AI interpretation based on checked source excerpts. Issuer assertions and evidence limitations remain explicit.
Policy quality-scores-3: six equally weighted categories. The overall score requires full coverage. Missing inputs are not zero. Qualitative grades are sourced interpretations, not probabilities. 3/6 · 05/11/2026
Moat—
Awaiting a sourced assessment under the current scoring policy and financial basis.
Pricing power—
Awaiting a sourced assessment under the current scoring policy and financial basis.
Predictability84
5 consecutive published annual periods. Equal weights: nondeclining revenue frequency; revenue-growth volatility (5–40pp); positive FCF frequency; FCF-margin volatility (3–20pp). Stability indicator, not a growth forecast.
- Nondeclining revenue years (%)
- 75.00
- Revenue growth volatility (pp)
- 18.89
- Positive FCF years (%)
- 100.00
- FCF margin volatility (pp)
- 2.79
- observedAnnualPeriods
- 5.00
Financial strength87
Equal-weight grades: debt/FCF (1–8x), net debt/earnings before interest and tax (0–5x), interest service (1–12x), current ratio (0.75–2x). Earnings use reported operating income, an original issuer-reported unadjusted EBIT reconciled to net income, income tax and signed net interest, or reported pretax profit plus reported gross interest expense. Reported EBIT is distinct from GAAP operating income and gross interest. Interest service uses earnings/interest expense; if unavailable, it uses reported operating cash flow/cash interest paid, without relabeling cash paid as accrued expense. Nonpositive cash flow/earnings score 0 for their service component; reported zero interest with a positive numerator scores 100. Net cash scores 100 for net leverage. Missing disclosures remain unavailable. General nonfinancial-company rubric, not a credit rating; exceptional and nonoperating gains are not normalized out. IFRS finance-cost and cash-flow classifications retain their reported scope.
- debtFcfGrade
- 63.70
- netDebtEbitGrade
- 85.10
- interestCoverageGrade
- 100.00
- currentRatioGrade
- 100.00
- Debt / FCF (x)
- 3.54
- Net debt / operating income (x)
- 0.74
- Interest coverage (x)
- 15.96
- Current ratio (x)
- 2.98
Capital allocation96
Three-year equal-weight indicators: pretax return on average invested capital (0–25%; equity + debt − cash, each year and its prior year), share-count growth (0–5%, lower better), share-based cost/revenue (2–20%, lower better), consolidated FCF/net income (0–1x). Return uses reported operating income, an original issuer-reported unadjusted EBIT reconciled to net income, income tax and signed net interest, or EBIT calculated from reported pretax profit plus reported gross interest expense; the issuer-reported EBIT is distinct from GAAP operating income and gross interest; exceptional/nonoperating gains are not normalized out. Share-based cost uses the reported cash-flow add-back or, if absent, separately reported recognized compensation expense; the latter never becomes an FCF adjustment. Nonpositive net income scores 0 for cash conversion; absent income/FCF stays unavailable. ROIC remains undefined for nonpositive invested capital; the explicit asset-return alternative does not change the ROIC chart. Missing financial inputs alone never trigger an alternative. Does not establish acquisition quality or buyback timing.
- 3-year pre-tax operating return (%)
- 28.96
- 3-year average dilution (%)
- 0.72
- 3-year average SBC / revenue (%)
- 0.70
- cashConversionGrade
- 100.00
Management—
Awaiting a sourced assessment under the current scoring policy and financial basis.
Evidence
Amphenol’s core competencies include application-specific industrial interconnect solutions utilizing integrated assemblies, including with both cable and flexible printed circuits, as well as high-power interconnects requiring advanced engineering and system integration.
Business / industrial interconnect engineering capabilities · Filed 11/02/2026
For many years, customers have generally been consolidating their lists of qualified suppliers to companies that have the ability to meet certain technical, quality, delivery and other standards while maintaining geographic flexibility and competitive prices.
Business / qualified supplier consolidation and competitive pricing requirements · Filed 11/02/2026
The Company believes that its global presence is an important competitive advantage, as it allows the Company to provide quality products on a timely and worldwide basis to its multinational customers, while at the same time offering a level of resiliency and diversification against local risks and challenges that may emerge in any single geography.
