# Amphenol Corporation (APH)

> Source: Nexqual · https://nexqual.com/APH · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Amphenol Corporation (APH), nexqual.com/APH" · informational, not investment advice.

**Price:** USD 73.07 (-7.74% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 79.2 · day 72.23–77.28 · 52w 59.01–89.93 · market cap $180B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $29.0B, net income $5.14B (17.7% margin), free cash flow $4.71B (SEC filings).
- Valuation: P/E 35.0x (avg 36.2x at the last 3 fiscal year-ends), EV/EBITDA 21.2x, net debt $13.4B.
- 7 of 80 tracked superinvestors hold APH (13F, Q2 2026 (2 investors on Q3 2026, filed early)): 2 new, 3 added, 1 reduced, 1 unchanged.
- Insider open-market sales, last ~7 months: 5 Form 4 filings, $199M; 5 not under a Rule 10b5-1 plan ($199M); 4 by opportunistic insiders (4 outside 10b5-1 plans), 1 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 1.89 on a 1–5 scale) (19 analysts), mean target USD 102.97 (range 85–116).
- Total return with dividends: 1Y +8.8% vs S&P 500 +14.9%; 5Y +285.5% vs S&P 500 +80.3%.
- Next earnings: 2026-10-28, EPS estimate USD 0.73, revenue estimate $9.49B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $10.9B | $12.6B | $12.6B | $15.2B | $23.1B | $29.0B |
| Gross profit | $3.40B | $4.03B | $4.08B | $5.14B | $8.52B | — |
| Operating income | $2.11B | $2.59B | $2.56B | $3.16B | $5.87B | $7.84B |
| Net income | $1.59B | $1.90B | $1.93B | $2.42B | $4.27B | $5.14B |
| EPS (diluted) | $0.64 | $0.77 | $0.78 | $0.96 | $1.67 | — |
| Free cash flow | $1.18B | $1.79B | $2.16B | $2.15B | $4.38B | $4.71B |
| Gross margin | 31.3% | 31.9% | 32.5% | 33.8% | 36.9% | — |
| Operating margin | 19.4% | 20.5% | 20.4% | 20.7% | 25.4% | 27.0% |
| Net margin | 14.6% | 15.1% | 15.4% | 15.9% | 18.5% | 17.7% |
| Revenue growth | +26.5% | +16.1% | -0.5% | +21.3% | +51.7% | — |
| Cash + short-term investments | $1.24B | $1.43B | $1.66B | $3.34B | $11.4B | — |
| Total debt | $4.80B | $4.58B | $4.34B | $6.89B | $15.5B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 35.0x · P/S 6.2x · EV/EBITDA 21.2x · EV/Sales 6.7x · P/FCF 38.2x · P/B 11.6x · FCF yield 2.62% · Earnings yield 2.85% · Dividend yield (paid, TTM) 0.56% · Buyback yield (TTM) 0.39% · Net debt $13.4B · EV $194B
P/E at fiscal year-ends: Dec 2025 40.4x, Dec 2024 36.2x, Dec 2023 31.9x.

