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Metals & mining · Basic Materials · Fiscal year ends Dec 31
Belden reported revenue of $2.7B in the fiscal year ended Dec 2025, up 10.3% from the year before. Operating income was $316M, an operating margin of 11.6%, and net income was $238M. Operating cash flow of $355M less capital expenditure of $136M left free cash flow of $219M. Net debt was $896M.
Ranks among the 22 metals & mining companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 2,301 | 2,606 | 2,512 | 2,461 | 2,715 |
| Cost of revenue | 1,529 | 1,690 | 1,557 | 1,539 | 1,684 |
| Gross profit | 772 | 916 | 955 | 922 | 1,031 |
| Research & development | 90.2 | 104 | 116 | 112 | 129 |
| Selling, general & admin | 378 | 449 | 493 | 495 | 533 |
| Operating income | 264 | 363 | 318 | 266 | 316 |
| Net interest incomeBanks | −62.7 | −43.6 | −33.6 | – | – |
| Pre-tax income | 227 | 317 | 286 | 228 | 267 |
| Income tax | 27.9 | 49.6 | 43.2 | 29.5 | 29.3 |
| Net income | 63.9 | 255 | 243 | 198 | 238 |
| Diluted EPS | 1.41 | 5.72 | 5.66 | 4.80 | 5.91 |
| Diluted shares | 45.4 | 44.5 | 42.9 | 41.3 | 40.2 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 642 | 688 | 597 | 370 | 390 |
| Receivables | 383 | 440 | 414 | 410 | 463 |
| Inventory | 345 | 342 | 367 | 343 | 402 |
| Current assets | 1,878 | 1,536 | 1,457 | 1,196 | 1,349 |
| Net PP&E | 344 | 382 | 451 | 496 | 566 |
| Goodwill | 821 | 862 | 907 | 1,019 | 1,037 |
| Total assets | 3,418 | 3,162 | 3,240 | 3,328 | 3,544 |
| Payables | 378 | 350 | 343 | 316 | 361 |
| Deferred revenue | 12.3 | 26.2 | 23.7 | 29.8 | 40.2 |
| Current liabilities | 753 | 640 | 634 | 623 | 697 |
| Long-term debt | 1,460 | 1,161 | 1,204 | 1,130 | 1,286 |
| Total liabilities | 2,462 | 2,018 | 2,074 | 2,033 | 2,279 |
| Shareholders' equity | 955 | 1,143 | 1,166 | 1,295 | 1,264 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 272 | 281 | 320 | 352 | 355 |
| Capital expenditure | 91.0 | 105 | 117 | 129 | 136 |
| Free cash flow | 181 | 176 | 203 | 223 | 219 |
| Depreciation & amortisation | 88.0 | 88.7 | 99.4 | 116 | 129 |
| Stock-based compensation | 24.9 | 23.7 | 21.0 | 27.5 | 30.0 |
| Acquisitions | 73.3 | 105 | 107 | 296 | −7.7 |
| Dividends paid | 9.1 | 8.9 | 8.5 | 8.2 | 8.0 |
| Dividend per share | 0.20 | 0.20 | 0.20 | 0.20 | 0.20 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 13.3% | −3.6% | −2.0% | 10.3% |
| Operating income growth (YoY) | – | 37.8% | −12.6% | −16.1% | 18.5% |
| EPS growth (YoY) | – | 305.7% | −1.0% | −15.2% | 23.1% |
| Gross margin | 33.5% | 35.2% | 38.0% | 37.5% | 38.0% |
| Operating margin | 11.5% | 13.9% | 12.6% | 10.8% | 11.6% |
| Net margin | 2.8% | 9.8% | 9.7% | 8.1% | 8.7% |
| Return on equityBlank when equity is negative | 6.7% | 22.3% | 20.8% | 15.3% | 18.8% |
| ROCEEBIT ÷ (assets − current liabilities) | 9.9% | 14.4% | 12.2% | 9.8% | 11.1% |
| Free cash flow margin | 7.9% | 6.8% | 8.1% | 9.1% | 8.1% |
| Cash conversion (CFO ÷ net income) | 4.26x | 1.10x | 1.32x | 1.77x | 1.49x |
| Receivable days | 61 | 62 | 60 | 61 | 62 |
| Inventory days | 82 | 74 | 86 | 81 | 87 |
| Payable days | 90 | 76 | 80 | 75 | 78 |
| Debt ÷ equity | 1.53x | 1.02x | 1.03x | 0.87x | 1.02x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 818 | 474 | 607 | 760 | 896 |
| Current ratio | 2.49x | 2.40x | 2.30x | 1.92x | 1.93x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.