olivLaw · US equity research
Amphenol Corporation APH
Electronic Connectors · SIC 3678 · Vertical: Electronic and electrical equipment (SIC 367x)
Amphenol makes connectors, sensors and interconnect systems for data centers, industrial, automotive, aerospace and communications, with about 170,000 employees. It matters now because AI infrastructure interconnect demand lifted second-quarter 2026 sales to 8.8 bn USD, and the CommScope CCS acquisition has changed the company's size.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Amphenol Corporation (APH) stock was 79.01 USD (−6.15% on the day), with market capitalisation 195.1 bn USD, P/E 23.7 on diluted EPS of 3.34 USD over the last 12 months, dividend yield 1.11%, beta 1.48, 52-week range 59.58–88.62 USD. Latest reported quarter (Q3 2026): revenue of 10.2 bn USD (+65.1% YoY), net income of 2.0 bn USD (+63.3% YoY), diluted EPS 0.79 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 46.7
- neutral
- Bollinger (20, 2)
- 73.04 – 88.25
- in the lower half of the band · %B 0.39 · band width 18.9%
- SMA 50 / 200
- 81.56 / 75.49
- mixed trend
- MACD (12, 26, 9)
- -0.65 / -0.89
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −9.5% | −1.1% | −8.4 pp | — |
| 3 months | −8.3% | −0.5% | −7.8 pp | — |
| 6 months | +14.1% | +4.4% | +9.7 pp | — |
| Year to date | +16.9% | +12.3% | +4.6 pp | — |
| 1 year | +15.6% | +13.5% | +2.1 pp | +35.9% |
| 3 years | +272.8% | +76.4% | +196.4 pp | +124.2% |
| 5 years | +288.1% | +63.7% | +224.4 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 4.3 bn | 4.8 bn | 5.7 bn | 6.2 bn | 6.4 bn | 7.6 bn | 8.8 bn | 10.2 bn |
| Cost of revenue | 2.8 bn | 3.2 bn | 3.6 bn | 3.8 bn | 4.0 bn | 4.8 bn | 5.2 bn | 6.2 bn |
| Gross profit | 1.5 bn | 1.6 bn | 2.1 bn | 2.4 bn | 2.5 bn | 2.8 bn | 3.5 bn | 4.0 bn |
| SG&A | 515.0 m | 575.2 m | 622.5 m | 657.0 m | 691.0 m | 851.5 m | 939.9 m | 979.9 m |
| Operating income | 953.7 m | 1.0 bn | 1.4 bn | 1.7 bn | 1.7 bn | 1.8 bn | 2.6 bn | 3.0 bn |
| Depreciation & amortisation | 143.8 m | 236.3 m | 209.4 m | 227.7 m | 249.0 m | 485.8 m | 341.4 m | 347.8 m |
| Interest expense | 66.9 m | 76.5 m | 80.9 m | 80.7 m | 129.7 m | 207.9 m | 213.7 m | 212.3 m |
| Pre-tax income | 910.3 m | 962.9 m | 1.3 bn | 1.6 bn | 1.6 bn | 1.6 bn | 2.4 bn | 2.8 bn |
| Income tax | 158.3 m | 218.7 m | 247.3 m | 385.8 m | 443.6 m | 702.4 m | 604.3 m | 774.5 m |
| Net income | 746.2 m | 737.8 m | 1.1 bn | 1.2 bn | 1.2 bn | 933.0 m | 1.8 bn | 2.0 bn |
| Diluted EPS | 0.59 ≈ | 0.58 | 0.86 | 0.49 | — | 0.72 | 1.37 | 0.79 |
| Operating cash flow | 847.1 m | 764.9 m | 1.4 bn ≈ | 1.5 bn ≈ | 1.7 bn | 1.1 bn | 1.6 bn ≈ | 2.1 bn ≈ |
| Capex | 199.8 m | 188.6 m | 297.1 m ≈ | 257.2 m ≈ | 253.7 m | 291.6 m | 355.5 m ≈ | 457.2 m ≈ |
