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Maker of specialty cables, connectivity and networking products for industrial automation, broadcast and enterprise IT.
Maker of specialty cables, connectivity and networking products for industrial automation, broadcast and enterprise IT.
Sells mostly through distributors and installers, with a specified part, such as a cable or switch designed into a machine, broadcast studio or building, kept for the system's life. Industrial networking under the Hirschmann name is a key piece, and it has shed its broadcast equipment and security software businesses to focus on connectivity.
Moat: narrow (switching costs, brand, installed base). Products are specified into industrial and broadcast systems where requalification is costly.
Headquarters: St. Louis, Missouri, US · Founded: 1902 · Employees: 8,000
Size Belden (BDC) is a United States Information Technology company (Electrical Products) with a market value of $3.83B, the 1376th largest of 3,117 United States companies the cockpit tracks. Shares closed at $97.83 on 6 Nov 2026.
Performance Over six months the shares fell 12.9%, against -36.9% for the median peer and -1.1% for the United States market (cap-weighted) — highest of 9 in its peer set.
Growth Revenue grew 17.7% over the last twelve months (peer median +83.1%); the operating margin is 11.8% (peer median 12.6%).
Valuation It trades at 10.2× forward earnings against a peer median of 18.8× (2nd cheapest of 6).
Price implies For today's price to make sense, revenue must grow about 10% a year for seven years (Req g). Recent delivered growth is +8%, so the hurdle is +2 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 1.3 points below its cost of capital (8.3% WACC).
Credit Belden has 3 bonds outstanding ($1.23B), rated B+ by the agencies and trading like BB at a weighted spread of 184 bp.
Short interest Short interest is 9.4% of the free float (15 Oct 2026).
Next results Next results expected around 10 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $3.13B | $2.72B | $2.46B | $2.51B | $2.61B |
| Revenue growth | — | +10% | -2% | -4% | — |
| Gross profit | $1.06B | $978M | $875M | $916M | $888M |
| EBITDA | $552M | $461M | $404M | $430M | $438M |
| Net income | $176M | $238M | $198M | $243M | $264M |
| Free cash flow | $229M | $219M | $223M | $203M | $176M |
| Capital expenditure | $172M | $136M | $129M | $117M | $105M |
| Total debt | $3.19B | $1.41B | $1.26B | $1.30B | $1.24B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Belden BDC | $3.83B | -13% | +18% | 12% | 10.2× | 10.3% |
| Amphenol APH | $184B | +21% | +58% | 29% | 21.6× | 15.7% |
| TE Connectivity TEL | $59.5B | +1% | +15% | 22% | 15.1× | 8.2% |
| Corning GLW | $91.4B | -43% | +19% | 17% | 25.4× | 24.7% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | BDC | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -9.4% | -31.4% | 2nd highest of 10 |
| 6-month return | -12.9% | -36.9% | highest of 9 |
| Distance from 52-week high | -38.9% | -64.3% | highest of 10 |
| Revenue growth (TTM) | +17.7% | +83.1% | 3rd lowest of 9 |
| Operating margin | 11.8% | 12.6% | 4th lowest of 9 |
| Forward P/E | 10.2× | 18.8× | 2nd cheapest of 6 |
| Growth the price implies (Req g, 7 yrs) | 10.3% | 11.4% | 3rd least demanding of 6 |
| Growth delivered (Del g) | +7.8% | +11.6% | 2nd lowest of 6 |
| Hurdle (Req g minus delivered) | +2.5 pp | +5.0 pp | 3rd least demanding of 6 |
| ROIC minus cost of capital | -1.3 pp | -3.6 pp | 5th highest of 10 |
| EV / EBITDA | 12.0× | 22.4× | 2nd cheapest of 5 |
| Net debt / EBITDA | 5.1× | -0.1× | most indebted of 5 |
| Bond spread | 184 bp | n/a | — |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Belden BDC | United States | $3.83B | -13% | +18% | 12% | 10.2× | 10.3% | +7.8% |
| Enphase Energy ENPH | United States | $3.77B | -22% | -20% | 13% | 27.0× | 18.7% | +13.7% |
| Xinyi Solar 0968.HK | Hong Kong | $2.48B | -32% | -25% | 13% | 62.7× | 0.7% | +12.9% |
| SolarEdge Technologies SEDG | United States | $1.69B | -33% | +26% | -6% | n/a | 11.4% | -4.1% |
| POET Technologies POET | United States | $877M | -54% | +266% | -3,625% | n/a | n/a | n/a |
| Yangtze Optical Fibre and Cable Joint Stock 6869.HK | Hong Kong | $17.6B | -63% | +77% | 34% | 7.4× | -8.4% | +10.8% |
| TE TE | United States | $707M | -62% | +427% | -17% | n/a | n/a | n/a |
| Elite Material 2383.TW | Taiwan | $41.4B | -19% | +89% | 26% | 15.8× | n/a | n/a |
| General Fusion GFUZ | United States | $332M | n/a | n/a | n/a | n/a | n/a | n/a |
| Lumentum LITE | United States | $48.9B | -40% | +103% | 23% | 18.8× | 41.7% | +11.6% |
Belden has 3 bonds outstanding with $1.23B face value. The agencies rate it B+; its bonds trade like BB. Weighted yield 4.85%, a spread of 184 bp over government bonds.