# Belden (BDC.US)

Canonical: https://gigainvestors.com/s/BDC

Analysis as of: 2026-10-16T07:26:51.606Z. Financial observations: FY1996–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

A wonderful business at too high a price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $104.22 per share; close as of 2026-10-15.

Estimated value: low $77.55 per share, central $87.22 per share, high $100.08 per share. Buy at or below the central value $87.22 per share. Valuation as of 2026-10-16T07:26:51.606Z; scenarios are not confidence intervals.

Expected annual return: 8.7% at the stated quote. About 8.7% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: pass

- 5 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 5

- Years with a net loss: 2

- Operating margin variation: 0.15×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.11×

- FY2018: 0.14×

- FY2019: 0.10×

- FY2020: 0.09×

- FY2021: 0.11×

- FY2022: 0.14×

- FY2023: 0.13×

- FY2024: 0.11×

- FY2025: 0.12×

- LTM to Jun 2026: 0.13×

### moat: pass

- ROIC, median of available years: 21.2%

- ROIC, second-lowest year: 18.3%

- Typical minus recent gross margin: 0.4 pp

- Typical gross margin (annual median): 36.9%

- Recent gross margin (lower of latest and 3-year median): 36.5%

- Years with nonpositive capital: 0

- Capital spending / revenue: 4.8%

- ROIC including acquisitions, ten-year median: 8.4%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 19.0%

- FY2018: 18.7%

- FY2019: 18.3%

- FY2020: 10.7%

- FY2021: 22.4%

- FY2022: 36.9%

- FY2023: 28.1%

- FY2024: 20.0%

- FY2025: 23.8%

- LTM to Jun 2026: 23.0%

### economics: pass

- Owner earnings / net income, 5-yr: 0.97×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $967M

- Net income, five-year total: $997M

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: 0.3 pp

- Working capital / revenue, change between three-year averages: 1.7 pp

- Working capital / revenue, final three-year average: 17.9%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.00×

- FY2022: 1.00×

- FY2023: 0.93×

- FY2024: 0.93×

- FY2025: 1.00×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 19.0% vs 23.8%

- Per-share earnings: 2.19 to 5.66 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.7%

- Ordinary dilution, 5-year annual growth: -2.2%

- Market cap gain: $1.4B

- Cumulative retained earnings: $622M

- Diluted shares, 10-year annual growth: -0.7%

- Diluted shares, 5-year annual growth: -2.2%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 12.6%

- Per-share value change: $3.48

- Per-share value, starting three-year median: $2.19

- Per-share value, ending three-year median: $5.66

- Buybacks concentrated in cheaper years (correlation): 0.82

- Average buyback yield: 4.0%

- Buyback history: 9 years

- Debt-funded buybacks: No

- Acquisition spending: $445M

- Cumulative net income, 10 years: $947M

- ROIC, first three-year median: 19.0%

- ROIC, last three-year median: 23.8%

Chart: Earnings per share; fiscal year observations.

- FY2016: $3.01

- FY2017: $2.19

- FY2018: $3.93

- FY2019: -$8.89

- FY2020: -$1.23

- FY2021: $1.41

- FY2022: $5.72

- FY2023: $5.66

- FY2024: $4.80

- FY2025: $5.91

### accounting: pass

- Sloan accruals: -3.3%

- Receivables to sales index (DSRI): 1.02×

- Restructuring years, last five: 1

- Stock compensation / operating cash flow: 8.5%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.49×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.14×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -4.9%

- FY2017: -4.2%

- FY2018: -3.4%

- FY2019: -19.2%

- FY2020: -7.3%

- FY2021: -6.1%

- FY2022: -0.8%

- FY2023: -2.4%

- FY2024: -4.6%

- FY2025: -3.3%

## Holders

- [Matthew McLennan](https://gigainvestors.com/FE): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 27% since Feb 2026 · "•Lower sales volume resulted in a $141.3 million decrease in revenues." (SEC filing, Feb 2026) · sales +5.5%

Story as of 2026-10-16T09:58:22.945Z; price observation 2026-10-15.

Price needs cash profits to grow 3.3% a year for ten years

- 2025-10-30: Belden signals Physical AI growth and targets $690M-$700M Q4 revenue with 4%-5% increase ([seekingalpha.com](https://seekingalpha.com/news/4511651-belden-signals-physical-ai-growth-and-targets-690m-700m-q4-revenue-with-4-percentminus-5?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

### Sales · FY2025–2026

sales +5.5%; source https://www.sec.gov/Archives/edgar/data/913142/000091314226000009/bdc-20251231.htm; observed 2026-02-17.

