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Belden Inc. (BDC) stock

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NYSE: BDC NYSE Electronic Components Next results ~February 11, 2027

C+ Fundamentals grade

Belden Inc. is a US-listed company in the electronic components industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$110

Cash-flow model

Base case. Range ~$69–$170 across our lower- and higher-growth cases (6.9%–16.9% a year).

Price vs value

Modestly undervalued

The price is inside our value range, 5% below our base value.

Price used: $107.44, November 2, 2026

Belden Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 5 selling0 purchases and 11 sales by directors and officers, last 12 monthsInsider trades
  • Funds181 adding, 192 cuttingOf 66 active managers that changed their stake, 37 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Belden files

10-Q filed October 29: Belden

Model value −3.7%

Belden's revenue reached $3.13bn in the twelve months to September 2026, a 17.7% increase on the prior year and an acceleration from the 9.4% growth seen a quarter earlier. Free-cash-flow margin held steady at 7.3%, while operating margin narrowed to 9.0% from 11.2%. A 2.7% reduction in the diluted share count over the year has lifted the value attributable to each remaining share. The fundamentals grade improves from C to C+, though our model value slips from $111 to $107 a share, against a current price of $108. The rating remains Hold. At that price, the market appears to be pricing in cash-flow growth of about 9.2% a year over five years, well ahead of the 6.4% annual revenue growth Belden has actually delivered.

Source: 10-Q filed October 29, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where Belden stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $2.86bn, up 9.4% on a year earlier, about the same pace as a quarter earlier. Free-cash-flow margin held at 7.4%. The diluted share count is down 2.9% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 3 of our 5 financial-health checks. Our cash-flow model value is $111 a share, against a share price of $104. At that price, our model says the market is pricing in about 8.6% a year of cash-flow growth for five years, faster than the 4.5% a year revenue growth it has delivered.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~February 11, 2027 (estimated)

Belden Inc.'s trailing-twelve-month revenue grew 17.7% year on year, with a free-cash-flow margin of 7.3%. Where it stands out: change in share count of -2.7% ranks 2 of 22 electronic components companies we cover. Where it lags: long-term debt as % of assets of 50.8% ranks 19 of 19 electronic components companies we cover.

Our discounted-cash-flow model values the business at ~$110 per share in the base case (~$69–$170 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 6.9% while net income fell 22.8%: a 30pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Fast growth. Revenue grew 17.7% over the last 12 months, against a median of 16.1% for electronic components companies we cover.
  • Growth speeding up. The growth rate is 8.3 points higher than a quarter earlier.
  • Shrinking share count. Diluted shares fell 2.7% in a year, so each share owns more of the business.
  • Estimates rising. Analysts' consensus for next year's earnings per share has risen 13.2% over 90 days.

Things to watch

  • Volatile shares. Over the past year the shares showed annualised volatility of 43% and a beta of 1.6 against the S&P 500.
  • Below peers: long-term debt as % of assets. Long-term debt as % of assets of 50.8% ranks 19 of 19 electronic components companies we cover (median 12.5%).
  • Heavily shorted. 15.2% of the shares available to trade are sold short (9.6 days of average volume to cover).

Latest results: FY2026 Q3

Filed October 29, 2026
Earnings per share
$2.26 against an average estimate of $2.26: missed by 0.1%
Revenue
$966m, up 38.3% on a year earlier
Share reaction
-0.9% in the first session after the results on October 29, 2026, against -2.1% for the S&P 500
Guidance given
revenues $960m to $980m (fourth quarter of 2026); GAAP EPS $0.24 to $0.39 (fourth quarter of 2026)
Next report
October 29, 2026; average EPS estimate $2.28

Belden's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+1.6%
  • 1 week+4.3%
  • 1 month-4.5%
  • This year-7.7%
  • 1 year-11.7%
  • 5 years+68.3%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$3.1B
Operating margin
9.0%
Net margin
5.6%
EPS (TTM, diluted)
$4.47

Growth

Revenue growth
+17.7%
Change in growth rate
+8.3 pts
Share count change
−2.7%

Cash

Free cash flow (TTM)
$229M
FCF margin
7.3%
Stock pay % of revenue
1.2%

Earnings

Last results
October 29, 2026
Next results (est.)
February 11, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Guidance
  3. Results
  4. Announcement
  5. Dividend
  6. Results
  7. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Belden Inc. valuation models and calculator

What the price is pricing in

The share price implies about 13.6% a year of cash-flow growth for five years.That is faster than the 6.4% a year revenue growth Belden has delivered.

