NYSE: APH
Amphenol
Technology · Electronic Connectors
52-week range
$59.01$89.93
Stock price
Market cap
At each fiscal year end, then the latest quarter end: closing price × shares outstanding.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$208B
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| Period | Market cap |
|---|---|
| FY2016, ended Dec 31, 2016 | $20.7B |
| FY2017, ended Dec 31, 2017 | $26.8B |
| FY2018, ended Dec 31, 2018 | $24.2B |
| FY2019, ended Dec 31, 2019 | $32.3B |
| FY2020, ended Dec 31, 2020 | $39.2B |
| FY2021, ended Dec 31, 2021 | $52.4B |
| FY2022, ended Dec 31, 2022 | $45.3B |
| FY2023, ended Dec 31, 2023 | $59.5B |
| FY2024, ended Dec 31, 2024 | $84.1B |
| FY2025, ended Dec 31, 2025 | $166B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $208B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$33.0B
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| Period | Revenue |
|---|---|
| FY2016, ended Dec 31, 2016 | $6.29B |
| FY2017, ended Dec 31, 2017 | $7.01B |
| FY2018, ended Dec 31, 2018 | $8.20B |
| FY2019, ended Dec 31, 2019 | $8.23B |
| FY2020, ended Dec 31, 2020 | $8.60B |
| FY2021, ended Dec 31, 2021 | $10.9B |
| FY2022, ended Dec 31, 2022 | $12.6B |
| FY2023, ended Dec 31, 2023 | $12.6B |
| FY2024, ended Dec 31, 2024 | $15.2B |
| FY2025, ended Dec 31, 2025 | $23.1B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $33.0B |
Net income and free cash flow
By fiscal year, then the trailing 12 months. Free cash flow is operating cash flow minus capex.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.Show tableHide table
| Period | Net income | Free cash flow |
|---|---|---|
| FY2016, ended Dec 31, 2016 | $823M | $887M |
| FY2017, ended Dec 31, 2017 | $651M | $918M |
| FY2018, ended Dec 31, 2018 | $1.21B | $802M |
| FY2019, ended Dec 31, 2019 | $1.16B | $1.21B |
| FY2020, ended Dec 31, 2020 | $1.20B | $1.32B |
| FY2021, ended Dec 31, 2021 | $1.59B | $1.18B |
| FY2022, ended Dec 31, 2022 | $1.90B | $1.79B |
| FY2023, ended Dec 31, 2023 | $1.93B | $2.16B |
| FY2024, ended Dec 31, 2024 | $2.42B | $2.15B |
| FY2025, ended Dec 31, 2025 | $4.27B | $4.38B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $5.93B | $5.12B |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$4.17B
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| Period | Cash and cash equivalents |
|---|---|
| FY2016, ended Dec 31, 2016 | $1.03B |
| FY2017, ended Dec 31, 2017 | $1.72B |
| FY2018, ended Dec 31, 2018 | $1.28B |
| FY2019, ended Dec 31, 2019 | $891M |
| FY2020, ended Dec 31, 2020 | $1.70B |
| FY2021, ended Dec 31, 2021 | $1.20B |
| FY2022, ended Dec 31, 2022 | $1.37B |
| FY2023, ended Dec 31, 2023 | $1.48B |
| FY2024, ended Dec 31, 2024 | $3.32B |
| FY2025, ended Dec 31, 2025 | $11.1B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $4.17B |
Total debt
At each fiscal year end, then the latest quarter end. Short- and long-term borrowings, excluding leases.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$17.9B
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| Period | Total debt |
|---|---|
| FY2016, ended Dec 31, 2016 | $3.01B |
| FY2017, ended Dec 31, 2017 | $3.54B |
| FY2018, ended Dec 31, 2018 | $3.57B |
| FY2019, ended Dec 31, 2019 | $3.61B |
| FY2020, ended Dec 31, 2020 | $3.87B |
| FY2021, ended Dec 31, 2021 | $4.80B |
| FY2022, ended Dec 31, 2022 | $4.58B |
| FY2023, ended Dec 31, 2023 | $4.34B |
| FY2024, ended Dec 31, 2024 | $6.89B |
| FY2025, ended Dec 31, 2025 | $15.5B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $17.9B |
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Up 0.3% since 2016.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.2.47B
