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Belden Inc. (BDC) 10-Year Financial Performance & Capital Metrics

BDC • • Industrial / General
TechnologyCommunication EquipmentFiber & Cable ConnectivityCable & Connectivity Infrastructure
AboutBelden Inc. provides portfolio of signal transmission solutions in the Americas, Europe, the Middle East, Africa, and the Asia-Pacific. It operates in two segments, Enterprise Solutions and Industrial Solutions. The Enterprise Solutions segment offers copper cable and connectivity solutions, fiber cable and connectivity solutions, interconnect panels, racks and enclosures, and signal extension and matrix switching systems for use in applications, such as local area networks, data centers, access control, 5G, fiber, and home and building automation. It also provides power, cooling, and airflow management products for mission-critical data center operations; and end-to-end copper and fiber network systems. This segment serves commercial real estate, hospitality, healthcare, education, financial, government, and broadband and wireless service providers, as well as end-markets, including sport venues, stadiums, data centers, military installations, and academia. The Industrial Solutions segment offers infrastructure components and on-machine connectivity systems; and industrial Ethernet switches, network management software, routers, firewalls, gateways, input/output (I/O) connectors/systems, industrial Ethernet cables, optical fiber industrial Ethernet cables, Fieldbus cables, IP and networking cables, I/O modules, distribution boxes, and customer specific wiring solutions. This segment provides its products for use in applications comprising network and fieldbus infrastructure; sensor and actuator connectivity; and power, control, and data transmission; and supplies heat-shrinkable tubing and wire management products to protect and organize wire and cable assemblies. It serves distributors, original equipment manufacturers, installers, and end-users. The company was formerly known as Belden CDT Inc. and changed its name to Belden Inc. in May 2007. Belden Inc. was founded in 1902 and is based in St. Louis, Missouri.Show more
  • Revenue $2.46B -2.0%
  • EBITDA $382M -8.3%
  • Net Income $198M -18.3%
  • EPS (Diluted) 4.80 -15.2%
  • Gross Margin 37.47% -1.4%
  • EBITDA Margin 15.53% -6.4%
  • Operating Margin 10.83% -14.3%
  • Net Margin 8.06% -16.6%
  • ROE 16.13% -23.3%
  • ROIC 9.89% -26.1%
  • Debt/Equity 0.97 -13.2%
  • Interest Coverage 6.96 -26.3%
Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

  • ✓Excellent 3Y average ROE of 20.5%
  • ✓High quality earnings: Operating CF exceeds net income
  • ✓Share count reduced 3.6% through buybacks

✗Weaknesses

No significant weaknesses identified

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

Price & Volume

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Growth Metrics

Revenue CAGR

10Y0.64%
5Y2.92%
3Y2.26%
TTM13.42%

Profit (Net Income) CAGR

10Y10.3%
5Y-
3Y45.88%
TTM27.73%

EPS CAGR

10Y11%
5Y13.05%
3Y50.43%
TTM30.93%

ROCE

10Y Avg8.95%
5Y Avg10.41%
3Y Avg12.14%
Latest10.03%

Peer Comparison

Cable & Connectivity Infrastructure
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Sector-Specific
NameMarket CapCurrent PriceP/E RatioRevenue Growth 1YNet MarginROEFCF YieldDebt/Equity
CRDOCredo Technology Group Holding Ltd26.94B149.12514.21126.34%26.63%16.48%0.11%0.02
BDCBelden Inc.4.78B121.5625.33-2.03%8.57%18.36%4.67%0.97
COMMCommScope Holding Company, Inc.4.23B19.10-10.73-7.87%1.16%5.86%
OCCOptical Cable Corporation37.52M4.23-23.509.55%-1.55%-5.27%2.98%0.12

