Amphenol (APH)
Market Price (7/28/2026): $149.03 | Market Cap: $183.1 BilInvestor Relations Sector: Information Technology | Industry: Electronic Components
Amphenol (APH)
Market Price (7/28/2026): $149.03Market Cap: $183.1 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 54% Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 26% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 22%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 18%, CFO LTM is 5.7 Bil, FCF LTM is 4.6 Bil Stock buyback supportStock Buyback 3Y Total is 2.0 Bil Low stock price volatilityVol 12M is 43% 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 54% |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 26% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 22%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 18%, CFO LTM is 5.7 Bil, FCF LTM is 4.6 Bil |
| Stock buyback supportStock Buyback 3Y Total is 2.0 Bil |
| Low stock price volatilityVol 12M is 43% |
| 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 gained about 20% since 3/31/2026 because of the following key factors:
1. Amphenol reported robust fiscal Q1 2026 financial results that exceeded analyst expectations, coupled with an optimistic outlook for fiscal Q2 2026. For fiscal Q1 2026, the company announced sales of $7.6 billion, representing a 58% increase in U.S. dollars and 33% organic growth compared to fiscal Q1 2025. Adjusted Diluted EPS reached $1.06, surpassing the consensus estimate of $0.95 by $0.11 and marking a 68% increase year-over-year. Furthermore, Amphenol provided strong guidance for fiscal Q2 2026, projecting sales in the range of $8.1 billion to $8.2 billion, an increase of 43% to 45% over the prior year, and adjusted diluted EPS of $1.14 to $1.16, up 41% to 43% year-over-year.
2. The company experienced exceptional organic growth, particularly within the IT datacom market, fueled by strong demand for artificial intelligence (AI) infrastructure. Amphenol's fiscal Q1 2026 results highlighted significant organic sales growth of 33% across most end markets. Specifically, the IT datacom segment demonstrated "exceptional organic growth," with sales increasing 81% organically in fiscal Q1 2026, largely driven by the burgeoning demand for AI. The company also recorded strong orders, resulting in a healthy book-to-bill ratio of 1.24:1.
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Amphenol (APH) stock has gained about 20% since 3/31/2026 because of the following key factors:
1. Amphenol reported robust fiscal Q1 2026 financial results that exceeded analyst expectations, coupled with an optimistic outlook for fiscal Q2 2026. For fiscal Q1 2026, the company announced sales of $7.6 billion, representing a 58% increase in U.S. dollars and 33% organic growth compared to fiscal Q1 2025. Adjusted Diluted EPS reached $1.06, surpassing the consensus estimate of $0.95 by $0.11 and marking a 68% increase year-over-year. Furthermore, Amphenol provided strong guidance for fiscal Q2 2026, projecting sales in the range of $8.1 billion to $8.2 billion, an increase of 43% to 45% over the prior year, and adjusted diluted EPS of $1.14 to $1.16, up 41% to 43% year-over-year.
2. The company experienced exceptional organic growth, particularly within the IT datacom market, fueled by strong demand for artificial intelligence (AI) infrastructure. Amphenol's fiscal Q1 2026 results highlighted significant organic sales growth of 33% across most end markets. Specifically, the IT datacom segment demonstrated "exceptional organic growth," with sales increasing 81% organically in fiscal Q1 2026, largely driven by the burgeoning demand for AI. The company also recorded strong orders, resulting in a healthy book-to-bill ratio of 1.24:1.
3. Strategic acquisitions, notably the CommScope Connectivity and Cable Solutions (CCS) business, significantly contributed to Amphenol's growth. The completion of the CommScope CCS acquisition in fiscal Q1 2026 played a role in the company's strong sales performance for the quarter. This acquisition was projected to add approximately $4.1 billion to Amphenol's full-year 2026 sales and an estimated $0.15 to its Adjusted Diluted EPS, reinforcing the company's market position and expanding its technology capabilities.
