Does BELDEN INC. have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores BELDEN INC. (BDC) 58.8 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 57, returns on capital 53, balance-sheet safety 72, capital discipline 56.

Is BDC stock trading below its intrinsic value?

Against a deliberately conservative owner-earnings model (9% discount rate, 4% assumed growth, capped at 4%), estimated intrinsic value is $109.77 per share versus a recent price of $101.39 — 8% below value. This is an educational estimate computed from primary SEC filings, not investment advice.

How has BDC's Moat Score changed over time?

The record logs 3 readings since Jul 17, 2026; the latest reads 58.8 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

The Moat Index

BELDEN INC.

BDC · Industrials · $3.9B mkt cap · FY2025 filings · Shallow moat ·

Doesn't clear the bar

Shallow moat

The four filters

Pricing power57

Median gross margin 36.2% over 10y, stable.

Returns on capital53

Median ROIC 10.8%, above the 9% hurdle in 80% of years.

Balance-sheet safety72

Net debt/EBITDA 2.0x, no material interest expense disclosed.

Capital discipline56

Owner earnings +0.9%/yr, share count shrinking (buybacks).

Margin of safety

Above valueOn sale

8% below value

Owner earnings (normalized): $237.5M
Est. intrinsic value / share: $109.77
Recent price: $101.39
Discount to value: 8% below value

Conservative model: 9% discount rate, 4% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

19 years of fundamentals

The business, in plain English

BELDEN INC. booked $2.7B of revenue in FY2025 in the Industrials sector and kept 38.0% of it as gross profit — a solid-margin business by that measure. After every other cost, 8.7% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $2.0B (FY2008) to $2.7B (FY2025) — about 1.8% a year compounded over 17 years.

It earned 13.0% on invested capital in FY2025, with a median of 10.0% across 18 filed years. The Returns on Capital filter above scores it 53/100.

The balance sheet carried $1.3B of total debt in FY2025 against $237.5M of owner earnings — roughly 5.4 years of owner earnings to retire it all. Balance-Sheet Safety scores it 72/100.

The share count rose 83369.8% between FY2009 and FY2025 — existing owners have been diluted over the record. Capital Discipline scores it 56/100.

Put together: Balance-Sheet Safety is the strongest of the four filters (72/100) and Returns on Capital the weakest (53/100), which is how BDC lands at 59/100 — a Shallow moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

RevenueSales, as filed$2.7B FY2025

Gross marginRevenue kept after cost of goods38.0% FY2025

Return on invested capitalOperating profit on the capital employed13.0% FY2025

Owner earningsCash an owner could take out$237.5M FY2025

Gaps in a line mean that item isn’t in BDC’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale58.8 / 100

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — BDC has read Shallow moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Industrials context

#82 of 309 scored Industrials companies, ranked by Moat Score.

Nearest peers by Moat Score

#80MCK McKESSON CORPORATION59.5 out of 100, Shallow moatShallow moat
#81GNRC GENERAC HOLDINGS INC.58.9 out of 100, Shallow moatShallow moat
#83HLIO HELIOS TECHNOLOGIES, INC.58.7 out of 100, Shallow moatShallow moat
#84MYRG MYR GROUP INC.58.5 out of 100, Shallow moatShallow moat

Compare BDC with its nearest peers →All Industrials companies on the Index →

Common questions about BDC

Does BELDEN INC. have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores BELDEN INC. (BDC) 58.8 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 57, returns on capital 53, balance-sheet safety 72, capital discipline 56.
Is BDC stock trading below its intrinsic value?: Against a deliberately conservative owner-earnings model (9% discount rate, 4% assumed growth, capped at 4%), estimated intrinsic value is $109.77 per share versus a recent price of $101.39 — 8% below value. This is an educational estimate computed from primary SEC filings, not investment advice.
How has BDC's Moat Score changed over time?: The record logs 3 readings since Jul 17, 2026; the latest reads 58.8 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell BDC. See the disclaimer.