| Dividends paid | 198.9 m | 199.5 m | 199.6 m | 201.2 m | 201.9 m | 306.7 m | 307.4 m | 308.0 m |
| Share repurchases | 168.9 m | 180.9 m | 160.1 m ≈ | 152.9 m ≈ | 171.3 m | 178.0 m | 208.0 m ≈ | 244.6 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 98 percentile of its own 40-quarter history (min 2.6, median 5.6, max 24.6; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 8.2 bn | 8.2 bn | 8.6 bn | 10.9 bn | 12.6 bn | 12.6 bn | 15.2 bn | 23.1 bn |
| Revenue YoY | +17.0% | +0.3% | +4.5% | +26.5% | +16.1% | −0.5% | +21.3% | +51.7% |
| Net income | 1.2 bn | 1.2 bn | 1.2 bn | 1.6 bn | 1.9 bn | 1.9 bn | 2.4 bn | 4.3 bn |
| Net income YoY | +85.2% | −4.1% | +4.2% | +32.2% | +19.6% | +1.4% | +25.7% | +76.2% |
| Diluted EPS | 3.85 | 1.88 | 1.96 | 2.54 | 1.53 | 1.55 | 1.92 | 3.34 |
| Diluted EPS YoY | +86.9% | −51.2% | +4.3% | +29.6% | −39.8% | +1.3% | +23.9% | +74.0% |
| net % | 14.7% | 14.0% | 14.0% | 14.6% | 15.1% | 15.4% | 15.9% | 18.5% |
| Free cash flow | 802.1 m | 1.2 bn | 1.3 bn | 1.2 bn | 1.8 bn | 2.2 bn | 2.1 bn | 4.4 bn |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 11.1 bn USD
- Financial debt
- 937.2 m USD
- Net debt
- -10.2 bn USD
- Equity
- 13.5 bn USD
- Total assets
- 36.2 bn USD
- Debt / equity
- 0.07x
- Current ratio
- 2.98x
- ROE
- 36.6%
- ROA
- 14.8%
- FCF margin
- 19.0%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 8.6 bn | 10.9 bn | 12.6 bn | 12.6 bn | 15.2 bn | 23.1 bn | SEC (XBRL)· 11 Feb 2026verified |
| Cost of revenue | 5.9 bn | 7.5 bn | 8.6 bn | 8.5 bn | 10.1 bn | 14.6 bn | SEC (XBRL)· 11 Feb 2026verified |
| Gross profit | 2.7 bn | 3.4 bn | 4.0 bn | 4.1 bn | 5.1 bn | 8.5 bn | SEC (XBRL)· 11 Feb 2026verified |
| Research & development | 260.7 m | 317.7 m | 323.6 m | 342.2 m | 453.0 m | 647.0 m | SEC (XBRL)· 11 Feb 2026verified |
| SG&A | 1.0 bn | 1.2 bn | 1.4 bn | 1.5 bn | 1.9 bn | 2.5 bn | SEC (XBRL)· 11 Feb 2026verified |
| Operating income | 1.6 bn | 2.1 bn | 2.6 bn | 2.6 bn | 3.2 bn | 5.9 bn | SEC (XBRL)· 11 Feb 2026verified |
| Depreciation & amortisation | 308.1 m | 395.6 m | 392.9 m | 406.4 m | 572.5 m | 922.4 m | SEC (XBRL)· 11 Feb 2026verified |
| EBITDA | 1.9 bn ≈ | 2.5 bn ≈ | 3.0 bn ≈ | 3.0 bn ≈ | 3.7 bn ≈ | 6.8 bn ≈ | SEC (XBRL)· 11 Feb 2026derived |
| Interest expense | 115.4 m | 115.5 m | 128.4 m | 139.5 m | 217.0 m | 367.8 m | SEC (XBRL)· 11 Feb 2026verified |
| Pre-tax income | 1.5 bn | 2.0 bn | 2.5 bn | 2.5 bn | 3.0 bn | 5.6 bn | SEC (XBRL)· 11 Feb 2026verified |
| Income tax | 313.3 m | 409.1 m | 550.6 m | 509.3 m | 570.3 m | 1.3 bn | SEC (XBRL)· 11 Feb 2026verified |
| Net income | 1.2 bn | 1.6 bn | 1.9 bn | 1.9 bn | 2.4 bn | 4.3 bn | SEC (XBRL)· 11 Feb 2026verified |
