Bel Fuse Inc. Financial Ratios — BELFB Stock

Profitability (USD)

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Return on Common Equity (%)	1.91	1.21	7.85	4.06	8.62	-32.99	-7.64	12.99	-5.33	7.85	13.91	24.64	26.98	12.51	16.4
Return on Assets (%)	1.36	0.86	5.45	1.82	3.16	-12.9	-2.77	4.73	-1.92	2.77	5.14	9.83	13.04	5.38	6.53
Return on Capital (%)	1.91	- -	- -	3.62	5.77	- -	-7.05	9.13	- -	- -	9.03	16.42	20.51	6.34	8.26
Return on Invested Capital (%)	2.4	- -	- -	3.87	5.3	- -	-7.57	8.39	- -	- -	7.16	17.6	20.96	9.21	11.22
Gross Margin (%)	17.07	16.22	17.82	17.93	19.19	19.98	20.82	25.4	22.33	25.71	24.73	28.04	33.74	37.84	39.15
EBITDA Margin (%)	6.69	5.59	8.25	7.32	9.5	10.13	7.81	8.28	4.49	7.26	7.86	13.1	16.81	15.82	19.89
Operating Margin (%)	3.76	2.41	4.71	3.14	5.44	5.78	3.6	4.96	1.14	3.74	4.76	10.83	14.73	12.74	15.95
Incremental Operating Margin (%)	159.38	49.02	15.22	-0.83	19.48	2.95	131.22	16.75	38.62	-44.23	10.89	40.63	-162.26	24.87	28.13
Pretax Margin (%)	2.67	0.35	4.34	2.01	4.54	-16.51	1.96	4.31	-1.48	2.61	5.03	9.03	13.02	11.56	14.07
Profit Margin (%)	1.28	0.83	4.56	1.77	3.39	-12.96	-2.42	3.78	-1.78	2.75	4.57	8.05	11.54	7.66	9.11
Net Income to Common Margin (%)	1.28	0.83	4.56	1.77	3.39	-12.96	-2.42	3.78	-1.78	2.75	4.57	8.05	11.54	7.66	9.11
Effective Tax Rate (%)	52.18	- -	- -	11.94	25.4	- -	223.37	12.31	- -	- -	9.17	10.79	11.37	20.41	22.03
Dvd Payout Ratio (%)	85.15	135.9	19.56	36.73	16.87	-5.01	-27.58	15.91	-38.34	26.28	13.61	6.48	4.73	6.01	4
Sustainable Growth Rate (%)	0.28	-0.43	6.31	2.57	7.17	-34.64	-9.75	10.92	-7.37	5.79	12.02	23.04	25.71	11.75	15.74

Credit (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Total Debt	- -	- -	12	233	184	141	123	114	163	130	134	117	81	318	221
ST Debt	- -	- -	12	13	25	11	3	3	13	12	7	6	6	8	8
LT Debt	- -	- -	- -	219	159	130	120	112	150	118	127	111	74	310	213
Total Debt/EBITDA	- -	0.01	0.42	6.52	3.41	2.79	3.19	2.52	7.37	3.85	3.14	1.36	0.75	3.76	1.65
Net Debt/EBITDA	-4.47	-4.44	-1.74	4.36	1.83	1.34	1.39	1.33	3.23	0.91	1.19	0.29	-0.27	2.65	1.04
Total Debt/EBIT	- -	0.03	0.73	15.21	5.94	4.89	6.93	4.2	28.91	7.48	5.18	1.65	0.85	4.67	2.06
Net Debt/EBIT	-7.96	-10.29	-3.05	10.17	3.19	2.35	3.01	2.22	12.68	1.76	1.96	0.35	-0.31	3.29	1.3
EBITDA to Interest Expense	- -	1,001.31	184.72	8.96	7.1	7.61	5.65	8.53	4.06	7.13	12.07	25.37	37.75	20.75	9.11
