Amphenol (APH)
Market Price (11/1/2026): $79.42 | Market Cap: $196.1 BilInvestor Relations Sector: Information Technology | Industry: Electronic Components
Amphenol (APH)
Market Price (11/1/2026): $79.42Market Cap: $196.1 BilSector: Information TechnologyIndustry: Electronic Components
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 58% Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 28% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 20%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 15%, CFO LTM is 6.5 Bil, FCF LTM is 5.1 Bil Stock buyback supportStock Buyback 3Y Total is 2.2 Bil Low stock price volatilityVol 12M is 46% Megatrend and thematic driversMegatrends include Artificial Intelligence, Cloud Computing, 5G & Advanced Connectivity, Electric Vehicles & Autonomous Driving, Show more. | Key risksAPH key risks include [1] integration challenges and increased debt from its aggressive growth-by-acquisition strategy, Show more. |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 58% |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 28% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 20%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 15%, CFO LTM is 6.5 Bil, FCF LTM is 5.1 Bil |
| Stock buyback supportStock Buyback 3Y Total is 2.2 Bil |
| Low stock price volatilityVol 12M is 46% |
| Megatrend and thematic driversMegatrends include Artificial Intelligence, Cloud Computing, 5G & Advanced Connectivity, Electric Vehicles & Autonomous Driving, Show more. |
| Key risksAPH key risks include [1] integration challenges and increased debt from its aggressive growth-by-acquisition strategy, Show more. |
Qualitative Assessment
AI Analysis | Feedback
Amphenol (APH) stock has remained largely at the same level since 7/31/2026 because of the following key factors:
1. Strong Fiscal Q3 2026 Performance and Raised Outlook Potentially Priced In.
Amphenol reported robust financial results for fiscal Q3 2026 (ended September 30, 2026), exceeding analyst expectations with adjusted diluted EPS of $0.80 against a consensus of $0.73, and revenue of $10.23 billion surpassing estimates of $9.49 billion. Sales increased by 65% year-over-year, with organic growth contributing 37%, largely driven by exceptional 77% organic growth in the IT datacom market, fueled by strong AI-related demand. The company also issued an optimistic outlook for fiscal Q4 2026, projecting sales between $10.3 billion and $10.5 billion and adjusted diluted EPS of $0.81 to $0.83, both above analyst consensus, and raised its full-year 2026 guidance. Despite this strong news, the stock's immediate reaction on October 28, 2026, was a modest intraday gain of 3.61%, with some pre-market gains fading, suggesting that much of this positive performance and future growth was already largely factored into Amphenol's valuation prior to the announcement.
2. Significant Insider Selling Activity.
During the period, several key Amphenol executives conducted substantial stock sales exceeding the specified $5 million threshold. Craig A. Lampo, Executive Vice President and Chief Financial Officer, sold shares for an estimated value of $32,324,156. David M. Silverman, Executive Vice President of Human Resources, sold shares for an estimated $20,908,476. Additionally, Richard Adam Norwitt, President and Chief Executive Officer, sold shares totaling approximately $18,709,065. Such significant insider selling can signal to the market that company leaders perceive the stock as fairly valued, potentially tempering further upward movement despite strong operational results.
Show more
Amphenol (APH) stock has remained largely at the same level since 7/31/2026 because of the following key factors:
1. Strong Fiscal Q3 2026 Performance and Raised Outlook Potentially Priced In.
Amphenol reported robust financial results for fiscal Q3 2026 (ended September 30, 2026), exceeding analyst expectations with adjusted diluted EPS of $0.80 against a consensus of $0.73, and revenue of $10.23 billion surpassing estimates of $9.49 billion. Sales increased by 65% year-over-year, with organic growth contributing 37%, largely driven by exceptional 77% organic growth in the IT datacom market, fueled by strong AI-related demand. The company also issued an optimistic outlook for fiscal Q4 2026, projecting sales between $10.3 billion and $10.5 billion and adjusted diluted EPS of $0.81 to $0.83, both above analyst consensus, and raised its full-year 2026 guidance. Despite this strong news, the stock's immediate reaction on October 28, 2026, was a modest intraday gain of 3.61%, with some pre-market gains fading, suggesting that much of this positive performance and future growth was already largely factored into Amphenol's valuation prior to the announcement.
2. Significant Insider Selling Activity.
During the period, several key Amphenol executives conducted substantial stock sales exceeding the specified $5 million threshold. Craig A. Lampo, Executive Vice President and Chief Financial Officer, sold shares for an estimated value of $32,324,156. David M. Silverman, Executive Vice President of Human Resources, sold shares for an estimated $20,908,476. Additionally, Richard Adam Norwitt, President and Chief Executive Officer, sold shares totaling approximately $18,709,065. Such significant insider selling can signal to the market that company leaders perceive the stock as fairly valued, potentially tempering further upward movement despite strong operational results.
3. Mixed Macroeconomic Signals and Sector-Specific Dynamics.
The broader economic environment presented a mixed picture during fiscal Q3 2026, characterized by resilient U.S. economic growth alongside persistent factors such as elevated interest rates, inflation concerns, and geopolitical uncertainties. While Amphenol benefited greatly from strong AI-driven demand in the IT datacom segment, contributing significantly to its record orders and sales, the company also noted "weakness in communications networks." Furthermore, while the manufacturing sector showed renewed momentum, the industrial equipment vertical was flagged as one of the few likely to weaken in 2026, suggesting an uneven landscape within Amphenol's diversified end markets. These broader economic and nuanced sector-specific factors likely contributed to a more tempered investor sentiment, balancing the company's strong performance and leading the stock to largely maintain its level.
Show less
Stock Movement Drivers
Fundamental Drivers
The -1.2% change in APH stock from 7/31/2026 to 10/31/2026 was primarily driven by a -14.1% change in the company's P/E Multiple.| (LTM values as of) | 7312026 | 10312026 | Change |
|---|---|---|---|
| Stock Price ($) | 80.23 | 79.30 | -1.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 29,012 | 33,047 | 13.9% |
| Net Income Margin (%) | 17.7% | 18.0% | 1.2% |
| P/E Multiple | 38.4 | 33.0 | -14.1% |
| Shares Outstanding (Mil) | 2,461 | 2,467 | -0.3% |
| Cumulative Contribution | -1.2% |
Market Drivers
7/31/2026 to 10/31/2026| Return | Correlation | |
|---|---|---|
| APH | -1.2% | |
| Market (SPY) | 1.2% | 60.5% |
| Sector (XLK) | 2.4% | 70.9% |
Fundamental Drivers
The 8.0% change in APH stock from 4/30/2026 to 10/31/2026 was primarily driven by a 43.1% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 4302026 | 10312026 | Change |
|---|---|---|---|
| Stock Price ($) | 73.41 | 79.30 | 8.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 23,095 | 33,047 | 43.1% |
| Net Income Margin (%) | 18.5% | 18.0% | -2.9% |
| P/E Multiple | 42.1 | 33.0 | -21.7% |
| Shares Outstanding (Mil) | 2,452 | 2,467 | -0.6% |
| Cumulative Contribution | 8.0% |
Market Drivers
4/30/2026 to 10/31/2026| Return | Correlation | |
|---|---|---|
| APH | 8.0% | |
| Market (SPY) | 5.4% | 48.3% |
| Sector (XLK) | 12.7% | 56.0% |
Fundamental Drivers
The 14.6% change in APH stock from 10/31/2025 to 10/31/2026 was primarily driven by a 57.6% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 10312025 | 10312026 | Change |
|---|---|---|---|
| Stock Price ($) | 69.19 | 79.30 | 14.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 20,974 | 33,047 | 57.6% |
| Net Income Margin (%) | 18.2% | 18.0% | -1.5% |
| P/E Multiple | 44.2 | 33.0 | -25.5% |
| Shares Outstanding (Mil) | 2,444 | 2,467 | -1.0% |
| Cumulative Contribution | 14.6% |
Market Drivers
10/31/2025 to 10/31/2026| Return | Correlation | |
|---|---|---|
| APH | 14.6% | |
| Market (SPY) | 11.7% | 52.3% |
| Sector (XLK) | 19.9% | 57.4% |
Fundamental Drivers
The 303.1% change in APH stock from 10/31/2023 to 10/31/2026 was primarily driven by a 165.1% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 10312023 | 10312026 | Change |
|---|---|---|---|
| Stock Price ($) | 19.67 | 79.30 | 303.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 12,466 | 33,047 | 165.1% |
| Net Income Margin (%) | 15.4% | 18.0% | 16.5% |
| P/E Multiple | 24.5 | 33.0 | 34.7% |
| Shares Outstanding (Mil) | 2,391 | 2,467 | -3.1% |
