BELDEN INC. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data BELDEN INC. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	2,357	2,389	2,585	2,131	1,752	2,301	2,606	2,512	2,461	2,715
Cost of revenue	1,375	1,285	1,336	1,338	1,177	1,529	1,690	1,557	1,539	1,684
Gross profit	981	802	830	794	576	772	916	955	922	1,031
Research and development	141	88.7	91.6	94.4	73	90.2	104	116	112	129
Selling, general and administrative	486	390	411	417	323	378	449	493	495	533
Operating income	232	234	314	207	150	264	363	318	266	316
Pre-tax income	126	98	230	152	90.8	227	317	286	228	267
Income tax	-1.19	-4.62	62.9	42.5	20.1	27.9	49.6	43.2	29.5	29.3
Income from continuing operations	113	68	132	91.2	70.6	198	268	243	198
Net income to minority interests	-0.36	-0.36	-0.18	0.24	0.1	0.39	0.16	-0.2	-0.02	0
Net income	128	93.2	161	-377	-55.2	63.9	255	243	198	238
EBITDA	378	383	463	346	259	352	452	417	382	445
EPS, basic	2.67	1.38	3.10	-9.37	-1.23	1.43	5.81	5.75	4.88	6.00
EPS, diluted	2.65	1.37	3.08	-9.37	-1.23	1.41	5.72	5.66	4.80	5.91
Shares, basic (weighted)	42.1	42.2	40.7	42.2	44.8	44.8	43.8	42.2	40.7	39.6
Shares, diluted (weighted)	42.6	42.6	41	42.4	44.9	45.4	44.5	42.9	41.3	40.2
Dividend per share	0.20	0.20	0.20	0.20	0.20	0.20	0.20	0.20	0.20	0.20

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	848	541	407	407	501	642	688	597	370	390
Receivables	388	474	336	335	297	383	440	414	410	463
Inventory	190	297	265	231	247	345	342	367	343	402
Other current assets	29.2	40.2	30.6	29.2	52.3	58.3	66.9	79.1	73.1	94.3
Total current assets	1,479	1,372	1,259	1,378	1,098	1,878	1,536	1,457	1,196	1,349
Property, plant and equipment	309	337	311	346	369	344	382	451	496	566
Lease right-of-use assets			0	62.3	54.8	75.6	73.4	89.7	119	113
Goodwill	1,386	1,209	1,207	1,244	790	821	862	907	1,019	1,037
Intangible assets	560	425	360	340	219	238	247	269	419	400
Other non-current assets	38.8	65.2	13.2	12.4	49.4	29.6	46.5	50.2	63.4	64.1
Total assets	3,807	3,841	3,779	3,407	3,140	3,418	3,162	3,240	3,328	3,544
Accounts payable	258	376	297	268	244	378	350	343	316	361
Accrued liabilities	310	303	272	284	277	278	290	290	307	336
Deferred revenue	80.5	90.6	62.3	54.3	53.4	12.3	26.2	23.7	29.8	40.2
Short-term debt	0
Total current liabilities	570	679	717	723	521	753	640	634	623	697
Long-term debt	1,620	1,561	1,463	1,439	1,574	1,460	1,161	1,204	1,130	1,286
Lease liabilities			0	55.7	46.4	62	59.3	74.9	100	94.4
Other non-current liabilities	36.7	36.3	30.1	38.3	43	14.7	31	37.2	39.8	40
Total liabilities	2,345	2,406	2,392	2,441	2,383	2,462	2,018	2,074	2,033	2,279
Total debt	1,620	1,561	1,463	1,439	1,574	1,460	1,161	1,204	1,130	1,286
Paid-in capital	1,116	1,124	1,139	812	824	834	826	819	840	867
Retained earnings	784	834	922	518	451	506	752	986	1,176	1,406
Treasury stock	-401	-426	-600	-307	-333	-314	-429	-597	-718	-912
Other comprehensive income	-39.1	-98	-74.9	-63.4	-192	-70.6	-5.87	-41.3	-3.53	-97.2
Shareholders' equity	1,460	1,434	1,387	960	751	955	1,143	1,166	1,295	1,264
Minority interests	1	0.63	0.44	5.97	6.47	0.8	0.94	0.05	0
Total equity	1,461	1,435	1,388	966	757	956	1,144	1,166	1,295	1,264
Total liabilities and equity	3,807	3,841	3,779	3,407	3,140	3,418	3,162	3,240	3,328	3,544
Shares outstanding	42.2	42	39.4	45.5	44.6	45	42.8	41.1	40.2	38.9

