BEL FUSE INC /NJ

BELFA
About the company

Bel Fuse Inc. designs, manufactures, markets, and sells products that power, protect, and connect electronic circuits. It operates in three product groups: Power Solutions and Protection, Connectivity Solutions, and Magnetic Solutions. The company's products are used in the networking, telecommunications, computing, general industrial, high-speed data transmission, defence, commercial aerospace, transportation, and e-Mobility industries.

Country: United StatesPrice: $176.88Market Cap: $2.6B

Investment snapshot

47%positive consensus
Scored 1d ago

Positive

7

BUY / PASS

Neutral / negative

2 / 7

NEUTRAL / FAIL

Median fair value

—

No comparable estimates

Models with upside

0 / 17

Positive margin of safety

Strongest signal

All 12 investors pass BELFA's debt & leverage

Key risk

Split decision: 7 FAIL · 5 PASS · 2 BUY · 2 NEUTRAL

Framework analysis

VerdictMeaning
BUYPositive purchase signal: the framework's buy requirements are met.
PASSThe company clears the framework's checklist or screen, but the framework does not produce a buy signal. For valuation frameworks this often means margin of safety is missing, insufficient, or unavailable; some screen-only frameworks have no intrinsic-value BUY state.
NEUTRALNeither a positive nor negative conclusion. It does not mean to hold an existing position.
FAILThe company does not clear the framework's requirements.
RankedRanked strategies do not use PASS: selected cohort is BUY, outside the cohort is FAIL, and unranked is NEUTRAL.

Current investor scores use trailing 12-month flows and the latest balance sheet where supported. Multi-year and EPS tests retain annual history; each framework shows its financial basis below. Intrinsic values use annual financials.

MetricGraham

Defensive Value

Buffett

Quality Compounder

Lynch

GARP

Greenblatt

Magic Formula

Piotroski

F-Score

Dreman

Contrarian Value

Munger

Quality Focus

Pabrai

Dhandho Framework

Akre

Three-Legged Stool

Marks

Risk-Aware Value

Ackman

Activist Value

Templeton

Global Bargain Hunter

Sleep

Scale Economies Shared

Asness

Systematic Factors

Neff

Low-P/E Total Return

Schloss

Asset-Value Discipline

O'Shaughnessy

Systematic Factor Composite

VerdictPASSPASSFAILBUY · Rank #467 (Top 15.1%)BUYFAILPASSFAILPASSFAILFAILPASSNEUTRALBUYFAILFAILNEUTRAL
Score
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Intrinsic Value (annual)N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Margin of SafetyN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Financial Basis

TTM ended 2026-09-30 · Balance sheet at 2026-09-30 · Annual history · FY 2025

Latest source filing: 2026-11-03

Score computed: 2026-11-14

Annual history · FY 2025 · TTM ended 2026-09-30

Latest source filing: 2026-11-03

Score computed: 2026-11-14

Annual history · FY 2025 · Balance sheet at 2026-09-30 · TTM ended 2026-09-30 vs 2025-09-30 · TTM ended 2026-09-30

Latest source filing: 2026-11-03

Score computed: 2026-11-14

TTM ended 2026-09-30

Latest source filing: 2026-11-03

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-02-24

Score computed: 2026-11-14

Annual history · FY 2025 · TTM ended 2026-09-30 · Balance sheet at 2026-09-30 · Market data at 2026-11-01

Latest source filing: 2026-11-03

Score computed: 2026-11-14

Qualitative assessment · Annual history · FY 2025 · TTM ended 2026-09-30 · Balance sheet at 2026-09-30

Latest source filing: 2026-11-03

Score computed: 2026-11-14

Qualitative assessment · Annual history · FY 2025

Latest source filing: 2026-02-24

Score computed: 2026-11-14

Annual history · FY 2025 · Qualitative assessment · TTM ended 2026-09-30 · Balance sheet at 2026-09-30

Latest source filing: 2026-11-03

Score computed: 2026-11-14

Annual history · FY 2025 · TTM ended 2026-09-30 · Qualitative assessment

Latest source filing: 2026-11-03

Score computed: 2026-11-14

Annual history · FY 2025 · TTM ended 2026-09-30 · Balance sheet at 2026-09-30 · Market data at 2026-11-01

