Belden Inc. (BDC) intrinsic value & 10-year financials
Belden Inc. (BDC) has a Graham intrinsic value of $124.92 per share. At $102.83 on Oct 17, 2026, the stock trades 18% below that value. Over the last 10 fiscal years revenue grew 1.6% a year to $2.7B, with an average return on invested capital of 10.6%.
- Graham intrinsic value
- $124.92
- Share price (Oct 17, 2026)
- $102.83
- Price vs Graham value
- 18% below
- Market cap
- $4.1B
- Revenue (FY2025)
- $2.7B
- Revenue growth (10-yr CAGR)
- 1.6%
- ROIC (10-yr avg)
- 10.6%
- Free cash flow (FY2025)
- $218.7M
BDC 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $2.7B | $237.5M | $5.91 | $218.7M | 11.6% | 12.7% |
| FY2024 | $2.5B | $198.4M | $4.80 | $223.0M | 10.8% | 11.5% |
| FY2023 | $2.5B | $242.8M | $5.66 | $202.9M | 12.6% | 15.2% |
| FY2022 | $2.6B | $254.7M | $5.72 | $176.2M | 13.9% | 17.3% |
| FY2021 | $2.4B | $63.9M | $1.41 | $181.1M | 5.2% | 4.8% |
| FY2020 | $1.9B | -$55.2M | -$1.23 | $83.1M | 6.7% | 6.4% |
| FY2019 | $2.1B | -$377.0M | -$9.37 | $166.9M | 9.7% | 9.3% |
| FY2018 | $2.6B | $160.9M | $3.08 | $191.4M | 11.8% | 9.2% |
| FY2017 | $2.4B | $93.2M | $1.37 | $191.0M | 9.8% | 9.4% |
| FY2016 | $2.4B | $128.0M | $2.65 | $260.8M | 9.5% | 10.0% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
BELDEN INC. has demonstrated mature, steady growth, with revenue compounding at 1.6% annually over the past decade.
BELDEN INC. returns on capital have been average, hovering around 10.6% ROIC over the decade.
BELDEN INC. has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, BELDEN INC. is modeled at 8.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $124.92 per share.