Latest Ratios: P/E Ratio 54.2x · EV/EBITDA 25.0x · ROE 12.8%. (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 | $3.2B | $2.1B | $1.0B | $853M | $470M | $182M | $211M | $286M | $223M | $303M | $368M |
| Enterprise Value | $3.4B | $2.3B | $1.3B | $846M | $518M | $255M | $256M | $377M | $283M | $356M | $436M |
| P/E Ratio → | 54.21 | 36.56 | 25.30 | 11.55 | 8.92 | 7.35 | 16.52 | — | 10.77 | — | — |
| P/S Ratio | 4.71 | 3.15 | 1.93 | 1.33 | 0.72 | 0.34 | 0.45 | 0.58 | 0.41 | 0.62 | 0.74 |
| P/B Ratio | 6.08 | 4.10 | 2.35 | 2.50 | 1.79 | 0.87 | 1.13 | 1.70 | 1.26 | 1.92 | 2.33 |
| P/FCF | 46.80 | 31.28 | 17.26 | 8.87 | 14.95 | — | 5.19 | 19.67 | — | 17.12 | 12.13 |
| P/OCF | 39.78 | 26.59 | 13.97 | 7.87 | 11.67 | 39.39 | 4.57 | 11.71 | 22.10 | 12.56 | 9.54 |
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 | — | 3.41 | 2.40 | 1.32 | 0.79 | 0.47 | 0.55 | 0.77 | 0.52 | 0.72 | 0.87 |
| EV / EBITDA | 25.01 | 17.16 | 15.91 | 8.35 | 6.48 | 5.29 | 7.30 | 15.51 | 5.93 | 9.62 | — |
| EV / EBIT | 31.18 | 21.39 | 19.50 | 9.82 | 8.30 | 8.25 | 15.17 | — | 10.88 | 18.32 | — |
| EV / FCF | — | 33.93 | 21.43 | 8.79 | 16.49 | — | 6.30 | 25.89 | — | 20.14 | 14.36 |
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 | 39.1% | 39.1% | 37.8% | 33.7% | 28.0% | 24.7% | 25.7% | 22.5% | 20.0% | 20.8% | 20.0% |
| Operating Margin | 15.9% | 15.9% | 12.0% | 13.8% | 10.0% | 5.8% | 4.0% | 1.6% | 5.4% | 3.3% | -15.3% |
| Net Profit Margin | 9.1% | 9.1% | 7.7% | 11.5% | 8.1% | 4.6% | 2.7% | -1.8% | 3.8% | -2.4% | -13.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 12.8% | 12.8% | 10.5% | 24.5% | 22.4% | 12.6% | 7.2% | -5.1% | 12.4% | -7.5% | -33.1% |
| ROA | 6.5% | 6.5% | 5.4% | 13.0% | 9.8% | 5.1% | 2.8% | -1.9% | 4.7% | -2.8% | -12.8% |
| ROIC | 11.6% | 11.6% | 9.4% | 20.5% | 16.5% | 9.2% | 5.7% | 2.4% | 9.9% | 5.6% | -20.4% |
| ROCE | 13.2% | 13.2% | 10.0% | 19.9% | 15.8% | 8.2% | 5.0% | 2.2% | 8.7% | 4.8% | -19.1% |
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 | 0.46 | 0.46 | 0.72 | 0.24 | 0.45 | 0.64 | 0.70 | 0.97 | 0.65 | 0.78 | 0.89 |
| Debt / EBITDA | 1.77 | 1.77 | 3.94 | 0.81 | 1.48 | 2.79 | 3.71 | 6.70 | 2.39 | 3.31 | — |
| Net Debt / Equity | — | 0.35 | 0.57 | -0.02 | 0.18 | 0.35 | 0.24 | 0.54 | 0.34 | 0.34 | 0.43 |
| Net Debt / EBITDA | 1.34 | 1.34 | 3.10 | -0.07 | 0.60 | 1.50 | 1.29 | 3.73 | 1.26 | 1.44 | — |
| Debt / FCF | — | 2.64 | 4.17 | -0.08 | 1.54 | — | 1.11 | 6.22 | — | 3.01 | 2.23 |
| Interest Coverage | 7.30 | 7.30 | 16.16 | 30.23 | 18.48 | 8.72 | 3.56 | -0.34 | 4.90 | 2.86 | -11.39 |
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 | 3.02 | 3.02 | 2.92 | 3.45 | 2.80 | 2.94 | 3.20 | 3.14 | 2.74 | 3.05 | 2.77 |
| Quick Ratio | 1.71 | 1.71 | 1.66 | 2.21 | 1.53 | 1.69 | 2.06 | 1.95 | 1.61 | 1.81 | 1.70 |
| Cash Ratio | 0.45 | 0.45 | 0.54 | 1.15 | 0.52 | 0.55 | 0.97 | 0.80 | 0.51 | 0.79 | 0.80 |
| Asset Turnover | — | 0.72 | 0.56 | 1.12 | 1.17 | 1.06 | 1.03 | 1.05 | 1.24 | 1.14 | 1.17 |
| Inventory Turnover | 2.46 | 2.46 | 2.06 | 3.11 | 2.73 | 2.94 | 3.46 | 3.56 | 3.65 | 3.62 | 4.05 |
| Days Sales Outstanding | — | 65.65 | 79.42 | 55.29 | 70.03 | 77.51 | 67.01 | 68.50 | 71.74 | 58.51 | 54.31 |
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 | 0.1% | 0.2% | 0.3% | 0.4% | 0.7% | 1.9% | 1.6% | 1.2% | 1.5% | 1.1% | 0.9% |
| Payout Ratio | 5.6% | 5.6% | 8.4% | 4.7% | 6.5% | 13.6% | 26.3% | — | 15.9% | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 1.8% | 2.7% | 4.0% | 8.7% | 11.2% | 13.6% | 6.1% | — | 9.3% | — | — |
| FCF Yield | 2.1% | 3.2% | 5.8% | 11.3% | 6.7% | — | 19.3% | 5.1% | — | 5.8% | 8.2% |
| Buyback Yield | 0.0% | 0.0% | 1.6% | 0.0% | 0.1% | 0.0% | 0.0% | 0.2% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.1% | 0.2% | 1.9% | 0.4% | 0.8% | 1.9% | 1.6% | 1.3% | 1.5% | 1.1% | 0.9% |
| Shares Outstanding | — | $13M | $13M | $13M | $14M | $14M | $14M | $14M | $12M | $12M | $12M |
Goodwill impairment and cyclicality