Latest source filing: 2026-11-03

Score computed: 2026-11-14

Annual history · FY 2025 · Price history 2025-01-01–2026-11-01 · Balance sheet at 2026-09-30

Latest source filing: 2026-11-03

Score computed: 2026-11-14

Annual history · FY 2025 · Qualitative assessment

Latest source filing: 2026-02-24

Score computed: 2026-11-14

TTM ended 2026-09-30 · Balance sheet at 2026-09-30 · Price history 2025-01-01–2026-11-01 · Annual history · FY 2025

Latest source filing: 2026-11-03

Score computed: 2026-11-14

Annual history · FY 2025 · TTM ended 2026-09-30

Latest source filing: 2026-11-03

Score computed: 2026-11-14

Annual history · FY 2025 · Balance sheet at 2026-09-30

Latest source filing: 2026-11-03

Score computed: 2026-11-14

TTM ended 2026-09-30 · Annual history · FY 2025 · Price history 2025-01-01–2026-11-01

Latest source filing: 2026-11-03

Score computed: 2026-11-14

Where It Passes

  • Debt & Leverage100% pass✓ 15▾

    All 12 investors pass BELFA's debt & leverage

    LT Debt vs Net Current AssetsLT Debt $0.0M vs NCA $464.2M
    ✓GrahamLT Debt <= Net Current Assets
    Debt/Equity & Interest CoverageD/E: 0.00, IC: 17.3x
    ✓BuffettD/E < 0.5 AND Interest Coverage > 5x
    Total Debt / Equity0
    ✓Lynch< 0.33
    Cash - Long-term Debt$333.1M
    ✓LynchPositive preferred
    LT Debt / Total Assets Change30.27% -> 21.12%
    ✓PiotroskiDecreased YoY
    Current Assets / Current Liabilities2.64
    ✓Dreman> 1.5✓SchlossCurrent ratio >= 1.50x (app cutoff)
    Total Debt / Shareholders' Equity0
    ✓Dreman< 0.8✓Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✓SchlossD/E < 1.00x
    Debt Levels0
    ✓MungerDebt/Equity < 0.5✓AkreDebt/Equity < 0.3
    Interest Coverage & Debt/EBITDAIC=17.3x, D/EBITDA=0.0x
    ✓MarksInterest Coverage > 3x; Debt/EBITDA < 4x
    Total Debt / Shareholders Equity0
    ✓Ackman<= 1.0
    Negative debt-to-equity (higher means less debt)-0.0000; #1/4210 (top 0.0%)
    ✓AsnessTop 30% of eligible cross-section
  • Efficiency75% pass✓ 9✗ 2▾

    6 of 8 pass — Munger and Akre object

    Current Ratio2.64
    ✓Graham>= 2.0
    ROIC (3-5 yr avg)14.8%
    ✓Buffett> 10%
    ROIC - WACC+4.8%
    ✓BuffettPositive (WACC = 10%)
    EBIT / (NWC + Net Fixed Assets)70.2%
    ✓Greenblatt> 25%
    Current Ratio Change YoY2.92 -> 3.02
    ✓PiotroskiIncreased YoY
    Revenue / Total Assets Change YoY0.56x -> 0.72x
    ✓PiotroskiImproved YoY
    Current Assets / Current Liabilities2.64
    ✓Dreman> 1.5
    Return on Invested Capital10.8%
    ✗Munger> 15%
    ROIC (high and growing)FY2023: ROIC=17.3%; FY2024: ROIC=7.8%; FY2025: ROIC=14.1%
    ✗AkreLatest 3 consecutive FYs: ROIC > 15% in each
    Reinvestment Rate x ROIC10.2% (RR=95% x ROIC=10.8%)
    ✓AkreReinvestment Rate * ROIC > 10%
    ROIC (5-year)3/5 years above 12% (latest 14.1%)
    ✓SleepROIC > 12% in a majority of years
  • Cash Flow60% pass✓ 7✗ 5▾