Profit & Loss

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Sales/Revenue+2.31B2.36B2.09B2.17B2.13B1.75B2.3B2.61B2.51B2.46B
Revenue Growth %0%0.02%-0.11%0.04%-0.02%-0.18%0.31%0.13%-0.04%-0.02%
Cost of Goods Sold+1.39B1.38B1.28B1.34B1.34B1.18B1.53B1.69B1.56B1.54B
COGS % of Revenue0.6%0.58%0.62%0.62%0.63%0.67%0.66%0.65%0.62%0.63%
Gross Profit+918.17M981.32M802.32M829.91M793.5M575.62M771.84M916.29M954.97M922.22M
Gross Margin %0.4%0.42%0.38%0.38%0.37%0.33%0.34%0.35%0.38%0.37%
Gross Profit Growth %0.12%0.07%-0.18%0.03%-0.04%-0.27%0.34%0.19%0.04%-0.03%
Operating Expenses+777.62M725.31M568.68M578.04M586.3M425.51M508.17M552.96M637.45M655.76M
OpEx % of Revenue0.34%0.31%0.27%0.27%0.28%0.24%0.22%0.21%0.25%0.27%
Selling, General & Admin525.52M486.4M389.74M411.35M417.33M323.45M378.03M448.64M492.7M494.6M
SG&A % of Revenue0.23%0.21%0.19%0.19%0.2%0.18%0.16%0.17%0.2%0.2%
Research & Development148.31M140.52M88.75M91.55M94.36M73.02M90.23M104.35M116.43M112.36M
R&D % of Revenue0.06%0.06%0.04%0.04%0.04%0.04%0.04%0.04%0.05%0.05%
Other Operating Expenses103.79M98.39M90.19M75.14M74.61M29.04M39.91M-31K28.32M48.79M
Operating Income+140.55M232.08M233.64M314.01M207.21M150.11M263.68M363.33M317.52M266.46M
Operating Margin %0.06%0.1%0.11%0.14%0.1%0.09%0.11%0.14%0.13%0.11%
Operating Income Growth %-0.14%0.65%0.01%0.34%-0.34%-0.28%0.76%0.38%-0.13%-0.16%
EBITDA+290.89M377.68M383.29M462.64M346.47M258.8M351.66M452.07M416.96M382.2M
EBITDA Margin %0.13%0.16%0.18%0.21%0.16%0.15%0.15%0.17%0.17%0.16%
EBITDA Growth %0.1%0.3%0.01%0.21%-0.25%-0.25%0.36%0.29%-0.08%-0.08%
D&A (Non-Cash Add-back)150.34M145.59M149.65M148.63M139.26M108.69M87.99M88.74M99.45M115.74M
EBIT140.55M221.51M180.64M290.92M208.22M149.72M289.47M360.95M319.38M266.25M
Net Interest Income+-100.61M-95.05M-82.65M-60.84M-55.81M-58.9M-62.69M-43.55M-33.63M-38.3M
Interest Income0000000000
Interest Expense100.61M95.05M82.65M60.84M55.81M58.9M62.69M43.55M33.63M38.3M
Other Income/Expense-100.61M-105.62M-135.65M-83.93M-54.8M-59.3M-36.9M-45.94M-31.76M-38.52M
Pretax Income+39.94M126.46M97.99M230.08M152.41M90.82M226.78M317.39M285.76M227.94M
Pretax Margin %0.02%0.05%0.05%0.11%0.07%0.05%0.1%0.12%0.11%0.09%
Income Tax+-26.57M-1.19M-4.62M62.94M42.52M20.1M27.94M49.65M43.2M29.53M
Effective Tax Rate %1.66%1.01%0.95%0.7%-2.47%-0.61%0.28%0.8%0.85%0.87%
Net Income+66.2M128M93.21M160.89M-377.01M-55.16M63.92M254.66M242.76M198.43M
Net Margin %0.03%0.05%0.04%0.07%-0.18%-0.03%0.03%0.1%0.1%0.08%
Net Income Growth %-0.11%0.93%-0.27%0.73%-3.34%0.85%2.16%2.98%-0.05%-0.18%
Net Income (Continuing)66.51M127.65M102.61M167.14M109.89M70.72M198.84M267.75M242.56M198.41M
Discontinued Operations00000-125.78M-134.52M-12.93M00
Minority Interest1.42M1M631K441K5.97M6.47M795K939K45K0
EPS (Diluted)+1.543.012.193.932.601.211.415.725.664.80
EPS Growth %-0.09%0.95%-0.27%0.79%-0.34%-0.53%0.17%3.06%-0.01%-0.15%
EPS (Basic)1.563.042.213.962.601.211.436.025.754.88
Diluted Shares Outstanding42.95M42.56M42.64M40.96M42.2M44.78M45.36M44.54M42.86M41.3M
Basic Shares Outstanding42.39M42.09M42.22M40.67M42.2M44.78M44.8M43.84M42.24M40.69M
Dividend Payout Ratio0.13%0.13%0.47%0.27%--0.14%0.04%0.04%0.04%

