A Business at a Glance
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BELDEN INC.
BDC
$4.1B
Mkt Cap
$102.76
-0.26%
BELDEN INC. (BDC) has a current P/E ratio of 17.4, compared to its historical median P/E of 21.8. The stock is currently considered Fair based on its historical valuation range.
BELDEN INC. (BDC) has a 5-year average return on invested capital (ROIC) of 14.5%. This indicates solid capital allocation.
BELDEN INC. (BDC) has a market capitalization of $4.0B. It is classified as a mid-cap stock.
Yes, BELDEN INC. (BDC) pays a dividend with a trailing twelve-month yield of 0.20%.
Based on historical P/E analysis, BELDEN INC. (BDC) appears fair. The current P/E of 17.4 is 20% below its historical median of 21.8. The estimated fair value CAGR (P/E method) is 29.5%.
BELDEN INC. (BDC) operates in the Drawing & Insulating Of Nonferrous Wire industry, within the Materials sector.
BELDEN INC. (BDC) reported annual revenue of $2.7 billion in its most recent fiscal year, based on SEC EDGAR filings.
Belden Inc. is a global supplier of connection solutions organized into two reportable segments: Smart Infrastructure Solutions and Automation Solutions. Smart Infrastructure Solutions provides network infrastructure and broadband solutions including copper and fiber cable, connectivity solutions, interconnect panels, racks, enclosures, and signal extension systems for applications such as local area networks, data centers, 5G, Fiber to the Home, and building automation, serving priority verticals including data centers, government, healthcare, hospitality, and broadband/wireless service providers. Automation Solutions delivers digitization and automation solutions enabling IT/OT convergence across warehousing & logistics, energy, transportation, and discrete manufacturing, with a focus on data acquisition, transmission, orchestration, and management through direct sales to industrial OEMs and via distributors, value-added resellers, and system integrators. The company operates on a solutions-based business model with both product and service components, generating revenue through direct sales to end-users, OEMs, and through distributor networks, while benefiting from secular trends in digitization, automation, and IT/OT convergence. Belden's competitive positioning is strengthened by its end-to-end portfolio, technical service and support capabilities, and Customer Innovation Centers that work directly with clients on customized networking solutions.
【Solutions-driven transformation accelerating】 Management expects continued momentum in its solutions transformation, with solutions reaching 15% of total revenue in 2025 and tracking toward exceeding the 2028 target, supported by the pending RUCKUS Networks acquisition which is expected to close in the second half of 2026 and immediately strengthen the financial profile. The company anticipates steady near-term demand with typical seasonal patterns, while medium and long-term outlooks remain constructive driven by fundamental trends in reindustrialization, automation, digitization, and IT/OT convergence. Automation Solutions is expected to stabilize and rebound in 2026, while Broadband Solutions is anticipated to improve throughout the year with above-seasonal performance expected as DOCSIS deployment accelerates among major MSO customers and inventory overhangs clear. Management is prioritizing disciplined execution of the combined business, continued investment in organic growth, and rapid deleveraging to return to long-term capital structure targets, with share repurchases and strategic M&A temporarily paused.
No forward guidance provided.
