olivLaw · US equity research
Belden Inc. BDC
Drawing & Insulating of Nonferrous Wire · SIC 3357 · Vertical: Primary metal industries (SIC 335x)
Belden Inc. is a global supplier of complete connection solutions, offering cabling, connectivity and network systems for smart buildings, broadband infrastructure and industrial automation. Revenue reached 2715.2 million USD in fiscal 2025, and in the second quarter of 2026 revenue climbed to 750 million USD, supported by demand from data centers and physical AI as the company integrated the RUCKUS acquisition.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Belden Inc. (BDC) stock was 105.15 USD (−2.02% on the day), with market capitalisation 4.1 bn USD, P/E 23.6 on diluted EPS of 4.45 USD over the last 12 months, dividend yield 0.19%, beta 1.48, 52-week range 99.52–150.91 USD. Latest reported quarter (Q3 2026): revenue of 966.0 m USD (+38.3% YoY), net income of -11.4 m USD (−120.0% YoY), diluted EPS -0.29 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 45.1
- neutral
- Bollinger (20, 2)
- 101.98 – 109.67
- in the lower half of the band · %B 0.41 · band width 7.3%
- SMA 50 / 200
- 110.67 / 117.97
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -1.24 / -1.73
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −5.6% | −1.1% | −4.5 pp | — |
| 3 months | −18.0% | −0.5% | −17.5 pp | — |
| 6 months | −8.3% | +4.4% | −12.7 pp | — |
| Year to date | −9.8% | +12.3% | −22.1 pp | — |
| 1 year | −10.7% | +13.5% | −24.2 pp | +9.8% |
| 3 years | +61.7% | +76.4% | −14.7 pp | +127.6% |
| 5 years | +59.1% | +63.7% | −4.6 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 27 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 666.0 m | 624.9 m | 672.0 m | 698.2 m | 720.1 m | 696.4 m | 750.2 m | 966.0 m |
| Cost of revenue | 416.2 m | 379.0 m | 413.4 m | 435.0 m | 456.6 m | 438.3 m | 456.5 m | 627.2 m |
| Gross profit | 249.8 m | 245.8 m | 258.6 m | 263.2 m | 263.6 m | 258.1 m | 293.6 m | 338.8 m |
| Research & development | 29.0 m | 28.4 m | 33.9 m | 33.9 m | 32.5 m | 30.1 m | 31.7 m | 55.2 m |
| SG&A | 137.4 m | 131.5 m | 131.9 m | 139.4 m | 130.5 m | 138.7 m | 147.8 m | 212.0 m |
| Operating income | 69.2 m | 72.6 m | 79.2 m | 76.3 m | 87.5 m | 78.0 m | 99.3 m | 16.8 m |
| Depreciation & amortisation | 31.7 m | 29.8 m | 32.1 m ≈ | 33.6 m ≈ | 34.0 m | 32.5 m | 36.1 m ≈ | 78.4 m ≈ |
| Pre-tax income | 57.4 m | 62.1 m | 66.7 m | 64.3 m | 73.9 m | 62.8 m | 85.2 m | -25.5 m |
| Income tax | -1.0 m | 10.1 m | 5.7 m | 7.6 m | 6.0 m | 11.7 m | 16.7 m | -14.2 m |
| Net income | 58.4 m | 51.9 m | 61.0 m | 56.7 m | 67.9 m | 51.0 m | 68.5 m | -11.4 m |
| Diluted EPS | 1.42 ≈ | 1.27 | 1.53 | 1.41 | 1.70 ≈ | 1.30 | 1.74 | -0.29 |
