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Side-by-side financial comparison of BELDEN INC. (BDC) and Lennox International (LII). Click either name above to swap in a different company.
Lennox International is the larger business by last-quarter revenue ($1.2B vs $720.1M, roughly 1.7× BELDEN INC.). Lennox International runs the higher net margin — 13.6% vs 9.4%, a 4.1% gap on every dollar of revenue. On growth, BELDEN INC. posted the faster year-over-year revenue change (8.1% vs -11.2%). Lennox International produced more free cash flow last quarter ($376.7M vs $121.3M). Over the past eight quarters, BELDEN INC.'s revenue compounded faster (9.2% CAGR vs 6.8%).
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.
Lennox International Inc. is an American provider of climate control products for the heating, ventilation, and air conditioning (HVAC) and refrigeration markets. Based in Richardson, Texas, the company is 9.8% owned by John W. Norris, III, a descendant of DW Norris, who acquired the company in 1904. The company's largest production facilities are in Saltillo, Mexico, Marshalltown, Iowa, and Orangeburg, South Carolina.
BDC vs LII — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $720.1M | $1.2B |
| Net Profit | $67.9M | $162.1M |
| Gross Margin | 36.6% | 34.7% |
| Operating Margin | 12.2% | 18.6% |
| Net Margin | 9.4% | 13.6% |
| Revenue YoY | 8.1% | -11.2% |
| Net Profit YoY | 16.3% | -18.0% |
| EPS (diluted) | $1.70 | $4.62 |
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 | $720.1M | — | ||
| Q4 25 | $720.1M | $1.2B | ||
| Q3 25 | $698.2M | $1.4B | ||
| Q2 25 | $672.0M | $1.5B | ||
| Q1 25 | $624.9M | $1.1B | ||
| Q4 24 | $666.0M | $1.3B | ||
| Q3 24 | $654.9M | $1.5B | ||
| Q2 24 | $604.3M | $1.5B |
| Q1 26 | $67.9M | — | ||
| Q4 25 | $67.9M | $162.1M | ||
| Q3 25 | $56.7M | $245.8M | ||
| Q2 25 | $61.0M | $277.6M | ||
| Q1 25 | $51.9M | $120.3M | ||
| Q4 24 | $58.4M | $197.7M | ||
| Q3 24 | $53.7M | $239.0M | ||
| Q2 24 | $49.0M | $245.9M |
| Q1 26 | 36.6% | — | ||
| Q4 25 | 36.6% | 34.7% | ||
| Q3 25 | 37.7% | 32.8% | ||
| Q2 25 | 38.5% | 34.8% | ||
| Q1 25 | 39.3% | 30.6% | ||
| Q4 24 | 37.5% | 33.9% | ||
| Q3 24 | 37.3% | 32.6% | ||
| Q2 24 | 37.5% | 33.6% |
| Q1 26 | 12.2% | — | ||
| Q4 25 | 12.2% | 18.6% | ||
| Q3 25 | 10.9% | 21.7% | ||
| Q2 25 | 11.8% | 23.6% | ||
| Q1 25 | 11.6% | 14.5% | ||
| Q4 24 | 10.4% | 18.2% | ||
| Q3 24 | 11.5% | 20.2% | ||
| Q2 24 | 11.4% | 22.1% |
| Q1 26 | 9.4% | — | ||
| Q4 25 | 9.4% | 13.6% | ||
| Q3 25 | 8.1% | 17.2% | ||
| Q2 25 | 9.1% | 18.5% | ||
| Q1 25 | 8.3% | 11.2% | ||
| Q4 24 | 8.8% | 14.7% | ||
| Q3 24 | 8.2% | 16.0% | ||
| Q2 24 | 8.1% | 16.9% |
| Q1 26 | $1.70 | — | ||
| Q4 25 | $1.70 | $4.62 | ||
| Q3 25 | $1.41 | $6.98 | ||
| Q2 25 | $1.53 | $7.82 | ||
| Q1 25 | $1.27 | $3.37 | ||
| Q4 24 | $1.41 | $5.52 | ||
| Q3 24 | $1.30 | $6.68 | ||
| Q2 24 | $1.19 | $6.87 |
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 | $34.7M |
| Total DebtLower is stronger | $1.3B | $1.1B |
