Recent News
March 31, 2026 — Bel announced a strategic organizational realignment to accelerate growth and innovation across product lines. March 6, 2026 — the company introduced new 5–6 W external power supplies in the CUI portfolio. May 12–15, 2026 — Bel filed and priced an upsized public offering of Class B common stock, including an underwriting agreement and an option for additional shares.
Technical Analysis
Directional indicators show a strong directional environment: ADX at 32.18 signals a strong directional move in place. Both DI signals nevertheless favor the downside: DI+ at 31.76 registered a peak-and-reversal, a bearish sign, while DI− at 17.91 produced a dip-and-reversal that reinforces downward directional pressure. Together these indicate that the current directional strength favors sellers despite the ADX reading.
MACD sits at 11.35 below its signal line at 14.40, with the MACD trend recorded as peak-and-reversal; that configuration signals bearish momentum and suggests recent upward momentum has rolled over. MRO reads 38.61 and shows a peak-and-reversal, which indicates price sits above the WMDST target with a meaningful likelihood of downward mean reversion.
Short-term moving averages show the price trading below the 12-day EMA (price 12‑day EMA 276.26 versus close $256.72) and below the 20‑day average at $280.00, describing short-term weakness; the price remains above the 50‑day average ($237.96) and well above the 200‑day average ($184.46), describing an intact intermediate-to-longer-term uptrend. Bollinger bands (20‑day) span roughly $260–$299, placing the close near the lower band and supporting near-term consolidation risk.
RSI at 58.94 with a peak-and-reversal trend points to waning upward momentum rather than an extreme overbought reading. Volume context shows recent average daily volume elevated (10‑day avg ~352k vs. 200‑day avg ~170k), indicating higher conviction during recent moves; that amplifies the near-term technical signals favoring a pullback within the larger uptrend.
Fundamental Analysis
Revenue totaled $178.49M. Reported revenue growth registers +1.45% for the reporting period and −8.57% year‑over‑year. Gross margin at 38.99% remains healthy and changed only marginally year‑over‑year (+0.92% relative), supporting operating leverage even as operating margin weakened to 13.65%.
Operating and EBIT margins diverge versus peers: EBIT margin at 11.39% increased sequentially (+59.75% QoQ) but declined −37.96% YoY; the EBIT margin sits below the industry peer mean (17.662%) and median (20.531%), indicating lower operating profitability relative to the industry peer mean and median. Operating margin of 13.65% contracted −25.63% YoY, reflecting margin pressure compared with last year despite recent sequential improvement.
Earnings per share printed $1.81 versus an estimate of $1.65, producing an EPS surprise of ~9.7%, which supports reported profitability metrics. Free cash flow totaled $11.185M with a free cash flow yield of 0.40%; free cash flow contracted materially year‑over‑year, consistent with the reported free cash growth decline. Cash and short‑term investments stand at $59.45M and the current ratio runs 3.18 with a quick ratio of 1.73, providing ample near‑term liquidity.
Leverage sits at moderate levels: total debt $226.15M, net debt $145.05M, debt‑to‑equity 0.52 and debt‑to‑EBITDA ~8.39. Interest coverage remains acceptable at 8.03x. Price multiples skew rich: trailing P/E ~122.03 and P/B ~6.40 (below the industry peer mean and median for price‑to‑book), while enterprise multiple and forward multiples show elevated expectations. Return on equity and returns on assets remain low (ROE ~2.59%, ROA ~1.21%), consistent with modest profitability relative to invested capital.
WMDST values the stock as fair‑valued given the combination of solid gross margins and liquidity against compressed operating margins, elevated leverage versus EBITDA, and premium market multiples. The recent organizational realignment and capital raise provide strategic support for longer‑term revenue uplift, while current fundamental signals point to a period of margin recovery being required to justify current multiples.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2026-03-31 |
