# Littelfuse (LFUS.US)

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

Analysis as of: 2026-10-16T07:29:48.700Z. Financial observations: FY1996–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $391.83 per share; close as of 2026-10-15.

Estimated value: low $170.65 per share, central $191.05 per share, high $218.21 per share. Buy at or below the central value $191.05 per share. Valuation as of 2026-10-16T07:29:48.700Z; scenarios are not confidence intervals.

Expected annual return: 6.1% at the stated quote. About 6.1% 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: fail

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

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 1

- Operating margin variation: 0.40×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.12×

- FY2017: 0.18×

- FY2018: 0.13×

- FY2019: 0.13×

- FY2020: 0.11×

- FY2021: 0.19×

- FY2022: 0.20×

- FY2023: 0.15×

- FY2024: 0.07×

- FY2025: 0.02×

### moat: fail

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 19.0%

- ROIC, second-lowest year: 7.5%

- Typical minus recent gross margin: 0.0 pp

- Typical gross margin (annual median): 38.0%

- Recent gross margin (lower of latest and 3-year median): 38.0%

- Years with nonpositive capital: 0

- Capital spending / revenue: 4.1%

- ROIC including acquisitions, ten-year median: 10.9%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 18.9%

- FY2017: 26.3%

- FY2018: 21.1%

- FY2019: 19.1%

- FY2020: 16.1%

- FY2021: 27.8%

- FY2022: 27.7%

- FY2023: 18.4%

- FY2024: 7.5%

- FY2025: 1.5%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 1.21×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $1.1B

- Net income, five-year total: $945M

- Return on incremental invested capital: -67.3%

- Working capital / revenue, annual change: 0.6 pp

- Working capital / revenue, change between three-year averages: 4.2 pp

- Working capital / revenue, final three-year average: 24.4%

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

- FY2021: 1.03×

- FY2022: 1.04×

- FY2023: 1.20×

- FY2024: 1.54×

- FY2025: 0.07×

### management: fail

- 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: 21.1% vs 7.5%

- Per-share earnings: 4.60 to 4.00 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- acquisition spending exceeds half of ten-year net income with low and deteriorating ROIC

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.9%

- Ordinary dilution, 5-year annual growth: 0.2%

- Market cap gain: $2.8B

- Cumulative retained earnings: $1.0B

- Diluted shares, 10-year annual growth: 0.9%

- Diluted shares, 5-year annual growth: 0.2%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -1.7%

- Per-share value change: -$0.60

- Per-share value, starting three-year median: $4.60

- Per-share value, ending three-year median: $4.00

- Buybacks concentrated in cheaper years (correlation): 0.43

- Average buyback yield: 0.9%

- Buyback history: 6 years

- Debt-funded buybacks: No

- Acquisition spending: $2.4B

- Cumulative net income, 10 years: $1.6B

- ROIC, first three-year median: 21.1%

- ROIC, last three-year median: 7.5%

Chart: Earnings per share; fiscal year observations.

- FY2016: $4.60

- FY2017: $5.21

- FY2018: $6.52

- FY2019: $5.60

- FY2020: $5.29

- FY2021: $11.38

- FY2022: $14.94

- FY2023: $10.34

- FY2024: $4.00

- FY2025: -$2.89

### accounting: pass

- restructuring or one-time charges in at least three of five years

- Sloan accruals: -12.8%

- Receivables to sales index (DSRI): 1.15×

- Restructuring years, last five: 5

- Stock compensation / operating cash flow: 6.3%

- Earnings backed by cash: Yes

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.74×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -5.1%

- FY2017: -8.6%

- FY2018: -6.4%

- FY2019: -4.2%

- FY2020: -4.7%

- FY2021: -2.8%

- FY2022: -1.2%

- FY2023: -5.0%

- FY2024: -6.9%

- FY2025: -12.8%

## Holders

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

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

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

- [C.T. Fitzpatrick](https://gigainvestors.com/VVP): tracked 13F investor; follow the investor page for holding quarter and amounts.

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

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

## Price story

Price needs cash profits to grow 10.8% a year for ten years · sales +8.9%

Story as of 2026-10-16T09:59:03.849Z; price observation 2026-10-15.