4. Analyst sentiment remained overwhelmingly positive, leading to multiple rating upgrades and increased price targets. Following Amphenol's strong fiscal Q1 2026 performance and optimistic guidance, several research firms reiterated or upgraded their ratings and raised their price targets. For instance, Jefferies Financial Group increased its target from $165.00 to $190.00, The Goldman Sachs Group moved its target from $184.00 to $201.00, and Citigroup raised its target to $195.00. The consensus among analysts is a "Buy" rating, with an average target price of $186.00, reflecting strong confidence in Amphenol's future prospects.
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Stock Movement Drivers
Fundamental Drivers
The 18.3% change in APH stock from 3/31/2026 to 7/27/2026 was primarily driven by a 13.4% change in the company's P/E Multiple.| (LTM values as of) | 3312026 | 7272026 | Change |
|---|---|---|---|
| Stock Price ($) | 126.16 | 149.28 | 18.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 23,095 | 25,904 | 12.2% |
| Net Income Margin (%) | 18.5% | 17.2% | -6.8% |
| P/E Multiple | 36.2 | 41.1 | 13.4% |
| Shares Outstanding (Mil) | 1,226 | 1,229 | -0.3% |
| Cumulative Contribution | 18.3% |
Market Drivers
3/31/2026 to 7/27/2026| Return | Correlation | |
|---|---|---|
| APH | 18.3% | |
| Market (SPY) | 13.6% | 44.3% |
| Sector (XLK) | 31.2% | 46.6% |
Fundamental Drivers
The 10.8% change in APH stock from 12/31/2025 to 7/27/2026 was primarily driven by a 23.5% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 12312025 | 7272026 | Change |
|---|---|---|---|
| Stock Price ($) | 134.67 | 149.28 | 10.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 20,974 | 25,904 | 23.5% |
| Net Income Margin (%) | 18.2% | 17.2% | -5.4% |
| P/E Multiple | 43.1 | 41.1 | -4.6% |
| Shares Outstanding (Mil) | 1,222 | 1,229 | -0.6% |
| Cumulative Contribution | 10.8% |
Market Drivers
12/31/2025 to 7/27/2026| Return | Correlation | |
|---|---|---|
| APH | 10.8% | |
| Market (SPY) | 8.7% | 47.5% |
| Sector (XLK) | 21.2% | 49.8% |
Fundamental Drivers
The 52.2% change in APH stock from 6/30/2025 to 7/27/2026 was primarily driven by a 54.4% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 6302025 | 7272026 | Change |
|---|---|---|---|
| Stock Price ($) | 98.08 | 149.28 | 52.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 16,777 | 25,904 | 54.4% |
| Net Income Margin (%) | 15.6% | 17.2% | 10.7% |
| P/E Multiple | 45.4 | 41.1 | -9.5% |
| Shares Outstanding (Mil) | 1,210 | 1,229 | -1.6% |
| Cumulative Contribution | 52.2% |
Market Drivers
6/30/2025 to 7/27/2026| Return | Correlation | |
|---|---|---|
| APH | 52.2% | |
| Market (SPY) | 20.6% | 50.8% |
| Sector (XLK) | 38.2% | 54.3% |
Fundamental Drivers
The 260.1% change in APH stock from 6/30/2023 to 7/27/2026 was primarily driven by a 104.9% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 6302023 | 7272026 | Change |
|---|---|---|---|
| Stock Price ($) | 41.46 | 149.28 | 260.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 12,645 | 25,904 | 104.9% |
| Net Income Margin (%) | 15.2% | 17.2% | 13.8% |
| P/E Multiple | 25.8 | 41.1 | 59.5% |
| Shares Outstanding (Mil) | 1,190 | 1,229 | -3.1% |
| Cumulative Contribution | 260.1% |
Market Drivers
6/30/2023 to 7/27/2026| Return | Correlation | |
|---|---|---|
| APH | 260.1% | |
| Market (SPY) | 72.6% | 60.8% |
| Sector (XLK) | 104.3% | 65.2% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| APH Return | 35% | -12% | 31% | 41% | 96% | 13% | 391% |
| Peers Return | 39% | -11% | 15% | 17% | 46% | 14% | 179% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 8% | 97% |
Monthly Win Rates [3] | |||||||
| APH Win Rate | 75% | 25% | 58% | 75% | 75% | 71% | |
| Peers Win Rate | 65% | 40% | 54% | 53% | 67% | 51% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 43% | |
Max Drawdowns [4] | |||||||
| APH Max Drawdown | -12% | -28% | -11% | -17% | -25% | -28% | |
| Peers Max Drawdown | -19% | -33% | -31% | -26% | -29% | -31% | |
| 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 7/27/2026 (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.
