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Belden

BDC NYSE Electronic Components Financials FY2016–FY2025

Belden's revenue rose 10.3% to $2.7 billion in fiscal 2025. Its operating margin was 11.6%, up from 10.8% a year earlier. Free cash flow was $219 million, down 1.9%. It paid out $8 million in dividends and buybacks, 4% of free cash flow. The diluted share count fell 2.6%.

Last close · Oct 23, 2026

$104.15

0.7%
Value it Compare
Revenue Total sales reported in the income statement.
$2.7B
10.3% vs prior year
Operating margin Operating income as a share of revenue.
11.6%
0.8 pts
Net income Profit after all expenses, interest and tax.
$238M
19.7%
Free cash flow Cash from operations minus capital spending.
$219M
1.9%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
13.3%
1.2 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$4.1B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
16.9x
On $6.15 EPS (TTM)

What Belden does

No business description yet.

Legal name
BELDEN INC.
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0000913142-26-000009
0000913142

Revenue and margins

Belden had $2.7B of revenue in fiscal 2025, up 10.3% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 9.3% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $219M in fiscal 2025, 8.1% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Belden returned $8.0M to shareholders in fiscal 2025, 4% of free cash flow. The diluted share count fell 2.6%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Belden yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$906M and divides by 40.2M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 16.9x · peers 50.8x · sector 33.5x.

Balance sheet

Cash, debt and the ratios that show how comfortably Belden can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $642M$688M$597M$370M$390M
Debt incl. finance leases $1.5B$1.2B$1.2B$1.1B$1.3B
Net debt / EBITDA 2.3x1.1x1.5x2.0x2.0x
Debt / equity 1.5x1.0x1.0x0.9x1.0x
Interest coverage 4.9x8.0x7.5x6.3x7.3x
Current ratio 2.5x2.4x2.3x1.9x1.9x
Quick ratio 2.0x1.9x1.7x1.4x1.4x
Total assets $3.4B$3.2B$3.2B$3.3B$3.5B
Total liabilities $2.5B$2.0B$2.1B$2.0B$2.3B
Shareholders' equity $955M$1.1B$1.2B$1.3B$1.3B
Net debt (− = net cash) $819M$480M$614M$770M$906M

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$2.9M

5 insiders

Of sales under plans

87%

$2.6M

DateInsiderTradeSharesPriceValueFiling
Sep 15, 2026 Brian LieserEVP - Chief Comm. Officer Sold plan 1,900 $114.39 $0.2M Form 4
Apr 14, 2026 Brian LieserEVP - Chief Comm. Officer Sold plan 2,719 $130.69 $0.4M Form 4
Feb 6, 2026 Doug ZinkVP and CAO Sold plan 1,452 $133.96 $0.2M Form 4
Feb 5, 2026 Doug ZinkVP and CAO Sold plan 485 $126.00 $0.1M Form 4
Feb 4, 2026 Leah TateSVP - HR Sold plan 2,954 $130.00 $0.4M Form 4
Dec 11, 2025 Jonathan C KleinDirector Sold 3,000 $124.19 $0.4M Form 4
Dec 9, 2025 Doug ZinkVP and CAO Sold plan 4,000 $125.00 $0.5M Form 4
Dec 5, 2025 Brian LieserEVP, Solutions Sold plan 1,270 $120.00 $0.2M Form 4
Dec 5, 2025 Hiran BhadraSVP, Strategy & Technology Sold plan 1,600 $120.00 $0.2M Form 4
Dec 3, 2025 Leah TateSVP - HR Sold plan 2,554 $120.00 $0.3M Form 4
Dec 2, 2025 Brian LieserEVP, Solutions Sold plan 1,713 $114.13 $0.2M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✕ ✓
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✕ ✓ ✕
Current ratio rose ✕ ✕ ✓
Share count didn't rise ✓ ✓ ✓
Gross margin rose ✓ ✕ ✓
Revenue rose relative to assets ✓ ✕ ✓
F-score 7 / 95 / 98 / 9
Accruals ratio −2.4%−4.7%−3.4%
Altman Z'' 3.913.493.68

