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The Moat Index

BEL FUSE INC /NJ

BELFA · Technology · FY2025 filings · No moat ·

Doesn't clear the bar

37/ 100
No moat

The four filters

Pricing power22

Median gross margin 25.6% over 10y, variable.

Returns on capital37

Median ROIC 9.4%, above the 9% hurdle in 50% of years.

Balance-sheet safety55

Net debt/EBITDA 1.0x, interest coverage 8x.

Capital discipline44

Owner earnings trend unclear, share count n/a.

Margin of safety

Above valueOn sale
No price data
Owner earnings (normalized)
$58.7M
Est. intrinsic value / share
—
Recent price
$228.73
Discount to value
No price data

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

18 years of fundamentals

The business, in plain English

BEL FUSE INC /NJ booked $675.5M of revenue in FY2025 in the Technology sector and kept 39.1% of it as gross profit — a solid-margin business by that measure. After every other cost, 9.1% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $182.8M (FY2009) to $675.5M (FY2025) — about 8.5% a year compounded over 16 years.

It earned 15.3% on invested capital in FY2025, with a median of 8.6% across 17 filed years. The Returns on Capital filter above scores it 37/100.

The balance sheet carried $197.5M of total debt in FY2025 against $76.1M of owner earnings — roughly 2.6 years of owner earnings to retire it all. Balance-Sheet Safety scores it 55/100.

Put together: Balance-Sheet Safety is the strongest of the four filters (55/100) and Pricing Power the weakest (22/100), which is how BELFA lands at 37/100 — a None 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.

FY2008–FY2025 · 18 fiscal years, normalized from BELFA’s SEC filings

RevenueSales, as filed$675.5M FY2025
$0$250M$500M2008201420202025
Gross marginRevenue kept after cost of goods39.1% FY2025
−200%0%2008201420202025
Return on invested capitalOperating profit on the capital employed15.3% FY2025
−25%0%25%2008201420202025
Owner earningsCash an owner could take out$76.1M FY2025
−$50M$0$50M2008201420202025

Gaps in a line mean that item isn’t in BELFA’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

3 logged readings since Jul 17, 2026 · append-only, never rewritten

Moat Score over timeLast scored reading of each day, on the 0–100 scale37.4 / 100
0406080100WideNarrowShallowNo moatJul 17, 2026

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 — BELFA has read No 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.

Technology context

#343 of 532 scored Technology companies, ranked by Moat Score.

Nearest peers by Moat Score

  1. #341APPN Appian Corporation37.6No moat
  2. #342PRTH Priority Technology Holdings, Inc.37.6No moat
  3. #344SOUN SoundHound AI, Inc.37.4No moat
  4. #345DJT Trump Media & Technology Group Corp.37.4No moat

Compare BELFA with its nearest peers →All Technology companies on the Index →

Common questions about BELFA

Does BEL FUSE INC /NJ have an economic moat?
Based on its FY2025 SEC filings, the Moat Index scores BEL FUSE INC /NJ (BELFA) 37.4 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 22, returns on capital 37, balance-sheet safety 55, capital discipline 44.
How has BELFA's Moat Score changed over time?
The record logs 3 readings since Jul 17, 2026; the latest reads 37.4 out of 100 (no 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 BELFA. See the disclaimer.

BEL FUSE INC /NJ (BELFA) Moat Score — The Moat Index · Buy Like Buffett