    6 of 10 pass — Dreman, Pabrai, Ackman +1 more object

    Free Cash Flow Proxy$76.1M
    ✓BuffettPositive and growing
    FCF Positive and Growing$81.1M
    ✓LynchPositive and growing
    Operating Cash Flow$80.6M
    ✓PiotroskiCFO > 0
    (CFO / Total Assets) vs ROACFO/Assets=8.62%, ROA=6.58%
    ✓PiotroskiCFO/Assets > ROA
    Price / (CFO / Shares)
    ✗Dreman< 8x
    P/E or FCF YieldFCF Yield=2.7%
    ✗PabraiP/E < 15 or FCF Yield > 10%
    FCF Positive15/17 years FCF positive
    ✓MarksPositive FCF in majority of recent years
    (OCF - CapEx) / Market Cap
    ✗Ackman>= 4%
    Price / FCF per Share
    ✗Ackman<= 25
    Positive Operating Cash Flow frequency22/22 years positive
    ✓SleepPositive OCF in >= 70% of available years
    Operating Cash Flow - Capital Expenditures$81.1M
    ✓Neff> $0 (app proxy for a strong fundamental case)
    (Operating cash flow - capex) / market capitalization+3.17%; #2008/4519 (top 44.4%)
    ✗OshaughnessyTop 10% of eligible cross-section
  • Verdicts53% pass✓ 8✗ 7▾

    Split decision: 7 FAIL · 5 PASS · 2 BUY · 2 NEUTRAL

    Overall verdict
    ✓GrahamPASS (4/9)✓BuffettPASS (5/9)✗LynchFAIL (3/7)✓GreenblattRank #467✓PiotroskiBUY (F-Score 8)✗DremanFAIL (4/11)✓MungerPASS (2/4)✗PabraiFAIL (0/3)✓AkrePASS (3/6)✗MarksFAIL (3/5)✗AckmanFAIL (3/9)✓TempletonPASS (4/8)•SleepNEUTRAL (4/6)✓AsnessBUY (Rank #166/2370 (Top 7.0%))✗NeffFAIL (2/6)✗SchlossFAIL (3/7)•OshaughnessyNEUTRAL (Not ranked)

Where It Falls Short

  • Valuation0% pass✗ 28▾

    All 13 investors flag BELFA's valuation

    Price / 3-yr avg EPS
    ✗Graham<= 15x
    Price-to-Book Ratio
    ✗Graham<= 1.5x
    P/E x P/B
    ✗Graham<= 22.5
    Basic earnings-growth PEG (dividends excluded)
    ✗Lynch< 1.0 (ideally < 0.5)
    EBIT / Enterprise Value5.7%
    ✗Greenblatt> 10%
    Earnings Yield + ROC AssessmentEY=5.7%, ROC=70.2%
    ✗GreenblattBoth EY > 10% and ROC > 25%
    Price / EPS
    ✗Dreman< 12x✗Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)
    Price / (CFO / Shares)
    ✗Dreman< 8x
    Price / Book Value per Share
    ✗Dreman< 1.2x✗Templeton< 1.5x✗SchlossP/B <= 0.80x (app cutoff)
    Valuation Reasonableness
    ✗MungerP/E < 25 or Owner Earnings Yield > 5%
    P/E or FCF YieldFCF Yield=2.7%
    ✗PabraiP/E < 15 or FCF Yield > 10%
    P/B or P/E vs. Historical Average
    ✗MarksP/E < 15 or P/B < 2.0
    Discount to Intrinsic Value
    ✗Marks>= 20% below intrinsic value
    Price / FCF per Share
    ✗Ackman<= 25
    Price vs. Trailing Low288% of trailing low ($61.40)
    ✗Templeton<= 120% of trailing low (certified split-adjusted live window)
    Net income / market capitalization+2.72%; #2473/6340 (top 39.0%)
    ✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
    Positive book equity / market capitalization+0.3654; #3412/6449 (top 52.9%)
    ✗AsnessTop 30% of eligible cross-section
    Price / Diluted EPS
    ✗NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)
    (EPS CAGR % + Dividend Yield %) / P/E
    ✗Neff> 0.7 (Neff's published traditional edge)
    Price / Tangible Book Value per Share
    ✗SchlossP/TBV <= 1.00x (app cutoff)
    Book Value per Share Change
    ✗SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)
    Revenue / market capitalization+0.3076; #3288/5247 (top 62.7%)
    ✗OshaughnessyTop 10% of eligible cross-section
    (Operating cash flow - capex) / market capitalization+3.17%; #2008/4519 (top 44.4%)
    ✗OshaughnessyTop 10% of eligible cross-section
    Trailing six-month price return through the evaluation date-27.79%; #4312/6202 (top 69.5%)
    ✗OshaughnessyTop 10% of eligible cross-section
  • Profitability6% pass✓ 10✗ 25▾

