APH Electronic Components
Amphenol Corporation
Amphenol is one of the world's largest makers of connectors and interconnect systems, cable, antennas, and sensors. Its biggest end market is IT datacom (36% of 2025 sales), driven by AI data centers. FY2025 sales rose 52% to $23.1 billion (38% organically) and operating income to $5.87 billion. Backlog reached $8.9 billion. In January 2026 Amphenol completed its largest acquisition, CommScope's Connectivity and Cable Solutions business, for about $10.5 billion. Q2 2026 sales rose 55% to $8.8 billion. A 2-for-1 stock split took effect in September 2026.
Last updated
Analysis last edited: October 7, 2026 · Financial data fetched: October 7, 2026 12:33 (SEC EDGAR) · Source 10-K filed: February 11, 2026
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
01
Company profile
- Legal name
- AMPHENOL CORP /DE/
- Headquarters
- WALLINGFORD, CT
- Incorporated in
- Delaware
- Fiscal year end
- 12/31
- Exchange & ticker
- NYSE: APH
- Industry
- Electronic Components
- CIK
- 820313
- Website
- https://www.amphenol.com/ ↗
Workforce (as of FY2025 year-end)
Employees
170,000
Source: Form 10-K (FY2025) cover page and business description
02
Earnings calendar
When the company reports each quarter: the quarter-end date, the day results were released, and when the 10-Q or 10-K was filed.
Next report
Q3 FY2026
Quarter end: September 2026. In past years, Q3 results were released 22–25 days after quarter end (Oct 22, 2025; Oct 23, 2024; Oct 25, 2023). No date has been announced in the sources this site uses.
Reporting pattern
- Fiscal year ends around December 31.
- Reports four times a year: three quarterly reports (10-Q) and an annual report (10-K) for Q4.
- Earnings releases came 22–29 days after quarter end over the last 12 quarters.
| Quarter | Quarter ended | Earnings release (8-K) | Report filed (10-Q / 10-K) |
|---|---|---|---|
| Q2 FY2026 | Jun 30, 2026 | Jul 29, 2026 (+29 days) | Jul 31, 2026 10-Q (+31 days) |
| Q1 FY2026 | Mar 31, 2026 | Apr 29, 2026 (+29 days) | May 1, 2026 10-Q (+31 days) |
| Q4 FY2025 | Dec 31, 2025 | Jan 28, 2026 (+28 days) | Feb 11, 2026 10-K (+42 days) |
| Q3 FY2025 | Sep 30, 2025 | Oct 22, 2025 (+22 days) | Oct 24, 2025 10-Q (+24 days) |
| Q2 FY2025 | Jun 30, 2025 | Jul 23, 2025 (+23 days) | Jul 25, 2025 10-Q (+25 days) |
| Q1 FY2025 | Mar 31, 2025 | Apr 23, 2025 (+23 days) | Apr 25, 2025 10-Q (+25 days) |
| Q4 FY2024 | Dec 31, 2024 | Jan 22, 2025 (+22 days) | Feb 7, 2025 10-K (+38 days) |
| Q3 FY2024 | Sep 30, 2024 | Oct 23, 2024 (+23 days) | Oct 25, 2024 10-Q (+25 days) |
| Q2 FY2024 | Jun 30, 2024 | Jul 24, 2024 (+24 days) | Jul 26, 2024 10-Q (+26 days) |
| Q1 FY2024 | Mar 31, 2024 | Apr 24, 2024 (+24 days) | Apr 26, 2024 10-Q (+26 days) |
| Q4 FY2023 | Dec 31, 2023 | Jan 24, 2024 (+24 days) | Feb 7, 2024 10-K (+38 days) |
| Q3 FY2023 | Sep 30, 2023 | Oct 25, 2023 (+25 days) | Oct 27, 2023 10-Q (+27 days) |
Source: SEC EDGAR filing history. Release dates are the dates the earnings release was furnished to the SEC on Form 8-K (Item 2.02), which is normally the day results are announced. Fiscal years are labeled by the calendar year in which they end.
03
Flagship products & services
Communications Solutions
High-speed and fiber optic interconnects
Examples: Connectors, cable assemblies, active and passive fiber optic products
Used in AI, cloud, and data center systems.
Communications Solutions
Antennas and RF
Examples: Base station antennas, distributed antenna systems, device antennas
Expanded by the 2025 Andrew acquisition.
