Littelfuse Inc (LFUS)

Price$419.07Cached quoteAs of 2026-09-05 02:09 UTC

AI: Overvalued

Price checkThe valuation already assumes strong long-term growth and leaves limited protection if execution falls short.

Littelfuse has a market value of roughly $10.7 billion. Trailing free cash flow, meaning cash left after operating expenses and capital investment, is about $444 million, putting the shares near 24 times recent cash flow. Management targets more than $25 of adjusted earnings per share by 2030. Discounting $25 back four years at 9% and applying a 20-times future earnings multiple gives roughly $354 per share. Reaching today's valuation instead requires about a 24-times 2030 multiple while also achieving management's ambitious target.

Big pictureCash generation has remained resilient even though reported profits have moved sharply with semiconductor conditions.

Free cash flow stayed positive through the recent cycle, ranging from about $283 million to $371 million annually from 2021 through 2025. The 2025 net loss was heavily affected by a $301 million non-cash goodwill write-down in the semiconductor business, reflecting weaker expected sales and profitability rather than an equivalent cash loss. Still, the write-down revealed genuine cyclicality. Conditions have since improved: first-half 2026 free cash flow reached $193 million, up 68%, while second-quarter organic sales grew 14%.

Business strengthThe balance sheet is healthy, but acquisitions and mild dilution reduce some downside protection.

At June 27, 2026, Littelfuse held about $628 million of cash against roughly $630 million of debt, while current assets of $1.58 billion comfortably exceeded current liabilities of $574 million. That provides substantial financial flexibility. Capital allocation is more mixed: the Basler acquisition required about $350 million, dividends continue to rise, and buybacks have been relatively small. Shares outstanding increased from roughly 24.5 million in 2020 to more than 25 million recently, so shareholders have experienced mild dilution rather than sustained per-share shrinkage.

What could change the storyData-center and infrastructure growth could justify the premium, while another semiconductor setback could undermine it.

Management's 2030 plan calls for 7% to 9% annual organic revenue growth, a 24% to 26% adjusted operating cash-profit margin, more than $25 of adjusted earnings per share, and at least $600 million of annual free cash flow. Second-quarter Industrial organic growth reached 16%, helped by data centers, automation and construction, supporting the bull case. The bear case is that power-semiconductor weakness already forced a major write-down. The valuation becomes easier to defend if margins and cash flow approach those targets; materially slower progress would leave little margin of safety.

AI: News

Strong second quarterSecond-quarter results exceeded expectations as demand broadened, cash flow improved, and management raised near-term expectations.

On July 29, 2026, Littelfuse reported $739 million of quarterly sales, up 20%, including 14% organic growth. Free cash flow rose 75% to $127 million, adjusted earnings reached $4.19 per share, and adjusted operating cash-profit margin expanded to 23.6%. Management guided third-quarter sales to $780 million to $800 million and adjusted earnings to $4.85 to $5.05 per share. Shares rose sharply in premarket trading; the earnings surprise was a plausible major contributor, although price timing alone cannot establish sole causation.

2030 growth planManagement introduced ambitious long-term targets that materially increased the growth assumptions investors can test.

At its May 14, 2026 Investor Day, Littelfuse targeted about $4.5 billion of 2030 revenue, $1.1 billion of adjusted operating cash profit and at least $600 million of annual free cash flow. It also outlined 7% to 9% organic annual revenue growth and more than $25 of adjusted earnings per share. The plan depends partly on data centers, grid infrastructure and aerospace and defense, plus acquisitions. These targets matter because today's valuation appears to require substantial progress toward them rather than merely a return to historical performance.

First-quarter recoveryFirst-quarter results showed the semiconductor recovery broadening while the Basler acquisition accelerated industrial growth.

On May 6, 2026, first-quarter sales reached $657 million, up 19%, while free cash flow increased 55% to $66 million. Adjusted earnings were $3.31 per share versus a reported consensus near $2.83. Electronics organic sales rose 15%, including stronger protection-semiconductor volumes, although power semiconductors remained weaker. Industrial sales increased 45%, with Basler contributing 39 percentage points and organic growth adding 5%. The report strengthened evidence that the earnings recovery was becoming broader, while also showing how much acquisition activity contributed.

