Nasdaq:LFUS
LITTELFUSE INC /DE
A global leader in electronic protection technologies serving critical industries with high-reliability safety components.
Key Metrics
Investment Thesis
Bull Case
The stock offers potential value at current levels if management can reverse the recent earnings miss, as the company retains a healthy balance sheet with $563.4M in cash and equivalents to fund growth initiatives and manage its substantial debt load.
Bear Case
Investors should exercise caution due to the consecutive years of declining net income from $373.3M in 2022 down to a loss, coupled with a significant retained earnings deficit of $-1.67B that suggests underlying operational deterioration despite top-line stability.
About LITTELFUSE INC /DE
Littelfuse Inc. (LFUS) designs and manufactures electronic protection components like fuses, relays, and circuit breakers primarily for automotive, industrial, and consumer electronics markets globally.
Analysis
Management Discussion
While Littelfuse successfully recovered revenue growth from a low of $2.19B in 2024 to $2.39B in the most recent period, profitability remains critically challenged with a net loss of $-71.7M and operating profit of only $37.5M despite generating strong cash flow from operations of $433.8M.
Industry Overview
The electronic protection industry is essential for safety-critical applications in modern infrastructure, where demand is driven by the rapid electrification of vehicles and the expansion of data centers requiring high-reliability components.
Financial Statements
Income Statement
Balance Sheet
Cash Flow
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | $2.51B | $2.36B | $2.19B | $2.39B |
| Cost of Revenue | $1.51B | $1.46B | $1.40B | $1.48B |
| Gross Profit | $1.01B | $900.2M | $787.5M | $906.0M |
| Operating Expenses | $506.1M | $539.4M | $628.8M | $868.5M |
| Operating Income | $500.8M | $360.9M | $158.8M | $37.5M |
| R&D | $95.6M | $102.4M | $107.8M | $106.9M |
| G&A | $344.8M | $354.7M | $350.4M | $381.8M |
| Stock-Based Comp | $23.6M | $23.9M | $26.0M | $27.3M |
| D&A | $120.7M | $137.4M | — | — |
| Depreciation | $65.0M | $71.6M | $68.3M | $74.9M |
| Amortization | $55.7M | $65.8M | $62.1M | $59.8M |
| Other OpEx | $65.7M | $82.3M | $170.6M | $379.8M |
| Non-Operating Income | $-57.8M | $-32.3M | $-6.9M | $-33.9M |
| Interest Expense | $26.2M | $39.9M | — | — |
| Pre-Tax Income | $443.0M | $328.6M | $151.9M | $3.6M |
| Income Tax | $69.7M | $69.1M | $51.7M | $75.3M |
| Continuing Ops | $373.3M | $259.5M | $100.2M | $-71.7M |
| Discontinued Ops | $0 | $0 | $0 | $0 |
| Net Income | $373.3M | $259.5M | $100.2M | $-71.7M |
| Minority Interest | $0 | $0 | $0 | $0 |
| Net to Common | $373.3M | $259.5M | $100.2M | $-71.7M |
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Current Assets | $1.51B | $1.41B | $1.55B | $1.44B |
| Cash & Equivalents | $562.6M | $555.5M | $724.9M | $563.4M |
| Marketable Securities | $84.0K | $235.0K | $976.0K | $287.0K |
| Accounts Receivable | $306.6M | $287.0M | $294.4M | $363.2M |
| Inventory | $547.7M | $474.6M | $416.3M | $416.5M |
| Prepaid Expenses | $87.6M | $82.5M | $103.7M | $85.8M |
| Other Current Assets | $7.2M | $8.7M | $11.7M | $6.1M |
| Long-Term Assets | $2.39B | $2.59B | $2.34B | $2.52B |
| PP&E (Net) | $481.1M | $493.2M | $477.1M | $540.6M |
| Intangibles | $594.0M | $606.1M | $482.1M | $594.9M |
