MeritValue

BEL FUSE INC /NJ

BELFAdata completeness 88%17 fiscal years on file

Data notes: no data for concept 'dilutedShares'; no data for concept 'sharesOutstanding'; no data for concept 'investmentsAtFairValue'; no data for concept 'netInvestmentIncome'; no data for concept 'epsDiluted'

The thesis, from the filings

BEL FUSE INC /NJ earns about 12% on invested capital. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$543.5M1$654.2M2$639.8M3$534.8M3$675.5M3
Net income$24.8M4$52.7M5$73.8M6$41M6$61.5M6
Operating cash flow$4.63M7$40.3M8$108.3M9$74.1M9$80.6M9
Capital expenditure$9.4M10$8.83M11$12.1M12$14.1M12$12M12
Free cash flow (derived)−$4.77M7$31.4M8$96.2M9$60M9$68.6M9
Total debt$225M13$190M14$120M15$575M16$395M16
Cash & equivalents$61.8M17$70.3M18$89.4M19$68.3M20$57.8M20
Diluted shares—————

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

iii. Is this a good business?
Moat signal · return on invested capital
12% avg · 5y
FY21 8%FY22 15%FY23 21%FY24 6%FY25 10%

It earned an average 12% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
— shares · 5y

Total debt has risen 76% over the same window.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.5.0
DCF · Growth Exit 10Y
not applicable
no diluted share count — cannot compute per-share value
DCF · Growth Exit 5Y
not applicable
no diluted share count — cannot compute per-share value
Earnings Power Value
not applicable
no diluted share count
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001437749-23-006172 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001437749-25-005652 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001437749-26-005354 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001437749-23-006172 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001437749-25-005652 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001437749-26-005354 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001437749-23-006172 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001437749-25-005652 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001437749-26-005354 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001437749-23-006172 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0001437749-25-005652 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001437749-26-005354 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0001437749-23-006172 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2022-12-31 · accession 0001437749-24-007265 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2023-12-31 · accession 0001437749-25-005652 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2024-12-31 · accession 0001437749-26-005354 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2021-12-31 · accession 0001437749-23-006172 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0001437749-24-007265 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0001437749-25-005652 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-12-31 · accession 0001437749-26-005354 (CashAndCashEquivalentsAtCarryingValue)