Bel Fuse B Inc
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
Business model, numbers and balance sheet hold up to our review. Whether the current price supports an entry is a separate question — it hangs on the price, not on the company.
Why this colour
The quality is real, and so is the price: after a twentyfold run, the valuation (P/E 65–75, EV/EBITDA around 30) already prices in further growth, while cyclicality, a debt-funded acquisition and the non-voting share class raise the height of the fall. Whoever values the company and its tailwind can hold a position — but chasing the winner at the very moment all 16 scanners light up green at once is rarely the best entry. New money is better off waiting for a calmer price. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
Bel Fuse is a thoroughly solid, profitable component supplier with real tailwind from AI data centers and defense — a deserved strength stock that rightly fires in 16 scanners and has multiplied roughly twentyfold in five years. The other half of the truth: the price has run ahead of the quality (P/E 65–75, EV/EBITDA around 30), the end markets are cyclical, a good part of the growth was bought with debt (Enercon), and whoever buys the BELFB stock buys the non-voting class. No scandal, but the price of optimism that the flawless chart does not show. Not investment advice.
Business & quality
A profitable, broadly diversified component supplier with real cash flow ($80.6 million operating in 2025) and no customer above 10 percent of revenue. Not a hope stock but an established business with genuine substance — the company delivers.
Growth & tailwind
Structural tailwind in several future markets: server power supplies for data centers (+33 percent in 2025) and a new, high-margin defense/aerospace leg through Enercon. The momentum picture (16 strength filters, Stage 2) is fundamentally underpinned.
Cyclicality & end markets
The end markets swing: in 2024 revenue fell 18 percent, and in 2025 rail (−24 percent) and e-mobility (−42 percent) slumped. Enercon depends on U.S. and Israeli defense budgets for 93 percent of revenue, plus location and geopolitical risk in Israel. A tailwind remains a tailwind only as long as it blows.
Acquisition, debt & goodwill
A good part of the recent growth was bought and debt-funded: $325.6 million for Enercon ($240 million of it on credit), a goodwill jump to $215 million, an open 20-percent remainder purchase (provision of $72.4 million) due by early 2027. On the positive side: repayment is running briskly (debt $318 million → $221 million), and leverage is comfortable at 1.4×.
Valuation & governance
The price has run far ahead of the quality: a trailing-twelve-month P/E around 65–75, EV/EBITDA around 30, forward P/E around 33 — further growth is priced in. Add the governance detail: the BELFB stock carries no voting rights; control sits with the founding family (Chairman Bernstein) and a handful of Class A holders, and the board is classified.
Worth Noting
Price, valuation and market-value figures dated mid-2026; figures for fiscal year 2025 (as of December 31, 2025) and the first quarter of 2026. Analyses are evergreen; daily prices are not a buy argument. The trailing-twelve-month price-to-earnings ratio (roughly 65–75) sits above the multiple computed on the full, strong year 2025 because a weak fourth quarter of 2025 sits inside the twelve-month window.
Share classes: Bel Fuse has voting Class A shares (BELFA) and non-voting Class B shares (BELFB). This analysis refers to the BELFB; revenue, profit and balance-sheet figures apply to the group as a whole. The market value of roughly $3.5 billion covers both classes.
Special-situations screening (as of July 10, 2026): no current activist or takeover process. The last open proxy fight at Bel Fuse dates back to 2011; the most recent chain of SC 13D/A filings concerns the long-standing stake of the Gabelli/GAMCO group in the voting Class A, not an activist campaign.