Harsh Environment Solutions
Ruggedized interconnects
Examples: Harsh environment connectors, specialty cable, printed circuit boards
For defense, aerospace, and industrial uses.
Interconnect and Sensor Systems
Sensors and power
Examples: Pressure, temperature, position sensors; busbars and power distribution
From the FY2025 Form 10-K, Item 1.
04
Recent strategic focus
FY2025 from the 10-K, and 2026 events from 8-Ks.
CommScope acquisition
Completed January 9, 2026 for about $10.5B in cash, adding fiber optic interconnect for IT datacom and communications networks and building connectivity products.
Source: Form 10-K (FY2025), Note 15
Q2 2026 results
Sales $8.8B (+55%, +30% organic), orders $10.7B, GAAP diluted EPS $1.37 (+59%).
Source: Q2 2026 earnings release
Stock split
A 2-for-1 split was distributed September 2, 2026; the next quarterly dividend became $0.125 per share.
Source: 8-K filed 2026-09-04
Board chair
Martin Loeffler, Chairman since 1997, announced his retirement from the board effective at the 2026 annual meeting; R. Adam Norwitt is now Chairman and CEO.
Source: 8-K filed 2026-02-05; Q2 2026 earnings release
Capex ÷ D&A (FY2025)
1.08x
Roughly matches depreciation — mostly maintenance/replacement
formulacapital expenditures ÷ depreciation & amortization
e.g.$997M ÷ $922M = 1.08x
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
R&D-to-revenue ratio (FY2025)
2.8%
formularesearch & development expense ÷ revenue × 100
e.g.$647M ÷ $23,095M × 100 = 2.8%
M&A spend (5-year total)
$9.46B
Latest year: $3.82B
Cash-flow-statement spending on acquisitions, net of cash acquired
Where the money goes, over time
Unit: $M. Capex went from $360M in FY2021 to $997M in FY2025
- Capex
- R&D
- M&A spend
formulacapital expenditures ÷ depreciation & amortization
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-11
05
Key figures at a glance
FY2021–FY2025, 5 years.
Revenue (FY2025)
$23.09B
As reported in the 10-K
Revenue CAGR (4 years)
+20.7%▲favorable
formula(last-period revenue ÷ first-period revenue) ^ (1 ÷ years) − 1
e.g.($23,095M ÷ $10,876M) ^ (1÷4) − 1 = 20.7%
termsCAGR · ^ (exponent) · Revenue (net sales)
Operating margin (FY2025)
25.4%▲favorable
+6.1pt vs. 4 years ago
formulaoperating income ÷ revenue × 100
e.g.$5,869M ÷ $23,095M × 100 = 25.4%
ROE (FY2025)
36.8%▲favorable
5-year average: 28.5%
As reported in the 10-K
P/B (FY2025 end)
12.36x
formulaP/E × EPS ÷ BVPS (= period-end share price ÷ book value per share)
e.g.40.5x × $1.67 ÷ $5.47 = 12.36x
Period-end (fiscal year-end) value, not today's P/B
EV/EBITDA (FY2025 end)
25.9x
formula(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization)
e.g.($172,776M + $14,565M − $11,131M) ÷ ($5,869M + $922M) = 25.9x
termsEV/EBITDA · Market capitalization · Interest-bearing debt · EBITDA · Depreciation & amortization (D&A)
Period-end (fiscal year-end) value, not today's multiple
- ▲
Revenue grew +20.7% a year over 4 years (strong growth)
From $10.88B in FY2021 to $23.09B in FY2025. The annualized rate (CAGR) makes it possible to compare growth pace across companies of different sizes.
- ▲
Operating margin improved: 19.4% → 25.4%
How much operating profit is left per $100 of revenue. It moved +6.1 points over 4 years — pricing power, cost control, and product mix all show up here.
- ―
Equity ratio is 37.0% (a middling level)
The share of total assets funded by equity rather than debt. 50%+ is often read as low bankruptcy risk, though the right level varies by industry (real estate and leasing run lower, for instance).
- ▲
Free cash flow was positive in 5 of 5 years
Operating cash flow minus capital expenditures: the cash left over after funding the business’s own investment, available for dividends, buybacks, acquisitions, or debt paydown. A negative year can mean heavy investment, or weak core earnings — worth distinguishing.
- ▲
ROE averaged 28.5% over 5 years (latest: 36.8%)
How much profit was generated on shareholders’ equity. Roughly 10%+ is often cited as solid for a U.S. company, though this varies a lot by industry and capital intensity.
