BELFB

MKT CAP:$3B

Bel Fuse Inc.

Market Cap

$3B

Technology·Hardware, Equipment & Parts·🇺🇸 United States·NASDAQ

Technology·Hardware,·🇺🇸·NASDAQ

Stock Price

$268.31+$95.53 (+55.29%)

Apr 23, 2026

Company Details

Bel Fuse Inc. designs, manufactures, markets, and sells products that are used in the networking, telecommunication, high-speed data transmission, commercial aerospace, military, broadcasting, transportation, e-Mobility and broadcasting, an...

CEO

Farouq Tuweiq

IPO Date

Jul 10, 1998

Website

www.belfuse.com

Key Metrics TTM

Revenue

$601M

+0.9% YoY

Net Income

$48M

EPS (Diluted)

$3.84

Free Cash Flow

$98M

Revenue / Share

$284.20

Gross Margin

38.7%

Operating Margin

15.4%

Net Margin

8.0%

FCF Margin

16.2%

P/S

5.8x

P/E

72.2x

Earnings Reports

FY 2025

Feb 24, 2026

$675MEPS $4.65

Q4 2025

Feb 24, 2026

$176MEPS -$0.50

Q2 2025

Jul 31, 2025

$168M+26.3%EPS $2.17

Q3 2024

Oct 29, 2024

$124M-22.1%EPS $0.64

Q2 2024

Jul 31, 2024

$133M-21.1%EPS $1.53

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 21	$139M	$34M	$7M
Q3 21	$147M	$36M	$9M
Q4 21	$147M	$39M	$11M
Q1 22	$137M	$34M	$8M
Q2 22	$171M	$45M	$17M
Q3 22	$178M	$52M	$22M
Q4 22	$169M	$53M	$18M
Q1 23	$172M	$54M	$20M
Q2 23	$169M	$56M	$27M
Q3 23	$159M	$55M	$25M
Q4 23	$140M	$51M	$16M
Q1 24	$128M	$48M	$18M
Q2 24	$133M	$53M	$23M
Q3 24	$124M	$45M	$11M
Q2 25	$168M	$65M	$30M
Q4 25	$176M	$69M	$29M

Valuation

Quarter	P/S	P/E
Q2 21	7.1x	157.8x
Q3 21	6.8x	171.2x
Q4 21	6.4x	140.5x
Q1 22	6.1x	130.7x
Q2 22	5.8x	97.3x
Q3 22	5.5x	74.7x
Q4 22	5.3x	66.2x
Q1 23	5.1x	56.1x
Q2 23	5.1x	47.8x
Q3 23	5.2x	46.0x
Q4 23	5.5x	47.2x
Q1 24	5.9x	46.4x
Q2 24	6.2x	52.7x
Q3 24	6.6x	63.6x
Q2 25	6.3x	50.1x
Q4 25	5.8x	72.2x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 21	-$4M	-$5M
Q3 21	$209.0K	-$1M
Q4 21	$6M	$1M
Q1 22	-$8M	-$10M
Q2 22	$19M	$17M
Q3 22	$13M	$11M
Q4 22	$16M	$13M
Q1 23	$17M	$13M
Q2 23	$24M	$21M
Q3 23	$41M	$38M
Q4 23	$27M	$24M
Q1 24	$6M	$3M
Q2 24	$32M	$31M
Q3 24	$27M	$24M
Q2 25	$21M	$17M
Q4 25	$30M	$26M

