LFUSLittelfuse, Inc.
Industry Semis analog Updated 28 Sep 2026 Price 23 Oct 2026
If management hits its targets, one share in 12 months
$351 → $480
Promises vs. what happened
15 claims · 8 decksEvery target management put in a slide deck, and whether they hit it, missed it, or quietly dropped it.
| Promise | Made in | What happened | |
|---|---|---|---|
| Q1 '25 sales $520-550m | Q4 '24 | above the range | Held |
| FY25 returns to growth | Q4 '24 | sales +8.9% to $2,386M | Held |
| Dortmund fab adds ~2% of sales | Q4 '24 | delivered, EPS neutral | Held |
| Basler closes by Q4 '25, accretive | Q3 '25 | closed on time | Held |
| Q2 '26 sales $690-710M | Q1 '26 | $738.8M | Held |
| Q4 '24 sales and adjusted EPS | Q3 '24 | $2.04 restated to $1.53 | Late |
| FY24 margin, cash conversion, capex | Q3 '24 | margin met, the EPS behind it restated | Late |
| Power semis stabilising | Q2 '25 | +15% organic, after a $301M writedown | Late |
| FY25 capex ~$90-95M | Q4 '24 | cut to $80-85M, then the guide was dropped | Late |
| The 2021-2025 strategy | Q3 '24 | never scored; the slide left the deck | Dropped |
| Basler 2026: $130-135M, $0.10-0.15 EPS | Q4 '25 | raised to $0.15+; open | Open |
| HVDC lifts content 2-4x | Q4 '25 | open, and unsized | Open |
| Q3 '26 sales $780-800M, +21% organic | Q2 '26 | open; reports about 28 Oct | Open |
| Allen, TX fab closes in 2027 | Q2 '26 | open; no savings figure yet | Open |
| Commercial vehicle recovery in '25 | Q4 '24 | arrived in Q2 '26 | Missed |
What they’re pitching
the headline page, deck by deckThe headline from each quarterly results deck over two years, so you can see what they want you to focus on, and when it changes.
'24Q4
'24Q1
'25Q2
'25Q3
'25Q4
'25Q1
'26Q2
'26
PruningOff page one Q1 '25
New CEOPage one since Q2 '26
Guide beatsPage one since Q3 '24
Data centreOff page one Q2 '25
DealsNew Q4 '24 · Page one since Q2 '26
CashPage one since Q3 '25
TariffsFirst seen Q1 '25
BookingsOff page one Q3 '25
New segmentsFirst seen Q1 '26
on the headline page further in the deck not in the deck▲ onto page one▼ off page one● first mentionTap a mark for the quote.
Profitability initiatives and portfolio pruning
“ Delivering on profitability initiatives”
Deck Third Quarter 2024 — Presentation · p. 4 ·
Profitability initiatives and portfolio pruning
“FY 2024 progression reflects unwavering customer focus, profitability enhancements”
Deck Fourth Quarter 2024 — Presentation · p. 4 ·
Profitability initiatives and portfolio pruning
“& planned auto sensor pruning”
Deck First Quarter 2025 — Presentation · p. 9 ·
New CEO's strategic priorities
“WELCOME NEW CEO DR. GREG HENDERSON”
Deck First Quarter 2025 — Presentation · p. 3 ·
New CEO's strategic priorities
“Enhance our Focus to Capitalize on Future”
Deck Second Quarter 2025 — Presentation · p. 3 ·
New CEO's strategic priorities
“ More structured evaluation of secular growth opportunities”
Deck Third Quarter 2025 — Presentation · p. 3 ·
New CEO's strategic priorities
“Further optimize operating structure for scale”
Deck Fourth Quarter 2025 — Presentation · p. 4 ·
New CEO's strategic priorities
“Further align technology capabilities and sales structure”
Deck First Quarter 2026 — Presentation · p. 5 ·
New CEO's strategic priorities
“Our Long-Term Strategic Priorities”
Deck Second Quarter 2026 — Presentation · p. 3 ·
Guide beats
“ Q3 Adjusted EPS exceeded the high end of guidance”
Deck Third Quarter 2024 — Presentation · p. 4 ·
Guide beats