    15 of 16 flag BELFA's profitability — Graham, Buffett, Lynch +12 more

    Positive EPS (10 years)5/25 years positive
    ✗GrahamPositive EPS every year for 10 years
    EPS Growth (3-yr avg, 10-yr window)
    ✗Graham>= 33% growth
    Net Income Positive (10+ years)20/25 years positive
    ✗BuffettPositive every year for 10+ years
    ROE (up to 5-year arithmetic mean)15.9%
    ✓Buffett> 15% arithmetic mean (app rule)
    Operating Margin (10-yr trend)16.4% (latest)
    ✗BuffettStable or rising over 10 years
    Free Cash Flow Proxy$76.1M
    ✓BuffettPositive and growing
    Earnings Variance (10-yr CoV)
    ✗BuffettCoV < 0.3
    Retained Earnings Effectiveness
    ✗Buffett$1 retained -> > $1 market value created
    Basic earnings-growth PEG (dividends excluded)
    ✗Lynch< 1.0 (ideally < 0.5)
    3-5 Year EPS CAGR
    ✗Lynch15-30% (Fast Grower); > 0% to pass
    ROE7.5%
    ✗Lynch> 15%
    EBIT / Enterprise Value5.7%
    ✗Greenblatt> 10%
    Earnings Yield + ROC AssessmentEY=5.7%, ROC=70.2%
    ✗GreenblattBoth EY > 10% and ROC > 25%
    Net Income / Total Assets6.58%
    ✓PiotroskiROA > 0
    ROA Change YoY4.31% -> 6.58% (delta: +2.27%)
    ✓PiotroskiCurrent ROA > Prior ROA
    (CFO / Total Assets) vs ROACFO/Assets=8.62%, ROA=6.58%
    ✓PiotroskiCFO/Assets > ROA
    Gross Margin Change YoY37.8% -> 39.1%
    ✓PiotroskiImproved YoY
    Pre-Tax Income / Revenue14.2%
    ✓Dreman>= 8%
    Net Income / Shareholders' Equity7.5%
    ✗Dreman> 12%
    Margin of Safety
    ✗PabraiP/B < 1.5 or P/E < 15
    Return on Equity15.8% (3-yr avg)
    ✗AkreROE > 20% (3-year avg)
    Discount to Intrinsic Value
    ✗Marks>= 20% below intrinsic value
    Positive Net Income Frequency20/24 years positive
    ✓MarksPositive net income in >= 7 of last 10 years
    Operating Income / Revenue16.2%
    ✓Ackman>= 15%
    Net Income / Shareholders Equity7.5%
    ✗Ackman>= 15%
    5-Year EPS CAGR
    ✗Templeton> 0% (5-year EPS CAGR)
    Operating Margin Trend13.8% (2023) -> 16.4% (2025)
    ✓TempletonNon-negative operating-margin trend over 3 years
    Revenue growth vs. gross and operating margin trendgross margin 33.7% -> 39.1%, operating margin 13.8% -> 16.4%
    ✗SleepRevenue rising; gross margin flat or falling; operating margin holding
    Net income / market capitalization+2.72%; #2473/6340 (top 39.0%)
    ✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
    Gross profit / total assets+23.92%; #1792/3702 (top 48.4%)
    ✗AsnessTop 30% of eligible cross-section
    Net income / positive book equity+7.46%; #2167/5226 (top 41.5%)
    ✗AsnessTop 30% of eligible cross-section
    Negative 5-year standard deviation of ROA-0.0319; #1987/5884 (top 33.8%)
    ✗AsnessTop 30% of eligible cross-section
    3-5 Year Diluted EPS CAGR
    ✗Neff7%-20% annualized
    Positive Diluted-EPS Years
    ✗Schloss>= 70% positive over 5-10 observed years (app rule)
  • Growth13% pass✓ 2✗ 11▾

