BEL FUSE INC /NJ financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data BEL FUSE INC /NJ 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	500	492	548	492	466	543	654	640	535	675
Cost of revenue	400	389	409	382	346	409	471	424	332	411
Gross profit	99.9	102	139	110	120	134	183	216	202	264
Research and development	26.7	28.8	29.5	26.9	23.6	21.9	20.2	22.5	23.6	30.9
Selling, general and administrative	71	84.7	82.6	77.4	78.7	86.6	92.3	99.1	111	126
Operating income	-76.5	17.4	26.9	-1.6	18.7	31.3	65.1	88	64.3	111
Interest expense	6.66	6.8	5.32	5.45	4.75	3.54	3.38	2.85	4.08	14.8
Other non-operating income			1.99	-0.26	-1.79	-0.39	-2.71	-2.81	-3.17	10.9
Pre-tax income	-82.6	9.64	23.6	-7.3	12.1	27.3	59.1	83.3	61.8	95.1
Income tax	-17.7	21.5	2.91	1.44	-0.66	2.51	6.37	9.47	12.6	20.9
Net income	-64.8	-11.9	20.7	-8.74	12.8	24.8	52.7	73.8	41	61.5
EBITDA	-54.7	38.1	45.2	14.9	35.1	48.1	80	101	80.8	138

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	73.4	69.4	53.9	72.3	84.9	61.8	70.3	89.4	68.3	57.8
Receivables	74.4	78.8	91.9	76.1	71.4	87.1	107	84.1	111	121
Inventory	98.9	108	120	107	100	139	172	137	161	167
Other current assets	8.74	10.2	8.79	11.2	9.64	12.5	13.2	19.8	24.5	28.5
Total current assets	255	266	291	283	280	329	381	381	374	385
Property, plant and equipment	48.8	43.5	43.9	41.9	34.5	38.2	36.8	36.5	47.9	48.4
Lease right-of-use assets			0	18.5	14.2	21.3	21.6	20.5	25.1	22.9
Goodwill	18	20.2	19.8	22	24	26.7	25.1	26.6	208	215
Intangible assets	74.8	69.4	62.7	72.4	65.8	61	54.1	49.4	232	218
Other non-current assets	26.4	28	26.1	27.2	29.5	31.3	34.2	33.1	34.6	33.5
Total assets	427	431	444	469	454	512	560	572	950	935
Accounts payable	47.2	47.9	56.2	44.2	39.8	66	64.6	40.4	49.2	53
Accrued liabilities	31.5	30.5	32.3	26.9	28.5	34.5	50.9	54.7	53	49.7
Deferred revenue			1.04	0.65	2.08	2.22	8.85	3.05	6.12	9.77
Short-term debt	11.4	2.64	2.51	5.49	5.29	0
Total current liabilities	92.3	87.3	106	90.2	87.5	112	136	111	128	127
Long-term debt	130	120	112	138	110	113	95	60	288	198
Lease liabilities			0	11.8	8.06	14.7	15.7	14.2	17.8	15.9
Other non-current liabilities	0.31	17.3	1.92	10.5	10.4	10.1	6.5	5.1	4.83	9.2
Total liabilities	268	273	267	301	268	303	298	231	509	417
Total debt	141	123	114	145	117	113	95	60	288	198
Paid-in capital	27.2	28.6	31.4	33.8	36.1	38.4	40.8	44.3	31.5	38.3
Retained earnings	161	148	169	157	166	188	237	308	345	403
Treasury stock						0	-0.35	-0.45	0	0
Other comprehensive income	-31.3	-19.6	-24.8	-24.1	-18.1	-18.9	-16.5	-12	-17.2	-17.2
Shareholders' equity	158	158	176	168	186	209	262	341	361	426
Total equity	158	158	176	168	186	209	262	341	361	426
Total liabilities and equity	427	431	444	469	454	512	560	572	950	935

