Business Description
Amphenol Corporation, alongside its numerous subsidiaries, operates globally as a prominent designer, manufacturer, and distributor of electrical, electronic, and fiber optic connectors. Its market reach extends across the United States, China, and various international territories. The company is organized into three primary operational divisions: Harsh Environment Solutions, Communications Solutions, and Interconnect and Sensor Systems. Amphenol's comprehensive product lineup features an extensive array of connectors and integrated connector systems. These include specialized interconnects engineered for demanding conditions (covering data, power, high-speed, fiber optic, and radio frequency applications), in addition to busbars and complete power distribution systems. Beyond these core offerings, the company provides value-added products such as backplane interconnect systems, bespoke cable assemblies and harnesses, and cable management solutions. Their portfolio also encompasses flexible and rigid printed circuit boards (PCBs), hinges, and various other mechanical and production-related components. Furthermore, Amphenol supplies antennas for consumer electronics, network infrastructure, and other uses; a range of coaxial, power, and specialty cables; and an assortment of sensors and sensor-based technologies. The company distributes its products through a multi-channel approach, utilizing its internal sales force, independent representatives, and an extensive network of electronics distributors. Its diverse customer base comprises original equipment manufacturers (OEMs), electronic manufacturing services (EMS) providers, original design manufacturers (ODMs), and service providers. These clients span numerous industries, including automotive, broadband communication, commercial aerospace, industrial, information technology and data communication, military, mobile device, and mobile network markets. Amphenol Corporation was founded in 1932 and is presently headquartered in Wallingford, Connecticut.
Business History
Generated: Jun 27, 2026 3:09amPrice Overview
Last updated: Jun 27, 2026 3:06am (4h ago)Price History (1 Year)
Revenue & Net Income Trend
| Period | Revenue | Net Income | Net Margin | YoY/QoQ |
|---|
Key Metrics
EPS (Diluted): 3.51
Total Equity: $13.41B
Shares: 1,277,500,000
Total Debt: $15.50B
Cash: $11.13B
EBITDA: $6.89B
Total Debt: $15.50B
Cash: $11.13B
Revenue: $23.09B
Revenue: $23.09B
Revenue: $23.09B
Total Equity: $13.41B
Tax Rate: 23.1%
Equity: $13.41B
Total Debt: $15.50B
Cash: $11.13B
Current Liabilities: $6.80B
Long-Term Debt: $14.56B
Total Debt: $15.50B
Total Equity: $13.41B
Shares: 1,277,500,000
Shares: 1,277,500,000
CapEx: -$996.60M
Shares: 1,277,500,000
Stock Price: $163.72
Net Income: $4.27B
Industry Benchmarks
Advanced Analysis Forensic deep-dive · three lenses
The trajectory is exceptional: revenue more than doubled from 10.88B in 2021 to 23.09B in 2025, with gross margin expanding from 31.3% to 36.9% and operating margin from 20% to 25.9%. Net income rose from 1.59B to 4.27B while FCF tracked from 1.18B to 4.38B, and OCF/NI of 1.17x plus accruals of -2% of assets confirm earnings are cash-backed, not accrual-inflated. Beneish M of -2.44 and Altman Z of 7.33 corroborate clean books and balance-sheet safety.
Verify before trusting this (4)
- Whether the 2025 revenue jump to 23.09B includes a major acquisition (e.g., CommScope Andrew) and the organic vs inorganic split
- Customer/end-market concentration disclosure (AI/datacom exposure mix)
- Detail on the net debt structure, maturities and covenants
- Whether ROIC remains elevated post any large acquisition (goodwill build-up)
The composite fair value of $102.98 and signal-adjusted FV of $125.19 both sit well below the $163.72 price, implying -24% downside on the synthesis. The DCF at $116 is the most credible anchor (the $30 EPV floor is a no-growth scenario and largely ignorable for a genuine compounder); the EPV is best read as 'absent growth, this is worth a third of today's price' - a useful reminder of how much of the cap is growth-dependent. Earnings quality is high (score 3), so no haircut is warranted - if anything, deserved value sits at the top of the FV range, call it ~$125-135 for a Fortress-grade compounder.
