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Amphenol
(NYSE:APH)
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Rating:77Outperform
Price Target:
$200.00
▲(32.40% Upside)
Action:Upgraded
Date:07/01/26
APH scores well on financial strength and profitability with strong recent growth and cash generation, reinforced by upbeat near-term guidance and record order momentum. The score is held back by premium valuation (high P/E, low yield) and leverage/tax/integration risks that could amplify downside if growth moderates.
Positive Factors
Strong cash generation
Sustained high operating cash flow and FCF provide durable funding for capex, share repurchases, acquisitions and dividends. High absolute cash generation reduces dependence on external financing and supports reinvestment into product development and capacity over the next 2–6 months.
Negative Factors
Elevated leverage
Material increase in debt following acquisitions reduces financial flexibility and raises sensitivity to demand slowdowns. Higher leverage limits ability to pursue opportunistic investments and increases interest/service burden, constraining capital allocation choices over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong cash generation
Sustained high operating cash flow and FCF provide durable funding for capex, share repurchases, acquisitions and dividends. High absolute cash generation reduces dependence on external financing and supports reinvestment into product development and capacity over the next 2–6 months.
Read all positive factors
Amphenol Key Performance Indicators (KPIs)
Any
Operating Income by Segment
Highlights the profit generated by each business segment, indicating which areas are most lucrative and where the company might focus its growth efforts.
Highlights the profit generated by each business segment, indicating which areas are most lucrative and where the company might focus its growth efforts.
Data provided by:
The Fly
The FlyAmphenol (APH) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$211.87B
Dividend Yield0.54%
Average Volume (3M)11.58M
Price to Earnings (P/E)47.1
Beta (1Y)1.62
Revenue Growth54.40%
EPS Growth68.63%
CountryUS
Employees170,000
SectorTechnology
Sector Strength88
IndustryHardware, Equipment & Parts
Share Statistics
EPS (TTM)3.66
Shares Outstanding1,230,234,500
10 Day Avg. Volume10,197,413
30 Day Avg. Volume11,578,042
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 Cap1.00
Enterprise Value/Revenue8.22
Enterprise Value/Gross Profit22.00
Enterprise Value/Ebitda26.75
Forecast
1Y Price Target
$189.78Price Target Upside25.63% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering10
EPS Forecast (FY)4.78
Revenue Forecast (FY)$33.35B
Amphenol Business Overview & Revenue Model
Company Description
Amphenol Corporation, alongside its numerous subsidiaries, operates globally as a prominent designer, manufacturer, and distributor of electrical, electronic, and fiber optic connectors. Its market reach extends across the United States, China, an...
How the Company Makes Money
Amphenol makes money primarily by selling interconnect and sensor products to original equipment manufacturers (OEMs) and their supply chains across multiple end markets. Its key revenue streams include: (1) Connectors: sales of electrical/electro...
Amphenol Earnings Call Summary
Earnings Call Date:Apr 29, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 29, 2026
Earnings Call Sentiment Positive
The call conveyed a strongly positive operational and financial performance: record sales, record orders, record adjusted EPS, substantial organic growth (notably in IT datacom/AI-related products) and robust cash generation. Key strategic acquisitions (CommScope, ANDREW) contributed to scale and expanded product breadth. Material negatives were highlighted by a significant tax matter in China and notable acquisition-related charges that increased GAAP tax and reduced GAAP margins; some end-market sequential moderations and higher gross debt were also noted. On balance, the upside from broad-based demand, record results and confident near-term guidance outweigh the lowlights, though the China tax issue and integration/dilution risks are substantive near-term items to monitor.Positive Updates
Record Quarterly Sales
Q1 2026 record sales of $7.6B, up 58% in U.S. dollars, 57% in local currencies and 33% organically year-over-year; sequential sales +18% in USD/local and +4% organically.
Negative Updates
China Tax Matter and Elevated Tax Charges
Unfavorable tax determinations in China led to a $130M accrual in Q1 (in addition to a $100M accrual in Q4 2025) and a $160M prior-period tax provision adjustment recorded in Q1; GAAP effective tax rate 42.7% and adjusted effective tax rate increased to 27% (vs 24.5% prior year), expected to remain for remainder of 2026.
Read all updates
Q1-2026 Updates
Positive
Negative
Record Quarterly Sales
Q1 2026 record sales of $7.6B, up 58% in U.S. dollars, 57% in local currencies and 33% organically year-over-year; sequential sales +18% in USD/local and +4% organically.
