# Amphenol Corporation (APH) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-12  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/APH/thesis · /stocks/APH/memo

## 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 ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/APH/fundamental

## Navigation

- Overview: /stocks/APH
- Financials (this page): /stocks/APH/financials
- Thesis: /stocks/APH/thesis
- Investment Memo: /stocks/APH/memo
- Coverage universe: /stocks