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Bel Fuse
(NASDAQ:BELFA)
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Rating:69Neutral
Price Target:
$256.00
▲(9.80% Upside)
Action:Reiterated
Date:07/30/26
The score is driven primarily by solid financial performance (healthy margins and strong free cash flow) and a very positive earnings update with upbeat guidance, strong bookings, and a significantly strengthened balance sheet. Offsetting these strengths, technicals are weak versus key short/intermediate moving averages and valuation is demanding (P/E ~60) with a low dividend yield, which caps the overall score.
Positive Factors
Strong Free Cash Flow
Sustained FCF (~$73M TTM, ~86% of net income) supports durable operational flexibility: funds capex, pursue M&A, absorb working-capital swings, and underpins deleveraging or shareholder returns. A high FCF-to-profit ratio indicates resilient cash conversion capacity over coming quarters.
Negative Factors
Working-Capital Build
Large AR and inventory builds to support growth depress near-term cash conversion and stall free cash flow recovery. Persistent elevated inventories increase obsolescence and financing needs, potentially forcing external funding or slower reinvestment if turnover and receivables normalization lag.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong Free Cash Flow
Sustained FCF (~$73M TTM, ~86% of net income) supports durable operational flexibility: funds capex, pursue M&A, absorb working-capital swings, and underpins deleveraging or shareholder returns. A high FCF-to-profit ratio indicates resilient cash conversion capacity over coming quarters.
Read all positive factors
Bel Fuse Key Performance Indicators (KPIs)
Any
Revenue by Geography
Breaks down sales across regions (North America, Europe, Asia, etc.), revealing exposure to different demand cycles, currency moves, and trade or supply-chain disruptions. The geographic mix for Bel Fuse indicates where its end markets and manufacturing footprint are concentrated and where geopolitical or economic shifts could materially affect revenue.
Breaks down sales across regions (North America, Europe, Asia, etc.), revealing exposure to different demand cycles, currency moves, and trade or supply-chain disruptions. The geographic mix for Bel Fuse indicates where its end markets and manufacturing footprint are concentrated and where geopolitical or economic shifts could materially affect revenue.
Data provided by:
The Fly
The FlyBel Fuse (BELFA) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$4.09B
Dividend Yield0.11%
Average Volume (3M)193.84K
Price to Earnings (P/E)71.1
Beta (1Y)1.46
Revenue Growth25.26%
EPS Growth-4.61%
CountryUS
Employees4,964
SectorTechnology
Sector Strength88
IndustryHardware, Equipment & Parts
Share Statistics
EPS (TTM)4.00
Shares Outstanding2,115,263
10 Day Avg. Volume170,656
30 Day Avg. Volume193,835
Financial Highlights & Ratios
PEG Ratio0.86
Price to Book (P/B)4.99
Price to Sales (P/S)3.15
P/FCF Ratio31.28
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
$352.50Price Target Upside51.19% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)8.71
Revenue Forecast (FY)$807.57M
Bel Fuse Business Overview & Revenue Model
Company Description
Bel Fuse Inc. specializes in the development, manufacturing, marketing, and distribution of electronic products that are integral to numerous industries. These sectors include data networking, telecommunications, high-speed data transmission, comm...
How the Company Makes Money
Bel Fuse makes money primarily by selling manufactured electronic components and subassemblies to original equipment manufacturers (OEMs) and electronics customers through direct sales and distribution channels. Its revenue is driven by product sa...
Bel Fuse Earnings Call Summary
Earnings Call Date:Jul 29, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 28, 2026
Earnings Call Sentiment Positive
The call presents a strongly positive operational and financial momentum story: double-digit revenue growth (+25% YoY), meaningful margin expansion, a large cash raise and full debt repayment, continued strong bookings (six consecutive quarters) and strategic wins in Europe (Slovakia defense certification and eight new project wins). Management acknowledged near-term headwinds including higher material costs, FX pressure, working-capital build and supply-chain risks, but outlined actionable levers (pricing on new orders, operational leverage, portfolio rotation, hiring and CapEx for throughput) and provided constructive guidance for Q3. Overall, the positives — strong organic growth, improved profitability and materially improved liquidity — outweigh the manageable near-term challenges.Positive Updates
Revenue Growth
Total Q2 sales of $210.7 million, up 25% year-over-year, driven by broad-based demand across defense, data solutions and distribution channels.
Negative Updates
Input Cost and Foreign Exchange Headwinds
Q2 results were partially offset by higher material costs and unfavorable FX impacts (notably the weaker US dollar relative to the renminbi and pressures from the Israeli shekel), which weighed on margins in ADRS and required price actions on new orders.
Read all updates
Q2-2026 Updates
Positive
Negative
Revenue Growth
Total Q2 sales of $210.7 million, up 25% year-over-year, driven by broad-based demand across defense, data solutions and distribution channels.
