Amphenol (APH)
Information Technology · $199B market cap · SEC CIK 0000820313
ahead of 80% of the S&P 500 · #17 of 73 in Information Technology
Next reports on Jan 27, 2027, after the close, with analysts expecting $0.83 in earnings per share.
52-week range $39.41 to $89.93. 11% below its 52-week high and 103% above its low.
The case for APH
- Revenue up 57.6% on the year.
- Earns 40% back on shareholder equity.
- Generated $4.4B of free cash flow in FY2025, 19% of revenue.
- Earnings per share up 53.3%.
- Reasonably priced for its growth: 33.6× earnings, where 25%+ a year of growth would justify about 46×.
- Has compounded revenue at 21.9% a year over five years.
The case against
- Weakest against its peers: free-cash-flow yield of 2.2% is lower than 64% of Information Technology companies.
- Its weakest area is stability (53/100): beta 1.28, 2.7 years of cash flow to clear its debt, a 56% swing over the year.
What the score is made of
Each factor is half a curve over reported figures and half a rank among the other Information Technology companies (momentum is judged against fixed thresholds only), and the five are blended by weight. The score is where that blend places it in the S&P 500. It describes the last filing and the current price. It is not a forecast.
| Valuewhat you pay for the earnings and cash, against the growth you get | 62 |
|---|---|
| Growthhow fast revenue and earnings are moving, this year and over five | 87 |
| Profitabilityhow much of the revenue becomes profit, and how much of that is cash | 59 |
| Momentumhow the price has behaved lately | 55 |
| Stabilityhow violently it moves, what it owes and what it pays you | 53 |
- Each factor except momentum is half fixed thresholds, half rank among the 73 Information Technology companies.
The financials
Revenue growth
Is the business growing? Yes
| Last 12 months | +57.6% |
|---|---|
| Over 5 years | +21.9% a year |
| FY2025 revenue | $23.1B (+52%) |
Free cash flow
Is it generating real cash? Yes, plenty
| FY2025 free cash flow | $4.4B |
|---|---|
| Of revenue | 19% |
| Of profit | 103% |
Profit margins
Is profitability improving? Yes, improving
| Gross margin | 39% |
|---|---|
| Operating margin | 28% |
| Net margin, FY24 → FY25 → now | 15.9% → 18.5% → 17.9% |
Debt vs. cash
Is the balance sheet healthy? Yes, the debt is manageable
| Cash | $11.1B |
|---|---|
| Long-term debt | $14.6B |
| Net debt | $3.4B |
| Years to repay | 2.7 yrs |
Valuation
Is the stock price reasonable? Yes, about fair
| P/E | 33.6× |
|---|---|
| Fair P/E for its growth | 46× |
| P/FCF | 45.5× |
| Forward P/E | 23.4× |
| EV / EBITDA | 20.1× |
At 33.6× earnings it trades below the 46× that 25%+ a year of growth would justify. At 45.5× free cash flow it trades close to that same mark.
The financials, five years deep
Pulled from Amphenol's XBRL filings on SEC EDGAR. Italic rows are worked out from the others.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue growth | |||||
| Revenue | $23.1B | $15.2B | $12.6B | $12.6B | $10.9B |
| Change on the year | +52% | +21% | −1% | +16% | — |
| Free cash flow | |||||
| Free cash flow | $4.4B | $2.1B | $2.2B | $1.8B | $1.2B |
| Of revenue | 19% | 14% | 17% | 14% | 11% |
| Profit margins | |||||
| Gross margin | 36.9% | 33.8% | 32.5% | 31.9% | 31.3% |
| Operating margin | 25.4% | 20.7% | 20.4% | 20.5% | 19.4% |
| Net margin | 18.5% | 15.9% | 15.4% | 15.1% | 14.6% |
| Debt vs. cash | |||||
| Cash | $11.1B | $3.3B | $1.5B | $1.4B | $1.2B |
| Long-term debt | $14.6B | $6.5B | $4.0B | $4.6B | $4.8B |
| Net cash (debt) | −$3.4B | −$3.2B | −$2.5B | −$3.2B | −$3.6B |
What Amphenol says it does
Amphenol Corporation is one of the world’s largest designers, manufacturers and marketers of electrical, electronic and fiber optic connectors and interconnect systems, antennas, sensors and sensor-based products and coaxial, high-speed, fiber optic and specialty cable. The Company estimates, based on recent reports of industry analysts, that worldwide sales of interconnect, value-add cable assembly, antenna, cable and sensor-related products were approximately $500 billion in 2025. Certain predecessor businesses of the Company were founded in 1932, and the Company was incorporated under the laws of the State of Delaware in 1986. The Company’s Class A Common Stock (“Common Stock”) began trading on the New York Stock Exchange in 1991. Reportable Business Segments The Company’s strategy is to provide our customers with comprehensive design capabilities, a broad selection of products and a high level of quality and service on a worldwide…
Risk factors APH lists in its 10-K
- The Company may be negatively impacted by extreme weather conditions and natural catastrophic events, including those caused or intensified by climate change,
- : The Enhancement and Standardization of Climate-Related Disclosures for Investors
- Senate Bill-253, Climate Corporate Data Accountability Act