At a glance
Belden Inc is worth $4.17B, about 18 times its fiscal 2025 earnings. Revenue grew 10.3% to $2.72B in fiscal 2025, with 8.7% kept as profit; over 5 years it has grown 9.2% a year. It pays a 0.19% dividend yield, and returned $42.7M to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned −9.3% over the past year with dividends reinvested and +12.6% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 42.9% in the 2020 crash (S&P 500: 33.7%) and 25.2% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 11 months and 4 months after the lows.
The business in plain English
Belden makes the cables, connectors and networking equipment that carry data and power through offices, data centers, factories and broadband networks. It sells to distributors, installers, end users and original equipment manufacturers (OEMs, companies that build Belden parts into their own products). Revenue in 2025 was $2.72 billion, and about 14% came from sales to its largest distributor.
Automation Solutions, the larger segment, brought in 55% of 2025 revenue. It sells industrial networking gear, secure remote access and data tools to warehousing and logistics, energy, transportation and manufacturing customers. These products help customers link plant-floor machines with business computer systems (known as IT/OT convergence). Smart Infrastructure Solutions supplied the other 45%, selling copper and fiber cabling, racks, and power and cooling systems for data centers. Its Broadband Solutions line (23% of revenue) serves broadband and wireless providers, and its Smart Buildings line (22%) targets data centers, government, healthcare and hospitality.
About 58% of revenue came from the US, followed by Canada (7%), Germany (5%) and China (4%). Belden estimates its share of its crowded markets at roughly 5% to 15%. It acquires companies to add products, such as firewall maker Voleatech in September 2024. Its annual report, filed February 17, 2026, said it was reorganizing during 2026 into a unified structure organized by function.
Price history
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BDC -9.3% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Automation Solutions | $1.50B | 55.1% |
| Broadband Solutions | $633.5M | 23.3% |
| Smart Buildings Solutions | $585.9M | 21.6% |
| Affiliate Revenues | $1.2M | 0% |
By business segment
| Automation Solutions | $1.50B | 55.1% |
| Smart Infrastructure Solutions | $1.22B | 44.9% |
By geography
| United States | $1.58B | 58.2% |
| Other | $708.5M | 26.1% |
| Canada | $188.9M | 7% |
| Germany | $139.2M | 5.1% |
| China | $99.2M | 3.7% |
Latest results
- In Q3 FY2026 (ended Sep 27, 2026), revenue was $966.0M, up 38.3% from a year earlier, and net income was $-11.4M (-120.0%).
- For fiscal 2025, revenue was $2.72B (+10.3% year over year; +9.2% a year from FY2020 to FY2025) with a 8.7% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +9.2% good |
|---|---|
| Operating margin | 11.6% watch |
| Free cash flow margin | 8.1% watch |
| Return on equity (FY2025) | 18.8% good |
| Return on assets (FY2025) | 6.7% watch |
| Net cash (cash minus debt) | $-2.67B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $1.75B | $-55.2M | $83.1M |
| FY2021 | $2.30B | $63.9M | $181.1M |
| FY2022 | $2.61B | $254.7M | $176.2M |
| FY2023 | $2.51B | $242.8M | $202.9M |
| FY2024 | $2.46B | $198.4M | $223.0M |
| FY2025 | $2.72B | $237.5M | $218.7M |
Valuation snapshot
| Market value | $4.17B |
|---|---|
| P/E ratio | 18 |
| Dividend yield | 0.19% |
Rank among 1514 US companies
Market value at each year end
Belden’s market value went from $3.15B at the end of 2016 to $4.17B on Oct 28, 2026, up 32%; since the end of 2025 it is down 9%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $4.17B | -9.0% |
| 2025 | $4.58B | +0.8% |
| 2024 | $4.54B | +41.1% |
| 2023 | $3.22B | +4.6% |
| 2022 | $3.08B | +4.3% |
| 2021 | $2.95B | +57.9% |
| 2020 | $1.87B | -25.2% |
| 2019 | $2.50B | +48.5% |
| 2018 | $1.68B | -48.3% |
| 2017 | $3.25B | +3.3% |
| 2016 | $3.15B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| BDC price data to Oct 28, 2026 | -8.4% | -9.3% | +14.9% | +12.6% | +5.4% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -8.4% |
| 2025 | +3.7% |
| 2024 | +46.1% |
| 2023 | +7.7% |
| 2022 | +9.7% |
| 2021 | +57.5% |
| 2020 | -23.4% |
| 2019 | +32.1% |
| 2018 | -45.7% |
| 2017 | +3.5% |
| 2016 | +57.3% |
| 2015 | -39.3% |
| 2014 | +12.2% |
| 2013 | +57.1% |
| 2012 | +35.9% |
| 2011 | -9.1% |
| 2010 | +69.2% |
| 2009 | +6.3% |
| 2008 | -52.8% |
| 2007 | +14.3% |
| 2006 | +61.0% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 84.6% over that stretch · deepest drop along the way 85.7%, back to its old high 52.3 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 36.1% over that stretch · deepest drop along the way 42.9%, back to its old high 10.5 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 6.6% over that stretch · deepest drop along the way 25.2%, back to its old high 3.6 months after the low |
Insider activity
Form 4 filings from 2025-10-30 to 2026-10-30 (25 read): 0 open-market purchases and 2 sales ($573K), 2 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Apr 14, 2026 | Brian Lieser EVP - Chief Comm. Officer | sell (plan) | $355K |
| Sep 15, 2026 | Brian Lieser EVP - Chief Comm. Officer | sell (plan) | $217K |
Who owns it
Large shareholders (13G filings)
| FMR LLC | 10.1% | Mar 31, 2026 |
| T. Rowe Price Associates, Inc. | 8.2% | Dec 31, 2025 |
| Vanguard Portfolio Management | 7.06% | Mar 31, 2026 |
| Vanguard Capital Management | 5.27% | Mar 31, 2026 |
| Wellington Management Group LLP | 4.3% | Jun 30, 2025 |
ETFs with the most weight in BDC
| KOOL North Shore Equity Rotation ETF | 2.59% |
| SNSR Global X Internet of Things ETF | 2.21% |
| SURE AdvisorShares Insider Advantage ETF | 0.91% |
| TMSL T. Rowe Price Small-Mid Cap ETF | 0.8% |
| RFG Invesco S&P MidCap 400® Pure Growth ETF | 0.65% |
| QSML WisdomTree U.S. SmallCap Quality Growth Fund | 0.62% |
| SEIS SEI Select Small Cap ETF | 0.52% |
| XMMO Invesco S&P MidCap Momentum ETF | 0.46% |
What could go wrong
- Heavy reliance on one big distributor. Sales to Belden's largest distributor were about 14% of 2025 revenue. Customers usually aren't required to purchase set amounts, and the company says losing a key distributor would likely cut revenue and profit, at least temporarily.