“Operational execution, diverse business model drive Q4 results within prior guided range”
Deck Fourth Quarter 2024 — Presentation · p. 4 ·
Guide beats
“Strong first quarter performance as sales and EPS exceeded the prior guided range 01”
Deck First Quarter 2025 — Presentation · p. 5 ·
Guide beats
“Strong second quarter performance as sales and EPS exceeded the high end of our guide 01”
Deck Second Quarter 2025 — Presentation · p. 6 ·
Guide beats
“+10% revenue growth vs. PY while EPS exceeded the high end of our guidance range 01”
Deck Third Quarter 2025 — Presentation · p. 6 ·
Guide beats
“Revenue and EPS exceeded the high end of our guidance range 01”
Deck Fourth Quarter 2025 — Presentation · p. 9 ·
Guide beats
“Revenue and EPS exceeded the high end of our guidance range 01”
Deck First Quarter 2026 — Presentation · p. 7 ·
Guide beats
“Delivered results ahead of expectations while advancing our strategic priorities to drive long-term outperformance 01”
Deck Second Quarter 2026 — Presentation · p. 5 ·
Data center
“ Continued solid data center & medical demand; ongoing subdued demand across consumer products, appliance”
Deck Third Quarter 2024 — Presentation · p. 6 ·
Data center
“Strong data center & solid medical performance, offset by subdued consumer products, appliance & building technology application demand ▪ Continued solid global design-in activity, traction with broad customers”
Deck Fourth Quarter 2024 — Presentation · p. 6 ·
Data center
“TECHNOLOGY SPOTLIGHT – DATA CENTER CAPABILITIES”
Deck First Quarter 2025 — Presentation · p. 4 ·
Data center
“LITTELFUSE POWERS THE DATA CENTER ECOSYSTEM”
Deck Fourth Quarter 2025 — Presentation · p. 7 ·
Data center
“Product orders driven by strong data center and diversified industrials demand ▪ Q1 Adj. EBITDA margin 25.1%, +300 bps vs”
Deck First Quarter 2026 — Presentation · p. 10 ·
Data center
“ Continued strong data center, industrial automation, and construction demand; HVAC recovery”
Deck Second Quarter 2026 — Presentation · p. 10 ·
Acquisitions (Dortmund fab, Basler Electric)
“+2% growth from Elmos capacity sharing agreement (Dortmund fab acquisition)”
Deck Fourth Quarter 2024 — Presentation · p. 16 ·
Acquisitions (Dortmund fab, Basler Electric)
“Note +2% Dortmund acq. contribution and +1% from FX”
Deck Second Quarter 2025 — Presentation · p. 7 ·
Acquisitions (Dortmund fab, Basler Electric)
“Announced the strategic acquisition of Basler Electric, enhancing high growth industrial market presence 03”
Deck Third Quarter 2025 — Presentation · p. 6 ·
Acquisitions (Dortmund fab, Basler Electric)
“Closed the strategic acquisition of Basler Electric, enhancing high growth industrial market presence 03”
Deck Fourth Quarter 2025 — Presentation · p. 9 ·
Acquisitions (Dortmund fab, Basler Electric)
“Continued soft residential HVAC demand ▪ Basler acquisition sales outpaced expectations”
Deck First Quarter 2026 — Presentation · p. 12 ·
Acquisitions (Dortmund fab, Basler Electric)
“Basler performing ahead of expectations, Full-Year Basler outlook increased to $135m-$140m Sales and $0.25-$0.30 EPS contribution 04 5Littelfuse, Inc. © 2026”
Deck Second Quarter 2026 — Presentation · p. 5 ·
Cash generation and FCF conversion
“ Strong cash generation, continued balance sheet flexibility”
Deck Third Quarter 2024 — Presentation · p. 4 ·
Cash generation and FCF conversion
“Strong FY cash generation”
Deck Fourth Quarter 2024 — Presentation · p. 4 ·
Cash generation and FCF conversion