| Cumulative Contribution | 303.1% |
Market Drivers
10/31/2023 to 10/31/2026| Return | Correlation | |
|---|---|---|
| APH | 303.1% | |
| Market (SPY) | 86.9% | 60.3% |
| Sector (XLK) | 122.8% | 66.5% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| APH Return | 35% | -12% | 31% | 41% | 96% | 18% | 411% |
| Peers Return | 38% | -14% | 16% | 18% | 46% | 4% | 146% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 106% |
Monthly Win Rates [3] | |||||||
| APH Win Rate | 75% | 25% | 58% | 75% | 75% | 60% | |
| Peers Win Rate | 65% | 38% | 57% | 60% | 67% | 54% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| APH Max Drawdown | -12% | -28% | -11% | -17% | -25% | -28% | |
| Peers Max Drawdown | -17% | -34% | -29% | -23% | -29% | -37% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: TEL, BDC, GLW, APTV, NVT. See APH Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 10/30/2026 (YTD)
How Low Can It Go
| Event | APH | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -15.1% | -18.8% |
| % Gain to Breakeven | 17.8% | 23.1% |
| Time to Breakeven | 19 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -16.6% | -7.8% |
| % Gain to Breakeven | 19.9% | 8.5% |
| Time to Breakeven | 93 days | 18 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -27.5% | -24.5% |
| % Gain to Breakeven | 38.0% | 32.4% |
| Time to Breakeven | 391 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -33.5% | -33.7% |
| % Gain to Breakeven | 50.4% | 50.9% |
| Time to Breakeven | 79 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -19.5% | -19.2% |
| % Gain to Breakeven | 24.2% | 23.8% |
| Time to Breakeven | 48 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -18.2% | -12.2% |
| % Gain to Breakeven | 22.2% | 13.9% |
| Time to Breakeven | 44 days | 62 days |
In The Past
Amphenol's stock fell -15.1% during the 2025 US Tariff Shock. Such a loss loss requires a 17.8% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
| Event | APH | S&P 500 |
|---|---|---|
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -27.5% | -24.5% |
| % Gain to Breakeven | 38.0% | 32.4% |
| Time to Breakeven | 391 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -33.5% | -33.7% |
| % Gain to Breakeven | 50.4% | 50.9% |
| Time to Breakeven | 79 days | 140 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -22.0% | -17.9% |
| % Gain to Breakeven | 28.2% | 21.8% |
| Time to Breakeven | 107 days | 123 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -59.6% | -53.4% |
| % Gain to Breakeven | 147.6% | 114.4% |
| Time to Breakeven | 405 days | 1085 days |
In The Past
Amphenol's stock fell -15.1% during the 2025 US Tariff Shock. Such a loss loss requires a 17.8% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Amphenol (APH)
Amphenol Corporation (APH) is a global technology company specializing in the design, manufacture, and marketing of essential electrical, electronic, and fiber optic interconnect products. Operating worldwide, including significant presences in the United States and China, the company provides critical components that enable communication and power transfer across a vast range of electronic systems and devices. Amphenol is structured into three main segments: Harsh Environment Solutions, Communications Solutions, and Interconnect and Sensor Systems.
The company's primary products include a comprehensive array of connectors and connector systems, such as high-speed data, power, fiber optic, and radio frequency (RF) interconnect products, many of which are engineered for demanding or harsh environments. Beyond core connectors, Amphenol also delivers value-added solutions like customized cable assemblies and harnesses, backplane interconnect systems, and cable management products. Additionally, its offerings extend to various antennas for consumer and network applications, specialized coaxial and power cables, and an expanding line of sensors and sensor-based products that monitor and measure physical parameters.
Amphenol serves an extremely diverse and global customer base, including original equipment manufacturers (OEMs), electronic manufacturing services (EMS) companies, and service providers. Its products are integral to numerous vital end markets, such as automotive, broadband communication, commercial aerospace, industrial equipment, information technology and data communication infrastructure, military applications, and both mobile device and mobile network sectors. This broad market penetration underscores Amphenol's position as a fundamental supplier of critical interconnectivity and sensing components across modern electronic industries.
AI Analysis | Feedback
1. Imagine 3M, but specialized in the indispensable connectors, cables, and sensors that allow virtually every electronic device and network to function and communicate.
2. If Intel provides the 'brains' for computers and many other devices, Amphenol provides much of the 'nervous system' – the critical connectors, cables, and sensors that enable all those brains to connect and communicate.
3. It's like Corning, but instead of advanced glass and fiber materials, Amphenol specializes in the physical connectors, cables, and sensors that form the essential 'plumbing' for electronic communication across industries.
AI Analysis | Feedback
- Connectors and Connector Systems: Products for electrical, electronic, and fiber optic interconnectivity, including harsh environment, data, power, high-speed, and radio frequency types.
- Busbars and Power Distribution Systems: Components used for efficient electrical power distribution within systems.
- Backplane Interconnect Systems: Complex systems for connecting multiple circuit boards within electronic devices.
- Cable Assemblies and Harnesses: Bundles of cables and wires designed to transmit signals or power.
- Cable Management Products: Solutions for organizing, protecting, and routing cables.
- Printed Circuit Boards (PCBs): Flexible and rigid boards that mechanically support and electrically connect electronic components.
- Hinges: Mechanical devices enabling rotational movement between components.
- Antennas: Devices for transmitting and receiving radio waves, used in consumer devices and network infrastructure.
- Coaxial, Power, and Specialty Cables: Various types of cables designed for signal transmission and power delivery.
- Sensors and Sensor-based Products: Devices that detect and measure physical quantities or events, converting them into signals.
AI Analysis | Feedback
- Original Equipment Manufacturers (OEMs)
- Electronic Manufacturing Services (EMS) companies
- Original Design Manufacturers (ODMs)
- Service Providers
- Automotive
- Broadband Communication
- Commercial Aerospace
- Industrial
- Information Technology and Data Communication
- Military
- Mobile Device
- Mobile Network
AI Analysis | Feedback
AI Analysis | Feedback
R. Adam Norwitt President and Chief Executive Officer
Adam Norwitt joined Amphenol in 1998 and became President in 2007 and Chief Executive Officer in 2009. He will also assume the role of Chairman of the Board effective May 2026. Prior to becoming CEO, he served as Chief Operating Officer from 2006 to 2007 and as Senior Vice President and Group General Manager of Worldwide RF and Microwave Products from 2004 to 2006. His earlier roles at the company included Group General Manager, General Manager, and Business Development Manager within various operating groups, with approximately five years spent in Asia. Mr. Norwitt trained as a corporate lawyer before joining Amphenol, holding a Juris Doctor degree from the University of Michigan Law School, a Master's in Business Administration from INSEAD, and a bachelor's degree from Georgetown University. He is credited with bringing a global, future-facing vision to Amphenol and fostering a culture of "intrapreneurship".
Craig A. Lampo Executive Vice President and Chief Financial Officer
Craig Lampo has served as Amphenol's Executive Vice President and Chief Financial Officer since 2015. Before his appointment as CFO, he was Vice President and Controller from 2004 to 2015 and Treasurer from 2004 through 2006. Mr. Lampo joined Amphenol in 2004, and prior to that, he was a senior audit manager at Deloitte & Touche LLP for two years and worked at Arthur Andersen LLP from 1993 to 2002. He is a certified public accountant and holds a Bachelor's in Accounting from the University of Connecticut.
Luc Walter President, Harsh Environment Solutions Division
Luc Walter is the President of Amphenol's Harsh Environment Solutions Division. He has been with the company since 1984. Before assuming his current role, he served as Senior Vice President and Group General Manager of Military and Aerospace Operations from 2016 to 2021. His previous positions include Group General Manager of International Military, Aerospace and Industrial Operations from 2004 to 2015, and Director of European Military & Aerospace Operations from 2000 to 2003.
