Bel Fuse Inc. (BELFA) Balance Sheet
BELFA balance sheet, 2025
December 31, 2025 · U.S. dollars$935.2M assets = $416.5M liabilities + $518.7M equity
Both columns are drawn to the same scale: what BELFA owns equals what it owes plus shareholders’ equity. Hover a block for its value.
BELFA financial health
Descriptive bands, not a rating. Fiscal 2025.
BELFA balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $426.7M2016 | $935.2M2025 | +9.1%/yr | |
| Total liabilities | $268.3M2016 | $416.5M2025 | +5.0%/yr | |
| Shareholders’ equity | $158.4M2016 | $425.5M2025 | +11.6%/yr | |
| Cash & short-term investments | $73.4M2016 | $57.8M2025 | −2.6%/yr | |
| Total debt | $141.2M2016 | $221.4M2025 | +5.1%/yr | |
| Net cash (debt) | −$67.8M2016 | −$163.6M2025 | −$95.8M | |
| Working capital | $163.1M2016 | $257.3M2025 | +$94.2M | |
| Current ratio | 2.772016 | 3.022025 | +0.25 | |
| Debt / equity | 0.892016 | 0.522025 | −0.37 |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
BELFA assets
BELFA liabilities and equity
BELFA debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
BELFA balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $57.8M | $69.2M | $126.9M | $70.3M | $61.8M | $84.9M | $72.3M | $53.9M | $69.4M | $73.4M |
| Cash & equivalents | $57.8M | $68.3M | $89.4M | $70.3M | $61.8M | $84.9M | $72.3M | $53.9M | $69.4M | $73.4M |
| Short-term investments | $0 | $950,000 | $37.5M | $0 | — | — | — | $0 | $0 | $0 |
| Receivables | $131.2M | $116.4M | $96.9M | $125.5M | $115.4M | $85.5M | $92.4M | $107.7M | $78.8M | $74.4M |
| Inventory | $167.3M | $161.4M | $136.5M | $172.5M | $139.4M | $100.1M | $107.3M | $120.1M | $107.7M | $98.9M |
| Other current assets | $28.5M | $26.6M | $21.1M | $13.2M | $12.5M | $9.6M | $11.2M | $8.8M | $10.2M | $8.7M |
| Total current assets | $384.8M | $373.5M | $381.5M | $381.4M | $329.0M | $280.2M | $283.2M | $290.5M | $266.1M | $255.4M |
| Property, plant & equipment (net) | $71.3M | $73.0M | $57.0M | $58.4M | $59.5M | $48.7M | $60.4M | $43.9M | $43.5M | $48.8M |
| Goodwill & intangible assets | $432.8M | $440.0M | $76.0M | $79.2M | $87.6M | $89.8M | $94.4M | $82.5M | $89.5M | $92.8M |
| Long-term investments | $0 | $9.3M | $10.3M | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $46.4M | $54.0M | $46.8M | $41.5M | $35.7M | $35.2M | $30.9M | $26.6M | $32.1M | $29.8M |
| Total assets | $935.2M | $949.8M | $571.6M | $560.5M | $511.8M | $453.9M | $468.9M | $443.5M | $431.3M | $426.7M |
| Liabilities | ||||||||||
| Accounts payable | $53.0M | $49.2M | $40.4M | $64.6M | $66.0M | $39.8M | $44.2M | $56.2M | $47.9M | $47.2M |
| Short-term debt | $8.0M | $8.0M | $6.3M | $6.3M | $6.9M | $11.9M | $12.9M | $2.5M | $2.6M | $11.4M |
| Deferred revenue | — | $6.1M | $3.0M | $8.8M | $2.2M | $5.7M | — | — | — | — |
| Total current liabilities | $127.4M | $128.1M | $110.6M | $136.3M | $112.0M | $87.5M | $90.2M | $106.0M | $87.3M | $92.3M |
| Long-term debt | $197.5M | $292.5M | $60.0M | $95.0M | $112.5M | $110.3M | $138.2M | $111.7M | $120.1M | $129.8M |
| Lease obligations | $23.9M | $25.7M | $20.6M | $21.6M | $21.5M | $14.7M | $19.1M | $0 | $0 | $0 |
| Other long-term liabilities | $91.6M | $88.1M | $60.5M | $66.8M | $78.6M | $70.2M | $72.4M | $49.3M | $66.0M | $46.1M |
| Total liabilities | $416.5M | $508.6M | $231.1M | $298.1M | $303.1M | $268.1M | $300.9M | $267.1M | $273.3M | $268.3M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $1.3M | $1.3M | $1.3M | $1.3M | $1.3M | $1.2M | $1.2M | $1.2M | $1.2M | $1.2M |
| Retained earnings (deficit) | $403.1M | $345.0M | $307.5M | $237.2M | $187.9M | $166.5M | $157.1M | $168.7M | $147.8M | $161.3M |