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| 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.
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- 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.
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- 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
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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.
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- 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.
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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.
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- 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.
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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.
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 146.32 |
| Mkt Cap | 42.3 |
| Rev LTM | 17,822 |
| Op Inc LTM | 2,222 |
| FCF LTM | 1,296 |
| FCF 3Y Avg | 1,252 |
| CFO LTM | 2,338 |
| CFO 3Y Avg | 2,240 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 18.3% |
| Rev Chg 3Y Avg | 6.4% |
| Rev Chg Q | 16.9% |
| QoQ Delta Rev Chg LTM | 3.9% |
| Op Inc Chg LTM | 26.9% |
| Op Inc Chg 3Y Avg | 20.5% |
| Op Mgn LTM | 15.5% |
| Op Mgn 3Y Avg | 14.1% |
| QoQ Delta Op Mgn LTM | 0.1% |
| CFO/Rev LTM | 14.8% |
| CFO/Rev 3Y Avg | 16.6% |
| FCF/Rev LTM | 9.0% |
| FCF/Rev 3Y Avg | 11.2% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 42.3 |
| P/S | 4.4 |
| P/Op Inc | 21.0 |
| P/EBIT | 21.3 |
| P/E | 37.3 |
| P/CFO | 22.8 |
| Total Yield | 3.0% |
| Dividend Yield | 0.5% |
| FCF Yield 3Y Avg | 3.2% |
| D/E | 0.1 |
| Net D/E | 0.1 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -8.5% |
| 3M Rtn | -2.5% |
| 6M Rtn | -5.5% |
| 12M Rtn | 22.1% |
| 3Y Rtn | 115.2% |
| 1M Excs Rtn | -11.9% |
| 3M Excs Rtn | -7.1% |
| 6M Excs Rtn | -10.9% |
| 12M Excs Rtn | 6.6% |
| 3Y Excs Rtn | 50.1% |
Comparison Analyses
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Communications Solutions | 12,161 | 6,376 | 4,963 | 5,732 | 4,832 |
| Harsh Environment Solutions | 6,002 | 4,509 | 3,622 | 3,185 | 2,752 |
| Interconnect and Sensor Systems | 5,216 | 4,511 | 4,129 | 3,881 | 3,292 |
| Intersegment | -284 | -172 | -159 | -175 | |
| 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 | $149.28 | |
| Market Cap ($ Bil) | 183.5 | |
| First Trading Date | 11/08/1991 | |
| Distance from 52W High | -15.3% | |
| 50 Days | 200 Days | |
| DMA Price | $151.42 | $141.14 |
| DMA Trend | up | up |
| Distance from DMA | -1.4% | 5.8% |
| 3M | 1YR | |
| Volatility | 49.1% | 43.6% |
| Downside Capture | 148.25 | 179.01 |
| Upside Capture | 128.16 | 189.12 |
| Correlation (SPY) | 43.4% | 51.4% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.67 | 1.53 | 1.48 | 1.74 | 1.72 | 1.37 |
| Up Beta | 0.95 | 1.18 | 1.66 | 1.71 | 1.57 | 1.21 |
| Down Beta | 3.81 | 2.92 | 3.04 | 1.67 | 1.67 | 1.37 |
| Up Capture | 245% | 167% | 148% | 241% | 316% | 579% |
| Bmk +ve Days | 11 | 24 | 40 | 67 | 140 | 429 |
| Stock +ve Days | 14 | 24 | 38 | 69 | 145 | 417 |
| Down Capture | 23% | 63% | 27% | 148% | 137% | 107% |