| Goodwill | $1.19B | $1.31B | $1.23B | $1.21B |
| Operating Leases | $54.9M | $61.0M | $71.5M | $85.3M |
| LT Investments | $24.1M | $24.8M | $23.2M | $20.0M |
| Other LT Assets | $37.4M | $77.6M | $44.2M | $56.9M |
| Total Assets | $3.90B | $4.00B | $3.89B | $3.96B |
| Current Liabilities | $572.3M | $375.5M | $433.9M | $532.8M |
| Accounts Payable | $208.6M | $173.5M | $188.4M | $211.1M |
| Current Debt | $134.9M | $14.0M | $67.6M | $96.2M |
| Current Leases | $11.7M | $11.7M | $13.6M | $11.3M |
| Taxes Payable | $41.8M | $38.7M | $29.7M | $26.2M |
| Other Current Liab | $-11.7M | $-11.7M | $-13.6M | $-11.3M |
| Long-Term Liabilities | $1.12B | $1.14B | $1.04B | $998.0M |
| Long-Term Debt | $866.6M | $857.9M | $788.5M | $706.4M |
| LT Operating Leases | $45.0M | $49.2M | $60.6M | $71.7M |
| Other LT Liab | $208.5M | $232.2M | $195.2M | $219.9M |
| Total Liabilities | $1.69B | $1.51B | $1.48B | $1.53B |
| Shareholders' Equity | $2.21B | $2.48B | $2.41B | $2.43B |
| Paid-In Capital | $974.1M | $1.01B | $1.05B | $1.10B |
| Retained Earnings | $1.59B | $1.78B | $1.82B | $1.67B |
| AOCI | $-95.8M | $-55.8M | $-146.4M | $-5.4M |
| Total L&E | $3.90B | $4.00B | $3.89B | $3.96B |
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Net Income (CFO) | $373.3M | $259.5M | $100.2M | $-71.7M |
| Non-Cash Adjustments | $-32.4M | $414.8M | $336.3M | $499.1M |
| Working Capital Changes | $78.8M | $-216.9M | $-68.9M | $6.4M |
| Cash from Operations | $419.7M | $457.4M | $367.6M | $433.8M |
| Capital Expenditures | $104.3M | $86.2M | $75.9M | $67.6M |
| Cash from Investing | $-636.4M | $-284.3M | $-65.8M | $-468.9M |
| Share Buybacks | $0 | — | $40.9M | $27.6M |
| Dividends Paid | $55.9M | $62.2M | $67.1M | $72.0M |
| Cash from Financing | $310.2M | $-185.7M | $-112.4M | $-149.3M |
| FX Effect | $-11.4M | $4.8M | $-20.1M | $23.0M |
| Net Change in Cash | $82.1M | $-7.8M | $169.3M | $-161.3M |
| Beginning Cash | $482.8M | $564.9M | $557.1M | $726.4M |
| Ending Cash | $564.9M | $557.1M | $726.4M | $565.1M |
Frequently Asked Questions
How does LITTELFUSE INC /DE make money?
The company operates through four main segments: Automotive (providing solutions for electric vehicles and traditional ICE), Industrial/Commercial (serving data centers and manufacturing), Consumer Electronics (protecting devices like phones and laptops), and Original Design Manufacturing (ODM) contracts for other manufacturers.
What are the main risks for LFUS?
Heavy capital intensity evidenced by $407.7M in acquisitions and $67.6M in capex alongside a massive $1.21B goodwill balance sheet creates vulnerability to write-downs, the company faces margin pressure from rising raw material costs affecting its $2.39B revenue base, and recent operational inefficiencies have led to significant net losses of $-71.7M in 2025.
What is LFUS's competitive advantage?
Littelfuse leverages a robust portfolio of proprietary technologies with high switching frequencies and energy ratings, maintains a diverse global customer base reducing single-industry dependency, and holds significant intellectual property in fuse technology that creates a high barrier to entry for competitors.
Related Companies
Not financial advice. All content is for informational purposes only. Data may contain errors. Consult a qualified financial advisor before making investment decisions.