06
Business model
Communications Solutions
High-speed, radio frequency, power, and fiber optic connectors and interconnect systems; coaxial, fiber optic, power, and high-speed cable; antennas.
01 what it draws on
Inputs & resources
- Precious metals, copper, optical fiber, plastics
- Manufacturing in about 40 countries
- About 170,000 employees company-wide
02 what it does
Activities
- Co-designing products with customers
- Manufacturing connectors, cable assemblies, and antennas
03 who it serves
Customers
- IT datacom, communications networks, and mobile device OEMs, EMS companies, and ODMs
04 how money comes in
How it earns
- Product sales
Communications Solutions: how it makes money
- Sales $12.06B (52% of total) and segment operating income $3.75B in FY2025.
Harsh Environment Solutions
Ruggedized connectors and interconnect systems, specialty cable, and printed circuits for defense, commercial aerospace, industrial, and automotive uses.
01 what it draws on
Inputs & resources
- Specialized engineering
02 what it does
Activities
- Building interconnects for extreme conditions
03 who it serves
Customers
- Defense, aerospace, industrial, and automotive customers
04 how money comes in
How it earns
- Product sales
Harsh Environment Solutions: how it makes money
- Sales $5.88B (26%) and segment operating income $1.54B in FY2025.
Interconnect and Sensor Systems
Sensors and sensor-based systems (force, gas, level, position, pressure, temperature, vibration), power interconnects, busbars, and value-add interconnect systems.
01 what it draws on
Inputs & resources
- Sensor technology
02 what it does
Activities
- Manufacturing sensors and power interconnects
03 who it serves
Customers
- Automotive, industrial, and IT datacom customers
04 how money comes in
How it earns
- Product sales
Interconnect and Sensor Systems: how it makes money
- Sales $5.16B (22%) and segment operating income $1.01B in FY2025.
Revenue by segment (FY2025)
Unit: $M — bar length = revenue, (%) = share of total company revenue, margin = segment profit ÷ segment revenue × 100
Communications Solutions
12,056 (52%)profit 3,747 · margin 31.1%
Harsh Environment Solutions
5,882 (25%)profit 1,541 · margin 26.2%
Interconnect and Sensor Systems
5,157 (22%)profit 1,005 · margin 19.5%
Source: Form 10-K (FY2025) — Note 13, reportable business segments External net sales; profit is segment operating income before corporate expenses and acquisition-related costs.
07
Where it earns
Many U.S.-listed companies earn most of their revenue outside the U.S. — this breaks down revenue by country/region so it's clear where the business actually makes its money.
Largest market (FY2025)
Other foreign locations — 50% of revenue
Revenue by country / region (FY2025)
Unit: $M — bar length = revenue, (%) = share of total company revenue
United States
7,988 (35%)China
3,673 (16%)Other foreign locations
11,434 (50%)
Source: Form 10-K (FY2025) — Note 13, geographic information Based on the customer location to which products are shipped.
08
Contract structure
Short-term or spot sales carry different earnings quality than long-term or auto-renewing contracts — this shows how the company actually contracts with its customers.
Sales are product orders to thousands of OEMs, EMS companies, ODMs, and service providers, plus distributors (about 19% of 2025 sales). Backlog of firm orders was about $8.9 billion at year-end 2025, nearly all expected to ship within 12 months, though unfilled orders can generally be canceled before shipment.
- Spot / one-off transaction
IT datacom
About 36% of 2025 sales
Typical term: Purchase orders
Includes AI, servers, cloud, and data center systems.
- Spot / one-off transaction
Industrial
About 19%
Typical term: Purchase orders
- Spot / one-off transaction
Automotive
About 15%
Typical term: Purchase orders
- Spot / one-off transaction
Communications networks
About 10%
Typical term: Purchase orders
- Spot / one-off transaction
Defense
About 9%
Typical term: Purchase orders and government-related programs
- Spot / one-off transaction
Mobile devices / commercial aerospace
About 6% / 5%
Typical term: Purchase orders
09
Customers & suppliers
Who the company sells to and buys from. Companies rarely name either, so named counterparties come only from the company's own filings and press releases; otherwise this lists the concentration figures the 10-K discloses.
Customers
Thousands of OEMs, EMS companies, ODMs, telecom and web service providers, and distributors.
