Free cash flow margin improved to 7.4% in Q2 2026 from 3.5% a year earlier, but working capital swings (WC change of -$22.1M) and cumulative OCF of $186.1M versus net income of $146.3M suggest cash conversion remains volatile.
Bel Fuse Inc. (BELFB) cash flow statement — 30-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | 83.51M | 79.93M | 74.06M | 108.35M | 40.26M | 4.63M | 46.11M | 24.45M | 10.1M | 24.12M | 38.6M | 65.79M | 22.46M | 10.58M | 11.61M | 30.27M | 7.64M | 29.16M | 10.29M | 19.85M | 19.03M | 31.27M | 32.11M | 28.67M | 5.09M | 20.97M | 38.4M | 23.2M | 15.8M | 8.3M | 14.3M |
| Operating CF Margin % | - | 11.83% | 13.85% | 16.93% | 6.15% | 0.85% | 9.9% | 4.97% | 1.84% | 4.91% | 7.72% | 11.6% | 4.61% | 3.03% | 4.05% | 10.26% | 2.52% | 15.95% | 3.98% | 7.66% | 7.47% | 14.48% | 16.9% | 18.09% | 5.33% | 21.84% | 26.44% | 19.41% | 17.4% | 11.29% | 21.83% |
| Operating CF Growth % | 291.8% | 7.92% | -31.64% | 169.14% | 769.11% | -89.95% | 88.58% | 142.15% | -58.14% | -37.52% | -41.32% | 192.96% | 112.24% | -8.86% | -61.64% | 296.32% | -73.81% | 183.39% | -48.16% | 4.27% | -39.14% | -2.6% | 12.01% | 463.15% | -75.73% | -45.39% | 65.53% | 46.84% | 90.36% | -41.96% | 104.29% |
| Net Income | 60.4M | 61.54M | 49.19M | 73.83M | 52.69M | 24.82M | 12.79M | -8.74M | 20.71M | -11.9M | -64.83M | 19.2M | 9.1M | 15.91M | 2.4M | 3.76M | 13.65M | -8.31M | -14.93M | 26.34M | 25.2M | 20.23M | 24.72M | 13.76M | 579K | -12.16M | 32.22M | 21.3M | 15.2M | 8.9M | 7.8M |
| Depreciation & Amortization | 26.84M | 26.59M | 16.46M | 13.31M | 14.86M | 16.86M | 16.42M | 16.47M | 18.21M | 20.72M | 21.78M | 23.01M | 19.75M | 12.38M | 9.07M | 8.67M | 8.84M | 6.78M | 7.44M | 7.92M | 9.03M | 10.1M | 9.03M | 8.37M | 6M | 7.78M | 5.93M | 6.1M | 4.1M | 3.4M | 3M |
| Stock-Based Compensation | 6.87M | 0 | 3.74M | 3.49M | 2.38M | 2.3M | 2.32M | 2.89M | 2.83M | 3.03M | 2.82M | 2.81M | 2.72M | 1.88M | 1.77M | 1.71M | 2.2M | 1.73M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -2.32M | 1.38M | -6.27M | -3.87M | -4.59M | 441K | -1.74M | -2.17M | 2.49M | -315K | -6.4M | -356K | -2.56M | -877K | -1.22M | 683K | 725K | 4M | -3.62M | -2.04M | -988.24K | -3.6M | -4.99M | 1.59M | 405K | -2.59M | 1.78M | -400K | 300K | -100K | 400K |
| Other Non-Cash Items | 32.21M | 17.16M | 3.95M | -2.75M | -645K | -3.82M | 2.39M | 6.58M | -1.2M | 7.04M | 102.99M | 13K | -2.95M | 285K | 2.71M | 902K | 363K | 1.56M | 27.56M | 1.32M | 1.23M | 1.71M | 2.27M | 1.18M | 5.66M | 20.54M | -588.17K | 100K | 300K | -100K | 100K |
| Working Capital Changes | -42.56M | -26.73M | 6.99M | 24.34M | -24.44M | -35.97M | 13.93M | 9.43M | -32.95M | 5.55M | -17.75M | 21.11M | -3.59M | -19M | -3.12M | 14.54M | -18.14M | 23.39M | -7.74M | -6.25M | -12M | 2.83M | 1.08M | 3.76M | -7.55M | 7.4M | -941.95K | -3.9M | -4.1M | -4M | 4.2M |
| Change in Receivables | -34.83M | -13.36M | 983K | 27.95M | -10.67M | -12.98M | 7.58M | 19.3M | -13M | -2.95M | 10.8M | 12.19M | 1.38M | -8.03M | 260K | 14.17M | -12.16M | 11.3M | 6.01M | -11.41M | -2.66B | -3.77B | -2.67B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | -33.27M | -2.42M | 15.12M | 33.61M | -36.59M | -34.01M | 9.69M | 17.09M | -24.73M | -6.16M | -2.79M | 12.95M | 9.12M | -6.54M | -343K | 3.56M | -17.65M | 14.76M | -7.58M | 7.48M | -13.5M | -1.15M | -2.77M | 2.04M | 1.49M | 1.86M | -6.05M | -2.4M | -2.2M | -3.8M | 2.4M |