Business / issuer assessment of global delivery advantage · Filed 11/02/2026
dollars and 38% organically compared to the full year 2024
•
GAAP Diluted EPS of $3.34, up 74% compared to prior year
•
Adjusted Diluted EPS of $3.34, up 77% compared to prior year
•
GAAP and Adjusted Operating Margin of 25.4% and 26.2%, respectively
•
Operating and Free Cash Flow of $5.4 billion and $4.4 billion, respectively
•
Completed five acquisitions
•
Signed agreement to acquire CommScope’s CCS business, and closed on the acquisition in January 2026
•
Returned nearly $1.5 billion to shareholders
Over the past ten years, Amphenol has grown Net sales by 315%, Adjusted Diluted EPS by 457% and Operating Cash Flow by 422%, a significant long-term achievement that reflects the Company’s ongoing track record of creating long-term value for our shareholders.
2025 performance highlights / organic growth, cash generation and ten-year results · Filed 08/04/2026
dollars and 30% organically compared to the second quarter of 2025
●
Orders of $10.7 billion, resulting in a book-to-bill of 1.23:1
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GAAP Diluted EPS of $1.37, up 59% compared to prior year
●
Adjusted Diluted EPS of $1.35, up 67% compared to prior year
●
GAAP and Adjusted Operating Margin of 29.5% and 29.8%, respectively
●
GAAP and Adjusted Operating Income include an $80 million ($0.04 per share) net benefit related to the recovery of IEEPA tariffs
●
Operating and Free Cash Flow of $1.6 billion and $1.2 billion, respectively
●
Completed two acquisitions: El.Com and Wilder Technologies
Second-quarter 2026 results / organic growth, orders, margins and tariff recovery · Filed 29/07/2026
Rapid technological changes could also lead to the entry of new competitors of various sizes, against whom we may not be able to successfully compete.
Risk factors / technological change and new competitors · Filed 11/02/2026
While we consider our patents and trademarks to be valuable assets, we do not believe that our competitive position or our operations are dependent upon or would be materially impacted by the loss of any single patent or group of related patents, or by a third party’s successful enforcement of its patents against us or any of our products.
Business / limited dependence on individual patents or related patent groups · Filed 11/02/2026
The continued growth of this market will be dependent upon many factors, including our go-forward market share for such products, the demand for our customers’ products and services, the amount and mix of capital spending by our customers, changing technology priorities and changes in government regulations and policies related to AI.
Risk factors / AI demand, future market share and customer capital spending · Filed 11/02/2026
Unfilled orders may generally be cancelled prior to shipment of goods.
Backlog and seasonality / cancellation rights · Filed 11/02/2026
Since our performance obligations are part of contracts that generally have original durations of one year or less, we have not disclosed the aggregate amount of transaction prices associated with unsatisfied or partially unsatisfied performance obligations as of June 30, 2026.
Revenue recognition / customer contract durations · Filed 31/07/2026
While Adjusted Operating Income decreased modestly from 2022, Adjusted Operating Margin remained flat in 2023 relative to 2022, as the benefit of pricing actions and strong operational performance were offset by the operating leverage on the lower sales volumes, along with the negative impact on operating margin related to acquisitions that are currently operating below the average operating margin of the Company.
Results of operations / realized pricing benefits and margin stability during lower volumes · Filed 07/02/2025
The increase in operating margin for the Harsh Environment Solutions segment for 2023 compared to 2022 was primarily driven by normal operating leverage on the higher sales volumes and strong operational performance, combined with the benefit of pricing actions, all partially offset by the negative impact on operating margin related to acquisitions that are currently operating below the average operating margin of the Company.
Harsh Environment Solutions / 2023 pricing contribution · Filed 07/02/2025
The decrease in operating margin for the Communications Solutions segment for 2023 compared to 2022 was primarily driven by operating leverage on the lower sales volumes, partially offset by the benefit of pricing actions and strong operational performance.
Communications Solutions / 2023 pricing benefit and volume pressure · Filed 07/02/2025
The modest decrease in operating margin for the Interconnect and Sensor Systems segment for 2023 compared to 2022 was primarily driven by the negative impact on operating margin related to acquisitions that are currently operating below the average operating margin of the Company, partially offset by the normal operating leverage on the higher sales volumes combined with the benefit of pricing actions.
Interconnect and Sensor Systems / 2023 pricing benefit and acquisition dilution · Filed 07/02/2025
Operating income was $3,156.9, or 20.7% of net sales, in 2024, compared to $2,559.6, or 20.4% of net sales, in 2023.