Stock Watch
This analysis is as of August 4, 2026. Stock Watch will tell you what's changed at BELFB since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 134.40 $ to 333.00 $ · Last price: 238.30 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
Quality & Screener
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Electronic Components
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Bel Fuse B Inc BELFB | 2.9 | 65.3 | 24.9 | 39.5 | 13.5 | 26.3 | 65.0 |
| Corning Incorporated GLW | 127.2 | 68.9 | 35.8 | 36.4 | 15.7 | 19.1 | 93.9 |
| Amphenol Corporation APH | 96.5 | 22.3 | 23.8 | 39.0 | 27.3 | 51.7 | 33.1 |
| TE Connectivity Ltd TEL | 59.8 | 20.2 | 13.2 | 36.1 | 20.8 | 7.9 | -3.5 |
| Flex Ltd FLEX | 41.0 | 41.3 | 20.9 | 9.5 | 5.7 | 8.1 | 93.1 |
| Jabil Circuit Inc JBL | 31.6 | 35.3 | 16.7 | 9.2 | 5.2 | 3.2 | 39.5 |
| Fabrinet FN | 14.4 | 30.6 | 20.6 | 12.0 | 9.9 | 18.6 | 6.3 |
| TTM Technologies Inc TTMI | 11.9 | 93.8 | 30.2 | 21.2 | 8.6 | 19.0 | 134.1 |
| Vicor Corporation VICR | 10.7 | 69.1 | 73.4 | 56.6 | 15.0 | 13.6 | 314.5 |
| Median of companies shown | 31.6 | 41.3 | 23.8 | 36.1 | 13.5 | 18.6 | 65.0 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2016 | 500 | -77 | -65 | -5.44 | 39 | 158 | 427 |
| 2017 | 492 | 16 | -12 | -0.99 | 24 | 158 | 431 |
| 2018 | 548 | 30 | 21 | 1.71 | 10 | 176 | 444 |
| 2019 | 492 | 8 | -9 | -0.63 | 24 | 168 | 469 |
| 2020 | 466 | 19 | 13 | 0.91 | 46 | 186 | 454 |
| 2021 | 543 | 31 | 25 | 1.76 | 5 | 209 | 512 |
| 2022 | 654 | 65 | 53 | 3.69 | 40 | 262 | 560 |
| 2023 | 640 | 88 | 74 | 5.78 | 108 | 341 | 572 |
| 2024 | 535 | 64 | 41 | 3.26 | 74 | 361 | 950 |
| 2025 | 675 | 108 | 62 | 4.91 | 80 | 426 | 935 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | -0.14 | -115.20 | 150 | 7.00 | -1.20 | 8 | 2 |
| 2025: Q1 | 1.46 | 14.20 | 152 | 18.90 | 11.70 | 8 | 5 |
| 2025: Q2 | 2.14 | 40.10 | 168 | 26.30 | 16.00 | 21 | 17 |
| 2025: Q3 | 1.77 | 175.30 | 179 | 44.80 | 12.40 | 22 | 20 |
| 2025: Q4 | -0.44 | – | 176 | 17.40 | -3.10 | 30 | 26 |
| 2026: Q1 | 0.92 | -36.80 | 179 | 17.20 | 6.40 | 14 | 11 |
| 2026: Q2 | – | – | 211 | 25.20 | 12.10 | 18 | 16 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 17 of our scanner strategies — each hit links to the scanner.
Best Hits
Growth
Quality & Balance Sheet
Breakout & Setup
Momentum & Trend
- 21-EMA Trend
- Above the 50- & 200-SMA
- Gary Antonacci: Dual Momentum (Stock Adaptation)
- High ADR (≥5%)
- Mark Minervini: Trend Criteria — 1 Month
- Near 52-Week High
- RS Leader (≥90)
- RS New Highs
- Richard Moglen: Top Performers 3/6 Month
- Stan Weinstein: Stage 2
- Strength on Stress Days
Research
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | 9.83 | 8.70 – 10.39 | 811 | 38.5% | 7 |
| 12/31/2027 | 10.68 | 7.27 – 12.32 | 878 | 8.6% | 8 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Instead of guessing what the stock is worth, we turn the question around: what free cash flow growth has to happen for today’s market value to add up? The assumptions behind it can be moved.