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 2.8B | 2.7B | 2.5B | 2.5B | 2.6B | 2.3B |
| Net Income | 237M | 238M | 198M | 243M | 255M | 64M |
| EPS | $5.95 | $5.91 | $4.80 | $5.66 | $5.72 | $1.41 |
| Free Cash Flow | 180M | 219M | 223M | 203M | 176M | 181M |
| ROIC | 12.5% | 13.3% | 12.1% | 15.9% | 18.1% | 12.9% |
| Gross Margin | 37.4% | 38.0% | 37.5% | 38.0% | 35.2% | 33.5% |
| Debt/Equity | 0.98 | 1.02 | 0.87 | 1.03 | 1.02 | 1.53 |
| Dividends/Share | $0.20 | $0.20 | $0.20 | $0.20 | $0.20 | $0.20 |
| Operating Income | 321M | 316M | 266M | 318M | 363M | 264M |
| Operating Margin | 11.5% | 11.6% | 10.8% | 12.6% | 13.9% | 11.5% |
| ROE | 18.4% | 18.6% | 16.1% | 21.0% | 24.3% | 7.5% |
| Shares Outstanding | 39M | 40M | 41M | 43M | 45M | 45M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | -82M | -101M | 2.4B | 2.1B | 2.2B | 2.1B | 1.8B | 2.3B | 2.6B | 2.5B | 2.5B | 2.7B | 2.8B |
| Gross Margin | -1004.6% | -912.6% | 41.6% | 38.4% | 38.3% | 37.2% | 32.9% | 33.5% | 35.2% | 38.0% | 37.5% | 38.0% | 37.4% |
| R&D | 114M | 148M | 141M | 89M | 92M | 94M | 73M | 90M | 104M | 116M | 112M | 129M | 130M |
| SG&A | 484M | 526M | 486M | 390M | 411M | 417M | 323M | 378M | 449M | 493M | 495M | 533M | 540M |
| EBIT | 164M | 140M | 232M | 234M | 314M | 207M | 150M | 264M | 363M | 318M | 266M | 316M | 321M |
| Op. Margin | -200.7% | -139.4% | 9.8% | 11.2% | 14.5% | 9.7% | 8.6% | 11.5% | 13.9% | 12.6% | 10.8% | 11.6% | 11.5% |
| Net Income | 74M | 66M | 113M | 58M | 126M | -395M | -55M | 64M | 255M | 243M | 198M | 238M | 237M |
| Net Margin | -91.3% | -65.8% | 4.8% | 2.8% | 5.8% | -18.6% | -3.1% | 2.8% | 9.8% | 9.7% | 8.1% | 8.7% | 8.5% |
| Non-Recurring | 71M | 47M | 31M | 42M | 23M | 27M | 8.9M | 20M | 54M | 31M | 17M | 7.3M | 7.3M |
| Returns on Capital | |||||||||||||
| ROIC | 8.7% | 6.7% | 10.2% | 10.0% | 9.3% | 6.7% | 6.1% | 12.9% | 18.1% | 15.9% | 12.1% | 13.3% | 12.5% |
| ROE | 9.1% | 8.1% | 9.9% | 4.0% | 8.9% | -33.7% | -6.5% | 7.5% | 24.3% | 21.0% | 16.1% | 18.6% | 18.4% |
| ROA | 2.5% | 2.0% | 3.2% | 1.5% | 3.3% | -11.0% | -1.7% | 1.9% | 7.7% | 7.6% | 6.0% | 6.9% | 6.8% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 201M | 241M | 315M | 255M | 289M | 277M | 173M | 272M | 281M | 320M | 352M | 355M | 329M |
| Free Cash Flow | 155M | 186M | 261M | 191M | 191M | 167M | 83M | 181M | 176M | 203M | 223M | 219M | 180M |
| Owner Earnings | 80M | 73M | 151M | 91M | 122M | 120M | 45M | 159M | 169M | 199M | 209M | 195M | 165M |
| CapEx | 45M | 55M | 54M | 64M | 98M | 110M | 90M | 91M | 105M | 117M | 129M | 136M | 148M |
| Maint. CapEx | 102M | 150M | 146M | 150M | 149M | 139M | 109M | 88M | 89M | 99M | 116M | 129M | 132M |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.0M | 16M | 17M | 13M | 6.7M | 16M |
| D&A | 102M | 150M | 146M | 150M | 149M | 139M | 109M | 88M | 89M | 99M | 116M | 129M | 132M |
| CapEx/OCF | 23.4% | 22.8% | 17.1% | 25.2% | 33.8% | 39.7% | 52.0% | 33.4% | 37.4% | 36.5% | 36.7% | 38.4% | 45.1% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 8.7M | 8.4M | 16M | 43M | 43M | 34M | 9.0M | 9.1M | 8.9M | 8.5M | 8.2M | 8.0M | 7.9M |
