Amphenol Corporation
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Why this colour
The quality of the company is not in doubt: the business model has worked for decades, the balance sheet carries interest coverage of roughly ten times, no customer accounts for 10 percent or more of sales, and operational execution is exceptional. Yellow here reflects an open operating question, not a solvency risk. A single end market has grown from 18 percent to 43 percent of revenue in three years; the record order book rests, by the company's own account, partly on customers deliberately opening their order window, which makes it less comparable to earlier order figures; and the record second-quarter 2026 margin contains $80.0 million of tariff recoveries that third-quarter guidance explicitly excludes. Whether the earnings power of the last four quarters is a durable base or the peak of an investment cycle cannot be settled from the filings today. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
Amphenol is operationally one of the strongest industrial companies in the world: 55 percent revenue growth, a 29.5 percent operating margin, no customer above 10 percent of sales, and an acquisition record of promises kept. That is precisely why it is worth looking at what else sits inside the record numbers — an $80.0 million tariff recovery, excess tax benefits from stock options, a $390.0 million tax matter in China, and free cash flow that rose 7.5 percent in the quarter while profit rose 62 percent. Not investment advice.
Market position and breadth
Amphenol serves seven end markets across three segments through more than 140 largely self-directed operating units. The Form 10-K for 2025 states explicitly that no single customer accounted for 10 percent or more of net sales in 2025, 2024 or 2023. Customer concentration is documented to be absent.
Earnings power
The operating margin rose from 20.4 percent in 2023 to 20.7 percent in 2024 to 25.4 percent in 2025, reaching 29.5 percent in the second quarter of 2026. Even excluding the $80.0 million tariff recovery, the CEO put it at nearly 29 percent on the July 29, 2026 call. For a maker of physical components that is exceptional.
Quality of the record numbers
Second-quarter 2026 results contain an $80.0 million tariff recovery ($0.04 per share) that Amphenol does not strip out of its adjusted figures, plus $80.5 million of excess tax benefits from stock options ($0.06 per share) that cut the effective tax rate by roughly 340 basis points. Both are properly disclosed — but neither came from the operating business.
Conversion into cash
In the first half of 2026, $2,702.2 million of net income converted into $2,036.7 million of free cash flow — 75 percent, down from 93 percent a year earlier. The cause is a $1,176.4 million working capital outflow. With 55 percent revenue growth that is explainable, but it is a line item worth finding again in the next report.
Balance sheet and financing
Total debt rose from $15,502.0 million to $18,811.3 million between December 31, 2025 and June 30, 2026, and quarterly interest expense from $80.9 million to $213.7 million. Goodwill and intangibles of $22,843.6 million exceed stockholders' equity of $15,491.6 million. Interest coverage nevertheless stands at roughly ten times operating income.
Dependence on the AI build-out
IT datacom accounted for 43 percent of second-quarter 2026 sales, up from roughly a third in the first quarter of 2025. CEO Adam Norwitt said on April 23, 2025: "if folks stop spending money on next-generation generative AI-based data centers, we won't be immune to that." The company still discloses no AI revenue figure.
Worth Noting
This analysis was triggered by the Form 10-Q for the period ended June 30, 2026, filed July 31, 2026, together with the earnings release of July 29, 2026.
All per-share figures reflect the position BEFORE the two-for-one stock split. Additional shares are distributed on September 2, 2026; from that day the price, earnings per share and dividend per share all halve arithmetically.
Market capitalization, share count and valuation ratios carry a data date of August 30, 2026; balance sheet and income figures carry the reporting date of the respective filing.
Easily confused: the connectivity and cable business acquired in 2026 still carries the CommScope name. The seller was Vistance Networks, Inc. — the company that itself used to be called CommScope Holding Company and remains separately listed.
Stock Watch
This analysis is as of August 30, 2026. Stock Watch will tell you what's changed at APH since then.
Later $1 a month per stock — signing up is free, and you'll be the first to know when it launches.
Price history
Chart
Interactive price chart (TradingView).