  • Priced in13.6%
  • Last 12 months17.7%
  • 3 years a year6.1%
  • 5 years a year6.4%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($107.51, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Hold12-month view
12-month price target
~$110
Price used
$107.51close November 3, 2026
Implied change
▲ +5%
Uncertainty
High

How we got here: a discounted-cash-flow model of Belden Inc.'s free cash flow after stock-based pay with after-tax interest added back ($216M, FY2026 Q3 TTM), growing 23.9% and 13.4% in the next two years (forecasts, guidance and its record), then back to 11.9% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$69–~$170 ; that spread sets a 35% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Belden Inc.'s free cash flow after stock-based pay ( $216M, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Belden Inc. as an operating company, with every model that fits that kind of business. Cost of equity 11%: the 10-year Treasury yield (4.9%) plus a beta of 1.35 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$110 ~$69–$170 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$190 ~$160–$280 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$66 ~$47–$94 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$60 ~$54–$69 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$110 ~$60–$190 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Belden Inc. with Electronic Components in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −34%
  • Revenue growth 5 points higher ▲ +44%
  • Free-cash-flow margin 1 point lower ▼ −19%
  • Last year's free-cash-flow margin change, if it persists ▼ −13%
  • Discount rate 1 point higher ▼ −23%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $10$39$77$126$191$275
8.5% —$12$39$75$121$181
10% ——$17$44$80$125

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$46.16$72.61$75.14$40.80$53.92$41.30$65.04$71.37$76.86$112.27$116.40$107.44
Market value$2.0bn$3.1bn$3.2bn$1.7bn$2.3bn$1.9bn$3.0bn$3.2bn$3.3bn$4.6bn$4.7bn$4.2bn
+ Net debt (− = net cash)$1.5bn$795m$1.0bn$1.1bn$1.1bn$1.1bn$835m$486m$618m$768m$902m$2.7bn
Enterprise value$3.5bn$3.9bn$4.2bn$2.7bn$3.3bn$2.9bn$3.8bn$3.7bn$3.9bn$5.4bn$5.6bn$6.9bn
Multiples
Price / sales 0.9x1.3x1.5x0.8x1.1x1.1x1.3x1.2x1.3x1.9x1.7x1.4x
Price / earnings 29.9x24.1x34.4x10.4x——46.1x12.5x13.6x23.4x19.7x24.0x
Price / free cash flow 10.6x11.8x16.8x8.7x13.7x22.3x16.3x18.0x16.2x20.8x21.4x18.5x
EV / EBITDA 12.1x10.3x11.1x5.9x9.6x11.4x10.8x8.1x9.4x14.1x12.5x17.9x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

67 /100

Moderate moat

How hard Belden's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 14 / 20

    Cash operating profit has been a median 11.4% of total assets over 10 years.

  • Pricing power 13 / 20

    Gross margin has been a median 37.7%, moving by 2.4 percentage points (standard deviation) across 10 years.

  • Durability 11 / 20

    Operating margin has been a median 11.1%; its worst year was 6.6%.

  • Cash conversion 14 / 20

    Free cash flow was positive in 10 of 10 years, at a median 7.6% of revenue.

  • Discipline 20 / 20

    The diluted share count fell 12.7% over five years; stock-based pay has been a median 1.0% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (72 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $8.65 +15% $3.4bn +24%
Next $10.03 +16% $4.0bn +17%

Next year's EPS estimate has moved +13.2% in 90 days, across 5 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +7.4% on 90 days ago. In the last 30 days, 4 analysts raised Belden Inc.'s forecast and 0 cut it.

