# Belden Inc. (BDC)

> Source: Nexqual · https://nexqual.com/BDC · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Belden Inc. (BDC), nexqual.com/BDC" · informational, not investment advice.

**Price:** USD 103.46 (-4.01% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 107.78 · day 102.13–106.38 · 52w 98–159.99 · market cap $4.04B · NYQ

## Key facts
- Last four reported quarters (through Jun 28, 2026): revenue $2.86B, net income $244M (8.5% margin), free cash flow $212M (SEC filings).
- Valuation: P/E 16.6x (avg 18.9x at the last 3 fiscal year-ends), EV/EBITDA 11.1x, net debt $882M.
- 1 of 80 tracked superinvestors hold BDC (13F, Q2 2026): 0 new, 1 added, 0 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 2 Form 4 filings, $573K; 0 not under a Rule 10b5-1 plan ($0K); 2 by opportunistic insiders (0 outside 10b5-1 plans), 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 1.80 on a 1–5 scale) (5 analysts), mean target USD 153.2 (range 140–170).
- Total return with dividends: 1Y -12.5% vs S&P 500 +14.9%; 5Y +73.5% vs S&P 500 +80.3%.
- Next earnings: 2026-10-29, EPS estimate USD 2.26, revenue estimate $962M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $2.30B | $2.61B | $2.51B | $2.46B | $2.72B | $2.86B |
| Gross profit | $772M | $916M | $955M | $922M | $1.03B | — |
| Operating income | $264M | $363M | $318M | $266M | $316M | $341M |
| Net income | $63.9M | $255M | $243M | $198M | $238M | $244M |
| EPS (diluted) | $1.41 | $5.72 | $5.66 | $4.80 | $5.91 | — |
| Free cash flow | $181M | $176M | $203M | $223M | $219M | $212M |
| Gross margin | 33.5% | 35.2% | 38.0% | 37.5% | 38.0% | — |
| Operating margin | 11.5% | 13.9% | 12.6% | 10.8% | 11.6% | 11.9% |
| Net margin | 2.8% | 9.8% | 9.7% | 8.1% | 8.7% | 8.5% |
| Revenue growth | +31.3% | +13.3% | -3.6% | -2.0% | +10.3% | — |
| Cash + short-term investments | $642M | $688M | $597M | $370M | $390M | — |
| Total debt | $1.46B | $1.16B | $1.20B | $1.13B | $1.29B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 28, 2026)
P/E 16.6x · P/S 1.4x · EV/EBITDA 11.1x · EV/Sales 1.7x · P/FCF 19.1x · P/B 2.9x · FCF yield 5.25% · Earnings yield 6.04% · Dividend yield (paid, TTM) 0.19% · Net debt $882M · EV $4.92B
P/E at fiscal year-ends: Dec 2025 19.7x, Dec 2024 23.4x, Dec 2023 13.6x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold BDC. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| First Eagle Investment | First Eagle Investment Management | 0.03% | $17.4M | Added +41.8% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
2 of 2 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-09-15 | Lieser Brian | EVP - Chief Comm. Officer | 1,900 | $217K | 5.6% | Yes | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-04-14 | Lieser Brian | EVP - Chief Comm. Officer | 2,719 | $355K | 7.5% | Yes | Opportunistic (traded every year 2023–2025, no repeating month) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 1.80 on a 1–5 scale), 5 analysts; mean target USD 153.2 (low 140, high 170).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-09-23 | Needham | Initiated | Buy | $140 |
| 2026-08-19 | DA Davidson | Target raised | Buy | $155 → $170 |
| 2026-07-31 | Truist Securities | Target lowered | Buy | $155 → $145 |
| 2026-07-02 | Truist Securities | Target raised | Buy | $150 → $155 |
| 2026-06-26 | Citigroup | Initiated | Buy | $150 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -12.5% | +73.5% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -12.6% | +11.6% |
| Volatility (annualized) | 42.4% | 36.9% |
| Max drawdown | -34.0% (Feb 2026→Jul 2026) | -33.6% (Jul 2023→Nov 2023) |

## Peers (Communication Equipment)
ONDS (Ondas Inc) USD 6.02 -3.99% · EXTR (Extreme Networks, Inc.) USD 22.04 -2.22% · DGII (Digi International Inc.) USD 72.8 -3.32% · AAOI (Applied Optoelectronics, Inc.) USD 68.07 -11.96% · TSAT (Telesat Corporation) USD 40.4 -4.33% · VSAT (ViaSat, Inc.) USD 59 -5.74%

## More
Full page: https://nexqual.com/BDC · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by business segment (quarter ended 2025-09-28)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Automation | $381.3M | 54.6% | +13.7% |
| Smart Infrastructure Solutions | $316.9M | 45.4% | -0.9% |
| Total revenue | $698.2M | 100% | — |

## Revenue by product line (quarter ended 2026-06-28)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Automation | $436.8M | 58.2% | +19.3% |
| Broadband | $157.0M | 20.9% | +1.1% |
| Smart Buildings | $156.4M | 20.8% | +3.8% |
| Total revenue | $750.2M | 100% | — |

## Revenue by region (quarter ended 2026-06-28)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Americas | $490.6M | 65.4% | +9.4% |
| EMEA | $154.8M | 20.6% | +13.9% |
| APAC | $104.7M | 14.0% | +19.7% |
| Total revenue | $750.2M | 100% | — |

## Customer concentration

Period ended 2025-12-31: 14% of revenue from unnamed direct customers (10-K, filed 2026-02-17).

## Company outlook (8-K filed 2026-07-30)

- "We are focused on execution, integration, and capturing the opportunity ahead of us." Assuming the continuation of current market conditions, the table below provides guidance for the third quarter of 2026, including the contribution from the acquisition of RUCKUS."
- "Third Quarter 2026: Guidance Revenues (million) $950 - $970 GAAP EPS $0.69 - $0.84 Adjusted EPS $2.15 - $2.30 Earnings Conference Call Management will host a conference call today at 8:30 am ET to discuss Belden's quarterly results."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $2.26 | $2.09 | +8.0% | $961.7M | 5 |
| Next quarter (ends 2026-12-31) | $2.28 | $2.16 | +5.6% | $963.9M | 5 |
| Current fiscal year (ends 2026-12-31) | $8.65 | $8.05 | +7.4% | $3.37B | 5 |
| Next fiscal year (ends 2027-12-31) | $10.03 | $8.87 | +13.2% | $3.95B | 5 |