Belden
Through the investors’ lenses
Each of these investors has said in public what they look at before buying. Click a name to see how this company measures up — a tick where it passes one of their tests, a cross where it does not.
Warren Buffett 2/4
| Measure | BDC | Checked against | |
|---|---|---|---|
| Owner earnings | $230.78m | positive | ✓ |
| Return on equity | 18.8% | median 11.7% | ✓ |
| Debt to equity | 1.02x | median 0.79x | ✗ |
| Operating margin | 11.6% | median 15.0% | ✗ |
Passes 2 of 4. To be clear: Warren Buffett has never said anything about Belden. These are the company’s own figures put through the tests he described. What he looks at, and why →
Terry Smith 1/4
| Measure | BDC | Checked against | |
|---|---|---|---|
| Return on capital employed | 12.4% | median 10.1% | ✓ |
| Cash conversion | 1.49x | median 1.78x | ✗ |
| Operating margin | 11.6% | median 15.0% | ✗ |
| Debt to equity | 1.02x | median 0.79x | ✗ |
Passes 1 of 4. To be clear: Terry Smith has never said anything about Belden. These are the company’s own figures put through the tests he described. What he looks at, and why →
Charlie Munger 2/3
| Measure | BDC | Checked against | |
|---|---|---|---|
| Return on capital employed | 12.4% | median 10.1% | ✓ |
| Return on equity | 18.8% | median 11.7% | ✓ |
| Operating margin | 11.6% | median 15.0% | ✗ |
Passes 2 of 3. To be clear: Charlie Munger has never said anything about Belden. These are the company’s own figures put through the tests he described. What he looks at, and why →
Chuck Akre 1/4
| Measure | BDC | Checked against | |
|---|---|---|---|
| Return on equity | 18.8% | median 11.7% | ✓ |
| Debt to equity | 1.02x | median 0.79x | ✗ |
| Cash conversion | 1.49x | median 1.78x | ✗ |
| Return on equity, sustained | 4 of 10 | 8 of 10 above median | ✗ |
Passes 1 of 4. To be clear: Chuck Akre has never said anything about Belden. These are the company’s own figures put through the tests he described. What he looks at, and why →
Philip Fisher 2/4
| Measure | BDC | Checked against | |
|---|---|---|---|
| Operating margin | 11.6% | median 15.0% | ✗ |
| Net margin | 8.7% | median 10.2% | ✗ |
| Return on capital employed | 12.4% | median 10.1% | ✓ |
| Operating margin, held or improving | 11.6% | 10-yr median 10.8% | ✓ |
Passes 2 of 4. To be clear: Philip Fisher has never said anything about Belden. These are the company’s own figures put through the tests he described. What he looks at, and why →
Walter Schloss 1/2
| Measure | BDC | Checked against | |
|---|---|---|---|
| Current ratio | 1.93x | median 1.25x | ✓ |
| Debt to equity | 1.02x | median 0.79x | ✗ |
Passes 1 of 2. To be clear: Walter Schloss has never said anything about Belden. These are the company’s own figures put through the tests he described. What he looks at, and why →
Benjamin Graham 0/3
| Measure | BDC | Checked against | |
|---|---|---|---|
| Current ratio | 1.93x | 2.00x published | ✗ |
| Long-term debt to working capital | 1.97x | 1.00x published | ✗ |
| Positive earnings, ten years running | 5 yrs | 10 published | ✗ |
Passes 0 of 3. To be clear: Benjamin Graham has never said anything about Belden. These are the company’s own figures put through the tests he described. What he looks at, and why →
Joel Greenblatt 1/1
| Measure | BDC | Checked against | |
|---|---|---|---|
| Return on capital employed | 12.4% | median 10.1% | ✓ |
Passes 1 of 1. To be clear: Joel Greenblatt has never said anything about Belden. These are the company’s own figures put through the tests he described. What he looks at, and why →
Peter Lynch 0/2
| Measure | BDC | Checked against | |
|---|---|---|---|
| Debt to equity | 1.02x | median 0.79x | ✗ |
| Net margin | 8.7% | median 10.2% | ✗ |
Passes 0 of 2. To be clear: Peter Lynch has never said anything about Belden. These are the company’s own figures put through the tests he described. What he looks at, and why →
| Basis | Payout | Why |
|---|---|---|
| GAAP earnings | 3.4% | whyA single year's earnings for a commodity producer can be several times the through-cycle average. This ratio computed in a trough looks alarming and in a peak looks trivial; neither describes whether the dividend is affordable across a cycle. |
| Operating cash flow | 2.2% | whyBefore capital spending. |
| Free cash flow | 3.6% | whyNets out the capital spending producers cut in downturns — so it flatters a trough year. |
Spread between highest and lowest: 1.4 percentage points. Same filings, different denominators.
Coverage rating 66 / 100 — Adequate. ? Peer standing 46/50Direction 18/30Stability 2/20
Free cash flow payout, last 6 years
| Fiscal year | Payout |
|---|---|
| 2025-12-31 | 3.6% |
| 2024-12-31 | 3.7% |
| 2023-12-31 | 4.2% |
| 2022-12-31 | 5.1% |
| 2021-12-31 | 5.0% |
| 2020-12-31 | 10.9% |
Coverage has improved three years running, 5.1% to 3.6%.
92% of the 36 materials here pay out more — comfortable for the sector.
The arithmetic
- GAAP earnings — dividends declared per share $0.200 ÷ diluted EPS $5.91
- Operating cash flow — dividends paid $7.97m ÷ operating cash flow $355m
- Free cash flow — dividends paid $7.97m ÷ (operating cash flow $355m − capex $136m)
Where the figures came from
- 10-K filed 2026-02-17 · accession 0000913142-26-000009
All public at sec.gov — you should not have to take our word for it.
Computed straight from SEC XBRL. A number that looks wrong to you is more useful to us than agreement — tell us.
What the free cash flow payout ratio measures, and where every company here sits on it.
Also on: rated adequate · when it files.
When this changes
Every figure above is recomputed whenever Belden files. The monthly letter carries what filed, what moved, and one finding computed across every company here.