| Diluted EPS | 1.96 | 2.54 | 1.53 | 1.55 | 1.92 | 3.34 | SEC (XBRL)· 11 Feb 2026verified |
| Weighted average diluted shares | 615.0 m | 625.5 m | 1.2 bn | 1.2 bn | 1.3 bn | 1.3 bn | SEC (XBRL)· 11 Feb 2026verified |
| Dividend per share | 0.52 | 0.64 | 0.41 | 0.43 | 0.55 | 0.75 | SEC (XBRL)· 11 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 1.7 bn | 1.2 bn | 1.4 bn | 1.5 bn | 3.3 bn | 11.1 bn | SEC (XBRL)· 11 Feb 2026verified |
| Receivables | 2.0 bn | 2.5 bn | 2.6 bn | 2.6 bn | 3.3 bn | 4.7 bn | SEC (XBRL)· 11 Feb 2026verified |
| Inventories | 1.5 bn | 1.9 bn | 2.1 bn | 2.2 bn | 2.5 bn | 3.4 bn | SEC (XBRL)· 11 Feb 2026verified |
| Current assets | 5.5 bn | 6.0 bn | 6.5 bn | 6.8 bn | 9.7 bn | 20.3 bn | SEC (XBRL)· 11 Feb 2026verified |
| Property, plant & equipment, net | 1.1 bn | 1.2 bn | 1.2 bn | 1.3 bn | 1.7 bn | 2.3 bn | SEC (XBRL)· 11 Feb 2026verified |
| Goodwill | 5.0 bn | 6.4 bn | 6.4 bn | 7.1 bn | 8.2 bn | 10.6 bn | SEC (XBRL)· 11 Feb 2026verified |
| Intangibles (excl. goodwill) | 397.5 m | 756.9 m | 734.1 m | 834.8 m | 1.2 bn | 2.2 bn | SEC (XBRL)· 11 Feb 2026verified |
| Total assets | 12.3 bn | 14.7 bn | 15.3 bn | 16.5 bn | 21.4 bn | 36.2 bn | SEC (XBRL)· 11 Feb 2026verified |
| Accounts payable | 1.1 bn | 1.3 bn | 1.3 bn | 1.4 bn | 1.8 bn | 2.7 bn | SEC (XBRL)· 11 Feb 2026verified |
| Short-term debt | 230.3 m | 4.0 m | 2.7 m | 353.8 m | 401.7 m | 937.2 m | SEC (XBRL)· 11 Feb 2026verified |
| Current liabilities | 2.3 bn | 2.4 bn | 2.7 bn | 3.2 bn | 4.1 bn | 6.8 bn | SEC (XBRL)· 11 Feb 2026verified |
| Total liabilities | 6.9 bn | 8.3 bn | 8.2 bn | 8.1 bn | 11.6 bn | 22.7 bn | SEC (XBRL)· 11 Feb 2026verified |
| Equity | 5.5 bn | 6.4 bn | 7.1 bn | 8.4 bn | 9.8 bn | 13.5 bn | SEC (XBRL)· 11 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 1.6 bn | 1.5 bn | 2.2 bn | 2.5 bn | 2.8 bn | 5.4 bn | SEC (XBRL)· 11 Feb 2026verified |
| Capex | 276.8 m | 360.4 m | 383.8 m | 372.8 m | 665.4 m | 996.6 m | SEC (XBRL)· 11 Feb 2026verified |
| Free cash flow | 1.3 bn ≈ | 1.2 bn ≈ | 1.8 bn ≈ | 2.2 bn ≈ | 2.1 bn ≈ | 4.4 bn ≈ | SEC (XBRL)· 11 Feb 2026derived |
| Investing cash flow | -333.5 m | -1.9 bn | -731.1 m | -1.4 bn | -2.6 bn | -5.1 bn | SEC (XBRL)· 11 Feb 2026verified |
| Financing cash flow | -516.6 m | -145.2 m | -1.2 bn | -1.0 bn | 1.7 bn | 7.4 bn | SEC (XBRL)· 11 Feb 2026verified |
| Dividends paid | 297.6 m | 346.7 m | 477.4 m | 500.6 m | 595.1 m | 802.2 m | SEC (XBRL)· 11 Feb 2026verified |
| Share repurchases | 641.3 m | 661.7 m | 730.5 m | 585.1 m | 689.3 m | 665.2 m | SEC (XBRL)· 11 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
4 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 58 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 195.1 bn USD
Key indicators
