Amphenol Corp /De/ (NYSE: APH)

Sector: Technology Industry: Electronic Components CIK: 0000820313
Market Cap 180.75 Bn
P/B 13.48
P/E 42.33
P/S 7.83
ROIC (Qtr) 17.29
Div Yield % 0.50
Rev 1y % (Qtr) 49.13
Total Debt (Qtr) 15.50 Bn
Debt/Equity (Qtr) 1.16
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About

Amphenol Corporation (APH) is a global leader in the design, manufacturing, and marketing of electrical, electronic, and fiber optic connectors, interconnect systems, antennas, sensors, and sensor-based products, as well as coaxial and high-speed specialty cable. With a rich history that spans over nine decades, the company has established itself as one of the world's largest interconnect and sensor-related products providers. APH operates in a diverse range of end markets, including automotive, broadband communications, commercial aerospace, defense,...

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Investment thesis

Bull case

  • Healthy cash reserves of 11.43B provide 12.20x coverage of short-term debt 937.20M, demonstrating strong liquidity position and minimal refinancing risk.
  • Operating cash flow of 5.37B provides strong 39.69x coverage of stock compensation 135.40M, indicating sustainable incentive practices.
  • Operating cash flow of 5.37B provides exceptional 14.61x coverage of interest expenses 367.80M, showing strong debt service capability.
  • Operating cash flow of 5.37B provides exceptional 153.56x coverage of minority interest expenses 35M, showing strong core operations.
  • Robust free cash flow of 4.39B exceeds capital expenditure of 981.80M by 4.47x, indicating strong organic growth funding capability.

Bear case

  • Operating cash flow of 5.37B barely covers its investment activities of (5.08B), with a coverage ratio of -1.06, indicating heavy reliance on external financing for growth which may not be sustainable in a tighter credit environment.
  • Operating cash flow of 5.37B provides thin coverage of dividend payments of (802.20M) with a -6.70 ratio, suggesting potential dividend sustainability issues if operational performance deteriorates.
  • Cash reserves of 11.43B provide limited coverage of acquisition spending of (3.82B), which is -2.99x, suggesting aggressive expansion might strain liquidity if market conditions deteriorate.
  • Retained earnings of 9.85B provide limited buffer against comprehensive income items of (479.50M), which is -20.55x, indicating elevated exposure to market risks.
  • Operating cash flow of 5.37B is outpaced by equity issuance of (200.20M) (-26.85 ratio), indicating concerning reliance on equity markets for funding operations.

Segments Breakdown of Revenue (2025)

Segments Breakdown of Revenue (2025)

Peer comparison

Companies in the Electronic Components
S.No. Ticker Company Market Cap P/E P/S Total Debt (Qtr)
1 APH Amphenol Corp /De/ 180.75 Bn 42.33 7.83 15.50 Bn
2 GLW Corning Inc /Ny 111.40 Bn 69.80 7.13 8.43 Bn
3 TEL TE Connectivity plc 69.66 Bn 33.75 3.85 5.71 Bn
4 CLS Celestica Inc 33.17 Bn 47.38 2.94 0.78 Bn
5 JBL Jabil Inc 27.80 Bn 39.54 0.89 3.37 Bn
6 FLEX Flex Ltd. 24.18 Bn 28.38 0.90 5.02 Bn
7 FN Fabrinet 17.82 Bn 47.27 4.58 0.06 Bn
8 TTMI Ttm Technologies Inc 9.30 Bn 70.47 3.34 1.00 Bn

Industry comparisons

Current Valuation Value Ind Avg Percentile
EV to Assets EV to Assets 5.10 3.02
EV to Cash from Ops. EV/CFO 34.41 -590.38
EV to Debt EV to Debt 11.93 107.94
EV to EBIT EV/EBIT 31.17 20.68
EV to EBITDA EV/EBITDA 27.23 -27.60
EV to Free Cash Flow [EV/FCF] EV/FCF 42.10 -537.03
EV to Market Cap EV to Market Cap 1.02 -1.14
EV to Revenue EV/Rev 8.01 96.65
Price to Book Value [P/B] P/B 13.48 6.99
Price to Earnings [P/E] P/E 42.33 -8.83
Dividend Metrics Value Ind Avg Percentile
Dividend Coverage Ratio Div Coverage (Qtr) 5.32 1.07
Dividend Payout Ratio % Div Payout % (Qtr) 21.40 20.91
Dividend per Basic Share Div per Share (Qtr) 0.75 0.26
FCF Dividend Payout Ratio % FCF Div Payout % (Qtr) 20.80 10.42
Interest Coverage Int. cover (Qtr) 16.13 14.05
Growth Metrics Value Ind Avg Percentile
Capex Growth (1y) % Capex 1y % (Qtr) -49.30 -43.87
Cash and Equivalents Growth (1y) % Cash & Equiv 1y % (Qtr) 242.81 125.88
Dividend Growth (1y) % Div 1y % (Qtr) 36.36 -0.04
EBIAT Growth (1y) % EBIAT 1y % (Qtr) 75.12 -176.07
EBITDA Growth (1y) % EBITDA 1y % (Qtr) 82.09 14.38
EBIT Growth (1y) % EBIT 1y % (Qtr) 84.77 15.28
EBT Growth (1y) % EBT 1y % (Qtr) 85.88 7.50
EPS Growth (1y) % EPS 1y % (Qtr) 74.63 2.30
FCF Growth (1y) % FCF 1y % (Qtr) 103.65 9.29
Gross Profit Growth (1y) % Gross Profit 1y % (Qtr) 65.72 15.57
Liquidity Ratios Value Ind Avg Percentile
Asset Utilization Ratio Asset Util Ratio (Qtr) 0.64 0.77
Cash Payout Ratio Cash Payout (Qtr) 0.13 0.05
Cash Ratio Cash Ratio (Qtr) 1.68 1.48
Current Ratio Curr Ratio (Qtr) 2.98 3.80
Debt to Equity Ratio Debt/Equity (Qtr) 1.16 0.68
Interest Cover Ratio Int Coverage (Qtr) 16.13 14.05
Times Interest Earned Times Interest Earned (Qtr) 16.13 14.05
Profitability Value Ind Avg Percentile
EBITDA Margin % EBITDA Margin % (Qtr) 29.70 21.48
EBIT Margin % EBIT Margin % (Qtr) 25.69 -42.60
EBT Margin % EBT Margin % (Qtr) 24.10 -10.39
Gross Margin % Gross Margin % (Qtr) 36.90 31.37
Net Profit Margin % Net Margin % (Qtr) 18.50 -11.50