| Change in Payables | 32M | 2.44M | 139K | -22.75M | 1.52M | 23.96M | -6.04M | -15.11M | 8.99M | -1.43M | -588K | -10.02M | -3.89M | 1.49M | -1.42M | -2.68M | 1.72M | 2.9M | -1.84M | -1.18M | 2.66B | 3.63B | 1.3B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -21.68M | -3.25M | -297.89M | -53.53M | -7M | -18.88M | -1.51M | -33.09M | -13.69M | -6.35M | -2.38M | -9.81M | -217.67M | -26.18M | -18.87M | -22.48M | -44.76M | 23.33M | -5.29M | -6.49M | 4.23M | -44.68M | -18.28M | -39.42M | -15.63M | -14.03M | -5.88M | -7.4M | -31M | -3M | 800K |
| Capital Expenditures | -10.17M | -12M | -14.11M | -12.13M | -8.83M | -9.4M | -5.48M | -9.89M | -11.59M | -6.42M | -8.22M | -9.89M | -9.04M | -8.28M | -4.74M | -2.93M | -2.43M | -2.46M | -7.19M | -9.27M | -9.36M | -7.75M | -6.58M | -3.12M | -6.48M | -5.98M | -8.13M | -5.3M | -31.2M | -6.1M | -2.7M |
| CapEx % of Revenue | 1.37% | 1.78% | 2.64% | 1.9% | 1.35% | 1.73% | 1.18% | 2.01% | 2.11% | 1.31% | 1.64% | 1.74% | 1.86% | 2.37% | 1.66% | 0.99% | 0.8% | 1.34% | 2.78% | 3.58% | 3.67% | 3.59% | 3.46% | 1.97% | 6.78% | 6.22% | 5.6% | 4.44% | 34.36% | 8.3% | 4.12% |
| Acquisitions | -15.18M | 7.8M | -320.48M | -5.22M | 0 | -16.81M | 0 | -29M | -2.18M | 76K | 5.84M | 77K | -208.69M | -30.99M | -19.41M | 386K | -40.42M | -454K | 0 | 0 | -6.96M | -20.81M | -353.46K | -36.28M | -5.56M | -5.94M | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 3.64M | 0 | 168M | 3.88M | 1.83M | 7.33M | 3.96M | 5.81M | 77K | 76K | 3.67M | -2.74M | 2.94M | 11.51M | 193K | -15.24M | 3.68M | 3.91M | 2.27M | 11.33M | -300K | 252.59K | 29K | 29K | -898.16K | 89.16K | 865 | -700K | 200K | 100K | 200K |
| Cash from Financing | 181.96M | -93.47M | 206.26M | -38.6M | -21.26M | -8.4M | -32.14M | 25.23M | -12.31M | -24.32M | -47.48M | -48.81M | 211.55M | 6.04M | -9.89M | -3.21M | -3.18M | -3.23M | -13.84M | -6.61M | 1.3M | -5.43M | -276.99K | 9.21M | 263.42K | -249.72K | -1.32M | 700K | 900K | 400K | 100K |
| Debt Issued (Net) | -250M | -90M | 227.5M | -35M | -17.5M | -4.35M | -28.18M | 29.03M | -9.01M | -19.02M | -43.52M | -45.58M | 214.71M | 12.51M | -17K | 0 | 0 | 0 | 0 | 0 | 0 | -7.36M | -2M | 8.5M | 29K | 0 | 104K | 100K | 200K | 0 | 0 |
| Equity Issued (Net) | 441.64M | 0 | -16.05M | -105K | -349K | 0 | 0 | -448K | 0 | 0 | 0 | 0 | 0 | -3.36M | -6.64M | 0 | 0 | -92K | -11M | -4.28M | 3.19M | 4.12M | 3.89M | 2.58M | 1.87M | 1.33M | 154.71K | 700K | 900K | 400K | 100K |
| Dividends Paid | -3.49M | -3.46M | -3.45M | -3.49M | -3.41M | -3.38M | -3.36M | -3.35M | -3.29M | -3.28M | -3.25M | -3.24M | -3.16M | -3.11M | -3.23M | -3.21M | -3.18M | -3.14M | -3.19M | -2.47M | -2.22M | -2.18M | -2.17M | -1.87M | -1.64M | -1.61M | -1.58M | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | -16.05M | -105K | -349K | 0 | 0 | -448K | 0 | 0 | 0 | 0 | 0 | -3.36M | -6.64M | 0 | 0 | -92K | -11M | -5.73M | 0 | 0 | 0 | 0 | 0 | 0 | -807.8K | 0 | 0 | 0 | 0 |