| Bmk -ve Days | 10 | 17 | 23 | 58 | 112 | 321 |
| Stock -ve Days | 7 | 17 | 25 | 56 | 107 | 332 |
[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 | 44.1% | 43.5% | 0.96 | - |
| Sector ETF (XLK) | 34.1% | 24.8% | 1.13 | 54.5% |
| Equity (SPY) | 17.6% | 12.7% | 1.00 | 51.2% |
| Gold (GLD) | 20.8% | 28.1% | 0.66 | 19.0% |
| Commodities (DBC) | 29.6% | 19.5% | 1.21 | -6.2% |
| Real Estate (VNQ) | 13.9% | 14.1% | 0.69 | 7.7% |
| Bitcoin (BTCUSD) | -46.0% | 43.0% | -1.31 | 24.2% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with APH | |
|---|---|---|---|---|
| APH | 35.9% | 31.3% | 1.02 | - |
| Sector ETF (XLK) | 19.5% | 25.6% | 0.68 | 70.1% |
| Equity (SPY) | 13.2% | 17.1% | 0.59 | 67.6% |
| Gold (GLD) | 17.2% | 18.4% | 0.75 | 14.2% |
| Commodities (DBC) | 9.7% | 19.5% | 0.38 | 12.1% |
| Real Estate (VNQ) | 3.3% | 18.9% | 0.07 | 39.6% |
| Bitcoin (BTCUSD) | 15.8% | 53.5% | 0.47 | 27.3% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with APH | |
|---|---|---|---|---|
| APH | 27.2% | 28.2% | 0.90 | - |
| Sector ETF (XLK) | 24.0% | 24.8% | 0.88 | 72.3% |
| Equity (SPY) | 14.9% | 17.9% | 0.71 | 72.8% |
| Gold (GLD) | 11.4% | 16.1% | 0.58 | 10.6% |
| Commodities (DBC) | 6.9% | 18.0% | 0.30 | 22.3% |
| Real Estate (VNQ) | 5.2% | 20.7% | 0.21 | 50.1% |
| Bitcoin (BTCUSD) | 58.0% | 66.2% | 0.98 | 19.7% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 6/2/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 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% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 16 | 17 | 17 |
| # Negative | 8 | 7 | 7 |
| Median Positive | 2.4% | 4.9% | 7.7% |
| Median Negative | -2.4% | -4.9% | -2.5% |
| Max Positive | 8.2% | 16.6% | 30.3% |
| Max Negative | -12.2% | -11.5% | -10.7% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 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% |
| 10/21/2020 | 0.3% | 0.4% | 9.8% |
| 7/22/2020 | 1.1% | 2.1% | 6.9% |
| SUMMARY STATS | |||
| # Positive | 16 | 17 | 17 |
| # Negative | 8 | 7 | 7 |
| Median Positive | 2.4% | 4.9% | 7.7% |
| Median Negative | -2.4% | -4.9% | -2.5% |
| Max Positive | 8.2% | 16.6% | 30.3% |
| Max Negative | -12.2% | -11.5% | -10.7% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 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 |
| Report Date | Filing Date | Filing |
|---|---|---|
| 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 |
| 09/30/2019 | 10/25/2019 | 10-Q |
| 06/30/2019 | 07/26/2019 | 10-Q |
Recent Forward Guidance
Updated 7/8/2026Latest: Q1 2026 Earnings Reported 4/29/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 Revenue | 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 | 1.14 | 1.15 | 1.16 | 25.0% | Higher New | Guidance: 0.92 for Q1 2026 | |
| Q2 2026 Diluted EPS (GAAP) | 1.13 | 1.14 | 1.15 | ||||
Prior: Q4 2025 Earnings Reported 1/28/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 Revenue | 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 | 0.91 | 0.92 | 0.93 | 2.2% | Higher New | Guidance: 0.9 for Q4 2025 | |
| 2026 CCS Business Sales | 4.10 Bil | ||||||
| 2026 CCS Business Adjusted Diluted EPS Accretion | 0.15 | ||||||
