BELFA on Nasdaq
BEL FUSE INC /NJ
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Last updated Oct 16, 2026.
Overview
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
39.1%Gross margin2
16.4%Operating margin2
9.1%Net margin2
26.3%Revenue growth, 20252
14.5%Return on equity2
0.46×Debt to equity2
$68.6MFree cash flow2
What sells
Revenue by product, business segment and region, as the company reports it to the SEC.
Products and services
Power Solutions and Protection brought in 53% of the revenue BEL FUSE INC /NJ broke down this way in fiscal 2025.
Products and services by year
| Products and services | 2023 | 2024 | 2025 |
|---|---|---|---|
| Power Solutions and Protection | $314.1M | $245.6M | $356.8M |
| Connectivity Solutions | $210.6M | $220.4M | $232.3M |
| Magnetic Solutions | $115.1M | $68.9M | $86.4M |
Business segments
Power Solutions and Protection brought in 53% of the revenue BEL FUSE INC /NJ broke down this way in fiscal 2025.
Business segments by year
| Business segments | 2023 | 2024 | 2025 |
|---|---|---|---|
| Power Solutions and Protection | $314.1M | $245.6M | $356.8M |
| Connectivity Solutions | $210.6M | $220.4M | $232.3M |
| Magnetic Solutions | $115.1M | $68.9M | $86.4M |
Regions
Asia brought in 27% of the revenue BEL FUSE INC /NJ broke down this way in fiscal 2025.
Regions by year
| Regions | 2023 | 2024 | 2025 |
|---|---|---|---|
| Asia | $93.5M | $68.3M | $123.5M |
| EMEA | $98.5M | $104.3M | $104.6M |
| Israel | $0 | $8.2M | $62.3M |
| China | $43.1M | $23.4M | $52.3M |
| United Kingdom | $25.6M | $35.9M | $37.1M |
| SK | $35.6M | $33.2M | $32.2M |
| Switzerland | $11.2M | $15.6M | $15.7M |
| Germany | $17.3M | $15.3M | $14.7M |
| India | $15.4M | $10.6M | $8.8M |
| All Other Foreign Countries | $8.8M | $5.3M | $4.9M |
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Cost of revenue61¢$411.0M
- Research and development5¢$30.9M
- Selling, general and admin19¢$125.8M
- Other costs4¢$25.2M
- Income tax3¢$20.9M
- Profit9¢$61.5M
Out of $675.5M in revenue.2
Where each dollar of operating cash went, fiscal 2025
- Capital spending15¢$12.0M
- Dividends paid4¢$3.5M
- Kept or used elsewhere81¢$65.1M
Out of $80.6M of cash from operations.2
Financial statements
Every line of the income statement in the latest annual report, as filed.2
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net sales | $675.5M | $534.8M | $639.8M |
| Cost of sales | $411.0M | $332.4M | $424.0M |
| Gross profit | $264.4M | $202.4M | $215.8M |
| Research and development costs | $30.9M | $23.6M | $22.5M |
| Selling, general and administrative expenses | $125.8M | $110.6M | $99.1M |
| Impairment of CUI tradename | $0 | $400.0K | $0 |
| Restructuring (credits) charges | -$677.0K | $3.5M | $10.1M |
| Gain on sale of properties | -$5.7M | $0 | -$3.8M |
| Earnout liability adjustments | $3.1M | $0 | $0 |
| Income from operations | $111.0M | $64.3M | $88.0M |
| Gain on sale of Czech Republic business | $0 | $0 | $980.0K |
| Interest expense | -$14.8M | -$4.1M | -$2.9M |
| Interest income | $1.0M | $4.8M | $1.7M |
| Impairment of equity method investment and related party notes | -$13.1M | $0 | $0 |
| Other income (expense), net | $10.9M | -$3.2M | -$4.5M |