| Dividend Yield | 0.3% | 0.3% | 0.6% | 1.4% | 1.7% | 1.5% | 0.5% | 0.4% | 0.3% | 0.2% | 0.2% | 0.2% | 0.2% |
| Share Buybacks | 92M | 39M | 0 | 25M | 175M | 50M | 35M | 0 | 150M | 0 | 0 | 0 | 0 |
| Buyback Yield | 2.7% | 1.9% | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | 19M | 18M | 18M | 15M | 18M | 18M | 20M | 25M | 24M | 21M | 28M | 30M | 31M |
| Debt Repayment | 2.5M | 153M | 294M | 1.1B | 485M | 0 | 190M | 360M | 231M | 0 | 0 | 50M | 50M |
| Balance Sheet | |||||||||||||
| Net Debt | 1.0B | 1.5B | 772M | 1.0B | 1.1B | 1.0B | 1.1B | 819M | 474M | 608M | 761M | 898M | 990M |
| Cash & Equiv. | 741M | 217M | 848M | 541M | 407M | 407M | 501M | 642M | 688M | 597M | 370M | 390M | 272M |
| Long-Term Debt | 1.8B | 1.7B | 1.6B | 1.6B | 1.5B | 1.4B | 1.6B | 1.5B | 1.2B | 1.2B | 1.1B | 1.3B | 1.3B |
| Debt/Equity | 2.19 | 2.10 | 1.11 | 1.09 | 1.05 | 1.50 | 2.10 | 1.53 | 1.02 | 1.03 | 0.87 | 1.02 | 0.98 |
| Interest Coverage | 2.0 | 1.4 | 2.4 | 2.8 | 5.2 | 3.7 | 2.5 | 4.2 | 8.3 | 9.4 | 466.7 | 719.1 | 579.5 |
| Equity | 807M | 824M | 1.5B | 1.4B | 1.4B | 960M | 751M | 955M | 1.1B | 1.2B | 1.3B | 1.3B | 1.3B |
| Total Assets | 3.2B | 3.3B | 3.8B | 3.8B | 3.8B | 3.4B | 3.1B | 3.4B | 3.2B | 3.2B | 3.3B | 3.5B | 3.5B |
| Total Liabilities | 2.4B | 2.5B | 2.3B | 2.4B | 2.4B | 2.4B | 2.4B | 2.5B | 2.0B | 2.1B | 2.0B | 2.3B | -37M |
| Intangibles | 461M | 656M | 560M | 425M | 360M | 340M | 219M | 238M | 247M | 269M | 419M | 400M | 392M |
| Retained Earnings | 622M | 680M | 784M | 834M | 922M | 518M | 451M | 506M | 752M | 986M | 1.2B | 1.4B | 1.5B |
| Working Capital | 869M | 288M | 909M | 693M | 542M | 655M | 578M | 1.1B | 896M | 823M | 574M | 652M | 666M |
| Current Assets | 1.4B | 837M | 1.5B | 1.4B | 1.3B | 1.4B | 1.1B | 1.9B | 1.5B | 1.5B | 1.2B | 1.3B | 1.3B |
| Current Liabilities | 523M | 549M | 570M | 679M | 717M | 723M | 521M | 753M | 640M | 634M | 623M | 697M | 614M |
| Per Share Data | |||||||||||||
| EPS | 1.69 | 1.54 | 2.65 | 1.37 | 3.08 | -9.37 | -1.23 | 1.41 | 5.72 | 5.66 | 4.80 | 5.91 | 5.95 |
| Owner EPS | 1.81 | 1.71 | 3.56 | 2.14 | 2.99 | 2.84 | 1.00 | 3.51 | 3.79 | 4.64 | 5.05 | 4.86 | 4.19 |
| Book Value | 18.32 | 19.17 | 34.38 | 33.72 | 33.92 | 22.74 | 16.74 | 21.07 | 25.67 | 27.19 | 31.32 | 31.46 | 32.57 |
| Cash Flow/Share | 4.56 | 5.62 | 7.41 | 6.00 | 7.07 | 6.56 | 3.87 | 6.00 | 6.32 | 7.45 | 8.52 | 8.83 | 9.36 |
| Dividends/Share | 0.20 | 0.20 | 0.38 | 1.02 | 1.06 | 0.82 | 0.20 | 0.20 | 0.20 | 0.20 | 0.20 | 0.20 | 0.20 |
| Shares Out. | 44.1M | 43.0M | 42.5M | 42.5M | 40.9M | 42.2M | 44.8M | 45.3M | 44.5M | 42.9M | 41.3M | 40.2M | 39.4M |
| Valuation | |||||||||||||
| P/E Ratio | 46.0 | 30.3 | 27.8 | 56.7 | 13.1 | N/A | N/A | 45.4 | 12.5 | 13.8 | 23.6 | 20.0 | 17.3 |
| P/FCF | 22.0 | 10.8 | 12.0 | 17.3 | 8.6 | 13.8 | 22.4 | 16.0 | 18.0 | 16.5 | 21.0 | 21.8 | 22.4 |
| EV/EBIT | 22.8 | 23.5 | 13.6 | 15.9 | 7.3 | 14.1 | 19.4 | 11.7 | 8.1 | 10.6 | 19.0 | 16.7 | 15.7 |
