$Bel Fuse-B (BELFB.US)$In the analysis two years ago, it was...

The American company, which was listed in 1983, mainly makes magnetic, power, protection and connection solutions. 70% of the market is in the US, and the current price is 59.46.

It has grown amid fluctuations in revenue over the past 5 years, with an average growth rate of 3.2%. Operating profit increased for 4 years, with an average growth rate of 28%. Net profit continued to grow after reversing losses in 2020. The average growth rate in the past 3 years was 79.4%, and the average growth rate in 2023 was 40.1%. Interest expenses account for 3% of operating profit in 2023, and the interest burden is very light. The gross margin increased from 22.3% to 33.7% in the past 5 years, and the return on net assets increased from 7.2% to 24.5%.

Judging from the quarterly report, revenue has been shrinking for 3 consecutive quarters, with operating profit and net profit shrinking by 5.8% and 14.3% respectively in the most recent quarter.

The balance ratio has declined from 64.2% to 40.4% over the past 5 years, and both total assets and net assets have increased. Receivables and inventories have grown rapidly in the past two years. In particular, inventory has reached 27% of revenue, accounting for a significant increase.

Goodwill and other intangible assets are $79 million, accounting for 30% of the net assets of $262 million, and long-term loans of $95 million, accounting for 36% of net assets. The leverage ratio is slightly higher.

Currently, cash is $70 million, current ratio is 3.45, and quick ratio is 2.02.

Over the past five years, net operating cash flow has generally been higher than net investment, generating some shareholders' surpluses.

Currently, the price-earnings ratio is 10.7. Although profits have shrunk in one quarter, you can still choose carefully (⭐️)