| Earnings before provision for income taxes | $95.0M | $61.8M | $83.3M |
| Provision for income taxes | $20.9M | $12.6M | $9.5M |
| Net earnings available to common shareholders | $74.1M | $49.2M | $73.8M |
| Less: Net earnings attributable to noncontrolling interest | $3.5M | $484.0K | $0 |
| Redemption value adjustment attributable to noncontrolling interest | $9.1M | $7.7M | $0 |
| Net earnings attributable to Bel Fuse shareholders | $61.5M | $41.0M | $73.8M |
Every line of the balance sheet in the latest annual report, as filed.2
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Cash and cash equivalents | $57.8M | $68.3M | |
| Held to maturity U.S. Treasury securities | $0 | $950.0K | |
| Accounts receivable, net of credit losses of $671 and $1,336, at December 31, 2025 and 2024, respectively | $121.5M | $111.4M | $84.1M |
| Inventories | $167.3M | $161.4M | |
| Unbilled receivables | $9.7M | $5.0M | $12.8M |
| Assets held for sale | $0 | $2.1M | |
| Other current assets | $28.5M | $24.5M | |
| Total current assets | $384.8M | $373.5M | |
| Property, plant and equipment, net | $48.4M | $47.9M | |
| Right-of-use assets | $22.9M | $25.1M | |
| Equity method investment | $0 | $9.3M | |
| Intangible assets, net | $218.0M | $231.9M | |
| Goodwill, net | $214.8M | $208.0M | $26.6M |
| Deferred income taxes | $12.8M | $16.4M | |
| Other Assets, Noncurrent | $33.5M | $34.6M | |
| Total assets | $935.2M | $949.8M | $571.6M |
| Accounts payable | $53.0M | $49.2M | |
| Accrued expenses | $49.7M | $53.0M | |
| Operating lease liability, current | $8.0M | $8.0M | |
| Other Liabilities, Current | $16.7M | $17.9M | |
| Total current liabilities | $127.4M | $128.1M | |
| Long-term debt | $197.5M | $287.5M | |
| Operating lease liability, long-term | $15.9M | $17.8M | |
| Liability for uncertain tax positions | $17.5M | $18.1M | |
| Minimum pension obligation and unfunded pension liability | $19.3M | $18.4M | |
| Deferred income taxes | $29.7M | $28.9M | |
| Other long-term liabilities | $9.2M | $4.8M | |
| Total liabilities | $416.5M | $508.6M | |
| Redeemable noncontrolling interest | -$93.2M | -$80.6M | |
| Preferred stock, no par value, 1,000,000 shares authorized; none issued | $0 | $0 | |
| Treasury stock (unrestricted; none outstanding at December 31, 2025, and at December 31, 2024) | $0 | $0 | |
| Additional paid-in capital | $38.3M | $31.5M | |
| Retained earnings | $403.1M | $345.0M | |
| Accumulated other comprehensive loss | -$17.2M | -$17.2M | |
| Total shareholders' equity | $425.5M | $360.6M | |
| Total liabilities, redeemable noncontrolling interest and shareholders' equity | $935.2M | $949.8M | |
| Accounts receivable, allowance for doubtful accounts | $671.0K | $1.3M | |
| Preferred stock, no par value (in dollars per share) | $0 | $0 | |
| Preferred stock, shares authorized (in shares) | 1.0M shares | 1.0M shares | |
| Preferred stock, shares issued (in shares) | 0 shares | 0 shares | |
| Common stock, treasury shares (in shares) | 0 shares | 0 shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow in the latest annual report, as filed.2
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net earnings | $74.1M | $49.2M | $73.8M |
| Impairment of equity method investment and related party notes | -$13.1M | $0 | $0 |
