Latest Ratios: P/E Ratio 19.2x · EV/EBITDA 11.9x · ROE 18.6%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $4.4B | $4.7B | $4.7B | $3.3B | $3.2B | $3.0B | $1.9B | $2.3B | $1.7B | $3.3B | $3.2B |
| Enterprise Value | $5.5B | $5.8B | $5.5B | $4.0B | $3.8B | $3.9B | $3.0B | $3.4B | $2.8B | $4.3B | $4.0B |
| P/E Ratio → | 19.16 | 19.72 | 23.46 | 13.65 | 12.57 | 46.62 | 34.63 | 21.15 | 10.63 | 35.24 | 24.84 |
| P/S Ratio | 1.62 | 1.73 | 1.89 | 1.32 | 1.23 | 1.30 | 1.07 | 1.09 | 0.79 | 1.58 | 1.35 |
| P/B Ratio | 3.60 | 3.71 | 3.59 | 2.84 | 2.80 | 3.12 | 2.48 | 2.40 | 1.23 | 2.29 | 2.18 |
| P/FCF | 20.16 | 21.43 | 20.86 | 16.32 | 18.17 | 16.47 | 22.56 | 13.91 | 8.94 | 17.23 | 12.20 |
| P/OCF | 12.42 | 13.21 | 13.21 | 10.36 | 11.38 | 10.96 | 10.82 | 8.38 | 5.91 | 12.89 | 10.11 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.13 | 2.25 | 1.60 | 1.44 | 1.69 | 1.72 | 1.61 | 1.27 | 2.06 | 1.68 |
| EV / EBITDA | 11.91 | 12.51 | 14.47 | 9.62 | 8.30 | 11.03 | 11.63 | 9.88 | 5.95 | 11.19 | 10.47 |
| EV / EBIT | 16.56 | 17.40 | 20.78 | 12.56 | 10.39 | 13.40 | 20.10 | 16.44 | 9.46 | 23.75 | 17.85 |
| EV / FCF | — | 26.39 | 24.81 | 19.77 | 21.29 | 21.42 | 36.19 | 20.51 | 14.39 | 22.46 | 15.16 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 36.0% | 36.0% | 37.5% | 38.0% | 35.2% | 33.5% | 32.9% | 37.2% | 38.3% | 38.4% | 41.6% |
| Operating Margin | 12.2% | 12.2% | 10.8% | 12.6% | 13.9% | 11.5% | 8.6% | 9.7% | 14.5% | 11.2% | 9.8% |
| Net Profit Margin | 8.7% | 8.7% | 8.1% | 9.7% | 9.8% | 2.8% | -3.1% | -17.7% | 7.4% | 4.5% | 5.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 18.6% | 18.6% | 16.1% | 21.0% | 24.3% | 7.5% | -6.4% | -32.0% | 11.4% | 6.4% | 11.2% |
| ROA | 6.9% | 6.9% | 6.0% | 7.6% | 7.7% | 1.9% | -1.7% | -10.5% | 4.2% | 2.4% | 3.6% |
| ROIC | 11.0% | 11.0% | 9.9% | 13.4% | 15.4% | 10.6% | 5.7% | 6.9% | 9.7% | 7.5% | 7.6% |
| ROCE | 12.0% | 12.0% | 10.0% | 12.4% | 14.0% | 10.0% | 5.7% | 7.2% | 10.1% | 7.3% | 7.7% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.17 | 1.17 | 0.97 | 1.11 | 1.08 | 1.61 | 2.16 | 1.56 | 1.05 | 1.09 | 1.11 |
| Debt / EBITDA | 3.20 | 3.20 | 3.27 | 3.11 | 2.74 | 4.37 | 6.32 | 4.36 | 3.16 | 4.07 | 4.29 |
| Net Debt / Equity | — | 0.86 | 0.68 | 0.60 | 0.48 | 0.94 | 1.50 | 1.14 | 0.75 | 0.70 | 0.53 |
| Net Debt / EBITDA | 2.35 | 2.35 | 2.30 | 1.68 | 1.22 | 2.55 | 4.38 | 3.18 | 2.25 | 2.61 | 2.04 |
| Debt / FCF | — | 4.96 | 3.95 | 3.46 | 3.12 | 4.95 | 13.63 | 6.60 | 5.45 | 5.23 | 2.96 |
| Interest Coverage | 7.16 | 7.16 | 6.95 | 9.50 | 8.29 | 4.62 | 2.54 | 3.73 | 4.78 | 2.19 | 2.33 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.93 | 1.93 | 1.92 | 2.30 | 2.40 | 2.49 | 2.11 | 1.91 | 1.76 | 2.03 | 2.59 |
| Quick Ratio | 1.36 | 1.36 | 1.37 | 1.72 | 1.87 | 2.04 | 1.63 | 1.59 | 1.31 | 1.59 | 2.26 |
| Cash Ratio | 0.56 | 0.56 | 0.59 | 0.94 | 1.07 | 0.85 | 0.96 | 0.56 | 0.59 | 0.84 | 1.49 |
| Asset Turnover | — | 0.77 | 0.74 | 0.78 | 0.82 | 0.67 | 0.56 | 0.63 | 0.57 | 0.54 | 0.62 |
| Inventory Turnover | 4.32 | 4.32 | 4.48 | 4.24 | 4.95 | 4.43 | 4.76 | 5.78 | 4.22 | 4.32 | 7.22 |
| Days Sales Outstanding | — | 62.22 | 60.77 | 60.13 | 61.63 | 60.82 | 61.83 | 57.31 | 56.62 | 82.82 | 60.10 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.2% | 0.2% | 0.2% | 0.3% | 0.3% | 0.3% | 0.5% | 1.5% | 2.5% | 1.3% | 0.5% |
| Payout Ratio | 3.4% | 3.4% | 4.1% | 3.5% | 3.5% | 14.2% | — | — | 26.8% | 46.5% | 12.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 5.2% | 5.1% | 4.3% | 7.3% | 8.0% | 2.1% | 2.9% | 4.7% | 9.4% | 2.8% | 4.0% |
| FCF Yield | 5.0% | 4.7% | 4.8% | 6.1% | 5.5% | 6.1% | 4.4% | 7.2% | 11.2% | 5.8% | 8.2% |
| Buyback Yield | 4.9% | 4.6% | 2.9% | 5.8% | 4.7% | 0.2% | 1.9% | 2.2% | 10.2% | 0.8% | 7.0% |
| Total Shareholder Yield | 5.1% | 4.8% | 3.1% | 6.1% | 5.0% | 0.5% | 2.3% | 3.6% | 12.8% | 2.1% | 7.5% |
| Shares Outstanding | — | $40M | $41M | $43M | $45M | $45M | $45M | $42M | $41M | $43M | $43M |
Cyclical industrial demand volatility