Price needs cash profits to grow 10.8% a year for ten years

- 2025-07-30: Littelfuse beats top-line and bottom-line estimates; initiates Q3 outlook ([seekingalpha.com](https://seekingalpha.com/news/4474162-littelfuse-beats-top-line-and-bottom-line-estimates-initiates-q3-outlook?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

- 2025-08-13: LFUS Q2 Deep Dive: Industrial and Data Center Momentum Fuel Guidance Upside ([finance.yahoo.com](https://finance.yahoo.com/news/lfus-q2-deep-dive-industrial-032135080.html))

- 2025-10-31: Littelfuse (LFUS): $111.9 Million One-Off Loss Pressures Margins, Challenges Turnaround Narratives ([finance.yahoo.com](https://finance.yahoo.com/news/littelfuse-lfus-111-9-million-042810034.html))

### Sales · FY2024–2025

sales +8.9%; source https://www.sec.gov/Archives/edgar/data/889331/000162828026009585/lfus-20251227.htm; observed 2026-02-19.

- FY2016: $1.1B 

- FY2017: $1.2B 

- FY2018: $1.7B 

- FY2019: $1.5B 

- FY2020: $1.4B 

- FY2021: $2.1B 

- FY2022: $2.5B 

- FY2023: $2.4B 

- FY2024: $2.2B 

- FY2025: $2.4B 

### Gross margin · FY2025

gross margin 38%; source https://www.sec.gov/Archives/edgar/data/889331/000162828026009585/lfus-20251227.htm; observed 2026-02-19.

- FY2016: 39.1% 

- FY2017: 41.5% 

- FY2018: 38.0% 

- FY2019: 36.3% 

- FY2020: 34.7% 

- FY2021: 37.1% 

- FY2022: 40.1% 

- FY2023: 38.1% 

- FY2024: 35.9% 

- FY2025: 38.0% 

## Owner memo

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

### How it makes money

Operates in electronic components; annual sales are USD 2.4 billion.

- Source: https://www.sec.gov/Archives/edgar/data/889331/000162828026009585/lfus-20251227.htm (filed 2026-02-19); FY2025: revenue 2386294000; grossProfit 906043000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); LFUS.US: Littelfuse, Inc. designs, manufactures, and sells electronic components, modules, and subassemblies. It operates through three segments: Electronics, Transportation, and Industrial. Its Electronics segment offers fuses and fuse accessories, coefficient resettable fuses, switches and interconnect solutions, polymer electrostatic discharge suppressors, varistors, reed switch based magnetic sensing, and gas discharge tubes; and discrete transient voltage suppressor diodes, TVS diode arrays, protection and switching thyristors, silicon and silicon carbide metal-oxide-semiconductor field effect transistors and diodes, and insulated gate bipolar transistors. This segment serves data center computing and communications infrastructure, industrial controls, building controls, aerospace and defense, appliances, consumer electronics solutions, healthcare solutions, industrial equipment, energy storage, diversified industrials, grid and utility infrastructure, passenger vehicles, and commercial vehicles. Its Transportation segment provides blade, resettable, high-current, and high-voltage fuses; battery cable protectors; circuit breakers, and power distribution modules; and sensor products. This segment serves heavy-duty truck and bus, construction, agriculture, off-road and recreational vehicles, material handling, passenger and commercial vehicles, and marine markets. Its Industrial segment offers industrial fuses, protection relays, contactors, transformers, residual current devices and monitors, ground fault circuit interrupters, arc fault detection devices, solid state switches, and temperature sensors for use in renewable energy and energy storage systems, electric vehicle infrastructure, HVAC systems, industrial safety, non-residential construction, MRO, mining, and factory automation applications. It sells its products through distributors, direct sales force, and manufacturers' representatives. The company was founded in 1927 and is headquartered in Rosemont, Illinois.

### Why customers stay

Margins ranged from 35.9% to 38.1% during 2023–25; it earns 19% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2023: grossProfit / revenue = 38.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2024: grossProfit / revenue = 35.9%.