| REPORT DATE: | 2026-04-29 |
| NEXT REPORT DATE: | 2026-07-29 |
| CASH FLOW | Begin Period Cash Flow | $ 57.8 M |
| Operating Cash Flow | $ 13.8 M | |
| Capital Expenditures | $ -2.64 M | |
| Change In Working Capital | $ -11.79 M | |
| Dividends Paid | $ -840.00 K | |
| Cash Flow Delta | $ 1.6 M | |
| End Period Cash Flow | $ 59.4 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 178.5 M | |
| Forward Revenue | $ 125.5 M | |
| COSTS | ||
| Cost Of Revenue | $ 108.9 M | |
| Depreciation | $ 6.6 M | |
| Depreciation and Amortization | $ 6.6 M | |
| Research and Development | $ 8.5 M | |
| Total Operating Expenses | $ 154.1 M | |
| PROFITABILITY | ||
| Gross Profit | $ 69.6 M | |
| EBITDA | $ 26.9 M | |
| EBIT | $ 20.3 M | |
| Operating Income | $ 24.4 M | |
| Interest Income | $ 150.0 K | |
| Interest Expense | $ 2.5 M | |
| Net Interest Income | $ -2.38 M | |
| Income Before Tax | $ 17.8 M | |
| Tax Provision | $ 2.8 M | |
| Tax Rate | 15.782 % | |
| Net Income | $ 11.4 M | |
| Net Income From Continuing Operations | $ 15.0 M | |
| EARNINGS | ||
| EPS Estimate | $ 1.65 | |
| EPS Actual | $ 1.81 | |
| EPS Difference | $ 0.16 | |
| EPS Surprise | 9.697 % | |
| Forward EPS | $ 2.52 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 951.9 M | |
| Intangible Assets | $ 439.0 M | |
| Net Tangible Assets | $ -11.00 K | |
| Total Current Assets | $ 397.2 M | |
| Cash and Short-Term Investments | $ 59.4 M | |
| Cash | $ 59.4 M | |
| Net Receivables | $ 120.0 M | |
| Inventory | $ 181.2 M | |
| Long-Term Investments | $ 32.5 M | |
| LIABILITIES | ||
| Accounts Payable | $ 64.0 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 124.7 M | |
| Net Debt | $ 145.1 M | |
| Total Debt | $ 226.1 M | |
| Total Liabilities | $ 416.2 M | |
| EQUITY | ||
| Total Equity | $ 438.9 M | |
| Retained Earnings | $ 413.6 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 34.50 | |
| Shares Outstanding | 12.723 M | |
| Revenue Per-Share | $ 14.03 | |
| VALUATION | Market Capitalization | $ 2.8 B |
| Enterprise Value | $ 3.0 B | |
| Enterprise Multiple | 110.478 | |
| Enterprise Multiple QoQ | -17.063 % | |
| Enterprise Multiple YoY | 221.634 % | |
| Enterprise Multiple IPRWA | high: 191.613 BELFB: 110.478 mean: 88.495 median: 79.445 low: -58.931 |
|
| EV/R | 16.678 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 2.169 | |
| Asset To Liability | 2.287 | |
| Debt To Capital | 0.34 | |
| Debt To Assets | 0.238 | |
| Debt To Assets QoQ | 0.351 % | |
| Debt To Assets YoY | -28.133 % | |
| Debt To Assets IPRWA | high: 0.45 mean: 0.292 median: 0.263 BELFB: 0.238 low: 0.001 |
|
| Debt To Equity | 0.515 | |
| Debt To Equity QoQ | -0.978 % | |
| Debt To Equity YoY | -37.538 % | |
| Debt To Equity IPRWA | high: 1.343 mean: 0.804 median: 0.571 BELFB: 0.515 low: 0.002 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 6.402 | |
| Price To Book QoQ | 13.828 % | |
| Price To Book YoY | 155.297 % | |
| Price To Book IPRWA | high: 17.441 median: 12.284 mean: 9.539 BELFB: 6.402 low: 0.683 |
|
| Price To Earnings (P/E) | 122.035 | |
| Price To Earnings QoQ | 27.802 % | |
| Price To Earnings YoY | 120.795 % | |
| Price To Earnings IPRWA | high: 306.353 median: 126.422 BELFB: 122.035 mean: 119.177 low: -96.164 |
|
| PE/G Ratio | -14.213 | |
| Price To Sales (P/S) | 15.744 | |
| Price To Sales QoQ | 15.741 % | |
| Price To Sales YoY | 153.59 % | |
| Price To Sales IPRWA | high: 28.558 median: 22.531 mean: 18.019 BELFB: 15.744 low: 0.389 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 92.246 | |
| Forward PE/G | -10.744 | |
| Forward P/S | 22.385 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 42.775 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.189 | |
| Asset Turnover Ratio QoQ | 1.502 % | |
| Asset Turnover Ratio YoY | 17.439 % | |
| Asset Turnover Ratio IPRWA | high: 0.534 mean: 0.227 median: 0.194 BELFB: 0.189 low: 0.103 |
|
| Receivables Turnover | 1.478 | |
| Receivables Turnover Ratio QoQ | 3.959 % | |
| Receivables Turnover Ratio YoY | 4.378 % | |
| Receivables Turnover Ratio IPRWA | high: 2.012 BELFB: 1.478 mean: 1.452 median: 1.439 low: 1.035 |
|
| Inventory Turnover | 0.625 | |
| Inventory Turnover Ratio QoQ | -2.246 % | |
| Inventory Turnover Ratio YoY | 9.099 % | |