- Copper and parts can get scarce or costly. Belden needs copper and many components to make its cable and network gear. Shortages, supplier failures or rising prices could delay shipments and raise costs, squeezing profit if higher prices can't be passed on.
- Tariffs can raise costs across its supply chain. The US raised tariffs on imports from nearly every country during 2025. Belden expects higher supply-chain costs, which could shrink margins or push up prices, and uncertainty could make customers order less.
- Acquisitions may not fit in as planned. A key part of Belden's strategy is acquiring companies. Trouble integrating them could hurt profits, and if they disappoint, writing down goodwill (the extra paid above the value of a firm's assets) would cut income.
- Cyberattacks have disrupted it before. Belden says cyber incidents have interfered with its business before, and it holds personal data on employees and customers. Another attack could bring fines, lawsuits and damage to its reputation as a network-security supplier.
- Economic slowdowns hit its customers' spending. Belden serves factories, warehouses, energy companies, data centers and broadband providers, all of which can cut spending in a downturn. Its revenue is hard to forecast, and its share price can fall sharply.
Recent events
- Quarterly results released
- Quarterly results released
- Major agreement signed; Acquisition or sale of assets completed; New debt or financial obligation
- Shareholder vote results
- Quarterly results released
- Major agreement signed; Other company announcement
- Quarterly results released
- Major agreement signed; New debt or financial obligation
- Other company announcement
- Executive or board change
For income and retirement investors
Belden pays a very small dividend: $0.20 per share each year from 2020 through 2025, with no increases. The yield was 0.19% as of October 28, 2026. That dividend took just 3.4% of 2025 earnings and 3.6% of free cash flow (cash generated after paying for equipment), so it looks easy to cover but provides little income. Shares outstanding fell 12.9%, from about 44.9 million in August 2021 to 39.1 million in July 2026, so each share claims a larger slice of profits.
The stock has fallen hard in downturns. It dropped 85.7% from October 2007 to March 2009 and did not regain its high until July 2013. It fell 42.9% in the 2020 COVID crash, recovering by February 2021, and 25.2% in early 2022, recovering by August. With so little dividend, income would have to come from selling shares, possibly at low prices after drops like these. Single stocks carry more risk than diversified funds.
Questions investors ask
How does Belden make money?
Belden makes money selling cables, connectivity products and networking equipment. In 2025, revenue rose 10.3% to $2.72 billion. Automation Solutions, which supplies industrial networking and data tools for warehouses, energy, transportation and manufacturing, brought in 55%. Smart Infrastructure Solutions brought in 45%, split between Broadband Solutions for broadband and wireless providers (23%) and Smart Buildings for data centers, government, healthcare and hospitality (22%). It sells to distributors, installers and end users, and directly to equipment makers.
Does Belden raise its dividend every year?
No. Belden paid $0.20 per share each year from 2020 through 2025, with no increases. The dividend is small: it took 3.4% of 2025 earnings, and the yield was 0.19% as of October 28, 2026. The company paid about $8 million in dividends in 2025, against $218.7 million of free cash flow, the cash left after paying for equipment. That leaves income-focused investors with very little cash from the stock.
How much debt does Belden have?
Belden had $1.23 billion of total debt and $348.7 million of cash and investments as of June 28, 2026. That left net debt (debt minus cash) of about $882 million. A filing dated July 1, 2026 reported a completed acquisition or sale of assets and a new debt obligation, which may not be reflected in the June figures. Belden's annual report lists rising interest rates and volatile credit markets as risks.
Is Belden stock volatile?
Yes, more than the overall market. As of October 28, 2026, its one-year beta was 1.51, meaning the stock tended to move about 1.5 times as much as the market. Its biggest drop from a high during the prior year was 34%. It fell 85.7% during the 2008 financial crisis and 42.9% in the 2020 COVID crash. Full calendar-year returns since 2006 ranged from a 52.75% loss in 2008 to a 69.21% gain in 2010.
How has Belden stock performed over time?
Results have been uneven. As of October 28, 2026, the share price had risen an average of 12.6% a year over five years and 5.4% a year over 10 years. It was down 9.3% over the prior year and 8.4% since the start of 2026. These figures track the share price only and leave out dividends. On that date, the shares traded at about 18 times 2025 earnings, with a total market value of about $4.17 billion.