Today’s market value implies roughly 16.9% growth in free cash flow per year over ten years (assumptions: discount rate 10.0%, terminal growth 2.5%).
| Free cash flow (last twelve months) | $73.3M |
|---|---|
| Market cap | $2.88B |
| Free cash flow in year ten | $349.6M |
| Terminal value as a share of market value | 63.9% |
For comparison: over the past five years free cash flow grew by 10.8% per year.
It shows which assumption is built into today’s price, not whether that assumption will hold. Every assumption can be changed with the sliders; the figures move with them.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
In den geprüften Filings (10-K 2025 und 2024, vier Quartalsberichte bis Q1 2026) nennt Bel Fuse künstliche Intelligenz an keiner Stelle als Umsatzquelle, operativen Einsatz oder konkretes Geschäftsrisiko. Der reale Rückenwind aus dem Rechenzentrumsgeschäft (Front-End-Stromversorgungen +32,9 % 2025) wird ausdrücklich als Nachfrage aus „networking and datacenter applications“ bzw. „data-driven markets“ beschrieben — als Komponentenzulieferer für die Infrastruktur, nicht als KI-Produkt. Das ist Markt-Adjazenz (Rechenzentren hosten KI), aber keine dokumentierte KI-Umsatzquelle im Sinne des Kriterienkatalogs. Daher Negativ-Befund: neutral.
View the full file — quotes, sources, reviewed filings
„Additional contributors to revenue growth included an $18.3 million (32.9%) increase in sales of front-end power products, driven by heightened demand in networking and datacenter applications."
Zu den weiteren Wachstumstreibern zählte ein Anstieg der Verkäufe von Front-End-Stromversorgungen um 18,3 Millionen US-Dollar (32,9 %), getrieben von der gestiegenen Nachfrage aus Netzwerk- und Rechenzentrums-Anwendungen.
10-K · 2026-02-24 · View SEC filing
„We design, manufacture, and market critical electronic components, systems and solutions for customers in aerospace, defense, industrial, and data-driven markets."
Wir entwickeln, fertigen und vermarkten kritische elektronische Komponenten, Systeme und Lösungen für Kunden in den Bereichen Luftfahrt, Verteidigung, Industrie und datengetriebene Märkte.
10-Q · 2026-05-05 · View SEC filing
Filings Reviewed: 10-Q 2026-05-05 · 10-Q 2025-11-04 · 10-Q 2025-07-31 · 10-Q 2025-05-01 · 10-K 2026-02-24 · 10-K 2025-02-28
Rated on July 10, 2026 · How the Rating Is Built
Earnings calls
What the Earnings Calls Reveal
Across ten quarters, Bel Fuse shows an unusually clean pattern: nine consecutive quarterly guides were met or beaten, and concrete commitments on supplier replacement, debt paydown and Enercon synergies were kept or delivered earlier than promised. Management communicates in granular detail, openly admits misjudgments and puts numbers on uncomfortable topics such as trade restrictions and tariff risks. Two blemishes remain: the buyback program promised for 2024 quietly faded after the Enercon acquisition, and reporting metrics were restructured several times, which hampers comparability.
Nine consecutive quarterly guides met or beaten
Every revenue guide issued since 2024-Q1 was met, mostly at or above the upper end. For 2024-Q2, management guided 125 to 135 million US dollars and delivered 133.2 million with a gross margin of 40.1 percent versus a projected 34 to 36 percent. The strongest case: for 2025-Q2 the guide was 145 to 155 million and actual sales came in at 168.3 million — despite the tariff uncertainty stressed on the 2025-Q1 call. In 2025 the gross margin exceeded the company's own guidance ceiling three quarters in a row, which an analyst explicitly noted on the 2025-Q3 call. The guides for 2025-Q4, 2026-Q1 and 2026-Q2 also landed in the upper half of the range.
