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Forensic Analysis · Primary Metals & Steel · as of Nov 8, 2026

Belden Inc. (BDC)

A forensic read on Belden Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

A · High-quality compounder
Forensic grade
Safe
Financial health
3.7
Distress distance
Clean
Earnings quality
1
Forensic signals
18.6%
ROE
10.3%
Revenue growth

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

Belden Inc. earns an A (High-quality compounder) forensic quality grade, and its balance-sheet distress test reads 3.7, placing it in the Safe zone. 1 forensic signal was flagged in its latest SEC filings, led by return on invested capital.

What the filings flag

11.7%
FY2025
Return on invested capital. Return on invested capital is 11.7% in the latest fiscal year and slipping across FY2023–FY2025 from 13.4%. After-tax operating profit was $270M in FY2023 and $281M in FY2025, with operating income at 12.6% of revenue in FY2023, 10.8% in FY2024 and 11.6% in FY2025. The capital base behind it grew +19% across FY2023–FY2025, from $2.0B to $2.4B, while the return fell 1.7 points, so the dollars added over that window earned less than the 13.4% the older base was already earning.

Key fundamentals

Latest Revenue$2.72B
Revenue Growth YoY+10.3%
Revenue CAGR (2yr)+4.0%
Net Margin8.7%
Free Cash Flow$218.7M
Return on Equity18.6%
Debt / Equity1.02x

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Data from SEC EDGAR public filings · metrics as of Nov 8, 2026. Forensic signals flag probability, not certainty.

See a wrong number? Report an error with the filing it should match.