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Belden BDC $4.1B 10.3% 11.6% 8.1% 13.3% 16.9x 8
Littelfuse LFUS $8.9B 8.9% 1.6% 15.3% 0.7% — 6 Compare →
Coherent COHR $40.9B 22.5% — −14.4% 9.1% — 7 Compare →
Corning GLW $108.2B 19.1% 14.6% 9.0% 10.8% 56.5x 6 Compare →
Amphenol APH $95.5B 51.7% 25.4% 19.0% 29.1% 18.6x 7 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $2.4B $2.1B $2.2B $2.1B $1.8B $2.3B $2.6B $2.5B $2.5B $2.7B
Gross profit $981M $802M $830M $794M $576M $772M $916M $955M $922M $1.0B
Research and development $141M $88.7M $91.6M $94.4M $73.0M $90.2M $104M $116M $112M $129M
Operating income $232M $234M $314M $207M $150M $264M $363M $318M $267M $316M
Interest expense $87.1M $79.0M $48.5M $51.2M $53.0M $54.2M $45.2M $42.1M $42.4M $43.2M
Pretax income $127M $98.0M $230M $152M $90.8M $227M $317M $286M $228M $267M
Income tax −$1.2M −$4.6M $62.9M $42.5M $20.1M $27.9M $49.6M $43.2M $29.5M $29.3M
Net income $128M $93.2M $161M −$377M −$55.2M $63.9M $255M $243M $198M $238M
Diluted EPS $2.65 $1.37 $3.08 −$9.37 −$1.23 $1.41 $5.72 $5.66 $4.80 $5.91
Diluted shares 0.04B 0.04B 0.04B 0.04B 0.04B 0.05B 0.04B 0.04B 0.04B 0.04B
Cash flow
Cash from operations $315M $255M $289M $277M $173M $272M $281M $320M $352M $355M
Capital expenditure $54.0M $64.3M $97.8M $110M $90.2M $91.0M $105M $117M $129M $136M
Free cash flow $261M $191M $191M $167M $83.2M $181M $176M $203M $223M $219M
Depreciation and amortization $146M $150M $149M $139M $109M $88.0M $88.7M $99.4M $116M $129M
Stock-based compensation $18.2M $14.6M $18.5M $17.8M $20.0M $24.9M $23.7M $21.0M $27.5M $30.0M
Acquisitions $18.8M $167M $84.6M $74.4M $0.6M $73.3M $105M $107M $297M $7.7M
Share buybacks $0.0M $25.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends paid $16.1M $43.4M $43.2M $34.4M $9.0M $9.1M $8.9M $8.5M $8.2M $8.0M
Dividends and buybacks $16.1M $68.4M $43.2M $34.4M $9.0M $9.1M $9.0M $8.5M $8.2M $8.0M
Balance sheet
Cash and short-term investments $848M $541M $408M $408M $501M $642M $688M $597M $370M $390M
Total debt $1.6B $1.6B $1.5B $1.4B $1.6B $1.5B $1.2B $1.2B $1.1B $1.3B
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.5M $6.3M $6.8M $10.5M $9.9M
Current assets $1.5B $1.4B $1.3B $1.4B $1.1B $1.9B $1.5B $1.5B $1.2B $1.3B
Current liabilities $570M $679M $717M $723M $521M $753M $640M $634M $623M $698M