Consensus EPS forecast Belden Inc., last 90 days
$8.00 $8.50 $9.00 $9.50 $10.00 $10.50 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $8.05 Current fiscal year, 60 days ago: $8.29 Current fiscal year, 30 days ago: $8.64 Current fiscal year, 7 days ago: $8.64 Current fiscal year, Now: $8.65 $8.65 Next fiscal year, 90 days ago: $8.87 Next fiscal year, 60 days ago: $9.63 Next fiscal year, 30 days ago: $10.05 Next fiscal year, 7 days ago: $10.05 Next fiscal year, Now: $10.03 $10.03

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $8.05$8.87
60 days ago $8.29$9.63
30 days ago $8.64$10.05
7 days ago $8.64$10.05
Now $8.65$10.03

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $2.26 $2.26 −0.1%
Jun 2026 $2.02 $2.34 +15.7%
Mar 2026 $1.70 $1.77 +3.9%
Dec 2025 $1.95 $2.08 +6.4%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 29, 2026
  • Revenues fourth quarter of 2026 $960m to $980m
    “Revenues (million) $960 - $980” source
  • GAAP EPS fourth quarter of 2026 $0.24 to $0.39 GAAP
    “GAAP EPS $0.24 - $0.39” source
  • Adjusted EPS fourth quarter of 2026 $2.20 to $2.35 Non-GAAP
    “Adjusted EPS $2.20 - $2.35” source
  • data center business growth next year about 50% growth
    “With this announcement, we now expect our data center business to grow by more than 50% next year.” source

How earlier guidance turned out

  • GAAP EPS, Third Quarter 2026 guided $0.69 to $0.84 Below range: $-0.29
  • Revenues, Third Quarter 2026 guided $950m to $970m Within range: $966m

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Belden Inc.'s revenue by +23.9% next year and +13.4% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+21.5%, weight 42%) , management guidance (+34.7%, weight 35%) and the company's own record (+11.9%, weight 23%) . How the weights are set.

Analyst recommendations

5 analysts, Oct 2026
Buy5100%
Hold00%
Sell00%

Monthly trend

  1. Oct 2026145
  2. Sep 2026145
  3. Aug 202644
  4. Jul 202644

Counts of recommendations published by analysts covering Belden Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
15.2%
of tradable shares
Days to cover
9.58
at average volume
Short interest, 1 month
−9%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
1.6%
of shares
Employees
8,000
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months −11.7%

$121.64 on October 31, 2025 to $107.44

ThenNowEffect
Revenue (last 12 months) $2.6bn $2.9bn +9.4%
Net margin 8.6% 8.5% −0.9%
P/E multiple 22.1x 17.5x −20.9%
Share count 41m 40m +2.9%

Biggest factor: p/e multiple.

Last 3 years +66.1%

$64.67 on November 3, 2023 to $107.44

ThenNowEffect
Revenue (last 12 months) $2.7bn $2.9bn +7.6%
Net margin 11.0% 8.5% −22.3%
P/E multiple 9.7x 17.5x +80.7%
Share count 44m 40m +10.0%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
BDC+58%+10%+8%+46%+4%−8%
Industry peers (median)+16%−14%+11%+7%+8%+19%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
BDC75%50%67%50%67%46%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
BDC−23%−26%−37%−15%−29%−34%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 68% from January 19, 2018 to May 15, 2020. Getting back needed a 210% gain, reached on February 8, 2023, 999 days after the low.

Price behaviour

52-week range
$99.48 – $150.72
From 52-week high
−28.7%
vs 50-day average
−3.3%
vs 200-day average
−8.9%
Volatility (1 year)
43%
Beta vs S&P 500
1.58

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
7 up, 5 down
typical move ±6.7%
After a week
8 up, 3 down
typical move ±8.6%
After a month
7 up, 4 down
typical move ±11.7%
Results releasedNext dayS&P 500 next day5 days21 days
October 29, 2026 −0.9% −2.1% — —
July 30, 2026 +21.6% +2.4% +26.6% +12.9%
April 30, 2026 −10.5% +1.3% −12.0% −19.0%
February 12, 2026 +5.2% −1.5% +2.5% −19.0%
October 30, 2025 +2.1% −0.8% +0.4% −5.4%
July 31, 2025 −8.1% −2.0% −9.4% +1.7%
May 1, 2025 +1.6% +2.2% +4.0% +1.5%
February 6, 2025 −1.0% −0.6% −1.6% −13.1%
October 31, 2024 −2.1% −1.5% +8.8% +5.3%
August 1, 2024 +7.2% −3.3% +2.3% +15.7%
May 2, 2024 +8.5% +2.2% +12.9% +17.0%
February 8, 2024 +11.7% +0.6% +14.1% +17.8%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Belden Inc.’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: fundamentals grade C+ (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

BDC Belden Inc. Grade C+ $107.28

Own 100 shares, sell the $115 call expiring December 18, 2026 (46 days) for $3.70 a share — $370 per contract.