Named by the company
None named in the 10-K or the company’s press releases.
What the filings disclose
- No single customer accounted for 10% or more of net sales in 2023–2025. (Form 10-K (FY2025), Item 1)
- Sales to distributors were about 19% of 2025 net sales. (Form 10-K (FY2025), Item 1)
Suppliers
Precious metals, base metals, copper wire, optical fiber, plastics, and components, generally available from multiple suppliers worldwide.
Named by the company
None named in the 10-K or the company’s press releases.
What the filings disclose
- Amphenol is generally not dependent on any one source for raw materials or components. (Form 10-K (FY2025), Item 1)
10
Competitors & peers
Competitors the 10-K names, and the peer group the company itself chose in its proxy statement. Nothing here is this site's own pick.
Amphenol's 10-K says it encounters competition in all areas of its business, primarily on technology innovation, product quality and performance, price, customer service, and delivery time, and names its primary competitors.
Competitors named in the 10-K
Interconnect, cable, antennas, and sensors
- Aptivsite ↗
- Beldensite ↗
- Corningsite ↗
- Foxconn Interconnect Technologysite ↗
- Glenairsite ↗
- HUBER+SUHNERsite ↗
- Luxshare Precisionsite ↗
- Jonhonsite ↗
- Molexsite ↗
- Rosenbergersite ↗
- Sensata Technologiessite ↗
- TE Connectivitysite ↗
- Yazakisite ↗
Plus many smaller companies in specific geographies, markets, or products.
Peer group the company chose
Meridian market data, from the proxy statement. Peers are companies the board considers comparable — for example when setting executive pay — not necessarily direct competitors.
Amphenol doesn't list a compensation peer group. Its consultant, Meridian, provides market data on executive pay at companies similar in size. For pay-versus-performance, it uses the Dow Jones U.S. Electrical Components & Equipment Index.
Source: Proxy statement (DEF 14A, filed 2026-04-08)Company names link to this site’s analysis where one exists; “site ↗” opens the company’s own website.
11
M&A history
Companies acquired over the last five years, plus older large acquisitions that still anchor a current business — what each was bought to do, and what happened afterward. From the 10-K, 8-Ks, and the company's press releases.
Amphenol has an active acquisition program; it closed five acquisitions in 2025 and CommScope CCS in January 2026.
Cash spent on acquisitions, FY2021–FY2025: $9.46B
Jan 2026
CommScope Connectivity and Cable Solutions (from Vistance Networks)
About $10.5B in cash
Fiber optic interconnect for IT datacom and communications networks, and industrial interconnect products for building infrastructure.
- Stated purpose (company)
- Adds significant fiber optic interconnect capabilities; the largest acquisition in Amphenol's history.
Jan 2025
Andrew (CommScope's Outdoor Wireless Networks and DAS businesses)
Part of about $3.82B (net of cash acquired) paid for five 2025 acquisitions, including Andrew and Trexon
Base station antennas, related interconnect, and distributed antenna systems.
- Stated purpose (company)
- Highly complementary to Amphenol's products for next-generation wireless networks.
Source: Form 10-K (FY2025) — Item 1
Q2 2026
El.Com and Wilder Technologies
Not disclosed
El.Com (Italy, about $150M annual sales) makes complex interconnects and high-voltage cable assemblies; Wilder (about $15M) makes high-speed test and measurement solutions.
- Stated purpose (company)
- Expanding growth opportunities.
Andrew is in Communications Solutions; three 2025 acquisitions including Trexon are in Harsh Environment Solutions.
12
Five years of financials
Each chart's axis holds a single unit (never mixing dollars, %, and $/share). The table's per-period header links to the filing the numbers came from.
