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Side-by-side financial comparison of BELDEN INC. (BDC) and Liberty Energy Inc. (LBRT). Click either name above to swap in a different company.
Liberty Energy Inc. is the larger business by last-quarter revenue ($1.0B vs $720.1M, roughly 1.4× BELDEN INC.). BELDEN INC. runs the higher net margin — 9.4% vs 2.2%, a 7.2% gap on every dollar of revenue. On growth, BELDEN INC. posted the faster year-over-year revenue change (8.1% vs 4.5%). Over the past eight quarters, BELDEN INC.'s revenue compounded faster (15.9% CAGR vs -6.2%).
Belden Inc. is an American, multinational, publicly traded company specializing in the design, manufacture, and distribution of end-to-end networking, security and connectivity products. The company serves the Industrial Automation Solutions, Smart Buildings and Broadband & 5G markets.
Liberty Energy Inc. is a North American energy services provider specializing in hydraulic fracturing and well completion solutions for oil and gas operators. It serves clients across major U.S. shale basins, offering low-emission equipment and tailored support to optimize well productivity.
BDC vs LBRT — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $720.1M | $1.0B |
| Net Profit | $67.9M | $22.6M |
| Gross Margin | 36.6% | — |
| Operating Margin | 12.2% | 2.2% |
| Net Margin | 9.4% | 2.2% |
| Revenue YoY | 8.1% | 4.5% |
| Net Profit YoY | 16.3% | 64.8% |
| EPS (diluted) | $1.70 | $0.14 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | — | $1.0B | ||
| Q4 25 | $720.1M | $1.0B | ||
| Q3 25 | $698.2M | $947.4M | ||
| Q2 25 | $672.0M | $1.0B | ||
| Q1 25 | $624.9M | $977.5M | ||
| Q4 24 | $666.0M | $943.6M | ||
| Q3 24 | $654.9M | $1.1B | ||
| Q2 24 | $604.3M | $1.2B |
| Q1 26 | — | $22.6M | ||
| Q4 25 | $67.9M | $13.7M | ||
| Q3 25 | $56.7M | $43.1M | ||
| Q2 25 | $61.0M | $71.0M | ||
| Q1 25 | $51.9M | $20.1M | ||
| Q4 24 | $58.4M | $51.9M | ||
| Q3 24 | $53.7M | $73.8M | ||
| Q2 24 | $49.0M | $108.4M |
| Q1 26 | — | — | ||
| Q4 25 | 36.6% | 20.6% | ||
| Q3 25 | 37.7% | 18.7% | ||
| Q2 25 | 38.5% | 22.1% | ||
| Q1 25 | 39.3% | 22.1% | ||
| Q4 24 | 37.5% | 21.4% | ||
| Q3 24 | 37.3% | 26.2% | ||
| Q2 24 | 37.5% | 27.9% |
| Q1 26 | — | 2.2% | ||
| Q4 25 | 12.2% | 1.9% | ||
| Q3 25 | 10.9% | -0.3% | ||
| Q2 25 | 11.8% | 3.6% | ||
| Q1 25 | 11.6% | 1.9% | ||
| Q4 24 | 10.4% | 2.6% | ||
| Q3 24 | 11.5% | 9.4% | ||
| Q2 24 | 11.4% | 12.2% |
| Q1 26 | — | 2.2% | ||
| Q4 25 | 9.4% | 1.3% | ||
| Q3 25 | 8.1% | 4.5% | ||
| Q2 25 | 9.1% | 6.8% | ||
| Q1 25 | 8.3% | 2.1% | ||
| Q4 24 | 8.8% | 5.5% | ||
| Q3 24 | 8.2% | 6.5% | ||
| Q2 24 | 8.1% | 9.3% |
| Q1 26 | — | $0.14 | ||
| Q4 25 | $1.70 | $0.08 | ||
| Q3 25 | $1.41 | $0.26 | ||
| Q2 25 | $1.53 | $0.43 | ||
| Q1 25 | $1.27 | $0.12 | ||
| Q4 24 | $1.41 | $0.31 | ||
| Q3 24 | $1.30 | $0.44 | ||