Previous session · Bid $3.70, ask $4.60, quoted Mon 2 Nov, 17:16 New York time with BDC at $107.28. Option prices move with the shares: check the live chain at your broker before trading.

  • If BDC ends below $115: you keep your shares and the $370 — 3.5% extra on the position, 27.4% a year at that pace.
  • If it ends above $115: your shares are sold at $115, a total return of 10.7% including the premium — at or above our value of ~$110.
$1.1k $0 −$2.1k Break-even $103.58 Price $107.28 Our value $110
Profit or loss per contract at expiry, by share price (including the shares bought at today's price).
Premium
$370
Annualised
27.4%
Break-even
$103.58
Max gain
$1,142.5
Chance of selling
~39%

Collar

Not offered: the shares trade below our fair value: a collar caps upside the model expects.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Belden Inc. in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Belden Inc.
$2B $2.5B $3B $3.5B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $2.5B Revenue (TTM), FY24 Q1: $2.4B Revenue (TTM), FY24 Q2: $2.3B Revenue (TTM), FY24 Q3: $2.3B Revenue (TTM), FY24 Q4: $2.5B Revenue (TTM), FY25 Q1: $2.6B Revenue (TTM), FY25 Q2: $2.6B Revenue (TTM), FY25 Q3: $2.7B Revenue (TTM), FY25 Q4: $2.7B Revenue (TTM), FY26 Q1: $2.8B Revenue (TTM), FY26 Q2: $2.9B Revenue (TTM), FY26 Q3: $3.1B $3.1B

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $2.5B
FY24 Q1 $2.4B
FY24 Q2 $2.3B
FY24 Q3 $2.3B
FY24 Q4 $2.5B
FY25 Q1 $2.6B
FY25 Q2 $2.6B
FY25 Q3 $2.7B
FY25 Q4 $2.7B
FY26 Q1 $2.8B
FY26 Q2 $2.9B
FY26 Q3 $3.1B
Revenue growth, TTM YoY Belden Inc.
-20% -10% 0% 10% 20% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: -3.6% Revenue growth, TTM YoY, FY24 Q1: -8.8% Revenue growth, TTM YoY, FY24 Q2: -13.0% Revenue growth, TTM YoY, FY24 Q3: -10.4% Revenue growth, TTM YoY, FY24 Q4: -2.0% Revenue growth, TTM YoY, FY25 Q1: 6.0% Revenue growth, TTM YoY, FY25 Q2: 12.9% Revenue growth, TTM YoY, FY25 Q3: 13.4% Revenue growth, TTM YoY, FY25 Q4: 10.3% Revenue growth, TTM YoY, FY26 Q1: 9.3% Revenue growth, TTM YoY, FY26 Q2: 9.4% Revenue growth, TTM YoY, FY26 Q3: 17.7% 17.7%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 -3.6%
FY24 Q1 -8.8%
FY24 Q2 -13.0%
FY24 Q3 -10.4%
FY24 Q4 -2.0%
FY25 Q1 6.0%
FY25 Q2 12.9%
FY25 Q3 13.4%
FY25 Q4 10.3%
FY26 Q1 9.3%
FY26 Q2 9.4%
FY26 Q3 17.7%
Operating margin (TTM) Belden Inc.
8% 9% 10% 11% 12% 13% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 12.6% Operating margin (TTM), FY24 Q1: 11.8% Operating margin (TTM), FY24 Q2: 11.3% Operating margin (TTM), FY24 Q3: 10.3% Operating margin (TTM), FY24 Q4: 10.8% Operating margin (TTM), FY25 Q1: 11.2% Operating margin (TTM), FY25 Q2: 11.3% Operating margin (TTM), FY25 Q3: 11.2% Operating margin (TTM), FY25 Q4: 11.6% Operating margin (TTM), FY26 Q1: 11.5% Operating margin (TTM), FY26 Q2: 11.9% Operating margin (TTM), FY26 Q3: 9.0% 9.0%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 12.6%
FY24 Q1 11.8%
FY24 Q2 11.3%
FY24 Q3 10.3%
FY24 Q4 10.8%
FY25 Q1 11.2%
FY25 Q2 11.3%
FY25 Q3 11.2%
FY25 Q4 11.6%
FY26 Q1 11.5%
FY26 Q2 11.9%
FY26 Q3 9.0%
FCF margin (TTM) Belden Inc.
6% 7% 8% 9% 10% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 8.1% FCF margin (TTM), FY24 Q1: 9.4% FCF margin (TTM), FY24 Q2: 9.5% FCF margin (TTM), FY24 Q3: 9.0% FCF margin (TTM), FY24 Q4: 9.1% FCF margin (TTM), FY25 Q1: 8.6% FCF margin (TTM), FY25 Q2: 8.2% FCF margin (TTM), FY25 Q3: 8.0% FCF margin (TTM), FY25 Q4: 8.1% FCF margin (TTM), FY26 Q1: 6.5% FCF margin (TTM), FY26 Q2: 7.4% FCF margin (TTM), FY26 Q3: 7.3% 7.3%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 8.1%
FY24 Q1 9.4%
FY24 Q2 9.5%
FY24 Q3 9.0%
FY24 Q4 9.1%
FY25 Q1 8.6%
FY25 Q2 8.2%
FY25 Q3 8.0%
FY25 Q4 8.1%
FY26 Q1 6.5%
FY26 Q2 7.4%
FY26 Q3 7.3%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Belden took in during FY2025, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $2.7B
  2. Cost of revenue $1.7B · 62.0%
  3. Gross profit $1B · 38.0%
  4. Research and development $129M · 4.7%
  5. Selling, general and admin $533M · 19.6%
  6. Other operating costs $53.4M · 2.0%
  7. Operating income $316M · 11.6%
  8. Income tax $29.3M · 1.1%
  9. Interest and other $48.8M · 1.8%
  10. Net income $238M · 8.7%