Datable commitments were kept or exceeded
When a Chinese supplier was lost to US trade restrictions, reported in 2024-Q2, management promised an update for the October call and delivered it in 2024-Q3; in 2025-Q2 it reported the replacement supplier build-out as ahead of schedule, and by 2025-Q3 the affected consumer business was growing 39 percent again. The 2025 outlook laid out in 2024-Q3 and 2024-Q4 — growth across all three segments with Magnetics as the largest percentage grower — came true: 2025 became a record year with 675.5 million US dollars in sales, up 26.3 percent, and Magnetics grew the most. On debt paydown, 2025-Q1 promised roughly 20 to 25 million US dollars for the following quarter and 30 million were delivered; the full year 2025 saw 90 million repaid, and in 2026-Q2 the remaining 197.5 million of debt was fully retired after an equity raise.
Enercon synergies earlier than promised
After acquiring Enercon, management deliberately tempered expectations in 2024-Q4: cross-selling revenue was unlikely in 2025 and realistically not expected before late 2026. Yet in 2026-Q1 the first bundled Cinch-Enercon win in Israel and two defense design wins for the Slovakia site followed. In 2026-Q2 the site gained European certification as a defense manufacturer and added eight more project wins from European defense customers — by management's own account ahead of the original timeline. These wins are expected to convert into sales only from late 2027, but the commitment path was reported traceably quarter by quarter.
Buyback quietly faded after Enercon deal
In 2024-Q1 management announced it expected to largely complete the 25 million US dollar buyback program, approved in February 2024, within 2024. The last reported status in 2024-Q2 was 14.2 million. From 2024-Q3 onward — the call announcing the Enercon acquisition with 240 million in new debt — the program was never mentioned again on any call; instead, debt paydown was explicitly declared the next capital priority. Fulfillment of the commitment was never evidenced, nor was it explicitly withdrawn. The reprioritization is understandable, but a clear statement on the program's fate would have been the cleaner path.
Metrics reworked repeatedly, AI figure dropped
In 2024-Q4 Bel Fuse changed its non-GAAP definitions: stock-based compensation, intangible amortization and unrealized currency effects have since been excluded from adjusted EBITDA and EPS, restated for all periods. In 2026-Q1 the company moved to two new segments (ADRS and ITDS) with recast prior periods and redefined its end-market reporting including distribution allocation. At the same time management discontinued the AI revenue figure it had quantified quarterly since 2024-Q4 — the stated reason on the 2026-Q1 call being that the delineation was getting increasingly blurred and reporting would shift to Data Solutions. All changes were disclosed and backed with comparable figures, but taken together they hamper long-term comparability — and of all things, the previously prominently marketed AI metric vanished from the disclosures.
2024 recovery came later than hoped — openly admitted
The delayed market recovery ran through all of 2024: in 2024-Q1 the CEO relayed distributors seeing the bottom in February, in 2024-Q2 he himself debunked the industry's perpetual six-months line as a stock answer with no reliability, and in 2024-Q4 he noted having heard that song for eighteen months. Management itself stayed cautious, calling 2024 a reset year in 2024-Q2 and promising no quick turn. In 2025-Q2 the new CEO additionally volunteered that growth had actually been expected by the end of 2024. This self-critical, expectation-dampening communication is a quality marker — the later strong quarters were not promised in advance but only guided to once bookings were in evidence.