“Targeting 100+% conversion in FCF”
Deck First Quarter 2025 — Presentation · p. 7 ·
Cash generation and FCF conversion
“Continued strong record of cash generation with YTD FCF conversion of 145% 02”
Deck Third Quarter 2025 — Presentation · p. 6 ·
Cash generation and FCF conversion
“Continued strong record of cash generation with Q4 FCF of $120 million; Note 2025 FCF of $366 million, +26% vs. PY 02”
Deck Fourth Quarter 2025 — Presentation · p. 9 ·
Cash generation and FCF conversion
“Continued strong cash generation with Q1 FCF of $66 million, +55% vs. PY 03”
Deck First Quarter 2026 — Presentation · p. 7 ·
Cash generation and FCF conversion
“Continued strong cash generation with Q2 FCF of $127 million, +75% vs. PY 03”
Deck Second Quarter 2026 — Presentation · p. 5 ·
Tariffs and global footprint
“Strong tariff mitigation playbook for a dynamic environment”
Deck First Quarter 2025 — Presentation · p. 11 ·
Tariffs and global footprint
“GLOBAL FOOTPRINT , FLEXIBLE OPERATING MODEL”
Deck Second Quarter 2025 — Presentation · p. 5 ·
Tariffs and global footprint
“GLOBAL FOOTPRINT, FLEXIBLE OPERATING MODEL”
Deck Third Quarter 2025 — Presentation · p. 5 ·
Backlog and bookings
“Into Q2, we have a strong backlog and are focused on executing through an uncertain environment 03”
Deck First Quarter 2025 — Presentation · p. 5 ·
Backlog and bookings
“We exited Q2 with our strongest bookings since 1H 2022 03”
Deck Second Quarter 2025 — Presentation · p. 6 ·
Backlog and bookings
“ Entered Q4 with a strong backlog but expecting continued mixed end market conditions”
Deck Third Quarter 2025 — Presentation · p. 13 ·
Backlog and bookings
“Entered Q1 with a strong backlog and bookings momentum”
Deck Fourth Quarter 2025 — Presentation · p. 16 ·
Backlog and bookings
“Entered Q2 with a strong backlog and continued bookings momentum”
Deck First Quarter 2026 — Presentation · p. 13 ·
Backlog and bookings
“ Entered Q3 with momentum following record Q2 bookings”
Deck Second Quarter 2026 — Presentation · p. 11 ·
New market structure (EII, CCDI, T&L)
“Building a Brighter Global Future through Energy & Industrial”
Deck First Quarter 2026 — Presentation · p. 4 ·
New market structure (EII, CCDI, T&L)
“Computing, Communications”
Deck Second Quarter 2026 — Presentation · p. 13 ·
What they keep talking about · 11
The themes that show up deck after deck, and the ones that disappear.
- Guide beats
- The one constant: on the front page of all eight decks, and earned — sales landed inside or above the range seven times out of seven, five of them above the top end.
- Pruning
- The margin-repair story of 2024, with a quantified pruning headwind. Both the story and the headwind figure left the deck after Q4 '24, when the chief executive changed.
- New CEO
- In six of eight from Q1 '25 on: a technologist's priorities replacing a cost programme, and the ground on which the 2026 Investor Day was eventually built.
- Data centre
- In six of eight and the reason the stock is where it is — and the one number management will not give. Asked for the share of sales on the Q1 and Q2 '26 calls and declined both times.
- Deals
- Dortmund delivered the promised ~2% of 2025 sales; Basler closed on time and raised its own 2026 outlook to $130-135M and $0.15+ of accretion. The two write-offs behind them are not in any deck's headline.
- Cash
- In seven of eight, and the capex and free-cash-flow-conversion guides stopped after Q3 '25 — the quarter the Investor Day's capacity plans began to be set.
