Research · Sep 3, 2026
[LFUS] Littelfuse Thesis 2026: EV High-Voltage Fuse Content Drives 3-5x Revenue Per Vehicle
Littelfuse FY2025 revenue ~$2.17B recovering from ~$2.02B FY2024 trough as industrial destocking normalized (book-to-bill 1.04x) and EV-platform automotive revenue grew to ~$205M. EV content/vehicle ~$105 vs ~$30 ICE (fuses + TVS diodes + MOSFETs per BEV powertrain). 800V BEV architecture platforms (Porsche, Hyundai, GM Ultium) require high-voltage fuses at $50-90/vehicle — premium to 400V platforms. FY2026 thesis: EV-platform auto toward $255-280M as 800V qualifications ramp; industrial toward $800-830M on automation + data center protection demand; adj. EBITDA toward $360-400M at 16-18% with operating leverage.