Bull case
Belden is positioned to benefit from multiple secular tailwinds, including IT/OT convergence, industrial automation, reshoring, and AI-driven data growth, with its full-stack offering spanning passive connectivity, industrial switching, edge infrastructure, and Belden Horizon software. The Ruckus acquisition materially strengthens the portfolio by filling wireless and enterprise-networking gaps, expanding solutions sales to 20%+ of revenue on a pro forma basis, and supporting higher-margin, stickier customer relationships across data centers, smart buildings, and automation end markets. Financially, this mix shift has already helped drive about 375 bps of gross margin expansion from 2019-2025, while management’s deleveraging path and expected cash generation from Ruckus support the outlook for improved earnings power and lower leverage over time.