Latest Ratios: P/E Ratio 19.3x · EV/EBITDA 12.0x · ROE 18.6%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $4.4B | $4.7B | $4.7B | $3.3B | $3.2B | $3.0B | $1.9B | $2.3B | $1.7B | $3.3B | $3.2B |
| Enterprise Value | $5.5B | $5.8B | $5.5B | $4.0B | $3.8B | $3.9B | $3.0B | $3.4B | $2.8B | $4.3B | $4.0B |
| P/E Ratio → | 19.31 | 19.72 | 23.46 | 13.65 | 12.57 | 46.62 | 34.63 | 21.15 | 10.63 | 35.24 | 24.84 |
| P/S Ratio | 1.64 | 1.73 | 1.89 | 1.32 | 1.23 | 1.30 | 1.07 | 1.09 | 0.79 | 1.58 | 1.35 |
| P/B Ratio | 3.63 | 3.71 | 3.59 | 2.84 | 2.80 | 3.12 | 2.48 | 2.40 | 1.23 | 2.29 | 2.18 |
| P/FCF | 20.32 | 21.43 | 20.86 | 16.32 | 18.17 | 16.47 | 22.56 | 13.91 | 8.94 | 17.23 | 12.20 |
| P/OCF | 12.53 | 13.21 | 13.21 | 10.36 | 11.38 | 10.96 | 10.82 | 8.38 | 5.91 | 12.89 | 10.11 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.13 | 2.25 | 1.60 | 1.44 | 1.69 | 1.72 | 1.61 | 1.27 | 2.06 | 1.68 |
| EV / EBITDA | 11.99 | 12.51 | 14.47 | 9.62 | 8.30 | 11.03 | 11.63 | 9.88 | 5.95 | 11.19 | 10.47 |
| EV / EBIT | 16.67 | 18.42 | 20.78 | 12.56 | 10.39 | 13.40 | 20.10 | 16.44 | 9.46 | 23.75 | 17.85 |
| EV / FCF | — | 26.39 | 24.81 | 19.77 | 21.29 | 21.42 | 36.19 | 20.51 | 14.39 | 22.46 | 15.16 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 36.0% | 36.0% | 37.5% | 38.0% | 35.2% | 33.5% | 32.9% | 37.2% | 38.3% | 38.4% | 41.6% |
| Operating Margin | 12.2% | 12.2% | 10.8% | 12.6% | 13.9% | 11.5% | 8.6% | 9.7% | 14.5% | 11.2% | 9.8% |
| Net Profit Margin | 8.7% | 8.7% | 8.1% | 9.7% | 9.8% | 2.8% | -3.1% | -17.7% | 7.4% | 4.5% | 5.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 18.6% | 18.6% | 16.1% | 21.0% | 24.3% | 7.5% | -6.4% | -32.0% | 11.4% | 6.4% | 11.2% |
| ROA | 6.9% | 6.9% | 6.0% | 7.6% | 7.7% | 1.9% | -1.7% | -10.5% | 4.2% | 2.4% | 3.6% |
| ROIC | 11.0% | 11.0% | 9.9% | 13.4% | 15.4% | 10.6% | 5.7% | 6.9% | 9.7% | 7.5% | 7.6% |
| ROCE | 12.0% | 12.0% | 10.0% | 12.4% | 14.0% | 10.0% | 5.7% | 7.2% | 10.1% | 7.3% | 7.7% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.17 | 1.17 | 0.97 | 1.11 | 1.08 | 1.61 | 2.16 | 1.56 | 1.05 | 1.09 | 1.11 |
| Debt / EBITDA | 3.20 | 3.20 | 3.27 | 3.11 | 2.74 | 4.37 | 6.32 | 4.36 | 3.16 | 4.07 | 4.29 |
| Net Debt / Equity | — | 0.86 | 0.68 | 0.60 | 0.48 | 0.94 | 1.50 | 1.14 | 0.75 | 0.70 | 0.53 |
| Net Debt / EBITDA | 2.35 | 2.35 | 2.30 | 1.68 | 1.22 | 2.55 | 4.38 | 3.18 | 2.25 | 2.61 | 2.04 |
| Debt / FCF | — | 4.96 | 3.95 | 3.46 | 3.12 | 4.95 | 13.63 | 6.60 | 5.45 | 5.23 | 2.96 |
| Interest Coverage | 6.76 | 6.76 | 6.95 | 9.50 | 8.29 | 4.62 | 2.54 | 3.73 | 4.78 | 2.19 | 2.33 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.93 | 1.93 | 1.92 | 2.30 | 2.40 | 2.49 | 2.11 | 1.91 | 1.76 | 2.03 | 2.59 |