- Source: https://www.sec.gov/Archives/edgar/data/889331/000162828026009585/lfus-20251227.htm (filed 2026-02-19); FY2025: grossProfit / revenue = 38%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); 10-year return on capital observations [[2016,0.18878308076521289],[2017,0.2630020442854445],[2018,0.21096508816679305],[2019,0.19068392155858493],[2020,0.16138175343879843],[2021,0.2782727061453059],[2022,0.27733505234916994],[2023,0.1840917689118455],[2024,0.07537393767569142],[2025,0.014900232239652752]]; median 0.1897335011618989. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back USD 27.6 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2016: growth capex 0; upkeep 46228000; cash acquisitions 471118000; owner earnings 111397000. Growth capex plus acquisitions / owner earnings = 4.229180319039112.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2017: growth capex 2914000; upkeep 63011000; cash acquisitions 38512000; owner earnings 119519000. Growth capex plus acquisitions / owner earnings = 0.34660597896568746.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2018: growth capex 0; upkeep 74753000; cash acquisitions 318474000; owner earnings 193005000. Growth capex plus acquisitions / owner earnings = 1.6500816041035207.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2019: growth capex 0; upkeep 61895000; cash acquisitions 775000; owner earnings 169690000. Growth capex plus acquisitions / owner earnings = 0.0045671518651658905.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2020: growth capex 0; upkeep 56191000; cash acquisitions 0; owner earnings 169973000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2021: growth capex 0; upkeep 90562000; cash acquisitions 423633000; owner earnings 291879000. Growth capex plus acquisitions / owner earnings = 1.4513993812504498.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2022: growth capex 0; upkeep 104341000; cash acquisitions 532670000; owner earnings 389671000. Growth capex plus acquisitions / owner earnings = 1.3669736777948578.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2023: growth capex 0; upkeep 86188000; cash acquisitions 198810000; owner earnings 310725000. Growth capex plus acquisitions / owner earnings = 0.6398262128892107.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2024: growth capex 0; upkeep 75877000; cash acquisitions 0; owner earnings 154765000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); Dividend observations: [[2016,27866000],[2017,31670000],[2018,39993000],[2019,44689000],[2020,46839000],[2021,49730000],[2022,55911000],[2023,62161000],[2024,67061000],[2025,71991000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/889331/000162828026009585/lfus-20251227.htm (filed 2026-02-19); FY2025: cash repurchases 27553000 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); LFUS.US SharesStats.PercentInsiders = 1.606 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 10.8% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); Ten-year compound average after fade. Initial solved rate 0.14221285847972853. Price 391.83; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 3.6298252563933273 → FY2025 -0.18829834387718097. Closing-price date 2026-10-15.

