At a glance
Amphenol Corporation is worth $197.15B, about 48 times its fiscal 2025 earnings. Revenue grew 51.7% to $23.09B in fiscal 2025, with 18.5% kept as profit; over 5 years it has grown 21.8% a year. It pays a 0.63% dividend yield, raised every year for at least 9 years, and returned $6.05B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +15.4% over the past year with dividends reinvested and +33.9% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 33.9% in the 2020 crash (S&P 500: 33.7%) and 27.8% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 3 months and 13 months after the lows.
The business in plain English
Amphenol designs, makes and markets parts that let electronic equipment connect, carry signals and sense conditions. Its products include connectors (the plugs and sockets that join wires, cables and circuit boards), cable assemblies, fiber optic and specialty cable, antennas, and sensors that measure pressure, temperature and position. It works with customers at the design stage on custom parts that generally carry more value. Customers are in automotive, aerospace, defense, industrial, mobile devices, communications networks, and information technology and data communications.
In the year ended December 31, 2025, revenue was $23.1 billion, up 51.7%, and operating margin (operating profit as a share of sales) was 25.4%. Communications Solutions (high-speed, fiber optic and radio frequency connectors, cable and antennas) made up about 52% of net sales, Harsh Environment Solutions (rugged connectors, specialty cable and circuit boards) about 26%, and Interconnect and Sensor Systems (sensors and power connectors) about 22%. By end market, automotive was about 15%.
About 65% of sales came from outside the US, including 16% from China. Amphenol also grows through acquisitions, spending about $3.8 billion on five in 2025, including Andrew, a wireless network antenna business. On January 9, 2026, it closed its largest deal ever: about $10.5 billion for Vistance Networks' Connectivity and Cable Solutions business, now called CommScope, which adds fiber optic products.
Price history
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APH +15.4% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By business segment
| Communications Solutions Segment | $12.16B | 52.7% |
| Harsh Environment Solutions Segment | $6.00B | 26% |
| Interconnect And Sensor Systems | $5.22B | 22.6% |
By geography
| Other Foreign Locations | $11.43B | 49.5% |
| US | $7.99B | 34.6% |
| CN | $3.67B | 15.9% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $10.23B, up 65.1% from a year earlier, and net income was $2.03B (+63.3%).
- For fiscal 2025, revenue was $23.09B (+51.7% year over year; +21.8% a year from FY2020 to FY2025) with a 18.5% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +21.8% good |
|---|---|
| Operating margin | 25.4% good |
| Free cash flow margin | 19% good |
| Return on equity (FY2025) | 31.8% good |
| Return on assets (FY2025) | 11.8% good |
| Net cash (cash minus debt) | $-12.57B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $8.60B | $1.20B | $1.32B |
| FY2021 | $10.88B | $1.59B | $1.18B |
| FY2022 | $12.62B | $1.90B | $1.79B |
| FY2023 | $12.55B | $1.93B | $2.16B |
| FY2024 | $15.22B | $2.42B | $2.15B |
| FY2025 | $23.09B | $4.27B | $4.38B |
Valuation snapshot
| Market value | $197.15B |
|---|---|
| P/E ratio | 47.8 |
| Dividend yield | 0.63% |
Rank among 1514 US companies
Market value at each year end
Amphenol’s market value went from $20.73B at the end of 2016 to $197.15B on Nov 2, 2026, about 9.5 times as much; since the end of 2025 it is up 19%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $197.15B | +19.2% |
| 2025 | $165.42B | +97.6% |
| 2024 | $83.73B | +41.2% |
| 2023 | $59.31B | +30.9% |
| 2022 | $45.31B | -13.4% |
| 2021 | $52.30B | +33.7% |
| 2020 | $39.12B | +21.9% |
| 2019 | $32.09B | +31.4% |
| 2018 | $24.41B | -8.9% |
| 2017 | $26.81B | +29.3% |
| 2016 | $20.73B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| APH price data to Nov 2, 2026 | +18.8% | +15.4% | +57.9% | +33.9% | +26.9% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +18.8% |
| 2025 | +96.1% |
| 2024 | +41.3% |
| 2023 | +31.8% |
| 2022 | -11.9% |
| 2021 | +35.3% |
| 2020 | +22.1% |
| 2019 | +34.9% |
| 2018 | -6.8% |
| 2017 | +31.8% |
| 2016 | +29.9% |
| 2015 | -2.0% |
| 2014 | +21.8% |
| 2013 | +38.9% |
| 2012 | +43.6% |
| 2011 | -13.9% |
| 2010 | +14.5% |
| 2009 | +92.7% |
| 2008 | -48.3% |
| 2007 | +49.4% |
| 2006 | +40.3% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 43.4% over that stretch · deepest drop along the way 63.4%, back to its old high 23.5 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 32.8% over that stretch · deepest drop along the way 33.9%, back to its old high 2.7 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 21.7% over that stretch · deepest drop along the way 27.8%, back to its old high 12.8 months after the low |
Insider activity
Form 4 filings from 2025-10-31 to 2026-10-31 (25 read): 0 open-market purchases and 12 sales ($221.6M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Jul 31, 2026 | Richard Adam Norwitt President & CEO, Director | sell | $80.8M |
| Aug 4, 2026 | Craig A Lampo EVP& CFO | sell | $32.3M |
| Jul 31, 2026 | Richard Adam Norwitt President & CEO, Director | sell | $30.2M |
| Aug 5, 2026 | David M Silverman EVP, Human Resources | sell | $20.9M |
| Feb 18, 2026 | Craig A Lampo Executive VP & CFO | sell | $15.0M |
Who owns it
Large shareholders (13G filings)
| Vanguard Capital Management | 7.47% | Mar 31, 2026 |
| FMR LLC | 5.7% | Jun 30, 2026 |
ETFs with the most weight in APH
| MOTO SmartETFs Smart Transportation & Technology ETF | 5.01% |
| LCLG Logan Capital Broad Innovative Growth ETF | 4.45% |
| MADE iShares U.S. Manufacturing ETF | 4.36% |
| BCUS Bancreek U.S. Large Cap ETF | 4.31% |
| DEMZ Democratic Large Cap Core ETF | 4.3% |
| CWS AdvisorShares Focused Equity ETF | 3.73% |
| BRNY Burney U.S. Factor Rotation ETF | 3.41% |
| NEWZ StockSnips AI-Powered Sentiment US All Cap ETF | 3.38% |
What could go wrong
- Tariffs and heavy reliance on China. About 16% of 2025 sales came from China, and 37% of long-lived assets such as factories sat there at December 31, 2025. US tariffs and retaliatory tariffs abroad have already raised some costs.