William J. Doherty President, Communications Solutions Division
William J. Doherty serves as the President of the Communications Solutions Division at Amphenol. Prior to this role, he was Senior Vice President and Group General Manager of Information Communications and Commercial Products from 2016 to 2021. From 2015 to 2016, he was the Group General Manager of IT Communications Products. He has also held positions as General Manager of the high-speed products business unit and General Manager of the backplane connectors business unit within Amphenol.
Peter J. Straub President, Interconnect and Sensor Systems Division
Peter J. Straub is the President of Amphenol's Interconnect and Sensor Systems Division. Before his current role, he was Vice President and Group General Manager of Sensor Technology and served as General Manager of Advanced Sensors from 2013 to 2018. Mr. Straub joined Amphenol in 2013 through the acquisition of GE Advanced Sensors, where he had been a Product General Manager. Prior to his time at GE, which began in 2001, he held senior roles at Spirent-Keystone Thermometrics and engineering roles at Delphi and General Motors.
```AI Analysis | Feedback
- Dependence on End Market Dynamics and Cyclicality: Amphenol's operating results are highly dependent on the dynamics and cyclical nature of its end markets, which include automotive, broadband communication, industrial, information technology and data communication (IT Datacom), military, and mobile devices. A significant slowdown or recession in one or more of these key markets could lead to reduced demand for Amphenol's connectors, sensors, and interconnect systems. This includes the potential for normalization of demand after periods of strong growth, such as in the IT Datacom market driven by AI investments.
- Technological Disruption and Obsolescence: As a designer and manufacturer of electrical, electronic, and fiber optic interconnect products, Amphenol is exposed to the risk of rapid technological change. The emergence of new technologies, evolving industry standards, or innovative alternative solutions (e.g., advanced wireless connectivity, photonic integrated circuits) could diminish the need for Amphenol's traditional physical interconnects or render its current product offerings obsolete. For instance, specific design alterations in key customer AI systems, such as NVIDIA's GB200, could lead to the substitution of Amphenol's specialized products like flyover cables with printed circuit boards, thereby shrinking its addressable market.
- Global Geopolitical and Supply Chain Risks: With significant international operations, including manufacturing and sales across numerous countries (with a notable presence in China and 65% of net sales from non-U.S. markets), Amphenol is susceptible to geopolitical tensions, changes in trade policies, tariffs, and export controls. Additionally, the company faces risks related to its supply chain, including difficulties in obtaining raw materials and components, increased costs due to inflationary pressures, and disruptions caused by natural disasters, pandemics, or regional conflicts. These factors can adversely impact production, increase operational costs, and affect profitability.
AI Analysis | Feedback
AI Analysis | Feedback
Amphenol Corporation (APH) operates in several significant addressable markets globally for its diverse range of electrical, electronic, and fiber optic interconnect products, cable assemblies, antennas, and sensors.
The addressable markets for Amphenol's main products and services are as follows:
- Connectors (Electrical, Electronic, and Fiber Optic): The global electronic connector market was valued at approximately $78.98 billion in 2022 and is projected to reach $123.90 billion by 2032. A broader global connector market was valued at $82.2 billion in 2023 and is projected to reach $141.1 billion by 2032. Another estimate places the global connector market size at $104.12 billion in 2025, expected to reach $204.70 billion by 2034. The global fiber optic connectors market was valued at about $5.13 billion in 2024 and is expected to reach $8.42 billion by 2032. North America accounts for approximately 40% of the global fiber optic connector market, with the U.S. market specifically valued at $1.29 billion in 2024, projected to grow to $1.67 billion by 2032.
- Cable Assemblies: The global cable assembly market size was valued at $178.6 billion in 2024 and is estimated to grow to $322.6 billion by 2034. Another source indicates a market size of $193.62 billion in 2025, projected to grow to $330.64 billion by 2034. The U.S. cable assembly market was worth over $56 billion in 2024. Asia-Pacific holds the largest share of the global cable assembly market.
- Antennas: The global antenna market size was estimated at $17.46 billion in 2024 and is projected to reach $33.38 billion by 2031. Other estimates suggest the global antenna market was valued at $26.55 billion in 2024, with a projection to reach $62.09 billion by 2033. North America held a significant market share, exceeding 40% of global revenue in 2024.
- Sensors and Sensor-based Products: The global sensor market size was valued at approximately $236.75 billion in 2024 and is projected to reach $557.44 billion by 2032. Another source states the global sensor market size was $241.06 billion in 2025 and is projected to grow to $527.94 billion by 2034. The Asia-Pacific region dominated the global market with a 44.60% share in 2025.
AI Analysis | Feedback
- Strategic Acquisitions: Amphenol consistently leverages a disciplined acquisition strategy to broaden its product portfolio, penetrate new geographic markets, and integrate new technologies. Recent and planned acquisitions, such as CommScope's Connectivity and Cable Solutions (CCS) business and Trexon, are specifically cited as significant contributors to both current and future revenue growth and enhanced market positioning.
- Expansion into High-Growth End Markets: The company is strategically focused on, and benefiting from, robust demand in burgeoning markets. This includes the IT datacom market, particularly driven by AI infrastructure, as well as segments like electric vehicles, commercial aerospace, healthcare, industrial automation, and next-generation communication networks.
- Technological Leadership and Product Innovation: Amphenol's commitment to developing high-technology, performance-enhancing solutions is a core driver. Its expertise in areas such as high-speed, power, fiber optics, radio frequency interconnects, antennas, and sensors positions it to meet the evolving demands of advanced systems, including 5G, AI, and machine learning.
- Market Diversification and Global Presence: The company's extensive exposure across a wide array of end markets, including automotive, industrial, communications networks, and mobile devices, along with its global operational footprint, enables it to capitalize on diverse growth opportunities within the global electronics ecosystem. This diversification helps to stabilize financial performance by reducing reliance on any single industry cycle.
AI Analysis | Feedback
Share Repurchases
- Amphenol repurchased approximately $665.18 million of its common stock in 2025, $689.32 million in 2024, $585.09 million in 2023, $730.49 million in 2022, and $689.71 million in 2021.
- Total capital returned to shareholders, including dividends and share buybacks, was nearly $1.5 billion in 2025 and approximately $1.3 billion in 2024.
Share Issuance
- Amphenol's shares outstanding have shown slight increases in recent years; for example, 2025 shares outstanding increased by 1.1% from 2024, and 2024 shares outstanding increased by 1.8% from 2023.
Outbound Investments
- In January 2026, Amphenol completed the acquisition of CommScope's Connectivity and Cable Solutions (CCS) business, an agreement that was announced in August 2025, for approximately $10.5 billion in cash.
- Amphenol completed five acquisitions during 2025, including Trexon for approximately $1 billion in cash, Narda-MITEQ, LifeSync, and Rochester Sensors, which collectively expanded its portfolio and market reach.
- During 2024, the company completed the acquisitions of Carlisle Interconnect Technologies (CIT) and Luetze.
Capital Expenditures
- Amphenol's capital expenditures were $996.6 million in 2025, $665.4 million in 2024, $372.8 million in 2023, $383.8 million in 2022, and $360.4 million in 2021.
- Expected capital expenditures are forecast to be $1,230 million in 2026, $1,307 million in 2027, and $1,428 million in 2028.
- These expenditures are primarily focused on developing enabling technologies for customers, product innovations, and supporting acquisitions and business development.
