APH·Electronic Connectors, Interconnect Systems, Sensors & Antennas

Amphenol

ConvictionStrong

Diversified serial acquirer: designs and manufactures connectors, cable, interconnect assemblies, antennas and sensors across ~8 end markets (IT datacom, mobile networks, auto, industrial, defense, commercial air, broadband, mobile devices). Decentralized entrepreneurial operating model; growth from organic content gains plus a disciplined bolt-on M&A machine. Sells primarily B2B to OEMs, hyperscalers and contract manufacturers.

Revenue

$25.90B TTMas of Q1 FY26); $23.1B FY2025

Rev growth

~+54% TTM YoY+52% FY2025; +58.4% Q1 FY26 YoY

Gross margin

~33%approx., historically low-30s; not separately broken out in earnings summary

Op margin

25.4% GAAP / 26.2% adjusted FY202527.3% adjusted in Q1 FY26 (+380bps YoY

Capex intensity

~4-4.5% of revenueFY2025 OCF $5.4B vs FCF $4.4B implies ~$1B capex

Market cap

~$202BNYSE: APH, at $164.59 on 2026-07-02; ~1.23B shares

Primary source

Reported financials — SEC EDGAR

Audited GAAP figures pulled from SEC filings · latest filing 2026-02-11. The audited primary-source spine — not financial advice.

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Revenue — annual (GAAP)

FY’21

$10.9B

FY’22

$12.6B+16%

FY’23

$12.6B-1%

FY’24

$15.2B+21%

FY’25

$23.1B+52%

Margins & balance sheet — FY’25

Gross margin36.9%

Operating margin25.4%

Net margin18.5%

Net cash$889M

The read

Where our coverage leans

Coverage leans bullish

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Full financial intelligence for Amphenol

Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.

Income statement & margin structure
SWOT, moats & dependency map
Supplier–customer ecosystem graph
Signals, trends & valuation range

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Not financial advice — analyst work product for a qualified professional.