Belden (BDC) | Financial Analysis & Statements
Belden Inc. Mid-cap Technology
TL;DR: Financial Overview - Revenue, Profits & Key Metrics
Latest Quarterly: Dec 2025Income Metrics
Revenue
720.1M
Gross Profit
263.6M
36.60%
Operating Income
87.5M
12.16%
Net Income
67.9M
9.43%
EPS (Diluted)
$1.70
Balance Sheet Metrics
Total Assets
3.5B
Total Liabilities
1.6B
Shareholders Equity
1.3B
Debt to Equity
1.25
Cash Flow Metrics
Operating Cash Flow
138.5M
Free Cash Flow
121.2M
Revenue & Profitability Trend
Quarter Income Flow
Dec 31, 2025
Annual Income Flow
2025
Belden Income Statement From 2021 to 2025
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Revenue | 2.7B | 2.5B | 2.5B | 2.6B | 2.3B |
| Cost of Goods Sold | 1.7B | 1.5B | 1.6B | 1.7B | 1.5B |
| Gross Profit | 1.0B | 922.2M | 955.0M | 916.3M | 771.8M |
| Gross Margin % | 38.0% | 37.5% | 38.0% | 35.2% | 33.5% |
| Operating Expenses | |||||
| Research & Development | 128.8M | 112.4M | 116.4M | 104.4M | 90.2M |
| Selling, General & Administrative | 533.4M | 494.6M | 492.7M | 448.6M | 378.0M |
| Other Operating Expenses | - | - | - | - | - |
| Total Operating Expenses | 662.1M | 607.0M | 609.1M | 553.0M | 468.3M |
| Operating Income | 315.7M | 266.5M | 305.5M | 325.4M | 273.0M |
| Operating Margin % | 11.6% | 10.8% | 12.2% | 12.5% | 11.9% |
| Non-Operating Items | |||||
| Interest Income | - | - | - | - | - |
| Interest Expense | 46.4M | 38.3M | 33.6M | 43.6M | 62.7M |
| Other Non-Operating Income | -2.5M | -215.0K | 13.9M | 35.5M | 16.5M |
| Pre-tax Income | - | 227.9M | 285.8M | 317.4M | 226.8M |
| Income Tax | 29.3M | 29.5M | 43.2M | 49.6M | 27.9M |
| Effective Tax Rate % | 0.0% | 13.0% | 15.1% | 15.6% | 12.3% |
| Net Income | 237.5M | 198.4M | 242.6M | 254.8M | 64.3M |
| Net Margin % | 8.7% | 8.1% | 9.7% | 9.8% | 2.8% |
| Key Metrics | |||||
| EBITDA | 442.7M | 382.0M | 406.8M | 418.2M | 392.5M |
| EPS (Basic) | - | $4.88 | $5.75 | $5.81 | $1.43 |
| EPS (Diluted) | - | $4.80 | $5.66 | $5.72 | $1.41 |
| Basic Shares Outstanding | - | 40694000 | 42237000 | 43845000 | 44802000 |
| Diluted Shares Outstanding | - | 40694000 | 42237000 | 43845000 | 44802000 |
Income Statement Trend
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Belden Balance Sheet From 2021 to 2025
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Assets | |||||
| Current Assets | |||||
| Cash & Equivalents | 389.9M | 370.3M | 597.0M | 687.7M | 641.6M |
| Short-term Investments | - | - | - | - | - |
| Accounts Receivable | 462.8M | 409.7M | 413.8M | 440.1M | 383.4M |
| Inventory | 402.3M | 343.1M | 367.0M | 341.6M | 345.2M |
| Other Current Assets | 94.3M | 73.1M | 79.1M | 66.9M | 58.3M |
| Total Current Assets | 1.3B | 1.2B | 1.5B | 1.5B | 1.9B |
| Non-Current Assets | |||||
| Property, Plant & Equipment | 113.0M | 118.6M | 89.7M | 73.4M | 75.6M |
| Goodwill | 2.5B | 2.5B | 2.1B | 2.0B | 1.9B |
| Intangible Assets | 399.8M | 419.1M | 269.1M | 246.8M | 238.2M |
| Long-term Investments | - | - | - | - | - |
| Other Non-Current Assets | 14.5M | 79.8M | 66.0M | 61.1M | 61.3M |
| Total Non-Current Assets | 2.2B | 2.1B | 1.8B | 1.6B | 1.5B |
| Total Assets | 3.5B | 3.3B | 3.2B | 3.2B | 3.4B |
| Liabilities | |||||
| Current Liabilities | |||||
| Accounts Payable | 361.4M | 315.7M | 343.2M | 350.1M | 377.8M |
| Short-term Debt | 22.1M | 21.1M | 18.9M | 16.8M | 16.5M |