Revenue over time
Unit: $M
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-11
Profit over time (operating → net)
Unit: $M
- Operating income
- Pretax income
- Net income
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-11
Margins over time
Unit: %
- Operating margin
- Net margin
formulaoperating income ÷ revenue × 100
formulanet income attributable to the company ÷ revenue × 100
Cash flow over time
Unit: $M (below zero = cash went out)
- Operating CF
- Investing CF
- Free CF
formulacash flow from operations − capital expenditures
termsFree cash flow (FCF) · Cash flow from operations (operating CF) · Capital expenditures (capex)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-11
Financial stability & capital efficiency
Unit: %
- Equity ratio
- ROE
formulatotal equity ÷ total assets × 100 (as reported in the 10-K)
termsStockholders’ equity · Total assets
formulanet income ÷ average equity (beginning + ending, ÷2) × 100 (as reported in the 10-K)
termsNet income (attributable to the company) · Stockholders’ equity
Earnings per share (EPS) and dividend per share
Unit: $
- EPS
- Dividend per share
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-11
| Line item | FY202110-K on EDGAR ↗ | FY202210-K on EDGAR ↗ | FY202310-K on EDGAR ↗ | FY202410-K on EDGAR ↗ | FY202510-K on EDGAR ↗ |
|---|---|---|---|---|---|
| Income statement ($M) | |||||
| Revenue | 10,876 | 12,623 | 12,555 | 15,223 | 23,095 |
| Operating income | 2,105 | 2,586 | 2,560 | 3,157 | 5,869 |
| Pretax income | 1,989 | 2,467 | 2,455 | 3,012 | 5,601 |
| Net income (attributable) | 1,591 | 1,902 | 1,928 | 2,424 | 4,270 |
| Revenue growthcalc(this year’s revenue − last year’s revenue) ÷ last year’s revenue × 100 | — | 16.1% | -0.5% | 21.3% | 51.7% |
| Operating margincalcoperating income ÷ revenue × 100 | 19.4% | 20.5% | 20.4% | 20.7% | 25.4% |
| Net margincalcnet income attributable to the company ÷ revenue × 100 | 14.6% | 15.1% | 15.4% | 15.9% | 18.5% |
| Balance sheet ($M) | |||||
| Total assets | 14,678 | 15,326 | 16,526 | 21,440 | 36,237 |
| Total equity | 6,360 | 7,074 | 8,396 | 9,847 | 13,500 |
| Interest-bearing debtSum of short- and long-term borrowings, notes/bonds payable | 4,796 | 4,575 | 3,984 | 6,484 | 14,565 |
| Equity ratio | 42.9% | 45.8% | 50.5% | 45.7% | 37.0% |
| ROE | 25.2% | 28.6% | 25.1% | 26.7% | 36.8% |
| Cash flow ($M) | |||||
| Operating CF | 1,540 | 2,175 | 2,529 | 2,815 | 5,375 |
| Investing CF | -1,887 | -731 | -1,394 | -2,649 | -5,082 |
| Financing CF | -145 | -1,197 | -1,012 | 1,730 | 7,423 |
| Free cash flowcalccash flow from operations − capital expenditures | 1,180 | 1,791 | 2,156 | 2,149 | 4,378 |
| Cash and equivalents | 1,197 | 1,373 | 1,475 | 3,317 | 11,131 |
| Per share & other | |||||
| EPS ($) | 0.64 | 0.77 | 0.78 | 0.96 | 1.67 |
| BVPS ($) | 2.63 | 2.95 | 3.48 | 4.05 | 5.47 |
| Dividend per share ($) | 0.16 | 0.20 | 0.21 | 0.28 | 0.37 |
| Payout ratiocalcdividend per share ÷ diluted EPS × 100 | 25.0% | 26.5% | 27.4% | 28.6% | 22.3% |
| P/E (x) | 34.4 | 24.9 | 32.0 | 36.2 | 40.5 |
| EV/EBITDA (x)calc(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization) | 23.3 | 17.0 | 21.6 | 24.4 | 25.9 |
| P/B (x)calcP/E × EPS ÷ BVPS (= period-end share price ÷ book value per share) | 8.31 | 6.45 | 7.11 | 8.58 | 12.36 |
P/B and EV/EBITDA use each period’s period-end (fiscal year-end) figures, not the current share price. Figures without a "calc" tag are as reported in the Form 10-K (five-year selected financial data and the consolidated financial statements), pulled automatically from SEC EDGAR. Where a later filing restated a prior period, the restated figure is used.
13
Is ROIC above WACC?
ROIC (the return on money invested in the business) above WACC (the cost of raising that money) means the company is creating value. WACC is an estimate, so its assumptions can be adjusted below.
