BDC

MKT CAP:$5B

Belden Inc.

Market Cap

$5B

Technology·Communication Equipment·🇺🇸 United States·NYSE

Technology·Communication·🇺🇸·NYSE

Stock Price

$134.37+$16.56 (+14.06%)

Apr 24, 2026

Company Details

Belden Inc. provides portfolio of signal transmission solutions in the Americas, Europe, the Middle East, Africa, and the Asia-Pacific. It operates in two segments, Enterprise Solutions and Industrial Solutions. The Enterprise Solutions seg...

CEO

Ashish Chand

IPO Date

Nov 24, 1993

Website

www.belden.com

Key Metrics TTM

Revenue

$2.7B

+15.2% YoY

Net Income

$238M

EPS (Diluted)

$5.91

Free Cash Flow

$219M

Revenue / Share

$68.08

Gross Margin

38.0%

Operating Margin

11.6%

Net Margin

8.7%

FCF Margin

8.1%

P/S

1.9x

P/E

22.0x

Earnings Reports

Q1 2026

May 7, 2026

PENDING

FY 2025

Feb 17, 2026

$2.7B+10.3%EPS $5.91

Q4 2025

Feb 17, 2026

$720M+8.1%EPS $1.70

Q3 2025

Oct 30, 2025

$698MEPS $1.41

Q2 2025

Jul 31, 2025

$672M+11.2%EPS $1.53

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 21	$576M	$191M	$68M
Q4 21	$639M	$228M	-$64M
Q1 22	$610M	$209M	$74M
Q2 22	$667M	$222M	$82M
Q3 22	$670M	$239M	$130M
Q1 23	$642M	$246M	$86M
Q2 23	$692M	$261M	$93M
Q3 23	$627M	$241M	$95M
Q4 23	$551M	$206M	$44M
Q1 24	$536M	$202M	$53M
Q2 24	$604M	$227M	$69M
Q4 24	$666M	$250M	$69M
Q1 25	$625M	$246M	$73M
Q2 25	$672M	$259M	$79M
Q3 25	$698M	$263M	$76M
Q4 25	$720M	$264M	$88M

Valuation

Quarter	P/S	P/E
Q2 21	2.5x	54.3x
Q4 21	2.4x	176.7x
Q1 22	2.2x	89.4x
Q2 22	2.1x	59.1x
Q3 22	2.0x	36.6x
Q1 23	2.0x	20.4x
Q2 23	2.0x	18.1x
Q3 23	2.0x	17.3x
Q4 23	2.1x	21.5x
Q1 24	2.2x	24.1x
Q2 24	2.3x	26.5x
Q4 24	2.2x	28.5x
Q1 25	2.2x	26.6x
Q2 25	2.0x	23.7x
Q3 25	2.0x	22.9x
Q4 25	1.9x	22.0x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 21	$68M	$49M
Q4 21	$170M	$135M
Q1 22	-$58M	-$69M
Q2 22	$49M	$29M
Q3 22	$87M	$68M
Q1 23	-$32M	-$46M
Q2 23	$87M	$68M
Q3 23	$105M	$76M
Q4 23	$160M	$105M
Q1 24	$3M	-$22M
Q2 24	$83M	$61M
Q4 24	$175M	$116M
Q1 25	$7M	-$25M
Q2 25	$82M	$57M
Q3 25	$105M	$65M
Q4 25	$160M	$121M