| Current Portion of Long-term Debt | - | - | - | - | - |
| Other Current Liabilities | - | - | - | - | 97.0M |
| Total Current Liabilities | 697.5M | 622.7M | 633.5M | 639.9M | 752.9M |
| Non-Current Liabilities | |||||
| Long-term Debt | 1.4B | 1.2B | 1.3B | 1.2B | 1.5B |
| Deferred Tax Liabilities | 98.1M | 77.3M | 49.5M | 58.6M | 51.1M |
| Other Non-Current Liabilities | 40.0M | 39.8M | 37.2M | 31.0M | 14.7M |
| Total Non-Current Liabilities | 1.6B | 1.4B | 1.4B | 1.4B | 1.7B |
| Total Liabilities | 2.3B | 2.0B | 2.1B | 2.0B | 2.5B |
| Equity | |||||
| Common Stock | 503.0K | 503.0K | 503.0K | 503.0K | 503.0K |
| Retained Earnings | 1.4B | 1.2B | 985.8M | 751.5M | 505.7M |
| Treasury Stock | 911.9M | 718.0M | 597.4M | 428.8M | 314.0M |
| Other Equity | - | - | - | - | - |
| Total Shareholders Equity | 1.3B | 1.3B | 1.2B | 1.1B | 956.1M |
| Key Metrics | |||||
| Total Debt | 1.4B | 1.3B | 1.3B | 1.2B | 1.5B |
| Working Capital | 651.9M | 573.5M | 823.5M | 896.3M | 1.1B |
Balance Sheet Composition
Belden Cash Flow Statement From 2021 to 2025
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Operating Activities | |||||
| Net Income | 237.5M | 198.4M | 242.6M | 254.8M | 64.3M |
| Depreciation & Amortization | 129.4M | 115.7M | 99.4M | 88.7M | 88.0M |
| Stock-Based Compensation | 30.0M | 27.5M | 21.0M | 23.7M | 24.9M |
| Working Capital Changes | -56.7M | 15.0M | -2.1M | -48.4M | -116.1M |
| Operating Cash Flow | 345.3M | 340.7M | 348.0M | 318.2M | 64.6M |
| Investing Activities | |||||
| Capital Expenditures | 191.0K | 113.0K | 13.8M | 43.5M | 30.2M |
| Acquisitions | 7.7M | -297.8M | -97.4M | 230.0M | -27.6M |
| Investment Purchases | - | - | - | - | - |
| Investment Sales | - | - | - | - | - |
| Investing Cash Flow | 7.9M | -297.7M | -83.6M | 273.5M | 2.6M |
| Financing Activities | |||||
| Share Repurchases | -195.6M | -134.3M | -192.1M | -150.0M | 0 |
| Dividends Paid | -8.0M | -8.2M | -8.5M | -8.9M | -9.1M |
| Debt Issuance | 50.0M | - | 0 | 0 | 356.0M |
| Debt Repayment | -51.8M | -1.1M | -423.0K | -230.8M | -363.5M |
| Financing Cash Flow | -217.8M | -143.7M | -211.9M | -393.2M | -32.9M |
| Free Cash Flow | 218.7M | 223.0M | 202.9M | 176.2M | 177.4M |
| Net Change in Cash | 135.5M | -100.7M | 52.4M | 198.5M | 34.3M |
Cash Flow Trend
Belden Key Financial Ratios
Valuation Ratios
P/E Ratio (TTM)
22.21
Forward P/E
14.77
Price to Book
4.05
Price to Sales
1.89
PEG Ratio
1.15
Profitability Ratios
Profit Margin
8.75%
Operating Margin
13.01%
Return on Equity
18.56%
Return on Assets
5.83%
Financial Health
Current Ratio
1.94
Debt to Equity
111.52
Beta
1.27
Per Share Data
EPS (TTM)
$5.92
Book Value per Share
$32.47
Revenue per Share
$68.56
Peer Financial Comparison
| Company | Market Cap | P/E Ratio | P/B Ratio | ROE | Profit Margin | Debt/Equity |
|---|---|---|---|---|---|---|
| BDC | 5.2B | 22.21 | 4.05 | 18.56% | 8.75% | 111.52 |
| Cisco Systems | 350.0B | 32.27 | 7.42 | 23.75% | 18.76% | 66.51 |
| Motorola Solutions | 73.7B | 34.65 | 30.35 | 104.20% | 18.44% | 402.39 |
| Viasat | 8.5B | -14.16 | 1.86 | -6.39% | -7.34% | 146.49 |
| Ondas Holdings | 5.3B | -17.56 | 9.45 | -52.56% | -260.23% | 5.35 |
| CommScope Holding | 3.9B | 16.74 | 14.24 | 806.55% | 17.57% | 26.93 |
Financial data is updated regularly. All figures are in the company's reporting currency.






