Amphenol (APH)
NYSE:APH
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Amphenol
(NYSE:APH)
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Rating:70Outperform
Price Target:
$136.00
▲(6.25% Upside)
Action:ReiteratedDate:03/31/26
The score is driven primarily by strong financial performance and a constructive earnings outlook (record profitability/cash flow and robust guidance/order momentum). Offsetting this, technicals are weak (broadly below key moving averages with negative MACD) and valuation is stretched (high P/E, low yield), which increases downside risk if growth or integration execution disappoints.
Positive Factors
Free Cash Flow Strength
Sustained, large free cash flow (record $4.38B in 2025) gives Amphenol durable financial flexibility: funds capex, R&D, integration of acquisitions, shareholder returns and debt service. Robust FCF cushions the business against cyclical demand swings and supports long-term strategy execution.
Negative Factors
Marked Debt Increase
The sharp jump in total debt materially increases financial leverage and reduces flexibility. Higher absolute debt heightens sensitivity to any slowdown in free cash flow, constrains optionality for future M&A or buybacks, and raises refinancing and covenant risks over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Free Cash Flow Strength
Sustained, large free cash flow (record $4.38B in 2025) gives Amphenol durable financial flexibility: funds capex, R&D, integration of acquisitions, shareholder returns and debt service. Robust FCF cushions the business against cyclical demand swings and supports long-term strategy execution.
Read all positive factors
Amphenol (APH) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$157.34B
Dividend Yield0.54%
Average Volume (3M)9.41M
Price to Earnings (P/E)38.6
Beta (1Y)1.63
Revenue Growth47.37%
EPS Growth72.30%
CountryUS
Employees170,000
SectorTechnology
Sector Strength88
IndustryHardware, Equipment & Parts
Share Statistics
EPS (TTM)0.97
Shares Outstanding1,229,215,000
10 Day Avg. Volume9,199,711
30 Day Avg. Volume9,413,034
Financial Highlights & Ratios
PEG Ratio0.52
Price to Book (P/B)12.27
Price to Sales (P/S)7.13
P/FCF Ratio37.60
Enterprise Value/Market Cap1.03
Enterprise Value/Revenue7.00
Enterprise Value/Gross Profit18.99
Enterprise Value/Ebitda23.47
Forecast
1Y Price Target
$170.77Price Target Upside33.41% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering13
EPS Forecast (FY)4.38
Revenue Forecast (FY)$31.39B
Amphenol Business Overview & Revenue Model
Company Description
Amphenol Corporation, together with its subsidiaries, primarily designs, manufactures, and markets electrical, electronic, and fiber optic connectors in the United States, China, and internationally. It operates through three segments: Harsh Envir...
How the Company Makes Money
Amphenol makes money primarily by selling interconnect components and systems to OEMs and contract manufacturers across multiple end markets. Its key revenue streams include: (1) Connectors: Sales of electrical, electronic, and fiber-optic connect...
Amphenol Key Performance Indicators (KPIs)
Any
Revenue by Segment
Details revenue contributions from each business segment, highlighting which areas drive growth and where the company might allocate resources for future expansion.
Details revenue contributions from each business segment, highlighting which areas drive growth and where the company might allocate resources for future expansion.
Data provided by:
The Fly
The FlyAmphenol Earnings Call Summary
Earnings Call Date:Jan 28, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 29, 2026
Earnings Call Sentiment Positive
The call presented a strongly positive operational and financial story: record sales, record orders, substantial margin expansion, exceptional free cash flow and strategic acquisitions that materially broaden product offerings (notably in fiber optics and data center interconnect). Near‑term headwinds include higher tax rates, acquisition‑related costs, increased interest expense and a temporary margin drag from the recently closed CommScope business, plus normal seasonal softness in several end markets. On balance the positives (record growth, margins, cash generation, strong order book, strategic M&A and ample liquidity) materially outweigh the lowlights, and management communicated confidence in execution and disciplined capital allocation.Positive Updates
Record Quarterly and Full‑Year Sales
Q4 sales reached a record $6.439 billion, up 49% in US dollars and 37% organically vs. 2024. Full‑year 2025 sales were ~$23.1 billion, up 52% in US dollars, 51% in local currencies and 38% organically vs. 2024.
Negative Updates
Increased Leverage and Higher Interest Expense from CCS
Total debt at 12/31 was $15.5 billion and net debt $4.1 billion. After closing CCS, pro forma net debt would have been ~$14.7 billion and pro forma net leverage ~1.8x. Management expects ~ $200 million of quarterly interest expense (net of interest income) related to the CCS financing, reflected in Q1 guidance.
Read all updates
Q4-2025 Updates
Positive
Negative
Record Quarterly and Full‑Year Sales
Q4 sales reached a record $6.439 billion, up 49% in US dollars and 37% organically vs. 2024. Full‑year 2025 sales were ~$23.1 billion, up 52% in US dollars, 51% in local currencies and 38% organically vs. 2024.
