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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 | 14.5% | 26.3% | 50.2% |
| 2024 | $535M | $82M | $41M | $60M | 11.4% | -16.4% | -44.5% |
| 2023 | $640M | $99M | $74M | $96M | 21.7% | -2.2% | 40.1% |
| 2022 | $654M | $77M | $53M | $31M | 20.1% | - | - |
| 2021 | - | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 654.23 | 639.81 | 534.79 | 675.46 |
| Operating 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 | 156.70 |
| Research And Development | - | 20.24 | 22.49 | 23.59 | 30.87 |
| Selling General And Administration | - | 92.34 | 99.09 | 110.62 | 125.83 |
| Total Expenses | - | 583.36 | 545.54 | 466.64 | 567.73 |
| Operating Income | - | 70.87 | 94.27 | 68.16 | 107.72 |
| Total Operating Income As Reported | - | 65.15 | 87.98 | 64.30 | 111 |
| EBITDA | - | 77.30 | 99.46 | 82.34 | 136.39 |
| Normalized EBITDA | - | 83.03 | 104.78 | 86.20 | 146.21 |
| EBIT | - | 62.44 | 86.15 | 65.89 | 109.80 |
| Interest Income | - | 0.18 | 1.70 | 4.75 | 1.03 |
| Interest Expense | - | 3.38 | 2.85 | 4.08 | 14.75 |
| Net Interest Income | - | -3.20 | -1.15 | 0.68 | -13.72 |
| Other Non Operating Income Expenses | - | -2.89 | -4.50 | -3.16 | 10.86 |
| Other Income Expense | - | -8.61 | -9.82 | -7.02 | 1.04 |
| Interest Income Non Operating | - | 0.18 | 1.70 | 4.75 | 1.03 |
| Interest Expense Non Operating | - | 3.38 | 2.85 | 4.08 | 14.75 |
| Net Non Operating Interest Income Expense | - | -3.20 | -1.15 | 0.68 | -13.72 |
| Pretax Income | - | 59.06 | 83.30 | 61.81 | 95.05 |
| Tax Provision | - | 6.37 | 9.47 | 12.62 | 20.94 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -0.62 | -0.61 | -0.79 | -2.16 |
| Net Income Continuous Operations | - | 52.69 | 73.83 | 49.19 | 74.11 |
| Net Income From Continuing And Discontinued Operation | - | 52.69 | 73.83 | 40.96 | 61.54 |
| Net Income From Continuing Operation Net Minority Interest | - | 52.69 | 73.83 | 40.96 | 61.54 |
| Net Income | - | 52.69 | 73.83 | 40.96 | 61.54 |
| Net Income Common Stockholders | - | 52.69 | 73.83 | 40.96 | 61.54 |
| Net Income Including Noncontrolling Interests | - | 52.69 | 73.83 | 49.19 | 74.11 |
| Normalized Income | - | 57.80 | 78.54 | 44.03 | 69.19 |
| Diluted NI Availto Com Stockholders | - | 52.69 | 73.83 | 40.96 | 61.54 |
| Basic Average Shares | - | 12.54 | 12.78 | 12.62 | 12.64 |
| Diluted Average Shares | - | 12.54 | 12.78 | 12.62 | 12.64 |
| Reconciled Depreciation | - | 14.86 | 13.31 | 16.46 | 26.59 |
| Reconciled Cost Of Revenue | - | 470.78 | 423.96 | 332.43 | 411.04 |
| Total Unusual Items | - | -5.73 | -5.32 | -3.86 | -9.81 |
| Total Unusual Items Excluding Goodwill | - | -5.73 | -5.32 | -3.86 | -9.81 |
| Minority Interests | - | 0 | 0 | -8.23 | -12.58 |
| Special Income Charges | - | -5.73 | -5.32 | -3.86 | -9.81 |
| Gain On Sale Of Business | - | 0 | 0.98 | 0 | 0 |
| Write Off | - | - | 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 |
| Gain On Sale Of Ppe | - | 1.60 | 3.82 | 0 | 5.70 |
Technology sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Bel Fuse Inc.this co. | BELFB | $3.9B | 63.91↑ premium | 9.24 | 14.5% | 30.04 |
| Belden Inc. | BDC | $4.3B | 18.15 | 3.41 | 18.8% | 12.03 |
| nLIGHT, Inc. | LASR | $4.2B | -180.02 | 18.63 | -10.3% | -560.38 |
| Remitly Global, Inc. | RELY | $4.2B | 61.40 | 4.80 | 7.8% | 30.32 |
| Innodata Inc. | INOD | $4.0B | 123.29 | 37.03 |
| - |
| - |
| - |
| - |
| 30.0% |
| 83.18 |
| Qualys, Inc. | QLYS | $3.9B | 19.80 | 7.00 | 35.3% | 15.77 |
| Varonis Systems, Inc. | VRNS | $3.9B | - | 6.52 | -21.6% | - |
| Penguin Solutions, Inc. | PENG | $3.7B | 147.30 | 9.49 | 6.4% | 33.90 |
| Aehr Test Systems, Inc. | AEHR | $3.7B | -937.81 | 29.84 | -3.2% | -2563.73 |
| Peer Median | - | 19.80 | 8.24 | 7.1% | 15.77 | |