- FY2017: $2.1B 

- FY2018: $2.2B 

- FY2019: $2.1B 

- FY2020: $1.8B 

- FY2021: $2.3B 

- FY2022: $2.6B 

- FY2023: $2.5B 

- FY2024: $2.5B 

- FY2025: $2.7B 

- FY2026: $2.9B 

### Gross margin · FY2026

gross margin 36.5%; source https://www.sec.gov/Archives/edgar/data/913142/000091314226000009/bdc-20251231.htm; observed 2026-02-17.

- FY2017: 38.4% 

- FY2018: 38.3% 

- FY2019: 37.2% 

- FY2020: 32.9% 

- FY2021: 33.5% 

- FY2022: 35.2% 

- FY2023: 38.0% 

- FY2024: 37.5% 

- FY2025: 36.0% 

- FY2026: 36.5% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in communication equipment; annual sales are USD 2.7 billion.

- Source: https://www.sec.gov/Archives/edgar/data/913142/000091314226000009/bdc-20251231.htm (filed 2026-02-17); FY2025: revenue 2715194000; grossProfit 978238000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); BDC.US: Belden Inc. provides connection solutions to bring data infrastructure into alignment to unlock new possibilities for its customers. The company provides copper cable and connectivity solutions, fiber cable and connectivity solutions, interconnect panels, racks and enclosures, and signal extension and matrix switching systems for use in local area networks, data centers, access control, 5G, fiber to the home, and building automation applications. It also provides power, cooling, and airflow management products for mission-critical data center operations; and end-to-end fiber and copper network systems. It also serves commercial real estate, education, financial institutions, stadiums and venues, military installations, and broadband and wireless service providers, as well as data centers, government, healthcare, and hospitality sectors. In addition, the company offers network digitization and automation solutions; and products and solutions covering various aspects of data handling, including acquisition, transmission, orchestration, and management for applications in discrete automation, process automation, energy, and mass transit. It sells its products to distributors, end-users, installers, and original equipment manufacturers (OEMs). It operates in the Americas, Europe, the Middle East, Africa, and the Asia-Pacific. The company was formerly known as Belden CDT Inc. and changed its name to Belden Inc. in May 2007. Belden Inc. was founded in 1902 and is headquartered in Saint Louis, Missouri.

### Why customers stay

Margins ranged from 36% to 38% during 2023–25; it earns 21.2% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2023: grossProfit / revenue = 38%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2024: grossProfit / revenue = 37.5%.

- Source: https://www.sec.gov/Archives/edgar/data/913142/000091314226000009/bdc-20251231.htm (filed 2026-02-17); FY2025: grossProfit / revenue = 36%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); 10-year return on capital observations [[2017,0.1895616587953426],[2018,0.1865416852538192],[2019,0.1826626236140461],[2020,0.10686732115099722],[2021,0.224293972709009],[2022,0.36912923998949426],[2023,0.28075227338321884],[2024,0.20047010853676062],[2025,0.2381026174707936],[2026,0.23006802173615304]]; median 0.2123820406228848. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

"•Copper pass-through pricing contributed $36.7 million in revenues." (SEC filing, Feb 2026)

- Source: https://www.sec.gov/Archives/edgar/data/913142/000091314226000009/bdc-20251231.htm (filed 2026-02-17); •Copper pass-through pricing contributed $36.7 million in revenues.

### Where the cash goes

Spends 2.8% of cash earnings on expansion; paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2016: growth capex 0; upkeep 53974000; owner earnings 219622000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2017: growth capex 0; upkeep 64261000; owner earnings 178599000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2018: growth capex 0; upkeep 97847000; owner earnings 211679000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2021: growth capex 6644000; upkeep 87988000; owner earnings 63925000. Growth capex / owner earnings = 0.10393429800547517.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2022: growth capex 16356000; upkeep 88738000; owner earnings 254663000. Growth capex / owner earnings = 0.06422605561074832.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2023: growth capex 0; upkeep 116731000; owner earnings 225474000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2024: growth capex 0; upkeep 129100000; owner earnings 185074000. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/913142/000091314226000009/bdc-20251231.htm (filed 2026-02-17); FY2025: growth capex 6739000; upkeep 129433000; owner earnings 237522000. Growth capex / owner earnings = 0.028372108688879346.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); Dividend observations: [[2016,16079000],[2017,43376000],[2018,43169000],[2019,34439000],[2020,9029000],[2021,9056000],[2022,8949000],[2023,8498000],[2024,8195000],[2025,7966000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/913142/000091314226000009/bdc-20251231.htm (filed 2026-02-17); FY2025: cash repurchases 216404000 USD.