EBITDA-CapEx/Interest Expense	- -	704.81	131.67	6.69	5.8	6.37	4.7	6.35	2.24	5.98	9.41	22.76	33.49	17.29	8.29
EBIT to Interest Expense	- -	431.75	105.35	3.84	4.07	4.34	2.6	5.11	1.03	3.67	7.31	20.97	33.08	16.71	7.3
Interest Expense	- -	- -	- -	4	8	7	7	5	5	5	4	3	3	4	15
Common Equity/Total Assets	71.22	71.35	67.87	33.77	39.85	38.08	34.55	38.31	33.76	36.95	36.96	42.55	54.02	36.46	43.24
Long-Term Debt/Equity (%)	- -	- -	- -	97.73	68.11	81.96	76	63.3	89.24	63.7	60.92	42.21	21.79	70.33	41.14
Long-Term Debt/Capital (%)	- -	- -	- -	49.01	38.34	42.75	44.19	39.31	46.7	39.72	39.34	31.19	19.06	41.64	29.68
Long-Term Debt/Total Assets (%)	- -	- -	- -	34.49	27.45	30.43	27.84	25.19	31.98	26.08	24.84	19.76	12.98	32.67	22.82
Total Debt/Equity (%)	- -	0.1	5.25	103.72	78.73	89.15	77.67	64.72	96.89	70.09	64.22	44.45	23.66	72.13	42.69
Total Debt/Capital (%)	- -	0.1	5.43	52.02	44.32	46.5	45.16	40.2	50.71	43.71	41.47	32.84	20.69	42.71	30.8
Total Debt/Total Assets (%)	- -	0.07	3.89	36.61	31.73	33.1	28.45	25.75	34.73	28.69	26.19	20.81	14.09	33.5	23.67
Net Debt to Equity	-39.91	-32.99	-21.92	69.33	42.26	42.82	33.77	34.17	42.5	16.49	24.31	9.43	-8.62	50.83	26.93
Net Debt/Capital (%)	-80.98	-56.72	-31.52	42.01	29.94	29.45	26.36	26.19	28.7	14.38	19.41	8.68	-9.79	33.13	21.13
EBITDA	20	16	29	36	54	51	38	45	22	34	43	86	108	85	134
EBITDA-CapEx	17	11	21	27	44	42	32	34	12	28	33	77	95	71	122
Operating Income (Loss)	11	7	16	15	31	29	18	27	6	17	26	71	94	68	108

Liquidity (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Cash Ratio	2.22	1.54	0.93	0.63	0.7	0.8	0.79	0.51	0.8	0.97	0.55	0.52	1.15	0.54	0.45
Current Ratio	4.9	4.12	3.05	2.55	2.3	2.77	3.05	2.74	3.14	3.2	2.94	2.8	3.45	2.92	3.02
Quick Ratio	3.2	2.52	1.88	1.45	1.41	1.6	1.7	1.52	1.83	1.95	1.58	1.44	2.02	1.45	1.48
CFO/Avg Current Liab	0.68	0.26	0.19	0.24	0.54	0.36	0.27	0.1	0.25	0.52	0.05	0.32	0.88	0.62	0.63
Common Equity/Total Assets	71.22	71.35	67.87	33.77	39.85	38.08	34.55	38.31	33.76	36.95	36.96	42.55	54.02	36.46	43.24
Long-Term Debt/Equity (%)	- -	- -	- -	97.73	68.11	81.96	76	63.3	89.24	63.7	60.92	42.21	21.79	70.33	41.14
Long-Term Debt/Capital (%)	- -	- -	- -	49.01	38.34	42.75	44.19	39.31	46.7	39.72	39.34	31.19	19.06	41.64	29.68
Long-Term Debt/Total Assets (%)	- -	- -	- -	34.49	27.45	30.43	27.84	25.19	31.98	26.08	24.84	19.76	12.98	32.67	22.82
