MeritValue

BELDEN INC.

BDCdata completeness 100%18 fiscal years on file
i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$2.3B1$2.61B2$2.51B3$2.46B3$2.72B3
Net income$63.9M4$254.7M5$242.8M6$198.4M6$237.5M6
Operating cash flow$272.1M7$281.3M8$319.6M9$352.1M9$354.9M9
Capital expenditure$91M10$105.1M11$116.7M12$129.1M12$136.2M12
Free cash flow (derived)$181.1M7$176.2M8$202.9M9$223M9$218.7M9
Total debt$1.46B13$1.16B14$1.2B15$1.13B16$1.29B16
Cash & equivalents$641.6M17$687.7M18$597M19$370.3M19$389.9M19
Diluted shares45.4M44.5M42.9M41.3M40.2M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
You’d own
0.000025%
of the whole company
Your share of last year’s profit
$59.07
Your share of its debt
$319.74
Your share of free cash flow
$54.39
iii. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
$107.32
assumptions (10)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth7.5%
  • fcfBase$218.7M
DCF · Growth Exit 5Y
$87.55
assumptions (10)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth7.5%
  • fcfBase$218.7M
Earnings Power Value
$62.24
assumptions (8)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$237.5M
  • growthAssumed0.0%
Graham Number
$64.66
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

iv. The price question — last, on purpose
What does today’s price assume?
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years7.5%
Discount rate (WACC)8.78%
Terminal growth2.5%
At your growth, a share is worth $87.55

Default growth 7.5%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0000913142-24-000007 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0000913142-25-000005 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0000913142-26-000009 (Revenues)
  4. 10-K · period ending 2021-12-31 · accession 0000913142-24-000007 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0000913142-25-000005 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0000913142-26-000009 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0000913142-24-000007 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0000913142-25-000005 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0000913142-26-000009 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0000913142-24-000007 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0000913142-25-000005 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0000913142-26-000009 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0000913142-23-000008 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2022-12-31 · accession 0000913142-24-000007 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2023-12-31 · accession 0000913142-25-000005 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2024-12-31 · accession 0000913142-26-000009 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2021-12-31 · accession 0000913142-24-000007 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0000913142-25-000005 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0000913142-26-000009 (CashAndCashEquivalentsAtCarryingValue)