Peer Outperformance in Electronic Components
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Electronic Manufacturing Services | 10 | 23.5% | 116.3% | 232.6% | FLEX 597% · TTMI 526% · JBL 362% |
| Technology Distributors | 9 | 46.6% | 83.2% | 82.4% | AVT 162% · SNX 140% · CNXN 100% |
| Semiconductor Materials & Equipment | 28 | 41.2% | 75.7% | 59.3% | AXTI 574% · LRCX 346% · KLAC 345% |
| Communications Equipment | 36 | 2.6% | 86.8% | 51.0% | LITE 918% · AAOI 803% · ANET 559% |
| Electronic Components ← | 26 | 0.4% | 67.9% | 46.8% | CLS 2604% · BELFA 1204% · APH 332% |
| Semiconductors | 55 | 1.3% | 55.8% | 16.4% | MU 1211% · NVDA 704% · AVGO 570% |
| Technology Hardware, Storage & Peripherals | 21 | 3.7% | 100.8% | 2.6% | WDC 841% · SMCI 831% · DELL 744% |
| Electronic Equipment & Instruments | 27 | -6.9% | 33.7% | -1.1% | PI 158% · OSIS 114% · MIR 73% |
| Internet Services & Infrastructure | 6 | 5.8% | 60.2% | -10.1% | GDDY 69% · VRSN 40% · DOCN -8% |
| IT Consulting & Other Services | 30 | -26.7% | 2.5% | -24.6% | CHRN 378321% · APLD 280% · IBM 160% |
| Application Software | 126 | -17.2% | -2.8% | -49.0% | PLTR 611% · FROG 189% · AGYS 143% |
| Systems Software | 69 | -10.0% | 25.5% | -51.8% | ZETA 277% · CRWD 255% · CVLT 169% |
Latest Trefis Analyses
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 114.56 |
| Mkt Cap | 41.7 |
| Rev LTM | 17,844 |
| Op Inc LTM | 2,212 |
| FCF LTM | 1,540 |
| FCF 3Y Avg | 1,383 |
| CFO LTM | 2,633 |
| CFO 3Y Avg | 2,350 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 18.6% |
| Rev Chg 3Y Avg | 8.0% |
| Rev Chg Q | 27.5% |
| QoQ Delta Rev Chg LTM | 6.6% |
| Op Inc Chg LTM | 37.7% |
| Op Inc Chg 3Y Avg | 24.7% |
| Op Mgn LTM | 16.6% |
| Op Mgn 3Y Avg | 14.2% |
| QoQ Delta Op Mgn LTM | 0.2% |
| CFO/Rev LTM | 17.1% |
| CFO/Rev 3Y Avg | 17.6% |
| FCF/Rev LTM | 13.1% |
| FCF/Rev 3Y Avg | 12.2% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 41.7 |
| P/S | 3.6 |
| P/Op Inc | 18.4 |
| P/EBIT | 18.6 |
| P/E | 31.7 |
| P/CFO | 20.4 |
| Total Yield | 3.8% |
| Dividend Yield | 0.6% |
| FCF Yield 3Y Avg | 3.4% |
| D/E | 0.1 |
| Net D/E | 0.1 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -4.9% |
| 3M Rtn | -12.7% |
| 6M Rtn | -13.6% |
| 12M Rtn | 0.4% |
| 3Y Rtn | 120.6% |
| 1M Excs Rtn | -5.9% |
| 3M Excs Rtn | -16.7% |
| 6M Excs Rtn | -20.7% |
| 12M Excs Rtn | -9.8% |
| 3Y Excs Rtn | 46.9% |
Comparison Analyses
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Communications Solutions | 12,161 | 6,376 | 4,963 | 5,732 | 4,907 |
| Harsh Environment Solutions | 6,002 | 4,509 | 3,622 | 3,185 | 2,823 |
| Interconnect and Sensor Systems | 5,216 | 4,511 | 4,129 | 3,881 | 3,316 |
| Intersegment sales | -284 | -172 | -159 | -175 | -169 |
| Total | 23,095 | 15,223 | 12,555 | 12,623 | 10,876 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Communications Solutions | 3,747 | 1,570 | 1,064 | 1,246 | 1,023 |
| Harsh Environment Solutions | 1,541 | 1,093 | 944 | 802 | 708 |
| Interconnect and Sensor Systems | 1,005 | 826 | 754 | 716 | 588 |
| Other operating expenses | -78 | -77 | -68 | -67 | -61 |
| Acquisition-related expenses | -103 | -127 | -35 | -22 | -70 |
| Amortization of acquisition-related inventory step-up costs | -108 | -18 | 0 | ||
| Stock-based compensation expense | -135 | -110 | -99 | -90 | -83 |
| Total | 5,869 | 3,157 | 2,560 | 2,586 | 2,105 |
| $ Mil | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|
| Interconnect Products and Assemblies | 7,996 | 6,673 | 5,666 | 5,679 | 5,733 |
| Goodwill | 6,377 | 5,032 | 4,867 | 4,103 | 4,043 |
| Cable Products and Solutions | 265 | 214 | 209 | 208 | 200 |
| Other assets | 40 | 408 | 73 | 55 | 28 |
| Total | 14,678 | 12,327 | 10,816 | 10,045 | 10,004 |
Price Behavior
| Market Price | $79.30 | |
| Market Cap ($ Bil) | 195.6 | |
| First Trading Date | 11/08/1991 | |
| Distance from 52W High | -10.5% | |
| 50 Days | 200 Days | |
| DMA Price | $81.36 | $75.24 |
| DMA Trend | up | up |
| Distance from DMA | -2.5% | 5.4% |
| 3M | 1YR | |
| Volatility | 39.5% | 46.3% |
| Downside Capture | 212.01 | 180.08 |
| Upside Capture | 178.67 | 174.12 |
| Correlation (S&P 500) | 58.9% | 51.9% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 2.77 | 2.38 | 2.21 | 1.80 | 1.89 | 1.45 |
| Up Beta | 2.06 | 2.73 | 2.14 | 2.27 | 2.15 | 1.30 |
| Down Beta | 2.91 | 2.96 | 2.98 | 1.78 | 1.66 | 1.39 |
| Up Capture | 255% | 246% | 213% | 199% | 282% | 665% |
| Bmk +ve Days | 12 | 18 | 28 | 62 | 130 | 427 |
| Stock +ve Days | 11 | 21 | 32 | 63 | 129 | 417 |
| Down Capture | 282% | 188% | 197% | 147% | 147% | 109% |
| Bmk -ve Days | 10 | 25 | 36 | 64 | 121 | 325 |
| Stock -ve Days | 11 | 22 | 32 | 63 | 122 | 334 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with APH | |
|---|---|---|---|---|
| APH | 14.3% | 46.3% | 0.43 | - |
| Sector ETF (XLK) | 18.6% | 27.1% | 0.60 | 57.4% |
| Equity (SPY) | 10.9% | 12.8% | 0.52 | 52.2% |
| Gold (GLD) | -2.0% | 28.6% | -0.08 | 22.9% |
| Commodities (DBC) | 48.2% | 20.6% | 1.79 | -10.0% |
| Real Estate (VNQ) | 10.2% | 13.7% | 0.45 | 7.5% |
| Bitcoin (BTCUSD) | -30.0% | 43.5% | -0.70 | 24.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with APH | |
|---|---|---|---|---|
| APH | 33.2% | 32.5% | 0.93 | - |
| Sector ETF (XLK) | 18.6% | 26.1% | 0.64 | 69.7% |
| Equity (SPY) | 12.2% | 17.1% | 0.53 | 66.0% |
| Gold (GLD) | 16.2% | 19.0% | 0.68 | 16.2% |
| Commodities (DBC) | 9.2% | 19.5% | 0.35 | 10.2% |
| Real Estate (VNQ) | 0.9% | 18.9% | -0.06 | 37.2% |
| Bitcoin (BTCUSD) | 4.9% | 51.6% | 0.28 | 27.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with APH | |
|---|---|---|---|---|
| APH | 26.5% | 28.9% | 0.86 | - |
| Sector ETF (XLK) | 23.7% | 25.1% | 0.86 | 72.1% |
| Equity (SPY) | 15.2% | 17.9% | 0.72 | 71.8% |
| Gold (GLD) | 11.4% | 16.5% | 0.56 | 12.0% |
| Commodities (DBC) | 8.2% | 18.1% | 0.37 | 21.2% |
| Real Estate (VNQ) | 5.3% | 20.7% | 0.21 | 48.4% |
