Bel Fuse Inc.
Orin's own judgment of how firmly the evidence points one way — not the chance the price goes up.
Bel Fuse's operational momentum is genuine — FY2025 revenue grew 26.3% to $675.5M with gross margin expanding to 39.2% and operating margin to 16.0%, and Q2 2026 revenue of $210.7M grew 25.2% YoY with EPS beating estimates by 23.9%.
The $441.6M equity raise has strengthened the balance sheet for M&A optionality, and the shift toward defense electronics (now over half of revenue) supports margin durability. However, at 61.1x trailing earnings — a 139% premium to the peer median of 25.6x — with persistent insider net selling of $19.3M over 24 months and zero open-market acquisitions, the stock trades below both its 50-day MA ($257.60) and 200-day MA ($245.95) with a bearish MACD, suggesting the market is questioning whether current growth justifies the valuation premium.
What could go wrong
- Valuation compression. At 61.1x PE versus a peer median of 25.6x (a 139% premium) and 3.98x PS versus 1.61x median (147% premium), any deceleration in revenue growth or margin progress could trigger a sharp de-rating.
- Persistent insider selling. Over the trailing 24 months, insiders executed 38 dispositions with zero open-market acquisitions, netting -$19.3M in value and -101,021 shares, with selling continuing into September 2026 at $235.15 per share.
- Quarterly earnings volatility. Q4 2025 posted a net loss of -$5.4M (EPS -$0.51) despite revenue growth of 17.4%, indicating that one-time charges or cost pressures can disrupt the earnings trajectory at inopportune moments.
- Dilution from equity raise. The 1.725M new share issuance raised $441.6M but increased the share count, which could weigh on per-share metrics if the capital is not deployed accretively in the near term.
What would change my mind
Where this comes from: FY25 fundamentals · Q2 2026 results and earnings vs estimates · peer comparison · insider trades. Orin's read on BELFB; not advice.
How has the share price moved?
Up 43.6% over twelve months, from $155.89 on 27 Oct 2025 to $223.79 at the Tue 27 Oct 2026 close. Its highest close in that time was $333.04 on 30 Jun 2026; the last close is 32.8% below it.
- Green line: the closing price each trading day.
- Grey line: the average closing price over the last 50 trading days.
- Dashed amber line: the same over the last 200 trading days — a slower, smoother line.
- Bars along the bottom: shares traded each day — green when it closed higher than the day before, rose when lower (the most, 1.1M, on 14 May 2026).
- Flags: the company's filings, on the day they were made (a 10-Q is the quarterly report and a 10-K the annual report; an 8-K reports a major event).
On file
All BELFB filings| Form | Filed | What it says | Read |
|---|---|---|---|
| 13G/A | 14 Aug | — | on file |
| 13G/A | 14 Aug | — | on file |
| 13G/A | 13 Aug | — | on file |
| 13G/A | 13 Aug | — | on file |
| 13G/A | 6 Aug | — | on file |
| 10-Q | 4 Aug | Bel Fuse Inc. reported net sales of $210.7 million for the three months ended June 30, 2026, an increase of 25.2% year-over-year from $168.3 million. | read |
| 8-K | 29 Jul | Bel Fuse Inc. reported second quarter 2026 net sales of $210.7 million, a 25.1% increase from $168.3 million in the second quarter of 2025. | read |
| 8-K | 2 Jul | On July 1, 2026, Bel Fuse, Inc. amended employment agreements for its CEO, Farouq Tuweiq, and CFO, Lynn Hutkin, effective June 1, 2026. | read |
Largest holders · 13F Q2 2026
Money flow| Filer | Position | Of fund |
|---|---|---|
| BlackRock | $340.5M | 0.0% |
| T. Rowe Price Associates | $338.3M | 0.0% |
| FMR | $291.8M | 0.0% |
| Vanguard Capital Management | $185.0M | 0.0% |
| Vanguard Portfolio Management | $132.9M | 0.0% |
| Bank of New York Mellon | $129.9M | 0.0% |
| Geode Capital Management | $121.0M | 0.0% |
| Franklin Resources | $100.0M | 0.0% |
| State Street | $93.4M | 0.0% |
| JPMorgan Chase | $77.0M | 0.0% |
51 of the 815 filers we track · quarter ended Q2 2026 · positions, not flows
Insiders, last 24 months: 74 Form 4 filings; open-market trades net −$19.3M. Of the 50 on hand, 0 were open-market purchases and 33 sales — the rest are grants, option exercises and tax withholding.
Ask Orin about BELFB
Orin answers questions about BELFB from its filings, transcripts and numbers — with the source behind every claim. Your own desk starts with 3 free days, card required.
Start 3 free days →How is it priced, against its own past and its sector?
Priced at 55.9× its last 12 months of profit (Tue 27 Oct close) — higher than in all 5 of its last 5 fiscal years (middle 11.6×); the typical Technology company on the NASDAQ is at 46.1×.
| Measure | Now | Its usual | Sector |
|---|---|---|---|
| P/E | 55.9×above usual | 11.6× | 46.1× |
| P/S | 3.71× | — | — |
| EV/EBITDA | 19.1×above usual | 8.5× | — |
| P/B | 3.3× | — | — |
- P/S: no usual level — it ran from 0.34× to 3.15× over its last 5 fiscal years, so a middle value says little.
