Bel Fuse designs, manufactures, and sells electronic components that power, protect, and connect electronic circuits, serving markets including aerospace and defense (A&D), networking, telecommunications, industrial, transportation, and consumer electronics. A&D is the largest end market at 38% of FY25 sales. Bel operates three segments: Power Solutions and Protection (~53% of sales), which makes AC/DC and DC/DC power supplies, converters, and circuit protection devices; Connectivity Solutions (~34%), which makes harsh-environment connectors and cable assemblies for A&D and commercial aerospace; and Magnetic Solutions (~13%), which makes Ethernet components and transformers heavily concentrated in the networking market. Bel's products are designed into customers' hardware platforms, making Bel a recurring supplier for the life of that platform — creating sticky revenue with a 1–3 year lag between design wins and revenue. Margins are driven by volume, product mix (A&D skews higher-margin), and facility consolidations that have reduced overhead. Bel's growth strategy combines organic cross-selling of its full product portfolio to key A&D customers and M&A — the largest deal being the November 2024 acquisition of Enercon Technologies, a customized power conversion supplier for A&D, for $325.6M for an 80% stake. Bel manufactures globally across North America, Europe, and Asia, and has been reducing China exposure in favor of India.