BEL FUSE INC /NJ

Listed Company

BELFACIK 0000729580NasdaqLarge AcceleratedElectronic Coils, Transformers & Other InductorsNew JerseyFY ends Dec 31

Period

FY 2025

Revenue

$675.46M

Net Income

$61.54M

Total Assets

$935.20M

Equity

$425.51M

Shares Out

2.17M

Op. Cash Flow

$80.61M

Business

BEL FUSE INC /NJ designs, manufactures and markets products that power, protect and connect electronic circuits for a range of industries. It offers power conversion and protection devices, connectors and cable assemblies, fiber optic and RF products, integrated magnetic modules, transformers, inductors and related assemblies. The company's operations are organized across Power Solutions & Protection, Connectivity Solutions and Magnetic Solutions business groups. Bel sells globally across North America, Europe/EMEA and Asia through strategic account managers, regional sales representatives and authorized distributors.

Summary from filing dated 2025-02-28

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net sales	675	535	640	654	543
Cost of sales	411	332	424	471	409
Gross profit	264	202	216	183	134
Research and development costs	31	24	23	20	22
Selling, general and administrative expenses	126	111	99	92	87
Impairment of CUI tradename	0	400,000	0	0	—
Restructuring (credits) charges	−677,000	3	10	7	1
Gain on sale of properties	−6	0	−4	−2	−7
Earnout liability adjustments	3	0	0	—	—
Income from operations	111	64	88	65	31
Gain on sale of Czech Republic business	0	0	980,000	0	—
Interest expense	−15	−4	−3	−3	—
Interest income	1	5	2	177,000	—
Impairment of equity method investment and related party notes	−13	0	0	—	—
Other income (expense), net	11	−3	−5	−3	—
Earnings before provision for income taxes	95	62	83	59	27
Provision for income taxes	21	13	9	6	3
Net earnings available to common shareholders	74	49	74	53	—
Less: Net earnings attributable to noncontrolling interest	3	484,000	0	0	—
Redemption value adjustment attributable to noncontrolling interest	9	8	0	0	—
Net earnings attributable to Bel Fuse shareholders	62	41	74	53	25

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	58	68	89	70	62
Held to maturity U.S. Treasury securities	0	950,000	38	0	—
Accounts receivable, net of credit losses of $671 and $1,336, at December 31, 2025 and 2024, respectively	121	111	84	107	87
Inventories	167	161	137	172	139
Unbilled receivables	10	5	13	18	28
Assets held for sale	0	2	1	—	—
Other current assets	28	25	20	13	12
Total current assets	385	374	381	381	329
Property, plant and equipment, net	48	48	37	37	38
Right-of-use assets	23	25	20	22	21
Equity method investment	0	9	10	0	—
Intangible assets, net	218	232	49	54	61
Goodwill, net	215	208	27	25	27
Deferred income taxes	13	16	12	7	4
Other Assets, Noncurrent	34	35	33	34	31
Total assets	935	950	572	560	512
Accounts payable	53	49	40	65	66
Accrued expenses	50	53	55	51	34
Operating lease liability, current	8	8	6	6	7
Other Liabilities, Current	17	18	9	15	5
Total current liabilities	127	128	111	136	112
Long-term debt	198	288	60	95	113
Operating lease liability, long-term	16	18	14	16	15
Liability for uncertain tax positions	18	18	20	25	28
Minimum pension obligation and unfunded pension liability	19	18	20	19	24
Deferred income taxes	30	29	1	1	1
Other long-term liabilities	9	5	5	6	10
Total liabilities	417	509	231	298	303
Commitments and contingencies (see Note 19)	—	—	—	—	—
Redeemable noncontrolling interest	−93	−81	0	—	—
Preferred stock, no par value, 1,000,000 shares authorized; none issued	0	0	0	0	0
Treasury stock (unrestricted; none outstanding at December 31, 2025, and at December 31, 2024)	0	0	−454,000	−349,000	—
Additional paid-in capital	38	32	44	41	38
Retained earnings	403	345	308	237	188
Accumulated other comprehensive loss	−17	−17	−12	−17	−19
Total shareholders' equity	426	361	341	262	209
Total liabilities, redeemable noncontrolling interest and shareholders' equity	935	950	572	560	512

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	27	16	13	15	17
Stock-based compensation	7	4	3	2	2
Amortization of deferred financing costs	2	151,000	33,000	34,000	1
Deferred income taxes benefit/(expense)	1	−6	−4	−5	441,000
Net unrealized (gains)/losses on foreign currency revaluation	−13	1	1	−278,000	—
Gains on sale/disposal of property, plant and equipment	−6	0	−2	−2	−6
Other, net	2	2	−1	1	1
Accounts receivable	−9	−7	23	−21	−13
Unbilled receivables	−5	8	5	10	−14
Inventories	−2	15	34	−37	−34
Other current assets	−2	−2	−217,000	−1	−2
Other assets	−2	6	3	7	−1
Accounts payable	2	139,000	−23	2	24
Accrued expenses	195,000	−7	5	11	5
Accrued restructuring costs	−5	215,000	−1	7	−119,000
Other liabilities	−2	−5	−16	−4	2
Income taxes payable	−4	−1	−5	2	−2
Net cash provided by operating activities	81	74	108	40	5
Purchase of property, plant and equipment	−12	−14	−12	−9	−9
Purchases of held to maturity U.S. Treasury securities	0	−131	−60	0	—
Proceeds from held to maturity securities	950,000	168	20	0	—
Payment for equity method investment	0	0	−10	0	—
Investment in related party notes receivable	0	−785,000	−2	0	—
Proceeds from disposal/sale of property, plant and equipment	8	883,000	6	2	7
Acquisition of business, net of cash acquired	0	−320	0	0	−17
Proceeds from sale of business	0	0	5	0	—
Net cash used in investing activities	−3	−298	−54	−7	−19
Dividends paid to common shareholders	−3	−3	−3	−3	−3
Purchase of treasury stock	0	−16	−105,000	−349,000	0
Deferred financing costs	−681,000	−2	0	0	—
Borrowings under revolving line of credit	0	243	5	0	115
Proceeds of long-term debt	8	0	0	—	—
Repayments under revolving line of credit	−98	−15	−40	−18	−15
Net cash (used in) provided by financing activities	−94	206	−39	−21	−8
Net (decrease) increase in cash and cash equivalents	−10	−21	19	9	−23
Effect of exchange rate changes on cash	6	−4	3	−3	−537,000
Income taxes, net of refunds received	24	23	25	15	3
Interest payments	15	6	5	3	2
Redeemable noncontrolling interest assumed in exchange for acquired net assets	0	72	0	0	—
ROU assets obtained in exchange for lease obligations	5	7	6	8	—

Filings

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