Amphenol

Exiting 2025, Amphenol held 11.4 billion dollars of cash and short‑term investments versus 15.5 billion dollars of total debt, with free cash flow of 4.4 billion dollars, implying pre‑CCS net leverage under 1x FCF and ample liquidity.

The January 2026 closing of CommScope’s CCS business for 10.5 billion dollars reduces cash and/or increases borrowings near term, but management expects meaningful incremental sales (4.1 billion dollars in 2026) and EPS accretion (0.15 dollar), which should support rapid de‑leveraging given the company’s FCF conversion.

Geographic asset concentration does raise tail risk, with a significant portion of long‑lived assets located in China per the 10‑K, but overall liquidity and cash generation provide resilience through cycles.