| Bitcoin (BTCUSD) | 61.8% | 66.2% | 1.02 | 19.7% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 11/1/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 10/28/2026 | 3.5% | ||
| 7/29/2026 | 4.5% | 19.1% | 12.2% |
| 4/29/2026 | 3.2% | -4.9% | 2.8% |
| 1/28/2026 | -12.2% | -11.5% | -10.7% |
| 10/22/2025 | 3.6% | 10.3% | 9.8% |
| 7/23/2025 | -1.1% | 3.5% | 6.7% |
| 4/23/2025 | 8.2% | 16.6% | 30.3% |
| 1/22/2025 | 7.0% | -5.7% | -4.6% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 16 | 16 | 16 |
| # Negative | 8 | 7 | 7 |
| Median Positive | 3.0% | 5.0% | 8.2% |
| Median Negative | -2.4% | -4.9% | -2.5% |
| Max Positive | 8.2% | 19.1% | 30.3% |
| Max Negative | -12.2% | -11.5% | -10.7% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 10/28/2026 | 3.5% | ||
| 7/29/2026 | 4.5% | 19.1% | 12.2% |
| 4/29/2026 | 3.2% | -4.9% | 2.8% |
| 1/28/2026 | -12.2% | -11.5% | -10.7% |
| 10/22/2025 | 3.6% | 10.3% | 9.8% |
| 7/23/2025 | -1.1% | 3.5% | 6.7% |
| 4/23/2025 | 8.2% | 16.6% | 30.3% |
| 1/22/2025 | 7.0% | -5.7% | -4.6% |
| 10/23/2024 | 2.4% | 3.0% | 6.0% |
| 7/24/2024 | -6.4% | -6.5% | 1.4% |
| 4/24/2024 | 1.8% | 5.7% | 17.8% |
| 1/24/2024 | 2.8% | 4.9% | 8.7% |
| 10/25/2023 | 0.5% | 1.6% | 13.7% |
| 7/26/2023 | 5.1% | 5.1% | 2.4% |
| 4/26/2023 | -1.3% | 0.7% | -2.5% |
| 1/25/2023 | -0.1% | 0.4% | -2.3% |
| 10/26/2022 | 0.6% | 5.5% | 10.1% |
| 7/27/2022 | 7.0% | 9.9% | 10.8% |
| 4/27/2022 | 2.3% | 5.0% | 0.3% |
| 1/26/2022 | 0.4% | 4.1% | -1.2% |
| 10/27/2021 | -3.8% | -1.2% | 7.0% |
| 7/28/2021 | 0.5% | 4.9% | 7.7% |
| 4/28/2021 | -1.1% | -3.2% | -1.7% |
| 1/27/2021 | -3.4% | -2.3% | -3.7% |
| SUMMARY STATS | |||
| # Positive | 16 | 16 | 16 |
| # Negative | 8 | 7 | 7 |
| Median Positive | 3.0% | 5.0% | 8.2% |
| Median Negative | -2.4% | -4.9% | -2.5% |
| Max Positive | 8.2% | 19.1% | 30.3% |
| Max Negative | -12.2% | -11.5% | -10.7% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2026 | 10/30/2026 | 10-Q |
| 06/30/2026 | 07/31/2026 | 10-Q |
| 03/31/2026 | 05/01/2026 | 10-Q |
| 12/31/2025 | 02/11/2026 | 10-K |
| 09/30/2025 | 10/24/2025 | 10-Q |
| 06/30/2025 | 07/25/2025 | 10-Q |
| 03/31/2025 | 04/25/2025 | 10-Q |
| 12/31/2024 | 02/07/2025 | 10-K |
| 09/30/2024 | 10/25/2024 | 10-Q |
| 06/30/2024 | 07/26/2024 | 10-Q |
| 03/31/2024 | 04/26/2024 | 10-Q |
| 12/31/2023 | 02/07/2024 | 10-K |
| 09/30/2023 | 10/27/2023 | 10-Q |
| 06/30/2023 | 07/28/2023 | 10-Q |
| 03/31/2023 | 04/28/2023 | 10-Q |
| 12/31/2022 | 02/08/2023 | 10-K |
| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2026 | 10/30/2026 | 10-Q |
| 06/30/2026 | 07/31/2026 | 10-Q |
| 03/31/2026 | 05/01/2026 | 10-Q |
| 12/31/2025 | 02/11/2026 | 10-K |
| 09/30/2025 | 10/24/2025 | 10-Q |
| 06/30/2025 | 07/25/2025 | 10-Q |
| 03/31/2025 | 04/25/2025 | 10-Q |
| 12/31/2024 | 02/07/2025 | 10-K |
| 09/30/2024 | 10/25/2024 | 10-Q |
| 06/30/2024 | 07/26/2024 | 10-Q |
| 03/31/2024 | 04/26/2024 | 10-Q |
| 12/31/2023 | 02/07/2024 | 10-K |
| 09/30/2023 | 10/27/2023 | 10-Q |
| 06/30/2023 | 07/28/2023 | 10-Q |
| 03/31/2023 | 04/28/2023 | 10-Q |
| 12/31/2022 | 02/08/2023 | 10-K |
| 09/30/2022 | 10/28/2022 | 10-Q |
| 06/30/2022 | 07/29/2022 | 10-Q |
| 03/31/2022 | 04/29/2022 | 10-Q |
| 12/31/2021 | 02/09/2022 | 10-K |
| 09/30/2021 | 10/29/2021 | 10-Q |
| 06/30/2021 | 07/30/2021 | 10-Q |
| 03/31/2021 | 04/30/2021 | 10-Q |
| 12/31/2020 | 02/10/2021 | 10-K |
| 09/30/2020 | 10/23/2020 | 10-Q |
| 06/30/2020 | 07/24/2020 | 10-Q |
| 03/31/2020 | 04/24/2020 | 10-Q |
| 12/31/2019 | 02/12/2020 | 10-K |
Recent Forward Guidance
Updated 10/29/2026Latest: Q3 2026 Earnings Reported 10/28/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2026 Dividends per share | Reported | 0.15 | ||||||
| Q4 2026 Sales | Reported | 10.30 Bil | 10.40 Bil | 10.50 Bil | 11.2% | Higher New | Guidance: 9.35 Bil for Q3 2026 | |
| Q4 2026 Sales Growth | Reported | 60.0% | 9.0% | Higher New | Guidance: 51.0% for Q3 2026 | |||
| Q4 2026 Adjusted Diluted EPS | Reported | 0.81 | 0.82 | 0.83 | -41.8% | Lower New | Guidance: 1.41 for Q3 2026 | |
| Q4 2026 Adjusted Diluted EPS Growth | Reported | 65.0% | 67.0% | 69.0% | 15.0% | Higher New | Guidance: 52.0% for Q3 2026 | |
| Q4 2026 Diluted EPS (GAAP) | Reported | 0.8 | 0.81 | 0.82 | ||||
| 2026 Sales | Reported | 36.90 Bil | 37.00 Bil | 37.10 Bil | ||||
| 2026 Sales Growth | Reported | 60.0% | ||||||
| 2026 CommScope Sales | Reported | 5.10 Bil | 10.9% | Raised | Guidance: 4.60 Bil for 2026 | |||
| 2026 Empire Electronics Sales | Reported | 320.00 Mil | ||||||
| 2026 AdvancedPCB Sales | Reported | 270.00 Mil | ||||||
| 2026 Dexgreen Sales | Reported | 90.00 Mil | ||||||
| 2026 Humanetics Sensors Sales | Reported | 70.00 Mil | ||||||
| 2026 Adjusted Diluted EPS | Reported | 2.82 | 2.83 | 2.84 | ||||
| 2026 Adjusted Diluted EPS Growth | Reported | 70.0% | ||||||
| 2026 Diluted EPS (GAAP) | Reported | 2.64 | 2.65 | 2.66 | ||||
| 2026 CommScope Adjusted Diluted EPS Accretion | Reported | 0.18 | -40.0% | Lowered | Guidance: 0.3 for 2026 | |||
Prior: Q2 2026 Earnings Reported 7/29/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q3 2026 Revenue | Reported | 9.30 Bil | 9.35 Bil | 9.40 Bil | 14.7% | Higher New | Guidance: 8.15 Bil for Q2 2026 | |
| Q3 2026 Revenue Growth | Reported | 50.0% | 51.0% | 52.0% | ||||
| Q3 2026 Adjusted Diluted EPS | Reported | 1.4 | 1.41 | 1.42 | 22.6% | Higher New | Guidance: 1.15 for Q2 2026 | |
| Q3 2026 EPS Growth | Reported | 51.0% | 52.0% | 53.0% | ||||
| 2026 CommScope Acquisition Full-Year Sales | Reported | 4.60 Bil | ||||||
| 2026 CommScope Acquisition EPS Accretion | Reported | 0.3 | ||||||
Q1 2026 Earnings Reported 4/29/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 Revenue | Reported | 8.10 Bil | 8.15 Bil | 8.20 Bil | 17.3% | Higher New | Guidance: 6.95 Bil for Q1 2026 | |
| Q2 2026 Adjusted Diluted EPS | Reported | 1.14 | 1.15 | 1.16 | 25.0% | Higher New | Guidance: 0.92 for Q1 2026 | |
