Bel Fuse Inc. — Earnings Quality Grade F
BELFB · Technology
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 66 days, change -10 days YoY
AR growth 9.1% vs revenue growth 26.3%
Revenue 26.3%, CFFO 8.8%. Cash follows revenue
Expense Quality
Inventory 3.7% vs COGS 23.6%. Normal
CapEx growth -14.9% vs revenue 26.3%. Normal
SG&A/Gross Profit = 47.6%. Normal
Gross margin 39.1%, change +1.3pp. Stable
Cash Flow Quality
CFFO/NI = 1.31. Profits backed by cash
FCF $0.1B, FCF/NI = 1.11
Accruals ratio = -2.0%. Low accruals
Cash $0.1B covers only 26% of debt $0.2B
Balance Sheet Health
Goodwill+Intangibles $0.4B = 102% of equity. Over 50%
Debt/EBITDA = 1.6x. Healthy
Other assets -3.3% vs revenue 26.3%. Normal
Write-offs normal
Acquisition Risk
FCF after acquisitions positive
Goodwill+Intangibles change -2% YoY. Normal
Manipulation Score
M-Score = -2.45 (< -2.22). Unlikely manipulator
Portfolio monitoring
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Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25