Here are 1-3 brief analogies for Littelfuse (LFUS):

• Like Texas Instruments for the essential components that protect and control electronic systems.
• The 'Intel Inside' for making virtually all electronic devices and electrical systems safe and reliable.
• A more specialized 3M, focused on critical electronic components like fuses, sensors, and power semiconductors.

• Circuit Protection Devices: A wide range of components that safeguard electronic circuits and systems from damage caused by overcurrent, overvoltage, and other transient events.
• Power Semiconductor Devices: High-performance components, including MOSFETs, IGBTs, and diodes, used for efficient power conversion and control in various applications.
• Sensing Products: Technologies that detect and measure physical phenomena such as temperature, position, speed, and current for control and monitoring systems.
• Industrial Protection & Control Products: Solutions including relays and controls designed to protect equipment and personnel in industrial and commercial environments.

Littelfuse (LFUS) Major Customers

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Greg Henderson, President and Chief Executive Officer

Dr. Greg Henderson was appointed President and Chief Executive Officer of Littelfuse, effective February 10, 2025. He has been a member of the Littelfuse Board of Directors since May 2023. Prior to his current role, Dr. Henderson served as the Senior Vice President of the Automotive & Energy, Communications, and Aerospace Group for Analog Devices, Inc. from 2017 to 2024. Before that, he held the position of Vice President of the RF and Microwave Business for Analog Devices (2014-2017) and for Hittite Microwave Corporation until its acquisition by Analog Devices in 2014. His earlier career includes various technical and leadership roles at companies such as Harris Corporation, Tyco Electronics, TriQuint Semiconductor, and IBM.

Abhi Khandelwal, Executive Vice President and Chief Financial Officer

Abhi Khandelwal was appointed Executive Vice President and Chief Financial Officer of Littelfuse, effective June 18, 2025. He brings over two decades of financial and operational experience to the role. Before joining Littelfuse, Mr. Khandelwal served as Senior Vice President and Chief Financial Officer at IDEX Corporation from 2023 to 2025. He also held the position of Chief Financial Officer of Multi-Color Corporation from 2022 to 2023. From 2020 to 2021, he was Senior Vice President and Chief Financial Officer for CIRCOR International, a company that was acquired by the private equity firm KKR.

Ryan K. Stafford, Executive Vice President, Chief Legal Officer and Corporate Secretary

Ryan K. Stafford joined Littelfuse in 2007 as its first General Counsel and Chief Human Resources Officer. He was appointed Corporate Secretary in 2017 and assumed his current position in 2021. Prior to his tenure at Littelfuse, Mr. Stafford served in a number of capacities at Tyco International Ltd., including Vice President of China Operations and Vice President & General Counsel for its Engineered Products & Services Business Segment.

Deepak Nayar, Senior Vice President and General Manager, Electronics Business

Deepak Nayar joined Littelfuse in 2005 as the Business Line Director of the Electronics Business Unit. He has since held various roles of increasing responsibility within the company, including Vice President, Global Sales, Electronics Business Unit; Senior Vice President, Electronics Business Unit from 2011 to 2019; and Senior Vice President and General Manager, Electronics and Industrial Business from 2019, before taking on his current position in 2022.

Maggie Chu, Senior Vice President and Chief Human Resources Officer

Maggie Chu joined Littelfuse in 2021 as Senior Vice President and Chief Human Resources Officer. Before her role at Littelfuse, Ms. Chu served as Segment Human Resources Director for the Energy & Transportation segment and Corporate Services group at Caterpillar, Inc. from 2018 to 2021. She previously spent 15 years with General Electric Company, where she held various global human resources leadership positions across several of their industrial businesses. Ms. Chu has served on the board of directors of ITT Inc. since October 2024.

Littelfuse, Inc. (LFUS) faces several key business risks, primarily stemming from the highly competitive nature of its markets, significant exposure to the cyclical automotive sector, and the potential for product quality issues.

1. Intense Competition and Pricing Pressures: Littelfuse operates in highly competitive markets across its circuit protection, power control, and sensing technologies segments. This competitive landscape includes numerous rivals, particularly from Asia, which often offer cost-effective alternatives. This intense competition leads to ongoing pricing pressures, impacting profitability and necessitating substantial and continuous investment in research and development for innovation and product differentiation.
2. Dependence on the Automotive and Electric Vehicle (EV) Market & Market Cyclicality: A significant portion of Littelfuse's revenue is generated from the automotive sector, with 52.3% of its total revenue in 2022 attributed to this segment. This high concentration exposes the company to risks associated with the inherent volatility and cyclical fluctuations of the automotive industry. While the growth of electric vehicles (EVs) presents an opportunity, any slowdown in EV adoption or broader automotive market downturns could adversely affect Littelfuse's sales and financial performance. The company has experienced revenue volatility in both its industrial and automotive markets.
3. Product Quality Problems and Recalls: Littelfuse faces the risk of product quality issues and potential recalls, which can have significant financial and reputational consequences. The company has disclosed risks related to product recalls initiated by clients citing defective fuses. Such incidents can lead to substantial costs associated with warranty claims, replacements, potential litigation, tarnished reputation, disrupted operations, and weakened customer trust.

Littelfuse (symbol: LFUS) operates in diverse markets, primarily focusing on circuit protection, power control (semiconductors), and sensing technologies across industrial, transportation, and electronics end markets. The company estimates its total addressable global market opportunity to be over $20 billion.