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

- 2016-10: $139.50 per share

- 2016-11: $145.79 per share

- 2016-12: $151.77 per share

- 2017-01: $157.71 per share

- 2017-02: $161.45 per share

- 2017-03: $159.91 per share

- 2017-04: $154.15 per share

- 2017-05: $161.95 per share

- 2017-06: $165.00 per share

- 2017-07: $180.18 per share

- 2017-08: $186.16 per share

- 2017-09: $195.88 per share

- 2017-10: $209.00 per share

- 2017-11: $202.90 per share

- 2017-12: $197.82 per share

- 2018-01: $217.34 per share

- 2018-02: $207.50 per share

- 2018-03: $208.18 per share

- 2018-04: $186.92 per share

- 2018-05: $217.05 per share

- 2018-06: $228.18 per share

- 2018-07: $216.82 per share

- 2018-08: $223.56 per share

- 2018-09: $197.89 per share

- 2018-10: $181.16 per share

- 2018-11: $191.35 per share

- 2018-12: $171.48 per share

- 2019-01: $175.72 per share

- 2019-02: $193.09 per share

- 2019-03: $182.48 per share

- 2019-04: $201.05 per share

- 2019-05: $163.21 per share

- 2019-06: $176.91 per share

- 2019-07: $168.96 per share

- 2019-08: $156.07 per share

- 2019-09: $177.31 per share

- 2019-10: $175.57 per share

- 2019-11: $181.41 per share

- 2019-12: $191.30 per share

- 2020-01: $176.91 per share

- 2020-02: $159.68 per share

- 2020-03: $133.42 per share

- 2020-04: $145.24 per share

- 2020-05: $162.49 per share

- 2020-06: $170.63 per share

- 2020-07: $177.65 per share

- 2020-08: $180.84 per share

- 2020-09: $177.34 per share

- 2020-10: $197.94 per share

- 2020-11: $240.53 per share

- 2020-12: $254.66 per share

- 2021-01: $243.37 per share

- 2021-02: $260.22 per share

- 2021-03: $264.44 per share

- 2021-04: $265.24 per share

- 2021-05: $261.24 per share

- 2021-06: $254.79 per share

- 2021-07: $265.99 per share

- 2021-08: $285.40 per share

- 2021-09: $273.27 per share

- 2021-10: $294.55 per share

- 2021-11: $298.48 per share

- 2021-12: $314.68 per share

- 2022-01: $269.97 per share

- 2022-02: $258.21 per share

- 2022-03: $249.41 per share

- 2022-04: $229.25 per share

- 2022-05: $270.20 per share

- 2022-06: $254.04 per share

- 2022-07: $278.87 per share

- 2022-08: $237.22 per share

- 2022-09: $198.69 per share

- 2022-10: $220.25 per share

- 2022-11: $246.50 per share

- 2022-12: $220.20 per share

- 2023-01: $256.69 per share

- 2023-02: $258.73 per share

- 2023-03: $268.09 per share

- 2023-04: $242.24 per share

- 2023-05: $256.04 per share

- 2023-06: $291.31 per share

- 2023-07: $304.60 per share

- 2023-08: $267.08 per share

- 2023-09: $247.32 per share

- 2023-10: $216.67 per share

- 2023-11: $232.80 per share

- 2023-12: $267.56 per share

- 2024-01: $241.90 per share

- 2024-02: $238.24 per share

- 2024-03: $242.35 per share

- 2024-04: $230.64 per share

- 2024-05: $256.60 per share

- 2024-06: $255.59 per share

- 2024-07: $267.11 per share

- 2024-08: $272.20 per share

- 2024-09: $265.25 per share

- 2024-10: $244.63 per share

- 2024-11: $246.67 per share

- 2024-12: $235.65 per share

- 2025-01: $238.36 per share

- 2025-02: $232.11 per share

- 2025-03: $196.74 per share

- 2025-04: $182.31 per share

- 2025-05: $205.06 per share

- 2025-06: $226.73 per share

- 2025-07: $257.33 per share

- 2025-08: $259.83 per share

- 2025-09: $259.01 per share

- 2025-10: $243.31 per share

- 2025-11: $256.02 per share

- 2025-12: $252.92 per share

- 2026-01: $323.76 per share

- 2026-02: $352.46 per share

- 2026-03: $339.35 per share

- 2026-04: $404.17 per share

- 2026-05: $466.87 per share

- 2026-06: $455.33 per share

- 2026-07: $442.13 per share

- 2026-08: $412.18 per share

- 2026-09: $423.74 per share

- 2026-10: $391.83 per share

## Annual estimated value (USD per share)

- FY2016: low $73.92 per share, central $86.42 per share, high $98.78 per share

- FY2017: low $84.43 per share, central $100.60 per share, high $114.43 per share

- FY2018: low $108.51 per share, central $137.46 per share, high $157.80 per share

- FY2019: low $101.86 per share, central $129.63 per share, high $148.36 per share

- FY2020: low $107.70 per share, central $130.60 per share, high $148.11 per share

- FY2021: low $134.32 per share, central $169.31 per share, high $195.02 per share

- FY2022: low $168.63 per share, central $214.87 per share, high $247.90 per share

- FY2023: low $169.96 per share, central $209.69 per share, high $241.49 per share

- FY2024: low $153.67 per share, central $171.89 per share, high $195.28 per share

- FY2025: low $159.01 per share, central $178.07 per share, high $203.44 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/889331/000162828026009585/lfus-20251227.htm); period 2025-12-27, filed 2026-02-19.

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.