    7 of 8 flag BELFA's growth — Graham, Lynch, Dreman +4 more

    EPS Growth (3-yr avg, 10-yr window)
    ✗Graham>= 33% growth
    Basic earnings-growth PEG (dividends excluded)
    ✗Lynch< 1.0 (ideally < 0.5)
    3-5 Year EPS CAGR
    ✗Lynch15-30% (Fast Grower); > 0% to pass
    Inventory Growth vs Revenue GrowthInv: 35.3% vs Rev: 21.0%
    ✗LynchInventory growth < Revenue growth
    EPS Growth Direction
    ✗DremanPositive over recent years
    EPS CAGR
    ✗Dreman> 5% annualized
    Positive Net Income Frequency20/24 years positive
    ✓MarksPositive net income in >= 7 of last 10 years
    3yr Median Revenue Growth-2.2%
    ✗Ackman>= 5%
    Positive EPS Growth Frequency
    ✗AckmanPositive EPS growth in >= 3 of last 5 years
    5-Year EPS CAGR
    ✗Templeton> 0% (5-year EPS CAGR)
    Revenue growth vs. gross and operating margin trendgross margin 33.7% -> 39.1%, operating margin 13.8% -> 16.4%
    ✗SleepRevenue rising; gross margin flat or falling; operating margin holding
    5-year Revenue CAGR7.7%
    ✓SleepCAGR > 7%
    3-5 Year Diluted EPS CAGR
    ✗Neff7%-20% annualized

Business & financials

Financial snapshot: annual FY 2025. Current investor scores may use newer quarterly data.

Company Profile

Industry: Electronic Equipment
SIC Sector: Electronic & Electrical Equipment
Size: Mid Cap($2.6B)
Revenue: $675.5M+26.3% YoY
Net Income: $61.5M+50.2% YoY

Financial Snapshot

Operating Margin16.4%
Return on Equity14.5%
Debt / Equity0.47
Current Ratio3.02
Buybacks (1y)$0
Buybacks (2y)$16.1M

Shareholder Return

Fiscal 2025

Share retirement not available for this company.

Buybacks
$0
Dividends
$3.5M

Company Financials

Latest TTM and quarters alongside annual years

TTM sums four consecutive quarters and uses the latest quarter-end balances. Quarter columns show three-month results; annual columns show full-year totals. Growth compares the same period a year earlier. EPS is not added for TTM; full-year ratios are blank for quarters.

The latest annual period end is unavailable. Showing the latest fiscal cycle’s quarters; quarter and annual columns may overlap. Quarterly shows the full quarter history.

MetricTTM · 2026-09-30

2025-10-01 – 2026-09-30

Sources · derived quarter values

Derived from cumulative filings: revenue, net income, operating income, gross profit, ebit, pre tax income, interest expense, operating cash flow, depreciation amortization, capex, dividends paid, buybacks, re sale gains.

Q3 FY 2026

2026-07-01 – 2026-09-30

Sources · derived quarter values

Derived from cumulative filings: operating cash flow, capex, dividends paid.

Q2 FY 2026

2026-04-01 – 2026-06-30

Sources · derived quarter values

Derived from cumulative filings: operating cash flow, capex, dividends paid.