Read all positive updates
Company Guidance
Amphenol guided Q2 2026 sales of $8.1–$8.2 billion and adjusted diluted EPS of $1.14–$1.16 (assuming current market conditions and constant FX), which would represent year‑over‑year sales growth of ~43%–45% and adjusted EPS growth of ~41%–43% versus Q2 2025; management also said the adjusted effective tax rate should remain ~27% for the remainder of 2026 and that quarterly interest expense net of interest income is expected to be about $200 million. They reiterated strong cash generation (Q1 operating cash flow $1.1B, free cash flow $831M, FCF conversion in the company’s typical range), noted Q1 orders of $9.435B and a book‑to‑bill of 1.24:1, and highlighted balance‑sheet metrics including Q1 total debt $18.7B, net debt $14.2B and total liquidity of $7.6B (cash & short‑term investments $4.6B).Amphenol Financial Statement Overview
Summary
Income Statement
90
Very Positive
Balance Sheet
72
Positive
Cash Flow
82
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 25.90B | 23.09B | 15.22B | 12.55B | 12.62B | 10.88B |
| Gross Profit | 9.67B | 8.52B | 5.14B | 4.08B | 4.03B | 3.40B |
| EBITDA | 7.95B | 6.89B | 3.80B | 3.00B | 2.99B | 2.50B |
| Net Income | 4.48B | 4.27B | 2.42B | 1.93B | 1.90B | 1.59B |
Balance Sheet | ||||||
| Total Assets | 42.13B | 36.24B | 21.44B | 16.53B | 15.33B | 14.68B |
| Cash, Cash Equivalents and Short-Term Investments | 4.58B | 11.43B | 3.34B | 1.66B | 1.43B | 1.24B |
| Total Debt | 18.75B | 15.50B | 7.28B | 4.64B | 4.87B | 5.05B |
| Total Liabilities | 28.04B | 22.73B | 11.58B | 8.10B | 8.23B | 8.30B |
| Stockholders Equity | 13.98B | 13.41B | 9.79B | 8.35B | 7.02B | 6.30B |
Cash Flow | ||||||
| Free Cash Flow | 4.63B | 4.38B | 2.15B | 2.16B | 1.79B | 1.18B |
| Operating Cash Flow | 5.73B | 5.37B | 2.81B | 2.53B | 2.17B | 1.54B |
| Investing Cash Flow | -13.76B | -5.08B | -2.65B | -1.39B | -731.10M | -1.89B |
| Financing Cash Flow | 10.41B | 7.42B | 1.73B | -1.01B | -1.20B | -145.20M |
Amphenol Technical Analysis
Positive
151.06
Price Trends
145.66
Positive
141.62
Positive
138.15
Positive
Market Momentum
7.82
Negative
66.15
Neutral
81.11
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For APH, the sentiment is Positive. The current price of 151.06 is below the 20-day moving average (MA) of 157.85, above the 50-day MA of 145.66, and above the 200-day MA of 138.15, indicating a bullish trend. The MACD of 7.82 indicates Negative momentum. The RSI at 66.15 is Neutral, neither overbought nor oversold. The STOCH value of 81.11 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 |
|---|---|---|---|---|---|---|---|
80 Outperform | $45.83B | 26.35 | 19.93% | 1.70% | 15.71% | 18.08% | |
78 Outperform | $30.63B | 33.26 | 8.85% | ― | 7.74% | 12.76% | |
77 Outperform | $211.87B | 47.05 | 34.81% | 0.54% | 54.40% | 68.63% | |
76 Outperform | $57.35B | 55.20 | 17.44% | ― | 19.19% | 42.75% | |
75 Outperform | $58.80B | 20.39 | 22.71% | 1.21% | 16.66% | 114.94% | |
67 Neutral | $189.88B | 104.59 | 15.65% | 1.25% | 20.05% | 298.15% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% |
* Technology Sector Average
APH
Amphenol
172.22
74.37
76.00%
GLW
Corning
220.63
168.48
323.08%
GRMN
Garmin
237.64
27.69
13.19%
TEL
TE Connectivity
201.44
30.40
17.78%
TDY
Teledyne Technologies
661.20
151.69
29.77%
KEYS
Keysight Technologies
335.60
170.08
102.75%
Amphenol Corporate Events
Executive/Board ChangesShareholder Meetings
Amphenol Shareholders Back Directors, Auditor and Executive Pay
Positive
May 22, 2026
At its annual meeting of stockholders held on May 21, 2026, Amphenol reported that a quorum of 1,121,383,291 shares of its Class A common stock was present or represented, out of 1,229,430,709 shares outstanding as of the March 23, 2026 record dat...
Business Operations and StrategyPrivate Placements and Financing
Amphenol Issues €1.1 Billion Senior Notes Offering
Positive
May 12, 2026
On May 12, 2026, Amphenol Corporation raised €1.1 billion through an underwritten public offering of senior notes, issuing €600 million of 3.375% notes due 2029 and €500 million of 3.875% notes due 2034. The unsecured senior note...
Business Operations and StrategyPrivate Placements and Financing
Amphenol Prices €1.1 Billion Euro Senior Notes Offering
Positive
May 6, 2026
On May 5, 2026, Amphenol Corporation announced the pricing of a €1.1 billion euro‑denominated senior notes offering, comprising €600 million of 3.375% notes due 2029 and €500 million of 3.875% notes due 2034, with closing e...
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.