HIGHBuilt-in & outside partyCustomer
93%
Enercon defense customers
“10-K Item 1A: 'approximately 93% of Enercon's revenue was derived from customers in the defense industry'”
BELFB · Concentration risk · 10-K extracted
Bel Fuse (BELFB) concentration risks
Updated
The most significant concentration Bel Fuse discloses is Enercon defense customers at 93%, classified HIGH by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Source: Bel Fuse’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
At a glance
Disclosed-size breakdown · 3 disclosed concentrations
HIGH2
MEDIUM1
LOW0
Disclosed concentrations
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
HIGHBuilt-inProduct / Revenue mix
53%
Power Solutions and Protection
“10-K Item 1: 'Power Solutions & Protection (53% of net sales in 2025)'”
MEDIUMBuilt-inSupplier
PRC manufacturing and supplier base
“10-K Item 1A: 'The majority of Bel's Magnetic Solutions manufacturing capacity and supplier base is located in the PRC'”
TrendMatrix Research · concentration synthesis
What these concentrations mean together
updated 2026-06-24The company's disclosed concentration profile spans three interlocking exposures. The most prominent is the Enercon subsidiary's customer base: approximately 93% of Enercon's revenue was derived from customers in the defense industry — a high-share exposure with a mixed character. Defense procurement provides multi-year program visibility but introduces dependency on government appropriations, program continuity, and evolving supply-chain compliance requirements, any of which can interrupt revenue without commercial-market warning signs. At the product level, the Power Solutions and Protection segment contributed 53% of net sales in 2025 — a high-share structural concentration. A single segment representing more than half of consolidated net sales means overall results are tightly correlated with the demand dynamics, pricing trends, and competitive conditions specific to power connectivity and protection products. The third exposure is moderate in disclosed size but geographically strategic: the majority of the Magnetic Solutions manufacturing capacity and supplier base is located in the PRC. This structural dependency creates potential cost and supply-chain disruption risk tied to trade policy and geopolitical conditions, and it carries particular relevance given the defense-industry customer exposure noted above — PRC-origin inputs may face increasing scrutiny under customer supply-chain compliance standards. In aggregate, the profile is one where two high-share exposures (Enercon's defense customer base and the Power Solutions segment) dominate results, with a medium-share geographic manufacturing dependency adding a supply-side tail risk. The intersection of PRC manufacturing and defense customers is the most complex dimension to manage over the medium term.
For the engine’s reasoning on BELFB’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
Industry peers · Electronic Components
Peer concentration profile
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| CLS | Celestica, Inc. | 2 | 2 | 0 | 4 |
| APH | Amphenol Corporation | 2 | 1 | 1 | 4 |
| BELFB● | Bel Fuse Inc. | 2 | 1 | 0 | 3 |
| BHE | Benchmark Electronics, Inc. | 2 | 0 | 0 | 2 |
| FLEX | Flex Ltd. | 1 | 3 | 1 | 5 |
| BELFA | Bel Fuse Inc. | 0 | 2 | 0 | 2 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.