- Tariffs
- In three of eight, as a footprint story rather than a number: 65% of sales are outside the US and about 24% go to China.
- Bookings
- In six of eight, always as a direction — "record bookings" — never as a figure. Asked for the number on the Q2 '26 call, the answer was "we don't hand out on the exact booking numbers".
- New segments
- New in Q2 '26: the end markets regrouped into EII, CCDI and T&L, which is the Investor Day's own structure arriving in the results deck. Reporting segments unchanged.
- New
- The May '26 Investor Day: a 2030 ambition of $4.5B of revenue, $1.1B of adjusted EBITDA and $600M of free cash flow, on +7-9% organic growth, +6-8% inorganic and a 24-26% margin — and >$25.00 of EPS with mid-teens return on capital.
- Quiet
- Adjusted operating margin as the headline margin (replaced by adjusted EBITDA margin, with no target attached until the Investor Day), the pruning headwind, the capex and cash-conversion guides, and the net leverage ratio on the capital-deployment slide.
Every quarterly report we’ve saved · 8
The press releases and shareholder letters behind this page.
- Q2 2026 release · 8-K 29 Jul 2026
- Q1 2026 release · 8-K 6 May 2026
- Q4 2025 release · 8-K 28 Jan 2026
- Q3 2025 release · 8-K 29 Oct 2025
- Q2 2025 release · 8-K 30 Jul 2025
- Q1 2025 release · 8-K 29 Apr 2025
- Q4 2024 release · 8-K 28 Jan 2025
- Q3 2024 release · 8-K 29 Oct 2024
Archived as text; the links open the copies filed on EDGAR or the investor-relations site.
What analysts asked them
8 calls · Q3 24 – Q2 26The last eight earnings calls: what analysts kept asking about, which questions got dodged, and how much the CEO did the talking.
Share of questions by topic, call by call. A topic that suddenly dominates is usually the problem. The last row is how much of the answering the CEO did, rather than the CFO or others.
| Share of questions about… | Q3 24 | Q4 24 | Q1 25 | Q2 25 | Q3 25 | Q4 25 | Q1 26 | Q2 26 |
|---|---|---|---|---|---|---|---|---|
| Demand & customers | 36% | 12% | 24% | 17% | 18% | 27% | 27% | 25% |
| Growth & sales | 14% | 18% | · | 33% | 45% | 18% | 36% | 8% |
| Pricing & margins | 21% | 29% | 24% | 25% | 9% | 18% | 27% | 17% |
| Guidance & outlook | 14% | 6% | 10% | 33% | 18% | 27% | 27% | 17% |
| Capacity & supply | 21% | 6% | 29% | 33% | 55% | 27% | 45% | 50% |
| Capital & financing | 7% | 6% | 14% | 17% | · | · | 9% | 17% |
| Competition | · | · | · | 25% | · | 9% | · | 8% |
| Products & technology | 7% | 6% | 5% | 8% | 9% | 18% | · | · |
| Macro & regulation | 7% | 6% | 29% | 25% | 9% | · | 9% | · |
| Other | 36% | 35% | 33% | · | 18% | 45% | 9% | 25% |
| Questions | 14 | 17 | 21 | 12 | 11 | 11 | 11 | 12 |
| How much the CEO talked | 0% | 4% | 61% | 67% | 63% | 66% | 60% | 74% |
Who’s in charge, who’s selling
read from the filings · 2 Oct 2026Shareholder votes against the board and pay, plus which executives have been selling their own shares.
Tier 1 · improving
The reporting failed once, and it turned a hit guide into a miss
An NT 10-K on 27 Feb '25 — the annual report was late. Inventory existence and valuation errors at non-US plants, two material weaknesses, a $13.5M out-of-period adjustment. Q4 '24 adjusted EPS, first reported at $2.04 and inside the $1.90-2.10 guide, was restated to $1.53 nine months later; FY2024 went from $8.48 to $7.97. Remediated in 2025, controls effective at Q2 '26. It is the only red disclosure row in three years, against sixteen amber.