| Q2 2026 Diluted EPS (GAAP) | Reported | 1.13 | 1.14 | 1.15 | ||||
Q4 2025 Earnings Reported 1/28/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 Revenue | Reported | 6.90 Bil | 6.95 Bil | 7.00 Bil | 14.9% | Higher New | Guidance: 6.05 Bil for Q4 2025 | |
| Q1 2026 Adjusted Diluted EPS | Reported | 0.91 | 0.92 | 0.93 | 2.2% | Higher New | Guidance: 0.9 for Q4 2025 | |
| 2026 CCS Business Sales | Reported | 4.10 Bil | ||||||
| 2026 CCS Business Adjusted Diluted EPS Accretion | Reported | 0.15 | ||||||
Insider Activity
Updated 8/5/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Silverman, David M | EVP, Human Resources | Direct | Sell | 8052026 | 174.24 | 120,000 | 20,908,476 | 2,730,647 | Form |
| 2 | Lampo, Craig A | EVP& CFO | Direct | Sell | 8052026 | 167.31 | 193,200 | 32,324,157 | 15,169,098 | Form |
| 3 | D'Amico, Lance E | EVP, Secretary & GenCounsel | Direct | Sell | 8052026 | 161.99 | 50,000 | 8,099,370 | 9,243,811 | Form |
| 4 | D'Amico, Lance E | EVP, Secretary & GenCounsel | Lance E. D'Amico 2024 Irrevocable Trust | Sell | 8052026 | 161.82 | 50,000 | Form | ||
| 5 | Norwitt, Richard Adam | President & CEO | Direct | Sell | 8032026 | 161.57 | 500,000 | 80,787,400 | 311,436,558 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Silverman, David M | EVP, Human Resources | Direct | Sell | 8052026 | 174.24 | 120,000 | 20,908,476 | 2,730,647 | Form |
| 2 | Lampo, Craig A | EVP& CFO | Direct | Sell | 8052026 | 167.31 | 193,200 | 32,324,157 | 15,169,098 | Form |
| 3 | D'Amico, Lance E | EVP, Secretary & GenCounsel | Direct | Sell | 8052026 | 161.99 | 50,000 | 8,099,370 | 9,243,811 | Form |
| 4 | D'Amico, Lance E | EVP, Secretary & GenCounsel | Lance E. D'Amico 2024 Irrevocable Trust | Sell | 8052026 | 161.82 | 50,000 | Form | ||
| 5 | Norwitt, Richard Adam | President & CEO | Direct | Sell | 8032026 | 161.57 | 500,000 | 80,787,400 | 311,436,558 | Form |
| 6 | Norwitt, Richard Adam | President & CEO | Norwitt Family Trust | Sell | 8032026 | 162.27 | 186,104 | 30,199,319 | 140,231,039 | Form |
| 7 | Norwitt, Richard Adam | President & CEO | Direct | Sell | 5052026 | 143.21 | 17,500 | 2,506,107 | 276,030,760 | Form |
| 8 | Norwitt, Richard Adam | President & CEO | Direct | Sell | 5052026 | 142.04 | 52,203 | 7,414,998 | 273,786,178 | Form |
| 9 | Norwitt, Richard Adam | President & CEO | Direct | Sell | 5052026 | 143.90 | 61,072 | 8,787,962 | 277,358,813 | Form |
| 10 | Lampo, Craig A | Executive VP & CFO | Direct | Sell | 2192026 | 149.98 | 100,000 | 14,998,130 | 16,814,404 | Form |
| 11 | D'Amico, Lance E | See Remarks | Direct | Sell | 2192026 | 149.88 | 50,000 | 7,494,155 | 8,553,079 | Form |
| 12 | Norwitt, Richard Adam | President & CEO | Direct | Sell | 2132026 | 147.27 | 515,281 | 75,883,166 | 283,855,475 | Form |
| 13 | Norwitt, Richard Adam | President & CEO | Norwitt Family Trust | Sell | 2132026 | 147.17 | 93,052 | 13,694,398 | 127,180,324 | Form |
| 14 | Livingston, Robert | Direct | Buy | 2062026 | 128.51 | 10,000 | 1,285,080 | 17,441,106 | Form | |
| 15 | Straub, Peter | President, ISS Division | Direct | Sell | 12022025 | 141.84 | 132,000 | Form | ||
| 16 | Doherty, William J | President, CS Division | Direct | Sell | 12022025 | 142.00 | 80,000 | Form | ||
| 17 | Lampo, Craig A | SR VP & CFO | Direct | Sell | 11132025 | 143.20 | 258,000 | 36,946,168 | 24,014,293 | Form |
| 18 | Lampo, Craig A | SR VP & CFO | Lampo Family Trust | Sell | 11132025 | 143.50 | 40,076 | 5,750,966 | 5,723,414 | Form |
| 19 | Ivas, Michael R | VP & Corporate Controller | Direct | Sell | 11062025 | 140.05 | 120,000 | 16,806,204 | 21,345,560 | Form |
| 20 | Silverman, David M | Senior VP, Human Resources | Direct | Sell | 11032025 | 141.17 | 120,000 | 16,940,472 | 1,764,632 | Form |
| 21 | Ivas, Michael R | VP & Corporate Controller | Direct | Sell | 11032025 | 141.30 | 120,000 | 16,956,384 | 21,536,303 | Form |
| 22 | Doherty, William J | President, CS Division | Direct | Sell | 10302025 | 141.04 | 80,000 | Form | ||
| 23 | D'Amico, Lance E | Sr. VP, Secretary & GenCounsel | Direct | Sell | 10302025 | 140.01 | 120,000 | 16,801,548 | 10,696,986 | Form |
| 24 | Walter, Luc | President, HES Division | Direct | Sell | 10272025 | 134.65 | 365,118 | 49,163,431 | 58,403,707 | Form |
| 25 | Straub, Peter | President, ISS Division | Direct | Sell | 9092025 | 110.64 | 88,000 | Form | ||
| 26 | Silverman, David M | Senior VP, Human Resources | Direct | Sell | 8262025 | 110.42 | 100,000 | 11,042,030 | 1,380,254 | Form |
| 27 | Lampo, Craig A | SR VP & CFO | Lampo Family Trust | Sell | 8262025 | 110.56 | 40,076 | 4,430,602 | 4,409,376 | Form |
| 28 | Lampo, Craig A | SR VP & CFO | Direct | Sell | 8252025 | 110.43 | 199,848 | 22,069,674 | 13,880,788 | Form |
| 29 | D'Amico, Lance E | Sr. VP, Secretary & GenCounsel | Direct | Sell | 8192025 | 110.60 | 100,000 | 11,060,030 | 8,449,863 | Form |
| 30 | D'Amico, Lance E | Sr. VP, Secretary & GenCounsel | Lance E. D'Amico 2024 Irrevocable Trust | Sell | 8192025 | 110.81 | 30,000 | 3,324,249 | 8,465,754 | Form |
| 31 | Doherty, William J | President, CS Division | Direct | Sell | 8122025 | 110.29 | 113,000 | Form | ||
| 32 | Doherty, William J | President, CS Division | Direct | Sell | 8122025 | 108.89 | 113,000 | Form | ||
| 33 | Ivas, Michael R | VP & Corporate Controller | Direct | Sell | 8122025 | 110.02 | 50,000 | 5,500,820 | 16,767,820 | Form |
Investor Activity (13F)
Updated Nov 1, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Atalan Capital Partners, LP | $121.6 Mil | 11.2% | 10 | TRIM -30.2% | 13F |
| Maren Capital LLC | $186.7 Mil | 9.8% | 19 | Hold | 13F |
| 11 Capital Partners LP | $19.1 Mil | 6.2% | 19 | TRIM -22.2% | 13F |
| J. Stern & Co. LLP | $63.1 Mil | 6.1% | 49 | TRIM -99.3% | 13F |
| Varenne Capital Partners | $23.5 Mil | 5.8% | 27 | Hold | 13F |
| Talos Eurisko Asset Management LP | $33.3 Mil | 5.7% | 23 | ADD +221.6% | 13F |