Capital Expenditures

Quarter	CapEx
Q2 21	$1M
Q3 21	$2M
Q4 21	$5M
Q1 22	$2M
Q2 22	$2M
Q3 22	$2M
Q4 22	$3M
Q1 23	$4M
Q2 23	$3M
Q3 23	$3M
Q4 23	$2M
Q1 24	$3M
Q2 24	$1M
Q3 24	$4M
Q2 25	$4M
Q4 25	$3M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 21	+14.5%	+14.8%
Q3 21	+18.1%	+18.7%
Q4 21	+26.7%	+22.7%
Q1 22	+23.6%	+21.1%
Q2 22	+22.9%	+16.4%
Q3 22	+20.9%	+12.7%
Q4 22	+15.0%	+11.2%
Q1 23	+26.1%	+18.7%
Q2 23	-1.1%	-8.0%
Q3 23	-10.7%	-13.8%
Q4 23	-17.3%	-18.2%
Q1 24	-25.7%	-27.8%
Q2 24	-21.1%	-21.8%
Q3 24	-22.1%	-16.4%
Q2 25	+20.2%	+12.1%
Q4 25	+37.4%	+33.5%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 21	$598.0K	0.4%
Q3 21	$554.0K	0.4%
Q4 21	$548.0K	0.4%
Q1 22	$576.0K	0.4%
Q2 22	$511.0K	0.3%
Q3 22	$585.0K	0.3%
Q4 22	$710.0K	0.4%
Q1 23	$902.0K	0.5%
Q2 23	$949.0K	0.6%
Q3 23	$861.0K	0.5%
Q4 23	$774.0K	0.6%
Q1 24	$804.0K	0.6%
Q2 24	$971.0K	0.7%
Q3 24	$1M	0.8%
Q2 25	$2M	1.0%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	G&A	SG&A
Q2 21	$5M	—	$22M
Q3 21	$6M	$21M	—
Q4 21	$6M	—	$22M
Q1 22	$5M	—	$21M
Q2 22	$5M	—	$24M
Q3 22	$5M	$22M	—
Q4 22	$6M	—	$25M
Q1 23	$5M	—	$25M
Q2 23	$6M	—	$25M
Q3 23	$5M	—	$24M
Q4 23	$6M	—	$25M
Q1 24	$5M	—	$25M
Q2 24	$6M	—	$24M
Q3 24	$5M	—	$27M
Q2 25	$8M	—	$31M
Q4 25	$8M	—	$33M

Revenue Segments

Quarter

Revenue by Geography

Quarter	Asia	Europe	North America
Q2 21	$39M	$19M	$81M
Q3 21	$43M	$20M	$84M
Q4 21	$41M	$19M	$87M
Q1 22	$30M	$21M	$86M
Q2 22	$47M	$23M	$101M
Q3 22	$45M	$21M	$112M
Q4 22	$35M	$24M	$110M
Q1 23	$31M	$25M	$116M
Q2 23	$21M	$28M	$120M
Q3 23	$25M	$23M	$111M
Q4 23	$16M	$23M	$101M
Q1 24	$12M	$27M	$90M
Q2 24	$14M	$27M	$92M
Q3 24	$17M	$26M	$81M
Q2 25	$31M	$26M	$112M
Q4 25	$30M	$28M	$119M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$51M	$0	$51M
Q2 22	$66M	$0	$66M
Q3 22	$71M	$0	$71M
Q4 22	$70M	$0	$70M
Q1 23	$78M	$0	$78M
Q2 23	$65M	$0	$65M
Q3 23	$100M	$0	$100M
Q4 23	$89M	$38M	$127M
Q1 24	$71M	$50M	$121M
Q2 24	$85M	$59M	$144M
Q3 24	$134M	$30M	$164M
Q4 24	$68M	$950.0K	$69M
Q1 25	$66M	$950.0K	$67M
Q2 25	$59M	$0	$59M
Q3 25	$58M	$0	$58M
Q4 25	$58M	$0	$58M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 21	12M	+0.3%	+0.5%
Q3 21	12M	+0.3%	+0.4%
Q4 21	12M	+0.4%	+0.9%
Q1 22	13M	+0.4%	+1.4%
Q2 22	13M	-0.1%	+1.0%
Q3 22	12M	-0.2%	+0.5%
Q4 22	13M	+1.3%	+1.4%
Q1 23	13M	+1.1%	+2.1%
Q2 23	13M	-0.0%	+2.2%
Q3 23	13M	+0.0%	+2.4%
Q4 23	13M	-0.1%	+1.0%
Q1 24	12M	-2.6%	-2.6%
Q2 24	12M	-1.1%	-3.6%
Q3 24	13M	+1.9%	-1.8%
Q2 25	12M	-1.5%	-3.2%
Q4 25	2M	-82.9%	-83.0%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 21	$21.7K	6K
Q3 21	$23.0K	6K
Q4 21	$23.4K	6K
Q1 22	$21.7K	6K
Q2 22	$27.1K	6K
Q3 22	$28.2K	6K
Q4 22	$846.0K	200
Q1 23	$861.7K	200
Q2 23	$843.9K	200
Q3 23	$793.4K	200
Q4 23	$700.0K	200
Q1 24	$640.5K	200
Q2 24	$666.0K	200
Q3 24	$618.2K	200
Q2 25	$561.0K	300
Q4 25	$548.1K	321

Revenue / Employee