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Bel Fuse

BELFB
46
Hardware, Equipment & Parts · Technology
Exchange
NASDAQ
Winston Score
46
Winston is serious
Mixed quality — meaningful strengths and weaknesses.

Bel Fuse Inc. designs and manufactures advanced power, protection, and connectivity solutions that enable industrial technology and data-driven innovation. Serving markets including data infrastructure, industrial, medical, semiconductor, and transportation, Bel delivers reliable solutions built on a legacy of engineering excellence.

Winston Score History

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+17.2% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

-37.0% YoY

YoY Growth Rate

Earnings declining

Insider Activity

0.2%ownership

Flat

Insiders holding steady — not selling despite ability to

Cash Position

Cash flow positive

$59M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Bel Fuse is a rare growth stock that's already generating positive cash flow while growing at 17%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin
39.0%
Modest — 39.0% gross margin
Operating Margin
13.6%
Healthy — 13.6% operating margin
ROCE
3.7%
Weak — 3.7% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY
+25.5%
Fast-growing sales (25.5% YoY)
EPS YoY
+19.8%
Earnings growing fast (19.8% YoY)

Healthy double-digit earnings growth — what compounders look like.

EPS Consistency
4/8 quarters
Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion
157%
Turns 157% of profit into real cash
FCF Margin
10.6%
Modest free cash flow (10.6%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

Debt / Equity
0.48
Conservative — low debt load (0.48)
Interest Cover
8.38x
Comfortably covers interest (8.4x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)
66.8x
no trend
Expensive — P/E 66.8

P/E over 35. The market is pricing in heavy, sustained growth.

P/E vs Forward
+35.9
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (66.8 → 31.0)

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Dividends

Dividend Yield
0.10%
no trend
Small dividend — 0.10% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend Growth
+0.0%
no trend
Dividend flat

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