Read all positive updates
Company Guidance
For the first quarter of FY2026 the company guided sales of $6.9–$7.0 billion and adjusted diluted EPS of $0.91–$0.93 (implying ~43%–45% sales growth and ~44%–48% adj. EPS growth year‑over‑year); the Q1 guide explicitly includes $900 million of sales and $0.02 of EPS accretion from the CommScope acquisition, and reflects ~ $200 million of quarterly net interest expense (post‑CCS). Management asked modelers to assume a 25.5% adjusted effective tax rate continuing into 2026, signaled capital spending toward the upper end of its historical ~3–4% range (roughly ~4%), and noted that CommScope’s seasonally lower Q1 margins (just under the high‑teens) will depress consolidated margins by a bit over 100 basis points in Q1.Amphenol Financial Statement Overview
Summary
Income Statement
90
Very Positive
Balance Sheet
76
Positive
Cash Flow
86
Very Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 23.09B | 15.22B | 12.55B | 12.62B | 10.88B |
| Gross Profit | 8.52B | 5.14B | 4.08B | 4.03B | 3.40B |
| EBITDA | 6.89B | 3.80B | 3.00B | 2.99B | 2.50B |
| Net Income | 4.27B | 2.42B | 1.93B | 1.90B | 1.59B |
Balance Sheet | |||||
| Total Assets | 36.24B | 21.44B | 16.53B | 15.33B | 14.68B |
| Cash, Cash Equivalents and Short-Term Investments | 11.43B | 3.34B | 1.66B | 1.43B | 1.24B |
| Total Debt | 15.50B | 7.28B | 4.64B | 4.87B | 5.05B |
| Total Liabilities | 22.73B | 11.58B | 8.10B | 8.23B | 8.30B |
| Stockholders Equity | 13.41B | 9.79B | 8.35B | 7.02B | 6.30B |
Cash Flow | |||||
| Free Cash Flow | 4.38B | 2.15B | 2.16B | 1.79B | 1.18B |
| Operating Cash Flow | 5.37B | 2.81B | 2.53B | 2.17B | 1.54B |
| Investing Cash Flow | -5.08B | -2.65B | -1.39B | -731.10M | -1.89B |
| Financing Cash Flow | 7.42B | 1.73B | -1.01B | -1.20B | -145.20M |
Amphenol Technical Analysis
Neutral
128.00
Price Trends
138.76
Negative
138.56
Negative
126.01
Positive
Market Momentum
-3.84
Negative
45.75
Neutral
60.06
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For APH, the sentiment is Neutral. The current price of 128 is below the 20-day moving average (MA) of 129.71, below the 50-day MA of 138.76, and above the 200-day MA of 126.01, indicating a neutral trend. The MACD of -3.84 indicates Negative momentum. The RSI at 45.75 is Neutral, neither overbought nor oversold. The STOCH value of 60.06 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for APH.
Amphenol Risk Analysis
Amphenol disclosed 22 risk factors in its most recent earnings report. Amphenol reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Amphenol Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
84 Outperform | $45.74B | 23.77 | 19.72% | 1.70% | 16.56% | 3.19% | |
77 Outperform | $28.85B | 27.35 | 8.65% | ― | 7.41% | -12.85% | |
74 Outperform | $49.95B | 33.10 | 16.50% | ― | 7.95% | 39.54% | |
72 Outperform | $61.35B | 22.78 | 16.50% | 1.21% | 8.94% | -39.90% | |
70 Outperform | $157.34B | 38.55 | 35.77% | 0.54% | 47.37% | 72.30% | |
66 Neutral | $126.91B | 47.18 | 14.13% | 1.25% | 18.27% | 771.78% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% |
* Technology Sector Average
APH
Amphenol
128.00
67.53
111.67%
GLW
Corning
147.92
108.90
279.08%
GRMN
Garmin
237.65
59.72
33.56%
TEL
TE Connectivity
209.07
87.32
71.72%
TDY
Teledyne Technologies
623.13
185.23
42.30%
KEYS
Keysight Technologies
291.24
161.35
124.22%
Amphenol Corporate Events
Business Operations and StrategyPrivate Placements and Financing
Amphenol Issues €500 Million Senior Notes for Refinancing
Positive
Mar 30, 2026
On March 30, 2026, Amphenol Technologies Holding GmbH issued and sold €500 million of 3.625% senior unsecured notes due March 30, 2031, guaranteed by Amphenol Corporation and approved for listing on the Global Exchange Market of Euronext Dub...
Business Operations and StrategyPrivate Placements and Financing
Amphenol Prices €500 Million 2031 Euro Senior Notes
Positive
Mar 24, 2026
On March 24, 2026, Amphenol Corporation announced the pricing of a €500 million offering of 3.625% senior notes due 2031, to be issued by its wholly owned German subsidiary Amphenol Technologies Holding GmbH and guaranteed by the parent comp...
Executive/Board ChangesShareholder Meetings
Amphenol Announces Leadership Transition and Board Succession Plan
Neutral
Feb 5, 2026
Amphenol Corporation announced on February 4, 2026, that long-time leader Martin H. Loeffler, who has served the company for more than five decades including roles as President, Chief Executive Officer and Chairman of the Board since 1997, will re...
Business Operations and StrategyM&A Transactions
Amphenol Completes Major Acquisition of CommScope CCS Business
Positive
Jan 12, 2026
On January 9, 2026, Amphenol Corporation completed its $10.5 billion cash acquisition of CommScope’s Connectivity and Cable Solutions (CCS) business, a deal announced publicly in a January 12, 2026 statement from its Wallingford, Connecticut...
Business Operations and StrategyExecutive/Board Changes
Amphenol Appoints Linde CEO Sanjiv Lamba to Board
Positive
Jan 8, 2026
On January 8, 2026, Amphenol Corporation expanded its board of directors from eight to nine members and appointed Sanjiv Lamba, the chief executive officer of industrial gases and engineering group Linde plc, as an independent director, effective ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.