BEL Fuse
BELFA on Nasdaq. Bel Fuse sells electronic components that power, protect and connect circuits to manufacturers. Market value $1.2bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
What to watch out for
See Technology stocks that passed both tests
This is not advice. Check the numbers below.
We could not compute this from the filings.
The filings do not give us enough to work this out.
Each dollar kept in the business earns 15 cents a year. Above 10 is good.
Quality score: 92 of 100. Price score: not known. Our list needs 70 on quality and 60 on price.
$209.58 a share, 89% above its 1-year low
Over the past year the price has ranged from $110.67 to $293.51.
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $543m | $654m | $640m | $535m | $675m |
| Operating margin | |||||
| Operating margin | 5.8% | 10.0% | 13.8% | 12.0% | 16.4% |
| Debt to equity | |||||
| Debt to equity | 0.55 | 0.37 | 0.18 | 0.80 | 0.47 |
| Shares outstanding | |||||
| Shares outstanding | n/a | n/a | n/a | n/a | n/a |
Health checks
- Free cash flow positive4 of 5 years
- Accounting looks honest (Beneish)Nothing unusual
- Financial strength (Piotroski)8 of 8 checks we could run
- Profit backed by cash (accruals)Yes
- Debt0.47× equity
- Revenue growth, five yearsSlow, 7.7% a year
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $211 million last quarter, up 25% on a year ago.
- Profit: $25 million, down 5% on a year ago.
- It keeps 16 cents of each $1 of sales as operating profit, up from 13 cents a year earlier.
- Spare cash over the past 12 months: $73 million, up from $48 million.
- It has $306 million more cash than debt. A year ago debt was $191 million more than cash.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $124m |
| December 2024 | $150m |
| March 2025 | $152m |
| June 2025 | $168m |
| September 2025 | $179m |
| December 2025 | $176m |
| March 2026 | $178m |
| June 2026 | $211m |
| Quarter to | Amount |
|---|---|
| September 2024 | $8m |
| December 2024 | -$2m |
| March 2025 | $18m |
| June 2025 | $27m |
| September 2025 | $22m |
| December 2025 | -$5m |
| March 2026 | $11m |
| June 2026 | $25m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 24 February 2026
- Next quarterly (estimated, 10-Q)
- 3 November 2026
Who owns it
1 long-term investor we follow owns it, unchanged from 1 last quarter. 110 funds in all.
- GAMCO InvestorsMario Gabelli
- Value
- $15m
- Share of fund
- 0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| GAMCO InvestorsMario Gabelli | $15m | 0.1% |
Largest holders overall
- Brown Advisory$37mCut
- Mangrove Partners IM$30mAdded
- BlackRock$29mAdded
- FMR$20mCut
- Renaissance Technologies$19mCut
- Gabelli Funds$18m
- Vanguard Capital Management$17mAdded
- Vanguard Portfolio Management$17mAdded
- Logan Stone Capital$16mNew
- GAMCO Investors$15m
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
4 investors own more than 5%.
- T. Rowe Price Associates, Inc.Passive investor7.9%Since 31 December 2025
- FMR LLCPassive investorat least 7.1%+1.3 pts(filed with 1 related holder)Since 30 June 2026
- Vanguard Capital ManagementPassive investor5.4%Since 31 March 2026
- GABELLI FUNDS LLCPassive investorat least 3.0%−0.4 pts(filed with 6 related holders)Since 27 January 2026
What they said
The Reporting Persons file the long form Schedule 13D pursuant to Section 13d-1 of the Securities Exchange Act of 1934 (the "Act") even though they may be technically eligible to file the short form Schedule G. Because the Reporting Persons may regularly communicate with the…
Read the filing - JANUS HENDERSON GROUP Ltd.Passive investorSold down below 5%Since 30 June 2026
- T. Rowe Price Investment Management, Inc.Passive investorSold down below 5%Since 30 June 2026
- Christopher F. BennettSold down below 5%Since 4 September 2025
What they said
This Amendment No. 3 amends the Schedule 13D initially filed on November 10, 2022 and amended on March 3, 2023 and August 29, 2025. This Schedule 13D is filed to reflect the disposition of shares of Class A Common Stock by the Reporting Person and to reflect that the Reporting…
Read the filing - Barclays PLCPassive investorSold down below 5%Since 30 June 2026
- TETON ADVISORS, LLCActivistSold down below 5%Since 9 December 2025
What they said
Certain of the Reporting Persons are submitting a shareholder proposal to the Issuer pursuant to Rule 14a-8 under the Securities Exchange Act of 1934 for inclusion in the proxy materials for the Issuer's 2026 Annual Meeting of Shareholders. The proposal requests that the…
Read the filing - Highbridge Capital Management, LLCPassive investorSold down below 5%Since 30 June 2026
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
- JPMORGAN CHASE & CO.Passive investorSold down below 5%Since 30 June 2025
| Holder | Stake | Since | |
|---|---|---|---|
