Cash conversion efficiency remains inconsistent, evidenced by FCF margins that swung from a peak of 23.2% in 2024Q2 to 6.3% in 2026Q1, reflecting ongoing sensitivity to working capital requirements.
| 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 | 86.29M | 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 % | 269.59% | 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 | 55.04M | 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 | 26.53M | 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 | 5.56M | 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 | 43K | 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 | 12.87M | 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 | -13.99M | -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 | -17.16M | -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 | 47K | -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 | 5.82M | 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 | -18.05M | -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 | -11.86M | -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 | 1.69% | 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 | 8.95M | 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 | -79.66M | -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) | -82.5M | -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) | 0 | 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 | -3.48M | -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 | 6.32M | 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 | -6.48M | -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 | 74.44M | 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 % | 10.61% | 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 % | 19.88% | 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 | 6.02 | 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) | 1.35x | 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 | 3.98M | 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 | 9.14M | 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 |
Working capital volatility
Based on reported financial statements, the relationship between net income and operating cash flow is highly inconsistent, with OCF/NI ratios fluctuating from a low of 0.39 in 2024Q1 to a high of 3.38 in 2024Q3, indicating significant quarterly variance in the quality of reported earnings.
The wide dispersion between net income and cash generation suggests that GAAP earnings are frequently impacted by non-cash items or timing differences in revenue recognition. Investors should monitor whether these discrepancies stem from aggressive accrual accounting or the inherent lumpiness of defense-related contract milestones.
As reported in quarterly filings, FCF margins have demonstrated extreme sensitivity to operational cycles, ranging from a low of 1.4% in 2024Q4 to a peak of 23.2% in 2024Q2, reflecting a lack of consistent cash conversion efficiency across the company's diverse product segments.
The volatility in free cash flow suggests that Bel Fuse struggles to maintain a stable cash conversion profile during periods of shifting product mix. This inconsistency warrants further investigation into whether the company's cost structure is sufficiently flexible to protect cash flow during cyclical downturns.
According to recent SEC filings, working capital changes have been a primary driver of cash flow instability, with quarterly swings ranging from a $15.5 million inflow in 2024Q3 to a $12.7 million outflow in 2025Q1, highlighting significant pressure on the company's cash conversion cycle.
These dramatic shifts in working capital suggest that inventory management and accounts receivable collections are not yet optimized for the company's current scale. The reliance on high-mix, low-volume components likely exacerbates these fluctuations, as inventory build-ups appear to periodically consume significant portions of operating cash flow.
Based on the provided data, capital expenditures have remained disciplined, with CapEx/Revenue ratios consistently staying below 4.1% over the last ten quarters, suggesting that the business model does not require heavy, recurring reinvestment to maintain its existing manufacturing footprint and specialized production capabilities.
The low capital intensity indicates that Bel Fuse is not burdened by excessive maintenance requirements, allowing for potential cash flow flexibility. However, investors should monitor whether this low level of investment is sufficient to support long-term technological competitiveness in the high-barrier aerospace and defense connectivity markets.
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.