ROIC (FY2025)
20.9%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
e.g.$5,869M × (1 − 21%) ÷ $22,199M × 100 = 20.9%
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
WACC (this site’s estimate)
11.05%
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
e.g.Equity weight: $172.78B ÷ ($172.78B + $14.56B) = 92.2%
e.g.Debt weight: $14.56B ÷ ($172.78B + $14.56B) = 7.8%
e.g.WACC: 11.8% × 92.2% + 2.5% × (1 − 21%) × 7.8% = 11.05%
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
WACC 11.05% is this site’s estimate under the assumptions below (not a figure the company has published)
- Risk-free rate
- 4%
- β
- 1.42 (price-derived adjusted beta)
- Equity risk premium
- 5.5%
- Cost of equity
- 11.81%
- Cost of debt
- 2.53%
- Effective tax rate
- 21%
- Capital structure (equity : debt)
- 92% : 8%
ROIC over time, vs. WACC
Unit: % — bars = each period's ROIC, horizontal line = latest WACC. Bars above the line are green, below are red
- ROIC (above WACC)
- ROIC (below WACC)
- WACC 11.05%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
Try different WACC assumptions
β and the equity risk premium are estimates with a real range of plausible values — move the sliders to check whether ROIC > WACC still holds. The defaults reflect 2026-09.
Initial β: 1.42 (price-derived adjusted beta. Raw β 1.62, R² 0.43, 130 weeks)
formula0.67 × β + 0.33 (β = the slope of weekly stock returns regressed on weekly market returns)
e.g.0.67 × 1.620 + 0.33 = 1.415
termsβ (beta)
Period 2024-04-12–2026-10-06, using S&P 500 ETF (SPY) as the market proxy. Source: Yahoo Finance price history.
formularisk-free rate + β × equity risk premium
e.g.4.0% + 1.42 × 5.5% = 11.8%
termsCAPM · Risk-free rate · β (beta) · Equity risk premium (market risk premium)
formulaP/E × net income ≈ period-end share price × shares outstanding (= market cap)
termsP/E · Net income (attributable to the company) · Market capitalization · Market value of equity
formulainterest expense ÷ interest-bearing debt × 100 (clamped to 0–10%; falls back to the risk-free rate if there’s no debt)
14
What the price implies (DCF)
A company's value can be written as its free cash flow divided by (cost of capital − perpetual growth). Working that backwards from the market's valuation shows how much growth the share price assumed — compared here with the company's actual past growth.
Growth the price implies (FY2025)
8.6%
Perpetual FCF growth: g = r − FCF ÷ EV = 11.0% − 2.5%
Past FCF growth (FY2021–FY2025)
+38.8%
Compound annual rate, 4 years
Past revenue growth (FY2021–FY2025)
+20.7%
Compound annual rate, 4 years
Inputs (FY2025): free cash flow $4.38B (operating CF − capex); enterprise value $175.91B = market cap $172.78B + debt $14.56B − cash and short-term investments $11.43B; r = WACC of 11.0% using this page’s default assumptions (β 1.42, risk-free 4.0%, market premium 5.5%).
Try your own assumptions
V = FCF ÷ (r − g). It starts at the implied growth rate, where the theoretical value equals today’s enterprise value.
Theoretical enterprise value
$182.42B
FCF $4.38B ÷ (11.0% − 8.6%)
Theoretical ÷ actual enterprise value
1.04x
Above 1x: these assumptions value the business above the market did
How sensitive the answer is
Theoretical ÷ actual enterprise value for each combination of r and g.
| g \ r | 9.0% | 10.0% | 11.0% | 12.0% | 13.0% |
|---|---|---|---|---|---|
| 0% | 0.28x | 0.25x | 0.23x | 0.21x | 0.19x |
| 2% | 0.36x | 0.31x | 0.28x | 0.25x | 0.23x |
| 4% | 0.50x | 0.41x | 0.36x | 0.31x | 0.28x |
| 6% | 0.83x | 0.62x | 0.50x | 0.41x | 0.36x |
| 8% | 2.49x | 1.24x | 0.83x | 0.62x | 0.50x |
A simplified model for seeing what the market price assumes, not a forecast or a target price. It treats free cash flow as growing at one constant rate forever; the result swings widely with small changes in r and g, and is undefined when g reaches r. Free cash flow here is operating cash flow minus capex, which is after interest — a full DCF of enterprise value would use cash flow before interest. Market cap and enterprise value use the fiscal year-end price, not today’s.
15
Earnings quality
The same reported profit can mean different things depending on whether it's backed by cash, driven by the core business, or the result of a one-off item. Four checks below.
- ✓
Operating CF ÷ net income: averages 1.17x
Profit is backed by cash coming in.
- ✓
Accrual ratio (latest): -3.8%
A small share of profit rests on accounting estimates.