Verify before trusting this (4)
- Forward organic growth guidance vs the 10%+ baked into DCF
- AI/datacenter mix and durability of orders into 2025
- M&A pipeline and incremental margin on recent deals
- Any softening in communications or industrial end markets in the next print
APH is being carried by an active, durable 'invisible AI backbone' narrative that the financial press is amplifying this week - record orders, breakout setups, momentum pieces, and decade-return puff stories are all hitting in the same 72 hours. That kind of one-sided news flow on a quiet-quality name with low cult coefficient tends to pull in trend and growth-momentum funds, which is exactly what the price action (+6.6% in a week, 51.7% recent vs 35.6% long-term CAGR) reflects. Analyst tone is constructive (Buy consensus, fresh upward revision to $198) and notably is not diverging from the narrative - it is reinforcing it. The macro tape is a mild offset, not a real brake. Regime is Neutral with VIX at 18, S&P only 3.4% off highs, and 10y at 4.38% creating a generic rate headwind for all equities. APH's 1.28 beta means it would feel a real risk-off move, but there isn't one - just chop. Sector positioning (AI/data-center hardware) is squarely in the part of tech the market still wants to own, so the macro headwind is muted for this specific name. Net: narrative + momentum + analyst revisions outweigh a soft macro drag. The risk is that the story is already in the tape - any crack in AI-capex enthusiasm hits high-beta picks-and-shovels names first.
Verify before trusting this (4)
- Any deceleration in hyperscaler capex commentary or data-center order cadence that would crack the AI-backbone story
- Whether VIX breaks above 20 and the S&P pullback extends - that would flip the muted macro headwind into a real one for a 1.28-beta name
- Sell-side target revision breadth - one $198 print is encouraging; needs follow-through from other analysts to sustain the bid
- Sector rotation signals out of AI-capex hardware into defensives or software
Deep Analysis
Pre-flight intelligence scans the company first, then routes to the right analytical methods.
Income Statement (Annual)
Last updated: Jun 27, 2026 3:09am (4h ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $10.9B | $12.6B | $12.6B | $15.2B | $23.1B |
| Cost of Revenue | $7.5B | $8.6B | $8.5B | $10.1B | $14.6B |
| Gross Profit | $3.4B | $4.0B | $4.1B | $5.1B | $8.5B |
| Operating Expenses | $1.2B | $1.4B | $1.5B | $1.9B | $2.5B |
| Operating Income | $2.2B | $2.6B | $2.6B | $3.3B | $6.0B |
| Net Income | $1.6B | $1.9B | $1.9B | $2.4B | $4.3B |
| EBITDA | $2.5B | $3.0B | $3.0B | $3.8B | $6.9B |
| EPS | $1.33 | $1.60 | $1.62 | $2.01 | $3.51 |
| EPS (Diluted) | — | — | — | — | — |
Balance Sheet (Annual)
Last updated: Jun 27, 2026 3:06am (4h ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Cash & Equivalents | $1.2B | $1.4B | $1.5B | $3.3B | $11.1B |
| Total Current Assets | $6.0B | $6.5B | $6.8B | $9.7B | $20.3B |
| Total Assets | $14.7B | $15.3B | $16.5B | $21.4B | $36.2B |
| Current Liabilities | $2.4B | $2.7B | $3.2B | $4.1B | $6.8B |
| Long-Term Debt | $4.8B | $4.6B | $4.0B | $6.5B | $14.6B |
| Total Liabilities | $8.3B | $8.2B | $8.1B | $11.6B | $22.7B |
| Total Equity | $6.3B | $7.0B | $8.3B | $9.8B | $13.4B |
| Retained Earnings | $4.3B | $5.0B | $5.9B | $7.1B | $9.9B |
Cash Flow (Annual)
