BELDEN INC. (BDC) FY2025 10-K Annual Report
BELDEN INC. (BDC) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 17, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
BELDEN INC. FY2025 10-K Analysis
Business Overview
- • Core business model: Global supplier of complete connection solutions via two segments—Smart Infrastructure Solutions and Automation Solutions
- • New emphasis on cybersecurity with 2024 acquisition of Voleatech GmbH adding VT AIR Next Gen Firewall to Automation Solutions
- • 2026 strategic shift to unified functional operating model, realigning organizational structure and executive roles
- • Workforce approximately 8,000 employees globally, with 26% in the US and 42% of sales from international markets in 2025
- • Backlog increased to $567.7 million at 2025 year-end vs $509.7 million in 2024, indicating growing demand
Management Discussion & Analysis
- • Revenue $2.72B, up 10.3% YoY from $2.46B in 2024; organic volume increase $154.1M, acquisitions $54.5M, copper pricing $36.7M
- • Operating income $315.7M, up 18.5% YoY from $266.5M; operating margin 11.6% vs 10.8% (calculated from operating income/revenue)
- • Best performing segment: Automation Solutions revenue $1.50B (+13.6%), EBITDA $313.4M (+16.2%), margin 21.0%; worst: Smart Infrastructure revenue $1.22B (+6.6%), EBITDA $147.9M (+5.6%), margin 12.1%
- • Net cash from operating activities $354.9M; capital expenditures $136.2M; share repurchases $195.6M; dividends paid $8.0M; revolver borrowings repaid $50.0M
- • Management targets mid-single-digit revenue growth, Adjusted EBITDA margin 25%-30%, free cash flow margin near 10%, net leverage ~1.5x, and 10%-12% adjusted EPS growth; key risks include currency fluctuations, commodity prices, inflation, and market competition
Risk Factors
- • Regulatory/legal risk: Compliance with U.S. tariffs on imports issued in 2025 increasing costs and reducing margins
- • Geopolitical/macroeconomic risk: 42% of sales outside U.S. exposed to currency fluctuations, especially euro, yuan, peso, rupee
- • Operational/supply chain vulnerability: Dependence on copper and components prone to industry-wide shortages and supplier financial failures
- • Competitive/market disruption risk: Need to successfully integrate AI to stay competitive amid fast-evolving product technology landscape
- • Financial/structural risk: Largest distributor accounted for ~14% of 2025 revenues; loss could cause temporary revenue and profit decline
BELDEN INC. FY2025 Key Financial MetricsXBRL
Revenue
$2.7B
▲ +10.3% YoY
Net Income
$238M
▲ +19.7% YoY
Gross Margin
38.0%
▲ +50bp YoY
Operating Margin
11.6%
▲ +80bp YoY
Net Margin
8.7%
▲ +68bp YoY
ROE
18.8%
▲ +346bp YoY
Total Assets
$3.5B
▲ +6.5% YoY
EPS (Diluted)
$5.91
▲ +23.1% YoY
Operating Cash Flow
$355M
▲ +0.8% YoY
Source: XBRL data from BELDEN INC. FY2025 10-K filing on SEC EDGAR. All figures in USD.
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