Coverage and freshness
Score by group
- Valuation48
- Balance sheet69
- Quality38
- Growth89
- Returns50
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 39.24 – 144.03 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)39.24 – 59.15 (Mid 47.01)WACC 9.3% · starting FCFF 5.7 bn USD · terminal value share of EV 74%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: no growth between −30% and +40% justifies the price
- Peers: EV/Sales56.91 – 144.03 (Mid 70.14)16 companies used · median multiple 5.1x · quartiles 4.1x – 10.7xADI, AMAT, CLS, FLEX, FSLR, HUBB, INTC, JBL, MCHP, MRVL, MTSI, NXPI, ON, Q, TXN, VRT
- Peers: EV/EBITDA52.87 – 111.40 (Mid 75.60)9 companies used · median multiple 17.3x · quartiles 12.0x – 25.7xAMAT, CLS, FSLR, HUBB, JBL, MCHP, NXPI, ON, VRT
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 58/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| Gross margin · Quality | 38.8% | 0 (on a fixed band) | 11% |
| EBIT margin · Quality | 27.7% | 61 (vs peers) | 9% |
| FCF margin · Quality | 15.5% | 62 (on a fixed band) | 9% |
| Revenue CAGR 3Y · Growth | 22.3% | 89 (on a fixed band) | 17% |
| Revenue growth (YoY) · Growth | 51.7% | 89 (vs peers) | 9% |
| Net debt / EBITDA · Balance sheet | -0.3x | 70 (vs peers) | 6% |
| Current ratio · Balance sheet | 1.9x | 67 (on a fixed band) | 6% |
| EV/Sales · Valuation | 5.8x | 44 (vs peers) | 17% |
| FCF yield · Valuation | 2.6% | 53 (on a fixed band) | 13% |
| Shareholder yield (distributions) · Returns | 1.0% | 50 (on a fixed band) | 4% |
Score groups
- Balance sheet69/100 · 2/2 factors with a value
- Growth89/100 · 2/2 factors with a value
- Quality38/100 · 3/3 factors with a value
- Returns50/100 · 1/1 factors with a value
- Valuation48/100 · 2/2 factors with a value
Memo
AMPHENOL CORPORATION (APH). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 23.1 bn USD in 2025; YoY growth 51.7%; net margin 18.0%; ROE 40.0%; net debt/EBITDA -0.3x.
The estimated value range is 52.87–111.40 USD per share (median of 3 methods, agreement: medium); assumptions are illustrative. Against the central value of 70.14 USD, the price of 79.01 USD leaves a potential of -11.2% (value / price − 1) and a margin of safety of -12.7% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 58/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Revenue CAGR 3Y: 22.3%
- Revenue growth (YoY): 51.7%
- Net debt / EBITDA: -0.3x
What contradicts it
- Gross margin: 38.8%
Versus the vertical median
Electronic and electrical equipment (SIC 367x) · same industry group (3-digit SIC) · compared with 19 companies
Only companies with a capitalisation between 11.3 bn and 720.8 bn (within 8× of the company's); 113 of the vertical were left out.