Total Debt/Equity (%)	- -	0.1	5.25	103.72	78.73	89.15	77.67	64.72	96.89	70.09	64.22	44.45	23.66	72.13	42.69
Total Debt/Capital (%)	- -	0.1	5.43	52.02	44.32	46.5	45.16	40.2	50.71	43.71	41.47	32.84	20.69	42.71	30.8
Total Debt/Total Assets (%)	- -	0.07	3.89	36.61	31.73	33.1	28.45	25.75	34.73	28.69	26.19	20.81	14.09	33.5	23.67
CFO/Total Liabilities	54.21	19.4	13.32	5.46	19.05	14.39	8.83	3.78	8.13	17.2	1.53	13.5	46.89	14.56	19.35
CFO/CapEx	10.34	2.45	1.28	2.48	6.65	4.69	3.75	0.87	2.47	8.42	0.49	4.56	8.94	5.25	6.72
Altman's Z-Score	5.44	5.47	5.14	2.99	3.56	3.87	3.51	3.54	3.07	3.13	3.03	3.98	5.66	4.24	6.88

Working Capital (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Accounts Receivable Turnover	6.39	6.99	6.54	5.96	6.1	6.23	6.42	6.42	5.86	6.32	6.86	6.73	6.69	5.47	5.8
Days Sales Outstanding	57.15	52.2	55.77	61.24	59.82	58.63	56.88	56.84	62.28	57.78	53.23	54.23	54.6	66.72	62.92
Inventory Turnover	4.44	4.43	4.59	4.35	4.32	4.06	3.77	3.59	3.36	3.34	3.42	3.02	2.74	2.23	2.5
Days Inventory Outstanding	82.27	82.3	79.46	83.85	84.49	90	96.86	101.66	108.49	109.39	106.85	120.89	133.01	163.55	145.92
Accounts Payable Turnover	12.17	12.95	12.49	9.7	7.93	8.26	8.37	8.09	7.37	8.07	8.48	7.72	7.39	7.97	8.16
Accounts Payable Turnover Days	30	28.18	29.23	37.64	46.01	44.2	43.63	45.1	49.54	45.2	43.04	47.29	49.4	45.78	44.72
Cash Conversion Cycle	109.42	106.32	106	107.45	98.29	104.43	110.1	113.4	121.23	121.96	117.03	127.84	138.21	184.48	164.11
Inventory to Cash Days	-25.12	-30.1	-23.69	-22.6	-24.67	-31.37	-39.98	-44.81	-46.21	-51.61	-53.62	-66.66	-78.42	-96.83	-83
Inventories	53	55	70	114	99	99	108	120	107	100	139	172	137	161	167
Raw Materials	28	26	29	52	42	43	47	63	48	41	67	75	64	75	74
Work In Process	7	8	9	16	17	18	18	21	27	26	31	44	42	54	58
Finished Goods	18	21	32	46	40	37	43	35	32	33	41	53	31	33	36
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Market Capitalization	221	231	243	319	205	368	303	223	252	185	160	413	853	1,040	2,144
- Cash & Cash Equivalents	88	71	62	77	85	73	69	54	72	85	62	70	89	68	58
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	81	93
+ Total Debt	- -	- -	12	233	184	141	123	114	163	130	134	117	81	318	221
Enterprise Value	127	160	193	474	304	436	356	283	342	231	233	459	807	1,370	2,401
Total Capital	197	197	221	447	414	304	272	284	321	298	323	355	389	745	719
Total Debt/Capital (%)	- -	0.1	5.43	52.02	44.32	46.5	45.16	40.2	50.71	43.71	41.47	32.84	20.69	42.71	30.8
