Amphenol Corporation
APHFinancial Analysis · Updated May 12, 2026 · Coverage 2026-Q2
Latest Q Revenue
$7.6B
Q1 2026
TTM ROIC
21%
FY2025 · NOPAT / Total Invested Capital (book, includes goodwill); NOPAT = Adjusted Operating Income × (1 - 21% tax rate) · WACC ~9.3% · Moat spread +11.5pp
Financial Snapshot
ticker: APH step: 04 generated: 2026-05-12 source: quick-research
Amphenol Corporation (APH) — Financial Snapshot
Income Statement Summary
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | YoY (25) |
|---|---|---|---|---|---|
| Revenue | $12.6B | $12.6B | $15.22B | $23.09B | +52% |
| Organic Growth | +8% | -1% | +13% | +38% | |
| Adj Operating Margin | 20.7% | 20.8% | 21.7% | 26.2% | +450bps |
| Operating Income (Adj) | $2.6B | $2.6B | $3.3B | $6.05B | +83% |
| Net Income | $1.90B | $1.93B | $2.42B | $4.05B | +67% |
| Adjusted Diluted EPS | $1.50 | $1.51 | $1.89 | $3.34 | +77% |
| Communications Solutions Q3 Growth | – | – | – | +96% |
FY25 revenue +52% in USD / +38% organic on AI data center demand surge. Adj op margin reached record 26.2% (+450bps YoY). Communications Solutions +96% YoY in Q3 (75% organic).
Cash Flow & Balance Sheet (FY2024)
| Metric | Value |
|---|---|
| Operating Cash Flow | ~$4.5B |
| Free Cash Flow | ~$4.0B |
| FCF Conversion | ~100% |
| Cash & Equivalents | ~$2.5B |
| Total Debt | ~$18.7B (post CCS) |
| Net Debt/EBITDA | ~2.0x (will deleverage as EBITDA grows) |
Key Ratios (approximate)
- P/E: ~42x | EV/EBITDA: ~28x | FCF Yield: ~2.3%
- Revenue Growth (TTM): ~52% | Op Margin: ~26%
- Dividend Yield: ~0.5%
Growth Profile
AI data center capex super-cycle = structural demand for high-speed interconnects + fiber optics + power. CommScope CCS adds $4.1B revenue (2026); LifeSync + Andrew earlier. Multi-end-market diversification (auto, defense, industrial, mobile) provides cushion if AI capex pauses. Decentralized model enables share gains via local execution.
Forward Estimates
- FY 2026: Revenue $30B+ (with CCS); adj EPS $4.20-4.50; op margin 26-27%
- FY 2027: Revenue ~$33-35B; adj EPS $5.00+ if AI continues
- High case (analyst): 13.9% growth + 20.1% margin → 98.7% total return through 2029 (~15% CAGR)
Deeper Financial Analysis
The fundamental tier adds 9 additional research dimensions for $APH.
Revenue Breakdown
Segment revenue, geographic mix, product-line contribution margins, and cohort dynamics.
Financial Trends
Quarter-over-quarter momentum, leading indicators, and inflection point analysis.
Balance Sheet
Debt structure, liquidity runway, dilution risk, and working capital dynamics.
Capital Allocation
Buyback cadence, M&A appetite, dividend policy, and reinvestment priorities.
Returns on Capital (ROIC)
Multi-year ROIC vs. WACC, marginal returns on reinvestment, sales-to-invested-capital efficiency, and moat spread.
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