T. Rowe Price Associates, Inc. Passive investor | 7.9% | 31 December 2025 | |
FMR LLC Passive investor | at least 7.1%+1.3 pts (filed with 1 related holder) | 30 June 2026 | |
Vanguard Capital Management Passive investor | 5.4% | 31 March 2026 | |
GABELLI FUNDS LLC Passive investor | at least 3.0%−0.4 pts (filed with 6 related holders) | 27 January 2026 | What they saidThe Reporting Persons file the long form Schedule 13D pursuant to Section 13d-1 of the Securities Exchange Act of 1934 (the "Act") even though they may be technically eligible to file the short form Schedule G. Because the Reporting Persons may regularly communicate with the… Read the filing |
JANUS HENDERSON GROUP Ltd. Passive investor | Sold down below 5% | 30 June 2026 | |
T. Rowe Price Investment Management, Inc. Passive investor | Sold down below 5% | 30 June 2026 | |
Christopher F. Bennett | Sold down below 5% | 4 September 2025 | What they saidThis Amendment No. 3 amends the Schedule 13D initially filed on November 10, 2022 and amended on March 3, 2023 and August 29, 2025. This Schedule 13D is filed to reflect the disposition of shares of Class A Common Stock by the Reporting Person and to reflect that the Reporting… Read the filing |
Barclays PLC Passive investor | Sold down below 5% | 30 June 2026 | |
TETON ADVISORS, LLC Activist | Sold down below 5% | 9 December 2025 | What they saidCertain of the Reporting Persons are submitting a shareholder proposal to the Issuer pursuant to Rule 14a-8 under the Securities Exchange Act of 1934 for inclusion in the proxy materials for the Issuer's 2026 Annual Meeting of Shareholders. The proposal requests that the… Read the filing |
Highbridge Capital Management, LLC Passive investor | Sold down below 5% | 30 June 2026 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 | |
JPMORGAN CHASE & CO. Passive investor | Sold down below 5% | 30 June 2025 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 10 sold $18m.
- Vellucci VincentDirectorSold
- Date
- 14 September 2026
- Shares
- 1,000
- Price
- $235.15
- Value
- $235,150
- Vellucci VincentDirectorSold
- Date
- 2 September 2026
- Shares
- 393
- Price
- $243.61
- Value
- $95,739
- GILBERT PETER EDirectorSold
- Date
- 12 August 2026
- Shares
- 500
- Price
- $292.12
- Value
- $146,060
- Kozlovsky SuzanneGlobal Head of PeopleSold
- Date
- 1 June 2026
- Shares
- 731
- Price
- $271.09
- Value
- $198,165
- Lai Kenneth Koon KeungVP of Asia OperationsSold
- Date
- 16 March 2026
- Shares
- 552
- Price
- $203.21
- Value
- $112,172
- BERNSTEIN DANIELDirectorSold
- Date
- 16 March 2026
- Shares
- 6,667
- Price
- $203.21
- Value
- $1m
- Dawson StephenPres. - Power SolutionsSold
- Date
- 16 March 2026
- Shares
- 3,444
- Price
- $203.21
- Value
- $699,855
- Kozlovsky SuzanneGlobal Head of PeopleSold
- Date
- 16 March 2026
- Shares
- 214
- Price
- $203.21
- Value
- $43,487
- Bittner PeterPres. - Connectivity SolutionSold
- Date
- 6 March 2026
- Shares
- 12,311
- Price
- $195.00
- Value
- $2m
- Bittner PeterPres. - Connectivity SolutionSold
- Date
- 5 March 2026
- Shares
- 10,000
- Price
- $209.00
- Value
- $2m
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 14 September 2026 | Vellucci Vincent Director | Sold | 1,000 | $235.15 | $235,150 |
| 2 September 2026 | Vellucci Vincent Director | Sold | 393 | $243.61 | $95,739 |
| 12 August 2026 | GILBERT PETER E Director | Sold | 500 | $292.12 | $146,060 |
| 1 June 2026 | Kozlovsky Suzanne Global Head of People | Sold | 731 | $271.09 | $198,165 |
| 16 March 2026 | Lai Kenneth Koon Keung VP of Asia Operations | Sold | 552 | $203.21 | $112,172 |
| 16 March 2026 | BERNSTEIN DANIEL Director | Sold | 6,667 | $203.21 | $1m |
| 16 March 2026 | Dawson Stephen Pres. - Power Solutions | Sold | 3,444 | $203.21 | $699,855 |
| 16 March 2026 | Kozlovsky Suzanne Global Head of People | Sold | 214 | $203.21 | $43,487 |
| 6 March 2026 | Bittner Peter Pres. - Connectivity Solution | Sold | 12,311 | $195.00 | $2m |
| 5 March 2026 | Bittner Peter Pres. - Connectivity Solution | Sold | 10,000 | $209.00 | $2m |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the serious warning signs we check for were found. 1 thing worth knowing.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 24 Feb 2026, plus the 10-Q filed 4 Aug 2026 and 7 later 8-Ks.
Changed auditor
Worth knowingThe company changed its auditor (the firm that checks its books) in the last two years.
“On December 4, 2025, the Audit Committee (the "Audit Committee") of Bel Fuse Inc.'s (“Bel”) Board of Directors (the “Board”), dismissed Grant Thornton LLP (“Grant Thornton”), which is currently serving as Bel’s independent registered public accounting firm and notified Grant Thornton on December 5, 2025.”
From an 8-K filed 10 December 2025: Change of auditor. Read it in the filing
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.