# Bel Fuse Inc. (BELFB)

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

**Price:** USD 199.81 (-9.40% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 220.55 · day 199.24–213.97 · 52w 129.94–335.29 · market cap $2.89B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $744M, net income $53.3M (7.2% margin), free cash flow $73.3M (SEC filings).
- Valuation: P/E 54.2x, EV/EBITDA 17.8x, net cash $306M.
- 1 of 80 tracked superinvestors hold BELFB (13F, Q2 2026): 0 new, 0 added, 1 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 4 Form 4 filings, $675K; 4 not under a Rule 10b5-1 plan ($675K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Total return with dividends: 1Y +29.1% vs S&P 500 +14.9%; 5Y +1585.6% vs S&P 500 +80.3%.
- Next earnings: 2026-10-28, EPS estimate USD 2.62, revenue estimate $216M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $543M | $654M | $640M | $535M | $675M | $744M |
| Gross profit | $134M | $183M | $216M | $202M | $264M | — |
| Operating income | $31.3M | $65.1M | $88.0M | $64.3M | $111M | $118M |
| Net income | $24.8M | $52.7M | $73.8M | $41.0M | $61.5M | $53.3M |
| Free cash flow | -$4.8M | $31.4M | $96.2M | $60.0M | $68.6M | $73.3M |
| Gross margin | 24.7% | 28.0% | 33.7% | 37.8% | 39.1% | — |
| Operating margin | 5.8% | 10.0% | 13.8% | 12.0% | 16.4% | 15.9% |
| Net margin | 4.6% | 8.1% | 11.5% | 7.7% | 9.1% | 7.2% |
| Revenue growth | +16.7% | +20.4% | -2.2% | -16.4% | +26.3% | — |
| Cash + short-term investments | $61.8M | $70.3M | $89.4M | $68.3M | $57.8M | — |
| Total debt | $113M | $95.0M | $60.0M | $288M | $198M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 54.2x · P/S 3.9x · EV/EBITDA 17.8x · EV/Sales 3.5x · P/FCF 39.3x · P/B 3.2x · FCF yield 2.54% · Earnings yield 1.85% · Dividend yield (paid, TTM) 0.12% · Net cash $306M · EV $2.58B

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold BELFB. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Polen Capital | Polen Capital Management | 0.09% | $10.9M | Reduced -24.2% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 4 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 |
|---|---|---|---|---|---|---|---|
| 2026-09-14 | Vellucci Vincent | Director | 1,000 | $235K | 11.9% | No | Too little history (no open-market trades in 2025) |
| 2026-09-02 | Vellucci Vincent | Director | 393 | $96K | 4.5% | No | Too little history (no open-market trades in 2025) |
| 2026-08-12 | Gilbert Peter E | Director | 500 | $146K | 2.7% | No | Too little history (no open-market trades in 2024 or 2025) |
| 2026-06-01 | Kozlovsky Suzanne | Global Head of People | 731 | $198K | 5.7% | No | Too little history (no open-market trades in 2023 or 2024) |
% 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
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-13 | JP Morgan | Target lowered | Overweight | $380 → $330 |
| 2026-07-31 | JP Morgan | Target raised | Overweight | $370 → $380 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +29.1% | +1585.6% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +29.3% | +75.7% |
| Volatility (annualized) | 55.9% | 51.1% |
| Max drawdown | -40.0% (Jun 2026→Oct 2026) | -35.6% (Jun 2026→Oct 2026) |

## Peers (Electronic Components)
KN (Knowles Corporation) USD 33.38 -4.41% · OSIS (OSI Systems, Inc.) USD 200.49 +1.81% · BHE (Benchmark Electronics, Inc.) USD 66.3 -6.95% · ROG (Rogers Corporation) USD 128.89 -8.27% · OLED (Universal Display Corporation) USD 87.45 +4.29% · PLXS (Plexus Corp.) USD 220.78 -7.51%

## More
Full page: https://nexqual.com/BELFB · 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

## Supply chain and relationships (SEC annual reports)

Named in BELFB's own 10-K filed 2026-02-24 (https://www.sec.gov/Archives/edgar/data/729580/000143774926005354/belfb20251231d_10k.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | Enercon Technologies | "Our ability to maximize value from the Enercon acquisition depends on continued successful integration, sustained customer and supplier relationships, and effective execution of our strategic initiatives." |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Aerospace Defense & Rugged Solutions | $110.5M | 52.4% | +20.3% |
| Industrial Technology & Data Solutions | $100.2M | 47.6% | +31.1% |
| Total revenue | $210.7M | 100% | — |

## Revenue by product line (quarter ended 2025-09-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Power Solutions & Protection | $94.4M | 52.7% | +93.9% |
| Connectivity Solutions | $61.9M | 34.6% | +11.0% |
| Magnetic Solutions | $22.7M | 12.7% | +18.0% |
| Total revenue | $179.0M | 100% | — |

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| North America | $137.9M | 65.4% | +23.0% |
| EMEA | $55.2M | 26.2% | +34.8% |
| Asia | $17.6M | 8.4% | +15.3% |
| Total revenue | $210.7M | 100% | — |

## Company outlook (8-K filed 2026-07-29)

- "In addition, the team completed an equity offering, raising net proceeds of $441.6 million to pay down debt and support the remaining 20% of Enercon in early 2027, as well as future M&A and growth initiatives." "Bookings remained healthy, and assuming the continuation of current market conditions, we expect third-quarter 2026 sales of $205 million to $225 million and gross margin of 39% to 41%."

Analysts expect $215.7M for the current quarter, +0.3% vs the guidance midpoint $215.0M. Source: https://www.sec.gov/Archives/edgar/data/729580/000143774926024893/ex_964865.htm

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $2.62 | $2.34 | +11.8% | $215.7M | 8 |
| Next quarter (ends 2026-12-31) | $2.38 | $2.17 | +9.9% | $205.7M | 8 |
| Current fiscal year (ends 2026-12-31) | $9.86 | $8.58 | +14.9% | $810.7M | 7 |
| Next fiscal year (ends 2027-12-31) | $10.71 | $9.84 | +8.9% | $879.7M | 8 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-10-28): ±14.9%; last 8 reports averaged ±4.9%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 66.0% | ±14.9% |
| 2026-12-18 | 56 | 61.4% | ±19.4% |
| 2027-01-15 | 84 | 58.5% | ±22.5% |
| 2027-03-19 | 147 | 60.5% | ±30.5% |
| 2027-06-17 | 237 | 60.5% | ±38.3% |