Balance Sheet

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Total Current Assets+843.16M1.48B1.36B1.26B1.38B1.1B1.88B1.54B1.46B1.2B
Cash & Short-Term Investments216.75M848.12M561.11M420.61M407.48M501.99M641.56M687.68M597.04M370.3M
Cash Only216.75M848.12M561.11M420.61M407.48M501.99M641.56M687.68M597.04M370.3M
Short-Term Investments0000000000
Accounts Receivable387.39M388.06M473.57M335.96M334.63M296.82M383.44M440.1M413.81M409.71M
Days Sales Outstanding61.2360.182.8256.6257.3161.8360.8261.6360.1360.77
Inventory195.94M190.41M297.23M316.42M231.33M247.3M345.2M341.56M366.99M343.1M
Days Inventory Outstanding51.4150.5384.4386.4663.1276.7282.3873.7686.0281.38
Other Current Assets37.08M52.37M40.17M250.31M404.31M52.29M507.44M66.87M79.14M73.12M
Total Non-Current Assets+2.47B2.33B2.47B2.52B2.03B2.04B1.54B1.63B1.78B2.13B
Property, Plant & Equipment310.63M309.29M337.32M365.97M408.17M423.41M419.13M455.24M545.97M614.18M
Fixed Asset Turnover7.43x7.62x6.19x5.92x5.22x4.14x5.49x5.73x4.60x4.01x
Goodwill1.39B1.39B1.48B1.56B1.24B1.25B821.45M862.25M907.33M1.02B
Intangible Assets655.87M560.08M545.21M511.09M339.5M287.07M238.16M246.83M269.14M419.07M
Long-Term Investments29.5M000000000
Other Non-Current Assets57.27M38.78M65.21M29.86M12.45M49.38M29.56M46.5M45.03M63.43M
Total Assets+3.32B3.81B3.83B3.78B3.41B3.14B3.42B3.16B3.24B3.33B
Asset Turnover0.70x0.62x0.54x0.57x0.63x0.56x0.67x0.82x0.78x0.74x
Asset Growth %0.02%0.15%0.01%-0.01%-0.1%-0.08%0.09%-0.07%0.02%0.03%
Total Current Liabilities+549.26M570.28M671.68M716.92M722.54M520.76M752.87M639.92M633.5M622.7M
Accounts Payable223.51M258.2M376.28M297.5M268.47M244.12M377.76M350.06M343.21M315.72M
Days Payables Outstanding58.6568.52106.8981.2973.2575.7390.1575.680.4574.89
Short-Term Debt2.5M000000000
Deferred Revenue (Current)1000K1000K1000K1000K1000K1000K1000K1000K1000K1000K
Other Current Liabilities107.92M131.02M128.97M292.49M309.01M27.71M122.09M26.42M148.26M26.1M
Current Ratio1.54x2.59x2.03x1.76x1.91x2.11x2.49x2.40x2.30x1.92x
Quick Ratio1.18x2.26x1.59x1.31x1.59x1.63x2.04x1.87x1.72x1.37x
Cash Conversion Cycle5442.1160.3661.7947.1862.8253.0559.865.767.26
Total Non-Current Liabilities+1.94B1.78B1.73B1.67B1.72B1.86B1.71B1.38B1.44B1.41B
Long-Term Debt1.73B1.62B1.56B1.46B1.44B1.57B1.46B1.16B1.2B1.13B
Capital Lease Obligations000055.65M46.4M61.97M59.25M74.94M100.05M
Deferred Tax Liabilities46.03M14.28M27.71M39.94M48.73M38.4M51.11M58.58M49.47M77.33M
Other Non-Current Liabilities144.5M140.77M138.36M211.61M125.81M165M135.66M98.8M111.76M103.02M
Total Liabilities2.49B2.35B2.4B2.39B2.44B2.38B2.46B2.02B2.07B2.03B
Total Debt+1.75B1.62B1.56B1.46B1.51B1.63B1.54B1.24B1.3B1.25B
Net Debt1.54B772.04M999.64M1.04B1.1B1.13B896.91M549.58M701.05M880.93M
Debt / Equity2.12x1.11x1.09x1.05x1.56x2.16x1.61x1.08x1.11x0.97x
Debt / EBITDA6.03x4.29x4.07x3.16x4.36x6.32x4.37x2.74x3.11x3.27x
Net Debt / EBITDA5.28x2.04x2.61x2.25x3.18x4.38x2.55x1.22x1.68x2.30x
Interest Coverage1.40x2.44x2.83x5.16x3.71x2.55x4.21x8.34x9.44x6.96x
Total Equity+825.52M1.46B1.43B1.39B965.82M757.05M956.08M1.14B1.17B1.29B
Equity Growth %0.02%0.77%-0.02%-0.03%-0.3%-0.22%0.26%0.2%0.02%0.11%
Book Value per Share19.2234.3433.6533.8822.8916.9121.0825.6927.2131.35
Total Shareholders' Equity824.1M1.46B1.43B1.39B959.85M750.58M955.29M1.14B1.17B1.29B
Common Stock503K503K503K503K503K503K503K503K503K503K
Retained Earnings679.72M783.81M833.61M922M518M450.88M505.72M751.52M985.81M1.18B
Treasury Stock-402.79M-401.03M-425.69M-599.85M-307.2M-332.55M-313.99M-428.81M-597.44M-718.03M
Accumulated OCI-58.99M-39.07M-98.03M-74.91M-63.42M-191.85M-70.57M-5.87M-41.28M-3.53M
Minority Interest1.42M1M631K441K5.97M6.47M795K939K45K0

