Short answer
BEL FUSE INC /NJ (BELFB) filed its fiscal 2025 10-K annual report with the SEC on Feb 24, 2026. It reported revenue of $675M (+26.3% year over year) and net income of $62M.
- Top risk flagged: Regulatory/legal risk: $13.1M impairment charge in Q4-25 for innolectric investment due to insolvency and cessation of majority owner financial support
FY2025 key financial metrics · XBRL
- Revenue
- $675M
- +26.3% YoY
- Net income
- $62M
- +50.2% YoY
- Operating margin
- 16.4%
- +4.4 pp YoY
- Gross margin
- 39.1%
- +1.3 pp YoY
- ROE
- 14.5%
- +3.1 pp YoY
- Operating cash flow
- $81M
- +8.8% YoY
Source: XBRL data from the BEL FUSE INC /NJ (BELFB) FY2025 10-K on SEC EDGAR. USD.
BEL FUSE INC /NJ FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: designs, manufactures, markets electronic circuit power, protection, and connectivity products for diverse industries
- No new products, services, or segments explicitly introduced or emphasized this year
- Strategic focus on technical innovation and cost-effective new product development with world-class engineering partners
- Operations span North America, Europe/Middle East (EMEA), Asia across multiple facilities under two operating segments
- Over 75 years in business demonstrating long-term global presence and trusted supplier status
Management Discussion & Analysis
- Revenue $675.5M in 2025, up 26.3% YoY from $534.8M in 2024; Power Solutions up $111.3M (45.3%) with $136.6M from Enercon acquisition
- Gross margin 39.1% in 2025 vs 37.8% in 2024; Power Solutions margin 42.7% vs 42.4%, Connectivity 38.7% vs 37.1%, Magnetic 27.6% vs 25.3%
- Best segment: Power Solutions $356.8M sales (+45.3%), margin 42.7%; Worst segment: Magnetic $86.4M sales (+25.4%) but lowest margin 27.6%
- Cash flow: No direct cash flow data; restructuring charges $2.4M in 2025; $5.7M gain on property sales; interest expense $14.8M (up from $4.1M); no buybacks or dividends disclosed
- Outlook/risks: Supply chain impacted by rising commodity prices, tariffs, labor cost increases; $13.1M impairment on minority investment; uncertainties from U.S. tariff legal rulings
Risk Factors
- Regulatory/legal risk: $13.1M impairment charge in Q4-25 for innolectric investment due to insolvency and cessation of majority owner financial support
- Geopolitical/macro risk: PRC labor shortages affected by government and social policies could force higher-cost manufacturing relocation, materially hurting margins
- Operational risk: Supply chain constrained by limited suppliers and trade restrictions, potentially causing component shortages, increased costs, and production disruption
- Competitive risk: Industry consolidation with larger competitors possessing superior financial and technological resources threatens market position
- Financial/structural risk: Integration risks and revenue timing uncertainty from Enercon acquisition, with potential disruption if remaining 20% stake not acquired by early 2027
Generated from the filing text; verify against the original. How to read a 10-K
Ask about this 10-K
Compare years, dig into a risk factor or check the numbers against insider trades and fund holders.