Latest Ratios: P/E Ratio 54.1x · EV/EBITDA 23.8x · ROE 12.8%. (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 | $3.0B | $2.1B | $1.0B | $853M | $470M | $182M | $211M | $286M | $223M | $303M | $368M |
| Enterprise Value | $3.2B | $2.3B | $1.3B | $846M | $518M | $255M | $256M | $377M | $283M | $356M | $436M |
| P/E Ratio → | 54.09 | 36.56 | 25.30 | 11.55 | 8.92 | 7.35 | 16.52 | — | 10.77 | — | — |
| P/S Ratio | 4.50 | 3.15 | 1.93 | 1.33 | 0.72 | 0.34 | 0.45 | 0.58 | 0.41 | 0.62 | 0.74 |
| P/B Ratio | 6.06 | 4.10 | 2.35 | 2.50 | 1.79 | 0.87 | 1.13 | 1.70 | 1.26 | 1.92 | 2.33 |
| P/FCF | 44.73 | 31.28 | 17.26 | 8.87 | 14.95 | — | 5.19 | 19.67 | — | 17.12 | 12.13 |
| P/OCF | 38.01 | 26.59 | 13.97 | 7.87 | 11.67 | 39.39 | 4.57 | 11.71 | 22.10 | 12.56 | 9.54 |
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 | — | 3.39 | 2.40 | 1.32 | 0.79 | 0.47 | 0.55 | 0.77 | 0.52 | 0.72 | 0.87 |
| EV / EBITDA | 23.84 | 17.04 | 15.91 | 8.35 | 6.48 | 5.29 | 7.30 | 15.51 | 5.93 | 9.62 | — |
| EV / EBIT | 29.73 | 20.84 | 19.50 | 9.82 | 8.30 | 8.25 | 15.17 | — | 10.88 | 18.32 | — |
| EV / FCF | — | 33.69 | 21.43 | 8.79 | 16.49 | — | 6.30 | 25.89 | — | 20.14 | 14.36 |
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 | 39.1% | 39.1% | 37.8% | 33.7% | 28.0% | 24.7% | 25.7% | 22.5% | 20.0% | 20.8% | 20.0% |
| Operating Margin | 15.9% | 15.9% | 12.0% | 13.8% | 10.0% | 5.8% | 4.0% | 1.6% | 5.4% | 3.3% | -15.3% |
| Net Profit Margin | 9.1% | 9.1% | 7.7% | 11.5% | 8.1% | 4.6% | 2.7% | -1.8% | 3.8% | -2.4% | -13.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 12.8% | 12.8% | 10.5% | 24.5% | 22.4% | 12.6% | 7.2% | -5.1% | 12.4% | -7.5% | -33.1% |
| ROA | 6.5% | 6.5% | 5.4% | 13.0% | 9.8% | 5.1% | 2.8% | -1.9% | 4.7% | -2.8% | -12.8% |
| ROIC | 11.8% | 11.8% | 9.4% | 20.5% | 16.5% | 9.2% | 5.7% | 2.4% | 9.9% | 5.6% | -20.4% |
| ROCE | 13.2% | 13.2% | 10.0% | 19.9% | 15.8% | 8.2% | 5.0% | 2.2% | 8.7% | 4.8% | -19.1% |
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 | 0.43 | 0.43 | 0.72 | 0.24 | 0.45 | 0.64 | 0.70 | 0.97 | 0.65 | 0.78 | 0.89 |
| Debt / EBITDA | 1.65 | 1.65 | 3.94 | 0.81 | 1.48 | 2.79 | 3.71 | 6.70 | 2.39 | 3.31 | — |
| Net Debt / Equity | — | 0.32 | 0.57 | -0.02 | 0.18 | 0.35 | 0.24 | 0.54 | 0.34 | 0.34 | 0.43 |
| Net Debt / EBITDA | 1.22 | 1.22 | 3.10 | -0.07 | 0.60 | 1.50 | 1.29 | 3.73 | 1.26 | 1.44 | — |
| Debt / FCF | — | 2.41 | 4.17 | -0.08 | 1.54 | — | 1.11 | 6.22 | — | 3.01 | 2.23 |
| Interest Coverage | 7.44 | 7.44 | 16.16 | 30.23 | 18.48 | 8.72 | 3.56 | -0.34 | 4.90 | 2.86 | -11.39 |
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 | 3.02 | 3.02 | 2.92 | 3.45 | 2.80 | 2.94 | 3.20 | 3.14 | 2.74 | 3.05 | 2.77 |
| Quick Ratio | 1.71 | 1.71 | 1.66 | 2.21 | 1.53 | 1.69 | 2.06 | 1.95 | 1.61 | 1.81 | 1.70 |