Shares of revenue. Source: Belden's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 1,362 1,543 1,882 1,841 2,069 2,308 2,309 2,357 2,087 2,166 2,131 1,752 2,301 2,606 2,512 2,461 2,715 3,133
Gross profit 388 447 542 567 704 819 918 981 802 830 794 576 772 916 955 922 1,031 1,154
EBITDA 92 172 215 168 296 265 291 378 383 463 346 259 352 452 417 382 445 385
Operating income 36 117 165 108 201 163 141 232 234 314 207 150 264 363 318 266 316 282
Net income −25 108 114 194 103 74 66 128 93 161 −377 −55 64 255 243 198 238 176
Diluted EPS −$0.53 $2.27 $2.38 $4.23 $2.31 $1.69 $1.54 $2.65 $1.37 $3.08 −$9.37 −$1.23 $1.41 $5.72 $5.66 $4.80 $5.91 $4.47
Growth (year on year)
Revenue −31.6% +13.3% +22.0% −2.2% +12.4% +11.6% +0.0% +2.1% −11.4% +3.8% −1.6% −17.8% +31.3% +13.3% −3.6% −2.0% +10.3% +17.7%
EBITDA — +86.4% +25.3% −22.1% +76.2% −10.3% +9.7% +29.8% +1.5% +20.7% −25.1% −25.3% +35.9% +28.6% −7.8% −8.3% +16.5% −1.6%
Operating income — +220.7% +41.6% −34.3% +85.5% −19.0% −13.8% +65.1% +0.7% +34.4% −34.0% −27.6% +75.7% +37.8% −12.6% −16.1% +18.5% −5.3%
Net income — — +5.4% +70.1% −46.9% −27.9% −11.1% +93.3% −27.2% +72.6% −334.3% — — +298.4% −4.7% −18.3% +19.7% −22.8%
Diluted EPS — — +4.8% +77.7% −45.4% −26.8% −8.9% +72.1% −48.3% +124.8% −404.2% — — +305.7% −1.0% −15.2% +23.1% −20.6%
Margins
Gross margin 28.5% 29.0% 28.8% 30.8% 34.0% 35.5% 39.8% 41.6% 38.4% 38.3% 37.2% 32.9% 33.5% 35.2% 38.0% 37.5% 38.0% 36.8%
EBITDA margin 6.8% 11.1% 11.4% 9.1% 14.3% 11.5% 12.6% 16.0% 18.4% 21.4% 16.3% 14.8% 15.3% 17.3% 16.6% 15.5% 16.4% 12.3%
Operating margin 2.7% 7.6% 8.8% 5.9% 9.7% 7.1% 6.1% 9.8% 11.2% 14.5% 9.7% 8.6% 11.5% 13.9% 12.6% 10.8% 11.6% 9.0%
Net margin −1.8% 7.0% 6.1% 10.6% 5.0% 3.2% 2.9% 5.4% 4.5% 7.4% −17.7% −3.1% 2.8% 9.8% 9.7% 8.1% 8.7% 5.6%
Free-cash-flow margin 8.2% 5.4% 7.7% 5.3% 6.0% 6.7% 8.1% 11.1% 9.2% 8.8% 7.8% 4.7% 7.9% 6.8% 8.1% 9.1% 8.1% 7.3%
Cash flow
Cash from operations 152 112 185 139 165 201 241 315 255 289 277 173 272 281 320 352 355 401
Capital spending 40 28 40 41 40 45 55 54 64 98 110 90 91 105 117 129 136 172
Free cash flow 111 83 145 98 124 155 186 261 191 191 167 83 181 176 203 223 219 229
Stock-based pay 12 12 11 12 15 19 18 18 15 18 18 20 25 24 21 28 30 37
Free cash flow after stock pay 100 71 133 86 110 137 169 243 176 173 149 63 156 153 182 195 189 192
Balance sheet
Cash 309 359 383 395 613 741 217 848 541 407 407 501 642 688 597 370 390 381
Total debt 590 — 551 1,151 1,367 — 1,753 1,643 1,584 1,486 1,459 1,591 1,477 1,174 1,215 1,139 1,292 3,050
Net debt (negative = net cash) 281 −359 168 756 754 −741 1,536 795 1,043 1,078 1,052 1,090 835 486 618 768 902 2,670
Diluted shares 47m 48m 48m 46m 45m 44m 43m 43m 43m 41m 42m 45m 45m 45m 43m 41m 40m 39m
Returned to shareholders
Dividends 9 9 9 11 7 9 8 16 43 43 34 9 9 9 8 8 8 8
Buybacks — — 50 75 94 92 39 0 25 — — — — — — — — —
Total returned 9 9 59 86 100 101 47 16 68 43 34 9 9 9 8 8 8 8