Management promises
- 2024-Q1 — The 25 million dollar buyback program is expected to be largely completed within 2024. Last reported status was 14.2 million in 2024-Q2, never mentioned on any call thereafter. From 2024-Q3, following the Enercon acquisition, debt paydown was declared the capital priority; completion of the program was never evidenced, nor was it ever withdrawn. open
- 2024-Q1 — Space revenue of roughly 7 million US dollars for full-year 2024, up from 4.5 million in 2023. Confirmed as on pace in 2024-Q2; the 2024-Q4 call reported 8 million for the full year — target exceeded. kept
- 2024-Q2 — A better update on the Chinese supplier lost to trade restrictions will be given on the October call. Delivered as promised in 2024-Q3: replacement parts identified, recovery path through 2025 outlined. In 2025-Q2 management reported the supplier build-out as ahead of schedule, and in 2025-Q3 the affected consumer business grew 39 percent again. kept
- 2024-Q3 — For 2025, growth is expected across all three segments, with Magnetics as the largest percentage grower. 2025 became a record year with 675.5 million US dollars in sales, up 26.3 percent and 7.8 percent organically; all segments grew, Magnetics the most at roughly 47 percent. kept
- 2024-Q4 — AI revenue of roughly 7 million US dollars in 2024 is expected to grow very nicely in 2025. The quarterly reported AI revenue summed to roughly 14.4 million US dollars in 2025 — about a doubling. From 2026-Q1 the standalone figure was discontinued and replaced by the Data Solutions category, which grew 55 percent in 2026-Q2. kept
- 2024-Q4 — Little to no Enercon cross-selling revenue is expected in 2025; late 2026 is the realistic timeline. A deliberately low bar that was cleared earlier than announced: first bundled win and two Slovakia design wins in 2026-Q1, eight further European defense wins plus certification in 2026-Q2. kept
- 2025-Q1 — Debt paydown of 10 million US dollars in April plus an incremental 10 to 15 million by the end of 2025-Q2. In 2025-Q2, 30 million US dollars were repaid, more than promised; the full year 2025 saw 90 million repaid, and in 2026-Q2 the entire remaining debt was retired after the equity raise. kept
Based on public earnings call transcripts. Reviewed: 10 transcripts 2024-Q1 through 2026-Q2.
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years 1.1%
- More than 10% revenue growth is expected for the coming year 6.8%
- Share count grows by less than 3% a year -4.2%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 36.4%
- Gross margin at 40% or higher and without meaningful erosion 39.2%
- Goodwill from acquisitions does not grow faster than revenue 23.0%
- Net debt below twice EBITDA 1.2 x EBITDA
- Operating cash flow covers the profits of the last three years 86 m
- Return on capital at 15% or higher, or up versus two years ago 13.3%
- Insiders hold at least 10% or are net buyers 1.4%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
4/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 3.4%
- Exp. sales growth 3Y > 5% 14.0%
- EBIT growth 10Y > 5% –
- Exp. EBIT growth 3Y > 5% 47.4%
- Net debt < 4x EBIT 1.5x
- EBIT positive, 10Y straight 9
- Max. EBIT decline < 50% 73.6%
- Return on equity > 15% –
- ROCE > 15% 13.3%
- Expected return > 10% 50.9%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Sep 14, 2026 | Vellucci Vincent | Director | Sell | 1,000 | 235.15 | 235,150 |
| Sep 2, 2026 | Vellucci Vincent | Director | Sell | 393 | 243.61 | 95,739 |
| Aug 12, 2026 | Gilbert Peter E | Director | Sell | 500 | 292.12 | 146,060 |
The company
About the Company
Bel Fuse Inc. entwirft, fertigt, vermarktet und verkauft Produkte, die elektronische Schaltkreise mit Strom versorgen, schützen und verbinden.
- Employees
- 4,964
- Headquarters
- West Orange, NJ
- Address
- 300 Executive Drive, 07052 West Orange, United States
- Phone
- 201 432 0463
- Website
- belfuse.com
- IPO Date
- 07/10/1998
- ISIN
- US0773473006
- Stock Split
- 2:1 on 12/02/1999
Management
| Name | Title | Birth Year |
|---|---|---|
| Farouq Tuweiq | President, CEO & Director | 1983 |
| Lynn Hutkin CPA | CFO, Treasurer & Secretary | 1975 |
| Joseph Berry | Senior Vice President of Components | 1967 |
| Uma Pingali | Global Head of Sales & Marketing | – |
| Ping Gencianeo | Global ESG Director | – |
| Stephen Dawson | Executive VP and President of Industrial Technology & Data Solutions | 1976 |
| Thomas Smelker | Executive VP and President of Aerospace, Defense & Rugged Solutions | 1976 |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
- 07/29/2026 BEL FUSE INC /NJ (BELFB): Results of Operations and Financial Condition; Financial Statements and Exhibits SEC ↗
Data as of: September 17, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.