| Cash Ratio | 0.45 | 0.45 | 0.54 | 1.15 | 0.52 | 0.55 | 0.97 | 0.80 | 0.51 | 0.79 | 0.80 |
| Asset Turnover | — | 0.72 | 0.56 | 1.12 | 1.17 | 1.06 | 1.03 | 1.05 | 1.24 | 1.14 | 1.17 |
| Inventory Turnover | 2.46 | 2.46 | 2.06 | 3.11 | 2.73 | 2.94 | 3.46 | 3.56 | 3.65 | 3.62 | 4.05 |
| Days Sales Outstanding | — | 70.92 | 79.42 | 55.29 | 70.03 | 77.51 | 67.01 | 68.50 | 71.74 | 58.51 | 54.31 |
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 | 0.1% | 0.2% | 0.3% | 0.4% | 0.7% | 1.9% | 1.6% | 1.2% | 1.5% | 1.1% | 0.9% |
| Payout Ratio | 5.6% | 5.6% | 8.4% | 4.7% | 6.5% | 13.6% | 26.3% | — | 15.9% | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 1.8% | 2.7% | 4.0% | 8.7% | 11.2% | 13.6% | 6.1% | — | 9.3% | — | — |
| FCF Yield | 2.2% | 3.2% | 5.8% | 11.3% | 6.7% | — | 19.3% | 5.1% | — | 5.8% | 8.2% |
| Buyback Yield | 0.0% | 0.0% | 1.6% | 0.0% | 0.1% | 0.0% | 0.0% | 0.2% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.1% | 0.2% | 1.9% | 0.4% | 0.8% | 1.9% | 1.6% | 1.3% | 1.5% | 1.1% | 0.9% |
| Shares Outstanding | — | $13M | $13M | $13M | $14M | $14M | $14M | $14M | $12M | $12M | $12M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying BELFB stock.
Bel Fuse Inc.'s current P/E ratio is 54.1x. The historical average is 22.6x. This places it at the 90th percentile of its historical range.
Bel Fuse Inc.'s current EV/EBITDA is 23.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 10.3x.
Bel Fuse Inc.'s return on equity (ROE) is 12.8%. The historical average is 7.2%.
Based on historical data, Bel Fuse Inc. is trading at a P/E of 54.1x. This is at the 90th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Bel Fuse Inc.'s current dividend yield is 0.11% with a payout ratio of 5.6%.
Bel Fuse Inc. has 39.1% gross margin and 15.9% operating margin. Operating margin between 10-20% is typical for established companies.
Bel Fuse Inc.'s Debt/EBITDA ratio is 1.6x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Growth sustainability and EPS volatility
Metrics are mathematically derived from official filings.
Margin Expansion Masks Earnings Volatility
Gross margin reached 39.9% in Q2 2026, up from 38.7% a year earlier, while operating margin expanded to 18.2% from 15.5%, per reported figures, indicating a favorable mix shift.
The sequential improvement in gross margin from 37.5% in Q4 2024 to 39.9% in Q2 2026 suggests that portfolio pruning and a shift toward higher-value proprietary components are taking hold. Operating margin expansion to 18.2% in Q2 2026, from 8.3% in Q4 2024, reflects operating leverage as revenue growth outpaces SG&A. However, net margin swung from -3.1% in Q4 2025 to 15.3% in Q2 2026, highlighting that non-operating items and tax effects can distort quarterly profitability; investors should focus on gross and operating margins as the cleaner indicators of underlying earning power.