Q1 FY 2026

2026-01-01 – 2026-03-31

Sources
FY 2025
Sources
  • 10-K · 2026-02-24
FY 2024
Sources
  • 10-K · 2025-02-28
FY 2023
Sources
  • 10-K · 2024-03-11
FY 2022
Sources
  • 10-K · 2023-03-10
FY 2021
Sources
  • 10-K · 2022-03-14
Market Cap$2.6Bcurrent----------------
Revenue$785.6M↑21%$220.5M↑23%$210.7M↑25%$178.5M↑17%$675.5M↑26%$534.8M↓16%$639.8M↓2%$654.2M↑20%$543.5M
Operating Income$127.4M↑31%$39.6M↑30%$38.4M↑29%$23.7M↓5%$111.0M↑73%$64.3M↓27%$88.0M↑35%$65.1M↑108%$31.3M
Net Income$69.6M↑6%$26.3M↑17%$25.5M↓5%$11.4M↓36%$61.5M↑50%$41.0M↓45%$73.8M↑40%$52.7M↑112%$24.8M
EPS (Diluted)------------------
Gross Margin39.9%↑3%40.9%↑3%39.9%↑3%39.0%↑1%39.1%↑3%37.8%↑12%33.7%↑20%28.0%↑13%24.7%
Operating Margin16.2%↑8%17.9%↑6%18.2%↑3%13.3%↓19%16.4%↑37%12.0%↓13%13.8%↑38%10.0%↑73%5.8%
ROE7.5%↓51%———14.5%↑27%11.4%↓48%21.7%↑8%20.1%↑69%11.9%
Total Debt$0↓100%$0↓100%$0↓100%$204.5M↓27%$197.9M↓31%$287.9M↑376%$60.5M↓36%$95.0M↓16%$112.5M
Shareholders' Equity$933.4M↑118%$933.4M↑118%$909.4M↑125%$438.9M↑16%$425.5M↑18%$360.6M↑6%$340.6M↑30%$262.3M↑26%$208.7M
Current Ratio2.64↓14%2.64↓14%4.48↑47%3.18↓4%3.02↑4%2.92↓15%3.45↑23%2.80↓5%2.94
Debt / Equity0.00↓100%0.00↓100%0.00↓100%0.47↓37%0.47↓42%0.80↑350%0.18↓51%0.36↓33%0.54
Operating Cash Flow$95.5M↑61%$34.2M↑54%$17.9M↓13%$13.8M↑70%$80.6M↑9%$74.1M↓32%$108.3M↑169%$40.3M↑769%$4.6M
Free Cash Flow$81.1M↑82%$28.0M↑38%$15.7M↓7%$11.2M↑109%$68.6M↑14%$60.0M↓38%$96.2M↑206%$31.4M↑759%-$4.8M

Score history

Historical Score Timeline

Industry peers

Industry Peers

Similar companies in Electronic Equipment

BELFA vs Peers — Financial Grading

Revenue$675.5MBottom 25%
Net Income$61.5MBottom 25%
ROE14.5%Median
D/E0.47Median
Op. Margin16.4%Median
Curr. Ratio3.02Top 25%
CompanyMarket CapPriceRevenueNet IncomeROED/EOp. MarginCurr. RatioGrahamBuffettLynchGreenblattPiotroskiDreman
NVIDIA CORPNVDA$3.93T$162.85$215.9B$120.1B76.3%0.0560.4%3.913/96/93/71/3F-Score 45/11
INTEL CORPINTC$317.1B$59.66$52.9B$267.0M-0.2%0.41-4.2%2.023/90/91/70/3F-Score 63/11
TEXAS INSTRUMENTS INCTXN$277.4B$303.60$17.7B$5.0B30.7%0.8634.1%4.356/95/93/71/3F-Score 77/11
ANALOG DEVICES INCADI$192.8B$397.97$11.0B$2.3B6.7%0.2426.6%2.192/93/94/71/3F-Score 84/11
Motorola Solutions, Inc.MSI$87.8B$531.20$11.7B$2.2B89.4%3.4925.6%1.042/94/93/71/3F-Score 65/11
L3HARRIS TECHNOLOGIES, INC. /DE/LHX$50.7B$272.35—$1.6B8.2%0.57—1.192/92/93/71/3F-Score 73/11
NOKIA CORPNOK$45.7B$8.07$23.4B$764.7M3.1%0.164.4%1.582/91/93/71/3F-Score 53/11
ERICSSON LM TELEPHONE COERIC$34.2B$10.56$25.7B$3.1B26.0%0.3016.3%1.292/95/95/73/3F-Score 77/11