| Treasury stock | — | — | — | −$349,000 | — | — | — | $0 | $0 | $0 |
| Accumulated other comprehensive income | −$17.2M | −$17.2M | −$12.0M | −$16.5M | −$18.9M | −$18.1M | −$24.1M | −$24.8M | −$19.6M | −$31.3M |
| Minority interest | $93.2M | $80.6M | $0 | — | — | — | — | $0 | $0 | $0 |
| Total shareholders' equity | $425.5M | $360.6M | $340.6M | $262.3M | $208.7M | $185.8M | $168.1M | $176.5M | $158.0M | $158.4M |
| Key figures | ||||||||||
| Total debt | $221.4M | $318.2M | $82.1M | $118.7M | $134.0M | $130.2M | $162.8M | $114.2M | $122.7M | $141.2M |
| Net cash (debt) | −$163.6M | −$249.0M | $44.8M | −$48.4M | −$72.3M | −$45.3M | −$90.5M | −$60.3M | −$53.3M | −$67.8M |
| Working capital | $257.3M | $245.5M | $270.9M | $245.1M | $217.0M | $192.7M | $193.0M | $184.5M | $178.8M | $163.1M |
| Tangible book value | −$7.3M | −$79.4M | $264.5M | $183.1M | $121.1M | $96.0M | $73.7M | $94.0M | $68.4M | $65.7M |
| Current ratio | 3.02 | 2.92 | 3.45 | 2.80 | 2.94 | 3.20 | 3.14 | 2.74 | 3.05 | 2.77 |
| Quick ratio | 1.48 | 1.45 | 2.02 | 1.44 | 1.58 | 1.95 | 1.83 | 1.52 | 1.70 | 1.60 |
| Debt / equity | 0.52 | 0.88 | 0.24 | 0.45 | 0.64 | 0.70 | 0.97 | 0.65 | 0.78 | 0.89 |
| Equity / assets | 45.5% | 38.0% | 59.6% | 46.8% | 40.8% | 40.9% | 35.8% | 39.8% | 36.6% | 37.1% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $306.1M | $59.4M | $57.8M | $57.7M | $59.3M | $66.9M | $69.2M | $163.8M | $143.8M | $121.2M | $126.9M | $100.2M |
| Cash & equivalents | $306.1M | $59.4M | $57.8M | $57.7M | $59.3M | $65.9M | $68.3M | $134.3M | $85.0M | $71.3M | $89.4M | $100.2M |
| Short-term investments | — | — | $0 | $0 | $0 | $950,000 | $950,000 | $29.5M | $58.8M | $49.9M | $37.5M | — |
| Receivables | $166.2M | $129.4M | $131.2M | $135.1M | $127.6M | $109.2M | $116.4M | $81.3M | $87.1M | $92.6M | $96.9M | $110.9M |
| Inventory | $200.2M | $181.2M | $167.3M | $166.1M | $164.6M | $164.8M | $161.4M | $124.9M | $127.9M | $130.5M | $136.5M | $140.0M |
| Other current assets | $26.2M | $27.1M | $28.5M | $28.7M | $27.0M | $27.5M | $26.6M | $17.6M | $17.2M | $20.1M | $21.1M | $11.9M |
| Total current assets | $698.7M | $397.2M | $384.8M | $387.7M | $378.6M | $368.4M | $373.5M | $387.6M | $376.0M | $364.3M | $381.5M | $363.0M |
| Property, plant & equipment (net) | $80.4M | $69.2M | $71.3M | $69.5M | $72.6M | $72.2M | $73.0M | $59.6M | $57.0M | $57.4M | $57.0M | $59.9M |
| Goodwill & intangible assets | $435.8M | $439.0M | $432.8M | $435.9M | $436.3M | $436.4M | $440.0M | $72.8M | $72.1M | $73.2M | $76.0M | $76.1M |
| Long-term investments | $0 | $0 | $0 | $10.0M | $10.3M | $9.9M | $9.3M | $10.0M | $9.9M | $10.3M | $10.3M | $10.0M |
| Other non-current assets | $49.2M | $46.6M | $46.4M | $49.8M | $52.8M | $53.5M | $54.0M | $54.3M | $52.5M | $50.1M | $46.8M | $50.1M |
| Total assets | $1.26B | $951.9M | $935.2M | $952.8M | $950.6M | $940.5M | $949.8M | $584.4M | $567.6M | $555.3M | $571.6M | $559.1M |
| Liabilities | ||||||||||||
| Accounts payable | $87.6M | $64.0M | $53.0M | $54.2M | $53.7M | $46.1M | $49.2M | $37.1M | $36.4M | $32.8M | $40.4M | $44.0M |
| Short-term debt | $8.7M | $7.2M | $8.0M | $8.2M | $8.7M | $8.5M | $8.0M | $6.5M | $6.0M | $5.7M | $6.3M | $6.2M |
| Deferred revenue | — | — | — | — | — | — | — | $2.6M | $2.3M | $2.6M | $3.0M | $2.9M |
| Total current liabilities | $155.9M | $124.7M | $127.4M | $126.8M | $124.1M | $111.2M | $128.1M | $96.9M | $89.8M | $86.5M | $110.6M | $117.7M |
| Long-term debt | $0 | $204.5M | $197.5M | $226.4M | $253.3M | $285.0M | $292.5M | $60.0M | $60.0M | $60.0M | $60.0M | $60.0M |
| Lease obligations | $34.3M | $21.6M | $23.9M | $23.1M | $25.1M | $25.9M | $25.7M | $23.3M | $22.1M | $21.5M | $20.6M | $21.7M |