| Quick Ratio | 1.36 | 1.36 | 1.37 | 1.72 | 1.87 | 2.04 | 1.63 | 1.59 | 1.31 | 1.59 | 2.26 |
| Cash Ratio | 0.56 | 0.56 | 0.59 | 0.94 | 1.07 | 0.85 | 0.96 | 0.56 | 0.59 | 0.84 | 1.49 |
| Asset Turnover | — | 0.77 | 0.74 | 0.78 | 0.82 | 0.67 | 0.56 | 0.63 | 0.57 | 0.54 | 0.62 |
| Inventory Turnover | 4.32 | 4.32 | 4.48 | 4.24 | 4.95 | 4.43 | 4.76 | 5.78 | 4.22 | 4.32 | 7.22 |
| Days Sales Outstanding | — | 62.22 | 60.77 | 60.13 | 61.63 | 60.82 | 61.83 | 57.31 | 56.62 | 82.82 | 60.10 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.2% | 0.2% | 0.2% | 0.3% | 0.3% | 0.3% | 0.5% | 1.5% | 2.5% | 1.3% | 0.5% |
| Payout Ratio | 3.4% | 3.4% | 4.1% | 3.5% | 3.5% | 14.2% | — | — | 26.8% | 46.5% | 12.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 5.2% | 5.1% | 4.3% | 7.3% | 8.0% | 2.1% | 2.9% | 4.7% | 9.4% | 2.8% | 4.0% |
| FCF Yield | 4.9% | 4.7% | 4.8% | 6.1% | 5.5% | 6.1% | 4.4% | 7.2% | 11.2% | 5.8% | 8.2% |
| Buyback Yield | 4.9% | 4.6% | 2.9% | 5.8% | 4.7% | 0.2% | 1.9% | 2.2% | 10.2% | 0.8% | 7.0% |
| Total Shareholder Yield | 5.0% | 4.8% | 3.1% | 6.1% | 5.0% | 0.5% | 2.3% | 3.6% | 12.8% | 2.1% | 7.5% |
| Shares Outstanding | — | $40M | $41M | $43M | $45M | $45M | $45M | $42M | $41M | $43M | $43M |
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Quick answers to the most common questions about buying BDC stock.
Belden Inc.'s current P/E ratio is 19.3x. The historical average is 27.3x. This places it at the 37th percentile of its historical range.
Belden Inc.'s current EV/EBITDA is 12.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 11.3x.
Belden Inc.'s return on equity (ROE) is 18.6%. The historical average is 7.5%.
Based on historical data, Belden Inc. is trading at a P/E of 19.3x. This is at the 37th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Belden Inc.'s current dividend yield is 0.17% with a payout ratio of 3.4%.
Belden Inc. has 36.0% gross margin and 12.2% operating margin. Operating margin between 10-20% is typical for established companies.
Belden Inc.'s Debt/EBITDA ratio is 3.2x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
Revenue growth sustainability
Metrics are mathematically derived from official filings.
Margin Expansion Through Mix Shift
Gross margin reached 39.1% in Q2 2026, the highest in ten quarters, while operating margin expanded to 15.2% from 12.3% a year earlier, according to the financial statements. This suggests a favorable product mix shift toward higher-margin industrial networking solutions.
