BELFBBEL FUSE INC /NJ

Electronic Coils, Transformers & Other Inductors

Revenue: $675M; 26% YoY
Operating margin: 16.4%; 37% YoY
EBITDA: $138M; 70% YoY
Market cap: $514M
Employees: 212; $3M revenue each
Net debt / EBITDA: -0.8×; −$109M net debt
AI in 10-K: 0.7; mentions per 10K words

Takeover score 5 of 13

Fixable underperformance 1 of 7

TSR below peersNo
1 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
109% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
4% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
17% of assets
Over 40% of assets
Shareholder dissentYes
74% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeNo
$3M · 96th pct
Bottom quartile of its SIC industry
Quiet on AINo
0.7 per 10K words · 27th pct
Bottom quartile of AI mentions in 10-Ks
Net cashYes
Net cash · 0.8× EBITDA
More cash than debt, positive EBITDA
Buyout-sizedYes
$514M market cap
Market cap $500M–$5B

Catalysts 2 of 2

Active 13DYes
2 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$18M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$543M	$654M	$640M	$535M	$675M	26%
Operating income	$31M	$65M	$88M	$64M	$111M	73%
Net income	$25M	$53M	$74M	$49M	$74M	51%
Operating cash flow	$5M	$40M	$108M	$74M	$81M	8.8%
Capex	$9M	$9M	$12M	$14M	$12M	15%
Stock-based comp	$2M	$2M	$3M	$4M	$7M	82%
Buybacks	$0	$349K	$105K	$16M	$0	100%
Dividends	$3M	$3M	$3M	$3M	$3M	0.3%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Jan 28, 2026	GAMCO INVESTORS, INC. ET AL	SCHEDULE 13D/A	5.8%	Passive
Dec 9, 2025	GAMCO INVESTORS, INC. ET AL	SCHEDULE 13D/A	7.5%	Active
Sep 5, 2025	Bennett Christopher Finch	SCHEDULE 13D/A	3.6%	Passive
Aug 29, 2025	Bennett Christopher Finch	SCHEDULE 13D/A	5.1%	Passive
Aug 4, 2025	GAMCO INVESTORS, INC. ET AL	SCHEDULE 13D/A	6.8%	Active
Feb 20, 2025	GAMCO INVESTORS, INC. ET AL	SCHEDULE 13D/A	7.3%	Passive
Nov 15, 2024	GAMCO INVESTORS, INC. ET AL	SC 13D/A	8.3%	Passive
Nov 7, 2024	GAMCO INVESTORS, INC. ET AL	SC 13D/A	9.7%	Passive
Oct 17, 2024	GAMCO INVESTORS, INC. ET AL	SC 13D/A	6.5%	Passive
Oct 7, 2024	GAMCO INVESTORS, INC. ET AL	SC 13D/A	12.6%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $18M · 37
Net: −$18M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	—	—	1185	395
FY2024	—	—	574	129
FY2023	—	—	463	77
FY2022	—	—	227	43
FY2021	—	—	88	88