amplify earnings volatility.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong orders and industrial demand
Record bookings and a book-to-bill above one indicate demand is exceeding shipments. Broad-based growth across industrial, enterprise, and automation markets supports revenue visibility over the next several quarters.
Read all positive factors
Belden Key Performance Indicators (KPIs)
Any
Revenue by Geography
Shows how sales are split across regions, revealing where Belden earns most of its revenue, which markets are driving growth, and the company’s exposure to regional economic cycles, currency moves, and supply‑chain risks.
Shows how sales are split across regions, revealing where Belden earns most of its revenue, which markets are driving growth, and the company’s exposure to regional economic cycles, currency moves, and supply‑chain risks.
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The Fly
The FlyBelden (BDC) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$5.02B
Dividend Yield0.16%
Average Volume (3M)571.06K
Price to Earnings (P/E)19.9
Beta (1Y)1.36
Revenue Growth9.44%
EPS Growth11.37%
CountryUS
Employees8,000
SectorTechnology
Sector Strength88
IndustryCommunication Equipment
Share Statistics
EPS (TTM)6.23
Shares Outstanding39,078,190
10 Day Avg. Volume561,633
30 Day Avg. Volume571,064
Financial Highlights & Ratios
PEG Ratio0.85
Price to Book (P/B)3.65
Price to Sales (P/S)1.70
P/FCF Ratio21.11
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$156.50Price Target Upside52.30% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)8.64
Revenue Forecast (FY)$3.37B
Belden Business Overview & Revenue Model
Company Description
Belden Inc. stands as a global leader in signal transmission solutions, serving a diverse customer base across the Americas, Europe, the Middle East, Africa, and Asia-Pacific. The company operates through two primary segments: Enterprise Solutions...
How the Company Makes Money
Belden makes money primarily by selling network infrastructure products and solutions to commercial and industrial customers, with revenue recognized largely from product sales and, to a lesser extent, software and services attached to networking ...
Belden Earnings Call Summary
Earnings Call Date:Jul 30, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 29, 2026
Earnings Call Sentiment Positive
The call highlighted multiple strong financial and operational achievements: record revenue, record orders, double-digit growth in key industrial verticals, a large hyperscaler win, immediate accretion from the RUCKUS acquisition, and a robust free cash flow outlook with a clear de-leveraging plan. Near-term headwinds include a one-time tariff-related benefit in Q2, a planned rise in leverage post-acquisition (~3.9x at Q3), temporary integration inefficiencies, and mixed performance in some end markets (notably broadband). Overall, the positives — sizable organic growth, record bookings, strategic wins in AI/hyperscale and Physical AI, and a large accretive acquisition — materially outweigh the near-term lowlights and risks.Positive Updates
Record Revenue and Profitability
Revenue of $750.0M in Q2, up 12% year-over-year; Adjusted EPS of $2.34, up 24% year-over-year and above the high end of guidance. Adjusted gross profit of $297M, up 14% with gross margin at 39.6%, and Adjusted EBITDA of $146M, up 28% with EBITDA margin of 19.5%.
Negative Updates
Near-Term Leverage Increase from Acquisition
Net leverage expected to rise from standalone 1.7x to approximately 3.9x net debt/adjusted EBITDA at the end of Q3 following the RUCKUS close, creating near-term leverage risk despite a clear path to de-lever.
Read all updates
Q2-2026 Updates
Positive
Negative
Record Revenue and Profitability
Revenue of $750.0M in Q2, up 12% year-over-year; Adjusted EPS of $2.34, up 24% year-over-year and above the high end of guidance. Adjusted gross profit of $297M, up 14% with gross margin at 39.6%, and Adjusted EBITDA of $146M, up 28% with EBITDA margin of 19.5%.