| Local Pensions Partnership Investment Ltd | $246.6 Mil | 5.3% | 32 | TRIM -13.0% | 13F |
| Amanah Holdings Trust | $48.4 Mil | 5.3% | 20 | Hold | 13F |
| Dundas Partners LLP | $66.7 Mil | 5.3% | 49 | Hold | 13F |
| Dudley & Shanley, Inc. | $31.1 Mil | 5.1% | 38 | TRIM -13.1% | 13F |
| Analog Century Management LP | $98.7 Mil | 4.7% | 25 | ADD +7.3% | 13F |
| HFR Wealth Management, LLC | $16.6 Mil | 4.1% | 49 | TRIM -38.7% | 13F |
| Egerton Capital (UK) LLP | $362.8 Mil | 4.0% | 24 | TRIM -22.6% | 13F |
| Bristol Gate Capital Partners Inc. | $58.5 Mil | 3.8% | 31 | TRIM -24.2% | 13F |
| Regents Gate Capital LLP | $17.3 Mil | 3.7% | 36 | ADD +31.5% | 13F |
| Mar Vista Investment Partners LLC | $36.7 Mil | 3.7% | 35 | Hold | 13F |
| Thames Capital Management LLC | $18.4 Mil | 3.3% | 43 | Hold | 13F |
| Incline Global Management LLC | $6.7 Mil | 2.6% | 24 | ADD +12.1% | 13F |
| KR Capital LP | $12.4 Mil | 2.5% | 49 | New | 13F |
| Ithaka Group LLC | $7.4 Mil | 1.5% | 38 | Hold | 13F |
| Cartenna Capital, LP | $29.7 Mil | 1.3% | 41 | New | 13F |
| M.D. Sass, LLC | $7.1 Mil | 0.5% | 36 | Hold | 13F |
| Lone Pine Capital LLC | $28.2 Mil | 0.2% | 36 | TRIM -92.1% | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Cartenna Capital, LP | $29.7 Mil | 1.3% | 41 | New | 13F |
| KR Capital LP | $12.4 Mil | 2.5% | 49 | New | 13F |
| Talos Eurisko Asset Management LP | $33.3 Mil | 5.7% | 23 | ADD +221.6% | 13F |
| Regents Gate Capital LLP | $17.3 Mil | 3.7% | 36 | ADD +31.5% | 13F |
| Incline Global Management LLC | $6.7 Mil | 2.6% | 24 | ADD +12.1% | 13F |
| Analog Century Management LP | $98.7 Mil | 4.7% | 25 | ADD +7.3% | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | As Of | Filing |
|---|---|---|---|---|---|---|
| FengHe Fund Management Pte. Ltd. | $25.8 Mil | 1.5% | 38 | Exited | Dec 31, 2025 | 13F |
| Maniro Ltd | $8.6 Mil | 2.9% | 17 | Exited | Dec 31, 2025 | 13F |
| VMS Asset Management Limited | $6.7 Mil | 2.6% | 42 | Exited | Dec 31, 2025 | 13F |
| J. Stern & Co. LLP | $63.1 Mil | 6.1% | 49 | TRIM -99.3% | Mar 31, 2026 | 13F |
| Lone Pine Capital LLC | $28.2 Mil | 0.2% | 36 | TRIM -92.1% | Mar 31, 2026 | 13F |
| HFR Wealth Management, LLC | $16.6 Mil | 4.1% | 49 | TRIM -38.7% | Mar 31, 2026 | 13F |
| Atalan Capital Partners, LP | $121.6 Mil | 11.2% | 10 | TRIM -30.2% | Mar 31, 2026 | 13F |
| Bristol Gate Capital Partners Inc. | $58.5 Mil | 3.8% | 31 | TRIM -24.2% | Mar 31, 2026 | 13F |
| Egerton Capital (UK) LLP | $362.8 Mil | 4.0% | 24 | TRIM -22.6% | Mar 31, 2026 | 13F |
| 11 Capital Partners LP | $19.1 Mil | 6.2% | 19 | TRIM -22.2% | Mar 31, 2026 | 13F |
| Dudley & Shanley, Inc. | $31.1 Mil | 5.1% | 38 | TRIM -13.1% | Mar 31, 2026 | 13F |
| Local Pensions Partnership Investment Ltd | $246.6 Mil | 5.3% | 32 | TRIM -13.0% | Mar 31, 2026 | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Egerton Capital (UK) LLP | $362.8 Mil | 4.0% | 24 | TRIM -22.6% | 13F |
| Local Pensions Partnership Investment Ltd | $246.6 Mil | 5.3% | 32 | TRIM -13.0% | 13F |
| Maren Capital LLC | $186.7 Mil | 9.8% | 19 | Hold | 13F |
| Atalan Capital Partners, LP | $121.6 Mil | 11.2% | 10 | TRIM -30.2% | 13F |
| Analog Century Management LP | $98.7 Mil | 4.7% | 25 | ADD +7.3% | 13F |
| Dundas Partners LLP | $66.7 Mil | 5.3% | 49 | Hold | 13F |
| J. Stern & Co. LLP | $63.1 Mil | 6.1% | 49 | TRIM -99.3% | 13F |
| Bristol Gate Capital Partners Inc. | $58.5 Mil | 3.8% | 31 | TRIM -24.2% | 13F |
| Amanah Holdings Trust | $48.4 Mil | 5.3% | 20 | Hold | 13F |
| Mar Vista Investment Partners LLC | $36.7 Mil | 3.7% | 35 | Hold | 13F |
| Talos Eurisko Asset Management LP | $33.3 Mil | 5.7% | 23 | ADD +221.6% | 13F |
| Dudley & Shanley, Inc. | $31.1 Mil | 5.1% | 38 | TRIM -13.1% | 13F |
| Cartenna Capital, LP | $29.7 Mil | 1.3% | 41 | New | 13F |
| Lone Pine Capital LLC | $28.2 Mil | 0.2% | 36 | TRIM -92.1% | 13F |
| Varenne Capital Partners | $23.5 Mil | 5.8% | 27 | Hold | 13F |
| 11 Capital Partners LP | $19.1 Mil | 6.2% | 19 | TRIM -22.2% | 13F |
| Thames Capital Management LLC | $18.4 Mil | 3.3% | 43 | Hold | 13F |
| Regents Gate Capital LLP | $17.3 Mil | 3.7% | 36 | ADD +31.5% | 13F |
| HFR Wealth Management, LLC | $16.6 Mil | 4.1% | 49 | TRIM -38.7% | 13F |
| KR Capital LP | $12.4 Mil | 2.5% | 49 | New | 13F |
| Ithaka Group LLC | $7.4 Mil | 1.5% | 38 | Hold | 13F |
| M.D. Sass, LLC | $7.1 Mil | 0.5% | 36 | Hold | 13F |
| Incline Global Management LLC | $6.7 Mil | 2.6% | 24 | ADD +12.1% | 13F |
APH Trade Sentinel
High Conviction
CONVICTION RATIONALE
Conviction is high because Amphenol is demonstrating clear technology and execution leadership in the multi-year AI infrastructure buildout. Record orders of $12.17 billion and a 1.19 book-to-bill ratio provide strong visibility into future growth. The company is massively outgrowing peers while expanding margins to a five-year peak of 28.3%, indicating a widening competitive advantage.
STOCK ARCHETYPE
Enabling Technology / Component Supplier(Number of electronic systems produced) x (Value of Amphenol content per system) Winning design-ins for high-value, high-margin interconnect solutions (high-speed copper, fiber optics, power) on next-generation, high-growth platforms like AI servers.
INVESTMENT THESIS
Evidence suggests it has secured a dominant position, capturing disproportionate share of the AI buildout.
- Organic revenue growth accelerated to 37% in Q3 2026, from 30% in Q2.
- The book-to-bill ratio was a very strong 1.19 to 1 in Q3 2026.
- The IT Datacom market now represents 48% of total company sales.
- TTM operating margin reached a five-year peak of 28.3%.
- Q4 2026 sales are guided to grow between 60% and 63% year-over-year.
PRIMARY RISK
The company's rapid pivot to AI has made it highly dependent on a single, cyclical technology trend. The IT Datacom market now accounts for 48% of sales, creating significant vulnerability to any slowdown in hyperscaler capital expenditures.