52-week range: 77.30 $ to 176.30 $ · Last price: 78.40 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
Quality & Screener
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Electronic Components
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Amphenol Corporation APH | 96.5 | 22.3 | 23.8 | 39.0 | 27.3 | 51.7 | 33.1 |
| Corning Incorporated GLW | 127.2 | 68.9 | 35.8 | 36.4 | 15.7 | 19.1 | 93.9 |
| TE Connectivity Ltd TEL | 59.8 | 20.2 | 13.2 | 36.1 | 20.8 | 7.9 | -3.5 |
| Flex Ltd FLEX | 41.0 | 41.3 | 20.9 | 9.5 | 5.7 | 8.1 | 93.1 |
| Jabil Circuit Inc JBL | 31.6 | 35.3 | 16.7 | 9.2 | 5.2 | 3.2 | 39.5 |
| Fabrinet FN | 14.4 | 30.6 | 20.6 | 12.0 | 9.9 | 18.6 | 6.3 |
| TTM Technologies Inc TTMI | 11.9 | 93.8 | 30.2 | 21.2 | 8.6 | 19.0 | 134.1 |
| Vicor Corporation VICR | 10.7 | 69.1 | 73.4 | 56.6 | 15.0 | 13.6 | 314.5 |
| Littelfuse Inc LFUS | 10.6 | – | 41.1 | 39.3 | 17.3 | 8.9 | 55.7 |
| Median of companies shown | 31.6 | 38.3 | 23.8 | 36.1 | 15.0 | 13.6 | 55.7 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2016 | 6,286 | 1,240 | 823 | 0.65 | 1,078 | 3,723 | 8,499 |
| 2017 | 7,011 | 1,432 | 651 | 0.51 | 1,144 | 4,043 | 10,004 |
| 2018 | 8,202 | 1,695 | 1,205 | 0.96 | 1,113 | 4,064 | 10,045 |
| 2019 | 8,225 | 1,645 | 1,155 | 0.94 | 1,502 | 4,596 | 10,816 |
| 2020 | 8,599 | 1,650 | 1,203 | 0.98 | 1,592 | 5,452 | 12,327 |
| 2021 | 10,876 | 2,176 | 1,591 | 1.27 | 1,540 | 6,379 | 14,678 |
| 2022 | 12,623 | 2,607 | 1,902 | 1.53 | 2,175 | 7,094 | 15,326 |
| 2023 | 12,555 | 2,560 | 1,928 | 1.55 | 2,529 | 8,427 | 16,526 |
| 2024 | 15,223 | 3,284 | 2,424 | 0.96 | 2,815 | 9,792 | 21,440 |
| 2025 | 23,095 | 5,972 | 4,270 | 1.67 | 5,375 | 13,413 | 36,237 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | 0.59 | 42.40 | 4,318 | 29.80 | 17.30 | 847 | 647 |
| 2025: Q1 | 0.58 | 33.40 | 4,811 | 47.70 | 15.30 | 765 | 576 |
| 2025: Q2 | 0.86 | 107.20 | 5,650 | 56.50 | 19.30 | 1,417 | 1,120 |
| 2025: Q3 | 0.97 | 103.30 | 6,194 | 53.40 | 20.10 | 1,471 | 1,214 |
| 2025: Q4 | 0.93 | 57.70 | 6,439 | 49.10 | 18.60 | 1,722 | 1,469 |
| 2026: Q1 | 0.73 | 25.50 | 7,620 | 58.40 | 12.40 | 1,122 | 830 |
| 2026: Q2 | 1.37 | 59.30 | 8,758 | 55.00 | 20.20 | 1,557 | 1,202 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 8 of our scanner strategies — each hit links to the scanner.
Backtested Scanners
Quality & Balance Sheet
Aktien.Guide
Dividends
Research
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | 2.67 | 2.61 – 2.84 | 35,539 | 59.8% | 16 |
| 12/31/2027 | 3.27 | 3.05 – 3.69 | 42,027 | 22.7% | 17 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Instead of guessing what the stock is worth, we turn the question around: what free cash flow growth has to happen for today’s market value to add up? The assumptions behind it can be moved.
Today’s market value implies roughly 8.0% growth in free cash flow per year over ten years (assumptions: discount rate 10.0%, terminal growth 2.5%).
| Free cash flow (last twelve months) | $4.71B |
|---|---|
| Market cap | $96.45B |
| Free cash flow in year ten | $10.20B |
| Terminal value as a share of market value | 55.7% |
For comparison: over the past five years free cash flow grew by 27.2% per year.
It shows which assumption is built into today’s price, not whether that assumption will hold. Every assumption can be changed with the sliders; the figures move with them.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Amphenol beschreibt sein IT-Datacom-Geschäft im Geschäftsbericht (10-K) ausdrücklich als Zulieferung für „KI-ermöglichende Systeme“; der Markt stand im 2. Quartal 2026 für 43 Prozent des Konzernumsatzes, und der Quartalsbericht (10-Q) führt das Wachstum wörtlich auf KI-Anwendungen zurück.
View the full file — quotes, sources, reviewed filings
„Amphenol is a global provider of interconnect solutions to designers, manufacturers and operators of internet and artificial intelligence (“AI”)-enabling systems."
Amphenol ist ein weltweiter Anbieter von Verbindungslösungen für Entwickler, Hersteller und Betreiber von Internet- und KI-ermöglichenden Systemen.
10-K · 2026-02-11 · View SEC filing
„Net sales to the IT datacom market increased approximately $4,593.7, as we experienced robust growth across a broad array of applications, in particular the continued acceleration in and strong demand for products used in next-generation AI-related applications, along with growth in networking equipment, servers, cloud storage and peripherals."
Der Umsatz im IT-Datacom-Markt stieg um rund 4.593,7 Millionen US-Dollar, weil wir über ein breites Anwendungsspektrum kräftig gewachsen sind — insbesondere durch die anhaltende Beschleunigung und die starke Nachfrage nach Produkten für KI-Anwendungen der nächsten Generation, dazu Wachstum bei Netzwerktechnik, Servern, Cloud-Speicher und Peripheriegeräten.
