vs
Side-by-side financial comparison of BELDEN INC. (BDC) and Morningstar, Inc. (MORN). Click either name above to swap in a different company.
BELDEN INC. is the larger business by last-quarter revenue ($720.1M vs $644.8M, roughly 1.1× Morningstar, Inc.). On growth, Morningstar, Inc. posted the faster year-over-year revenue change (10.8% vs 8.1%). BELDEN INC. produced more free cash flow last quarter ($121.3M vs $53.6M). Over the past eight quarters, BELDEN INC.'s revenue compounded faster (9.2% 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.
Morningstar, Inc. is an American financial services firm headquartered in Chicago, Illinois, founded by Joe Mansueto in 1984. It provides an array of investment research and investment management services.
BDC vs MORN — Head-to-Head
Income Statement — Q1 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $720.1M | $644.8M |
| Net Profit | $67.9M | — |
| Gross Margin | 36.6% | 62.9% |
| Operating Margin | 12.2% | 24.2% |
| Net Margin | 9.4% | — |
| Revenue YoY | 8.1% | 10.8% |
| Net Profit YoY | 16.3% | — |
| EPS (diluted) | $1.70 | $2.73 |
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 | $644.8M | ||
| Q4 25 | $720.1M | $641.1M | ||
| Q3 25 | $698.2M | $617.4M | ||
| Q2 25 | $672.0M | $605.1M | ||
| Q1 25 | $624.9M | $581.9M | ||
| Q4 24 | $666.0M | $591.0M | ||
| Q3 24 | $654.9M | $569.4M | ||
| Q2 24 | $604.3M | $571.9M |
| Q1 26 | $67.9M | — | ||
| Q4 25 | $67.9M | $115.1M | ||
| Q3 25 | $56.7M | $91.6M | ||
| Q2 25 | $61.0M | $89.0M | ||
| Q1 25 | $51.9M | $78.5M | ||
| Q4 24 | $58.4M | $116.9M | ||
| Q3 24 | $53.7M | $119.7M | ||
| Q2 24 | $49.0M | $69.1M |
| Q1 26 | 36.6% | 62.9% | ||
| Q4 25 | 36.6% | 61.1% | ||
| Q3 25 | 37.7% | 60.9% | ||
| Q2 25 | 38.5% | 61.9% | ||
| Q1 25 | 39.3% | 60.2% | ||
| Q4 24 | 37.5% | 60.7% | ||
| Q3 24 | 37.3% | 60.9% | ||
| Q2 24 | 37.5% | 61.1% |
| Q1 26 | 12.2% | 24.2% | ||
| Q4 25 | 12.2% | 24.9% | ||
| Q3 25 | 10.9% | 20.7% | ||
| Q2 25 | 11.8% | 20.7% | ||
| Q1 25 | 11.6% | 19.6% | ||
| Q4 24 | 10.4% | 28.5% | ||
| Q3 24 | 11.5% | 20.3% | ||
| Q2 24 | 11.4% | 19.0% |
| Q1 26 | 9.4% | — | ||
| Q4 25 | 9.4% | 18.0% | ||
| Q3 25 | 8.1% | 14.8% | ||
| Q2 25 | 9.1% | 14.7% | ||
| Q1 25 | 8.3% | 13.5% | ||
| Q4 24 | 8.8% | 19.8% | ||
| Q3 24 | 8.2% | 21.0% | ||
| Q2 24 | 8.1% | 12.1% |
| Q1 26 | $1.70 | $2.73 | ||
| Q4 25 | $1.70 | $2.79 | ||
| Q3 25 | $1.41 | $2.17 | ||
| Q2 25 | $1.53 | $2.09 | ||
| Q1 25 | $1.27 | $1.82 | ||
| Q4 24 | $1.41 | $2.72 | ||
| Q3 24 | $1.30 | $2.77 | ||
| Q2 24 | $1.19 | $1.60 |
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 | $492.8M |
| Total DebtLower is stronger | $1.3B | $1.7B |
| Stockholders' EquityBook value | $1.3B | $1.0B |
| Total Assets | — | $4.0B |