| Q2 24 | $1.19 | $0.64 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $389.9M | $699.1M |
| Total DebtLower is stronger | — | $7.1M |
| Stockholders' EquityBook value | $1.3B | $1.9B |
| Total Assets | $3.5B | $4.4B |
| Debt / EquityLower = less leverage | — | 0.00× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $699.1M | ||
| Q4 25 | $389.9M | $27.6M | ||
| Q3 25 | $314.3M | $13.5M | ||
| Q2 25 | $301.5M | $19.6M | ||
| Q1 25 | $259.0M | $24.1M | ||
| Q4 24 | $370.3M | $20.0M | ||
| Q3 24 | $323.0M | $23.0M | ||
| Q2 24 | $564.8M | $30.0M |
| Q1 26 | — | $7.1M | ||
| Q4 25 | — | $246.6M | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $190.5M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | $1.9B | ||
| Q4 25 | $1.3B | $2.1B | ||
| Q3 25 | $1.2B | $2.1B | ||
| Q2 25 | $1.2B | $2.0B | ||
| Q1 25 | $1.2B | $2.0B | ||
| Q4 24 | $1.3B | $2.0B | ||
| Q3 24 | $1.2B | $2.0B | ||
| Q2 24 | $1.2B | $1.9B |
| Q1 26 | — | $4.4B | ||
| Q4 25 | $3.5B | $3.6B | ||
| Q3 25 | $3.4B | $3.5B | ||
| Q2 25 | $3.4B | $3.4B | ||
| Q1 25 | $3.3B | $3.4B | ||
| Q4 24 | $3.3B | $3.3B | ||
| Q3 24 | $3.3B | $3.3B | ||
| Q2 24 | $3.5B | $3.2B |
| Q1 26 | — | 0.00× | ||
| Q4 25 | — | 0.12× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.10× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $160.4M | — |
| Free Cash FlowOCF − Capex | $121.3M | — |
| FCF MarginFCF / Revenue | 16.8% | — |
| Capex IntensityCapex / Revenue | 5.4% | 13.1% |
| Cash ConversionOCF / Net Profit | 2.36× | — |
| TTM Free Cash FlowTrailing 4 quarters | $218.7M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $160.4M | $195.4M | ||
| Q3 25 | $105.0M | $51.5M | ||
| Q2 25 | $82.0M | $170.6M | ||
| Q1 25 | $7.4M | $192.1M | ||
| Q4 24 | $174.7M | $177.3M | ||
| Q3 24 | $91.7M | $244.5M | ||
| Q2 24 | $83.0M | $248.2M |
| Q1 26 | — | — | ||
| Q4 25 | $121.3M | $-10.0M | ||
| Q3 25 | $65.3M | $-67.2M | ||
| Q2 25 | $56.9M | $33.1M | ||
| Q1 25 | $-24.8M | $58.2M | ||
| Q4 24 | $116.4M | $-26.2M | ||
| Q3 24 | $67.2M | $77.9M | ||
| Q2 24 | $61.0M | $112.2M |
| Q1 26 | — | — | ||
| Q4 25 | 16.8% | -1.0% | ||
| Q3 25 | 9.4% | -7.1% | ||
| Q2 25 | 8.5% | 3.2% | ||
| Q1 25 | -4.0% | 6.0% | ||
| Q4 24 | 17.5% | -2.8% | ||
| Q3 24 | 10.3% | 6.8% | ||
| Q2 24 | 10.1% | 9.7% |
| Q1 26 | — | 13.1% | ||
| Q4 25 | 5.4% | 19.8% | ||
| Q3 25 | 5.7% | 12.5% | ||
| Q2 25 | 3.7% | 13.2% | ||
| Q1 25 | 5.2% | 13.7% | ||
| Q4 24 | 8.8% | 21.6% | ||
| Q3 24 | 3.7% | 14.6% | ||
| Q2 24 | 3.6% | 11.7% |
| Q1 26 | — | — | ||
| Q4 25 | 2.36× | 14.28× | ||
| Q3 25 | 1.85× | 1.20× | ||
| Q2 25 | 1.34× | 2.40× | ||
| Q1 25 | 0.14× | 9.55× | ||
| Q4 24 | 2.99× | 3.42× | ||
| Q3 24 | 1.71× | 3.31× | ||
| Q2 24 | 1.69× | 2.29× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BDC
| Automation Solutions Segment | $397.7M | 55% |
| Broadband Solutions | $164.8M | 23% |
| Smart Buildings Solutions | $157.7M | 22% |
LBRT
Segment breakdown not available.