Q3 2025 Earnings Reported 10/22/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2025 Revenue | 6.00 Bil | 6.05 Bil | 6.10 Bil | 11.0% | Higher New | Guidance: 5.45 Bil for Q3 2025 | |
| Q4 2025 Adjusted Diluted EPS | 0.89 | 0.9 | 0.91 | 15.4% | Higher New | Guidance: 0.78 for Q3 2025 | |
| 2025 Revenue | 22.66 Bil | 22.71 Bil | 22.76 Bil | ||||
| 2025 Adjusted Diluted EPS | 3.26 | 3.27 | 3.28 | ||||
Insider Activity
Updated 5/27/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Norwitt, Richard Adam | President & CEO | Direct | Sell | 5052026 | 143.21 | 17,500 | 2,506,107 | 276,030,760 | Form |
| 2 | Norwitt, Richard Adam | President & CEO | Direct | Sell | 5052026 | 142.04 | 52,203 | 7,414,998 | 273,786,178 | Form |
| 3 | Norwitt, Richard Adam | President & CEO | Direct | Sell | 5052026 | 143.90 | 61,072 | 8,787,962 | 277,358,813 | Form |
| 4 | Lampo, Craig A | Executive VP & CFO | Direct | Sell | 2192026 | 149.98 | 100,000 | 14,998,130 | 16,814,404 | Form |
| 5 | D'Amico, Lance E | See Remarks | Direct | Sell | 2192026 | 149.88 | 50,000 | 7,494,155 | 8,553,079 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Norwitt, Richard Adam | President & CEO | Direct | Sell | 5052026 | 143.21 | 17,500 | 2,506,107 | 276,030,760 | Form |
| 2 | Norwitt, Richard Adam | President & CEO | Direct | Sell | 5052026 | 142.04 | 52,203 | 7,414,998 | 273,786,178 | Form |
| 3 | Norwitt, Richard Adam | President & CEO | Direct | Sell | 5052026 | 143.90 | 61,072 | 8,787,962 | 277,358,813 | Form |
| 4 | Lampo, Craig A | Executive VP & CFO | Direct | Sell | 2192026 | 149.98 | 100,000 | 14,998,130 | 16,814,404 | Form |
| 5 | D'Amico, Lance E | See Remarks | Direct | Sell | 2192026 | 149.88 | 50,000 | 7,494,155 | 8,553,079 | Form |
| 6 | Norwitt, Richard Adam | President & CEO | Direct | Sell | 2132026 | 147.27 | 515,281 | 75,883,166 | 283,855,475 | Form |
| 7 | Norwitt, Richard Adam | President & CEO | Norwitt Family Trust | Sell | 2132026 | 147.17 | 93,052 | 13,694,398 | 127,180,324 | Form |
| 8 | Livingston, Robert | Direct | Buy | 2062026 | 128.51 | 10,000 | 1,285,080 | 17,441,106 | Form | |
| 9 | Straub, Peter | President, ISS Division | Direct | Sell | 12022025 | 141.84 | 132,000 | Form | ||
| 10 | Doherty, William J | President, CS Division | Direct | Sell | 12022025 | 142.00 | 80,000 | Form | ||
| 11 | Lampo, Craig A | SR VP & CFO | Direct | Sell | 11132025 | 143.20 | 258,000 | 36,946,168 | 24,014,293 | Form |
| 12 | Lampo, Craig A | SR VP & CFO | Lampo Family Trust | Sell | 11132025 | 143.50 | 40,076 | 5,750,966 | 5,723,414 | Form |
| 13 | Ivas, Michael R | VP & Corporate Controller | Direct | Sell | 11062025 | 140.05 | 120,000 | 16,806,204 | 21,345,560 | Form |
| 14 | Silverman, David M | Senior VP, Human Resources | Direct | Sell | 11032025 | 141.17 | 120,000 | 16,940,472 | 1,764,632 | Form |
| 15 | Ivas, Michael R | VP & Corporate Controller | Direct | Sell | 11032025 | 141.30 | 120,000 | 16,956,384 | 21,536,303 | Form |
| 16 | Doherty, William J | President, CS Division | Direct | Sell | 10302025 | 141.04 | 80,000 | Form | ||