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| INTCIntel Corporation | 309.7 bn | — | -10.9% | -20.1% | −0.5% | +44% / +30% |
| AMATApplied Materials Inc | 293.2 bn | 31.9 | 41.1% | 30.1% | +4.4% | +46% / +147% |
| TXNTexas Instruments Inc | 284.6 bn | 40.4 | 39.7% | 34.3% | +13.0% | +85% / +104% |
| ADIAnalog Devices Inc | 196.8 bn | 48.2 | 12.2% | 29.8% | +16.9% | +53% / +122% |
| APHAmphenol Corporation | 195.1 bn | 32.9 | 40.0% | 18.0% | +51.7% | +16% / +273% |
| MRVLMarvell Technology, Inc | 140.1 bn | 52.8 | 16.5% | 27.9% | +42.1% | +79% / +187% |
| VRTVertiv Holdings Co | 79.1 bn | 38.4 | 46.6% | 16.0% | +27.7% | +14% / +371% |
| NXPINXP Semiconductors N.V. | 66.8 bn | 20.8 | 29.2% | 23.4% | −2.7% | +36% / +30% |
| MPWRMonolithic Power Systems, Inc. | 61.5 bn | 69.5 | 25.1% | 23.9% | +26.4% | +36% / +130% |
| MCHPMicrochip Technology Incorporated | 40.9 bn | 104.2 | 7.2% | 9.3% | +7.1% | +41% / −10% |
| ALABAstera Labs, Inc. | 39.0 bn | 89.0 | 28.2% | 29.6% | +115.1% | +42% / unavailable |
| CLSCelestica Inc. | 29.8 bn | 22.4 | 30.2% | 6.8% | +28.5% | −31% / +777% |
| FLEXFlex Ltd. | 28.5 bn | 27.9 | 19.1% | 3.4% | +8.1% | +31% / +303% |
| ONOn Semiconductor Corp | 27.7 bn | 41.4 | 8.9% | 10.8% | −15.3% | +42% / −0% |
| JBLJabil Inc | 26.6 bn | 26.5 | 66.7% | 2.9% | +20.6% | +23% / +124% |
| CRDOCredo Technology Group Holding Ltd | 25.7 bn | 48.7 | 30.7% | 33.8% | +205.7% | −23% / +662% |
| QQnity Electronics, Inc. | 24.8 bn | 42.0 | 7.6% | 11.5% | +9.7% | +46% / unavailable |
| HUBBHubbell Inc | 23.2 bn | 25.7 | 23.3% | 13.8% | +3.8% | +2% / +46% |
| FSLRFirst Solar, Inc. | 20.9 bn | 11.3 | 18.7% | 37.1% | +24.1% | −29% / +23% |
| MTSIMACOM Technology Solutions Holdings, Inc. | 17.8 bn | 74.6 | 17.2% | 20.7% | +32.6% | +33% / +178% |
1- and 3-year price returns: for APH from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 51.63 Total return -34% · Per year -34% | 90.86 Total return 16% · Per year 16% | 136.29 Total return 74% · Per year 74% |
| 3 years | 61.24 Total return -20% · Per year -7% | 120.16 Total return 55% · Per year 16% | 196.26 Total return 152% · Per year 36% |
| 5 years | 72.64 Total return -4% · Per year -1% | 158.92 Total return 107% · Per year 16% | 282.62 Total return 266% · Per year 30% |
- Exit P/E± 30.04
- Net margin± 21.03
- Annual revenue growth± 15.68
- Annual dilution± 1.77
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 26 Oct 2026 · Model: claude-sonnet-5-5.
Possibly outdated: the newest document it read is from 29 Jul 2026; since then the company filed 10-Q (30 Oct 2026), 8-K (28 Oct 2026 · results), 10-Q (31 Jul 2026).
In brief
Amphenol makes connectors, sensors and interconnect systems for data centers, industrial, automotive, aerospace and communications, with about 170,000 employees 1. It matters now because AI infrastructure interconnect demand lifted second-quarter 2026 sales to 8.8 bn USD, and the CommScope CCS acquisition has changed the company's size 2.
SWOT
Strengths
Weaknesses
Opportunities
Threats
- A slowdown in data-center investment would hit the most profitable segment.
- Integration of the largest acquisition may bring unexpected costs.
- Tariffs and trade policy shifts.
Risks
- AI demand concentrationhigh
A large part of the growth comes from data centers; a pause in investment would show up quickly in sales.
- CommScope CCS integrationhigh
Price of about 10.5 bn USD; weak execution could erode returns 1.
- Debtmedium
Total debt of 18.8 bn USD against 5.4 bn USD of cash raises interest costs 2.
- Tariffsmedium
The 80 mn USD second-quarter benefit is non-recurring and the tariff regime can revert to costs 2.
- Automotive and industrial cyclemedium
Cyclical segments that may slow.
- High expectationslow
Strong 2026 growth raises expectations for coming quarters.