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| Period | Shares outstanding |
|---|---|
| FY2016, ended Dec 31, 2016 | 2.46B |
| FY2017, ended Dec 31, 2017 | 2.44B |
| FY2018, ended Dec 31, 2018 | 2.38B |
| FY2019, ended Dec 31, 2019 | 2.38B |
| FY2020, ended Dec 31, 2020 | 2.40B |
| FY2021, ended Dec 31, 2021 | 2.40B |
| FY2022, ended Dec 31, 2022 | 2.38B |
| FY2023, ended Dec 31, 2023 | 2.40B |
| FY2024, ended Dec 31, 2024 | 2.42B |
| FY2025, ended Dec 31, 2025 | 2.46B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | 2.47B |
Buybacks and new shares
By fiscal year, then the trailing 12 months, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.Net: $635M more bought back than issued
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| Period | Bought back | Paid to employees |
|---|---|---|
| FY2016, ended Dec 31, 2016 | $326M | $47.6M |
| FY2017, ended Dec 31, 2017 | $618M | $49.7M |
| FY2018, ended Dec 31, 2018 | $935M | $55.6M |
| FY2019, ended Dec 31, 2019 | $602M | $63.0M |
| FY2020, ended Dec 31, 2020 | $641M | $70.5M |
| FY2021, ended Dec 31, 2021 | $662M | $83.0M |
| FY2022, ended Dec 31, 2022 | $731M | $89.5M |
| FY2023, ended Dec 31, 2023 | $585M | $99.0M |
| FY2024, ended Dec 31, 2024 | $689M | $110M |
| FY2025, ended Dec 31, 2025 | $665M | $135M |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $802M | $167M |
Revenue (TTM)
$33.0B
+57.6% YoY
Net income (TTM)
$5.93B
+55.2% YoY
Cash
$4.17B
+9.8% YoY
Total debt
$17.9B
+122% YoY
Valuation
At current price- Market Cap
- $196B
- P/E
- 33.0×
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 5.9×
- Price / Book
- 11.4×
- EV / EBITDA
- 19.8×
Growth
Trailing 12 months- Revenue (TTM)
- $33.0B
- Revenue Growth YoY
- 57.6%
- Revenue CAGR 3Y
- 22.3%
- Revenue CAGR 5Y
- 21.8%
- EPS Growth YoY
- 121%
- Net Income Growth YoY
- 55.2%
Profitability
Trailing 12 months- Gross Margin
- 38.8%
- Operating Margin
- 27.7%
- Net Margin
- 18.0%
- FCF Margin
- 15.5%
- Return on Equity
- 40.0%
Earnings
Trailing 12 months- Net Income
- $5.93B
- EPS (diluted)
- $3.97
- EBITDA
- $10.6B
- Operating Income
- $9.16B
Balance Sheet
As of Sep 30, 2026- Cash and cash equivalents
- $4.17B
- Total Debt
- $17.9B
- Net Debt
- $13.7B
- Total Assets
- $47.0B
- Total Liabilities
- $29.8B
- Shareholders' Equity
- $17.1B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $6.48B
- Capital Expenditure
- $1.36B
- Free Cash Flow
- $5.12B
Dividends and risk
Last 12 months- Dividend Yield
- 0.6%
- Dividend / Share
- $0.50
- Beta (5Y)
- 1.22
Every ratio is calculated from the company’s reported figures.
Strength
Revenue grew 57.6% over the last year, to $33.0B.
Strength
Operating margin widened 3.4 pts in a year, to 27.7%.
Note
Net debt of $13.7B is 1.3× EBITDA, a manageable load.
Strength
Turns 15.5% of revenue into free cash flow.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-Q for the quarter ended Sep 30, 2026 · filed Oct 30, 2026
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2025 · 10-K72Good news
72Good news
10-K for the fiscal year ended Dec 31, 2025
Filed Feb 11, 2026 · Read the filing on EDGAR
- Sales jumped 52% to $23.1 billion (38% from existing businesses), and net income rose 76% to $4.27 billion, mainly on demand from AI data centers.
- Communications Solutions sales rose 91% and the segment now makes up 52% of total sales; its operating margin widened to 31.1%.
- In January 2026 Amphenol closed its largest-ever purchase, CommScope's connectivity business, for about $10.5 billion, paid with new bonds, term loans and cash.
- Chinese tax authorities challenged past tax positions. Amphenol booked a $100 million charge and estimates the total cost could reach $300 million. The quarterly dividend was raised 52% to $0.25.
