Bel Fuse Inc. BELFB
Bel Fuse's fundamentals are genuinely accelerating — FY2025 revenue grew 26.3% with gross margin expanding to 39.1% and operating margin to 16.0%, while Q2 2026 EPS of $2.90 nearly doubled year-over-year and beat the $2.34 consensus — but the stock at $263.87 still trades at 66.0x trailing earnings, a 41% premium to the peer median of 46.9x, limiting upside despite the recent 12% pullback from late-July levels. Persistent insider net selling of $19.0M over 24 months and a bearish MACD histogram of -0.96 with the stock below its 50-day MA at $283.40 temper enthusiasm, even as BofA's new Buy rating with a $330 target and an improving smart money score of 0.011 suggest institutional interest is building.
The risk/reward has improved from the prior hold but not enough to justify a buy at this valuation multiple.
What could go wrong
- Valuation compression. At 66.0x trailing PE versus a peer median of 46.9x, any deceleration in earnings growth could trigger a sharp multiple contraction, especially given the cyclical history of revenue declining 16.4% in FY2024.
- Insider selling. Insiders have net sold $19.0M of stock over 24 months with 40 dispositions versus 32 acquisitions, including a sale at $292.12 on August 12, 2026 — hardly a vote of confidence near recent highs.
- Technical deterioration. MACD histogram turned negative at -0.96 with the stock trading below its 50-day MA of $283.40, suggesting near-term momentum has weakened after the post-earnings rally faded.
- Cyclicality. Revenue swung from $654.2M in 2022 down to $534.8M in 2024 before recovering to $675.5M in 2025; a similar cyclical downturn would pressure both earnings and the premium multiple.
What would change my mind
Where this comes from: derived_metrics FY2025 · Zacks news article 2026-07-29 · peer_relative composite · insider summary 24-month window. Orin's read on BELFB; not advice.
Twelve months actual closes to 2026-09-24 · actual filings
50-day average 200-day average · volume below
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. For the six months ended June… | 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. GAAP net earnings attributable to Bel… | read |
| 8-K | 2 Jul | On July 1, 2026, Bel Fuse, Inc. | read |
Largest holders · 13F Q2 2026
Money flow| Filer | Position | Of fund |
|---|---|---|
| Price T Rowe Associates /Md/ | $338.3M | 0.0% of fund |
| Fmr | $291.8M | 0.0% of fund |
| Vanguard Capital Management | $185.0M | 0.0% of fund |
| Vanguard Portfolio Management | $132.9M | 0.0% of fund |
| Bank of New York Mellon | $129.9M | 0.0% of fund |
| Geode Capital Management | $121.0M | 0.0% of fund |
50 filers · quarter ended Q2 2026 · positions, not flows
Insiders, last 24 months: 74 Form 4 filings, 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 →Where it trades
| Metric | Now | Own median | Sector |
|---|---|---|---|
| P/E | 62.7× | — | 53.3× |
| EV/EBITDA | 21.3× | — | — |
| P/S | 4.08× | — | — |
| P/B | 3.8× | — | — |
18.7%
free-cash-flow growth every year for 10 years, discounted at 10%, is what today’s price implies — starting from $0.1B of trailing free cash flow. It is an assumption the market is making, not a forecast Orin is making.
What Wall Street published
$311
$293 – $326 · +23% against today's price
- 8 buy or overweight
- 0 hold
- 0 underweight or sell
The analysts’ consensus and their own ratings, not Orin’s. A target is a twelve-month opinion published by the firm that wrote it.
Against the companies it is compared to
| Company | Market cap | P/E | EV/EBITDA | Gross | Net | ROE |
|---|---|---|---|---|---|---|
| BELFBBel Fuse Inc. | $3B | 62.7× | 21.3× | 39.5% | 8.1% | 11% |
| BHEBenchmark Electronics, Inc. | $3B | 55.5× | 20.4× | 10.2% | 1.9% | 5% |
| KNKnowles Corporation | $3B | 46.5× | 24.8× | 42.3% | 10.6% | 9% |
| OUSTOuster, Inc. | $3B | — | — | 49.6% | -26.0% | -18% |
| VECOVeeco Instruments Inc. | $3B | 118.6× | 52.6× | 37.8% | 3.4% | 3% |
The median is of the 3 peers listed above and nothing else — check it against the column. This company trades 13.0% above it. The peer set is the vendor’s, so a company can appear here that a person would not have chosen.
What it has traded at
What its sector has traded at
Two scales, drawn separately on purpose: a sector median and one company’s multiple are not the same number and putting them on one axis invites a comparison neither series supports.
Every estimate on one scale
The vertical rule is the current price. Ranges and point estimates are the backend’s, published as they were calculated; an arrow means the estimate sits beyond this scale, and its number is on the right.