Belden Inc. (BDC) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+11.3%

$122.06

vs $109.64 price

Levered DCF

$145.24

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

1.74

Distress zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	19.43×	23.08×	13.43×	11.94×	45.97×	-34.07×	-5.87×	10.55×
P/B	3.65×	3.54×	2.8×	2.76×	3.08×	2.5×	2.42×	1.22×
P/S	1.7×	1.86×	1.3×	1.21×	1.28×	1.07×	1.09×	0.78×
EV / EBITDA	12.71×	14.3×	9.46×	8.23×	10.18×	11.65×	9.85×	6.24×
Gross margin	36.0%	37.5%	38.0%	35.2%	33.5%	32.9%	37.2%	38.3%
Operating margin	12.2%	10.8%	12.6%	13.9%	11.5%	8.6%	9.7%	14.5%
Net margin	8.7%	8.1%	9.7%	9.8%	2.8%	-3.1%	-17.7%	7.4%
Current ratio	1.93×	1.92×	2.3×	2.4×	2.49×	2.11×	1.91×	1.76×
Debt / equity	1.11×	0.97×	1.11×	1.08×	1.61×	2.18×	1.57×	1.05×
Interest coverage	7.16×	6.96×	9.44×	8.34×	4.21×	2.55×	3.71×	5.16×
Dividend yield	0.2%	0.2%	0.3%	0.3%	0.3%	0.5%	1.5%	2.5%
Payout ratio	3.4%	4.1%	3.5%	3.5%	14.2%	-16.4%	-9.1%	26.8%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	18.8%	15.3%	20.8%	22.3%	6.7%	-7.3%	-39.3%	11.6%
Return on invested capital	10.3%	8.5%	10.3%	12.1%	8.6%	4.4%	5.5%	7.4%
Return on assets	6.7%	6.0%	7.5%	8.1%	1.9%	-1.8%	-11.1%	4.3%
Free cash flow yield	4.7%	4.9%	6.2%	5.6%	6.1%	4.4%	7.2%	11.3%
Earnings yield	5.1%	4.3%	7.4%	8.1%	2.2%	-2.9%	-16.2%	9.5%
Enterprise value	$5.6B	$5.5B	$4B	$3.7B	$3.8B	$3B	$3.4B	$2.7B
Net debt / EBITDA	2.29×	2.31×	1.67×	1.22×	2.38×	4.38×	3.17×	2.37×
Cash conversion cycle (days)	71	67	66	60	53	63	47	62