10-K · 2026-02-11 · View SEC filing
„The increase in the second quarter of 2026 was driven by outsized organic growth in the IT datacom market, with particular strength in artificial intelligence (“AI”)-related applications, as well as strong organic growth in the industrial, mobile devices and automotive markets, along with contributions from the Company’s acquisition program."
Der Zuwachs im zweiten Quartal 2026 beruhte auf überdurchschnittlichem organischem Wachstum im IT-Datacom-Markt mit besonderer Stärke bei KI-bezogenen Anwendungen, dazu kräftigem organischem Wachstum in den Märkten Industrie, Mobilgeräte und Automobil sowie Beiträgen aus dem Übernahmeprogramm des Unternehmens.
10-Q · 2026-07-31 · View SEC filing
Filings Reviewed: 10-Q 2026-07-31 · 10-Q 2026-05-01 · 10-K 2026-02-11 · 10-Q 2025-10-24 · 10-Q 2025-07-25 · 8-K 2026-08-06
Rated on August 30, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years 22.3%
- More than 10% revenue growth is expected for the coming year 12.9%
- Share count grows by less than 3% a year 27.2%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 70.7%
- Gross margin at 40% or higher and without meaningful erosion 36.9%
- Goodwill from acquisitions does not grow faster than revenue 29.2%
- Net debt below twice EBITDA 0.6 x EBITDA
- Operating cash flow covers the profits of the last three years 2,096 m
- Return on capital at 15% or higher, or up versus two years ago 20.3%
- Insiders hold at least 10% or are net buyers 0.5%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
10/10 Quality stockThe AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 15.6%
- Exp. sales growth 3Y > 5% 34.9%
- EBIT growth 10Y > 5% 19.1%
- Exp. EBIT growth 3Y > 5% 40.0%
- Net debt < 4x EBIT 0.7x
- EBIT positive, 10Y straight 10
- Max. EBIT decline < 50% 3.0%
- Return on equity > 15% 716.1%
- ROCE > 15% 20.3%
- Expected return > 10% 46.3%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Aug 6, 2026 | Lampo Craig A | EVP& CFO | Other | 54,547 | 0.00 | – |
| Aug 5, 2026 | Silverman David M | EVP, Human Resources | Sell | 120,000 | 174.24 | 20,908,476 |
| Aug 5, 2026 | Silverman David M | EVP, Human Resources | Other | 120,000 | 22.00 | 2,639,400 |
| Aug 4, 2026 | Lampo Craig A | EVP& CFO | Sell | 193,200 | 167.31 | 32,324,157 |
| Aug 4, 2026 | Lampo Craig A | EVP& CFO | Other | 193,200 | 22.37 | 4,322,367 |
| Aug 3, 2026 | D'amico Lance E | EVP, Secretary & GenCounsel | Sell | 10,000 | 161.82 | 1,618,175 |
| Aug 3, 2026 | D'amico Lance E | EVP, Secretary & GenCounsel | Other | 10,000 | 22.55 | 225,525 |
| Aug 3, 2026 | D'amico Lance E | EVP, Secretary & GenCounsel | Sell | 40,000 | 161.82 | 6,472,700 |
| Aug 3, 2026 | D'amico Lance E | EVP, Secretary & GenCounsel | Other | 40,000 | 22.37 | 894,900 |
| Aug 3, 2026 | D'amico Lance E | EVP, Secretary & GenCounsel | Sell | 50,000 | 161.99 | 8,099,370 |
The company
About the Company
Amphenol Corporation entwickelt, fertigt und vermarktet mit ihren Tochtergesellschaften elektrische, elektronische und Glasfaser-Steckverbinder in den USA, China und international. Sie ist in drei Segmenten tätig: Communications Solutions, Harsh Environment Solutions und Interconnect.
- CEO Insider Trades (12 Mo.)
- selling own stock
- Employees
- 170,000
- Headquarters
- Wallingford, CT
- Address
- 358 Hall Avenue, 06492 Wallingford, United States
- Phone
- 203 265 8900
- Website
- amphenol.com
- IPO Date
- 11/08/1991
- ISIN
- US0320951017
- Stock Split
- 2:1 on 09/03/2026
- Stock Split
- 2:1 on 06/12/2024
- Stock Split
- 2:1 on 03/05/2021
Management
| Name | Title | Birth Year |
|---|---|---|
| Richard Adam Norwitt J.D. | President, CEO & Chairman | 1970 |
| Craig A. Lampo C.P.A. | Executive VP & CFO | 1970 |
| Luc Walter | President of Harsh Environment Solutions Division | 1959 |
| William J. Doherty | President of Communications Solutions Division | 1959 |
| Peter J. Straub | President of the Interconnect & Sensor Systems Division | 1968 |
| Michael R. Ivas | Senior VP & Corporate Controller | 1971 |
| Sherri Ann Scribner | Vice President of Strategy & Investor Relations | – |
| Lance E. D'Amico J.D. | Executive VP, General Counsel & Secretary | 1969 |
| Ben J. Reed | Vice President of Corporate Development | – |
| David M. Silverman | Executive Vice President of Human Resources | 1978 |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
Data as of: September 17, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.