ROIC Recovery After Acquisition Drag
ROIC improved to 4.0% in Q2 2026 from 1.8% in Q4 2024, per financial statements, but remains below the 4.8% peak in Q2 2024, suggesting the acquisition has yet to fully pay off.
The sharp decline in ROIC to 1.8% in Q4 2024 coincided with the $320.5M acquisition, which expanded the capital base before the acquired assets could generate returns. The subsequent recovery to 4.0% in Q2 2026 indicates that integration is progressing, but the level is still modest relative to the company's historical performance. ROE has been more volatile, swinging from -1.1% in Q4 2025 to 4.2% in Q2 2026, reflecting the same non-operating distortions; the underlying trend in ROIC suggests a gradual improvement in capital efficiency, though it remains below the cost of capital, warranting continued monitoring.
Working Capital Drag Persists
Cash conversion cycle lengthened to 146 days in Q2 2026 from 159 days a year earlier, per reported data, driven by high inventory days of 137, indicating ongoing working capital intensity.
The CCC has remained elevated, hovering between 146 and 178 days over the past ten quarters, with DIO consistently above 137 days. This suggests that the company's high-mix, low-volume strategy requires substantial inventory buffers, which ties up cash and may indicate obsolescence risk. DSO has been stable around 64-70 days, while DPO has increased modestly to 54 days in Q2 2026, but the improvement is insufficient to offset the inventory drag. The working capital swings have contributed to volatile free cash flow, with FCF margin ranging from 1.4% to 23.2% over the period, underscoring the need to monitor inventory management as a key driver of cash generation.
Near-Zero Debt Provides Strategic Flexibility
Debt-to-equity fell to 0.03 in Q2 2026 from 0.72 in Q4 2024, with interest coverage at 21.4x, per balance sheet data, indicating a fortress balance sheet with ample dry powder.
The dramatic deleveraging, with total debt reduced to $34.3M from $318.2M, appears to have been funded by the $306.1M cash balance, leaving the company with minimal financial risk. Interest coverage of 21.4x in Q2 2026, up from 3.62x in Q4 2024, suggests that debt service is extremely comfortable, though the low leverage may also indicate a missed opportunity to optimize capital structure. The conservative approach provides significant flexibility for opportunistic acquisitions or share repurchases, but investors should consider whether the company is under-leveraging its balance sheet to enhance shareholder returns.
Liquidity Buffer Shields Against Downturns
Current ratio improved to 4.48 in Q2 2026 from 2.92 in Q4 2024, with quick ratio at 3.20, per reported figures, indicating a strong liquidity position that can absorb demand shocks.
The current ratio has risen steadily, driven by a surge in cash to $306.1M, which now represents a significant portion of current assets. The quick ratio of 3.20 suggests that even if inventory becomes obsolete, the company can cover its short-term obligations without relying on inventory liquidation. This liquidity cushion is particularly valuable given the cyclicality of the networking and industrial end markets, where a downturn could pressure sales. However, the high inventory levels (DIO of 137 days) remain a potential drag on liquidity if demand weakens, though the current cash position mitigates that risk.
P/E Misleads on Earnings Power
The trailing P/E of 55.06 overstates valuation due to depressed TTM earnings, while forward P/E of 27.58 and EV/EBITDA of 24.25, per market data, better reflect normalized profitability.
The trailing P/E is distorted by the negative EPS in Q4 2025, which compressed TTM earnings and inflated the multiple. Investors should instead use forward P/E or EV/EBITDA, which smooth out one-time items and provide a more accurate picture of ongoing earning power. The forward P/E of 27.58 still implies a premium to peers like Belden (20.96) and Preformed Line Products (60.13), but it is more reasonable given the company's growth trajectory. The EV/EBITDA of 24.25 is also elevated relative to Belden's 12.81, suggesting the market is pricing in continued margin expansion and growth; the key risk is whether the 26.3% revenue growth is sustainable, as the maintained guidance hints at moderation.