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Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009
Revenue	$2.39B	$2.19B	$2.36B	$2.51B	$2.08B	$1.45B	$1.50B	$1.72B	$1.22B	$1.06B	$867.9M	$852.0M	$757.9M	$667.9M	$665.0M	$608.0M	$430.1M
Gross profit	$906.0M	$787.5M	$900.2M	$1.01B	$771.9M	$501.2M	$546.3M	$653.4M	$506.5M	$413.1M	$330.5M	$324.4M	$296.2M	$258.5M	$256.7M	$233.9M	$125.4M
Gross margin	37.97%	35.95%	38.10%	40.05%	37.11%	34.67%	36.33%	38.02%	41.47%	39.12%	38.08%	38.08%	39.09%	38.70%	38.60%	38.46%	29.14%
Research & development	$106.9M	$107.8M	$102.4M	$95.6M	$65.9M	$52.5M	$80.0M	$87.3M	$50.5M	$42.2M	$30.8M	$31.1M	$24.4M	$21.2M	$19.4M	$17.6M	$18.1M
Operating expenses	$868.5M	$628.8M	$539.4M	$506.1M	$386.3M	$338.8M	$353.5M	$428.4M	$288.0M	$282.5M	$226.3M	$190.6M	$166.4M	$151.6M	$142.8M	$126.3M	$111.7M
Operating income	$37.5M	$158.8M	$360.9M	$500.8M	$385.6M	$162.4M	$192.8M	$225.0M	$218.5M	$130.6M	$104.2M	$133.8M	$129.9M	$106.9M	$113.9M	$107.6M	$13.7M
Operating margin	1.57%	7.25%	15.27%	19.92%	18.54%	11.23%	12.82%	13.10%	17.89%	12.37%	12.00%	15.71%	17.14%	16.00%	17.13%	17.69%	3.18%
EBITDA	$172.2M	$289.2M	$498.3M	$621.5M	$484.3M	$258.6M	$285.3M	$328.2M	$281.5M	$183.8M	$145.8M	$175.7M	$164.4M	$138.3M	$146.2M	$139.6M	$50.3M
EBITDA margin	7.22%	13.20%	21.09%	24.72%	23.28%	17.88%	18.97%	19.10%	23.05%	17.40%	16.80%	20.62%	21.69%	20.71%	21.98%	22.96%	11.70%
Net income	−$71.7M	$100.2M	$259.5M	$373.3M	$283.8M	$130.0M	$139.1M	$164.6M	$119.5M	$104.5M	$80.9M	$98.1M	$88.8M	$75.3M	$87.0M	$78.7M	$9.4M
Net profit margin	−3.00%	4.57%	10.98%	14.85%	13.64%	8.99%	9.25%	9.58%	9.78%	9.89%	9.32%	11.51%	11.72%	11.28%	13.09%	12.94%	2.19%
Basic EPSper basic share	-$2.89	$4.04	$10.44	$15.09	$11.54	$5.33	$5.66	$6.62	$5.27	$4.63	$3.58	$4.35	$3.98	$3.45	$3.96	$3.58	$0.43
Diluted EPSper diluted share	-$2.89	$4.00	$10.34	$14.94	$11.38	$5.29	$5.60	$6.52	$5.21	$4.60	$3.56	$4.32	$3.94	$3.40	$3.90	$3.52	$0.43

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

Reported holdings Number of shares

View holders

Top 20 reported holders of LFUS
Holder	Shares held
BlackRock, Inc.	2.52M
VANGUARD PORTFOLIO MANAGEMENT LLC	1.5M
VANGUARD CAPITAL MANAGEMENT LLC	1.14M
VAN LANSCHOT KEMPEN INVESTMENT MANAGEMENT N.V.	933.51K
STATE STREET CORP	794.17K
MAIRS & POWER INC	602.1K
GEODE CAPITAL MANAGEMENT, LLC	583.3K
MORGAN STANLEY	471.25K
NEUBERGER BERMAN GROUP LLC	467.86K
DIMENSIONAL FUND ADVISORS LP	445.1K
BARROW HANLEY MEWHINNEY & STRAUSS LLC	406.42K
Invesco Ltd.	393.93K
WELLINGTON MANAGEMENT GROUP LLP	363.18K
EARNEST PARTNERS LLC	351.36K
JANE STREET GROUP, LLC	348K
LORD, ABBETT & CO. LLC	343.74K
SILVERCREST ASSET MANAGEMENT GROUP LLC	343.55K
ALLIANCEBERNSTEIN L.P.	337.63K
Thrivent Financial for Lutherans	334.45K
WILLIAM BLAIR INVESTMENT MANAGEMENT, LLC	321.68K

Bars compare reported share counts. A matching total for this share class and reporting period is unavailable, so percentages are not shown.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys4$4.09M disclosed value

Sells (SEC code S)93$52.60M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 18, 2026Form 4	Gorski Jeffrey GSVP & Chief Accounting Officer	SellCommon Stock	1.1K	$482.31	$550.8K	5.6K
Jun 18, 2026Form 4	Gorski Jeffrey GSVP & Chief Accounting Officer	SellCommon Stock	247	$483.26	$119.4K	6.8K
Jun 15, 2026Form 4	HUNTER GORDONDirector	SellCommon Stock	1.4K	$480.00	$687.4K	26.7K
Jun 11, 2026Form 4	GRILLO ANTHONYDirector	SellCommon Stock	209	$454.07	$94.9K	64.9K
Jun 11, 2026Form 4	GRILLO ANTHONYDirector	SellCommon Stock	38	$452.75	$17.2K	65.1K

Review ownership filings at SEC.gov ↗

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Littelfuse Inc (LFUS)

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