Total Debt / EV	- -	- -	0.06	0.49	0.6	0.32	0.34	0.4	0.48	0.56	0.58	0.25	0.1	0.23	0.09
EV/Sales	0.43	0.56	0.55	0.97	0.54	0.87	0.72	0.52	0.7	0.5	0.43	0.7	1.26	2.56	3.55
EV/EBITDA	6.42	9.96	6.7	13.3	5.64	8.61	9.28	6.25	15.49	6.82	5.44	5.35	7.5	16.19	17.87
EV/EBIT	11.43	23.11	11.75	31.02	9.84	15.09	20.14	10.43	60.79	13.24	8.99	6.48	8.56	20.1	22.29
EV/Cash Flow to Firm	4.19	13.71	17.97	18.28	4.25	9.95	22.65	19.2	11.05	4.51	29.64	10.61	7.28	17.72	26.06
EV/Free Cash Flow to Firm	3.82	9.74	10.15	13.55	3.73	8.38	16.08	10.76	8.38	4.08	13.49	8.81	6.56	14.99	23.06
Diluted Market Cap	221	231	243	319	205	368	303	223	252	185	160	413	853	1,040	2,144
Diluted Enterprise Value	133	160	193	474	304	436	356	283	342	231	233	459	844	1,371	2,401
EV per Share	10.77	13.53	16.92	40.67	25.59	36.59	29.61	23.4	27.87	18.7	18.76	36.62	63.14	108.6	189.94
TTM Sales	295	287	349	487	567	500	492	548	492	466	543	654	640	535	675
TTM EBITDA	20	16	29	36	54	51	38	45	22	34	43	86	108	85	134
TTM Operating Income	11	7	16	15	31	29	18	27	6	17	26	71	94	68	108
TTM Cash Flow to Firm	30	12	11	26	71	44	16	15	31	51	8	43	111	77	92
TTM Free Cash Flow to Firm	33	16	19	35	81	52	22	26	41	57	17	52	123	91	104

Multiples (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Price/Free Cash Flow	6.65	14.11	12.9	10.13	2.71	7.87	9.92	10.29	7.33	3.59	11.43	8.41	7.08	11.8	23.15
EV/EBIT	11.43	23.11	11.75	31.02	9.84	15.09	20.14	10.43	60.79	13.24	8.99	6.48	8.56	20.1	22.29
Enterprise Value	127	160	193	474	304	436	356	283	342	231	233	459	807	1,370	2,401
Low Price	13.4	14.2	13.38	17.8	16.16	13.31	21.65	16.58	9.03	6.3	10.58	11.58	30.11	45.75	58
EV/Sales	0.43	0.56	0.55	0.97	0.54	0.87	0.72	0.52	0.7	0.5	0.43	0.7	1.26	2.56	3.55
EV/EBITDA	6.42	9.96	6.7	13.3	5.64	8.61	9.28	6.25	15.49	6.82	5.44	5.35	7.5	16.19	17.87
Price/Earnings	58.65	97.21	15.29	37.07	10.69	- -	- -	10.78	- -	14.48	6.46	7.83	11.55	25.4	34.84
Price/Earnings Average	61.25	88.66	12.42	31.9	12.64	-3.73	-27.22	12.9	-26.08	11.67	7.52	5.2	8.09	21.11	22.7
Price/Earnings High	83.73	104.42	16.53	39.68	17.03	-6.18	-33.83	16.96	-39.02	20.72	11.49	9.16	12.04	28.52	36.85
Price/Earnings Low	41.91	70.61	9.6	24.14	9.99	-2.45	-21.9	9.7	-12.69	6.07	5.29	2.76	5.21	14.09	11.91
Price/Book Value	1.12	1.17	1.16	1.49	0.89	2.27	2.03	1.31	1.59	1.1	0.85	1.73	2.76	3	5.3
