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World's largest maker of electronic and fiber-optic connectors, cable assemblies and antennas for many industries.
World's largest maker of electronic and fiber-optic connectors, cable assemblies and antennas for many industries.
Sells connectors and cable assemblies designed into customers' products, so a design win usually brings years of orders. It grows by buying many small specialist companies, and recent growth has come from high-speed connectors in AI servers and data centres. No single product carries it.
Moat: narrow (scale, customer qualification, installed base). Broadest connector portfolio and deep design-in relationships across many end markets.
Headquarters: Wallingford, Connecticut, US · Founded: 1932 · Employees: 170,000
Size Amphenol (APH) is a United States Information Technology company (Electronic Components) with a market value of $184B, the 64th largest of 3,117 United States companies the cockpit tracks. Shares closed at $160.08 on 6 Nov 2026.
Performance Over six months the shares gained 21.0%, against -27.1% for the median peer and -1.1% for the United States market (cap-weighted) — 4th highest of 20 in its peer set.
Growth Revenue grew 57.6% over the last twelve months (peer median +33.4%); the operating margin is 28.7% (peer median 13.5%).
Valuation It trades at 21.6× forward earnings against a peer median of 19.5× (10th most expensive of 21).
Price implies For today's price to make sense, revenue must grow about 16% a year for seven years (Req g). Recent delivered growth is +22%, so the hurdle is -6 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 14.3 points above its cost of capital (10.7% WACC).
Credit Amphenol has 19 bonds outstanding ($15.3B), rated A- by the agencies and trading like A at a weighted spread of 69 bp.
Short interest Short interest is 1.1% of the free float (15 Oct 2026).
Next results Next results expected around 27 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $33.0B | $23.1B | $15.2B | $12.6B | $12.6B |
| Revenue growth | — | +52% | +21% | -1% | — |
| Gross profit | $13.0B | $8.52B | $5.14B | $4.08B | $4.03B |
| EBITDA | $10.9B | $6.89B | $3.86B | $3.00B | $3.00B |
| Net income | $5.93B | $4.27B | $2.42B | $1.93B | $1.90B |
| Free cash flow | $5.12B | $4.38B | $2.15B | $2.16B | $1.79B |
| Capital expenditure | $1.36B | $997M | $665M | $373M | $384M |
| Total debt | $17.9B | $16.1B | $7.28B | $4.64B | $4.87B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Amphenol APH | $184B | +21% | +58% | 29% | 21.6× | 15.7% |
| TE Connectivity TEL | $59.5B | +1% | +15% | 22% | 15.1× | 8.2% |
| Corning GLW | $91.4B | -43% | +19% | 17% | 25.4× | 24.7% |
| Luxshare Precision Industry 002475.SZ | $57.7B | -25% | +27% | 4% | 18.9× | n/a |
| Hirose Electric 6806.T | $4.23B | -4% | +21% | 22% | 17.5× | 8.4% |
| Aptiv APTV | $7.98B | -32% | -5% | 10% | 6.8× | -6.8% |
| Lotes 3533.TW | $5.39B | -36% | +13% | 28% | 17.6× | 1.9% |
| Belden BDC | $3.83B | -13% | +18% | 12% | 10.2× | 10.3% |
| Bizlink 3665.TW | $8.00B | -54% | +33% | 17% | 14.2× | 5.3% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | APH | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -6.6% | -37.3% | 4th highest of 20 |
| 6-month return | +21.0% | -27.1% | 4th highest of 20 |
| Distance from 52-week high | -10.3% | -48.8% | highest of 20 |
| Revenue growth (TTM) | +57.6% | +33.4% | 5th highest of 21 |
| Operating margin | 28.7% | 13.5% | 3rd highest of 21 |
| Forward P/E | 21.6× | 19.5× | 10th most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 15.7% | 23.7% | 5th least demanding of 14 |
| Growth delivered (Del g) | +21.8% | +8.0% | highest of 13 |
| Hurdle (Req g minus delivered) | -6.2 pp | +8.9 pp | 3rd least demanding of 13 |
| ROIC minus cost of capital | +14.3 pp | +2.5 pp | 5th highest of 21 |
| EV / EBITDA | 18.0× | 19.3× | 6th cheapest of 12 |
| Net debt / EBITDA | 1.1× | -0.7× | 3rd most indebted of 12 |
| Bond spread | 69 bp | n/a | — |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Amphenol APH | United States | $184B | +21% | +58% | 29% | 21.6× | 15.7% | +21.8% |
| Corning GLW | United States | $91.4B | -43% | +19% | 17% | 25.4× | 24.7% | +6.7% |
| Luxshare Precision Industry 002475.SZ | China | $57.7B | -25% | +27% | 4% | 18.9× | n/a | n/a |
| Unimicron Technology 3037.TW | Taiwan | $35.4B | -19% | +33% | 13% | 20.1× | 45.9% | +8.3% |
| Suzhou Dongshan Precision Manufacturing 2384.HK | Hong Kong | $29.3B | n/a | +56% | 4% | 14.5× | 45.3% | n/a |
| Celestica CLS.TO | Canada | $26.3B | -44% | +61% | 9% | 11.5× | 11.0% | +17.6% |
| Tdk 6762.T | Japan | $25.4B | -27% | +25% | 10% | 15.0× | 18.2% | +11.1% |
| Ibiden 4062.T | Japan | $22.1B | +164% | +26% | 18% | 39.2× | 39.2% | +5.2% |
| Chaozhou Three-Circle (Group) 300408.SZ | China | $21.6B | -15% | +65% | 34% | 28.1× | 23.7% | +17.7% |
| Wus Printed Circuit (Kunshan) 002463.SZ | China | $21.2B | -29% | +61% | 28% | 18.2× | n/a | n/a |
| Shennan Circuit 002916.SZ | China | $20.4B | -36% | +51% | 18% | 22.6× | n/a | n/a |
| Victory Giant Technology (HuiZhou) 300476.SZ | China | $18.3B | -62% | +38% | 26% | 17.2× | n/a | n/a |
| Largan Precision 3008.TW | Taiwan | $17.7B | +76% | 0% | 35% | 26.0× | 12.6% | +1.8% |
| NVT NVT | United States | $17.2B | -38% | +48% | 18% | 16.4× | 16.2% | +14.3% |
| Nan Ya Printed Circuit Board 8046.TW | Taiwan | $17.1B | -12% | +34% | 12% | 26.1× | 58.7% | +0.8% |
| Avary Holding (Shenzhen) 002938.SZ | China | $16.2B | -35% | +8% | 10% | 22.4× | n/a | n/a |
| Gold Circuit Electronics 2368.TW | Taiwan | $12.9B | -45% | +68% | 26% | 14.5× | 14.2% | +20.7% |
| Zhen Ding Technology Holding Lt 4958.TW | Taiwan | $12.8B | -12% | +5% | 9% | 18.4× | n/a | n/a |
| Accelink Technologies 002281.SZ | China | $10.8B | -37% | +32% | 11% | 42.6× | n/a | n/a |
| Kinsus Interconnect Technology 3189.TW | Taiwan | $10.7B | +27% | +34% | 14% | 29.4× | 41.2% | +7.7% |
| Sunny Optical 2382.HK | Hong Kong | $8.92B | -3% | +20% | 8% | 14.8× | 4.9% | +1.9% |
Amphenol has 19 bonds outstanding with $15.3B face value. The agencies rate it A-; its bonds trade like A. Weighted yield 5.18%, a spread of 69 bp over government bonds.