Cash Flow

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Cash from Operations+236.41M314.79M255.3M289.22M276.89M173.36M272.06M281.3M319.64M352.08M
Operating CF Margin %0.1%0.13%0.12%0.13%0.13%0.1%0.12%0.11%0.13%0.14%
Operating CF Growth %0.22%0.33%-0.19%0.13%-0.04%-0.37%0.57%0.03%0.14%0.1%
Net Income66.18M127.65M92.85M160.71M-376.78M-55.06M63.92M254.82M242.76M198.41M
Depreciation & Amortization150.34M145.59M149.65M148.63M139.26M108.69M87.99M88.74M99.45M115.74M
Stock-Based Compensation17.75M18.18M14.65M18.5M17.75M20.03M22.63M23.68M21.02M27.53M
Deferred Taxes-50.72M-30.03M-24.1M11.3M-23.54M-19.41M0-627K-12.96M-15.95M
Other Non-Cash Items-1.77M26.27M52.44M22.99M521.44M113.95M281.61M-31.5M-12.26M0
Working Capital Changes54.64M27.14M-30.19M-72.91M-1.24M5.16M-184.09M-53.81M-18.38M26.34M
Change in Receivables6.07M-10.12M-24.93M-24.34M-9.69M80.06M-119.01M-33.6M24.53M18.86M
Change in Inventory19.2M2.68M-84.09M-14.78M44.48M-8.51M-92.98M5.56M-15.33M24.32M
Change in Payables-38.91M39.3M100.75M-29.4M-41.53M-43.57M0-20.59M-8.18M-21.72M
Cash from Investing+-746.25M-73.26M-230.12M-140.68M-184.37M-31.64M-92M168.41M-200.36M-426.75M
Capital Expenditures-54.97M-53.97M-64.26M-97.85M-110M-90.22M-90.98M-105.09M-116.73M-129.1M
CapEx % of Revenue0.02%0.02%0.03%0.05%0.05%0.05%0.04%0.04%0.05%0.05%
Acquisitions----------
Investments----------
Other Investing533K-435K1.04M1.58M25K3.16M72.32M43.53M13.79M-1.2M
Cash from Financing+-6.02M401.7M-331.45M-281.77M-86.95M-74.91M-32.93M-393.21M-211.93M-143.72M
Debt Issued (Net)----------
Equity Issued (Net)----------
Dividends Paid-8.39M-16.08M-43.38M-43.17M-34.44M-9.03M-9.06M-8.95M-8.5M-8.2M
Share Repurchases----------
Other Financing-12.59M-11.39M-23.88M-10.11M-2.15M-30.69M-10.86M-7.19M-17.44M-9M
Net Change in Cash----------
Free Cash Flow+181.44M260.82M191.04M191.37M166.89M83.15M181.07M176.2M202.91M222.98M
FCF Margin %0.08%0.11%0.09%0.09%0.08%0.05%0.08%0.07%0.08%0.09%
FCF Growth %0.22%0.44%-0.27%0%-0.13%-0.5%1.18%-0.03%0.15%0.1%
FCF per Share4.226.134.484.673.951.863.993.964.735.40
FCF Conversion (FCF/Net Income)3.57x2.46x2.74x1.80x-0.73x-3.14x4.26x1.10x1.32x1.77x
Interest Paid00000054.18M0042.4M
Taxes Paid00000000071.13M