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	128	92.9	161	-377	-55.1	64.3	255	243	198	238
Depreciation and amortization	146	150	149	139	109	88	88.7	99.4	116	129
Stock-based compensation	18.2	14.6	18.5	17.8	20	24.9	23.7	21	27.5	30
Deferred income tax	-30	-24.1	11.3	-23.5	-19.4	3.58	-0.63	-13	-16	5.03
Change in receivables	-10.1	-24.9	-21.7	22.9	70.7	-119	-33.6	24.5	18.9	-37.8
Change in inventory	2.68	-84.1	-14.8	44.5	-8.51	-93	5.56	-15.3	24.3	-48.2
Change in payables	39.3	101	-29.4	-41.5	-43.6	136	-20.6	-8.18	-21.7	19.5
Cash from operations	315	255	289	277	173	272	281	320	352	355
Capital expenditures	-54	-64.3	-97.8	-110	-90.2	-91	-105	-117	-129	-136
Acquisitions	-18.8	-167	-84.6	-74.4	0.59	-73.3	-105	-107	-296	7.74
Cash from investing	-73.3	-230	-141	-184	-31.6	-92	168	-200	-427	-128
Debt issued	222	867	431	0	190	356	0	0	0	50
Debt repaid	-294	-1,106	-485	0	-190	-360
Stock issued	0	0			0	0	3.72	6.57	8.92	11.6
Share buybacks	0	-25
Dividends paid	-16.1	-43.4	-43.2	-34.4	-9.03	-9.06	-8.95	-8.5	-8.2	-7.97
Cash from financing	402	-331	-282	-86.9	-74.9	-32.9	-393	-212	-144	-218
Exchange rate effect	-11.9	19.3	-7.27	-0.3	9.3	-5.36	-12.6	2.02	-8.35	10.7
Net change in cash	631	-287	-140	5.28	76.1	142	43.9	-90.6	-227	19.6
Free cash flow	261	191	191	167	83.1	181	176	203	223	219
Interest paid	87.1	79	48.5	51.2	53	54.2	45.2	42.1	42.4	43.2
Income taxes paid	26.6	32.2	52.1	40.8	25.3	40.1	71.3	62.4	71.1	33.3

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 28, 2026; growth uses fiscal years. Valuation uses the share price of $112.45 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	37.6%	Gross profit / revenue.
Operating margin	11.9%	Operating income / revenue.
EBITDA margin	15.4%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	10.0%	Pre-tax income / revenue.
Net margin	8.5%	Net income / revenue.
FCF margin	7.4%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	13.1%	Cash from operations / revenue.
Effective tax rate	14.7%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	17.6%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	6.8%	Net income / average total assets.
Return on invested capital (ROIC)	12.8%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	4.5%	Research and development expense / revenue.
SG&A / revenue	19.4%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	1.2%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	5.7%	Capital expenditures / revenue.
D&A / revenue	3.5%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	10.3%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	1.4%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	9.2%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	11.8%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	4.0%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	12.4%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	18.5%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-4.6%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	16.0%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	16.5%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-0.5%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	11.5%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	19.7%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-2.3%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	23.1%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	1.1%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	0.8%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	8.1%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	15.4%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-1.9%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	7.5%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	21.3%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	0.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	0.0%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	0.0%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-2.3%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	3.4%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	11.0%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	6.5%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	3.9%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	2.4%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-2.6%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-3.3%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-2.2%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.14x	Current assets / current liabilities.
Quick ratio	1.35x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.53x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.89x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	34.5%	Total debt / total assets.
Liabilities / assets	61.2%	Total liabilities / total assets.
Net debt	$881.9M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	1.99x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	$741.1M	Current assets - current liabilities.
Goodwill and intangibles / assets	39.6%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$26.4M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.80x	Revenue / average total assets.
Fixed asset turnover	4.91x	Revenue / average property, plant and equipment.
Inventory turnover	4.25x	Cost of revenue / average inventory.
Days inventory	86 days	365 x average inventory / cost of revenue.
Receivables turnover	5.36x	Revenue / average receivables.
Days sales outstanding	68 days	365 x average receivables / revenue.
Days payables	73 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	81 days	Days inventory + days sales outstanding - days payables.
FCF conversion	86.9%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	43.6%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$6.22	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$72.93	Revenue / diluted weighted shares.
FCF per share	$5.40	Free cash flow / diluted weighted shares.
Operating cash flow per share	$9.57	Cash from operations / diluted weighted shares.
Book value per share	$35.25	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$0.67	Tangible book value / shares outstanding.
Cash per share	$8.88	(Cash + short-term investments) / shares outstanding.
Payout ratio	3.2%	Dividends paid / net income, when net income is positive.
Dividends / FCF	3.7%	Dividends paid / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$4.39B	Share price x shares outstanding.
Enterprise value	$5.28B	Market cap + total debt - cash - short-term investments.
P/E	18.0x	Market cap / net income. Only when net income is positive.
P/S	1.53x	Market cap / revenue.
P/B	3.17x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	20.7x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	11.7x	Market cap / cash from operations, when positive.
EV/Sales	1.84x	Enterprise value / revenue.
EV/EBIT	15.5x	Enterprise value / operating income, when both are positive.
EV/EBITDA	11.9x	Enterprise value / EBITDA, when both are positive.
EV/FCF	24.9x	Enterprise value / free cash flow, when both are positive.
FCF yield	4.8%	Free cash flow / market cap.
Earnings yield	5.6%	Net income / market cap (the inverse of P/E).
Dividend yield	0.2%	Dividends paid over the period / market cap.
Shareholder yield	0.2%	(Dividends paid + share buybacks) / market cap.
PEG	16.4x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was BELDEN INC.'s revenue in fiscal 2025?

BELDEN INC. reported revenue of $2.72B for fiscal 2025, 10.3% higher than the year before.

Was BELDEN INC. profitable in fiscal 2025?

Yes. Net income was $237.5M, a net margin of 8.7%.

How much free cash flow did BELDEN INC. generate in fiscal 2025?

Cash from operations of $354.9M minus capital expenditures of $136.2M left free cash flow of $218.7M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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