| Operating cash flow | 174.7 m | 7.4 m | 82.0 m ≈ | 105.0 m ≈ | 160.4 m | -18.7 m | 129.2 m ≈ | 129.6 m ≈ |
| Capex | 58.3 m | 32.2 m | 25.2 m ≈ | 39.7 m ≈ | 39.1 m | 44.4 m | 40.7 m ≈ | 47.8 m ≈ |
| Dividends paid | 2.0 m | 2.0 m | 2.0 m ≈ | 2.0 m ≈ | 2.0 m | 2.0 m | 2.0 m ≈ | 1.9 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 58 percentile of its own 33-quarter history (min 12.5, median 22.0, max 91.2; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2.2 bn | 2.1 bn | 1.8 bn | 2.3 bn | 2.6 bn | 2.5 bn | 2.5 bn | 2.7 bn |
| Revenue YoY | +3.8% | −1.6% | −17.8% | +31.3% | +13.3% | −3.6% | −2.0% | +10.3% |
| Net income | 160.9 m | -377.0 m | -55.2 m | 63.9 m | 254.7 m | 242.8 m | 198.4 m | 237.5 m |
| Net income YoY | +72.6% | −334.3% | unavailable | unavailable | +298.4% | −4.7% | −18.3% | +19.7% |
| Diluted EPS | 3.08 | -9.37 | -1.23 | 1.41 | 5.72 | 5.66 | 4.80 | 5.91 |
| Diluted EPS YoY | +124.8% | −404.2% | unavailable | unavailable | +305.7% | −1.0% | −15.2% | +23.1% |
| net % | 7.4% | -17.7% | -3.1% | 2.8% | 9.8% | 9.7% | 8.1% | 8.7% |
| Free cash flow | 191.4 m | 166.9 m | 83.1 m | 181.1 m | 176.2 m | 202.9 m | 223.0 m | 218.7 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 389.9 m USD
- Financial debt
- 1.3 bn USD
- Net debt
- 895.8 m USD
- Equity
- 1.3 bn USD
- Total assets
- 3.5 bn USD
- Debt / equity
- 1.02x
- Current ratio
- 1.93x
- ROE
- 18.6%
- ROA
- 6.9%
- FCF margin
- 8.1%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 1.8 bn | 2.3 bn | 2.6 bn | 2.5 bn | 2.5 bn | 2.7 bn | SEC (XBRL)· 17 Feb 2026verified |
| Cost of revenue | 1.2 bn | 1.5 bn | 1.7 bn | 1.6 bn | 1.5 bn | 1.7 bn | SEC (XBRL)· 17 Feb 2026verified |
| Gross profit | 575.6 m | 771.8 m | 916.3 m | 955.0 m | 922.2 m | 1.0 bn | SEC (XBRL)· 17 Feb 2026verified |
| Research & development | 73.0 m | 90.2 m | 104.4 m | 116.4 m | 112.4 m | 128.8 m | SEC (XBRL)· 17 Feb 2026verified |
| SG&A | 323.4 m | 378.0 m | 448.6 m | 492.7 m | 494.6 m | 533.4 m | SEC (XBRL)· 17 Feb 2026verified |
| Operating income | 150.1 m | 263.7 m | 363.3 m | 317.5 m | 266.5 m | 315.7 m | SEC (XBRL)· 17 Feb 2026verified |
| Depreciation & amortisation | 108.7 m | 88.0 m | 88.7 m | 99.4 m | 115.7 m | 129.4 m | SEC (XBRL)· 17 Feb 2026verified |
| EBITDA | 258.8 m ≈ | 351.7 m ≈ | 452.1 m ≈ | 417.0 m ≈ | 382.2 m ≈ | 445.1 m ≈ | SEC (XBRL)· 17 Feb 2026derived |
| Pre-tax income | 90.8 m | 226.8 m | 317.4 m | 285.8 m | 227.9 m | 266.9 m | SEC (XBRL)· 17 Feb 2026verified |
| Income tax | 20.1 m | 27.9 m | 49.6 m | 43.2 m | 29.5 m | 29.3 m | SEC (XBRL)· 17 Feb 2026verified |
| Net income | -55.2 m | 63.9 m | 254.7 m | 242.8 m | 198.4 m | 237.5 m | SEC (XBRL)· 17 Feb 2026verified |