| Other Financing | -6.19M | 0 | -1.74M | 0 | 0 | -675K | -600K | 0 | 0 | -2.01M | -718K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 351K | 149K | 336.46K | 0 | 0 | 0 | -1.57K | 29K | 0 | 0 | -200K | 0 | 0 |
| Net Change in Cash | 246.82M | -10.45M | -21.12M | 19.11M | 8.51M | -23.18M | 12.65M | 18.38M | -15.44M | -4.06M | -11.63M | 7.9M | 15.02M | -9.14M | -16.98M | 4.41M | -40.4M | 49.28M | -8.92M | 7.11M | 24.76M | -19.2M | 13.74M | -1.54M | -10.28M | 6.69M | 31.2M | 16.5M | -14.3M | 5.7M | 15.2M |
| Free Cash Flow | 73.34M | 67.93M | 59.96M | 96.22M | 31.43M | -4.76M | 40.63M | 14.56M | -1.5M | 17.7M | 30.38M | 55.9M | 13.41M | 2.31M | 6.87M | 27.34M | 5.21M | 26.7M | 3.1M | 10.58M | 9.67M | 23.53M | 25.53M | 25.55M | -1.39M | 15M | 30.27M | 17.9M | -15.4M | 2.2M | 11.6M |
| FCF Margin % | 9.86% | 10.06% | 11.21% | 15.04% | 4.8% | -0.88% | 8.72% | 2.96% | -0.27% | 3.6% | 6.07% | 9.86% | 2.75% | 0.66% | 2.4% | 9.26% | 1.72% | 14.61% | 1.2% | 4.08% | 3.79% | 10.9% | 13.44% | 16.12% | -1.45% | 15.61% | 20.85% | 14.98% | -16.96% | 2.99% | 17.71% |
| FCF Growth % | 52.67% | 13.3% | -37.69% | 206.2% | 759.5% | -111.73% | 179.09% | 1072.55% | -108.46% | -41.75% | -45.65% | 316.68% | 482% | -66.42% | -74.89% | 424.74% | -80.49% | 760.8% | -70.67% | 9.4% | -58.91% | -7.84% | -0.07% | 1941.86% | -109.25% | -50.46% | 69.13% | 216.23% | -800% | -81.03% | 3000% |
| FCF per Share | 5.39 | 5.42 | 4.78 | 7.53 | 2.20 | -0.34 | 2.90 | 1.04 | -0.12 | 1.47 | 2.55 | 4.71 | 1.15 | 0.20 | 0.58 | 2.32 | 0.45 | 2.31 | 0.26 | 0.89 | 0.82 | 2.00 | 2.22 | 2.29 | -0.13 | 1.40 | 2.76 | 1.66 | -1.48 | 0.21 | 1.15 |
| FCF Conversion (FCF/Net Income) | 1.21x | 1.30x | 1.81x | 1.47x | 0.76x | 0.19x | 3.60x | -2.80x | 0.49x | -2.03x | -0.60x | 3.43x | 2.47x | 0.67x | 4.83x | 8.04x | 0.56x | -3.51x | -0.69x | 0.75x | 0.76x | 1.55x | 1.30x | 2.08x | 8.79x | -1.72x | 1.19x | 1.09x | 1.04x | 0.93x | 1.83x |
| Interest Paid | 10.42M | 0 | 5.79M | 4.73M | 3.37M | 2.14M | 4.13M | 4.85M | 4.78M | 4.35M | 4.84M | 6.15M | 3.21M | 156K | 16K | 0 | 15K | 2K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 12.74M | 0 | 22.95M | 25.06M | 14.62M | 2.87M | 2.65M | 4.69M | 7.48M | 756K | 2.46M | 580K | 4.69M | -474K | 1.46M | 1.95M | 2.17M | 1.91M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying BELFB stock.
Bel Fuse Inc. (BELFB) generated $79.9M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Bel Fuse Inc. (BELFB) generated $67.9M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Bel Fuse Inc. (BELFB) spent $12.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Bel Fuse Inc. (BELFB) returned $3.5M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Working capital swings and EPS volatility
Metrics are mathematically derived from official filings.
Cash Conversion Volatility Masks Earnings Quality
Operating cash flow to net income swung from 0.56x in Q2 2026 to 1.22x in Q1 2026, per reported figures, indicating significant timing effects in working capital that obscure underlying earnings quality.