Last updated: Jun 23, 2026 3:06am (4d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Operating Cash Flow | $1.5B | $2.2B | $2.5B | $2.8B | $5.4B |
| Capital Expenditure | -$360.4M | -$383.8M | -$372.8M | -$665.4M | -$996.6M |
| Free Cash Flow | $1.2B | $1.8B | $2.2B | $2.1B | $4.4B |
| Acquisitions (net) | -$2.2B | -$288.2M | -$970.4M | -$2.1B | -$3.8B |
| Debt Repayment | — | — | — | — | — |
| Dividends Paid | — | — | — | — | — |
| Stock Buybacks | -$661.7M | -$730.5M | -$585.1M | -$689.3M | -$665.2M |
| Net Change in Cash | -$504.9M | $176.0M | $101.9M | $1.8B | $7.8B |
Analyst Estimates (Annual)
Last updated: Jun 27, 2026 3:06am (4h ago)| Metric | 2026 | 2027 | 2028 | 2029 |
|---|---|---|---|---|
| Revenue |
$33.4B $32.9B – $34.2B
|
$38.1B $36.9B – $38.9B
|
$41.9B $41.8B – $42.1B
|
$46.4B $44.4B – $48.2B
|
| EBITDA |
$8.4B $8.2B – $8.6B
|
$9.6B $9.3B – $9.7B
|
$10.5B $10.5B – $10.6B
|
$11.6B $11.1B – $12.1B
|
| Net Income |
$6.1B $6.0B – $6.3B
|
$7.3B $7.1B – $7.5B
|
$8.4B $6.4B – $9.1B
|
$9.6B $9.1B – $10.1B
|
| EPS | — | — | — | — |
Growth Trends (YoY %)
Last updated: Jun 27, 2026 3:09am (4h ago)| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue Growth | +16.1% | -0.5% | +21.3% | +51.7% |
| Gross Profit Growth | +18.4% | +1.4% | +25.8% | +65.7% |
| Operating Income Growth | +19.8% | -0.5% | +26.6% | +81.8% |
| Net Income Growth | +19.6% | +1.4% | +25.7% | +76.2% |
| EBITDA Growth | +19.5% | +0.4% | +26.7% | +81.3% |
Insider Trading (Recent)
Last updated: Jun 27, 2026 3:09am (4h ago)All SEC Form 4 codes
- P Purchase
- Open-market or private purchase of shares.
- S Sale
- Open-market or private sale of shares.
- A Award / grant
- Grant or award of securities (RSUs, options, etc.) under Rule 16b-3.
- D Return to issuer
- Securities disposed back to the company under Rule 16b-3.
- F In-kind (tax)
- Shares withheld or delivered to pay the option-exercise price or tax — not an open-market sale.
- I Discretionary
- Discretionary transaction under an employee plan — Rule 16b-3(f).
- M Option exercise
- Exercise or conversion of a derivative (option/RSU) into shares — exempt.
- C Conversion
- Conversion of a derivative security into the underlying shares.
- E Short expiration
- Expiration of a short derivative position.
- H Long expiration
- Expiration or cancellation of a long derivative position with value received.
- O OTM exercise
- Exercise of an out-of-the-money derivative.
- X ITM exercise
- Exercise of an in-the-money or at-the-money derivative.
- G Gift
- Bona fide gift of securities.
- L Small acquisition
- Small acquisition under Rule 16a-6.
- W Inheritance
- Acquisition or disposition by will or the laws of descent.
- Z Voting trust
- Deposit into or withdrawal from a voting trust.
- J Other
- Other acquisition or disposition (explained in a Form 4 footnote).
- K Equity swap
- Transaction in an equity swap or similar instrument.
- U Tender / buyout
- Disposition via tender of shares in a change-of-control transaction.
Compensation-plan codes (A, D, F, M) are routine and rarely directional. Open-market P (buy) and S (sale) carry the most signal.
| Date | Insider | Type | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-05-22 | WALTER LUC | A-Award | 108,809.00 | $132.06 | $14.4M |
| 2026-05-22 | Straub Peter | A-Award | 108,809.00 | $132.06 | $14.4M |
| 2026-05-22 | Silverman David M | A-Award | 70,690.00 | $132.06 | $9.3M |
| 2026-05-22 | NORWITT RICHARD ADAM | A-Award | 464,989.00 | $132.06 | $61.4M |