## Superinvestors (SEC 13F-HR, Q2 2026)
7 of 80 tracked investors hold APH (2 investors on Q3 2026, filed early). Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change | Quarter |
|---|---|---|---|---|---|
| John Armitage | Egerton Capital | 9.19% | $903M | Added +120.0% | Q3 2026 |
| Jensen Investment Management |  | 2.63% | $108M | Added +172.7% | Q2 2026 |
| Torray Funds |  | 1.41% | $10.4M | Reduced -6.2% | Q2 2026 |
| Van Den Berg Management I |  | 0.81% | $3.8M | New position | Q2 2026 |
| Wallace Weitz | Weitz Investment Management | 0.11% | $1.6M | Unchanged | Q2 2026 |
| David Katz | Matrix Asset Advisors | 0.05% | $556K | Added +115.6% | Q3 2026 |
| Lee Ainslie | Maverick Capital | 0.01% | $1.1M | New position | Q2 2026 |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 5 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-08-05 | Silverman David M | EVP, Human Resources | 120,000 | $20.9M | 81.9% | No | Routine (sold in Nov each year 2023–2025; this trade is outside those months) |
| 2026-08-04 | Lampo Craig A | EVP& CFO | 193,200 | $32.3M | 33.8% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-08-03 | D'Amico Lance E | EVP, Secretary & GenCounsel | 100,000 | $16.2M | 49.7% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-07-31 | Norwitt Richard Adam | President & CEO | 686,104 | $111M | 19.7% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-01…2026-05-05 | Norwitt Richard Adam | President & CEO | 130,775 | $18.7M | 4.5% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 1.89 on a 1–5 scale), 19 analysts; mean target USD 102.97 (low 85, high 116).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-12 | Evercore ISI Group | Target raised | Outperform | $90 → $100 |
| 2026-10-08 | Citigroup | Target raised | Buy | $105 → $112 |
| 2026-10-07 | UBS | Target raised | Buy | $99 → $105 |
| 2026-10-06 | Goldman Sachs | Target raised | Buy | $102 → $116 |
| 2026-09-23 | Bernstein | Initiated | Outperform | $99 |
| 2026-09-22 | BNP Paribas | Target raised | Outperform | $107.5 → $110 |
| 2026-09-09 | TD Cowen | Target lowered | Hold | $175 → $90 |
| 2026-09-08 | Barclays | Maintained | Overweight | $200 → $100 |
| 2026-07-30 | UBS | Target raised | Buy | $185 → $197 |
| 2026-07-30 | BNP Paribas | Target raised | Outperform | $200 → $215 |
| 2026-07-30 | Citigroup | Target raised | Buy | $195 → $210 |
| 2026-07-30 | Truist Securities | Target raised | Buy | $200 → $215 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +8.8% | +285.5% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +8.8% | +30.9% |
| Volatility (annualized) | 46.5% | 30.8% |
| Max drawdown | -28.2% (Jan 2026→Mar 2026) | -27.7% (Dec 2021→Jun 2022) |

## Peers (Electronic Components)
GLW (Corning Incorporated) USD 123.99 -8.10% · TEL (TE Connectivity plc) USD 208.42 -2.65% · CLS (Celestica, Inc.) USD 269.01 -11.69% · FLEX (Flex Ltd.) USD 76.69 -11.08% · JBL (Jabil Inc.) USD 267.41 -4.83% · FN (Fabrinet) USD 317.67 -10.78%

## More
Full page: https://nexqual.com/APH · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in APH's own 10-K filed 2026-02-11 (https://www.sec.gov/Archives/edgar/data/820313/000110465926013549/aph-20251231x10k.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Competitor | Corning (GLW) | "Primary competitors include Aptiv, Belden, Corning, Foxconn Interconnect Technology, Glenair, HUBER+SUHNER, ICT Luxshare, Jonhon, Molex, Rosenberger, Sensata, TE Connectivity and Yazaki, among others." |
| Competitor | Hon Hai (Foxconn) | "Primary competitors include Aptiv, Belden, Corning, Foxconn Interconnect Technology, Glenair, HUBER+SUHNER, ICT Luxshare, Jonhon, Molex, Rosenberger, Sensata, TE Connectivity and Yazaki, among others." |
| Competitor | Luxshare | "Primary competitors include Aptiv, Belden, Corning, Foxconn Interconnect Technology, Glenair, HUBER+SUHNER, ICT Luxshare, Jonhon, Molex, Rosenberger, Sensata, TE Connectivity and Yazaki, among others." |