| Diluted EPS | -1.23 | 1.41 | 5.72 | 5.66 | 4.80 | 5.91 | SEC (XBRL)· 17 Feb 2026verified |
| Weighted average diluted shares | 44.9 m | 45.4 m | 44.5 m | 42.9 m | 41.3 m | 40.2 m | SEC (XBRL)· 17 Feb 2026verified |
| Dividend per share | 0.20 | 0.20 | 0.20 | 0.20 | 0.20 | 0.20 | SEC (XBRL)· 17 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 500.7 m | 641.6 m | 687.7 m | 597.0 m | 370.3 m | 389.9 m | SEC (XBRL)· 17 Feb 2026verified |
| Inventories | 247.3 m | 345.2 m | 341.6 m | 367.0 m | 343.1 m | 402.3 m | SEC (XBRL)· 17 Feb 2026verified |
| Current assets | 1.1 bn | 1.9 bn | 1.5 bn | 1.5 bn | 1.2 bn | 1.3 bn | SEC (XBRL)· 17 Feb 2026verified |
| Property, plant & equipment, net | 368.6 m | 343.6 m | 381.9 m | 451.1 m | 495.6 m | 566.0 m | SEC (XBRL)· 17 Feb 2026verified |
| Goodwill | 789.7 m | 821.4 m | 862.3 m | 907.3 m | 1.0 bn | 1.0 bn | SEC (XBRL)· 17 Feb 2026verified |
| Intangibles (excl. goodwill) | 219.1 m | 238.2 m | 246.8 m | 269.1 m | 419.1 m | 399.8 m | SEC (XBRL)· 17 Feb 2026verified |
| Total assets | 3.1 bn | 3.4 bn | 3.2 bn | 3.2 bn | 3.3 bn | 3.5 bn | SEC (XBRL)· 17 Feb 2026verified |
| Accounts payable | 244.1 m | 377.8 m | 350.1 m | 343.2 m | 315.7 m | 361.4 m | SEC (XBRL)· 17 Feb 2026verified |
| Short-term debt | — | — | — | — | — | 0 | SEC (XBRL)· 29 Oct 2026verified |
| Long-term debt | 1.6 bn | 1.5 bn | 1.2 bn | 1.2 bn | 1.1 bn | 1.3 bn | SEC (XBRL)· 17 Feb 2026verified |
| Current liabilities | 520.8 m | 752.9 m | 639.9 m | 633.5 m | 622.7 m | 697.5 m | SEC (XBRL)· 17 Feb 2026verified |
| Equity | 757.1 m | 956.1 m | 1.1 bn | 1.2 bn | 1.3 bn | 1.3 bn † | SEC (XBRL)· 17 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 173.4 m | 272.1 m | 281.3 m | 319.6 m | 352.1 m | 354.9 m | SEC (XBRL)· 17 Feb 2026verified |
| Capex | 90.2 m | 91.0 m | 105.1 m | 116.7 m | 129.1 m | 136.2 m | SEC (XBRL)· 17 Feb 2026verified |
| Free cash flow | 83.1 m ≈ | 181.1 m ≈ | 176.2 m ≈ | 202.9 m ≈ | 223.0 m ≈ | 218.7 m ≈ | SEC (XBRL)· 17 Feb 2026derived |
| Investing cash flow | -31.6 m | -92.0 m | 168.4 m | -200.4 m | -426.8 m | -128.2 m | SEC (XBRL)· 17 Feb 2026verified |
| Financing cash flow | -74.9 m | -32.9 m | -393.2 m | -211.9 m | -143.7 m | -217.8 m | SEC (XBRL)· 17 Feb 2026verified |
| Dividends paid | 9.0 m | 9.1 m | 8.9 m | 8.5 m | 8.2 m | 8.0 m | SEC (XBRL)· 17 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
Score: 35 / 100
A scoring methodology on indicators and valuation, not investment advice.
score < 40
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 4.1 bn USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet24
- Valuation40
- Quality50
- Growth9
- Returns42
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 37.04 – 175.57 USD.