Investment thesis
What would need to be true (bull case)
What would break the thesis
- AI demand slows and Q3 sales miss the 9.3-9.4 bn USD range 2.
- Integration costs more than estimated.
- Without the tariff benefit, the margin falls below the second-quarter level.
What to watch
- Q3 2026 results versus the 9.3-9.4 bn USD guidanceOctober 2026
- Book-to-bill ratioquarterly
- CommScope CCS contribution versus the expected 4.6 bn USD2026
- Debt reduction from free cash flowfirst half of 2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 26 Oct 2026 · Model: claude-sonnet-5-5.
Possibly outdated: the newest document it read is from 29 Jul 2026; since then the company filed 10-Q (30 Oct 2026), 8-K (28 Oct 2026 · results), 10-Q (31 Jul 2026).
The business
Amphenol sells components that carry signal and power: connectors, cables, sensors and antennas, across thousands of applications. 2025 sales were 23.1 bn USD, up 52% (38% organic) 1.
The company grows through repeated acquisitions and decentralized management. In January 2026 it closed its largest deal, at about 10.5 bn USD, the Connectivity and Cable Solutions business of CommScope 1.
Segments
Communications Solutions
Sales of 5.4 bn USD in the second quarter, up 85% in USD, with a 33.6% margin 2. Includes data center and AI interconnect.
Harsh Environment Solutions
Sales of 1.9 bn USD, up 28%, with a 30.1% margin 2. Covers military, aerospace, automotive and industrial.
Interconnect and Sensor Systems
Sales of 1.5 bn USD, up 17%, with a 21.0% margin 2. Includes sensors and interconnect for vehicles, industry and health.
Market context
The connector market is fragmented and cyclical, but demand for AI servers, high-speed networks and power delivery has accelerated.
Second-quarter 2026 orders were 10.7 bn USD, a book-to-bill of 1.23, so the order book is growing faster than sales 2. For Q3 management guides sales between 9.3 and 9.4 bn USD 2.
Trends
- Interconnect for AI data centerstailwind
Second-quarter organic growth was 30%, driven by Communications Solutions 2.
- CommScope CCS integrationmixed
Management expects 4.6 bn USD of sales from this business in 2026 and a 0.30 USD per-share contribution 2. Integration also adds debt.
- Tariffsmixed
The quarter included an 80 mn USD net benefit from IEEPA tariff recovery; without it the margin would have been nearly 29% 2. The benefit is non-recurring.
- Automotive and industrial cyclemixed
Harsh Environment and Interconnect and Sensor Systems depend on more cyclical demand, though they are growing 2.
Competitive position
Amphenol competes with large connector and interconnect makers as well as fiber and cable specialists. Its strengths are breadth of range, cost and acquisition integration; the limit is exposure to a few large AI customers.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Amphenol Tests Key Level, Nears Pivot Amid Strong AI Datacom SalesYahoo Finance — News · 09 Sept 2026 · EN
- Dear Amphenol Stock Fans, Mark Your Calendars for September 2Yahoo Finance — News · 01 Sept 2026 · EN
- A Closer Look at Amphenol (APH): Pioneers in Connectors and CablesYahoo Finance — News · 28 Aug 2026 · EN
The latest news item in our archive is from 09 Sept 2026; the newest SEC filing is from 30 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Quarterly report30 Oct 2026
- Current report28 Oct 2026Results of operations · Other events · Financial statements and exhibits
- Current report06 Oct 2026Departure or appointment of officers
- Current report04 Sept 2026Other events
- Current report06 Aug 2026Other events · Financial statements and exhibits
- Quarterly report31 Jul 2026
- Current report29 Jul 2026Results of operations · Financial statements and exhibits
- Current report22 May 2026Shareholder vote · Financial statements and exhibits
- Current report12 May 2026Material agreement · Creation of a direct financial obligation · Financial statements and exhibits
- Current report06 May 2026Material agreement · Other events · Financial statements and exhibits
Sources
- [1] Form 10-K 2025 · SEC / Amphenol · 11 Feb 2026
- [2] Amphenol Reports Record Second Quarter 2026 Results · SEC / Amphenol (8-K ex. 99.1) · 29 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.