Here are the addressable market sizes for their main products and services:

• Circuit Protection Devices: The global circuit protection market was valued at approximately USD 57.10 billion in 2024 and is projected to reach USD 94.84 billion by 2033, growing at a Compound Annual Growth Rate (CAGR) of 5.8%. Another estimate places the global market at USD 52.9 billion in 2023, expanding to USD 96.44 billion by 2032 with a CAGR of 6.9%. North America held the largest share in this market, accounting for 35.26% in 2022 and is projected to reach USD 22.74 billion by 2034. The U.S. circuit protection market alone was valued at USD 12.51 billion in 2024.
  • Fuses (a subset of Circuit Protection): The global fuse market size was valued at USD 4.84 billion in 2024 and is expected to reach USD 9.44 billion by 2032, at a CAGR of 8.70%. Specifically, the global industrial electric fuse market size was valued at USD 1.2 billion in 2024 and is estimated to grow to USD 2.1 billion by 2034, with a CAGR of 5.4%. Another report estimates the global industrial electric fuse market at USD 23.8 billion in 2024, anticipated to reach USD 44.6 billion by 2035, exhibiting a CAGR of 5.86%. The overall global electric fuse market was valued at USD 3.91 billion in 2023 and is poised to grow to USD 6.49 billion by 2032, with a CAGR of 5.8%.
• Power Semiconductors: The global power semiconductor market was valued at USD 50.49 billion in 2023 and is projected to grow to USD 72.48 billion by 2032, with a CAGR of 4.10%. Another source estimates the market size at USD 56.87 billion in 2025, on track to reach USD 74.36 billion by 2030, with a CAGR of 5.51%. The Asia Pacific region held a significant share, accounting for 51.7% of the power semiconductor market in 2024.
• Sensors:
  • Automotive Sensors: The global automotive sensor market size was estimated at USD 39.5 billion in 2023 and is projected to reach USD 85.1 billion by 2030, at a CAGR of 11.9%. Other reports indicate the global market size at USD 11.22 billion in 2023, growing to USD 22.92 billion by 2032 (CAGR of 8.6%), or USD 40.24 billion in 2024, expected to reach USD 88.18 billion by 2034 (CAGR of 8.16%). The Asia Pacific region was a dominant force, holding a 43.3% revenue share in 2023 and 53.38% in 2023.
  • Commercial Vehicle Sensors: The global commercial vehicle sensors market was valued at approximately USD 18.7 billion in 2024 and is projected to reach nearly USD 41.5 billion by 2034, registering a CAGR of 8.4%. Asia-Pacific leads this market, accounting for approximately 46% of the global total revenue in 2024.

1. Secular Growth in Diverse End Markets: Littelfuse anticipates revenue growth driven by its exposure to long-term secular trends across various end markets, including industrial, transportation, and electronics. The company's products are well-positioned within key growth areas such as electric vehicles (EVs), renewable energy solutions, industrial safety, and data centers.
2. New Product Innovation and Design Wins: A consistent focus on new product development, particularly in high-voltage applications and renewable energy, coupled with ongoing design win momentum, is expected to drive future revenue. This allows Littelfuse to capture meaningful content opportunities within its target markets.
3. Strategic Acquisitions: Littelfuse actively pursues targeted acquisitions to expand its market opportunities and technological capabilities. The recent acquisition of Basler Electric, for example, is expected to enhance its position in the industrial sector and contribute to adjusted earnings per share by 2026.
4. Electronics Segment Recovery: The company has noted a solid demand recovery within its Electronics Segment, which is a significant contributor to its overall sales. This cyclical upswing is expected to continue to positively impact revenue growth.

Share Repurchases

• Littelfuse authorized an Equity Buyback program for up to $300 million worth of its shares on April 30, 2024, which will continue through April 30, 2027.
• As of September 27, 2025, approximately $29.38 million worth of shares had been repurchased under the April 2024 buyback program, amounting to 129,589 shares.
• In the first quarter of 2025, the company returned $45 million to shareholders through dividends and share repurchases.

Share Issuance

• Littelfuse's shares outstanding have remained relatively consistent over the past few years, with minor changes such as a 0.25% decline in 2024 from 2023.
• Shares outstanding increased by 0.46% in 2023 from 2022 and by 0.22% in 2022 from 2021.
• As of October 2025, the number of shares outstanding was 24,755,000.

Inbound Investments

• On September 30, 2025, Vanguard Group Inc acquired an additional 122,392 shares of Littelfuse at $259.01 per share, increasing its total holdings to 2,925,048 shares, representing 11.80% of Vanguard's portfolio in the company.

Outbound Investments

• Littelfuse finalized the acquisition of the 200mm wafer fab in Dortmund, Germany, from Elmos Semiconductor SE on December 31, 2024, to bolster its long-term growth in power semiconductors for industrial markets.
• The company acquired Western Automation in February 2023, a designer of electrical shock protection devices for e-Mobility and industrial safety applications.
• In July 2022, Littelfuse acquired C&K Switches for $540 million in cash, aiming to expand its global presence across industrial, transportation, datacom, and aerospace end markets.
• Littelfuse also announced the upcoming acquisition of Basler Electric for approximately $350 million in cash, expected to close by the end of Q4 2025, to expand high-growth market opportunities and enhance high-power technology capabilities.

Capital Expenditures

• Littelfuse anticipates capital expenditures between $90 million and $95 million for the full year 2025.
• In the most recent 12-month period (prior to late 2025), capital expenditures amounted to -$74.51 million.
• The primary focus of capital expenditures includes supporting continued growth, customer-facing initiatives, and investments in manufacturing capacity and productivity, particularly within industrial end markets.