| Other long-term liabilities | $96.3M | $87.0M | $91.6M | $90.7M | $87.5M | $86.3M | $88.1M | $60.2M | $61.4M | $62.2M | $60.5M | $60.0M |
| Total liabilities | $252.2M | $416.2M | $416.5M | $443.8M | $464.9M | $482.5M | $508.6M | $217.1M | $211.2M | $208.7M | $231.1M | $237.7M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $1.4M | $1.3M | $1.3M | $1.3M | $1.3M | $1.3M | $1.3M | $1.3M | $1.3M | $1.3M | $1.3M | $1.3M |
| Retained earnings (deficit) | $438.2M | $413.6M | $403.1M | $409.4M | $388.0M | $362.0M | $345.0M | $347.7M | $340.5M | $322.5M | $307.5M | $296.4M |
| Accumulated other comprehensive income | −$14.6M | −$16.3M | −$17.2M | −$19.1M | −$19.0M | −$19.1M | −$17.2M | −$12.2M | −$16.7M | −$15.5M | −$12.0M | −$19.4M |
| Minority interest | $102.6M | $96.8M | $93.2M | $81.3M | $81.0M | — | — | — | — | — | — | — |
| Total shareholders' equity | $909.4M | $438.9M | $425.5M | $427.8M | $404.7M | $376.9M | $360.6M | $367.4M | $356.4M | $346.7M | $340.6M | $321.4M |
| Key figures | ||||||||||||
| Total debt | $34.3M | $226.1M | $221.4M | $249.5M | $278.3M | $310.9M | $318.2M | $83.3M | $82.1M | $81.5M | $80.6M | $81.7M |
| Net cash (debt) | $271.8M | −$166.7M | −$163.6M | −$191.7M | −$219.1M | −$244.0M | −$249.0M | $80.5M | $61.7M | $39.8M | $46.4M | $18.5M |
| Working capital | $542.8M | $272.4M | $257.3M | $260.9M | $254.5M | $257.2M | $245.5M | $290.8M | $286.3M | $277.8M | $270.9M | $245.3M |
| Tangible book value | $473.6M | −$11,000 | −$7.3M | −$8.1M | −$31.5M | −$59.5M | −$79.4M | $294.6M | $284.3M | $273.4M | $264.5M | $245.3M |
| Current ratio | 4.48 | 3.18 | 3.02 | 3.06 | 3.05 | 3.31 | 2.92 | 4.00 | 4.19 | 4.21 | 3.45 | 3.08 |
| Quick ratio | 3.03 | 1.51 | 1.48 | 1.52 | 1.51 | 1.58 | 1.45 | 2.53 | 2.57 | 2.47 | 2.02 | 1.79 |
| Debt / equity | 0.04 | 0.52 | 0.52 | 0.58 | 0.69 | 0.82 | 0.88 | 0.23 | 0.23 | 0.23 | 0.24 | 0.25 |
| Equity / assets | 71.9% | 46.1% | 45.5% | 44.9% | 42.6% | 40.1% | 38.0% | 62.9% | 62.8% | 62.4% | 59.6% | 57.5% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 24, 2026); data from EODHD.
BELFA financial position
At the end of fiscal 2025 (December 31, 2025), Bel Fuse had total assets of $935.2 million (down 1.5% from a year earlier), total liabilities of $416.5 million and shareholders' equity of $425.5 million. It held $57.8 million in cash and short-term investments against $221.4 million of debt, net debt of $163.6 million. Its current ratio was 3.02. In the latest quarter (ended June 30, 2026) total assets were $1.3 billion and equity $909.4 million.
Related: BELFA income statement, BELFA cash flow statement, BELFA key metrics. See the BELFA stock overview for the latest quote and news.
BELFA balance sheet FAQ
What are Bel Fuse's total assets?
Bel Fuse reported total assets of $935.2 million at the end of fiscal 2025 (December 31, 2025), compared with $949.8 million a year earlier.
How much debt does Bel Fuse have?
Bel Fuse had $221.4 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.52.
How much cash does Bel Fuse have?
Bel Fuse held $57.8 million in cash and short-term investments at the end of fiscal 2025; with $221.4 million of debt that is net debt of $163.6 million.
What is Bel Fuse's book value?
Bel Fuse's shareholders' equity (book value) was $425.5 million at the end of fiscal 2025.
What is Bel Fuse's current ratio?
Bel Fuse had current assets of $384.8 million and current liabilities of $127.4 million, a current ratio of 3.02 (it can cover its short-term obligations).
How much goodwill does Bel Fuse have?
Bel Fuse carried $432.8 million of goodwill and intangible assets, 46.3% of total assets, at the end of fiscal 2025.