Bel Fuse B Inc (BELFB)
🔔 Watch stock
Few small caps radiate this much strength: component maker Bel Fuse has multiplied roughly twentyfold in five years, fires in 16 momentum and quality filters, and supplies the invisible parts inside AI data centers and fighter jets. We read five SEC filings and went looking for the other half of the story: a post-rally valuation, cyclical end markets, a debt-funded acquisition with a goodwill jump — and a share class that carries no vote. Not investment advice — just the honest question of whether the quality can live up to what the chart promises.
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This stock currently matches 15 of our scanner strategies — each hit links to the scanner.
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Basics
Performance
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
Quality & Screener
AI Rating
NeutralIn den geprüften Filings (10-K 2025 und 2024, vier Quartalsberichte bis Q1 2026) nennt Bel Fuse künstliche Intelligenz an keiner Stelle als Umsatzquelle, operativen Einsatz oder konkretes Geschäftsrisiko. Der reale Rückenwind aus dem Rechenzentrumsgeschäft (Front-End-Stromversorgungen +32,9 % 2025) wird ausdrücklich als Nachfrage aus „networking and datacenter applications“ bzw. „data-driven markets“ beschrieben — als Komponentenzulieferer für die Infrastruktur, nicht als KI-Produkt. Das ist Markt-Adjazenz (Rechenzentren hosten KI), aber keine dokumentierte KI-Umsatzquelle im Sinne des Kriterienkatalogs. Daher Negativ-Befund: neutral.
View the full file — quotes, sources, reviewed filings
„Additional contributors to revenue growth included an $18.3 million (32.9%) increase in sales of front-end power products, driven by heightened demand in networking and datacenter applications."
Zu den weiteren Wachstumstreibern zählte ein Anstieg der Verkäufe von Front-End-Stromversorgungen um 18,3 Millionen US-Dollar (32,9 %), getrieben von der gestiegenen Nachfrage aus Netzwerk- und Rechenzentrums-Anwendungen.
„We design, manufacture, and market critical electronic components, systems and solutions for customers in aerospace, defense, industrial, and data-driven markets."
Wir entwickeln, fertigen und vermarkten kritische elektronische Komponenten, Systeme und Lösungen für Kunden in den Bereichen Luftfahrt, Verteidigung, Industrie und datengetriebene Märkte.
Filings Reviewed: 10-Q 2026-05-05 · 10-Q 2025-11-04 · 10-Q 2025-07-31 · 10-Q 2025-05-01 · 10-K 2026-02-24 · 10-K 2025-02-28
Rated on July 10, 2026 · How the Rating Is Built
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Quarterly Figures
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | -0.14 | -115.20 | 150 | 7.00 | -1.20 | 8 | 2 |
| 2025: Q1 | 1.46 | 14.20 | 152 | 18.90 | 11.70 | 8 | 5 |
| 2025: Q2 | 2.14 | 40.10 | 168 | 26.30 | 16.00 | 21 | 17 |
| 2025: Q3 | 1.77 | 175.30 | 179 | 44.80 | 12.40 | 22 | 20 |
| 2025: Q4 | -0.44 | – | 176 | 17.40 | -3.10 | 30 | 26 |
| 2026: Q1 | 0.92 | -36.80 | 179 | 17.20 | 6.40 | 14 | 11 |
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Assessment: Opportunities & Risks
A profitable, broadly diversified component supplier with real cash flow ($80.6 million operating in 2025) and no customer above 10 percent of revenue. Not a hope stock but an established business with genuine substance — the company delivers.
Structural tailwind in several future markets: server power supplies for data centers (+33 percent in 2025) and a new, high-margin defense/aerospace leg through Enercon. The momentum picture (16 strength filters, Stage 2) is fundamentally underpinned.
The end markets swing: in 2024 revenue fell 18 percent, and in 2025 rail (−24 percent) and e-mobility (−42 percent) slumped. Enercon depends on U.S. and Israeli defense budgets for 93 percent of revenue, plus location and geopolitical risk in Israel. A tailwind remains a tailwind only as long as it blows.
A good part of the recent growth was bought and debt-funded: $325.6 million for Enercon ($240 million of it on credit), a goodwill jump to $215 million, an open 20-percent remainder purchase (provision of $72.4 million) due by early 2027. On the positive side: repayment is running briskly (debt $318 million → $221 million), and leverage is comfortable at 1.4×.
The price has run far ahead of the quality: a trailing-twelve-month P/E around 65–75, EV/EBITDA around 30, forward P/E around 33 — further growth is priced in. Add the governance detail: the BELFB stock carries no voting rights; control sits with the founding family (Chairman Bernstein) and a handful of Class A holders, and the board is classified.
Bel Fuse is a thoroughly solid, profitable component supplier with real tailwind from AI data centers and defense — a deserved strength stock that rightly fires in 16 scanners and has multiplied roughly twentyfold in five years. The other half of the truth: the price has run ahead of the quality (P/E 65–75, EV/EBITDA around 30), the end markets are cyclical, a good part of the growth was bought with debt (Enercon), and whoever buys the BELFB stock buys the non-voting class. No scandal, but the price of optimism that the flawless chart does not show. Not investment advice.
- Price, valuation and market-value figures dated mid-2026; figures for fiscal year 2025 (as of December 31, 2025) and the first quarter of 2026. Analyses are evergreen; daily prices are not a buy argument. The trailing-twelve-month price-to-earnings ratio (roughly 65–75) sits above the multiple computed on the full, strong year 2025 because a weak fourth quarter of 2025 sits inside the twelve-month window.
- Share classes: Bel Fuse has voting Class A shares (BELFA) and non-voting Class B shares (BELFB). This analysis refers to the BELFB; revenue, profit and balance-sheet figures apply to the group as a whole. The market value of roughly $3.5 billion covers both classes.
- Special-situations screening (as of July 10, 2026): no current activist or takeover process. The last open proxy fight at Bel Fuse dates back to 2011; the most recent chain of SC 13D/A filings concerns the long-standing stake of the Gabelli/GAMCO group in the voting Class A, not an activist campaign.
About the Company
Bel Fuse Inc. entwirft, fertigt, vermarktet und verkauft Produkte, die elektronische Schaltkreise mit Strom versorgen, schützen und verbinden.
| Employees | 4,964 |
|---|---|
| Headquarters | West Orange, NJ |
| Website | belfuse.com |
| IPO Date | 10. Jul 1998 |
| Next Earnings | 23. Jul 2026 |
Management
| Name | Title | Birth Year |
|---|---|---|
| Farouq Tuweiq | President, CEO & Director | 1983 |
| Lynn Hutkin CPA | CFO, Treasurer & Secretary | 1975 |
| Joseph Berry | Senior Vice President of Components | 1967 |
| Kenneth Lai | Vice President of Asia Operations | 1971 |
| Uma Pingali | Global Head of Sales & Marketing | – |
| Suzanne Kozlovsky | Global Head of People | 1978 |
| Ping Gencianeo | Global ESG Director | – |
| Stephen Dawson | Executive VP and President of Industrial Technology & Data Solutions | 1976 |
| Thomas Smelker | Executive VP and President of Aerospace, Defense & Rugged Solutions | 1976 |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Chart
Interactive price chart (TradingView).
Data as of: July 20, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.