Methods computed but outside the aggregate range: Dividend discount (DDM) (a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate).
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used
- Peers: EV/EBITDAunavailable · insufficient data
- Peers: P/E37.04 – 175.57 (Mid 81.78)8 companies used · median multiple 18.4x · quartiles 8.3x – 39.4xAPWC, GLW, HWM, KALU, MLI, NX, OCC, TG
- Dividend discount (DDM)outside the aggregate2.63 – 3.53 (Mid 3.01)a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Unattractive profile · Score 35/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 8.1% | 17 (vs peers) | 11% |
| Net margin · Quality | 5.6% | 57 (vs peers) | 7% |
| FCF conversion · Quality | 129.8% | 100 (on a fixed band) | 7% |
| Revenue CAGR 3Y · Growth | 1.4% | 11 (on a fixed band) | 9% |
| EPS CAGR 3Y · Growth | 1.1% | 7 (on a fixed band) | 9% |
| Net debt / EBITDA · Balance sheet | 5.8x | 0 (vs peers) | 11% |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.8x | 85 (on a fixed band) | 4% |
| P/E (TTM) · Valuation | 23.6x | 38 (vs peers) | 11% |
| EV/EBITDA · Valuation | 14.7x | 20 (vs peers) | 11% |
| FCF yield · Valuation | 5.6% | 69 (on a fixed band) | 9% |
| Shareholder yield (distributions) · Returns | 0.2% | 3 (on a fixed band) | 7% |
| Payout ratio (FCF) · Returns | 3.4% | 100 (on a fixed band) | 4% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet24/100 · 2/3 factors with a value
- Growth9/100 · 2/2 factors with a value
- Quality50/100 · 3/3 factors with a value
- Returns42/100 · 2/2 factors with a value
- Valuation40/100 · 3/3 factors with a value
Memo
BELDEN INC. (BDC). Latest full fiscal year: 2025; data up to 2026-09-27.
Figures computed from the financial statements: revenue 2.7 bn USD in 2025; YoY growth 10.3%; net margin 5.6%; ROE 13.4%; net debt/EBITDA 5.8x.
The estimated value range is 37.04–175.57 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 81.78 USD, the price of 105.15 USD leaves a potential of -22.2% (value / price − 1) and a margin of safety of -28.6% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 35/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 129.8%
- Current ratio: 1.8x
- Payout ratio (FCF): 3.4%
What contradicts it
- ROIC: 8.1%
- Revenue CAGR 3Y: 1.4%
- EPS CAGR 3Y: 1.1%
- Net debt / EBITDA: 5.8x
- EV/EBITDA: 14.7x
- Shareholder yield (distributions): 0.2%
Not assessed (insufficient data or a ratio without meaning): Interest coverage.