Read all positive updates
Company Guidance
For the third quarter, Belden guided revenue of $950 million to $970 million (includes RUCKUS for the full quarter), GAAP EPS of $0.69 to $0.84 and Adjusted EPS of $2.15 to $2.30 (a 9%–17% YoY increase); the guidance reflects ~6%–8% organic revenue growth, assumes interest expense of ~$40.5 million, depreciation of $18.8 million, a 20% tax rate and a diluted share count of 39.4 million, and management said RUCKUS’s net EPS impact in the guidance is about $0.12; they expect third‑quarter adjusted EBITDA margins roughly in the 17.6%–17.7% range, incremental margins including RUCKUS around 35%+, and balance‑sheet leverage to rise to about 3.9x net debt/adjusted EBITDA at quarter end.Belden Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
66
Positive
Cash Flow
62
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 2.86B | 2.72B | 2.46B | 2.51B | 2.61B | 2.30B |
| Gross Profit | 1.04B | 978.24M | 922.22M | 954.97M | 916.29M | 771.84M |
| EBITDA | 452.63M | 442.67M | 381.99M | 418.83M | 449.69M | 377.46M |
| Net Income | 244.14M | 237.52M | 198.43M | 242.76M | 254.66M | 63.92M |
Balance Sheet | ||||||
| Total Assets | 3.57B | 3.54B | 3.33B | 3.24B | 3.16B | 3.42B |
| Cash, Cash Equivalents and Short-Term Investments | 348.65M | 389.89M | 370.30M | 597.04M | 687.68M | 641.56M |
| Total Debt | 1.32B | 1.40B | 1.25B | 1.30B | 1.24B | 1.54B |
| Total Liabilities | 2.18B | 2.28B | 2.03B | 2.07B | 2.02B | 2.46B |
| Stockholders Equity | 1.38B | 1.26B | 1.29B | 1.17B | 1.14B | 955.29M |
Cash Flow | ||||||
| Free Cash Flow | 212.08M | 218.69M | 222.98M | 202.91M | 176.20M | 181.07M |
| Operating Cash Flow | 375.95M | 354.86M | 352.08M | 319.64M | 281.30M | 272.06M |
| Investing Cash Flow | -163.96M | -128.24M | -426.75M | -200.36M | 168.41M | -92.00M |
| Financing Cash Flow | -165.27M | -217.77M | -143.72M | -211.93M | -393.21M | -32.93M |
Belden Technical Analysis
Positive
102.76
Price Trends
116.51
Positive
116.34
Positive
119.40
Positive
Market Momentum
6.27
Negative
56.74
Neutral
38.11
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BDC, the sentiment is Positive. The current price of 102.76 is below the 20-day moving average (MA) of 123.82, below the 50-day MA of 116.51, and below the 200-day MA of 119.40, indicating a bullish trend. The MACD of 6.27 indicates Negative momentum. The RSI at 56.74 is Neutral, neither overbought nor oversold. The STOCH value of 38.11 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for BDC.
Belden Risk Analysis
Belden disclosed 31 risk factors in its most recent earnings report. Belden reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Belden Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
83 Outperform | $2.89B | 56.62 | 7.39% | ― | 20.26% | 11.95% | |
71 Outperform | $5.02B | 19.89 | 18.87% | 0.19% | 9.44% | 11.37% | |
68 Neutral | $2.97B | 69.60 | 50.74% | ― | 12.59% | ― | |
66 Neutral | $9.56B | -300.31 | -3.16% | ― | 40.03% | -193.79% | |
66 Neutral | $5.04B | -175.95 | -12.86% | ― | 3.51% | -5666.87% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% |
* Technology Sector Average
BDC
Belden
123.89
-0.09
-0.07%
DGII
Digi International
73.61
40.69
123.60%
EXTR
Extreme Networks
22.32
2.36
11.82%
VIAV
Viavi Solutions
38.56
27.78
257.53%
PI
IMPINJ
159.73
-8.48
-5.04%
Belden Corporate Events
Business Operations and StrategyM&A TransactionsPrivate Placements and Financing
Belden Completes RUCKUS Networks Acquisition, Expanding Networking Portfolio
Positive
Jul 1, 2026
On July 1, 2026, Belden completed its acquisition of RUCKUS Networks from Vistance Networks for approximately $1.87 billion in cash, net of cash acquired and subject to customary post‑closing adjustments. The deal was funded in part by a new...
Shareholder Meetings
Belden Stockholders Back Board, Pay and Incentive Plan
Positive
May 26, 2026
On May 21, 2026, Belden Inc. held its regular Annual Meeting of Stockholders, during which shareholders elected ten directors to one-year terms with strong majority support and minimal opposition. The board slate, including figures such as David A...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.