Amphenol

Pricing power is solid and improving.

In 2025 Amphenol delivered 25.4 percent GAAP and 26.2 percent adjusted operating margins with segment profitability led by Communications Solutions at roughly 31 percent, suggesting the company captures value in high‑speed, high‑power interconnects where component cost is small relative to system value and failure risk.

End‑market commentary indicates the ability to pass through cost inflation and mix up the portfolio toward higher‑value products; peers have announced price increases into late 2025 and 2026. Latent ability persists in mission‑critical niches where re‑qualification friction is highest.

We do not ascribe monopoly‑like pricing due to competition from TE Connectivity and Molex, but margins and mix argue for durable mid‑20s operating margins through the cycle.