- P/B: no usual level — it ran from 0.9× to 5.0× over its last 5 fiscal years, so a middle value says little.
- "Its usual" is the middle of its own last 5 fiscal years.
P/E: the share price divided by one year of profit per share — roughly how many years of today's profit the price pays for. A company that loses money has no P/E.
P/S: the company's total market value divided by one year of revenue. Used when there is no profit to measure.
EV/EBITDA: the price of the whole company (its shares plus its debt, minus its cash) divided by one year of operating profit before interest, tax and write-downs.
P/B: the share price divided by the book value per share — what the company owns minus what it owes, as its accounts record it. When book value is tiny, P/B swings wildly and says little.
What do the analysts who cover it publish?
The analysts' average 12-month price target is $311 (from $293 to $326) — 39% above the Tue 27 Oct close price. That is their published opinion, not Orin's.
$311
$293 – $326 · +39% against the last close
- 5 buy or overweight
- 0 hold
- 0 underweight or sell
Price target: the share price an analyst publishes for about 12 months ahead. It is the opinion of the firm that wrote it; the average is across the firms that cover the company.
Overweight / underweight: analysts' rating words: overweight means the firm expects the stock to do better than the others it covers, underweight worse. Their words, not Orin's.
How is it priced next to the companies it is compared to?
Priced at 55.9× its last 12 months of profit; the middle P/E of the 7 companies it is compared to that made a profit is 31.1×.
| Company | Market value | P/E | EV/EBITDA | Gross margin | Net margin | ROE |
|---|---|---|---|---|---|---|
| BELFBBel Fuse Inc. | $3B | 55.9× | 19.1× | 39.5% | 8.1% | 11% |
| AEISAdvanced Energy Industries, Inc. | $9B | 40.3× | 27.8× | 39.7% | 10.8% | 16% |
| ATKRAtkore Inc. | $3B | lost money | n/m | 19.6% | −5.5% | −12% |
| BDCBelden Inc. | $4B | 17.3× | 10.6× | 36.5% | 8.5% | 19% |
| ENSEnerSys | $6B | 18.2× | 11.6× | 30.5% | 9.3% | 18% |
| FPSForgent Power Solutions, Inc. | $8B | 94.9× | 37.0× | 31.4% | 5.8% | 18% |
| LFUSLittelfuse, Inc. | $10B | lost money | 40.2× | 39.3% | −0.3% | 0% |
| MEIMethode Electronics, Inc. | $493M | lost money | 11.1× | 19.3% | −3.5% | −5% |
| POWLPowell Industries, Inc. | $6B | 30.7× | 21.1× | 30.1% | 16.5% | 28% |
| RELLRichardson Electronics, Ltd. | $293M | 31.1× | 19.3× | 32.2% | 3.6% | 5% |
| VSHVishay Intertechnology, Inc. | $3B | 31.6× | 6.4× | 22.2% | 2.4% | 4% |
- ATKR, LFUS, MEI: lost money over the last 12 months, so no P/E.
- ATKR: EV/EBITDA is not meaningful (n/m) — its cash exceeds its market value plus debt, or the business lost money before depreciation.
- The list of companies is the data vendor's choice, so it can include a company a person would not have picked.
Market value: the share price times the number of shares — what the whole company is priced at.
P/E: the share price divided by one year of profit per share — roughly how many years of today's profit the price pays for. A company that loses money has no P/E.
EV/EBITDA: the price of the whole company (its shares plus its debt, minus its cash) divided by one year of operating profit before interest, tax and write-downs.
Gross margin: the share of each $1 of sales left after the direct cost of making what was sold.
Net margin: the share of each $1 of sales kept as profit after every cost. Below zero, the company lost money.
ROE: return on equity: one year of profit as a share of the shareholders' money in the business (its book value).
Is it priced high or low compared with its own past?
Priced at 55.9× its last 12 months of profit (Tue 27 Oct close). It has no full fiscal year on file since its history starts, so there is nothing of its own to compare with.
- Now55.9×
P/E: the share price divided by one year of profit per share — roughly how many years of today's profit the price pays for. A company that loses money has no P/E.
Fiscal year (FY): the company's own 12-month accounting year, which need not match the calendar year.
How has its sector been priced?
Technology companies on the NASDAQ were priced at a typical 46.1× their yearly profit (Tue 27 Oct close).
- Now46.1×
- Each year is the middle of that calendar year's daily sector P/E; "Now" is the Tue 27 Oct close figure, the same one in the table above.
Sector P/E: the middle P/E of the companies in the same sector on the same stock exchange, as the data vendor works it out each day.
What does a cash-flow model say a share is worth?
A standard cash-flow model puts it at $47 a share — 79% below the $218.84 price it was computed against (27 Oct).
| Model | Value a share | Against the price then |
|---|---|---|
| Standard | $47 | 79% below $218.84 |
| Levered | $48 | 78% below $218.84 |
Discounted cash flow: a model's estimate of what the company is worth today, from the cash it is forecast to make in future years. Small changes in the forecast move it a lot, and it says little about a company that loses money.
Standard / levered: two versions of the cash-flow model: the standard one counts the cash before the company pays its lenders, the levered one after.