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Bel Fuse Inc. designs, manufactures, markets, and sells products that power, protect, and connect electronic circuits. It operates in three product groups: Power Solutions and Protection, Connectivity Solutions, and Magnetic Solutions. The company's products are used in the networking, telecommunications, computing, general industrial, high-speed data transmission, defence, commercial aerospace, transportation, and e-Mobility industries. It provides power solutions and protection products, including front-end power supplies, board-mount power products, industrial and transportation power products, military, aerospace and defense products, external power products, and circuit protection products. The company offers connectivity solutions, such as expanded beam fiber optic connectors, cable assemblies, and active optical devices; copper-based connectors/cable assemblies; radio frequency connectors, cable assemblies, microwave devices, and low loss cables; and ethernet, I/O, and industrial and power connectivity products. In addition, it provides magnetic solutions comprising integrated connector modules, power transformers, SMD power inductors and SMPS transformers, and discrete components-ethernet. The company sells its products through direct strategic account managers, regional sales managers working with independent sales representative organizations, and authorized distributors North America, Europe, Middle East, and Asia. Bel Fuse Inc. was incorporated in 1949 and is headquartered in West Orange, New Jersey.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $675M | $136M | $62M | $69M | 11.9% | 26.3% | 50.2% |
| 2024 | $535M | $82M | $41M | $60M | 9.3% | -16.4% | -44.5% |
| 2023 | $640M | $99M | $74M | $96M | 21.7% | -2.2% | 40.1% |
| 2022 | $654M | $77M | $53M | $31M | 20.1% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 654.23 | 639.81 | 534.79 | 675.46 |
| Cost Of Revenue | 470.78 | 423.96 | 332.43 | 411.04 |
| Gross Profit | 183.45 | 215.85 | 202.36 | 264.42 |
| Operating Expense | 112.58 | 121.58 | 134.20 | 156.69 |
| Operating Income | 70.87 | 94.27 | 68.16 | 107.72 |
| EBITDA | 77.30 | 99.46 | 82.34 | 136.39 |
| EBIT | 62.44 | 86.15 | 65.89 | 109.80 |
| Pretax Income | 59.06 | 83.30 | 61.81 | 95.05 |
| Tax Provision | 6.37 | 9.47 | 12.62 | 20.94 |
| Net Income | 52.69 | 73.83 | 40.96 | 61.54 |
| Net Income Common Stockholders | 52.69 | 73.83 | 40.96 | 61.54 |
| Total Expenses | 583.36 | 545.54 | 466.64 | 567.73 |
| Interest Expense | 3.38 | 2.85 | 4.08 | 14.75 |
| Interest Income | 0.18 | 1.70 | 4.75 | 1.03 |
| Research And Development | 20.24 | 22.49 | 23.59 | 30.87 |
| Selling General And Administration | 92.34 | 99.09 | 110.62 | 125.83 |
| Normalized EBITDA | 83.03 | 104.78 | 86.20 | 146.21 |
| Normalized Income | 57.80 | 78.54 | 44.03 | 69.19 |
| Basic EPS | 4.24 | 5.83 | 3.09 | 4.65 |
| Diluted EPS | 4.24 | 5.83 | 3.09 | 4.65 |
| Tax Effect Of Unusual Items | -0.62 | -0.61 | -0.79 | -2.16 |
| Tax Rate For Calcs | 0.11 | 0.11 | 0.20 | 0.22 |
| Total Unusual Items | -5.73 | -5.32 | -3.86 | -9.81 |
| Total Unusual Items Excluding Goodwill | -5.73 | -5.32 | -3.86 | -9.81 |
| Net Income From Continuing Operation Net Minority Interest | 52.69 | 73.83 | 40.96 | 61.54 |
| Reconciled Depreciation | 14.86 | 13.31 | 16.46 | 26.59 |
| Reconciled Cost Of Revenue | 470.78 | 423.96 | 332.43 | 411.04 |
| Net Interest Income | -3.20 | -1.15 | 0.68 | -13.72 |
| Net Income From Continuing And Discontinued Operation | 52.69 | 73.83 | 40.96 | 61.54 |
| Total Operating Income As Reported | 65.15 | 87.98 | 64.30 | 111 |
| Diluted Average Shares | 12.54 | 12.78 | 12.62 | 12.64 |
| Basic Average Shares | 12.54 | 12.78 | 12.62 | 12.64 |
| Diluted NI Availto Com Stockholders | 52.69 | 73.83 | 40.96 | 61.54 |
| Minority Interests | 0 | 0 | -8.23 | -12.57 |
| Net Income Including Noncontrolling Interests | 52.69 | 73.83 | 49.19 | 74.11 |
| Net Income Continuous Operations | 52.69 | 73.83 | 49.19 | 74.11 |
| Other Income Expense | -8.61 | -9.82 | -7.02 | 1.04 |
| Other Non Operating Income Expenses | -2.89 | -4.50 | -3.17 | 10.86 |
| Special Income Charges | -5.73 | -5.32 | -3.86 | -9.81 |
| Gain On Sale Of Ppe | 1.60 | 3.82 | 0 | 5.70 |
| Gain On Sale Of Business | 0 | 0.98 | 0 | 0 |
| Write Off | 0 | 0 | 0 | 13.09 |
| Impairment Of Capital Assets | 0 | 0 | 0.40 | 0 |
| Restructuring And Mergern Acquisition | 7.32 | 10.11 | 3.46 | 2.43 |
| Net Non Operating Interest Income Expense | -3.20 | -1.15 | 0.68 | -13.72 |
| Interest Expense Non Operating | 3.38 | 2.85 | 4.08 | 14.75 |
| Interest Income Non Operating | 0.18 | 1.70 | 4.75 | 1.03 |
| Operating Revenue | 654.23 | 639.81 | 534.79 | 675.46 |
Technology sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Bel Fuse Inc.this co. | BELFB | $3.3B | 55.54↑ premium | 7.68 | 11.9% | 26.42 |
| Webull Corporation | BULL | $3.6B | - | 3.48 | 2.4% | - |
| Navitas Semiconductor Corporation | NVTS | $3.6B | - | 8.04 | -26.4% | -54.68 |
| Synaptics Incorporated | SYNA | $3.5B | - | 2.48 | -3.4% | 41.61 |
| Dave Inc. | DAVE | $3.4B | 19.01 | 9.88 |
| 55.5% |
| 17.94 |
| SoundHound AI, Inc. | SOUN | $3.3B | - | 7.03 | -3.0% | -20.62 |
| Varonis Systems, Inc. | VRNS | $3.2B | - | 5.36 | -21.6% | -19.29 |
| Qualys, Inc. | QLYS | $3.2B | 16.47 | 5.71 | 35.3% | 11.85 |
| Workiva Inc. | WK | $3.1B | - | -555.77 | 481.4% | -94.42 |
| Peer Median | - | 17.74 | 5.53 | -0.3% | -19.29 | |