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-64.8	-11.9	20.7	-8.74	12.8	24.8	52.7	73.8	49.2	74.1
Depreciation and amortization	21.8	20.7	18.2	16.5	16.4	16.9	14.9	13.3	16.5	26.6
Stock-based compensation	2.82	3.03	2.84	2.89	2.32	2.3	2.38	3.49	3.74	6.81
Deferred income tax	-6.4	-0.32	2.49	-2.17	-1.74	0.44	-4.59	-3.87	-6.27	1.38
Change in receivables	10.8	-2.95	-13	19.3	5.4	-13	-20.7	22.5	-6.82	-8.61
Change in inventory	-2.79	-6.16	-24.7	17.1	9.69	-34	-36.6	33.6	15.1	-2.42
Change in payables	-0.59	-1.43	9	-15.1	-6.04	24	1.52	-22.7	0.14	2.44
Cash from operations	38.6	24.1	10.1	24.5	46.1	4.63	40.3	108	74.1	80.6
Capital expenditures	-8.22	-6.43	-11.6	-9.89	-5.48	-9.4	-8.83	-12.1	-14.1	-12
Acquisitions	0	0	-2.18	-29	0	-16.8	0	0	-320	0
Purchases of investments	0	0	-1.35				0	-60
Sales and maturities of investments	2.16	0	1.35
Cash from investing	-2.38	-6.35	-13.7	-33.1	-1.52	-18.9	-7	-53.5	-298	-3.25
Debt issued	0	125	0					0	0	8
Debt repaid	-43.4	-144	-9.01	-2.97	-8.18	-105	0
Share buybacks				-0.45	0	0	-0.35	-0.11	-16.1	0
Dividends paid	-3.25	-3.28	-3.3	-3.35	-3.36	-3.38	-3.41	-3.49	-3.45	-3.47
Cash from financing	-47.5	-24.3	-12.3	25.2	-32.1	-8.4	-21.3	-38.6	206	-94.1
Exchange rate effect	-0.37	2.49	0.46	1.79	0.2	-0.54	-3.49	2.89	-3.55	6.33
Net change in cash	-11.6	-4.06	-15.4	18.4	12.7	-23.2	8.51	19.1	-21.1	-10.5
Free cash flow	30.4	17.7	-1.5	14.6	40.6	-4.77	31.4	96.2	60	68.6
Interest paid	4.84	4.35	4.78	4.85	4.13	2.14	3.37	4.73	5.8	14.8
Income taxes paid	2.46	0.76	7.48	4.69	2.65	2.87	14.6	25.1	23	23.7

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $252.69 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	39.5%	Gross profit / revenue.
Operating margin	15.9%	Operating income / revenue.
EBITDA margin	19.5%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	12.5%	Pre-tax income / revenue.
Net margin	7.2%	Net income / revenue.
FCF margin	9.9%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	11.2%	Cash from operations / revenue.
Effective tax rate	16.3%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	5.9%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	4.2%	Net income / average total assets.
Return on invested capital (ROIC)	16.4%	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	4.4%	Research and development expense / revenue.
SG&A / revenue	18.6%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	1.2%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	1.4%	Capital expenditures / revenue.
D&A / revenue	3.6%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	26.3%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	1.1%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	7.7%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	30.7%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	13.0%	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	17.2%	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	72.6%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	19.4%	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	42.8%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	70.4%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	19.8%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	31.4%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	50.2%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	5.3%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	36.9%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	8.8%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	26.0%	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	11.8%	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	14.4%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	29.7%	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	11.0%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	18.0%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	17.5%	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	18.0%	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	-1.5%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	18.6%	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	15.6%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	4.48x	Current assets / current liabilities.
Quick ratio	2.96x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.96x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.00x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	0.0%	Total debt / total assets.
Liabilities / assets	20.0%	Total liabilities / total assets.
Net debt	-$306.1M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-2.11x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	10.8x	Operating income / interest expense.
Working capital	$542.8M	Current assets - current liabilities.
Goodwill and intangibles / assets	34.5%	(Goodwill + intangible assets) / total assets.
Tangible book value	$473.6M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.59x	Revenue / average total assets.
Fixed asset turnover	15.8x	Revenue / average property, plant and equipment.
Inventory turnover	2.25x	Cost of revenue / average inventory.
Days inventory	162 days	365 x average inventory / cost of revenue.
Receivables turnover	4.77x	Revenue / average receivables.
Days sales outstanding	76 days	365 x average receivables / revenue.
Days payables	71 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	168 days	Days inventory + days sales outstanding - days payables.
FCF conversion	136.7%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	12.2%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
Payout ratio	6.5%	Dividends paid / net income, when net income is positive.
Dividends / FCF	4.8%	Dividends paid / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$3.65B	Share price x shares outstanding.
Enterprise value	$3.34B	Market cap + total debt - cash - short-term investments.
P/E	68.0x	Market cap / net income. Only when net income is positive.
P/S	4.90x	Market cap / revenue.
P/B	4.01x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	7.70x	Market cap / tangible book value, when positive.
P/FCF	49.8x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	43.7x	Market cap / cash from operations, when positive.
EV/Sales	4.49x	Enterprise value / revenue.
EV/EBIT	28.3x	Enterprise value / operating income, when both are positive.
EV/EBITDA	23.0x	Enterprise value / EBITDA, when both are positive.
EV/FCF	45.6x	Enterprise value / free cash flow, when both are positive.
FCF yield	2.0%	Free cash flow / market cap.
Earnings yield	1.5%	Net income / market cap (the inverse of P/E).
Dividend yield	0.1%	Dividends paid over the period / market cap.
Shareholder yield	0.1%	(Dividends paid + share buybacks) / market cap.

What was BEL FUSE INC /NJ's revenue in fiscal 2025?

BEL FUSE INC /NJ reported revenue of $675.5M for fiscal 2025, 26.3% higher than the year before.

Was BEL FUSE INC /NJ profitable in fiscal 2025?

Yes. Net income was $61.5M, a net margin of 9.1%.

How much free cash flow did BEL FUSE INC /NJ generate in fiscal 2025?

Cash from operations of $80.6M minus capital expenditures of $12.0M left free cash flow of $68.6M.

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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