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BEL Fuse Inc key statistics and ratios

In fiscal 2025, BEL Fuse Inc had return on equity of 15.7%, an operating margin of 16.4%, debt equal to 46.4% of equity and a current ratio of 3.02. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

Fiscal year2012Dec 20122013Dec 20132014Dec 20142015Dec 20152016Dec 20162017Dec 20172018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMJun 2026
Gross margin——17.9%19.2%20.0%20.8%25.4%22.3%25.7%24.7%28.0%33.7%37.8%39.1%39.5%
Operating margin2.4%14.6%2.8%5.0%−15.3%3.5%4.9%−0.3%4.0%5.8%10.0%13.8%12.0%16.4%15.9%
Net margin3.4%15.4%1.8%3.4%−13.0%−2.4%3.8%−1.8%2.7%4.6%8.1%11.5%7.7%9.1%7.2%
Free-cash-flow margin9.7%3.5%2.8%9.9%6.1%3.6%−0.3%3.0%8.7%−0.9%4.8%15.0%11.2%10.2%9.9%
Return on equity1.1%7.2%3.8%8.4%−33.1%−7.5%12.4%−5.1%7.2%12.6%22.4%24.5%11.7%15.7%8.0%
Return on assets0.9%5.5%1.8%3.2%−12.9%−2.8%4.7%−1.9%2.8%5.1%9.8%13.0%5.4%6.5%4.9%
Asset turnover0.260.351.040.941.001.151.251.081.011.131.221.130.700.720.68
Current ratio4.123.052.552.302.773.052.743.143.202.942.803.452.923.024.48
Debt to equity0.1%5.2%103.7%78.7%89.2%77.7%64.7%86.3%62.9%53.9%36.2%17.6%79.7%46.4%0.0%
Interest cover (operating income ÷ interest)103.9x96.5x3.4x3.8xn/m2.6x5.1xn/m3.9x8.8x19.3x30.9x15.8x7.5x10.8x
Effective tax rate—−4.9%11.9%25.4%——12.3%—−5.4%9.2%10.8%11.4%20.4%22.0%16.3%
R&D as % of revenue17.6%13.6%4.4%4.9%5.3%5.9%5.4%5.5%5.1%4.0%3.1%3.5%4.4%4.6%4.4%
SG&A as % of revenue56.0%44.3%14.8%13.7%14.2%17.2%15.1%15.7%16.9%15.9%14.1%15.5%20.7%18.6%18.6%
Capital spending as % of revenue6.7%6.7%1.9%1.7%1.6%1.3%2.1%2.0%1.2%1.7%1.4%1.9%2.6%1.8%1.4%
Free cash flow ÷ net income289.3%22.9%155.9%291.2%——−7.2%—317.6%−19.2%59.6%130.3%146.4%111.5%136.7%
Dividends ÷ net income135.9%19.6%36.7%16.9%——15.9%—26.3%13.6%6.5%4.7%8.4%5.6%6.5%
Dividends and buybacks ÷ free cash flow143.8%177.6%23.6%5.8%10.7%18.5%—26.1%8.3%—12.0%3.7%32.5%5.1%4.8%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

7 of 7 checks passed · June 30, 2026
What it owns · $1.3bn
Short-term assets $699mLonger-term assets $565m
What it owes, and who funded it · $1.2bn
Short-term liabilities $156mLonger-term liabilities $96mShareholders' equity $909m
  • Short-term assets cover short-term liabilities $699m of assets due within a year against $156m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $699m short-term assets against $96m of longer-dated liabilities.
  • More cash than debt $306m of cash against $0 of debt.
  • Debt below 40% of shareholders' equity Debt is 0% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 54% to 0% over five years.
  • A year's operating cash flow covers at least 20% of debt No debt to cover.
  • Operating profit covers interest at least five times over Operating income of $118m against $11m of interest.

From BEL Fuse 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.

Moat

30 /100

Weak moat

How hard BEL Fuse'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 10 / 20

    Cash operating profit has been a median 8.2% of total assets over 10 years.

  • Pricing power 5 / 20

    Gross margin has been a median 26.4%, moving by 6.9 percentage points (standard deviation) across 10 years.

  • Durability 1 / 20

    Operating margin has been a median 6.4%; its worst year was -1.0%.

  • Cash conversion 13 / 20

    Free cash flow was positive in 10 of 10 years, at a median 5.1% 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 (35 before it).

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

Compare with peers

Head to head: BELFA vs KNBELFA vs ROGBELFA vs OLEDBELFA vs CTS

More: Electronic Components stocks compared, Technology sector, rankings of US companies

Figures from BEL Fuse Inc's SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to BEL Fuse Inc.