Inventory $190M $297M $265M $231M $247M $345M $342M $367M $343M $402M
Property and equipment, net $309M $337M $311M $346M $369M $344M $382M $451M $496M $566M
Total assets $3.8B $3.8B $3.8B $3.4B $3.1B $3.4B $3.2B $3.2B $3.3B $3.5B
Total liabilities $2.3B $2.4B $2.4B $2.4B $2.4B $2.5B $2.0B $2.1B $2.0B $2.3B
Shareholders' equity $1.5B $1.4B $1.4B $960M $751M $955M $1.1B $1.2B $1.3B $1.3B
Margins
Gross margin 41.6% 38.4% 38.3% 37.2% 32.9% 33.5% 35.2% 38.0% 37.5% 38.0%
Operating margin 9.9% 11.2% 14.5% 9.7% 8.6% 11.5% 13.9% 12.6% 10.8% 11.6%
EBITDA margin 16.0% 18.4% 21.4% 16.3% 14.8% 15.3% 17.3% 16.6% 15.5% 16.4%
Net margin 5.4% 4.5% 7.4% −17.7% −3.2% 2.8% 9.8% 9.7% 8.1% 8.8%
FCF margin 11.1% 9.2% 8.8% 7.8% 4.8% 7.9% 6.8% 8.1% 9.1% 8.1%
Returns
Return on capital 10.2% 10.0% 9.3% 6.7% 6.1% 12.8% 18.0% 15.8% 12.1% 13.3%
Return on capital employed 7.8% 7.3% 10.1% 7.2% 5.7% 10.0% 14.0% 12.4% 10.0% 11.4%
Return on equity 11.2% 6.4% 11.4% −32.1% −6.5% 7.5% 24.3% 21.0% 16.1% 18.6%
Return on assets 3.6% 2.4% 4.2% −10.5% −1.7% 2.0% 7.7% 7.6% 6.0% 6.9%
Growth
Revenue growth 2.1% −11.4% 3.8% −1.6% −17.8% 31.3% 13.3% −3.6% −2.0% 10.3%
Net income growth 93.4% −27.2% 72.6% −334.3% — — 298.4% −4.7% −18.3% 19.7%
EPS growth 72.1% −48.3% 124.8% −404.2% — — 305.7% −1.1% −15.2% 23.1%
FCF growth 39.9% −26.8% 0.2% −12.8% −50.2% 117.8% −2.7% 15.2% 9.9% −1.9%
Share count change −0.9% 0.2% −4.0% 3.6% 5.9% 0.9% −1.8% −3.8% −3.6% −2.6%
Financial health
Net debt / EBITDA 2.0x 2.7x 2.3x 3.0x 4.2x 2.3x 1.1x 1.5x 2.0x 2.0x
Debt / equity 1.1x 1.1x 1.1x 1.5x 2.1x 1.5x 1.0x 1.0x 0.9x 1.0x
Interest coverage 2.7x 3.0x 6.5x 4.1x 2.8x 4.9x 8.0x 7.5x 6.3x 7.3x
Current ratio 2.6x 2.0x 1.8x 1.9x 2.1x 2.5x 2.4x 2.3x 1.9x 1.9x
Quick ratio 2.3x 1.6x 1.4x 1.6x 1.6x 2.0x 1.9x 1.7x 1.4x 1.4x
Capital allocation
Capex / revenue 2.3% 3.1% 4.5% 5.2% 5.2% 4.0% 4.0% 4.7% 5.3% 5.0%
Stock comp / revenue 0.8% 0.7% 0.9% 0.8% 1.1% 1.1% 0.9% 0.8% 1.1% 1.1%
Payouts / FCF 6.2% 35.8% 22.6% 20.6% 10.9% 5.0% 5.1% 4.2% 3.7% 3.6%
Quality scores
Piotroski F-score 9.0 4.0 7.0 4.0 4.0 8.0 8.0 7.0 5.0 8.0
Altman Z'' 3.3 2.9 2.9 2.6 2.3 3.6 4.0 3.9 3.5 3.7
Accruals ratio −5.3% −4.2% −3.4% −18.2% −7.0% −6.4% −0.8% −2.4% −4.7% −3.4%

Source: SEC EDGAR XBRL filings (CIK 0000913142). Data updated October 16, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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