Results of operations / 2024 and 2023 GAAP operating margins · Filed 11/02/2026
Operating income was $4,416.4 or 27.0% of net sales, for the six months ended June 30, 2026, compared to $2,443.6, or 23.4% of net sales, for the six months ended June 30, 2025.
Results of operations / first-half 2026 and 2025 GAAP operating margins · Filed 31/07/2026
The decrease in Operating expenses as a percentage of net sales and increase in Operating income as a percentage of net sales for the six months ended June 30, 2026 was primarily driven by strong operating performance and disciplined cost control, which generated strong operating leverage on the significant growth experienced during the period, and to a lesser extent, due to a net benefit of $80.0 related to the recovery of IEEPA tariffs, partially offset by the effect of acquisitions, which currently have higher Operating expenses as a percentage of net sales compared to the Company average.
Results of operations / operating leverage, cost control, tariff recovery and acquisition dilution · Filed 31/07/2026
Seller reserves the right to modify prices quoted or invoiced to buyer due to changes in tariff and duty laws
Amphenol RF sales terms / tariff- and duty-specific price modification · Retrieved 19/10/2026
4 Table of Contents AMPHENOL CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW (Unaudited) (dollars in millions) Six Months Ended June 30, 2026 2025 Cash from operating activities: Net income $ 2,727.5 $ 1,845.0 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 827.2 445.7 Stock-based compensation expense 79.6 57.9 Deferred income tax provision (benefit) 279.9 (35.4) Net change in components of working capital (1,176.4) (374.3) Net change in other long-term assets and liabilities (59.1) 242.8 Net cash provided by operating activities 2,678.7 2,181.7 Cash from investing activities: Capital expenditures (647.1) (485.7) Proceeds from disposals of property, plant and equipment 5.1 5.7 Purchases of investments (701.0) (12.6) Sales and maturities of investments 325.4 11.6 Acquisitions, net of cash acquired (10,684.0) (2,483.2) Other, net (2.0) — Net cash used in investing activities (11,703.6) (2,964.2) Cash from financing activities: Proceeds from issuance of senior notes and other long-term debt 4,927.2 1,430.0 Repayments of senior notes and other long-term debt (1,535.7) (400.9) Borrowings (repayments) under commercial paper programs, net — — Payment of costs related to debt financing (11.7) (9.1) Purchase of treasury stock (386.0) (341.0) Proceeds from exercise of stock options 200.6 333.8 Distributions to and purchases of noncontrolling interests (0.6) (1.9) Dividend payments (614.0) (399.1) Other, net 5.4 0.5 Net cash provided by financing activities 2,585.2 612.3 Effect of exchange rate changes on cash and cash equivalents 38.5 60.2 Net decrease in cash and cash equivalents (6,401.2) (110.0) Cash and cash equivalents balance, beginning of period 11,130.6 3,317.0 Cash and cash equivalents balance, end of period $ 4,729.4 $ 3,207.0 Cash paid for: Interest $ 375.8 $ 139.3 Income taxes, net 1,158.3 502.4 See accompanying notes to condensed consolidated financial statements.
Condensed consolidated statements of cash flow / first-half 2026 spending and financing · Filed 31/07/2026
The following is a reconciliation of the basic weighted average common shares outstanding to diluted weighted average common shares outstanding, which were used to calculate the earnings per share (basic and diluted) for the three and six months ended June 30, 2026 and 2025: Three Months Ended Six Months Ended June 30, June 30, (dollars and shares in millions, except per share data) 2026 2025 2026 2025 Net income attributable to Amphenol Corporation stockholders $ 1,769.2 $ 1,091.3 $ 2,702.2 $ 1,829.1 Weighted average common shares outstanding — Basic 1,230.4 1,215.3 1,229.7 1,212.5 Effect of dilutive stock options 58.8 56.9 59.7 56.7 Weighted average common shares outstanding — Diluted 1,289.2 1,272.2 1,289.4 1,269.2 Net income attributable to Amphenol Corporation per common share — Basic $ 1.44 $ 0.90 $ 2.20 $ 1.51 Net income attributable to Amphenol Corporation per common share — Diluted $ 1.37 $ 0.86 $ 2.10 $ 1.44 Excluded from the computation above were anti-dilutive common shares (primarily related to outstanding stock options) of 4.3 million and 8.3 million for the three months ended June 30, 2026 and 2025, respectively.
