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Electronic components · Technology · Fiscal year ends Dec 31
Bel Fuse reported revenue of $675M in the fiscal year ended Dec 2025, up 26.3% from the year before. Operating income was $111M, an operating margin of 16.4%, and net income was $62M. Operating cash flow of $81M less capital expenditure of $12M left free cash flow of $69M. Net debt was $140M.
Ranks among the 18 electronic components 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 | 543 | 654 | 640 | 535 | 675 |
| Cost of revenue | 409 | 471 | 424 | 332 | 411 |
| Gross profit | 134 | 183 | 216 | 202 | 264 |
| Research & development | 21.9 | 20.2 | 22.5 | 23.6 | 30.9 |
| Selling, general & admin | 86.6 | 92.3 | 99.1 | 111 | 126 |
| Operating income | 31.3 | 65.1 | 88.0 | 64.3 | 111 |
| Interest expense | 3.5 | 3.4 | 2.9 | 4.1 | 14.8 |
| Pre-tax income | 27.3 | 59.1 | 83.3 | 61.8 | 95.1 |
| Income tax | 2.5 | 6.4 | 9.5 | 12.6 | 20.9 |
| Net income | 24.8 | 52.7 | 73.8 | 41.0 | 61.5 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 61.8 | 70.3 | 89.4 | 68.3 | 57.8 |
| Receivables | 87.1 | 107 | 84.1 | 111 | 121 |
| Inventory | 139 | 172 | 137 | 161 | 167 |
| Current assets | 329 | 381 | 381 | 374 | 385 |
| Net PP&E | 38.2 | 36.8 | 36.5 | 47.9 | 48.4 |
| Goodwill | 26.7 | 25.1 | 26.6 | 208 | 215 |
| Total assets | 512 | 560 | 572 | 950 | 935 |
| Payables | 66.0 | 64.6 | 40.4 | 49.2 | 53.0 |
| Deferred revenue | 2.2 | 8.8 | 3.0 | 6.1 | 9.8 |
| Current liabilities | 112 | 136 | 111 | 128 | 127 |
| Short-term debt | 0.0 | – | – | – | – |
| Long-term debt | 113 | 95.0 | 60.0 | 288 | 198 |
| Total liabilities | 303 | 298 | 231 | 509 | 417 |
| Shareholders' equity | 209 | 262 | 341 | 361 | 426 |
| Backlog (remaining obligations) | 39.8 | – | – | 16.6 | 20.2 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 4.6 | 40.3 | 108 | 74.1 | 80.6 |
| Capital expenditure | 9.4 | 8.8 | 12.1 | 14.1 | 12.0 |
| Free cash flow | −4.8 | 31.4 | 96.2 | 60.0 | 68.6 |
| Depreciation & amortisation | 16.9 | 14.9 | 13.3 | 16.5 | 26.6 |
| Stock-based compensation | 2.3 | 2.4 | 3.5 | 3.7 | 6.8 |
| Acquisitions | 16.8 | 0.0 | 0.0 | 320 | 0.0 |
| Share buybacks | 0.0 | 0.3 | 0.1 | 16.1 | 0.0 |
| Dividends paid | 3.4 | 3.4 | 3.5 | 3.5 | 3.5 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 20.4% | −2.2% | −16.4% | 26.3% |
| Operating income growth (YoY) | – | 108.4% | 35.0% | −26.9% | 72.6% |
| Gross margin | 24.7% | 28.0% | 33.7% | 37.8% | 39.1% |
| Operating margin | 5.8% | 10.0% | 13.8% | 12.0% | 16.4% |
| Net margin | 4.6% | 8.1% | 11.5% | 7.7% | 9.1% |
| Return on equityBlank when equity is negative | 11.9% | 20.1% | 21.7% | 11.4% | 14.5% |
| ROCEEBIT ÷ (assets − current liabilities) | 7.8% | 15.4% | 19.1% | 7.8% | 13.7% |
| Free cash flow margin | −0.9% | 4.8% | 15.0% | 11.2% | 10.2% |
| Cash conversion (CFO ÷ net income) | 0.19x | 0.76x | 1.47x | 1.81x | 1.31x |
| Receivable days | 59 | 60 | 48 | 76 | 66 |
| Inventory days | 124 | 134 | 118 | 177 | 149 |
| Payable days | 59 | 50 | 35 | 54 | 47 |
| Interest cover | 8.82x | 19.3x | 30.9x | 15.8x | 7.52x |
| Debt ÷ equity | 0.54x | 0.36x | 0.18x | 0.80x | 0.46x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 50.7 | 24.7 | −29.4 | 219 | 140 |
| Current ratio | 2.94x | 2.80x | 3.45x | 2.92x | 3.02x |
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.