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

1 of 5 checks passed · September 27, 2026
What it owns · $6.0bn
Short-term assets $1.7bnLonger-term assets $4.2bn
What it owes, and who funded it · $2.3bn
Short-term liabilities $951mShareholders' equity $1.4bn
  • Short-term assets cover short-term liabilities $1.7bn of assets due within a year against $951m of liabilities due within a year.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt $381m of cash against $3.1bn of debt.
  • Debt below 40% of shareholders' equity Debt is 219% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 128% to 219% over five years.
  • A year's operating cash flow covers at least 20% of debt $401m of operating cash flow against $3.1bn of debt.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Belden Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Dividends (TTM)
$7.8M
Diluted share count
−2.7%
year over year
Total shareholder yield
0.2%
dividends 0.2% + buybacks 0.0% of market value
Dividend payout ratio
4%
of net income paid out
R&D spending
4.8%
of revenue
Sales & admin spending
20.1%
of revenue

Competitors: side by side with peers

Closest by revenue in electronic components
Last 12 months unless stated BDC VSH LFUS TTMI AEIS COHR Median
Revenue, last 12 months $3.1bn $3.3bn $2.8bn $3.8bn $2.3bn $7.1bn $647m
Revenue growth, last 12 months 17.7% 13.4% 18.7% 37.6% 31.7% 22.5% 15.0%
Revenue growth, 3-year average 6.1% −2.2% 4.1% 18.8% 9.3% 11.3% 5.6%
Revenue growth, latest quarter 38.3% 16.6% 22.7% 59.9% 50.3% 33.7% 18.4%
Gross margin 36.8% 20.9% 40.1% 22.2% 40.3% 37.5% 36.5%
Operating margin 9.0% 3.3% 5.5% 11.1% 16.0% 2.0% 8.5%
Operating margin, 3-year average 10.1% 3.4% 9.0% 8.0% 8.5% 4.6% 8.3%
Net margin 5.6% 0.9% 1.4% 7.0% 12.7% 11.3% 5.8%
Cash from operations / revenue 12.8% 10.4% 21.6% 8.8% 9.9% 1.1% 10.4%
Free-cash-flow margin 7.3% −0.2% 19.2% 0.4% 3.1% −14.4% 3.7%
Free-cash-flow margin, 3-year average 8.1% −3.9% 16.1% 0.9% 5.7% −2.3% 8.9%
Stock pay / revenue 1.2% 0.9% 1.1% 1.9% 3.2% 2.7% 1.9%
Change in share count −2.7% 2.4% 1.1% 2.2% 8.7% 26.3% 2.9%

Median of all 26 companies we cover in electronic components. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

26 electronic components companies
Measure Company Peer median Rank
Revenue growth Growth 17.7% 16.1% 12 of 26
Change in growth rate Growth +8.3pp +3.5pp 6 of 26
Gross margin Profitability 36.8% 36.8% 12 of 24
Operating margin Profitability 9.0% 9.0% 12 of 25
Net margin Profitability 5.6% 6.0% 14 of 26
Free-cash-flow margin Cash generation 7.3% 5.6% 11 of 24
Stock pay as % of revenue Cash generation 1.2% 2.1% 9 of 24
Long-term debt as % of assets Balance sheet 50.8% 12.5% 19 of 19
Change in share count Balance sheet -2.7% 3.5% 2 of 22

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Segments
