Bel Fuse Inc (BELFB) stock analysis
Close on Oct 30, 2026Market cap $4.14BP/E –Yield –
StockData Score
Prices as of Oct 30, 2026How the score works
Mixed9 of 30 checks passed
Bel Fuse passes 9 of the 30 checks behind our score; 19 could not be run for lack of data and count as not passed. Each dot in the shape is one check — hover it for the numbers.
- Valuation
- 0/6
- Growth
- 2/6
- Past performance
- 2/6
- Financial health
- 5/6
- Dividend
- 0/6
What stands out
Return on capital over 10%
Return on invested capital was 16.5%, above the 10% that usually covers the cost of capital.
No debt
Bel Fuse has no borrowings on its latest balance sheet.
Earnings grew over 5 years
Net income grew 36.9% a year on average over the last five fiscal years.
Interest well covered
Operating income covers interest expense 10.8 times.
What to watch
Revenue growing under 10% a year
Revenue grew 1.1% a year over the last three fiscal years, short of the 10% we look for.
No dividend
Bel Fuse has not paid a dividend in the last twelve months.
Valuation0/6
P/E against its history
Not enough price and earnings history to compare.
P/E against the industry
Needs positive earnings and enough profitable companies in the industry.
EV/EBITDA against its history
Needs positive EBITDA and price history.
P/B against the industry
Needs positive book value.
Price against fair value
We could not estimate a fair value: it needs at least two valuation methods with positive inputs.
Margin of safety
Depends on the fair value estimate.
Growth2/6
Revenue growing under 10% a year
Revenue grew 1.1% a year over the last three fiscal years, short of the 10% we look for.
EPS growth over 3 years
Needs positive EPS three years ago and today.
Earnings acceleration
Needs positive net income now, a year ago and five years ago.
Growing faster than the industry
Revenue grew 25.3% over the last twelve months; the Electronic Components and Accessories median is 14.2%.
Guidance issued
The latest outlook (fourth quarter gross margin, Oct 28, 2026) was issued for the first time, so it neither adds nor takes away points.
Gross margin improving
Gross margin was 39.5% over the last twelve months, against 37.8% a year earlier.
Past performance2/6
Return on equity
Needs positive equity and five years of results.
Return on capital over 10%
Return on invested capital was 16.5%, above the 10% that usually covers the cost of capital.
Return on equity against the industry
Needs positive equity.
Earnings grew over 5 years
Net income grew 36.9% a year on average over the last five fiscal years.
Net margin against its history
Needs five years of revenue and net income.
Net margin against the industry
Needs revenue and net income.
Financial health5/6
No debt
Bel Fuse has no borrowings on its latest balance sheet.
Debt not rising
With no debt today, leverage cannot have risen.
Debt covered by cash flow
There is no debt to cover.
Interest well covered
Operating income covers interest expense 10.8 times.
Short-term assets cover short-term debts
Current assets are 4.48 times current liabilities.
Bankruptcy risk (Altman Z)
Needs market value, working capital and retained earnings.
Dividend0/6
No dividend
Bel Fuse has not paid a dividend in the last twelve months.
Yield against Treasuries
No dividend.
Yield against the market
No dividend.
Dividend stability
No dividend.
Earnings cover
No dividend.
Cash-flow cover
No dividend.
Fair value
How we estimate itWe don't publish a fair value for Bel Fuse. It needs a US-dollar share price, at least two valuation methods with positive inputs (earnings, EBITDA, book value or sales) and, for companies with several share classes, classes that trade at the same price.
An estimate from reported numbers and market multiples, not a price target or investment advice. It can be far off for companies whose profits are about to change sharply.
Market risk
From the past year of daily prices.
Liquidity
Medium risk
- Average value traded per day
- $17.59M
- Value traded per 1% price move
- $7.41M
Downside
Medium risk
- Typical loss in a bad month
- 21.4%
- Volatility (annualized)
- 58%
- Sharpe ratio, 1 year
- 0.59
- Beta to the S&P 500 (5Y)
- 1.17
Typical bad-month loss, week by week
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
Operating margin
Net margin
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +26.3% | +1.1% | +7.7% | +1.8% | |
| Gross profit | +30.7% | +13.0% | +17.2% | +9.3% | |
| Operating income | +72.6% | +19.4% | +42.8% | +14.5% | |
| Net income | +50.2% | +5.3% | +36.9% | +12.4% | |
| Free cash flow | +14.4% | +29.7% | +11.0% | +2.1% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | -33.1% | 7.2% | 15.7% | |
| Return on assets | -12.9% | 2.8% | 6.5% | |
| Current ratio | 2.77 | 3.20 | 3.02 | |
| Debt to equity | 0.89 | 0.62 | 0.46 | |
| Net debt to EBITDA | -1.24× | 0.87× | 1.02× | |
| Interest coverage | -11.5× | 3.9× | 7.5× | |
| Inventory turnover | 4.1× | 3.3× | 2.5× | |
| Capex to revenue | 1.6% | 1.2% | 1.8% |
Where the cash went
Fiscal 2021 to 2025, five years combined
Bel Fuse generated $307.91M from operations and spent $90.17M on capital expenditure, dividends and share buybacks. 63% of that went back into the business.
DuPont analysis
Return on equity split into margin, efficiency and leverage
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 9.1% | 0.72× | 2.40× | 15.7% |
| FY2024 | 7.7% | 0.70× | 2.17× | 11.7% |
| FY2023 | 11.5% | 1.13× | 1.88× | 24.5% |
| FY2022 | 8.1% | 1.22× | 2.28× | 22.4% |
| FY2021 | 4.6% | 1.13× | 2.45× | 12.6% |
| FY2020 | 2.7% | 1.01× | 2.61× | 7.2% |
| FY2019 | -1.8% | 1.08× | 2.65× | -5.1% |
| FY2018 | 3.8% | 1.25× | 2.62× | 12.4% |
| FY2017 | -2.4% | 1.15× | 2.71× | -7.5% |
| FY2016 | -13.0% | 1.00× | 2.57× | -33.1% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
- ProfitableNet income above zero$61.54M
- Cash generatingOperating cash flow above zero$80.61M
- Return on assets improvedROA up on the prior year7.2% → 6.5%
- Earnings backed by cashOperating cash flow above net income$80.61M vs $61.54M
- Less leverageLong-term debt to assets fell30.3% → 21.1%
- Better liquidityCurrent ratio rose2.92 → 3.02
- No dilutionShare count did not rise– → –
- Gross margin improvedGross margin up on the prior year37.84% → 39.15%
- More efficientAsset turnover rose0.94 → 0.71