### Are managers owners

Insiders own 1.6% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); BDC.US SharesStats.PercentInsiders = 1.5599999999999998 percentage points; cache date 2026-10-16.

### What could break it

US import tariffs could raise product costs.

- Source: https://www.sec.gov/Archives/edgar/data/913142/000091314226000009/bdc-20251231.htm (filed 2026-02-17); ession of “personally identifiable information” (“PII”) with respect to employees, vendors, customers, and others. Based upon a past incident, we have implemented safeguards to protect the privacy of PII as it is possible that hackers or others might obtain this information. We may be subject to potentially costly remedial actions, fines, penalties, lawsuits, and reputational damage in the event of a future incident.

Volatility in global trade policies and practices could have direct and indirect impacts on our business.

Throughout 2025, the United States government issued orders increasing tariffs on imports from nearly every country in the world on certain products. In some cases, this has led to negotiations of new trade deals and in others, it has resulted in reciprocal tariffs on U.S. exports. Because not all goods can be sourced in all countries, global companies like Belden will experience increased costs in their supply chains that may lead to reduced margins or increased prices. These increased costs and the uncertainty during transition periods could lead to changes in buying behavior, such as decreased demand. These impacts could have a negative effect on our financial results, including our revenue, gross margins, and profitability.

Supply chain issues, including scarcity of raw materials or other components necessary to produce the products we manufacture, could increase costs or cause a delay in our ability to fulfill orders, and could adversely affect our future results of operations and our overall financial performance.

The Company relies on an extended supply chain and the availability of certain raw materials, including but not limited to copper, to produce a significant amount of our products. A reduction or interruption in supply, an inability to procure quality raw materials in a cost-effective manner and constrain volatile materials costs, a failure to monitor contract compliance to ensure and sustain sourcing savings, a failure to procure adequate inventory or raw materials from our suppliers, or regulatory changes may lead to delays in manufacturing and increases in costs.

Many components, including those that are available from multiple sources, are at times subject to industry-wide shortages that could materially adversely affect the Company’s financial condition and operating results. While the Company has entered into agreements for the supply of many components, there can be no assurance that the Company will be able to extend or renew these agreements on similar terms, or at all. Component suppliers may suffer from poor financial conditions, which can lead to business failure for the supplier or consolidation within a particular industry, further limiting the Company’s ability to obtain sufficient quantities of components on commercially reasonable terms. Restrictions on the free movement of goods, like tariffs o

### What the price says

The price assumes cash profits grow 3.3% yearly over ten years; actual growth was 4.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); Ten-year compound average after fade. Initial solved rate 0.034496003838554584. Price 104.22; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 3.761716294554513 → FY2025 5.90703805023626. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $64.81 per share