- Much more debt after the CommScope deal. Borrowing funded part of the $10.5 billion CommScope purchase. At June 30, 2026, debt was $18.8 billion versus $5.4 billion in cash and investments. Higher interest costs could weigh on profits.
- Many acquisitions, including its largest ever. Amphenol spent $3.8 billion on five acquisitions in 2025, then made its biggest ever. Integration has caused problems and surprise costs before, and disappointing deals could force write-downs of goodwill (the premium paid).
- Demand swings, including AI-related spending. Some of Amphenol's end markets go through cycles and sometimes sudden drops in demand. Heavy investment to support AI-related products could leave idle capacity if that demand cools.
- Raw material shortages and rising costs. Amphenol, its suppliers and customers have at times struggled to obtain certain raw materials and components, and prices for some may rise, which could squeeze margins or delay shipments.
- Currency swings on overseas sales. About 65% of 2025 sales came from outside the US, and about 90% of employees work abroad. Changes in exchange rates can raise or lower reported sales and profits.
Recent events
- Quarterly results released; Other company announcement
- Executive or board change
- Other company announcement
- Other company announcement
- Quarterly results released
- Shareholder vote results
- Major agreement signed; New debt or financial obligation
- Major agreement signed; Other company announcement
- Quarterly results released
- Major agreement signed; New debt or financial obligation
For income and retirement investors
Amphenol has raised its dividend for at least nine years in a row through 2025. Dividends per share rose from $0.26 in 2020 to $0.745 in 2025, about 23% a year, and the 2025 payout used about 19% of earnings and 18% of free cash flow (cash left after investing in the business). The yearly dividend equaled 0.62% of the share price as of October 28, 2026, so it offers little income to live on. From 2021 to 2025 the company spent $3.3 billion repurchasing shares, but the share count still rose about 3% between October 2021 and July 2026.
The shares have fallen hard in downturns. They dropped 63.4% from peak to low in the 2008 financial crisis, 33.9% in the 2020 COVID crash and 27.8% in the 2022 market slump. From those lows, regaining the prior peak took about 23.5, 2.7 and 12.8 months, in that order. Single stocks carry more risk than diversified funds.
Questions investors ask
How does Amphenol make money?
Amphenol makes money by designing, manufacturing and marketing connectors, cable, antennas and sensors that other companies build into their equipment. In fiscal 2025, which ended December 31, 2025, revenue was $23.1 billion and net income (profit after all costs and taxes) was $4.27 billion. Communications Solutions provided about 52% of net sales, Harsh Environment Solutions about 26% and Interconnect and Sensor Systems about 22%. Customers are in automotive, aerospace, defense, industrial, mobile devices, communications networks, and information technology and data communications.
Does Amphenol raise its dividend every year?
Yes, for at least nine fiscal years in a row through 2025, and the streak may be longer. Dividends per share grew from $0.26 in 2020 to $0.745 in 2025, about 23% a year. Even so, the dividend yield (yearly dividend divided by share price) was only 0.62% as of October 28, 2026. The 2025 dividend used about 19% of earnings, so the shares provide little income on their own.
How much of Amphenol's business is in China?
About 16% of Amphenol's net sales came from China in 2025, and about 65% came from outside the US. Its investment there was heavier still: about 37% of long-lived assets, such as factories and equipment, were in China at December 31, 2025, up from 29% a year earlier. The company tied that increase mainly to investments supporting AI-related products. The exposure makes tariffs and trade disputes a major risk.
How much debt does Amphenol have after the CommScope deal?
As of June 30, 2026, Amphenol had about $18.8 billion of total debt and $5.4 billion of cash and investments, leaving net debt (debt minus cash) of about $13.4 billion. Borrowing helped fund the roughly $10.5 billion purchase of Vistance Networks' Connectivity and Cable Solutions business, now called CommScope, which closed January 9, 2026. Amphenol called it the largest acquisition in its history, and its annual report lists the added debt and interest costs as a risk.
How has Amphenol stock performed over the long term?
Strongly, with sharp drops along the way. As of October 28, 2026, the share price had risen about 27% a year over 10 years, or 991% in total. It rose about 34.7% a year over five years and 18.8% over one year. The shares gained 96.1% in 2025 but lost 48.3% in 2008 and 12% in 2022. In the year to October 28, 2026, they fell as much as 28.2% from a high. Past returns do not predict future results.