The 300 basis point year-over-year improvement in gross margin indicates that the company is successfully shifting toward more value-added products, likely in the Industrial Solutions segment. Operating leverage is evident as operating income grew 38.5% versus revenue growth of 11.6%, implying that fixed costs are being spread over a larger revenue base. However, the sustainability of this margin expansion depends on continued demand for industrial automation and the ability to pass through commodity costs, which warrants monitoring.
ROIC Recovery on Modest Capital Base
ROIC improved to 3.6% in Q2 2026 from 2.1% a year earlier, as reported in the quarterly data, reflecting better asset utilization and margin expansion. Despite this improvement, returns remain modest, suggesting the company is still in the early stages of its transformation.
The sequential improvement in ROIC from 2.8% in Q1 2026 to 3.6% in Q2 2026 indicates that the company is generating more operating income per dollar of invested capital. This is driven by both higher margins and a slight increase in asset turnover, which rose from 0.20 to 0.21. However, ROIC remains below the cost of capital, implying that the company is not yet creating significant economic value, and investors should monitor whether this trend continues as the mix shift progresses.
Working Capital Drag on Cash Flow
Cash conversion cycle lengthened to 78 days in Q2 2026 from 69 days a year earlier, driven by higher DIO of 84 days, according to the quarterly data. This suggests that inventory build-up is absorbing cash, despite strong revenue growth.
The increase in DIO from 79 days in Q3 2025 to 84 days in Q2 2026 indicates that Belden is holding more inventory, possibly to meet demand or due to supply chain disruptions. DSO also rose slightly to 63 days, while DPO remained stable at 68 days, resulting in a net working capital outflow. This explains the volatile free cash flow, which swung from -9.1% margin in Q1 2026 to 11.8% in Q2 2026. Investors should watch whether inventory levels normalize, as prolonged high DIO could pressure cash generation.
Leverage Creeping Higher Despite Low D/E
Debt-to-EBITDA rose to 11.56 in Q2 2026 from 11.38 a year earlier, while interest coverage improved to 8.39 from 6.91, based on reported figures. The D/E ratio of 0.95 appears manageable, but the high D/EBITDA suggests significant debt relative to earnings.
Although the D/E ratio is below 1.0, the D/EBITDA multiple of 11.56 is elevated, indicating that debt levels are high relative to cash earnings. However, interest coverage of 8.39 provides a comfortable cushion for debt service. The slight increase in D/EBITDA from 11.38 to 11.56 suggests that debt is growing faster than EBITDA, which could be a concern if earnings decline. The prior balance sheet analysis noted a potential data discrepancy in the reported D/E of 1.17%, but the actual figures suggest a more leveraged position than initially apparent.
Liquidity Buffer Strengthens
Current ratio improved to 2.14 in Q2 2026 from 1.70 in Q2 2024, with quick ratio at 1.49, according to the balance sheet data. This indicates a solid liquidity position, though inventory dependence remains moderate.
The improvement in the current ratio reflects higher cash balances and better working capital management. The quick ratio of 1.49 suggests that even without selling inventory, Belden can cover its short-term obligations. However, the inventory component of the current ratio is significant, and if demand weakens, inventory could become a drag. The company's ability to maintain this liquidity buffer is crucial given the cyclicality of its end markets.
Misapplied P/E on Cyclical Earnings
The trailing P/E of 20.77 may mislead investors because Belden's earnings are highly cyclical and currently near a peak, as evidenced by the 10.3% revenue growth. A more appropriate metric is EV/EBITDA, which at 12.72 better captures the company's cash-generating ability.
Using a P/E ratio on a company with volatile earnings can result in misleading valuations, especially when earnings are temporarily boosted by a cyclical upswing. The forward P/E of 14.49 suggests the market expects earnings to grow, but this may not be sustainable. EV/EBITDA is more suitable because it normalizes for capital structure and non-cash charges, providing a clearer picture of the company's operating performance. Investors should also consider the PEG ratio of 0.56, which implies that the stock is undervalued relative to its growth rate, but this assumes the growth is sustainable.