According to current market data, Belden trades at a forward P/E of 14.92, which suggests that investors are pricing in a cautious outlook for industrial capital expenditure despite the company's ongoing strategic transition toward higher-margin software-defined networking solutions compared to its historical cable-centric valuation multiples.
The current PEG ratio of 0.54 indicates that the market may be undervaluing the company's growth potential if the shift toward industrial automation software proves durable. However, the discount relative to pure-play automation peers suggests that the market remains skeptical of the company's ability to fully decouple its earnings from cyclical commodity-linked hardware demand.
Based on reported financial statements, Belden's ROIC has hovered in a narrow range between 1.7% and 2.9% over the last ten quarters, indicating that the company is currently struggling to generate returns on invested capital that meaningfully exceed its likely cost of capital in the current environment.
This persistent underperformance in capital efficiency appears to be driven by the heavy asset base and the integration costs associated with recent acquisitions. Investors should monitor whether the transition to a 'solutions' model can eventually drive ROIC expansion, or if the capital-intensive nature of the business will continue to suppress long-term compounding.
As reported in recent quarterly filings, Belden's cash conversion cycle has fluctuated significantly, reaching 74 days in 2026Q1, which reflects the inherent challenges in managing inventory levels across a complex global supply chain for both industrial and enterprise networking hardware components.
The volatility in the CCC, particularly the recent spike in days inventory outstanding, suggests that the company may be carrying excess stock to mitigate supply chain risks, which ties up cash and reduces operational flexibility. This inefficiency warrants further investigation into whether the current inventory levels are strategic buffers or signs of slowing end-market demand.
Based on the company's reported figures, Belden maintains a debt-to-equity ratio of 1.05 as of 2026Q1, which, when paired with an interest coverage ratio of 6.39, suggests that the firm possesses a manageable debt profile despite the cyclical nature of its industrial revenue streams.
The stability of the debt load indicates a disciplined approach to capital structure, providing the company with sufficient room to maneuver during industrial downturns. However, the reliance on debt to fund M&A-driven growth means that any sustained compression in operating margins could quickly tighten the company's interest coverage cushion.
Analysts frequently misapply standard P/E multiples to Belden, failing to account for the significant non-cash charges and restructuring costs that often distort GAAP earnings, thereby obscuring the underlying cash-generating capacity of the firm's evolving industrial networking and software-defined service segments.
Investors should instead focus on EV/EBITDA or P/FCF to better capture the true operational performance, as these metrics are less sensitive to the accounting noise generated by portfolio divestitures and acquisition-related amortization. Relying solely on P/E risks misinterpreting the company's transition from a legacy manufacturer to a value-added technology provider.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying BDC stock.
Belden Inc.'s current P/E ratio is 19.2x. The historical average is 27.3x. This places it at the 37th percentile of its historical range.
Belden Inc.'s current EV/EBITDA is 11.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 11.3x.
Belden Inc.'s return on equity (ROE) is 18.6%. The historical average is 7.5%.
Based on historical data, Belden Inc. is trading at a P/E of 19.2x. This is at the 37th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Belden Inc.'s current dividend yield is 0.17% with a payout ratio of 3.4%.
Belden Inc. has 36.0% gross margin and 12.2% operating margin. Operating margin between 10-20% is typical for established companies.
Belden Inc.'s Debt/EBITDA ratio is 3.2x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.