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what it is
Bel Fuse sells the power, connector, and magnetic parts that keep servers, telecom gear, and industrial hardware running.
how it gets paid
Last year Bel Fuse made $675M in revenue. power solutions was the main engine at $278M, or 41% of sales.
why it's growing
Revenue grew 26.3% last year. The company paired higher sales with fatter margins.
what just happened
Bel's latest report showed $175.9M in Q4 sales, while full-year gross margin reached 39.1%.
At a glance
B+ balance sheet — decent shape, but not bulletproof
20/100 earnings predictability — expect surprises
43.5x trailing p/e — you're paying up for this one
0.1% dividend yield — cash in your pocket every quarter
10.8% return on capital — nothing to write home about
xvary composite: 62/100 — average
What they do
Bel Fuse sells the power, connector, and magnetic parts that keep servers, telecom gear, and industrial hardware running.
Bel wins by selling parts your hardware cannot skip: power supplies, connectors, and magnetic components. Switching costs → changing suppliers after your design is set → you re-test the whole box, so customers tend to stay. That helps a 5,370-employee company turn $675M of annual revenue into a 39.0% gross margin.
How they make money
$675M
annual revenue · their business grew +26.3% last year
power solutions
$278M
circuit protection
$126M
connectivity solutions
$148M
magnetic solutions
$123M
The products that matter
power supplies and protection
Power Solutions & Protection
~$405M · about 60% of revenue
This is the core business at roughly $405M of the $676M revenue base, and it carries the most weight in whether the 39.1% gross margin holds.
largest segment
integrated connector modules
Connectivity
~$202M · about 30% of revenue
At about $202M, this segment matters because products like MagJack replace seven discrete components, which makes redesigns harder once customers commit.
design-in stickiness
signal conditioning and magnetics
Magnetics
~$68M · about 10% of revenue
It is the smallest segment at about $68M, which means it will not carry the company on its own, but it adds exposure to high-speed data transmission and telecom demand.
small but exposed
Key numbers
43.5x
trailing p/e
You are paying a premium multiple even after EPS fell from $5.52 to $3.10, so the stock is betting on a rebound.
18.0%
operating margin
Operating margin → profit after running the business → Bel is more efficient than a commodity parts vendor. So what: small margin moves matter a lot.
$214M
long-term debt
Debt equals 36% of capital, which gives Bel less room for mistakes if end markets cool.
0.1%
dividend yield
The dividend is basically decorative. Your return here depends on earnings and valuation, not income.
Financial health
B+
strength
- balance sheet grade B+ — solid but not elite
- risk rank 2 — safer than 80% of stocks
- price stability 25 / 100
- long-term debt $214M (36% of capital)
B+ — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for BELFA right now.
source: institutional data · return history unavailable
What just happened
beat estimates
Bel's latest report showed $175.9M in Q4 sales, while full-year gross margin reached 39.1%.
The company paired higher sales with fatter margins. Full-year revenue hit $675M, up 26.3% vs. prior year, while the latest reported EPS came in at $1.70.
$175.9M
revenue
$1.70
eps
39.1%
gross margin
the number that mattered
Gross margin at 39.1% matters most because each 1-point move on $675M of annual revenue is about $6.8M of gross profit.
source: company earnings report, 2026
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What could go wrong
the top risk is a post-beat demand comedown in power and connectivity orders.
high
Q1 guide already points to slower demand
Management guided Q1 2026 sales to $165M–$180M and gross margin to 37%–39%. That is a visible step down from the Q4 revenue print of $175.9M if you were expecting a clean acceleration story.
The risk is simple: after an 80% EPS beat, even a normal seasonal slowdown can feel like a disappointment.
med
gross margin has less room to hide a revenue wobble
Full-year gross margin hit 39.1%, but the next-quarter guide is 37%–39%. When the multiple is 43.5x earnings, flat-to-down margin is not what growth investors want to see.
A one- to two-point margin giveback would pressure the exact profitability story the market just rewarded.
med
the impairment charge says something is not working
Bel Fuse expects a pre-tax impairment charge of up to $14M. On a $676M annual revenue base, that is not fatal, but it is too large to wave away as bookkeeping dust.
It does not break the company. It does tell you the operating picture is not as clean as the headline beat suggests.
med
cyclical end markets still drive the story
More than 50% of revenue comes from cyclical industrial markets, while networking, telecom, and defense demand can all swing with budgets and inventory corrections.
That means BELFA can look like a precision components story in good quarters and a macro stock in bad ones.
Four risks matter most here: softer near-term guidance, a tighter gross margin range, a $14M impairment, and heavy exposure to cyclical markets that drive more than half the revenue base.
source: institutional data · regulatory filings · risk analysis
Pay attention to
next report
the Q1 print versus the $165M–$180M guide
If revenue lands near the low end and gross margin slips toward 37%, the post-earnings enthusiasm probably cools fast.
margin
whether 39.1% gross margin was a peak or a base
The stock is acting like BELFA has found a better earnings gear. You want proof that margins can stay near the top of the 37%–39% guided range.
trend
whether the 26.3% revenue growth rate keeps fading
Last year looked strong. The next few quarters will tell you if that was real demand strength or a good part of the cycle.
balance sheet
any follow-through from the up to $14M impairment
One impairment can be cleanup. A second weak asset story would make the quality of recent earnings harder to trust.
Analyst rankings
earnings predictability
20 / 100
Low predictability means earnings can swing around more than you would like. In human-speak: do not mistake one strong quarter for a smooth trend.
risk rank
2
This score suggests the balance sheet and business profile look safer than many stocks. That helps, but it does not cancel the cycle.
price stability
25 / 100
Price stability this low means the stock can move around hard. You are buying a small cap with a 52-week range of $54–$227, not a sleepy compounder.
source: institutional data
Institutional activity
institutional ownership data for BELFA is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$205
current price
n/a
target midpoint · n/a from current
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