Other companies that name APH in their own reports (relationship from APH's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| competitor | EnerSys (ENS) | 10-K 2026-05-20 | "We compete principally with East Penn Manufacturing, Exide Technologies (Stryten), Fiamm, SAFT, Hoppecke, New Power, C&D Technologies Inc., Vertiv, OmniOn Power,Yuasa, Amphenol, Delta Electronics, as …" |
| customer | Pacira BioSciences, Inc. (PCRX) | 10-K 2026-02-26 | "In January 2020, we and a predecessor company to Amphenol Corporation, or Amphenol, entered into a Manufacturing and Supply Agreement (the "Amphenol Agreement") to collaborate in the manufacture of io…" |
| customer | Vistance Networks, Inc. (VISN) | 10-K 2026-02-26 | "In connection with the transaction, the Company entered into several contractual arrangements with Amphenol, including a Transition Service Agreement (Amphenol TSA) (as described below under "Transiti…" |
| competitor | LITTELFUSE INC /DE (LFUS) | 10-K 2026-02-19 | "In the Electronics segment, the Company's competitors include Eaton Corporation, Bourns Inc., TDK, ON Semiconductor Corporation, Infineon Technologies, STMicroelectronics NV, Semtech Corporation, and …" |
| competitor | CORNING INC /NY (GLW) | 10-K 2026-02-12 | "Our principal competitors include Amphenol, Fujikura and their subsidiary America Fujikura Ltd., Sumitomo and Prysmian Group S.p.A." |
| competitor | MOBIX LABS, INC (MOBX) | 10-K 2026-01-13 | "with whom we compete include Amphenol Corporation, Glenair, Inc., ITT Inc., and TE Connectivity Corporation." |
| competitor | OPTICAL CABLE CORP (OCC) | 10-K 2025-12-18 | "Our harsh environment and specialty connectivity product lines compete with products of Amphenol Corporation (including AFSI), Aptiv PLC (formerly Delphi Connection Systems), and others." |
| competitor | Clearfield, Inc. (CLFD) | 10-K 2025-11-25 | "Competitors to the FieldSmart product lines include, but are not limited to, products offered by Corning Cabling Systems, Inc., OFS (Furukawa Electric North America, Inc.), AFL Telecommunications (a s…" |
| competitor | TE Connectivity plc (TEL) | 10-K 2025-11-10 | "The Transportation Solutions segment's major competitors include Yazaki, Aptiv, Sumitomo, Sensata, Honeywell, Molex, and Amphenol." |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Communications Solutions | $5.43B | 62.0% | +85.0% | $1.81B | 33.3% |
| Harsh Environment Solutions | $1.90B | 21.7% | +28.6% | $559.3M | 29.5% |
| Interconnect & Sensor Systems | $1.55B | 17.7% | +18.0% | $318.9M | 20.6% |
| Total revenue | $8.76B | 100% | — | $2.58B | 29.5% |

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Other Foreign Locations | $4.23B | 48.3% | +49.5% |
| United States | $3.41B | 39.0% | +76.2% |
| China | $1.11B | 12.7% | +26.2% |
| Total revenue | $8.76B | 100% | — |

## Company outlook (8-K filed 2026-07-29)

- "Outlook ​ Assuming the continuation of current market conditions as well as constant exchange rates, for the third quarter of 2026, Amphenol expects sales to be in the range of $9.3 billion to $9.4 billion, representing a 50% to 52% increase over the prior year quarter."
- "Adjusted Diluted EPS is expected to be in the range of $1.40 to $1.42, representing a 51% to 53% increase from the third quarter of 2025."
- "This guidance does not include any additional tariff recoveries. ​ Mr."

Analysts expect $9.49B for the current quarter, +1.5% vs the guidance midpoint $9.35B. Source: https://www.sec.gov/Archives/edgar/data/820313/000110465926087904/aph-20260729xex99d1.htm

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.73 | $0.64 | +13.8% | $9.49B | 15 |
| Next quarter (ends 2026-12-31) | $0.76 | $0.67 | +13.4% | $9.83B | 16 |
| Current fiscal year (ends 2026-12-31) | $2.69 | $2.45 | +10.0% | $35.66B | 18 |
| Next fiscal year (ends 2027-12-31) | $3.33 | $2.92 | +14.2% | $42.66B | 19 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-10-28): ±12.0%; last 8 reports averaged ±7.9%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 53.3% | ±12.0% |
| 2026-12-18 | 56 | 45.2% | ±14.2% |
| 2027-01-15 | 84 | 44.5% | ±17.0% |
| 2027-03-19 | 147 | 46.3% | ±23.4% |
| 2027-04-16 | 175 | 45.8% | ±25.1% |
| 2027-06-17 | 237 | 44.9% | ±28.6% |
| 2027-09-17 | 329 | 43.7% | ±32.7% |