Business momentum
Strong improvement
“Net sales were $23,094.7 for the year ended December 31, 2025 compared to $15,222.7 for the year ended December 31, 2024, representing an increase of 52% in U.S. dollars, 51% in constant currencies and 38% organically”
Outlook
Positive
“We currently expect this elevated level of capital spending to continue into 2026 to support the continued growth we are experiencing related to AI applications in our IT datacom market.”
Financial stress
Low
“The Company believes that these sources of liquidity, along with access to capital markets (which the Company accessed in 2025 and 2024 for various debt issuances), provide adequate liquidity to meet both its short-term (next 12 months) and reasonably foreseeable long-term requirements and obligations.”
Tone against the previous report
About the same
Red flags
- Minor
Other
“The $100.0 million charge represents the Company’s current best estimate of the costs that may be incurred to resolve this matter; however, the range of potential costs is estimated to be $100.0 million to approximately $300.0 million.”
Positives
Huge growth in profit and margins
“Operating income was $5,868.6, or 25.4% of net sales, in 2025, compared to $3,156.9, or 20.7% of net sales, in 2024.”
Free cash flow roughly doubled
“Net cash provided by operating activities (“Operating Cash Flow”) was $5,374.7 in 2025, compared to $2,814.7 in 2024 and $2,528.7 in 2023.”
Growth across nearly all end markets
“strong organic growth in the defense, industrial, communications networks and commercial aerospace markets and moderate organic growth in the automotive and mobile devices markets”
Concerns
Heavy reliance on AI-driven spending
“some of our customers are making significant investments in AI, and these investments are driving robust demand for certain of the Company’s products.”
Debt rising sharply to fund acquisitions
“Financing a portion of the consideration of the CommScope acquisition resulted in a significant increase in the Company’s debt.”
Goodwill growing as acquisitions pile up
“Goodwill increased $2,339.2 to $10,575.4, primarily driven by goodwill recognized from the 2025 Acquisitions, in particular the Andrew and Trexon acquisitions, and Translation.”
New risks since the previous report
China tax dispute covering up to eight years
“In 2025, certain of the Company’s subsidiaries based in China received notices from relevant tax authorities challenging certain of the Company’s tax positions taken over up to an eight-year period.”
Interest costs more than doubling after CommScope deal
“the Company expects interest expense, net of interest income, to increase from $367.8 million in 2025 to approximately $800.0 million in 2026.”
Integrating the largest acquisition in company history
“on January 9, 2026, the Company closed the CommScope acquisition, which is the largest acquisition in the Company’s history.”
Defense rule could block buybacks and dividends
“defense contractors designated as underperforming by the Secretary of War are prohibited from conducting stock buybacks and issuing dividends until their performance improves.”
More factory assets concentrated in China
“approximately 79% of the Company’s long-lived assets were located outside of the United States, with approximately 37% located in China.”
Biggest risks named
- Dependence on AI data center spending cycles
- Integrating the $10.5 billion CommScope acquisition
- Higher debt and interest costs
- Tariffs, export controls and China exposure
- Possible write-downs of $10.6 billion in goodwill
Artificial intelligence in this business: Material to the business
How the score adds up
| Starting point | 60 | |
| Business momentum | +12 | |
| Outlook | +3 | |
| Tone against the previous report | 0 | |
| Financial stress | 0 | |
| Red flags | −0.9 | |
| New risks | −2 | |
| Score | 72 | |
Written by AI (Claude Opus 5.5) from the report’s text. 15 of 15 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-Q | Oct 30, 2026 | Pro | |||
| 10-K | Feb 11, 2026 | 72 | Strong improvement | 1 minor | |
| 10-K | Feb 7, 2025 | 76 | Strong improvement | None | |
| 10-K | Feb 7, 2024 | 57 | Stable | 1 minor | |
| 10-K | Feb 8, 2023 | 71 | Strong improvement | 1 minor | |
| 10-K | Feb 9, 2022 | 70 | Strong improvement | None | |
| 10-K | Feb 10, 2021 | 65 | Improving | None | |
| 10-K | Feb 12, 2020 | 49 | Weakening | None | |
| 10-K | Feb 13, 2019 | 71 | Strong improvement | 1 minor | |
| 10-K | Feb 21, 2018 | 56 | Mixed | 1 medium |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-Q for Q3 FY2026 (period ended Sep 30, 2026), filed Oct 30, 2026. View filings on SEC EDGAR