- The IT Datacom market represents 48% of sales, up from a much smaller share previously.
- AI applications now represent approximately three-quarters of IT Datacom sales.
- Net debt tripled to $12.6 billion year-over-year to fund acquisitions.
- EPS accretion guidance for the CommScope acquisition was lowered by 40%.
| KPI | Status | Rationale |
|---|---|---|
| Organic Revenue Growth | 37% organic growth in Q3 2026 - Accelerating | Organic growth re-accelerated significantly in the latest quarter, jumping to 37% from 30% in the prior quarter. This marks a return to a higher growth trajectory after a slight dip in Q2 from Q1's 33% rate, driven by what management calls an "exceptional" expansion in the IT datacom market. |
| Book-to-Bill Ratio | 1.19:1 in Q3 2026 - Stable | The book-to-bill ratio remains very strong, indicating that demand continues to outpace shipments, which bodes well for future revenue. While the ratio has moderated from the 1.24:1 level seen in Q1, it is still robust and signals sustained momentum, with management noting it was driven by strong bookings in most end markets. |
| Orders | $12.17 billion (Q3 2026) | Represents the value of new orders booked during the period, serving as a primary indicator of future revenue. The record level, up 99% year-over-year, points to a significant acceleration in customer demand. |
AI Juggernaut vs. Cyclical Peak
BULL VIEW
Bulls believe the 77% organic growth in IT Datacom is the start of a multi-year supercycle where Amphenol's technology lead creates a durable competitive advantage and sustained hypergrowth.
CORE TENSION
Can accelerating AI-driven demand, evidenced by a 1.19 book-to-bill, offset the risk of extreme concentration in the IT Datacom market?
PREVAILING SENTIMENT
Current evidence strongly favors the bulls. Record orders, accelerating organic growth, and strong forward guidance all indicate momentum is still building, not peaking.
BEAR VIEW
Bears see a company dangerously concentrated in a single end-market (48% of sales) at a cyclical peak, with any pause in AI spending creating a severe growth shock.
| Timeline | Event & Metric To Watch |
|---|---|
by December 31, 2026 | Buyback Plan Completion Watch: The company expects to complete remaining purchases under its existing stock repurchase plan. |
January 1, 2027 | New Buyback Plan Starts Watch: A new three-year, $4 billion stock repurchase plan will become effective. |
1/19/2027 | Peer Report Contagion Watch: TEL's reported results and commentary on demand from data center, industrial, and automotive end markets. |
beginning in January 2027 | Increased Dividend Payments Begin Watch: An increased quarterly dividend of $0.15 per share becomes effective for payments. |
1/27/2027 | AI Spending Deceleration Signal Watch: IT Datacom organic growth rate and forward guidance for that segment in the Q4 earnings report. |
1/27/2027 | Persistent Segment Weakness Watch: The Q4 organic growth rate for the Communications Networks segment and any commentary suggesting weakness is spreading. |
1/27/2027 | Company Earnings Report Watch: The company is scheduled to report its next quarterly earnings. |
2/1/2027 | Peer Earnings Report Watch: Peer nVent Electric (NVT) is scheduled to report earnings. |
2/1/2027 | Peer Earnings Report Watch: Peer Aptiv (APTV) is scheduled to report earnings. |
| Date | Event | Stock Impact |
|---|---|---|
2026-10-28 | Reported Record Q3 Results Details: The company reported record Q3 sales up 65% and adjusted diluted EPS up 74%, exceeding guidance. A 20% dividend increase and new $4 billion buyback were also announced. | +4.9% $78.21 -> $82.08 |
2026-09-09 | Presented at Technology Conference Details: The company presented at the Citi 2026 Global TMT Conference, providing an update to investors on its business and strategy. | -1.8% $81.63 -> $80.13 |
2026-08-06 | Announced Two-for-One Stock Split Details: The Board of Directors approved a two-for-one stock split, paid as a stock dividend, for shareholders of record as of August 17, 2026. | -1.8% $85.99 -> $84.46 |
2026-07-29 | Reported Record Q2 Results Details: The company reported record Q2 sales up 55% year-over-year and adjusted diluted EPS up 67%. The stock reacted positively by 11.0% over two days. | +11.1% $71.81 -> $79.79 |
2026-05-05 | Priced Euro-Denominated Senior Notes Details: The company announced the pricing of its offering of €600 million aggregate principal amount of senior notes due 2029 and €500 million due 2034. | -1.8% $70.30 -> $69.02 |
Position Sizing
4% - 6%
NORMAL POSITION
Sizing is volatility-based: APH trades at roughly 39% annualized realized (three-month) volatility versus about 10% for the S&P 500 (3.9x the market). A 4% - 6% position keeps a single-name swing of that size within a diversified portfolio's risk budget.
Diversification Alternatives
TEL - TE Connectivity
Diversified Industrial ExposureTE Connectivity offers a more balanced portfolio across industrial, automotive, and communications markets, providing less direct exposure to the volatility of AI capital spending cycles.
BDC - Belden
Industrial & Network FocusBelden provides more focused exposure to industrial automation and enterprise networking solutions, representing a different vector on data infrastructure growth than Amphenol's component-level AI focus.
Amphenol has transformed from a diversified industrial component supplier into a primary enabler of the AI infrastructure build-out, with its IT Datacom segment now driving the majority of its unprecedented growth.
The company is capitalizing on the AI revolution through its leadership in high-speed, power, and fiber optic interconnect solutions. This has driven a massive acceleration in growth and a favorable mix shift towards its highest-margin segment. While maintaining a diversified portfolio, Amphenol's near-term trajectory is now overwhelmingly tied to the investment cycle in AI data centers, where it has secured a strong position with a broad array of customers.
Continued strong order growth and book-to-bill ratios above 1.0, particularly in the IT Datacom market; announcements of new design wins on next-generation AI platforms; and sustained margin expansion.
A slowdown in AI-related capital expenditures from hyperscalers, evidence of market share loss in key AI architectures, or a significant decline in the book-to-bill ratio.
Short-term demand fluctuations in smaller, more cyclical end markets like mobile devices or automotive, which are now a much smaller part of the overall revenue mix.
Repricing Catalyst
The continued, better-than-expected acceleration in AI-related demand, as evidenced by record orders, a 1.19 book-to-bill ratio, and a significant guidance raise for the CommScope acquisition's contribution.
Communications Solutions
$16.8B TTM (58% of Total) · 32% MarginWhat It Is
This segment sells a broad range of connector and interconnect systems (high speed, RF, power, fiber optic), cable, and antennas to customers in the IT/data communications, mobile devices, industrial, communications networks, automotive, commercial aerospace, and defense end markets.
Who Pays & How
Enterprises, cloud service providers, and equipment manufacturers in the IT/data communications market pay for high-speed, fiber optic, and power interconnect solutions critical for next-generation systems, particularly for AI applications. They choose Amphenol for its technology leadership and ability to execute on large-scale, high-technology programs.
Competition
Harsh Environment Solutions
$6.9B TTM (24% of Total) · 28% MarginWhat It Is
This segment sells ruggedized interconnect products, specialty cable, and printed circuits to customers in the industrial, defense, commercial aerospace, automotive, communications networks, and IT/data communications end markets.
Who Pays & How
Defense contractors, aerospace manufacturers, and industrial equipment makers pay for rugged, high-reliability components designed to perform in harsh environments. They choose Amphenol for its broad range of specialized, durable products and strong market position.
Competition
Interconnect and Sensor Systems
$5.7B TTM (20% of Total) · 20% MarginWhat It Is
This segment sells sensors, sensor-based systems, connectors, and value-add interconnect systems to customers in the automotive, industrial, IT/data communications, communications networks, defense, and commercial aerospace end markets.
Who Pays & How
Automotive and industrial manufacturers pay for a range of sensors and interconnect systems used in their products. They choose Amphenol for its highly engineered products developed in close collaboration with customers to meet specific needs.
Competition
Industry Resources
| Information Technology Resources |
| TechCrunch |
| Wired |
| CIO |
| MIT Technology Review |
| Gartner Insights |
| Ars Technica |
| Electronic Components Resources |
| Electronic Products |
| DigiKey Insights |
| Mouser Insights |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
Prefer one of these to Trefis? Tell us why.