| Inventory Turnover Ratio IPRWA | high: 2.507 median: 1.283 mean: 1.17 BELFB: 0.625 low: 0.168 |
|
| Days Sales Outstanding (DSO) | 61.738 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 160.876 | |
| Cash Conversion Cycle Days QoQ | 0.629 % | |
| Cash Conversion Cycle Days YoY | -9.071 % | |
| Cash Conversion Cycle Days IPRWA | high: 242.817 BELFB: 160.876 mean: 94.579 median: 82.542 low: 17.159 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.655 | |
| CapEx To Revenue | -0.015 | |
| CapEx To Depreciation | -0.399 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 643.4 M | |
| Net Invested Capital | $ 643.4 M | |
| Invested Capital | $ 643.4 M | |
| Net Tangible Assets | $ -11.00 K | |
| Net Working Capital | $ 272.4 M | |
| LIQUIDITY | ||
| Cash Ratio | 0.477 | |
| Current Ratio | 3.184 | |
| Current Ratio QoQ | 5.452 % | |
| Current Ratio YoY | -3.88 % | |
| Current Ratio IPRWA | high: 4.017 BELFB: 3.184 mean: 1.898 median: 1.714 low: 1.259 |
|
| Quick Ratio | 1.731 | |
| Quick Ratio QoQ | 1.423 % | |
| Quick Ratio YoY | -5.442 % | |
| Quick Ratio IPRWA | high: 4.507 BELFB: 1.731 mean: 1.396 median: 1.259 low: 0.54 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 8.393 | |
| Cost Of Debt | 0.851 % | |
| Interest Coverage Ratio | 8.032 | |
| Interest Coverage Ratio QoQ | 90.641 % | |
| Interest Coverage Ratio YoY | 19.378 % | |
| Interest Coverage Ratio IPRWA | high: 69.571 mean: 13.384 median: 8.916 BELFB: 8.032 low: -0.989 |
|
| Operating Cash Flow Ratio | 0.132 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 50.075 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | 13.546 | |
| Dividend Payout Ratio | 0.074 | |
| Dividend Rate | $ 0.07 | |
| Dividend Yield | 0.0 | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 1.788 % | |
| Revenue Growth | 1.451 % | |
| Revenue Growth QoQ | -185.353 % | |
| Revenue Growth YoY | -8.57 % | |
| Revenue Growth IPRWA | high: 18.343 % median: 12.755 % mean: 11.024 % BELFB: 1.451 % low: -20.668 % |
|
| Earnings Growth | -8.586 % | |
| Earnings Growth QoQ | -162.249 % | |
| Earnings Growth YoY | -27.021 % | |
| Earnings Growth IPRWA | high: 40.952 % median: 7.732 % mean: 5.436 % BELFB: -8.586 % low: -186.111 % |
|
| MARGINS | ||
| Gross Margin | 38.992 % | |
| Gross Margin QoQ | -1.116 % | |
| Gross Margin YoY | 0.921 % | |
| Gross Margin IPRWA | high: 88.694 % BELFB: 38.992 % median: 36.748 % mean: 36.044 % low: 10.222 % |
|
| EBIT Margin | 11.385 % | |
| EBIT Margin QoQ | 59.745 % | |
| EBIT Margin YoY | -37.96 % | |
| EBIT Margin IPRWA | high: 29.1 % median: 20.531 % mean: 17.662 % BELFB: 11.385 % low: -15.279 % |
|
| Return On Sales (ROS) | 13.648 % | |
| Return On Sales QoQ | -16.572 % | |
| Return On Sales YoY | -25.628 % | |
| Return On Sales IPRWA | high: 29.1 % median: 20.489 % mean: 18.389 % BELFB: 13.648 % low: -15.279 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 11.2 M | |
| Free Cash Flow Yield | 0.398 % | |
| Free Cash Flow Yield QoQ | -63.553 % | |
| Free Cash Flow Yield YoY | -29.806 % | |
| Free Cash Flow Yield IPRWA | high: 1.908 % median: 0.483 % mean: 0.463 % BELFB: 0.398 % low: -1.326 % |
|
| Free Cash Growth | -57.218 % | |
| Free Cash Growth QoQ | -299.637 % | |
| Free Cash Growth YoY | -138.122 % | |
| Free Cash Growth IPRWA | high: 117.647 % mean: -28.244 % median: -43.487 % BELFB: -57.218 % low: -299.432 % |
|
| Free Cash To Net Income | 0.983 | |
| Cash Flow Margin | 9.226 % | |
| Cash Flow To Earnings | 1.447 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | 1.206 % | |
| Return On Assets QoQ | -309.012 % | |
| Return On Assets YoY | -36.224 % | |
| Return On Assets IPRWA | high: 3.695 % mean: 2.428 % median: 2.381 % BELFB: 1.206 % low: -2.582 % |
|
| Return On Capital Employed (ROCE) | 2.457 % | |
| Return On Equity (ROE) | 0.026 | |
| Return On Equity QoQ | -302.342 % | |
| Return On Equity YoY | -45.34 % | |
| Return On Equity IPRWA | high: 0.101 median: 0.067 mean: 0.059 BELFB: 0.026 low: -0.035 |
|
| DuPont ROE | 2.633 % | |
| Return On Invested Capital (ROIC) | 2.66 % | |
| Return On Invested Capital QoQ | 96.165 % | |
| Return On Invested Capital YoY | -18.179 % | |
| Return On Invested Capital IPRWA | high: 7.857 % mean: 3.585 % median: 3.398 % BELFB: 2.66 % low: -3.833 % |
|