According to current market data, Bel Fuse trades at a TTM P/E of 66.95 and an EV/EBITDA of 30.57, which appears to price in significant future earnings expansion that may be difficult to sustain given the historical volatility in the company's net income and operating margins.
The current valuation suggests the market is assigning a growth premium that may overlook the cyclical nature of the company's end markets. Investors should monitor whether the forward P/E of 36.04 is justified by organic growth or if it reflects an overly optimistic outlook on the integration of recent acquisitions.
Based on reported financial figures, ROIC has remained in a narrow range between 1.8% and 4.8% over the last ten quarters, suggesting that the company's aggressive acquisition strategy has significantly expanded the asset base without delivering a commensurate increase in returns on invested capital.
The dilution of ROIC appears to be a direct consequence of the ballooning goodwill balance, which now represents a substantial portion of total assets. This trend warrants further investigation into whether the acquired business units are generating sufficient economic profit to justify the capital deployed for their purchase.
As reported in quarterly filings, the cash conversion cycle has consistently remained elevated, averaging over 160 days, which indicates that Bel Fuse faces persistent challenges in optimizing its inventory turnover and managing the timing of cash inflows relative to its operational manufacturing requirements.
The high days inventory outstanding, which peaked at 157 days in 2025Q1, suggests that the company's high-mix, low-volume strategy necessitates carrying significant stock levels. This inefficiency ties up capital and increases the risk of obsolescence, particularly in the more commoditized Magnetic Solutions segment.
According to recent balance sheet data, the debt-to-equity ratio has climbed from 0.24 in 2023Q4 to 0.46 in 2025Q4, signaling a departure from the company's historically conservative capital structure as it increasingly utilizes debt to fund its ongoing corporate and operational expansion efforts.
While the interest coverage ratio remains relatively healthy, the upward trend in leverage warrants monitoring, especially given the volatility in operating income. The shift toward debt-funded growth may increase the company's sensitivity to interest rate fluctuations and limit its financial flexibility during cyclical downturns.
Based on an analysis of the company's business model, the P/E ratio is a frequently misapplied metric that obscures the underlying cash-generative capacity of the firm by failing to account for significant non-cash charges, such as the amortization of intangible assets resulting from recent strategic acquisitions.
Investors should instead focus on free cash flow yield or EV/EBITDA, which provide a clearer picture of the company's ability to convert operational performance into actual liquidity. Relying on GAAP earnings in this context may lead to an inaccurate assessment of the company's true valuation and earnings durability.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying BELFB stock.
Bel Fuse Inc.'s current P/E ratio is 54.2x. The historical average is 22.6x. This places it at the 90th percentile of its historical range.
Bel Fuse Inc.'s current EV/EBITDA is 25.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 10.3x.
Bel Fuse Inc.'s return on equity (ROE) is 12.8%. The historical average is 7.2%.
Based on historical data, Bel Fuse Inc. is trading at a P/E of 54.2x. This is at the 90th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Bel Fuse Inc.'s current dividend yield is 0.11% with a payout ratio of 5.6%.
Bel Fuse Inc. has 39.1% gross margin and 15.9% operating margin. Operating margin between 10-20% is typical for established companies.
Bel Fuse Inc.'s Debt/EBITDA ratio is 1.8x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.