The OCF/NI ratio has been highly erratic, ranging from -5.43x in Q4 2025 to 3.38x in Q3 2024, suggesting that net income is not a reliable proxy for cash generation on a quarterly basis. The negative working capital changes in Q2 2026 (-$22.1M) and Q1 2026 (-$10.6M) appear to be the primary drivers of the cash conversion shortfall, likely reflecting inventory build-up or receivable timing. Investors should monitor whether these swings normalize, as the cumulative conversion over the trailing year appears more stable than any single quarter suggests.
Free Cash Flow Growth Lags Revenue Momentum
FCF margin improved to 7.4% in Q2 2026 from 3.5% in Q1 2025, but remains below the 23.2% peak in Q2 2024, based on reported figures, indicating that revenue growth is not yet translating into proportional cash generation.
While revenue has accelerated, FCF margins have been volatile and have not consistently expanded, with Q2 2026 FCF of $15.7M representing a modest 7.4% margin. The gap between net income and operating cash flow in Q2 2026 (net income of $32.2M vs. OCF of $17.9M) suggests that earnings are being absorbed by working capital investments, possibly to support the growth in defense and data segments. The trajectory appears to be improving from the trough in Q1 2025, but the sustainability of this improvement depends on working capital normalization.
Light Capital Intensity Supports Cash Generation
CapEx as a percentage of revenue has remained below 2% in recent quarters, with Q2 2026 at 1.1%, per financial statements, indicating a low capital intensity that allows most operating cash flow to convert to free cash flow.
The company's capital expenditure is minimal relative to its revenue base, with the highest ratio in the past ten quarters being 4.1% in Q4 2024. This suggests that the business does not require heavy reinvestment to maintain its operations, which is consistent with a high-mix, low-volume manufacturing model. The low CapEx/Revenue ratio also implies that depreciation charges (around $6.6-6.9M per quarter) are not being fully replaced by new capital investment, which could signal either underinvestment or a mature asset base that is being efficiently utilized.
Working Capital Swings Drive Cash Flow Volatility
Working capital changes swung from +$15.5M in Q3 2024 to -$22.1M in Q2 2026, based on reported data, indicating that cash flow is heavily influenced by inventory and receivable timing rather than underlying profitability.
The negative working capital changes in recent quarters (Q2 2026: -$22.1M, Q1 2026: -$10.6M) suggest that the company is investing in inventory or experiencing slower collections, possibly to support the rapid revenue growth. This pattern is typical of a company scaling up to meet demand, but it creates a drag on operating cash flow that may reverse in subsequent quarters. The positive working capital contribution in Q3 2024 (+$15.5M) indicates that the company can also generate cash from working capital when demand softens, adding to the cyclicality of cash flows.
Conservative Deployment with Acquisition Dry Powder
Dividends have been steady at roughly $0.84M per quarter, while buybacks were negligible in 2026, and the company made a $320.5M acquisition in Q4 2024, per reported figures, indicating a focus on inorganic growth.
The company's capital deployment has been dominated by the large acquisition in Q4 2024, which likely contributed to the subsequent revenue acceleration. Since then, cash returned to shareholders has been minimal, with dividends consuming only a small portion of free cash flow. The near-zero debt balance sheet provides substantial flexibility for future acquisitions or buybacks, but management appears to be prioritizing growth investments over shareholder returns. Investors should monitor whether the acquisition integration continues to generate the expected synergies and whether the company will eventually return more capital to shareholders.
Cumulative Earnings Outpace Cash Generation
Over the past ten quarters, cumulative net income of $146.3M exceeds cumulative operating cash flow of $186.1M, but the gap narrows when excluding the acquisition quarter, based on reported figures, suggesting a modest divergence.
The cumulative OCF of $186.1M is actually higher than cumulative net income of $146.3M, indicating that the company has converted earnings into cash effectively over the period. However, this is partly due to the large positive working capital contribution in Q3 2024 and the negative net income quarters in Q4 2024 and Q4 2025. The divergence between net income and OCF in individual quarters is significant, but the longer-term picture appears more balanced, suggesting that the earnings quality is acceptable when viewed over a multi-year horizon.
What the Cash Flow Statement Obscures
SBC of $3.0M in Q2 2026 and acquisition-related intangibles may inflate reported earnings relative to cash, while the $320.5M acquisition in Q4 2024 distorts period comparisons, per reported figures.
The cash flow statement does not fully capture the economic cost of stock-based compensation, which totaled $3.0M in Q2 2026, a modest but non-trivial expense that reduces shareholder value without a cash outflow. Additionally, the large acquisition in Q4 2024 likely introduced amortization of intangibles and potential inventory step-ups that depress GAAP earnings but do not affect operating cash flow, potentially overstating cash conversion quality. Investors should adjust for these non-cash charges to assess the underlying cash-generative capacity of the business, especially given the company's acquisitive history.