BDCBELDEN INC.

Drawing & Insulating Of Nonferrous Wire

Revenue: $2.7B; 10% YoY
Operating margin: 11.6%; 7.4% YoY
EBITDA: $445M; 16% YoY
Market cap: $4.1B
Employees: 8,000; $339K revenue each
Net debt / EBITDA: 6.0×; $2.7B net debt
AI in 10-K: 3.6; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 0 of 7

TSR below peersNo
2 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
149% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
9% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
34% of assets
Over 40% of assets
Shareholder dissentNo
99% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeYes
$339K · 17th pct
Bottom quartile of its SIC industry
Quiet on AINo
3.6 per 10K words · 75th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
6.0× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$4.1B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$3M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$2.3B	$2.6B	$2.5B	$2.5B	$2.7B	10%
Operating income	$264M	$363M	$318M	$266M	$316M	18%
Net income	$64M	$255M	$243M	$198M	$238M	20%
Operating cash flow	$272M	$281M	$320M	$352M	$355M	0.8%
Capex	$91M	$105M	$117M	$129M	$136M	5.5%
Stock-based comp	$25M	$24M	$21M	$28M	$30M	9.0%
Dividends	$9M	$9M	$8M	$8M	$8M	2.8%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $3M · 11
Net: −$3M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	—	—	282	190
FY2024	—	—	208	180
FY2023	—	—	143	154
FY2022	—	—	132	128
FY2021	—	—	121	136