Bel Fuse designs and manufactures power systems, circuit-protection devices, connectors, cable assemblies and networking components for equipment manufacturers. Its principal end markets include aerospace, defense, industrial equipment, transportation and data infrastructure.
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A snapshot of what BEL FUSE INC /NJ owns and owes at a point in time.
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3 reports in this collection
| Report period | Filed with SEC | Form | Source |
|---|---|---|---|
| Dec 31, 20230001437749-24-007265 | Mar 11, 2024 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20240001437749-25-005652 | Feb 28, 2025 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20250001437749-26-005354 | Feb 24, 2026 | 10-K | Open 10-Ksec.gov |
Dates describe the filing metadata. Figures and reporting periods should be checked against the original statement. SEC links open in a new tab.
Bel has become a larger, more defense-oriented electronics supplier, but acquisition growth and shareholder earnings require careful separation. Most of its 2025 sales increase came from a full year of Enercon, while better manufacturing margins coexisted with higher financing costs, an investment write-off and minority-interest adjustments. In the first half of 2026, defense and data demand supported higher sales and operating income, yet earnings attributable to Bel shareholders declined. A completed equity offering—not operating cash generation—principally explains the stronger cash balance and elimination of revolver borrowings. The remaining Enercon stake still represents a conditional future cash requirement. The latest supplied financial position is June 30, 2026, filed August 4; subsequent third-quarter results are not established for the requested October 24 cutoff.
Sources: 10-K · 2025-12-31 · EX-99.1 · 2025-12-31 · 10-Q · 2026-06-30
Bel supplies both customized and standard products through direct accounts and distributors. Reliability-sensitive aerospace and defense applications coexist with more cyclical networking, industrial and transportation demand. Product mix, factory utilization, materials, local wages and currency movements therefore matter more than a single company-wide volume trend. No direct or ultimate end customer exceeded 10% of 2025 sales, although earlier disclosures demonstrate that sales through intermediaries can conceal end-user concentration.
Effective March 31, 2026, Bel replaced three product-based segments with Aerospace, Defense & Rugged Solutions, principally legacy Connectivity and Enercon, and Industrial Technology & Data Solutions, principally legacy Power excluding Enercon and Magnetics. Management intends the end-market structure to improve customer access and execution; quantified benefits are not established. Historical results were recast without changing consolidated sales, earnings or cash flows. Segment profitability means GAAP gross profit, not operating income or EBITDA.
Sources: 10-K · 2025-12-31 · 10-K · 2023-12-31 · 8-K · 2026-03-31 · 8-K · 2025-12-31 · EX-99.1 · 2025-12-31 · 10-Q · 2026-06-30
Sales moved from $639.813 million in 2023 to $534.792 million in 2024 and $675.455 million in 2025. The latest increase included $115.8 million of additional Enercon revenue, reflecting a full year rather than two months. Recast aerospace/defense/rugged sales benefited from Enercon and commercial aerospace; industrial/data growth combined stronger networking and datacenter sales with weaker transportation and industrial applications. The consolidated increase should not be described as organic growth.
Gross margin reached 39.1% in 2025, versus 37.8% in 2024, but improvement was uneven: the recast aerospace/defense/rugged margin rose to 41.0%, while industrial/data fell to 37.5%. Operating income of $110.996 million included property-sale gains and a restructuring credit. Consolidated net earnings were $74.111 million, but shareholder-attributable earnings were $61.536 million after ordinary minority earnings and a separate redemption-value adjustment. Higher acquisition-related interest expense and the innolectric impairment also constrained earnings.
Sources: 10-K · 2025-12-31 · EX-99.1 · 2025-12-31
Operating cash flow was $108.349 million in 2023, $74.064 million in 2024 and $80.612 million in 2025. The exceptional 2023 result benefited from receivables and inventory releases; it was not simply recurring profit conversion. In 2025, receivables and inventories absorbed cash, while debt repayments, capital spending and dividends helped reduce year-end cash to $57.8 million. The revolver's year-end balance declined by $90 million; the company also described $90 million of net long-term debt repayments. Separately, the cash-flow statement reports $98 million of revolver repayments, no revolver borrowings and $8 million of long-term debt proceeds. The $90 million balance reduction and company description are not the cash-flow statement's net revolver repayment measure; the supplied evidence does not establish a reclassification bridge. Cash capital expenditure was $12.002 million, separate from acquisition expenditure.
The completed May 2026 Class B offering generated $441.643 million in the cash-flow statement and funded approximately $197.5 million of revolver repayment. June 30 cash was $306.106 million, with no revolver borrowings and $400 million of unused capacity. That capacity is not cash. The facility matures September 1, 2028; Bel reported covenant compliance, not quantified headroom. Leases, retirement obligations, earnouts and redeemable minority interests remain despite the absence of revolver debt.
Sources: 10-K · 2023-12-31 · 10-K · 2025-12-31 · 10-Q · 2026-06-30
For the six months ended June 30, 2026, sales were $389.176 million versus $320.537 million, and operating income rose to $62.085 million from $54.883 million. Defense and data demand supported growth; transportation remained weaker, and second-quarter commercial-air sales declined. Consolidated net earnings increased to $48.959 million, helped by tax benefits, while shareholder-attributable earnings fell to $36.859 million because minority-interest deductions increased. The equity offering also enlarged the Class B EPS denominator.
First-half operating cash flow was $31.762 million. Receivables and inventory each absorbed more than $32 million, partly financed by higher payables. Backlog reached $594.7 million but is not assured revenue. Bel completed the dataMate acquisition on March 5; its first-half operating-income contribution was immaterial. The remaining 20% of Enercon was still intended for early 2027, not acquired, and its $102.601 million redemption carrying value was not a fixed settlement price.
Sources: 10-Q · 2026-06-30
Material dependencies include defense appropriations, acquisition integration, customer inventory cycles, manufacturing in China and Israel, component availability and currency-sensitive labor costs. Tariffs had no material reported effect on 2025 or first-half 2026 results, but future trade measures remain uncertain. Litigation indemnities do not settle claims, and effective financial controls do not eliminate cybersecurity risk. July guidance for third-quarter sales of $205–225 million and gross margin of 39–41% assumed continued market conditions; no subsequent outcome is established here.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30 · EX-99.1 · 2026-07-29
USD 639.813 m
FY2023 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2023 | USD 639.813 m | — |
Actual consolidated net sales; excludes Enercon before acquisition.
Sources: 10-K · 2025-12-31
USD 534.792 m
FY2024 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2024 | USD 534.792 m | — |
Consolidated net sales; includes Enercon from November 1, 2024.
Sources: 10-K · 2025-12-31
USD 675.455 m
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 675.455 m | — |
Consolidated net sales; includes 100% of Enercon from its accounting acquisition date.
Sources: 10-K · 2025-12-31
USD 80.612 m
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 80.612 m | 8.8% |
| 2024 | USD 74.064 m | -31.6% |
| 2023 | USD 108.349 m | — |
Consolidated operating cash flow after working-capital movements; not profit or free cash flow.
Sources: 10-K · 2025-12-31
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