Read all positive updates
Company Guidance
Management guided Q3 sales of $205–$225 million and gross margin of 39–41%, citing continued strength in defense, data solutions and distribution-driven component demand and noting that pricing on new orders should begin to help in Q3/Q4. This follows a strong Q2: revenue $210.7M (+25% YoY), gross margin 39.9% (+120 bps), adjusted EBITDA $48.9M (+~39%) and adjusted EBITDA margin 23.2% (vs 20.9% LY); ADRS revenue $111M (+20.6%) with defense $66.5M (+28.4%) and ADRS GM 41.1%; ITDS $100M (+31.1%) with data solutions $58M (+55%) and ITDS GM 38.8% (+220 bps). Liquidity improved to $306.1M after a ~$440M equity raise and management repaid $197.5M of debt (zero outstanding at 6/30); working capital builds included AR +$32M, inventory +$32M and AP +$33M versus year‑end, H1 CapEx was $4.9M with slightly higher CapEx expected in H2, R&D was $9M and SG&A was $36.3M (expected ~$34–35M run rate), while bookings have exceeded sales for six consecutive quarters and inventory turns are expected to remain challenged near term as free cash flow conversion improves over time.Bel Fuse Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
69
Positive
Cash Flow
72
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 744.09M | 675.46M | 534.79M | 639.81M | 654.23M | 543.49M |
| Gross Profit | 294.08M | 264.42M | 202.36M | 215.85M | 183.45M | 134.38M |
| EBITDA | 129.89M | 136.39M | 82.34M | 99.46M | 77.30M | 47.73M |
| Net Income | 60.40M | 61.54M | 40.96M | 73.83M | 52.69M | 24.82M |
Balance Sheet | ||||||
| Total Assets | 1.26B | 935.20M | 949.79M | 571.63M | 560.47M | 511.85M |
| Cash, Cash Equivalents and Short-Term Investments | 306.11M | 57.80M | 69.20M | 126.92M | 70.27M | 61.76M |
| Total Debt | 34.26M | 221.40M | 318.21M | 82.10M | 118.67M | 134.05M |
| Total Liabilities | 252.21M | 416.53M | 508.63M | 231.07M | 298.12M | 303.10M |
| Stockholders Equity | 909.37M | 425.51M | 360.58M | 340.56M | 262.35M | 208.74M |
Cash Flow | ||||||
| Free Cash Flow | 73.34M | 67.93M | 59.96M | 96.22M | 31.43M | -4.76M |
| Operating Cash Flow | 83.51M | 79.93M | 74.06M | 108.35M | 40.26M | 4.63M |
| Investing Cash Flow | -21.68M | -3.25M | -297.89M | -53.53M | -7.00M | -18.88M |
| Financing Cash Flow | 181.96M | -93.47M | 206.26M | -38.60M | -21.26M | -8.40M |
Bel Fuse Technical Analysis
Negative
233.15
Price Trends
241.37
Negative
234.24
Negative
199.86
Positive
Market Momentum
-2.89
Negative
47.97
Neutral
72.49
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BELFA, the sentiment is Negative. The current price of 233.15 is above the 20-day moving average (MA) of 227.85, below the 50-day MA of 241.37, and above the 200-day MA of 199.86, indicating a neutral trend. The MACD of -2.89 indicates Negative momentum. The RSI at 47.97 is Neutral, neither overbought nor oversold. The STOCH value of 72.49 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for BELFA.
Bel Fuse Risk Analysis
Bel Fuse disclosed 29 risk factors in its most recent earnings report. Bel Fuse 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
Bel Fuse Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | $2.40B | 74.23 | 2.61% | ― | 4.90% | ― | |
73 Outperform | $1.89B | 26.70 | 12.52% | 0.27% | 8.48% | 13.14% | |
71 Outperform | $10.20B | 65.46 | 19.83% | ― | 24.95% | 120.02% | |
69 Neutral | $4.09B | 71.05 | 10.97% | 0.10% | 25.26% | -4.61% | |
68 Neutral | $2.96B | 54.91 | 4.81% | 0.84% | 8.87% | 39.10% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
49 Neutral | $591.70M | -16.23 | -5.25% | 1.31% | -2.76% | 42.91% |
* Technology Sector Average
BELFA
Bel Fuse
227.70
110.50
94.29%
BHE
Benchmark Electronics
81.26
42.11
107.54%
CTS
CTS
64.61
23.35
56.58%
MEI
Methode Electronics
16.37
9.57
140.63%
ROG
Rogers
128.41
53.56
71.56%
VICR
Vicor
208.81
160.38
331.16%
Bel Fuse Corporate Events
Business Operations and StrategyExecutive/Board Changes
Bel Fuse boosts executive pay with equity-focused incentives
Positive
Jul 2, 2026
Bel Fuse, Inc. operates in the electronics industry, supplying power, protection, and interconnect products that serve telecom, networking, industrial, and other electronic markets. The company’s leadership, including its President and Chief...
Business Operations and StrategyExecutive/Board ChangesShareholder Meetings
Bel Fuse shareholders back board, reject share conversion plan
Positive
May 28, 2026
Bel Fuse Inc., which reorganized into Aerospace, Defense Rugged Solutions and Industrial Technology Data Solutions (ITDS) segments effective the first quarter of 2026, continued its strategic realignment by appointing Kenneth Lai as Senior Vice ...
Business Operations and StrategyM&A TransactionsPrivate Placements and Financing
Bel Fuse Announces Follow-On Class B Share Offering
Positive
May 14, 2026
On May 13, 2026, Bel Fuse Inc. entered into an underwriting agreement for a follow-on public offering of 1,500,000 shares of its Class B common stock at $266.00 per share, with underwriters holding a 30-day option to purchase up to an additional 2...
Business Operations and StrategyFinancial DisclosuresRegulatory Filings and Compliance
Bel Fuse realigns segments toward aerospace and industrial markets
Positive
May 12, 2026
Bel Fuse Inc. disclosed that, effective in the first quarter of 2026, it realigned its internal organization and reportable segments to better match customer end markets, moving to two segments: Aerospace, Defense Rugged Solutions, and Industrial...
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.