| 17 | D'Amico, Lance E | Sr. VP, Secretary & GenCounsel | Direct | Sell | 10302025 | 140.01 | 120,000 | 16,801,548 | 10,696,986 | Form |
| 18 | Walter, Luc | President, HES Division | Direct | Sell | 10272025 | 134.65 | 365,118 | 49,163,431 | 58,403,707 | Form |
| 19 | Straub, Peter | President, ISS Division | Direct | Sell | 9092025 | 110.64 | 88,000 | Form | ||
| 20 | Silverman, David M | Senior VP, Human Resources | Direct | Sell | 8262025 | 110.42 | 100,000 | 11,042,030 | 1,380,254 | Form |
| 21 | Lampo, Craig A | SR VP & CFO | Lampo Family Trust | Sell | 8262025 | 110.56 | 40,076 | 4,430,602 | 4,409,376 | Form |
| 22 | Lampo, Craig A | SR VP & CFO | Direct | Sell | 8252025 | 110.43 | 199,848 | 22,069,674 | 13,880,788 | Form |
| 23 | D'Amico, Lance E | Sr. VP, Secretary & GenCounsel | Direct | Sell | 8192025 | 110.60 | 100,000 | 11,060,030 | 8,449,863 | Form |
| 24 | 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 |
| 25 | Doherty, William J | President, CS Division | Direct | Sell | 8122025 | 110.29 | 113,000 | Form | ||
| 26 | Doherty, William J | President, CS Division | Direct | Sell | 8122025 | 108.89 | 113,000 | Form | ||
| 27 | Ivas, Michael R | VP & Corporate Controller | Direct | Sell | 8122025 | 110.02 | 50,000 | 5,500,820 | 16,767,820 | Form |
| 28 | Walter, Luc | President, HES Division | Direct | Sell | 6032025 | 91.43 | 286,000 | 26,148,522 | 41,306,437 | Form |
| 29 | Doherty, William J | President, CS Division | Direct | Sell | 6022025 | 89.54 | 160,000 | Form | ||
| 30 | Silverman, David M | Senior VP, Human Resources | Direct | Sell | 6022025 | 89.09 | 100,000 | 8,909,350 | 1,113,669 | Form |
| 31 | Ivas, Michael R | VP & Corporate Controller | Direct | Sell | 5302025 | 88.79 | 40,000 | 3,551,408 | 13,531,930 | Form |
| 32 | D'Amico, Lance E | Sr. VP, Secretary & GenCounsel | Direct | Sell | 5132025 | 86.36 | 100,000 | 8,635,560 | 6,597,568 | Form |
| 33 | Doherty, William J | President, CS Division | Direct | Sell | 5062025 | 80.28 | 126,000 | Form | ||
| 34 | Silverman, David M | Senior VP, Human Resources | Direct | Sell | 5062025 | 80.03 | 87,500 | 7,002,966 | 1,000,424 | Form |
Investor Activity (13F)
Updated Jul 28, 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, based on record orders of $9.435 billion and a 1.24:1 book-to-bill ratio, which provide exceptional visibility into future revenue. The company is demonstrating superior execution, with its key IT Datacom segment growing 81% organically while expanding company-wide operating margins to a peak of 20.2%.
STOCK ARCHETYPE
Component Manufacturer (Unit Sales)Volume of components sold across end markets × Average Selling Price (ASP) per component. Mix shift towards high-margin, high-technology components for AI and defense applications, combined with strong operating leverage on record sales volumes.
INVESTMENT THESIS
Evidence suggests yes; record orders and accelerating sequential growth in its core AI-related business signal a durable demand cycle.
- The book-to-bill ratio was a very strong 1.24:1 in the most recent quarter.
- Quarterly orders reached a record $9.435 billion, up 78% from the prior year.
- The key IT Datacom segment grew 81% organically year-over-year.
