Should You Buy The Dip In Amphenol Stock?
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Amphenol (APH) stock closed on November 6, 2026, down 14.8% from its October 7 price. The steepest daily decline occurred on November 5, when shares fell 9.3% about a week after the company reported record quarterly sales. A drop that fast can tempt you to buy. So what happened to buyers the last times Amphenol stock fell even harder?
How Did Amphenol Stock Do After Past Deep Falls?
Following all three of its deep falls since 2010, Amphenol stock traded higher a year later. These events took place in August 2011, March 2020 and March 2025, with each representing a decline of more than 20% over 30 trading days. The shares recorded a median gain of 72% a year on, and the smallest gain was 48%.
Buyers did have to sit through more losses first. Over the year following each fall, the lowest close for the shares stood a median 6.2% below the price on the day of the drop. The stock took a median 327 days, or close to 11 months, to reach its best price during that year.
| Time after a past dip | Past dips with that much time after them | Median APH price change |
|---|---|---|
| 21 trading days | 3 | 2.0% |
| 63 trading days | 3 | 26.0% |
| 126 trading days | 3 | 40.0% |
| 252 trading days | 3 | 72.0% |
| Dip date | Fall to dip date (APH / SPY) | 1 year later | Best in that year (days to it) | Worst in that year |
|---|---|---|---|---|
| 2025-03-06 | -20.7% / -6.0% | 115.0% | 171.3% (327 days) | -4.1% |
| 2020-03-12 | -27.4% / -24.0% | 72.0% | 82.8% (301 days) | -8.7% |
| 2011-08-18 | -23.6% / -15.0% | 47.6% | 47.6% (365 days) | -6.2% |
| Median of 3 complete years | – | 72.0% | 82.8% (327 days) | -6.2% |
Amphenol’s Sales And Margins Are Still Rising
Amphenol recorded $10.2 billion in sales for the quarter that ended September 30, 2026, marking a 65.1% increase from a year earlier. Acquisitions, including CommScope, accounted for part of that total.
The company is also keeping a larger share of each sale as operating profit. For the twelve months to September 30, Amphenol posted an operating margin of 28.3%, up from 24.6% a year earlier. That represents the highest twelve-month margin for any quarter end in data going back to late 2016. Cash from operations rose alongside the margin, climbing to $6.48 billion over those twelve months from $4.5 billion a year earlier.
What Is Not Yet Known About Amphenol’s Growth?
Amphenol now relies heavily on demand tied to AI, and how long that demand lasts remains unknown. During the third quarter, the IT Datacom market made up 48% of its sales. Management said AI currently accounts for about three quarters of those sales.
Orders are still climbing so far. They reached a record $12.17 billion in the quarter, up 99% from a year earlier. On the October 28 call, management said most of the demand comes from some of the world’s most highly capitalized companies.
You pay up for that growth, however. Amphenol trades at 31.0 times its trailing earnings, compared with 21.8 for the S&P 500, so a buyer at today’s price is paying well above the S&P 500 for a company this reliant on one end market.
Buying now means expecting this fall to end the way the three deeper ones did, including weathering the further dip a buyer sat through each time, and expecting Amphenol’s AI-related orders to keep growing. The IT Datacom market’s sales are the number to watch in the report Amphenol is expected to release in January 2027.
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