Capital Expenditures

Quarter	CapEx
Q2 21	$20M
Q4 21	$35M
Q1 22	$11M
Q2 22	$20M
Q3 22	$19M
Q1 23	$14M
Q2 23	$19M
Q3 23	$29M
Q4 23	$55M
Q1 24	$24M
Q2 24	$22M
Q4 24	$58M
Q1 25	$32M
Q2 25	$25M
Q3 25	$40M
Q4 25	$39M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 21	+35.6%	+24.5%
Q4 21	+34.3%	+59.9%
Q1 22	+22.4%	+17.7%
Q2 22	+31.0%	+27.7%
Q3 22	+16.4%	+6.6%
Q1 23	+0.5%	-20.9%
Q2 23	+13.4%	+11.7%
Q3 23	-6.0%	-9.1%
Q4 23	-17.8%	-6.2%
Q1 24	-16.5%	-13.2%
Q2 24	-12.7%	-10.7%
Q4 24	+6.3%	+12.3%
Q1 25	+13.4%	+8.9%
Q2 25	+25.4%	+22.8%
Q3 25	+15.5%	+16.2%
Q4 25	+8.1%	+6.0%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 21	$6M	1.1%
Q4 21	$4M	0.7%
Q1 22	$5M	0.9%
Q2 22	$6M	0.8%
Q3 22	$8M	1.1%
Q1 23	$6M	1.0%
Q2 23	$6M	0.9%
Q3 23	$3M	0.4%
Q4 23	$6M	1.1%
Q1 24	$6M	1.2%
Q2 24	$8M	1.4%
Q4 24	$5M	0.8%
Q1 25	$8M	1.2%
Q2 25	$7M	1.0%
Q3 25	$8M	1.1%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	G&A	SG&A
Q2 21	$22M	—	$94M
Q4 21	$30M	—	$112M
Q1 22	$23M	—	$103M
Q2 22	$26M	—	$105M
Q3 22	$26M	—	$110M
Q1 23	$29M	$121M	—
Q2 23	$31M	—	$127M
Q3 23	$30M	—	$118M
Q4 23	$26M	—	$126M
Q1 24	$27M	$111M	—
Q2 24	$28M	—	$119M
Q4 24	$29M	—	$137M
Q1 25	$28M	$132M	—
Q2 25	$34M	—	$132M
Q3 25	$34M	—	$139M
Q4 25	$33M	—	$131M

Revenue Segments

Quarter	Enterprise Solutions	Industrial Solutions	Automation Solutions	Broadband And 5G	Smart Buildings Solutions
Q2 21	$268M	$334M	—	—	—
Q4 21	$294M	$345M	—	—	—
Q1 22	$268M	$342M	—	—	—
Q2 22	$307M	$359M	—	—	—
Q3 22	$319M	$351M	—	—	—
Q1 23	$275M	$366M	—	—	—
Q2 23	$313M	$380M	—	—	—
Q3 23	$284M	$343M	—	—	—
Q4 23	$251M	$300M	—	—	—
Q2 24	—	—	$334M	$136M	$134M
Q4 24	—	—	$648M	—	—
Q1 25	—	—	$351M	$147M	$127M
Q2 25	—	—	$366M	$155M	$151M
Q4 25	—	—	$398M	—	$308M

Revenue by Geography

Quarter	Americas	Asia Pacific	Emea
Q3 23	$394M	$89M	$144M
Q2 24	$400M	$79M	$125M
Q1 25	$428M	$72M	$125M
Q2 25	$449M	$87M	$136M
Q3 25	$468M	$87M	$143M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$560M	$0	$560M
Q2 22	$528M	$0	$528M
Q3 22	$547M	$0	$547M
Q4 22	$688M	$0	$688M
Q1 23	$589M	$0	$589M
Q2 23	$515M	$0	$515M
Q3 23	$531M	$0	$531M
Q4 23	$597M	$0	$597M
Q1 24	$507M	$0	$507M
Q2 24	$565M	$0	$565M
Q3 24	$323M	$0	$323M
Q4 24	$370M	$0	$370M
Q1 25	$259M	$0	$259M
Q2 25	$301M	$0	$301M
Q3 25	$314M	$0	$314M
Q4 25	$390M	$0	$390M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 21	45M	+0.5%	+1.3%
Q4 21	46M	+1.0%	+2.3%
Q1 22	46M	-0.4%	+1.6%
Q2 22	45M	-1.7%	-0.6%
Q3 22	44M	-1.6%	-2.6%
Q1 23	44M	-0.9%	-4.5%
Q2 23	43M	-1.3%	-5.4%
Q3 23	43M	-1.1%	-4.8%
Q4 23	42M	-1.4%	-4.6%
Q1 24	41M	-1.3%	-5.0%
Q2 24	41M	-0.7%	-4.4%
Q4 24	41M	+0.2%	-3.1%
Q1 25	41M	-1.1%	-2.9%
Q2 25	40M	-2.1%	-3.6%
Q3 25	40M	+0.3%	-2.6%
Q4 25	40M	-0.6%	-3.4%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 21	$92.9K	6K
Q4 21	$103.0K	6K
Q1 22	$98.4K	6K
Q2 22	$107.5K	6K
Q3 22	$108.1K	6K
Q1 23	$80.2K	8K
Q2 23	$86.5K	8K
Q3 23	$78.4K	8K
Q4 23	$68.9K	8K
Q1 24	$67.0K	8K
Q2 24	$75.5K	8K
Q4 24	$88.8K	8K
Q1 25	$83.3K	8K
Q2 25	$89.6K	8K
Q3 25	$93.1K	8K
Q4 25	$90.0K	8K

Revenue / Employee