Tier 2 · stable
$1.56bn spent on acquisitions, $345.9m written back off, returns at 1.1%
Over FY21-25 the company generated $2.05bn of operating cash flow and spent $1.56bn of it buying things — 76% — against $0.43bn of capex, $0.31bn of dividends and $0.07bn of buybacks. Then $44.7M of impairment in 2024 and $301.2M on the semiconductor unit in 2025. Trailing return on invested capital is 1.1% against a 10.5% five-year median, and the 2030 plan asks for another +6-8% a year of acquisitions.
Tier 2 · worsening
Chief executive, finance chief and three business heads in twenty months
Henderson in Feb '25, Khandelwal in Jun '25, the semiconductor head out in Aug '25 with $1.1M of severance, the legal chief out in Apr '26 with no reason filed, and the electronics head leaving on 31 Dec '26 on a $1,004,220 advisory agreement. The departing finance chief took $3.9M. The 2030 playbook was presented in May '26 by a chief executive fifteen months in and a finance chief eleven months in.
Tier 2 · stable
All sixteen directors and officers together hold 1.0%
260,164 shares at 27 Feb '26, against 25.2M outstanding. The chief executive holds 5,917 — about $2.5M against $19.6M of 2025 pay, $14.5M of it performance shares. The former chief executive still holds 121,599, twenty times his successor. 66 insider sales, $43.1M, zero purchases, 2.7% pre-planned. There is an ownership policy — 5x salary for the chief executive — with five years to meet it.
Tier 2 · improving
The chairman ran the company for twelve years, and the board calls him independent
Gordon Hunter has been chairman since 2018, was chief executive 2005-2017 and has been on the board since 2002; the board determines every director but the sitting chief executive independent. Anthony Grillo has sat here since 1991 and drew the largest protest on both recent ballots, 10.2% then 7.2%. Against that the board installed a lead independent director from 1 Nov '25, rotated the compensation and nominating chairs the same day, keeps the chairman off all three oversight committees, and added two directors in 2026.
Where shareholders voted no
At each annual meeting shareholders vote on who sits on the board, what the executives are paid and whether the company may create more shares. These are the votes that drew the most "no"s at the last two meetings: the shares voted against (or withheld) each year, then what share of all votes cast that was. Under each one, what the vote was about and what a no means.
| 2025 | 2026 | Share 2026 | |
|---|---|---|---|
| Grillo (a director since 1991)A board seat. Shareholders vote to keep this person on the board, the group that hires, pays and can fire the CEO. A no, or a withheld vote, says they want this director out, often because of the committee they sit on or a decision they signed off. | 2.3M against | 1.7M against | 7.2% in '26, 10.2% in '25 |
| Chung (lead independent director)A board seat. | 1.4M against | 1.1M against | 4.9% |
| Green (nominating chair)A board seat. | 0.3M against | 1.4M against | 6.1%, up from 1.4% |
| Hunter (chairman, former CEO)A board seat. | 0.7M against | 0.6M against | 2.5% |
| Say on payExecutive pay. Shareholders say whether they accept what the top executives were paid. The vote is advisory: the board can ignore it, but a large no is a public rebuke and boards usually change the pay plan after one. | 5.4M against | 1.8M against | 7.7% in '26, 24.0% in '25 |
| Ratify Deloitte & ToucheThe auditor. Keeping the outside accounting firm that checks the company's books. This almost always passes; a sizeable no means shareholders doubt the audit or think the firm has been in place too long. | 7,576 against | 6,568 against | 0.03% |
Insiders who sold the most stock
Reported sales by executives and directors, biggest first.
| SEC insider data sets, Jul '25-Jun '26 | Sold | Note |
|---|---|---|
| All insiders (11 people) | $43.1M | 66 sales and not one purchase; about 0.40% of market value |
| Of that, pre-planned | $1.2M | 2.7% under pre-set 10b5-1 plans, so most of it was discretionary |
| The chief executive | not a material seller | he holds 5,917 shares, so there is little to sell yet |