Versus the vertical median
Primary metal industries (SIC 335x) · same industry group (3-digit SIC) · compared with 8 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| GLWCorning Inc | 102.3 bn | 48.1 | 17.1% | 12.1% | +19.1% | +41% / +317% |
| HWMHowmet Aerospace Inc. | 84.9 bn | 41.8 | 37.7% | 21.1% | +11.1% | +4% / +306% |
| MLIMueller Industries, Inc | 12.0 bn | 13.9 | 26.2% | 17.3% | +10.9% | +0% / +166% |
| BDCBelden Inc. | 4.1 bn | 23.6 | 13.4% | 5.6% | +10.3% | −11% / +62% |
| KALUKaiser Aluminum Corporation | 1.8 bn | 8.6 | 24.5% | 4.8% | +11.5% | +15% / +89% |
| NXQuanex Building Products Corporation | 1.0 bn | 22.8 | 6.2% | 2.4% | +43.8% | +74% / −27% |
| TGTredegar Corporation | 254.4 m | 7.6 | 15.8% | — | +16.1% | −7% / +55% |
| OCCOptical Cable Corporation | 99.1 m | 38.6 | 15.6% | 3.1% | +9.5% | +38% / +329% |
| APWCAsia Pacific Wire & Cable Corporation Limited | 23.1 m | 6.6 | 2.2% | 0.7% | +11.0% | −34% / −17% |
1- and 3-year price returns: for BDC from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 60.90 Total return -42% · Per year -42% | 107.83 Total return 3% · Per year 3% | 162.65 Total return 55% · Per year 55% |
| 3 years | 55.44 Total return -47% · Per year -19% | 110.80 Total return 6% · Per year 2% | 184.03 Total return 76% · Per year 21% |
| 5 years | 50.48 Total return -51% · Per year -13% | 113.86 Total return 9% · Per year 2% | 208.23 Total return 99% · Per year 15% |
- Exit P/E± 27.70
- Net margin± 19.39
- Annual revenue growth± 16.41
- Annual dilution± 1.63
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 30 Jul 2026; since then the company filed 8-K (29 Oct 2026 · results), 10-Q (29 Oct 2026).
In brief
Belden Inc. is a global supplier of complete connection solutions, offering cabling, connectivity and network systems for smart buildings, broadband infrastructure and industrial automation. Revenue reached 2715.2 million USD in fiscal 2025, and in the second quarter of 2026 revenue climbed to 750 million USD, supported by demand from data centers and physical AI as the company integrated the RUCKUS acquisition.
SWOT
Strengths
- The company has a long history, a broad product portfolio and a reputation for quality and technical support, which supports its relationships with customers and distributors 1.
- Rising orders and revenue in 2026 point to solid demand across several end markets 3.
- Integrating complementary technology such as RUCKUS could extend the offer from passive infrastructure to cloud management 3.
Weaknesses
Opportunities
Risks
- Tariff volatilityhigh
Tariffs and changes in trade policy can raise supply chain costs and reduce margins, and the net effect depends on refunds and new tariffs 12.
- Raw material pricesmedium
Copper and other raw materials can be volatile, and delays in passing prices to customers can affect short-term margins 12.
- Acquisition integrationmedium
Integrating RUCKUS and other acquired companies may face cultural, operational and reporting difficulties that could affect results 12.
- Indebtednessmedium
Higher debt and interest costs can limit financial flexibility, especially if interest rates remain high 12.
- Cyber securitylow
Hacking attacks and misuse of personal data could generate costs, penalties and reputational harm 1.
Investment thesis
What would need to be true (bull case)
- Record orders and revenue in the second quarter of 2026 show that demand in key markets could continue, especially if AI and data center investment holds up 3.
- The RUCKUS integration could turn Belden into a more complete network provider, from passive infrastructure to cloud management, which could increase value for customers 23.
- If adjusted margins hold while growing, the company could reach its long-term goals for growth and profitability 13.
What would break the thesis
- Tariffs and trade uncertainty could reduce margins or demand, especially if new measures arrive faster than they can be passed on to customers 12.
- Higher debt after acquisitions could limit flexibility if integration does not quickly produce synergies or if interest rates stay high 2.
- If demand from data centers or automation slows, the recent rise in orders might not be repeated to the same extent 13.
What to watch
- Revenue and adjusted EPS delivery against guidanceQ3 2026
- RUCKUS integration and its contribution to revenue and margins2026
- Order trends and the book-to-bill ratioQ3 2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 30 Jul 2026; since then the company filed 8-K (29 Oct 2026 · results), 10-Q (29 Oct 2026).
