AMPHENOL CORP /DE/ (APH)

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AI: Overvalued

Price checkThe stock price leaves little room for growth to slow or integration to disappoint.

At the August 14 close of $167.11, Amphenol was worth about $206 billion. Trailing reported earnings were roughly $4.00 a share, so buyers paid about 42 times one year’s profit. Cash left after running and investing in the business, called free cash flow, was about $4.71 billion over the latest four quarters, only 2.3% of the market value. Even annualizing the third-quarter guidance midpoint gives $5.64 a share and a demanding 30-times price. This supports an Overvalued verdict.

Big pictureSales, profits, and cash are rising quickly, but recent growth is unusually strong.

Revenue climbed from $8.60 billion in 2020 to $23.09 billion in 2025, while net income rose from $1.20 billion to $4.27 billion. The latest four quarters produced about $5.87 billion of operating cash and $4.71 billion after capital spending. Second-quarter sales grew 55%, including 30% growth excluding acquisitions and currency changes, and operating margin reached 29.5%. However, communications products supplied 61% of quarterly sales and led growth, increasing exposure to the unusually strong data-center equipment cycle.

Business strengthStrong cash generation supports acquisitions and payouts, though debt and share count have climbed.

At June 30, Amphenol held $4.73 billion of cash against $18.81 billion of debt, leaving $14.08 billion of net debt, roughly three times trailing free cash flow. Near-term coverage remains sound: current assets were $17.82 billion versus $9.44 billion of current liabilities. First-half free cash flow was about $2.03 billion, covering $386 million of buybacks and $614 million of dividends. However, debt rose sharply after the CommScope purchase, and shares outstanding increased 1.4% during 2025 despite buybacks. The planned stock split does not dilute economic ownership.

What could change the storyContinued data-center demand could justify optimism, while slower orders would expose the rich price.

The strongest bull case is that data-center spending stays exceptional and CommScope exceeds its raised 2026 targets of $4.6 billion in sales and $0.30 of adjusted profit per share. Third-quarter guidance of $9.3-$9.4 billion in sales supports that path. The bear case is demand normalization after 30% underlying growth; second-quarter profit also included an $80 million tariff recovery, while $14.1 billion of net debt limits flexibility. Orders remaining above sales and falling debt would help; single-digit underlying growth would make roughly 30 times annualized guided profit difficult to defend.

$167.11 price considered

AI: News

Record second quarterAmphenol beat expectations as data-center demand and acquisitions lifted sales, profit, orders, and its outlook.

On July 29, 2026, Amphenol reported second-quarter sales of $8.76 billion, up 55%, and adjusted profit of $1.35 a share, up 67%. Sales excluding acquisitions and currency changes grew 30%, while orders reached $10.7 billion. Management guided third-quarter sales to $9.3-$9.4 billion and adjusted profit to $1.40-$1.42 a share. The stock closed 4.49% higher that day; the timing is consistent with a positive response, but does not prove that earnings alone caused the move.

CommScope outlook raisedThe acquired CommScope business is contributing more sales and profit than management first expected.

On July 29, Amphenol raised expected 2026 CommScope sales from $4.1 billion to $4.6 billion and doubled its expected adjusted profit contribution from $0.15 to $0.30 a share. Amphenol paid approximately $10.5 billion in cash for the business in January. The improvement supports the strategic case for adding fiber-optic products serving data centers and communications networks. However, the purchase also helped lift net debt to $14.08 billion, so integration and cash repayment remain important.

Two-for-one share splitThe planned split will halve the displayed share price without changing each holder’s economic ownership.

Amphenol announced on August 6 that shareholders recorded on August 17 would receive one additional share for each share owned, with distribution expected September 2. Third-quarter adjusted profit guidance will mechanically change from $1.40-$1.42 to $0.70-$0.71 per share, and the quarterly dividend from $0.25 to $0.125. The shares fell 0.95% on August 6 and 0.84% on August 7, but the timing does not establish that the split caused those declines. The observed $167.11 price is pre-split.

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Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007
Revenue	$23.09B	$15.22B	$12.55B	$12.62B	$10.88B	$8.60B	$8.23B	$8.20B	$7.01B	$6.29B	—	—	—	—	—	—	—	—	—
Gross profit	$8.52B	$5.14B	$4.08B	$4.03B	$3.40B	$2.66B	$2.62B	$2.65B	$2.31B	$2.04B	$1.78B	$1.69B	$1.45B	$1.34B	$1.24B	$1.16B	$886.6M	$1.05B	$930.1M
Research & development	$647.0M	$453.0M	$342.2M	$323.6M	$317.7M	$260.7M	$234.2M	$220.9M	$193.7M	$166.1M	$124.7M	$114.8M	$103.4M	$92.5M	$88.9M	$77.6M	$64.0M	$68.1M	—
Operating income	$5.87B	$3.16B	$2.56B	$2.59B	$2.11B	$1.64B	$1.62B	$1.69B	$1.43B	$1.21B	$1.10B	$1.03B	$896.8M	$828.3M	$751.7M	$700.4M	$488.9M	$632.2M	$552.9M
EBITDAderived	$6.79B	$3.73B	$2.97B	$2.98B	$2.50B	$1.95B	$1.93B	$1.99B	$1.65B	$1.42B	$1.28B	$1.20B	$1.03B	$950.1M	$871.1M	$803.2M	$587.4M	$723.5M	$635.2M
Net income	$4.27B	$2.42B	$1.93B	$1.90B	$1.59B	$1.20B	$1.16B	$1.21B	$650.5M	$822.9M	$763.5M	$709.1M	$638.7M	$559.5M	$528.8M	$496.4M	$317.8M	$419.2M	$353.2M
Basic EPSper diluted share	$3.51	$2.01	$1.62	$1.60	$2.66	$2.02	$1.94	$4.00	$2.13	$2.67	$2.47	$2.26	$2.00	$1.72	$3.09	$2.86	$1.85	$2.39	$1.98
Diluted EPSper diluted share	$3.34	$1.92	$1.55	$1.53	$2.54	$1.96	$1.88	$3.85	$2.06	$2.61	$2.41	$2.21	$1.96	$1.69	$3.05	$2.82	$1.83	$2.34	$1.94

Review source filings at SEC.gov ↗

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys1$1.29M disclosed value

Sells (SEC code S)60$1.04B disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
May 5, 2026Form 4	NORWITT RICHARD ADAMPresident & CEO	SellClass A Common Stock	17.5K	$143.21	$2.51M	1.93M
May 4, 2026Form 4	NORWITT RICHARD ADAMPresident & CEO	SellClass A Common Stock	52.2K	$142.04	$7.41M	1.93M
May 1, 2026Form 4	NORWITT RICHARD ADAMPresident & CEO	SellClass A Common Stock	61.1K	$143.90	$8.79M	1.93M
Feb 18, 2026Form 4	Lampo Craig AExecutive VP & CFO	SellClass A Common Stock	100.0K	$149.98	$15.00M	112.1K
Feb 18, 2026Form 4	D'AMICO LANCE ESee Remarks	SellClass A Common Stock	50.0K	$149.88	$7.49M	57.1K

Review ownership filings at SEC.gov ↗

AMPHENOL CORP /DE/ (APH)

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Insider buys & sells