| 2026-05-22 | Lampo Craig A | A-Award | 133,161.00 | $132.06 | $17.6M |
| 2026-05-22 | Ivas Michael R. | A-Award | 51,134.00 | $132.06 | $6.8M |
| 2026-05-22 | Doherty William J | A-Award | 108,809.00 | $132.06 | $14.4M |
| 2026-05-22 | D'AMICO LANCE E | A-Award | 83,020.00 | $132.06 | $11.0M |
| 2026-05-22 | Wolff Anne Clarke | A-Award | 1,552.00 | $0.00 | $0 |
| 2026-05-22 | Singh Prahlad R. | A-Award | 1,552.00 | $0.00 | $0 |
| 2026-05-22 | Livingston Robert | A-Award | 1,552.00 | $0.00 | $0 |
| 2026-05-22 | Lane Rita S. | A-Award | 1,552.00 | $0.00 | $0 |
| 2026-05-22 | Lamba Sanjiv | A-Award | 1,552.00 | $0.00 | $0 |
| 2026-05-22 | Falck David P | A-Award | 1,552.00 | $0.00 | $0 |
| 2026-05-22 | Altobello Nancy A. | A-Award | 1,552.00 | $0.00 | $0 |
| 2026-05-19 | Lampo Craig A | G-Gift | 34,499.00 | $86.88 | $3.0M |
| 2026-05-19 | Lampo Craig A | G-Gift | 69,108.00 | $65.96 | $4.6M |
| 2026-05-20 | Lampo Craig A | J-Other | 41,203.00 | $0.00 | $0 |
| 2026-05-20 | D'AMICO LANCE E | G-Gift | 21,508.00 | $86.88 | $1.9M |
| 2026-05-20 | D'AMICO LANCE E | G-Gift | 43,086.00 | $65.96 | $2.8M |
Dividend History (Last 20)
Last updated: Jun 21, 2026 6:44pm (5d ago)| Date | Dividend | Declaration | Record | Payment |
|---|---|---|---|---|
| 2026-06-23 | $0.25 | 2026-05-06 | 2026-06-23 | 2026-07-15 |
| 2026-03-23 | $0.25 | 2026-02-05 | 2026-03-23 | 2026-04-14 |
| 2025-12-16 | $0.25 | 2025-10-22 | 2025-12-16 | 2026-01-07 |
| 2025-09-16 | $0.17 | 2025-07-30 | 2025-09-16 | 2025-10-08 |
| 2025-06-17 | $0.17 | 2025-05-01 | 2025-06-17 | 2025-07-09 |
| 2025-03-18 | $0.17 | 2025-01-30 | 2025-03-18 | 2025-04-09 |
| 2024-12-17 | $0.17 | 2024-10-31 | 2024-12-17 | 2025-01-08 |
| 2024-09-17 | $0.17 | 2024-07-24 | 2024-09-17 | 2024-10-09 |
| 2024-06-18 | $0.11 | 2024-05-02 | 2024-06-18 | 2024-07-10 |
| 2024-03-18 | $0.22 | 2024-02-01 | 2024-03-19 | 2024-04-10 |
| 2023-12-18 | $0.22 | 2023-10-24 | 2023-12-19 | 2024-01-10 |
| 2023-09-18 | $0.21 | 2023-08-04 | 2023-09-19 | 2023-10-11 |
| 2023-06-16 | $0.21 | 2023-05-05 | 2023-06-20 | 2023-07-12 |
| 2023-03-20 | $0.21 | 2023-02-03 | 2023-03-21 | 2023-04-12 |
| 2022-12-19 | $0.21 | 2022-10-25 | 2022-12-20 | 2023-01-11 |
| 2022-09-19 | $0.20 | 2022-08-04 | 2022-09-20 | 2022-10-12 |
| 2022-06-17 | $0.20 | 2022-05-04 | 2022-06-21 | 2022-07-13 |
| 2022-03-21 | $0.20 | 2022-02-02 | 2022-03-22 | 2022-04-13 |
| 2021-12-20 | $0.20 | 2021-10-26 | 2021-12-21 | 2022-01-12 |
| 2021-09-20 | $0.15 | 2021-08-05 | 2021-09-21 | 2021-10-13 |
Narrative Economics
market-narrative step).
Delvantic AI Findings
Looking at the raw quarterly tape first: revenue ramps from $3.61B (Q2'24) to $7.62B (Q1'26) — a 2.1x in seven quarters. That's not organic; the step-change from $4.81B (Q1'25) to $5.65B (Q2'25) and the annual jump from $15.2B to $23.1B screams Andrew Clark Carlisle Interconnect plus the CommScope mobile networks deal closing. More importantly: margins peaked at 20.1% in Q3'25 and have now compressed to 12.4% in Q1'26 with net income falling sequentially from $1.25B → $1.20B → $943M despite revenue climbing $6.19B → $6.44B → $7.62B. That is a 620bp net margin collapse in two quarters on accelerating revenue — classic acquisition dilution plus integration costs, but also potentially the first crack in the AI-connector pricing story. The momentum module's "earnings YoY +76%" is backward-looking noise; the forward tape is decelerating earnings on rising revenue, which is the worst kind of mix for a 45x P/E.
