Littelfuse, Inc.

littelfuse.com

What Do They Do?

Sells electronic components and modules, including circuit-protection and power-control products, to vehicle makers, original equipment makers and industrial customers.

How Do They Make Money?

Customers buy components and modules through direct sales or distributors, usually when products ship; some sales are completed when customers receive the goods.

revenue

Segment	Share	How money arrives
Electronics – Semiconductor Sold outright	28% FY2022: 32%	Sold outright
Electronics – Passive Products and Sensors Sold outright	28% FY2022: 27%	Sold outright
Commercial Vehicle Products Sold outright	13% FY2022: 15%	Sold outright
Passenger Car Products Sold outright	12% FY2022: 9.9%	Sold outright
Automotive Sensors Sold outright	2.6% FY2022: 3.7%	Sold outright
Industrial Products Sold outright	15% FY2022: 12%	Sold outright

Who Are Their Customers?

Electronics products generally reach original equipment makers through distributors and direct sales. Vehicle makers and major suppliers are served mainly by direct sales, while smaller customers use distributors; industrial products also sell directly to makers and through electrical and electronics distributors to contractors, factories, municipalities and utilities.

Customers above 10% of revenue, FY2025

of revenue from one customer

FY2023: 11% from one customer

Do Revenues Turn Into Profits?

Not on paper. It lost $71.7M in FY2025, but brought in more cash than it spent: $366.1M of free cash flow.

Operating income, FY2025

2% of revenue

▼ −76% vs FY2024 ($158.8M, 7%)

Net income, FY2025

−3% of revenue

▼ Now a loss vs FY2024 ($100.2M, 5%)

Free cash flow, FY2025

15% of revenue

▲ +25% vs FY2024 ($291.7M, 13%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 27, 2026

Revenue: ▲ +20%; vs $613.4M in Q2 FY2025
Net income: ▲ +56%; vs $57.3M in Q2 FY2025

Electronics – Passive Products and Sensors share of revenue vs 27.5% in Q2 FY2025

Jul 29, 2026 Sets third-quarter sales and earnings targets Expects net sales of $780 - $800 million and adjusted diluted EPS of $4.85 – $5.05.
May 6, 2026 Sets second-quarter sales and earnings targets Expects net sales of $690 - $710 million and adjusted diluted EPS of $3.65 – $3.85.

Growing. Revenue grew 15% in 4 years, from $2.1B in FY2021 to $2.4B in FY2025, about 3% a year.

Industrial product range The latest report describes Basler's electrical control and protection solutions as part of the Industrial segment; the older report describes industrial fuses, controls and temperature sensors.

Revenue over time

Electronics – Semiconductor Electronics – Passive Products and Sensors Commercial Vehicle Products Passenger Car Products Automotive Sensors Industrial Products

$5B$2.5B$0

FY2021 FY2022 FY2023 FY2024 FY2025

Who Do They Compete With?

Competes with Eaton, Bourns, TDK, ON Semiconductor, Infineon Technologies, STMicroelectronics, Semtech, Vishay Intertechnology, Pacific Engineering, MTA, Amphenol, Sensata Technologies, TE Connectivity, GE Multilin, and Mersen

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