The business
Acquisitions form part of the growth strategy, and in recent years the company bought Voleatech, Precision Optical Technologies, CloudRail and Berthold Sichert 1. On July 1, 2026, Belden completed the acquisition of RUCKUS entities for approximately 1.9 billion USD, financed through a term loan 23. The deal extends the portfolio toward wireless networks for enterprises and service providers.
Segments
Smart Infrastructure Solutions (through 2025)
This segment, reported through the end of 2025, covered copper and fiber cable and connectivity, interconnect panels, racks and switching systems used in buildings, data centers, 5G networks and fiber-to-the-home connections 1. Its main customers were data centers, government bodies, healthcare and broadband providers 1.
Automation Solutions (through 2025)
The segment offered digitization and automation solutions linking information technology with operational technology, with applications in warehousing and logistics, energy, transportation and discrete manufacturing 1. Sales were made directly to industrial OEMs and through distributors and system integrators 1.
Market context
The markets in which Belden operates are described by management as highly competitive and highly fragmented, with many players 1. The company estimates its market share at roughly 5% to 15% across served markets, depending on the segment 1. Demand from data centers and AI is rising, and orders in the second quarter of 2026 reached record levels 3.
Demand for broadband and wireless networks is supported by operator investment in 5G and fiber, which could sustain sales growth if these investments continue 1. Guidance for the third quarter of 2026, including the RUCKUS contribution, sits between 950 and 970 million USD in revenue 3.
Trends
- Tariffs and global trademixed
U.S. tariffs have raised supply chain costs and could reduce margins or demand, according to the annual report 1. In 2026 the company recorded refunds of IEEPA tariffs, but new tariffs also emerged, so the net impact remains uncertain 23.
- Copper pricesmixed
Copper is the main raw material and its prices have been volatile in recent years 1. Increases are partly passed to customers, but they can reduce gross profit percentage in the short term 2.
- Financing costs and debtheadwind
Interest costs rose in 2025 1, and in 2026 the company issued euro-denominated senior subordinated notes and financed RUCKUS with a term loan, which could add financial pressure if rates stay high 2.
Competitive position
The annual report notes that many competitors are multinationals with greater engineering, financial and marketing resources than Belden 1. Competition runs on technical features, quality, availability, price, customer support and distribution coverage 1.
Belden differentiates itself by offering complete network solutions and technical support, and with RUCKUS it extends its offer toward wireless networks 13. More aggressive pricing by competitors could reduce revenue and profitability 1.
- CorningGLW
Competitor in fiber optic and connectivity solutions, cited as part of the competitive landscape for network suppliers, without figures in this profile.
- CommScope
Provider of network infrastructure for buildings and operators, a direct competitor in connectivity, with no confirmed U.S. ticker in the sources.
- Cisco SystemsCSCO
Competitor in wireless networking and enterprise infrastructure, relevant mainly after the RUCKUS integration.
- Rockwell AutomationROK
Competitor in industrial automation and IT/OT solutions, an important player in the automation segment.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- JPMorgan to Sell $1.85 Billion Debt for Belden’s Ruckus BuyoutBloomberg Markets · 03 Jun 2026 · EN
The latest news item in our archive is from 03 Jun 2026; the newest SEC filing is from 29 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Quarterly report29 Oct 2026
- Current report29 Oct 2026Results of operations · Financial statements and exhibits
- Current report (amendment)11 Sept 2026Financial statements and exhibits
- Quarterly report30 Jul 2026
- Current report30 Jul 2026Results of operations · Financial statements and exhibits
- Current report01 Jul 2026Material agreement · Acquisition or disposition of assets · Creation of a direct financial obligation · Financial statements and exhibits
- Current report26 May 2026Shareholder vote
- Quarterly report30 Apr 2026
- Current report30 Apr 2026Results of operations · Financial statements and exhibits
- Current report30 Apr 2026Material agreement · Other events · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Belden Inc. · 17 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-28 · SEC / Belden Inc. · 30 Jul 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Belden Inc. · 30 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.