- Trailing-twelve-month operating margin reached 20.2%, a increase from a year earlier.
PRIMARY RISK
The primary risk is that the current AI-driven demand is a cyclical peak. The IT Datacom segment now represents 41% of sales, creating significant concentration risk to any slowdown in hyperscaler spending.
- The IT Datacom market now represents over 40% of total company sales.
- Year-over-year organic growth in IT Datacom has decelerated from 128% two quarters ago.
- Net debt has more than doubled to $14.2 billion from $5.5 billion a year earlier.
- The stock reacted -10.0% to a prior earnings report, showing high sensitivity to outlook.
| KPI | Status | Rationale |
|---|---|---|
| Book-to-Bill Ratio | 1.24:1 for Q1 2026 - Stable | The book-to-bill ratio remains exceptionally strong at 1.24:1, indicating robust future demand that significantly outpaces current shipments. While this represents a slight moderation from the 1.31:1 peak in Q4 2025, the absolute level is a powerful signal of continued momentum, driven by what management calls "robust bookings in all of our end markets." |
| IT Datacom Organic Revenue Growth | 81% year-over-year organic growth for Q1 2026 - Decelerating | While the year-over-year growth rate is decelerating, this is against an extremely high prior-year comparison. The more telling indicator of current momentum is the acceleration in sequential organic growth to 16%. Management attributes this strength to "the continued acceleration in demand for our products used in AI applications." |
| Quarterly Orders | $9.435 billion (Q1 2026) | Represents the value of new orders booked in the period, serving as a primary indicator of near-term demand and revenue pipeline. The Q1 2026 figure was a company record. |
AI Supercycle vs. Cyclical Peak
BULL VIEW
Record Q1 orders of $9.435 billion and a 1.24:1 book-to-bill ratio prove the AI demand runway is long, funding multi-year growth.
CORE TENSION
Can accelerating sequential growth (in Q1) and a massive order backlog offset the mathematical deceleration in year-over-year growth rates?
PREVAILING SENTIMENT
The latest evidence favors the bulls. The 1.24:1 book-to-bill ratio and record orders provide strong forward visibility, outweighing the high base effects on YoY growth.
BEAR VIEW
Year-over-year organic growth in the key IT Datacom segment has decelerated from 128% to 81%, signaling the peak is passing.
| Timeline | Event & Metric To Watch |
|---|---|
10/26/2026 | AI Demand Deceleration Signal Watch: Peer TE Connectivity (TEL) or Corning (GLW) reporting weakness or cautious guidance for data center or AI-related segments. |
10/27/2026 | TE Connectivity Earnings Report Watch: Peer TE Connectivity (TEL) is scheduled to report earnings. |
10/28/2026 | Acquisition Integration Headwinds Watch: Commentary on CommScope's performance, margin drag worse than expected, or any signs of integration challenges. |
10/28/2026 | Company Earnings Report Watch: Amphenol is scheduled to report its next quarterly earnings. |
No set date | Geopolitical or Tax Shock Watch: News of further tax challenges from Chinese authorities or new US/China trade restrictions on electronic components. |
| Date | Event | Stock Impact |
|---|---|---|
2026-05-05 | Priced Additional Euro Notes Details: On May 5, 2026, the company announced the pricing of offerings for €600 million in senior notes due 2029 and €500 million in senior notes due 2034. | -1.8% $140.82 -> $138.26 |
2026-04-29 | Q2 Guidance Raised Details: On April 29, 2026, the company issued new, higher guidance for Q2 2026 revenue, representing a change of 17.3%, and raised adjusted diluted EPS guidance by 25.0%. | +2.5% $143.50 -> $147.05 |
2026-04-29 | Record Q1 Results Reported Details: On 4/29/2026, the company reported record Q1 sales of $7.62 billion, and adjusted EPS of $1.06, beating estimates. | +2.5% $143.50 -> $147.05 |
2026-03-24 | Priced Euro-Denominated Senior Notes Details: On March 24, 2026, the company announced the pricing of a €500 million aggregate principal amount of senior notes due 2031. | -1.5% $130.47 -> $128.54 |
2026-01-28 | Record Q4 Results, Negative Stock Reaction Details: Amphenol reported record Q4 and full-year 2025 results on January 28, 2026. Despite the strong report, the stock had a two-day reaction of -10.0%. | -10.0% $165.67 -> $149.06 |
2026-01-09 | CommScope Acquisition Completed Details: The company completed its acquisition of CommScope's Connectivity and Cable Solutions Business for approximately $10.5 billion in cash on January 9, 2026. | +6.5% $135.78 -> $144.61 |
Position Sizing
2% - 4%
REDUCED POSITION
Sizing is volatility-based: APH trades at roughly 52% annualized options-implied volatility versus about 14% for the S&P 500 (3.8x the market), around the 88th percentile of its own trailing year. A 2% - 4% position keeps a single-name swing of that size within a diversified portfolio's risk budget.
