Electronic system and device provider Bel Fuse (NASDAQ: BELFA) reported revenue ahead of Wall Street’s expectations in Q4 CY2025, with sales up 17.4% year on year to $175.9 million. On top of that, next quarter’s revenue guidance ($172.5 million at the midpoint) was surprisingly good and 6.3% above what analysts were expecting. Its non-GAAP profit of $1.98 per share was 80.8% above analysts’ consensus estimates.
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Bel Fuse (BELFA) Q4 CY2025 Highlights:
- Revenue: $175.9 million vs analyst estimates of $173.4 million (17.4% year-on-year growth, 1.5% beat)
- Adjusted EPS: $1.98 vs analyst estimates of $1.10 (80.8% beat)
- Adjusted EBITDA: $37.59 million vs analyst estimates of $34.13 million (21.4% margin, 10.1% beat)
- Revenue Guidance for Q1 CY2026 is $172.5 million at the midpoint, above analyst estimates of $162.3 million
- Operating Margin: 14.7%, down from 18.1% in the same quarter last year
- Free Cash Flow Margin: 14.9%, up from 1.4% in the same quarter last year
- Market Capitalization: $2.91 billion
"Bel delivered a strong fourth quarter, with sales and gross margin percentage at the high end of our guidance," said Farouq Tuweiq, President and CEO.
Company Overview
Founded by 26-year-old Elliot Bernstein during the electronics boom after WW2, Bel Fuse (NASDAQ: BELF.A) provides electronic systems and devices to the telecommunications, networking, transportation, and industrial sectors.
Revenue Growth
A company’s long-term sales performance can indicate its overall quality. Any business can experience short-term success, but top-performing ones enjoy sustained growth for years. Over the last five years, Bel Fuse grew its sales at a decent 7.7% compounded annual growth rate. Its growth was slightly above the average industrials company and shows its offerings resonate with customers.
We at StockStory place the most emphasis on long-term growth, but within industrials, a half-decade historical view may miss cycles, industry trends, or a company capitalizing on catalysts such as a new contract win or a successful product line. Bel Fuse’s recent performance shows its demand has slowed as its annualized revenue growth of 2.7% over the last two years was below its five-year trend. We’re wary when companies in the sector see decelerations in revenue growth, as it could signal changing consumer tastes aided by low switching costs. 
This quarter, Bel Fuse reported year-on-year revenue growth of 17.4%, and its $175.9 million of revenue exceeded Wall Street’s estimates by 1.5%. Company management is currently guiding for a 13.3% year-on-year increase in sales next quarter.
Looking further ahead, sell-side analysts expect revenue to grow 5.9% over the next 12 months. While this projection suggests its newer products and services will spur better top-line performance, it is still below the sector average.
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Operating Margin
Bel Fuse has been an efficient company over the last five years. It was one of the more profitable businesses in the industrials sector, boasting an average operating margin of 12.2%.
Looking at the trend in its profitability, Bel Fuse’s operating margin rose by 10.8 percentage points over the last five years, as its sales growth gave it immense operating leverage.
This quarter, Bel Fuse generated an operating margin profit margin of 14.7%, down 3.4 percentage points year on year. Conversely, its revenue and gross margin actually rose, so we can assume it was less efficient because its operating expenses like marketing, R&D, and administrative overhead grew faster than its revenue.
Earnings Per Share
Revenue trends explain a company’s historical growth, but the long-term change in earnings per share (EPS) points to the profitability of that growth – for example, a company could inflate its sales through excessive spending on advertising and promotions.
Bel Fuse’s EPS grew at an astounding 48.1% compounded annual growth rate over the last five years, higher than its 7.7% annualized revenue growth. This tells us the company became more profitable on a per-share basis as it expanded.
We can take a deeper look into Bel Fuse’s earnings to better understand the drivers of its performance. As we mentioned earlier, Bel Fuse’s operating margin declined this quarter but expanded by 10.8 percentage points over the last five years. Its share count also shrank by 14.4%, and these factors together are positive signs for shareholders because improving profitability and share buybacks turbocharge EPS growth relative to revenue growth. 
Like with revenue, we analyze EPS over a shorter period to see if we are missing a change in the business.
For Bel Fuse, its one-year annual EPS growth of 7.9% was lower than its five-year trend. We hope its growth can accelerate in the future.
In Q4, Bel Fuse reported adjusted EPS of $1.98, up from $1.45 in the same quarter last year. This print easily cleared analysts’ estimates, and shareholders should be content with the results. Over the next 12 months, Wall Street expects Bel Fuse’s full-year EPS of $6.49 to grow 3.9%.
Key Takeaways from Bel Fuse’s Q4 Results
It was good to see Bel Fuse beat analysts’ EPS expectations this quarter. We were also excited its EBITDA outperformed Wall Street’s estimates by a wide margin. Zooming out, we think this was a solid print. The stock remained flat at $214.21 immediately after reporting.
Is Bel Fuse an attractive investment opportunity right now? The latest quarter does matter, but not nearly as much as longer-term fundamentals and valuation, when deciding if the stock is a buy. We cover that in our actionable full research report which you can read here (it’s free).