Line of business Revenue Share YoY
Automation Solutions $1.5B 55.1% ▲ 13.6%
Smart Infrastructure Solutions $1.2B 44.9% ▲ 6.6%
Products and services
Line of business Revenue Share YoY
Automation Solutions $1.5B 55.1% ▲ 13.6%
Broadb and Solutions $633M 23.3% ▲ 5.9%
Smart Buildings Solutions $586M 21.6% ▲ 7.4%
Geography
Region Revenue YoY
Americas $1.8B ▲ 11.3%
United States $1.6B ▲ 13.4%
Other Countries $708M ▲ 1.4%
EMEA $557M ▲ 9.5%
Asia Pacific $338M ▲ 6.6%
Canada $189M ▲ 18.0%
Germany $139M ▲ 17.7%
China $99.2M ▲ 7.7%

These categories overlap or exclude eliminations, so shares aren't shown.

From Belden Inc.'s 10-K filed February 17, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$5B
Institutions reporting
371
Shares held vs prior quarter
▲ 4.5%
Positions opened / closed
45 / 60

Top buyers and sellers, Q2 2026: 181 institutions bought and 192 sold ; the biggest buyer was Marshall Wace, LLP (+416K shares) and the biggest seller T. Rowe Price Investment Management, Inc (−440K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $617M 5.1M 12.4% ▲ 4.6%
FMR LLC $485M 4.0M 9.7% ▲ 3.1%
Price T Rowe Associates Inc $416M 3.5M 8.3% ▼ 1.3%
Vanguard Portfolio Management LLC $331M 2.8M 6.6% ▲ 2.1%
Vanguard Capital Management LLC $210M 1.8M 4.2% ▲ 0.6%
State Street Corp $180M 1.5M 3.6% ▲ 1.6%
Wellington Management Group LLP $172M 1.4M 3.4% ▼ 9.9%
Fuller & Thaler Asset Management, Inc. $141M 1.2M 2.8% ▲ 12.0%
Dimensional Fund Advisors LP $135M 1.1M 2.7% ▲ 9.2%
Geode Capital Management, LLC $128M 1.1M 2.6% ▲ 5.7%
Invesco Ltd. $102M 848K 2.0% ▲ 14.3%
Channing Capital Management, LLC $91.1M 760K 1.8% ▲ 7.0%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Belden Inc.'s complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $2.9M 11 trades by 5 insiders · 87% under pre-set plans
Net ▼ $2.9M net selling
Insider Date Trade Shares Price Value
Lieser Brian EVP - Chief Comm. Officer September 15, 2026 Sell pre-set plan 1,900 $114.39 $217,341
Lieser Brian EVP - Chief Comm. Officer April 14, 2026 Sell pre-set plan 2,719 $130.69 $355,346
Zink Doug VP and CAO February 6, 2026 Sell pre-set plan 1,452 $133.96 $194,510
Zink Doug VP and CAO February 5, 2026 Sell pre-set plan 485 $126.00 $61,110
Tate Leah SVP - HR February 4, 2026 Sell pre-set plan 2,954 $130.00 $384,020
Klein Jonathan C Director December 11, 2025 Sell 3,000 $124.19 $372,570
Zink Doug VP and CAO December 9, 2025 Sell pre-set plan 4,000 $125.00 $500,000
Bhadra Hiran SVP, Strategy & Technology December 5, 2025 Sell pre-set plan 1,600 $120.00 $192,000
Lieser Brian EVP, Solutions December 5, 2025 Sell pre-set plan 1,270 $120.00 $152,400
Tate Leah SVP - HR December 3, 2025 Sell pre-set plan 2,554 $120.00 $306,480
Lieser Brian EVP, Solutions December 2, 2025 Sell pre-set plan 1,713 $114.13 $195,505