Diversification Alternatives
TEL - TE Connectivity
Broad Industrial PeerTE Connectivity offers more diversified exposure across industrial and automotive end markets, providing a hedge against Amphenol's high concentration in IT datacom.
GLW - Corning
Optical Component SpecialistCorning provides focused exposure to the fiber optic component of the data center buildout, a different and critical part of the value chain.
A high-margin component manufacturer executing a generational growth opportunity by supplying the critical 'picks and shovels' for the AI infrastructure buildout.
Amphenol is a premier supplier of high-performance electronic components, capitalizing on massive secular investments in AI data centers and defense modernization. The company's strategy of market diversification, technology leadership, and disciplined acquisitions has enabled it to achieve record growth and profitability. Its proven ability to scale production for high-demand, complex products makes it a critical partner for technology leaders, providing strong visibility into future revenue.
Continued strong order growth and book-to-bill ratios above 1.0 in the IT datacom and Defense markets; announcements of new design wins on next-generation AI platforms.
A significant slowdown in hyperscaler capex for AI infrastructure; a major architectural shift in data centers that obsoletes Amphenol's core high-speed copper or power interconnect technologies; a sharp decline in the book-to-bill ratio.
Minor seasonal fluctuations in smaller, more cyclical end markets like automotive or mobile devices.
Repricing Catalyst
Exceptional organic growth and margin expansion driven by the AI infrastructure boom, which has led to significant upward revisions in revenue and earnings expectations.
Communications Solutions
$12.2B TTM (53% of Total) · 31% MarginWhat It Is
Sells a broad range of connector and interconnect systems (high speed, RF, power, fiber optic), cable, and antennas to the IT and data communications, mobile devices, industrial, communications networks, automotive, commercial aerospace, and defense end markets.
Who Pays & How
Enterprises and service providers in markets like IT datacom and communications networks pay for high-performance components critical for next-generation systems, particularly for AI-related applications. They choose Amphenol for its leading high-speed and power interconnect products and its expanded fiber optic capabilities following the CommScope acquisition.
Competition
Harsh Environment Solutions
$6.0B TTM (26% of Total) · 26% MarginWhat It Is
Sells a broad range of ruggedized interconnect products, including connectors, specialty cable, and printed circuits for use in the industrial, defense, commercial aerospace, automotive, communications networks, and IT datacom end markets.
Who Pays & How
Customers in the defense, industrial, and commercial aerospace sectors pay for highly reliable, ruggedized components that can withstand extreme conditions. They choose Amphenol for its broad-based strength across applications like defense communications, ground vehicles, space, and commercial aircraft platforms.
Competition
Interconnect and Sensor Systems
$5.2B TTM (23% of Total) · 19% MarginWhat It Is
Sells a broad range of sensors, sensor-based systems, connectors, and value-add interconnect systems to the automotive, industrial, IT datacom, communications networks, defense, and commercial aerospace end markets.
Who Pays & How
Customers in diverse markets like automotive and industrial pay for sensors and interconnect systems that enable new electronic functionalities in their products. They choose Amphenol for its ability to provide innovative solutions for next-generation vehicles and equipment.
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 |
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