Price/Book Value Average	1.17	1.07	0.94	1.28	1.05	1.49	2.17	1.57	1.44	0.89	0.99	1.15	1.93	2.5	3.45
Price/Book Value High	1.6	1.26	1.26	1.59	1.42	2.47	2.7	2.07	2.16	1.58	1.51	2.02	2.88	3.37	5.61
Price/Book Value Low	0.8	0.85	0.73	0.97	0.83	0.98	1.75	1.18	0.7	0.46	0.69	0.61	1.25	1.67	1.81
Price/Tangible Book Value	1.07	1.28	1.35	30.66	8.68	5.61	4.43	2.37	3.42	1.93	1.32	2.25	3.22	883.16	24.96
Price/Tangible Book Value Average	1.12	1.17	1.09	26.38	10.26	3.68	4.73	2.84	3.09	1.55	1.54	1.5	2.26	734.06	16.26
Price/Tangible Book Value High	1.53	1.38	1.45	32.82	13.81	6.1	5.88	3.74	4.63	2.76	2.36	2.63	3.36	991.74	26.4
Price/Tangible Book Value Low	0.77	0.93	0.85	19.96	8.11	2.42	3.81	2.14	1.51	0.81	1.08	0.79	1.45	489.93	8.54
Price/Sales	0.75	0.8	0.7	0.65	0.36	0.74	0.62	0.41	0.51	0.4	0.3	0.63	1.33	1.95	3.17
Price/Sales Average	0.78	0.73	0.57	0.56	0.43	0.48	0.66	0.49	0.46	0.32	0.34	0.42	0.93	1.62	2.07
Price/Sales High	1.07	0.86	0.75	0.7	0.58	0.8	0.82	0.64	0.69	0.57	0.52	0.74	1.39	2.18	3.36
Price/Sales Low	0.53	0.58	0.44	0.43	0.34	0.32	0.53	0.37	0.23	0.17	0.24	0.22	0.6	1.08	1.09
Price/Cash Flow	7.29	19.87	22.99	14.2	3.12	9.54	12.56	22.1	10.3	4.02	34.62	10.25	7.87	14.05	26.6
Price/Cash Flow Average	7.62	18.12	18.67	12.22	3.69	6.26	13.42	26.47	9.33	3.24	40.31	6.8	5.51	11.68	17.33
Price/Cash Flow High	10.41	21.35	24.85	15.2	4.97	10.38	16.69	34.79	13.95	5.75	61.59	11.99	8.2	15.77	28.13
Price/Cash Flow Low	5.21	14.43	14.43	9.25	2.92	4.11	10.8	19.89	4.54	1.68	28.33	3.61	3.55	7.79	9.09
Price/Free Cash Flow Average	6.95	12.87	10.48	8.71	3.21	5.16	10.6	12.32	6.64	2.89	13.31	5.58	4.96	9.81	15.08
Price/Free Cash Flow High	9.49	15.15	13.94	10.84	4.32	8.56	13.18	16.2	9.93	5.14	20.33	9.83	7.38	13.25	24.49
Price/Free Cash Flow Low	4.75	10.25	8.1	6.59	2.54	3.39	8.53	9.26	3.23	1.51	9.35	2.96	3.19	6.55	7.92
EV/Sales Average	0.48	0.49	0.42	0.88	0.6	0.62	0.77	0.6	0.65	0.42	0.48	0.49	0.92	2.24	2.45
EV/Sales High	0.77	0.62	0.61	1.02	0.75	0.94	0.93	0.75	0.88	0.67	0.66	0.81	1.38	2.8	3.74
EV/Sales Low	0.24	0.34	0.29	0.75	0.51	0.45	0.64	0.48	0.41	0.26	0.37	0.29	0.59	1.7	1.47
EV/EBITDA Average	7.2	8.7	5.12	12.06	6.33	6.1	9.82	7.22	14.41	5.75	6.06	3.74	5.47	14.13	12.31
EV/EBITDA High	11.49	11.03	7.38	13.93	7.89	9.24	11.87	9.07	19.53	9.17	8.37	6.17	8.18	17.71	18.8
EV/EBITDA Low	3.52	6.02	3.56	10.18	5.39	4.47	8.17	5.76	9.11	3.63	4.76	2.23	3.49	10.73	7.37