| Stockholders' EquityBook value | $1.3B | $1.2B |
| Total Assets | — | $4.1B |
| Debt / EquityLower = less leverage | 1.02× | 0.98× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $389.9M | — | ||
| Q4 25 | $389.9M | $34.7M | ||
| Q3 25 | $314.3M | $59.2M | ||
| Q2 25 | $301.5M | $55.1M | ||
| Q1 25 | $259.0M | $222.9M | ||
| Q4 24 | $370.3M | $422.3M | ||
| Q3 24 | $323.0M | $255.7M | ||
| Q2 24 | $564.8M | $57.8M |
| Q1 26 | $1.3B | — | ||
| Q4 25 | — | $1.1B | ||
| Q3 25 | — | $838.2M | ||
| Q2 25 | — | $835.7M | ||
| Q1 25 | — | $834.2M | ||
| Q4 24 | — | $833.1M | ||
| Q3 24 | — | $827.6M | ||
| Q2 24 | — | $1.1B |
| Q1 26 | $1.3B | — | ||
| Q4 25 | $1.3B | $1.2B | ||
| Q3 25 | $1.2B | $1.1B | ||
| Q2 25 | $1.2B | $900.5M | ||
| Q1 25 | $1.2B | $852.5M | ||
| Q4 24 | $1.3B | $850.2M | ||
| Q3 24 | $1.2B | $754.0M | ||
| Q2 24 | $1.2B | $577.4M |
| Q1 26 | — | — | ||
| Q4 25 | $3.5B | $4.1B | ||
| Q3 25 | $3.4B | $3.5B | ||
| Q2 25 | $3.4B | $3.7B | ||
| Q1 25 | $3.3B | $3.5B | ||
| Q4 24 | $3.3B | $3.5B | ||
| Q3 24 | $3.3B | $3.3B | ||
| Q2 24 | $3.5B | $3.2B |
| Q1 26 | 1.02× | — | ||
| Q4 25 | — | 0.98× | ||
| Q3 25 | — | 0.78× | ||
| Q2 25 | — | 0.93× | ||
| Q1 25 | — | 0.98× | ||
| Q4 24 | — | 0.98× | ||
| Q3 24 | — | 1.10× | ||
| Q2 24 | — | 1.95× |
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 | $354.9M | $405.9M |
| Free Cash FlowOCF − Capex | $121.3M | $376.7M |
| FCF MarginFCF / Revenue | 16.8% | 31.5% |
| Capex IntensityCapex / Revenue | 18.9% | 2.4% |
| Cash ConversionOCF / Net Profit | 5.23× | 2.50× |
| TTM Free Cash FlowTrailing 4 quarters | $364.7M | $638.8M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $354.9M | — | ||
| Q4 25 | $160.4M | $405.9M | ||
| Q3 25 | $105.0M | $300.7M | ||
| Q2 25 | $82.0M | $86.8M | ||
| Q1 25 | $7.4M | $-35.8M | ||
| Q4 24 | $174.7M | $332.4M | ||
| Q3 24 | $91.7M | $452.1M | ||
| Q2 24 | $83.0M | $184.0M |
| Q1 26 | $121.3M | — | ||
| Q4 25 | $121.3M | $376.7M | ||
| Q3 25 | $65.3M | $265.1M | ||
| Q2 25 | $56.9M | $58.3M | ||
| Q1 25 | $-24.8M | $-61.3M | ||
| Q4 24 | $116.4M | $272.2M | ||
| Q3 24 | $67.2M | $410.9M | ||
| Q2 24 | $61.0M | $151.3M |
| Q1 26 | 16.8% | — | ||
| Q4 25 | 16.8% | 31.5% | ||
| Q3 25 | 9.4% | 18.6% | ||
| Q2 25 | 8.5% | 3.9% | ||
| Q1 25 | -4.0% | -5.7% | ||
| Q4 24 | 17.5% | 20.2% | ||
| Q3 24 | 10.3% | 27.4% | ||
| Q2 24 | 10.1% | 10.4% |
| Q1 26 | 18.9% | — | ||
| Q4 25 | 5.4% | 2.4% | ||
| Q3 25 | 5.7% | 2.5% | ||
| Q2 25 | 3.7% | 1.9% | ||
| Q1 25 | 5.2% | 2.4% | ||
| Q4 24 | 8.8% | 4.5% | ||
| Q3 24 | 3.7% | 2.8% | ||
| Q2 24 | 3.6% | 2.3% |
| Q1 26 | 5.23× | — | ||
| Q4 25 | 2.36× | 2.50× | ||
| Q3 25 | 1.85× | 1.22× | ||
| Q2 25 | 1.34× | 0.31× | ||
| Q1 25 | 0.14× | -0.30× | ||
| Q4 24 | 2.99× | 1.68× | ||
| Q3 24 | 1.71× | 1.89× | ||
| Q2 24 | 1.69× | 0.75× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BDC
Segment breakdown not available.
LII
| Residential Heating And Cooling | $699.8M | 59% |
| Commercial Heating And Cooling | $495.2M | 41% |