The synthesis verdict of $125 fair value vs $163.72 (-23.5%) is directionally right but I think understates the risk. Pre-flight nailed the M&A read. Market Forces flagged "massive insider selling" — but I'd push back on that: the May 22 2026 transactions are all A-Award grants (equity comp), not open-market sales. The secondary signal calling this "Net Insider Buying" is also wrong; awards aren't buying. There's no real insider signal here, just RSU/PSU vesting events the models on both sides misread. The narrative layer's "quiet-quality / durable" framing is fair, but it's papering over the Q1'26 margin print. You cannot pay 27x EV/EBITDA and 7.1x sales for an industrial connector roll-up whose incremental quarter just printed sub-13% net margins, even if the trailing TTM still shows 18.5%.
A careful contrarian would argue three things. First, the AI-connector tailwind is real but Amphenol's Communications segment is maybe 25-30% of revenue — the other 70% (industrial, auto, mil/aero, mobile devices) is cyclical and auto in particular is rolling over. Second, the company has done this acquisition-driven margin pattern before (2018, 2021) and the market eventually re-rates to ~22-25x once organic growth normalizes to high single digits; at 4.3B TTM NI and a 25x multiple you get ~$108B market cap, or roughly $87/share — well below even the DCF anchor. Third, ROIC of 13.7% is good but not extraordinary for a 45x multiple, and with $11.1B cash offset by undisclosed debt (the missing balance sheet line is a real gap given the recent M&A), net leverage post-deal is probably 1.5-2x EBITDA, not the fortress balance sheet the multiple implies. The bull retort: if 2026 organic growth holds at 8-10% on the new $30B+ revenue base and margins recover to 18%, you get $5.5B+ NI and the multiple looks like 36x — still rich but defensible for a compounder.
I agree with the synthesis that APH is overvalued but I'm more bearish than the -23.5% gap suggests. Composite fair value $125 assumes margin normalization back to 18-20%; the Q1'26 print is the first data point that says maybe not, and at 12.4% net margin the math gets uglier fast. The narrative durability is genuine — this is a 50-year compounder and you don't short it — but paying $163.72 for a stock where forward earnings are decelerating, the most recent quarter shows acquisition indigestion, and the entire bull case rests on AI capex sustaining at 2024-25 intensity is a poor risk/reward. I'd peg fair value at $115-125 for patient holders and note that a single weak guide could compress this 20-30% in a session. Quality compounders don't go on sale often; this one isn't on sale. Wait.
GPT Critique
Amphenol Corporation's recent financials reveal a compelling story of rapid growth, primarily driven by acquisitions rather than organic expansion. The revenue surged from $4.81B in Q1'25 to $7.62B in Q1'26, indicating a significant acquisition impact. This aligns with the massive jump in annual revenues from $15.22B in 2024 to $23.09B in 2025, suggesting a strategic acquisition that has reshaped the company's financial landscape. However, this growth comes with notable margin compression, as net margins fell from 20.1% in Q3'25 to 12.4% in Q1'26. The company's P/E ratio of 44.95 suggests a market expectation of sustained high growth, but the declining margins signal potential issues in integrating acquisitions and maintaining profitability.
Opus argues that Amphenol is overvalued, pegging fair value at $115-125 versus the current price of $163.72. I agree with this assessment, as the margin compression and decelerating net income despite rising revenues raise red flags about the sustainability of recent growth. The 620 basis point drop in net margin over two quarters supports Opus's view of acquisition-related dilution impacting financial performance. Furthermore, the lack of significant insider selling, as noted in the May 2026 transactions, corroborates Opus's correction of the market's perception of insider activity; these were equity awards, not market sales, and should not be mistaken for insider sentiment on valuation.
However, I diverge from Opus on the perceived severity of the valuation gap. While Opus suggests more bearish sentiment than the -23.5% gap indicates, I believe the fair value range of $115-125 is appropriate given the potential for margin recovery. The company's history of acquisition-driven growth patterns, as seen previously in 2018 and 2021, suggests a capability to eventually stabilize margins. The long-term narrative of Amphenol as a "quiet-quality" industrial compounder remains intact, supported by its strategic position in AI and data center infrastructure, which are likely to continue driving demand.
A careful skeptic might argue that the valuation concerns are overstated, focusing instead on the robust cash position of $11.13B and strong free cash flow of $4.38B, which provide a buffer for further strategic maneuvers. Additionally, the company's ability to maintain a high ROIC of 13.7% amidst such rapid expansion is commendable. However, the missing debt figure on the balance sheet poses a risk, as it obscures the true leverage and potential financial strain post-acquisition.