EV/EBIT Average	12.83	20.17	8.97	28.11	11.05	10.7	21.31	12.06	56.57	11.18	10.01	4.52	6.24	17.54	15.35
EV/EBIT High	20.47	25.59	12.95	32.49	13.78	16.21	25.76	15.15	76.65	17.82	13.82	7.46	9.33	21.99	23.44
EV/EBIT Low	6.27	13.97	6.24	23.74	9.4	7.84	17.74	9.61	35.77	7.06	7.86	2.7	3.99	13.32	9.19
Last Price	18.75	19.55	21.31	27.34	17.29	30.9	25.18	18.42	20.5	15.03	12.93	32.92	66.77	82.47	169.63
High Price	26.77	21	23.03	29.26	27.53	33.6	33.45	29	27.77	21.5	23	38.49	69.57	92.61	179.41
Enterprise Value Average	142	139	147	430	341	309	377	328	319	195	259	320	589	1,195	1,654
Enterprise Value High	227	177	213	497	425	468	456	412	432	310	358	529	880	1,499	2,524
Enterprise Value Low	70	97	103	363	290	227	314	261	201	123	204	192	376	908	990

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Shares Outstanding	12	12	12	12	12	12	12	12	12	12	13	13	13	13	13
Diluted Weighted Avg Shares	12	12	11	12	12	12	12	12	12	12	12	13	13	13	13
Basic Weighted Avg Shares	12	12	11	12	12	12	12	12	12	12	12	13	13	13	13
Revenue per Share	25.07	24.29	30.59	41.75	47.76	41.95	40.86	45.25	40.09	37.78	43.82	52.18	50.08	42.39	53.44
EBITDA per Share	1.68	1.36	2.52	3.06	4.54	4.25	3.19	3.75	1.8	2.74	3.45	6.84	8.42	6.71	10.63
Operating Income per Share	0.94	0.59	1.44	1.31	2.6	2.42	1.47	2.24	0.46	1.41	2.09	5.65	7.38	5.4	8.52
Basic EPS, GAAP	0.32	0.2	1.39	0.74	1.62	-5.44	-0.99	1.71	-0.71	1.04	2	4.2	5.78	3.25	4.87
Basic EPS from Cont Ops	0.32	0.2	1.39	0.74	1.62	-5.44	-0.99	1.71	-0.71	1.04	2	4.2	5.78	3.9	5.86
Diluted EPS, GAAP	0.32	0.2	1.39	0.74	1.62	-5.44	-0.99	1.71	-0.71	1.04	2	4.2	5.78	3.25	4.87
Diluted EPS from Cont Ops	0.32	0.2	1.39	0.74	1.62	-5.44	-0.99	1.71	-0.71	1.04	2	4.2	5.78	3.9	5.86
Dividend per Share	0.27	0.27	0.27	0.27	0.27	0.27	0.27	0.27	0.27	0.27	0.27	0.27	0.27	0.27	0.27
Cash Flow per Share	2.57	0.98	0.93	1.92	5.54	3.24	2	0.83	1.99	3.74	0.37	3.21	8.48	5.87	6.38
Free Cash Flow per Basic Share	2.32	0.58	0.2	1.15	4.71	2.55	1.47	-0.12	1.19	3.3	-0.38	2.51	7.53	4.75	5.43
Cash & Equivalents per Share	7.98	6.04	5.44	6.61	7.16	6.16	5.76	4.45	5.88	6.89	4.98	5.6	9.93	5.49	4.57
Book Value per Share	16.75	16.64	18.32	18.39	19.42	13.63	12.38	14.03	12.89	13.6	15.25	19.02	24.17	27.45	31.99
Tangible Book Value per Share	17.5	15.22	15.83	0.89	1.99	5.51	5.69	7.76	6	7.79	9.76	14.61	20.7	0.09	6.79

Bel Fuse Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)