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what it is
Amphenol makes the connectors, sensors, and cables that let data centers, telecom gear, and industrial machines actually talk to each other.
how it gets paid
Last year Amphenol made $23.1B in revenue.
why it's growing
Revenue grew 51.7% last year. Communications Solutions sales rose 96% to $3.310 billion in the September quarter.
what just happened
Latest quarter revenue hit about $6.4B with EPS near $0.97—still hot versus normal run rates.
At a glance
A+ balance sheet — rock-solid finances — built to survive anything
85/100 earnings predictability — you can trust these numbers
42.4x trailing p/e — you're paying up for this one
0.7% dividend yield — cash in your pocket every quarter
19.5% return on capital — strong for a hardware supplier
xvary composite: 84/100 — above average
What they do
Amphenol makes the connectors, sensors, and cables that let data centers, telecom gear, and industrial machines actually talk to each other.
This business wins because your system is only as good as its weakest connection, and Amphenol sells the parts that keep the signal alive. Operating margin was 30.0% and return on capital was 19.5%, versus many industrial suppliers that live in the teens. Switching costs (changing a qualified part inside your equipment) mean pain, delay, and retesting, so customers usually stick around.
How they make money
$23.1B
annual revenue · their business grew +51.7% last year
total revenue
$23.1B
+51.7%
The products that matter
network and data-center connectivity
Communications Solutions
$3.310B quarterly sales · +96%
this is the segment driving the story. sales jumped 96% from a year ago, or 75% organically, which tells you the AI and communications build-out is very real even before acquisitions.
75% organic growth
components for aerospace, defense, and industrial use
Harsh Environment Solutions
$1.516B quarterly sales · +27%
this business grew 27%, or 19% organically. it is slower than communications, but still fast enough to show demand is not coming from one end market alone.
19% organic growth
sensors and broad interconnect portfolio
Interconnect and Sensor Systems
$1.369B quarterly sales · +18%
sales rose 18%, or 15% organically. this is the slowest of the three reported groups, which matters because it shows just how much the current valuation rests on communications staying hot.
15% organic growth
Key numbers
42.4x
trailing p/e
Price-to-earnings → how many dollars you pay for $1 of profit → you are paying a premium even after a huge growth year.
$23.1B
annual revenue
Revenue is the top line, plain English your total sales, so what: Amphenol is already massive and still grew 51.7% vs. prior year.
30.0%
operating margin
Operating margin → what the business keeps after running itself → so what: this is a very profitable hardware supplier.
19.5%
return on capital
Return on capital → profit from each dollar put into the business → so what: the company turns investment into earnings better than most industrial peers.
Financial health
A+
strength
- balance sheet grade A+ — near the highest rating possible
- risk rank 2 — safer than 80% of stocks
- price stability 80 / 100
- long-term debt $7.1B (4% of capital)
- net profit margin 21.0% — keeps 21 cents of every dollar in revenue
- return on equity 23% — $0.23 profit for every $1 investors have put in
A+ with balance sheet grade and risk rank standing out. your money faces less risk here than at most public companies.
Total return vs. market
You invested $10,000 in APH 3 years ago → it's now worth $36,170.
The index would have given you $13,920.
source: institutional data · total return
What just happened
beat estimates
Revenue hit $6.4B and EPS reached $0.97 as growth stayed unusually hot.
Q4 showed revenue up 49% vs. prior year and adjusted EPS up 76%. Consensus showed the last EPS print at $0.97 versus a $0.93 estimate, a 4.3% beat.
$6.4B
revenue (Q)
$0.97
eps (Q)
36.4%
gross margin (Q)
the number that mattered
Communications Solutions sales rose 96% to $3.310 billion in the September quarter, which tells you the current story is a spending surge, not slow-and-steady compounding.
-
amphenol is on target for record earnings growth this year.
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the last time annual profits rose so much was during the dot-com era’s technology spending spree.
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in the september quarter, communications solutions sales of $3.310 billion leaped 96% vs. prior year (75% organically, which excludes the impact of acquisitions and shifts in foreign exchange).
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harsh environment solutions sales grew 27% (19% organically) to $1.516 billion.
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lastly, interconnect and sensor systems sales increased 18% (15% organically) to $1.369 billion.
source: company earnings report, 2026
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What could go wrong
the #1 risk is AI and communications demand cooling after a 96% surge in communications solutions sales.
med
communications growth is carrying the story
communications solutions produced $3.310B in quarterly sales and grew 96%, far faster than harsh environment at 27% and interconnect & sensor systems at 18%.
if that lead segment cools hard, the market will stop treating APH like an AI infrastructure winner and start treating it like a normal components company.
med
42.4x earnings leaves less room for normal
the stock trades at 42.4x trailing earnings and about 35x the $4.00 EPS estimate for next year. that is a premium multiple by any hardware standard.
if revenue growth falls well below the recent 51.7% pace while margins drift below the recent 18.5–19.4% range, the multiple can do the work in reverse.
med
organic growth is strong, but not the whole headline
reported growth ran above organic growth in every disclosed group: 96% versus 75%, 27% versus 19%, and 18% versus 15%.
that does not break the story, but it does mean you should separate underlying demand from acquisition help before paying a peak multiple.
a stock priced at 42.4x earnings has very little patience for a slowdown in the segment that just grew 96%.
source: institutional data · regulatory filings · risk analysis
Pay attention to
trend
communications solutions growth
the current number is 96% growth, or 75% organically. that is the narrative engine.
metric
margin discipline
quarterly margin was 18.5% and full-year net margin was 19.4%. if those numbers slip while growth cools, the bull case gets thinner fast.
calendar
next segment read-through
you want the next report to show whether communications is still outrunning harsh environment and interconnect by a wide margin.
risk
organic versus reported growth
reported growth beat organic growth in every disclosed group. keep watching that gap before you assume every headline point is recurring.
Analyst rankings
short-term outlook
top 20%
momentum score 2 — analysts expect above-average price performance in the year ahead. in human-speak, they still like the setup.
balance sheet safety
above average
stability score 2 — safer than roughly 80% of stocks, helped by just 4% debt-to-capital.
chart momentum
average
technical score 3 — the stock is acting like a strong large-cap, not a runaway chart.
earnings predictability
85 / 100
management usually lands close to expectations. that matters more when the stock trades at 42.4x earnings.
source: institutional data
Institutional activity
institutions have been net buying for 3 consecutive quarters — 978 buyers vs. 691 sellers in 3q2025. total institutional holdings: 1.2B shares. net buying for 3 quarters.
source: institutional data
Price targets
3-5 year target range
$109
$218
$140
current price
$164
target midpoint · +17% from current · 3-5yr high: $185 (+30% · 8% ann'l return)
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