- ✓
Core-earnings share (operating income ÷ pretax income): 105%
Most profit comes from core operations.
- ✓
Days sales outstanding: 82 → 75 days
No major slowdown in collecting on sales.
Operating CF vs. net income
Unit: $M — operating CF above net income means profit is backed by cash
- Operating CF
- Net income
formulacash flow from operations ÷ net income attributable to the company
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formula(net income − operating CF) ÷ average total assets × 100
termsNet income (attributable to the company) · Cash flow from operations (operating CF) · Total assets
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-11
Profit bridge (FY2025)
Unit: $M — what moved profit from operating income to net income
- Profit (each stage)
- Pushed profit up
- Pushed profit down
formulaoperating income ÷ income before income taxes × 100
termsOperating income · Income before income taxes (pretax income)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-11
Receivables & inventory days
Unit: days — days grow when receivables or inventory build up faster than sales
- Days sales outstanding
- Days inventory outstanding
formulaperiod-end receivables ÷ revenue × 365
formulaperiod-end inventory ÷ revenue × 365
termsInventory · Revenue (net sales)
Worked examples (latest period)
formulacash flow from operations ÷ net income attributable to the company
e.g.$5,375M ÷ $4,270M = 1.26x
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formulaoperating income ÷ income before income taxes × 100
e.g.$5,869M ÷ $5,601M × 100 = 105%
termsOperating income · Income before income taxes (pretax income)
formulaperiod-end receivables ÷ revenue × 365
e.g.$4,717M ÷ $23,095M × 365 = 75 days
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Strengths & weaknesses
Strengths
1. Rapid AI-driven growth
Sales grew from $10.9B (2021) to $23.1B (2025); IT datacom reached 36% of sales, and Q2 2026 sales rose 55% with 30% organic growth.
Evidence: SEC EDGAR XBRL; Form 10-K (FY2025); Q2 2026 earnings release
2. High margins
Operating margin rose to 25.4% in 2025 from 20.7% in 2024; Q2 2026 GAAP operating margin was 29.5%.
Evidence: Form 10-K (FY2025); Q2 2026 earnings release
3. Diversified customers and markets
Seven end markets, thousands of OEM customers, and no customer at 10% or more of sales.
Evidence: Form 10-K (FY2025), Item 1
4. Acquisition engine
Five acquisitions closed in 2025 and CommScope CCS in January 2026, funded with cash and debt.
Evidence: Form 10-K (FY2025)
Weaknesses
1. Higher debt
Debt rose to $14.6B at year-end 2025 from $6.5B a year earlier, ahead of the $10.5B CommScope purchase.
Evidence: SEC EDGAR XBRL; Form 10-K (FY2025)
2. Cancelable backlog
Unfilled orders may generally be canceled before shipment, so backlog may not indicate future demand.
Evidence: Form 10-K (FY2025), Item 1
3. Exposure to China
China accounted for $3.67B of 2025 sales and is a major manufacturing location.
Evidence: Form 10-K (FY2025), Note 13
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What draws investors to it
Why the stock can look attractive to investors — each point paired with what has to hold for it to stay true, and the opposing view. This is this site's analysis, not a recommendation to buy or sell.
P/E (FY2025)
40.5x
Price at fiscal year-end ÷ diluted EPS
Dividend yield (FY2025)
0.55%
Dividends per share ÷ fiscal year-end price
Payout ratio (FY2025)
22%
Dividends per share ÷ diluted EPS
FCF yield (FY2025)
2.5%
(Operating CF − capex) ÷ market cap
1. AI infrastructure exposure
High-speed, power, and fiber optic interconnects for AI data centers drove 2025 growth and record backlog.
- What has to hold
- Data center spending stays strong.
- The other side
- Backlog can be canceled and AI demand could slow.
Evidence: Form 10-K (FY2025)
2. Growth through acquisitions
Andrew, Trexon, and CommScope broaden communications, defense, and fiber optic offerings.
- What has to hold
- Integrations deliver as planned.
- The other side
- Debt has risen sharply.
Evidence: Form 10-K (FY2025)
Per-share figures for all years are restated to the share count after the September 2026 2-for-1 split (and the June 2024 split for earlier years), so they match split-adjusted stock prices.
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Resilience
How well the company could absorb a bad year: its financial buffer, how its revenue and profit held up in the worst year on record, and what the 10-K says about the business's exposure to shocks. Figures and filing statements only — no overall rating.