| Price/Book | 4.2 | 2.4 | 2.1 | 2.3 | 1.2 | 2.4 | 2.5 | 3.0 | 2.8 | 2.9 | 3.6 | 3.8 | 3.2 |
| Price/Sales | 1.3 | 1.3 | 1.1 | 1.3 | 1.2 | 1.0 | 0.9 | 1.0 | 1.0 | 1.4 | 1.6 | 1.7 | 1.5 |
| FCF Yield | 4.5% | 9.3% | 8.3% | 5.8% | 11.6% | 7.3% | 4.5% | 6.2% | 5.6% | 6.1% | 4.8% | 4.6% | 4.5% |
| Market Cap | 3.4B | 2.0B | 3.1B | 3.3B | 1.6B | 2.3B | 1.9B | 2.9B | 3.2B | 3.4B | 4.7B | 4.8B | 4.0B |
| Avg. Price | 68.91 | 69.71 | 61.17 | 73.79 | 63.81 | 52.71 | 36.67 | 51.86 | 61.36 | 83.54 | 97.76 | 114.62 | 102.76 |
| Year-End Price | 77.70 | 46.69 | 73.60 | 77.73 | 40.24 | 54.50 | 41.45 | 64.03 | 71.25 | 78.18 | 113.27 | 118.37 | 102.76 |
BELDEN INC. passes 6 of 9 quality checks, suggesting mixed fundamentals.
BELDEN INC. trades at 17.4x trailing earnings, compared to its 15-year median P/E of 21.8x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 18.2x vs a median of 16.9x. The company's 5-year average ROIC is 14.5% with a gross margin of 36.4%. Total shareholder yield (dividends) is 0.2%. At current prices, the estimated annualized return to fair value is +12.1%.
BELDEN INC. (BDC) has a net profit margin of 8.7%. This is a modest margin.
BELDEN INC. (BDC) generated $219 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
BELDEN INC. (BDC) has a debt-to-equity ratio of 1.02. This indicates moderate leverage.
BELDEN INC. (BDC) reported earnings per share (EPS) of $5.91 in its most recent fiscal year.
BELDEN INC. (BDC) has a return on equity (ROE) of 18.6%. This indicates the company generates strong returns for shareholders.
BELDEN INC. (BDC) has a 5-year average gross margin of 36.4%. This indicates decent pricing power.
The Ledger Terminal provides 15 years of financial data for BELDEN INC. (BDC), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
BELDEN INC. (BDC) has a book value per share of $31.46, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects continued momentum in its solutions transformation, with solutions reaching 15% of total revenue in 2025 and tracking toward exceeding the 2028 target, supported by the pending RUCKUS Networks acquisition which is expected to close in the second half of 2026 and immediately strengthen the financial profile. The company anticipates steady near-term demand with typical seasonal patterns, while medium and long-term outlooks remain constructive driven by fundamental trends in reindustrialization, automation, digitization, and IT/OT convergence. Automation Solutions is expected to stabilize and rebound in 2026, while Broadband Solutions is anticipated to improve throughout the year with above-seasonal performance expected as DOCSIS deployment accelerates among major MSO customers and inventory overhangs clear. Management is prioritizing disciplined execution of the combined business, continued investment in organic growth, and rapid deleveraging to return to long-term capital structure targets, with share repurchases and strategic M&A temporarily paused.