| Debt / EquityLower = less leverage | 1.02× | 1.68× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $389.9M | $492.8M | ||
| Q4 25 | $389.9M | $528.7M | ||
| Q3 25 | $314.3M | $40.3M | ||
| Q2 25 | $301.5M | $38.1M | ||
| Q1 25 | $259.0M | $47.7M | ||
| Q4 24 | $370.3M | $551.0M | ||
| Q3 24 | $323.0M | $48.8M | ||
| Q2 24 | $564.8M | $48.0M |
| Q1 26 | $1.3B | $1.7B | ||
| Q4 25 | — | — | ||
| Q3 25 | — | $848.9M | ||
| Q2 25 | — | $838.8M | ||
| Q1 25 | — | $803.7M | ||
| Q4 24 | — | $698.6M | ||
| Q3 24 | — | $864.7M | ||
| Q2 24 | — | $899.6M |
| Q1 26 | $1.3B | $1.0B | ||
| Q4 25 | $1.3B | $1.2B | ||
| Q3 25 | $1.2B | $1.5B | ||
| Q2 25 | $1.2B | $1.6B | ||
| Q1 25 | $1.2B | $1.6B | ||
| Q4 24 | $1.3B | $1.6B | ||
| Q3 24 | $1.2B | $1.6B | ||
| Q2 24 | $1.2B | $1.4B |
| Q1 26 | — | $4.0B | ||
| Q4 25 | $3.5B | $3.6B | ||
| Q3 25 | $3.4B | $3.6B | ||
| Q2 25 | $3.4B | $3.6B | ||
| Q1 25 | $3.3B | $3.6B | ||
| Q4 24 | $3.3B | $3.5B | ||
| Q3 24 | $3.3B | $3.6B | ||
| Q2 24 | $3.5B | $3.4B |
| Q1 26 | 1.02× | 1.68× | ||
| Q4 25 | — | — | ||
| Q3 25 | — | 0.56× | ||
| Q2 25 | — | 0.52× | ||
| Q1 25 | — | 0.50× | ||
| Q4 24 | — | 0.43× | ||
| Q3 24 | — | 0.55× | ||
| Q2 24 | — | 0.63× |
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 | — |
| Free Cash FlowOCF − Capex | $121.3M | $53.6M |
| FCF MarginFCF / Revenue | 16.8% | 8.3% |
| Capex IntensityCapex / Revenue | 18.9% | 5.9% |
| Cash ConversionOCF / Net Profit | 5.23× | — |
| TTM Free Cash FlowTrailing 4 quarters | $364.7M | $437.4M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $354.9M | — | ||
| Q4 25 | $160.4M | $204.0M | ||
| Q3 25 | $105.0M | $195.7M | ||
| Q2 25 | $82.0M | $99.0M | ||
| Q1 25 | $7.4M | $91.0M | ||
| Q4 24 | $174.7M | $153.4M | ||
| Q3 24 | $91.7M | $191.9M | ||
| Q2 24 | $83.0M | $152.7M |
| Q1 26 | $121.3M | $53.6M | ||
| Q4 25 | $121.3M | $161.3M | ||
| Q3 25 | $65.3M | $160.1M | ||
| Q2 25 | $56.9M | $62.4M | ||
| Q1 25 | $-24.8M | $58.8M | ||
| Q4 24 | $116.4M | $112.8M | ||
| Q3 24 | $67.2M | $155.8M | ||
| Q2 24 | $61.0M | $120.8M |
| Q1 26 | 16.8% | 8.3% | ||
| Q4 25 | 16.8% | 25.2% | ||
| Q3 25 | 9.4% | 25.9% | ||
| Q2 25 | 8.5% | 10.3% | ||
| Q1 25 | -4.0% | 10.1% | ||
| Q4 24 | 17.5% | 19.1% | ||
| Q3 24 | 10.3% | 27.4% | ||
| Q2 24 | 10.1% | 21.1% |
| Q1 26 | 18.9% | 5.9% | ||
| Q4 25 | 5.4% | 6.7% | ||
| Q3 25 | 5.7% | 5.8% | ||
| Q2 25 | 3.7% | 6.0% | ||
| Q1 25 | 5.2% | 5.5% | ||
| Q4 24 | 8.8% | 6.9% | ||
| Q3 24 | 3.7% | 6.3% | ||
| Q2 24 | 3.6% | 5.6% |
| Q1 26 | 5.23× | — | ||
| Q4 25 | 2.36× | 1.77× | ||
| Q3 25 | 1.85× | 2.14× | ||
| Q2 25 | 1.34× | 1.11× | ||
| Q1 25 | 0.14× | 1.16× | ||
| Q4 24 | 2.99× | 1.31× | ||
| Q3 24 | 1.71× | 1.60× | ||
| Q2 24 | 1.69× | 2.21× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
