Bel Fuse Inc.

Company overview

• Designs, manufactures and markets electronic components and assemblies that power, protect and connect electronic circuits.
• Operations are organized into three reportable product groups:
  • Power Solutions and Protection
  • Connectivity Solutions
  • Magnetic Solutions
• Completed the acquisition of Enercon Technologies Ltd. (Israel) in 2024–2025 and includes Enercon’s results in the Power Solutions and Protection segment from November 1, 2024. The acquisition introduced a redeemable noncontrolling interest.

2025 key financials (audited, U.S. GAAP; amounts in thousands USD unless noted)

• Total net sales: $675,455; gross margin: 39.1%
  • By segment:
    • Power Solutions and Protection: net sales $356,805; gross margin 42.7%
    • Connectivity Solutions: net sales $232,286; gross margin 38.7%
    • Magnetic Solutions: net sales $86,364; gross margin 27.6%

Operating profitability

• Earnings from operations: $110,996
• Net earnings attributable to Bel Fuse shareholders: $61,536
• Earnings per share:
  • Class A: $4.65
  • Class B: $4.91 (basic); $4.90 (diluted)
• Weighted-average shares (common stock):
  • Class A basic and diluted: 2,115 thousand
  • Class B basic: 10,525 thousand
  • Class B diluted: 10,546 thousand

Other income/expense and taxes

• Interest expense: $14,751
• Interest income: $1,035
• Other income (expense), net: $10,857 (net positive)
• Effective tax rate: 22.0% (2025)

Research and development and SG&A

• R&D expenses: $30,867
• SG&A expenses: $125,828

Notable 2025 items

• Impairment of noncontrolling investment in innolectric: pre-tax charge of $13,100 (4Q 2025); no recoverable value recognized
• Restructuring and related items: net $2,400 in 2025 (including one reversal of liabilities)
• Gain on sale of properties: $5,701 (net)

Cash flow and liquidity

• Cash and cash equivalents: $57,800
• Net cash provided by operating activities: $80,612
• Total assets: $935,200
• Total liabilities: $416,526; redeemable noncontrolling interest: $93,161

Debt and capital structure

• Revolving credit facility outstanding: $197,500
• Unused revolving facility: $202,500
• Maturity of revolver: September 1, 2028
• Interest rate swaps: $60 million outstanding to hedge SOFR-based debt

Cash flow highlights

• Net decrease in cash during 2025: $10,453
• Major cash uses: debt repayments of roughly $90,000 (net), capital expenditures of about $12,000, and dividends of about $3,465

Dividends and stock actions

• Quarterly dividends paid on both Class A and Class B shares; total dividends declared in 2025: approximately $3.465 million
• Share repurchase program: $25 million authorized; about $9.0 million remaining for repurchases as of year-end 2025

Geographic and product mix (entity-wide)

• Net sales by geography (2025):
  • United States: $447.4m
  • Israel: $62.3m
  • United Kingdom: $37.1m
  • Slovakia: $32.2m
  • Switzerland: $15.7m
  • Germany: $14.7m
  • PRC (mainland China): $52.3m
  • Macao: negligible to zero
  • India: $8.8m
  • All other foreign: $4.9m
  • Total: $675.5m
• Net sales by major product line (2025):
  • Power solutions and protection: $356.8m
  • Connectivity solutions: $232.3m
  • Magnetic solutions: $86.4m

Balance sheet snapshot (as of December 31, 2025)

• Current assets (principally cash, accounts receivable, and inventories):
  • Accounts receivable, net: $121,490
  • Inventories: $167,270
  • Cash and cash equivalents: $57,800
• Non-current assets (goodwill and intangible assets):
  • Goodwill, net: $214,821
  • Intangible assets, net: $217,966
• Liabilities and equity:
  • Long-term debt: $197,500
  • Redeemable noncontrolling interest: $93,161
  • Shareholders' equity: $425,513

Enercon acquisition (summary)

• Acquisition date: closed November 14, 2024 (accounting effective November 1, 2024)
• Consideration transferred: total fair value around $324,071 (cash) plus other components
• Contingent consideration: up to $5.0 million per earnout period (potentially payable for 2025 and 2026)
• Noncontrolling interest arising from Enercon: initially fair value around $72,354; adjusted to $93,161 by December 31, 2025
• Purchase price allocation:
  • Identifiable net assets acquired: around $217,956
  • Goodwill: around $186,714
  • Step-ups to inventories and fixed assets recorded
• Earnouts and related liabilities: as of 12/31/2025 earnout liability total about $6,625 (current and long-term)

Other items (2025–2024 context)

• Impairment of innolectric investment and notes (noncontrolling): $13.1 million in 2025
• 2024 goodwill and intangible asset impairment related to prior acquisitions, including one tradename impairment
• Foreign currency and hedging effects produced realized and unrealized gains/losses affecting accumulated other comprehensive loss and earnings, including currency translation adjustments

Customers and employees

• The 2025 annual report notes that some direct customers accounted for more than 10% of consolidated net sales in 2025, 2024 and 2023.
• Employee-related costs are reported by line item (for example, R&D, SG&A, SERP).