1. Financial buffer (FY2025)
Cash & short-term investments ÷ debt due within a year
12.2x
$11.43B vs. $937M
Interest coverage (operating income ÷ interest expense)
16.0x
$5.87B vs. $368M
Free cash flow ÷ dividends paid
5.5x
$4.38B vs. $802M (FCF = operating CF − capex)
2. Worst year in the record, and the recovery
| Figure | Worst year-over-year change | Back to the prior level? |
|---|---|---|
| Revenue | -0.5% in FY2023 ($12.62B → $12.55B) | Yes, by FY2024 |
| Operating income | -1.0% in FY2023 ($2.59B → $2.56B) | Yes, by FY2024 |
Covers only the 5 fiscal years on record (FY2021–FY2025), which may not include a full recession — the worst year here isn’t necessarily how the company would fare in a severe downturn.
3. Business resilience (from the 10-K)
Diversification
Seven end markets and broad geographic manufacturing.
Source: Form 10-K (FY2025), Item 1
Cash generation
Operating cash flow of $5.38B in 2025 against capital spending of $1.0B.
Source: SEC EDGAR XBRL
Liquidity
$11.1B of cash at year-end 2025; the CommScope purchase in January 2026 was funded with delayed draw term loans, November 2025 senior notes, and cash on hand.
Source: SEC EDGAR XBRL; Form 10-K (FY2025), Note 15
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Risks (including geopolitical)
Starting from the 10-K's Risk Factors section, organized by category — geopolitical, currency, raw materials, regulatory, disaster, and more — with impact and likelihood assessed by this site.
Risk map
Vertical = impact on results, horizontal = likelihood. Upper right = most severe. Numbers match the list below (placement is this site’s own assessment).
Likelihood →
"Company disclosure" vs. "this site’s assessment"
The description and mitigation for each risk are this site’s summary of the 10-K’s "Risk Factors" section. Impact and likelihood are this site’s own assessment, not the company’s — where the company discloses its own likelihood assessment, that is noted in the summary.
Impact is judged from how large the affected business is relative to total revenue/profit, and from the risk’s track record of moving results in the past. Likelihood is judged from the filing’s wording and the current business environment (already occurring, or recurring).
- 1Competition & technology shift
Competition
- Company disclosure (summarized from the 10-K)
- Competitors include TE Connectivity, Molex, Luxshare, Aptiv, Corning, and many smaller firms; competition is on technology, quality, price, service, and delivery.
- Company’s stated mitigation
- Close design-stage collaboration with customers.
- This site’s assessment
- Impact Med / Likelihood High
- 2Demand & macro
AI and IT datacom demand
- Company disclosure (summarized from the 10-K)
- A large share of growth and backlog comes from AI-related demand, which could slow.
- Company’s stated mitigation
- Diversification across seven end markets.
- This site’s assessment
- Impact High / Likelihood Med
- 3Geopolitics & supply chain
Trade policy and tariffs
- Company disclosure (summarized from the 10-K)
- Tariffs, export controls, and geopolitical conditions affect a company manufacturing in about 40 countries.
- Company’s stated mitigation
- Global manufacturing footprint; Q2 2026 included $80M of net IEEPA tariff recoveries.
- This site’s assessment
- Impact Med / Likelihood High
- 4M&A & integration
Integrating CommScope
- Company disclosure (summarized from the 10-K)
- The largest acquisition in Amphenol's history.
- Company’s stated mitigation
- Amphenol now expects CommScope sales of $4.6B in 2026, above earlier expectations.
- This site’s assessment
- Impact Med / Likelihood Med
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What to watch going forward
- IT datacom growth and orders (book-to-bill 1.23 in Q2 2026).
- CommScope integration and accretion.
- Debt reduction after acquisitions.
- Tariffs and trade policy.
- Effect of the September 2026 stock split on per-share figures.
21
Source documents
This page's financial figures come from the Form 10-Ks listed below. Check the original filings for full detail.
Last updated
Analysis last edited: October 7, 2026 · Financial data fetched: October 7, 2026 12:33 (SEC EDGAR) · Source 10-K filed: February 11, 2026
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
This page is this site’s own analysis based on public information, and does not represent Amphenol Corporation’s views. It is not a recommendation to buy or sell any security, and this site does not guarantee the accuracy of any figure or statement here. Always verify against the original source documents before making an investment decision.