BELFBBel Fuse Inc.
Is the business good?
The checks split: nothing decisive, though margins widening.
Operating profit is mostly backed by cash. Conversion is worsening vs a year ago.
Positive operating leverage, operating profit is growing faster than sales, so margins widen as the business scales.
Against the whole market›
Percentile against every name Ryufin tracks. Higher is better; the tick marks the middle of the market. Context, not one of the checks above.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is BELFB?
Bel Fuse Inc. earns 15% on the capital it employs against a 9.0% cost of capital, so the business is worth more the bigger it gets.
Return on invested capital · cost of capital 9.0% · 6.5 points above what the capital costs: growth creates value
- Operating margin
- 16%
Operating margin · Electronic Components median 8.4% · 12 months to Q2 2026
- Cash conversion
- 0.84×
Cash conversion · 1.05× a year ago · most of the operating profit arrived as cash, working capital took the rest
- R&D as % of revenue
- 4.4%
R&D as % of revenue
| Year | Operating margin |
|---|---|
| FY2020 | 4.0% |
| FY2021 | 5.8% |
| FY2022 | 10.0% |
| FY2023 | 14% |
| FY2024 | 12% |
| FY2025 | 16% |
Details›
- Gross margin12 months to Q2 2026
- 40%
- Operating margin12 months to Q2 2026
- 16%
- Free cash flow margin
- 9.9%
- R&D as % of revenue
- 4.4%
- Revenue, trailing twelve months
- $744M
- Free cash flow, trailing twelve months
- $73M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 15%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.
Electronic Components
Ranks #13 of 25 by RyuScore