Key Ratios

Metric2015201620172018201920202021202220232024
Return on Equity (ROE)8.11%11.19%6.44%11.4%-32.04%-6.4%7.46%24.25%21.02%16.13%
Return on Invested Capital (ROIC)5.02%7.58%7.51%9.68%6.91%5.69%10.57%15.37%13.38%9.89%
Gross Margin39.76%41.64%38.44%38.32%37.23%32.85%33.54%35.15%38.01%37.47%
Net Margin2.87%5.43%4.47%7.43%-17.69%-3.15%2.78%9.77%9.66%8.06%
Debt / Equity2.12x1.11x1.09x1.05x1.56x2.16x1.61x1.08x1.11x0.97x
Interest Coverage1.40x2.44x2.83x5.16x3.71x2.55x4.21x8.34x9.44x6.96x
FCF Conversion3.57x2.46x2.74x1.80x-0.73x-3.14x4.26x1.10x1.32x1.77x
Revenue Growth0.04%2.05%-11.44%3.76%-1.59%-17.79%31.34%13.26%-3.62%-2.03%

Revenue by Segment

2015201620172018201920202021202220232024
Automation Solutions---------1.32B
Automation Solutions Growth----------
Industrial Solutions--628.46M95.77M87.04M990.3M1.33B1.41B1.39B-
Industrial Solutions Growth----84.76%-9.12%1037.76%34.67%5.57%-1.33%-
Enterprise Solutions--631.17M73.81M-872.42M1.07B1.2B1.12B-
Enterprise Solutions Growth----88.31%--23.16%11.55%-6.31%-
Broadcast Solutions900.64M769.75M725.14M-------
Broadcast Solutions Growth--14.53%-5.80%-------
Network Solutions--403.88M-------
Network Solutions Growth----------
Enterprise Connectivity Solutions445.24M603.19M--------
Enterprise Connectivity Solutions Growth-35.47%--------
Industrial Connectivity Solutions603.35M585.48M--------
Industrial Connectivity Solutions Growth--2.96%--------
Industrial Information Technology Solutions244.3M235.44M--------
Industrial Information Technology Solutions Growth--3.63%--------
Network Security Solutions167.05M163.95M--------
Network Security Solutions Growth--1.86%--------

Revenue by Geography

2015201620172018201920202021202220232024
UNITED STATES1.27B1.28B1.27B1.32B1.27B1.02B1.27B1.45B1.38B1.39B
UNITED STATES Growth-1.06%-1.44%4.68%-4.00%-20.15%25.40%13.75%-4.49%0.65%
Other Countries--------720.9M698.34M
Other Countries Growth----------3.13%
CANADA170.52M159.99M167.6M174.73M170.68M119.7M191.49M188.01M169.12M160.01M
CANADA Growth--6.18%4.76%4.25%-2.31%-29.87%59.98%-1.82%-10.05%-5.39%
GERMANY103.11M104.21M113.99M117.6M105.61M91.19M113.53M131.49M134.13M118.26M
GERMANY Growth-1.07%9.38%3.17%-10.19%-13.66%24.50%15.82%2.01%-11.83%
CHINA114.86M114.61M121.6M132.54M129.72M111.83M149.04M126.9M104.72M92.11M
CHINA Growth--0.22%6.10%9.00%-2.13%-13.78%33.26%-14.85%-17.48%-12.04%
Other Country650.26M693.94M719.99M835.85M453.64M524.65M680.8M711.84M--
Other Country Growth-6.72%3.75%16.09%-45.73%15.66%29.76%4.56%--

Frequently Asked Questions

Valuation & Price

Belden Inc. (BDC) has a price-to-earnings (P/E) ratio of 25.3x. This suggests investors expect higher future growth.

Growth & Financials

Belden Inc. (BDC) reported $2.66B in revenue for fiscal year 2024. This represents a 41% increase from $1.88B in 2011.

Belden Inc. (BDC) saw revenue decline by 2.0% over the past year.

Yes, Belden Inc. (BDC) is profitable, generating $228.0M in net income for fiscal year 2024 (8.1% net margin).

Dividend & Returns

Yes, Belden Inc. (BDC) pays a dividend with a yield of 0.16%. This makes it attractive for income-focused investors.

Belden Inc. (BDC) has a return on equity (ROE) of 16.1%. This is reasonable for most industries.

Belden Inc. (BDC) generated $213.8M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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