- 2016-11: $73.90 per share

- 2016-12: $74.77 per share

- 2017-01: $76.47 per share

- 2017-02: $70.65 per share

- 2017-03: $69.19 per share

- 2017-04: $69.70 per share

- 2017-05: $71.00 per share

- 2017-06: $75.43 per share

- 2017-07: $71.94 per share

- 2017-08: $77.07 per share

- 2017-09: $80.53 per share

- 2017-10: $79.91 per share

- 2017-11: $84.69 per share

- 2017-12: $77.17 per share

- 2018-01: $84.77 per share

- 2018-02: $72.73 per share

- 2018-03: $68.94 per share

- 2018-04: $61.60 per share

- 2018-05: $55.26 per share

- 2018-06: $61.12 per share

- 2018-07: $64.75 per share

- 2018-08: $72.72 per share

- 2018-09: $71.41 per share

- 2018-10: $54.05 per share

- 2018-11: $55.78 per share

- 2018-12: $41.77 per share

- 2019-01: $53.61 per share

- 2019-02: $61.79 per share

- 2019-03: $53.70 per share

- 2019-04: $55.55 per share

- 2019-05: $51.20 per share

- 2019-06: $59.57 per share

- 2019-07: $45.46 per share

- 2019-08: $45.61 per share

- 2019-09: $53.34 per share

- 2019-10: $51.28 per share

- 2019-11: $53.74 per share

- 2019-12: $55.00 per share

- 2020-01: $49.27 per share

- 2020-02: $39.93 per share

- 2020-03: $36.08 per share

- 2020-04: $34.19 per share

- 2020-05: $34.04 per share

- 2020-06: $32.55 per share

- 2020-07: $31.60 per share

- 2020-08: $33.68 per share

- 2020-09: $31.12 per share

- 2020-10: $30.88 per share

- 2020-11: $38.48 per share

- 2020-12: $41.90 per share

- 2021-01: $47.24 per share

- 2021-02: $44.21 per share

- 2021-03: $44.37 per share

- 2021-04: $43.28 per share

- 2021-05: $50.60 per share

- 2021-06: $50.57 per share

- 2021-07: $49.00 per share

- 2021-08: $57.25 per share

- 2021-09: $58.26 per share

- 2021-10: $60.21 per share

- 2021-11: $61.67 per share

- 2021-12: $65.73 per share

- 2022-01: $55.95 per share

- 2022-02: $56.35 per share

- 2022-03: $55.40 per share

- 2022-04: $51.63 per share

- 2022-05: $57.58 per share

- 2022-06: $53.27 per share

- 2022-07: $64.72 per share

- 2022-08: $65.48 per share

- 2022-09: $60.02 per share

- 2022-10: $69.63 per share

- 2022-11: $80.44 per share

- 2022-12: $71.90 per share

- 2023-01: $81.09 per share

- 2023-02: $84.38 per share

- 2023-03: $86.77 per share

- 2023-04: $78.89 per share

- 2023-05: $87.49 per share

- 2023-06: $95.65 per share

- 2023-07: $96.64 per share

- 2023-08: $93.90 per share

- 2023-09: $96.55 per share

- 2023-10: $70.90 per share

- 2023-11: $66.44 per share

- 2023-12: $77.25 per share

- 2024-01: $74.18 per share

- 2024-02: $85.18 per share

- 2024-03: $92.61 per share

- 2024-04: $81.27 per share

- 2024-05: $95.69 per share

- 2024-06: $93.80 per share

- 2024-07: $92.69 per share

- 2024-08: $107.28 per share

- 2024-09: $117.13 per share

- 2024-10: $113.87 per share

- 2024-11: $122.40 per share

- 2024-12: $112.61 per share

- 2025-01: $116.47 per share

- 2025-02: $110.03 per share

- 2025-03: $100.25 per share

- 2025-04: $103.11 per share

- 2025-05: $106.20 per share

- 2025-06: $115.80 per share

- 2025-07: $123.65 per share

- 2025-08: $130.20 per share

- 2025-09: $120.27 per share

- 2025-10: $121.85 per share

- 2025-11: $113.40 per share

- 2025-12: $116.55 per share

- 2026-01: $117.51 per share

- 2026-02: $143.30 per share

- 2026-03: $114.83 per share

- 2026-04: $112.48 per share

- 2026-05: $105.08 per share

- 2026-06: $119.91 per share

- 2026-07: $124.05 per share

- 2026-08: $114.46 per share

- 2026-09: $107.93 per share

- 2026-10: $104.22 per share

## Annual estimated value (USD per share)

- FY2016: low $64.91 per share, central $71.26 per share, high $79.72 per share

- FY2017: low $52.91 per share, central $58.53 per share, high $66.01 per share

- FY2018: low $58.67 per share, central $65.49 per share, high $74.57 per share

- FY2019: low $55.60 per share, central $62.08 per share, high $70.70 per share

- FY2020: low $46.86 per share, central $51.89 per share, high $58.58 per share

- FY2021: low $28.53 per share, central $30.66 per share, high $33.48 per share

- FY2022: low $32.04 per share, central $34.49 per share, high $37.75 per share

- FY2023: low $30.55 per share, central $33.01 per share, high $36.27 per share

- FY2024: low $56.76 per share, central $63.51 per share, high $72.50 per share

- FY2025: low $72.91 per share, central $81.81 per share, high $93.66 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/913142/000091314226000009/bdc-20251231.htm); period 2025-12-31, filed 2026-02-17.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.