Earnings per share / weighted average basic and diluted shares · Filed 31/07/2026
From time to time, the Company experiences difficulty and unanticipated expenses associated with purchasing and assimilating acquisitions into the Company, and acquisitions do not always perform and deliver the financial benefits expected.
Acquisition risk / experienced integration difficulties and financial shortfalls · Filed 11/02/2026
All currently outstanding employee stock option grants have a five-year vesting period, with 20% vesting each year.
Executive compensation / actual outstanding employee option vesting · Filed 08/04/2026
The other at-risk compensation is annual incentive-plan compensation which historically has not paid out if Adjusted Diluted EPS declines, and rewards the Chief Executive Officer when Company revenues and Adjusted Diluted EPS grow.
Executive compensation / historical incentive payout conditions · Filed 08/04/2026
PROHIBITION ON SHORT SALES, TRANSACTIONS IN DERIVATIVE SECURITIES AND HEDGING The Company has a written policy prohibiting officers and directors from engaging in (i) short sales of the Company’s securities, (ii) transactions in puts, calls or other derivative securities involving the Company’s securities, (iii) hedging transactions involving the Company’s securities, (iv) purchases of the Company’s securities on margin (other than a cashless exercise of stock options under the Company’s equity plans), and (v) any pledges of the Company’s securities to secure margin or other loans.
Executive compensation policies / hedging, short sales and pledging prohibitions · Filed 08/04/2026
In 2025 the quantitative performance criteria for (i) participants with Company-wide responsibilities was based on Company revenue and Adjusted Diluted EPS growth in 2025 over 2024 and (ii) other participants was based on responsibility unit revenue and operating income growth in 2025 over 2024, adjusted for actual operating income in 2025 as compared to 2025 operating income budget.
2025 incentive determination / growth-based performance measures · Filed 08/04/2026
Items excluded in the presentation of such non-GAAP financial measures in any period may consist of, without limitation, acquisition-related expenses, refinancing-related costs, gains associated with bargain purchase acquisitions, the excess tax benefits related to stock-based compensation and certain other discrete tax items including but not limited to (i) the impact of tax audits relating to prior periods and (ii) significant changes in tax law.
Non-GAAP measures / acquisition and tax exclusions · Filed 08/04/2026
The Board has determined that all the members of the Audit Committee, the Compensation Committee and the Nominating/Corporate Governance Committee are independent and satisfy the relevant SEC and New York Stock Exchange independence requirements for the members of such committees.
Corporate governance / independence of key board committees · Filed 08/04/2026
In prior years, the Company has taken a variety of other significant actions in response to investor feedback, such as adopting an 62 TABLE OF CONTENTS amendment to the By-Laws to implement “proxy access”, which, subject to the requirements of the By-Laws, permits stockholders to nominate candidates for election to the Board, lowering the threshold to call special meetings of stockholders from 50% to 25%, declassifying the Board and providing for the annual election of directors, allowing stockholders to act by written consent and eliminating supermajority voting requirements in the Company’s Certificate of Incorporation and By-Laws.
Investor outreach / implemented shareholder rights · Filed 08/04/2026
Following Mr. Loeffler’s announcement that he would not stand for re-election to the Board, the Board determined that implementing a combined Chairman/Chief Executive Officer and Lead Independent Director structure is the appropriate leadership structure at this time to balance between the most effective operation of the Board and independent oversight of management.
Board leadership / combined chair and CEO structure with lead independent director · Filed 08/04/2026
“We are pleased to have closed the second quarter of 2026 with record sales and Adjusted Diluted EPS, both exceeding the high end of our guidance,” said Amphenol Chairman and Chief Executive Officer, R.
July 2026 results announcement / identification of incumbent chairman and CEO · Filed 29/07/2026
In addition, for the three months ended March 31, 2026, the Company recorded an accrual of $130.0 resulting from unfavorable determinations received from relevant tax authorities in China regarding the previously disclosed tax inquiries into certain of the Company’s prior period tax positions, as well as $160.0 in additional tax obligations related to China resulting from the Company’s reassessment of certain tax rate assumptions applied to prior years’ results not subject to the tax inquiries as further discussed below.
First-quarter 2026 tax disclosures / unfavorable determinations and prior-year reassessments · Filed 01/05/2026
Operating income was $2,559.6, or 20.4% of net sales, in 2023, compared to $2,585.8, or 20.5% of net sales, in 2022.
Results of operations / 2023 and 2022 GAAP operating margins · Filed 07/02/2025