| Depreciation and amortization | $26.6M | $16.5M | $13.3M |
| Stock-based compensation | $6.8M | $3.7M | $3.5M |
| Amortization of deferred financing costs | $1.5M | $151.0K | $33.0K |
| Deferred income taxes benefit/(expense) | $1.4M | -$6.3M | -$3.9M |
| Net unrealized (gains)/losses on foreign currency revaluation | -$12.7M | $1.5M | $1.4M |
| Gains on sale/disposal of property, plant and equipment | -$5.7M | $0 | -$2.1M |
| Gain on sale of Czech Republic business | $0 | $0 | -$980.0K |
| Other, net | $2.2M | $2.3M | -$1.0M |
| Accounts receivable | -$8.6M | -$6.8M | $22.5M |
| Unbilled receivables | -$4.8M | $7.8M | $5.5M |
| Inventories | -$2.4M | $15.1M | $33.6M |
| Other current assets | -$1.6M | -$2.4M | -$217.0K |
| Other assets | -$1.6M | $6.0M | $3.0M |
| Accounts payable | $2.4M | $139.0K | -$22.7M |
| Accrued expenses | $195.0K | -$7.1M | $5.4M |
| Accrued restructuring costs | -$5.1M | $215.0K | -$1.2M |
| Other liabilities | -$1.6M | -$5.0M | -$16.4M |
| Income taxes payable | -$3.7M | -$1.0M | -$5.0M |
| Net cash provided by operating activities | $80.6M | $74.1M | $108.3M |
| Purchase of property, plant and equipment | -$12.0M | -$14.1M | -$12.1M |
| Purchases of held to maturity U.S. Treasury securities | $0 | -$131.3M | -$60.0M |
| Proceeds from held to maturity securities | $950.0K | $167.9M | $19.9M |
| Payment for equity method investment | $0 | $0 | -$10.3M |
| Investment in related party notes receivable | $0 | -$785.0K | -$2.2M |
| Proceeds from disposal/sale of property, plant and equipment | $7.8M | $883.0K | $6.0M |
| Acquisition of business, net of cash acquired | $0 | -$320.5M | $0 |
| Proceeds from sale of business | $0 | $0 | $5.1M |
| Net cash used in investing activities | -$3.2M | -$297.9M | -$53.5M |
| Dividends paid to common shareholders | -$3.5M | -$3.5M | -$3.5M |
| Purchase of treasury stock | $0 | -$16.1M | -$105.0K |
| Deferred financing costs | -$681.0K | -$1.7M | $0 |
| Borrowings under revolving line of credit | $0 | $242.5M | $5.0M |
| Proceeds of long-term debt | $8.0M | $0 | $0 |
| Repayments under revolving line of credit | -$98.0M | -$15.0M | -$40.0M |
| Net cash (used in) provided by financing activities | -$94.1M | $206.3M | -$38.6M |
| Net (decrease) increase in cash and cash equivalents | -$10.5M | -$21.1M | $19.1M |
| Effect of exchange rate changes on cash | $6.3M | -$3.5M | $2.9M |
| Income taxes, net of refunds received | $23.7M | $23.0M | $25.1M |
| Interest payments | $14.8M | $5.8M | $4.7M |
| Redeemable noncontrolling interest assumed in exchange for acquired net assets | $0 | $72.4M | $0 |
| ROU assets obtained in exchange for lease obligations | $4.8M | $6.9M | $6.0M |
Recent filings
- Oct 7, 20263
- Sep 15, 20264
- Sep 14, 2026144
- Sep 4, 20264
- Sep 2, 2026144
- Sep 1, 2026S-8
- Aug 14, 2026SCHEDULE 13G/A
- Aug 14, 20264
- Aug 14, 2026SCHEDULE 13G/A
- Aug 13, 2026SCHEDULE 13G/A
- Aug 12, 2026144
- Aug 6, 2026SCHEDULE 13G/A
- Aug 4, 202610-Q
- Jul 29, 20268-K
- Jul 2, 20268-K
Every filing from the last three years, summarized. The full record is on SEC EDGAR.1
Sources
The numbers on this page point here. Each one links to the record it came from.
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