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 3 trades and filings

No trades in Belden Inc. disclosed in the last 12 months; 3 earlier trades on record.

  • Gilbert Ray Cisneros, Jr.(D-CA 39):Sale (full), $1,001 - $15,000, traded June 16, 2020, filed July 17, 2020
  • Gilbert Ray Cisneros, Jr.(D-CA 39):Sale (partial), $1,001 - $15,000, traded June 15, 2020, filed July 17, 2020
  • Gilbert Ray Cisneros, Jr.(D-CA 39):Purchase, $1,001 - $15,000, traded June 17, 2019, filed July 12, 2019

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around February 11, 2027 estimated from the company's past filing pattern, not announced

  • October 29, 2026
  • July 30, 2026
  • April 30, 2026
  • February 12, 2026
  • October 30, 2025
  • July 31, 2025

Recent SEC filings

Data status

When each part of this page on Belden Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Belden Inc. in brief

What does Belden Inc. do?
Belden Inc. is a US-listed company in the electronic components industry. Its financial year ends in December.
What is Belden Inc.'s stock ticker?
Belden Inc. trades under the ticker BDC on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Belden Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Belden Inc. reported revenue of $3.1B, 17.7% higher than a year earlier, according to its SEC filings.
What is Belden Inc.'s free cash flow?
Belden Inc.'s free-cash-flow margin is 7.3% of revenue over the trailing twelve months, ranking 11 of the 24 electronic components companies we cover.
What is Belden Inc.'s fair value (intrinsic value) per share?
Our discounted-cash-flow model of Belden Inc.'s free cash flow after stock-based pay gives ~$110 per share in the base case, and ~$69–$170 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Belden Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., FMR LLC and Price T Rowe Associates Inc. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Belden Inc.'s market cap?
On November 2, 2026, Belden Inc.'s market capitalisation was about $4.2B, with a price-to-earnings ratio of 24.0 and net debt of $2.7B. Market figures come from third-party market data and may be delayed.
Does Belden Inc. pay a dividend?
Yes: Belden Inc. paid $7.8M in dividends over the trailing twelve months, a dividend yield of 0.19% and a payout ratio of 4.4%.
How much debt does Belden Inc. have?
Belden Inc.'s debt-to-equity ratio is 219.1%, from its latest balance sheet (128.2% five years earlier). The financial health section below sets out its other solvency checks.
Who are Belden Inc.'s competitors?
In our Electronic Components peer group, the companies closest to Belden Inc. are Vishay Intertechnology Inc, Littelfuse Inc, TTM Technologies Inc, Advanced Energy Industries Inc and Coherent Corp. The side-by-side comparison below sets their revenue, margins and growth against Belden Inc.'s.
Are insiders buying or selling Belden Inc. stock?
Over the last 12 months, Belden Inc.'s directors and officers reported 0 open-market purchases and 11 sales on Form 4. The insider trading page charts every trade.
When is Belden Inc.'s next earnings date?
Around February 11, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Belden Inc. announces its own schedule.