Amphenol
Amphenol makes the connectors, cables and fibre that carry signals and power inside electronics, and AI data centres now buy more of them than anyone.
The scores
Growth4/4 →
Sales grew 21% in 2024, 52% in 2025 and 55% in the second quarter of 2026, 30% organically, with orders up 63% organically.
Business quality3/4 ↑
Designed-in parts, no customer above 10% and widening margins, but orders are cancellable and TE, Molex and Luxshare compete for every socket.
Financial position3/4 →
About $13.4B of net debt after CommScope, 1.3 times EBITDA, with $4.7B of yearly free cash flow to pay it down.
Execution record4/4 →
Beat its own quarterly sales guide by about 9% twice in 2026 and raised CommScope's outlook while integrating it.
Per share capture3/4 →
Deals are paid in cash and debt, not shares, but option exercises lifted the diluted count about 4% since 2023 despite buybacks.
Potential3/4 →
A $99B connector market growing 14.7% and AI capacity up about 31%, but Amphenol already holds up to a quarter of it.
Risk profile3/4 ↓
No customer above 10% and a spread of markets, but virtually all growth is AI, orders are cancellable and 37% of plant sits in China.
Valuation2/4 ↑
About 27 times operating profit and 41 times free cash flow: the price needs the AI build to continue after two years near 50% growth.
Evidence quality3/4 →
Sales, margins, cash and segments are filed, but the AI share, the end-market mix and next year's demand rest on management's word.
If it works 0.8× · if it fails you keep about 49%.
The Verdict
We rate Amphenol Neutral. The business is strong: it is the leading maker of the links inside AI computer racks, sales have grown by about half a year for two years, it keeps beating its own forecasts, and its profit margin keeps widening. But the price is full. At about 27 times operating profit, twice what its listed rivals cost, it assumes AI orders keep rising through 2027, and those orders can be cancelled. As a bet on its data-centre segment it is Fragile: if AI demand holds, the shares gain little from here, and if it stalls, about half of today's value is at risk.
The long caseEvery AI rack needs more links between chips, and Amphenol sells more kinds of them, copper, fibre and power, than anyone else.
The evidence under this - 6 claims
- The end-market split is stated on the call and not filed; the segments do not map one to one onto it.
- The growth is concentrated in one market whose customers are a handful of cloud and AI spenders.
- 2026-10-28editedexpired at the print: re-sourced from the third-quarter call, IT datacom now 48% of sales and up 30% sequentially
- Twelve-month earnings include CommScope for only half a year, so forward multiples are lower: about 24 times analysts' 2027 EPS (C31).
- Margins are at a cyclical high on AI demand, so trailing profit may overstate the normal level.
- Orders may generally be cancelled before shipment, so the backlog is not a contract.
- Short lead times in communications and distribution mean much of a quarter's sales is booked inside it.
- A supplier's account of what customers say is an interested party's account; no customer has stated its 2027 spending on interconnect.
- Orders can generally be cancelled before shipment (C17).
The company
Every electronic system, from a fighter jet to a car to an AI server, needs links that carry signals and power between its parts without failing. Amphenol makes those links: connectors, cable assemblies, antennas, sensors and fibre. It employs about 170,000 people.
Its buyers are equipment makers, which design its parts into a product years before it ships. In AI racks, NVIDIA's own systems run their chips over a copper cable backplane. Rivals TE Connectivity and Corning each name Amphenol among their main competitors.
The evidence under this - 6 claims
The company is describing its own position; the outside witnesses are TE's and Corning's filings naming it (C21, C22).
Co-packaged optics moves the optical link onto the switch chip and could cut some pluggable and copper links Amphenol sells.
How it makes money
Amphenol is paid for each part it ships, mostly on short orders. Its biggest segment, Communications Solutions, sells to data centres, phone makers and telecom networks and earned about a third of each dollar of sales as profit in the second quarter. The other two sell to defence, aircraft, factories and carmakers.
No single customer is a tenth of sales, and about a fifth goes through distributors.
The evidence under this - 4 claims
Corporate costs in the first half of 2026 include a $132.0M inventory step-up and $140.4M of acquisition costs from CommScope, so the twelve-month figure overstates the run rate.
- The end-market split is stated on the call and not filed; the segments do not map one to one onto it.
- The growth is concentrated in one market whose customers are a handful of cloud and AI spenders.
- 2026-10-28editedexpired at the print: re-sourced from the third-quarter call, IT datacom now 48% of sales and up 30% sequentially
Where the money comes from, stream by stream
| Stream | Share of sales (twelve months to 2026-06-30) | How it earns it |
|---|---|---|
| Communications Solutions | 57.4% | Connectors, cable assemblies, fibre and antennas for IT datacom, mobile devices and communications networks, including CommScope. |
| Harsh Environment Solutions | 23.2% | Ruggedised connectors and cable for defence, commercial aerospace, industrial and automotive uses. |
| Interconnect and Sensor Systems | 19.4% | Sensors and interconnect systems for automotive, industrial and medical customers. |
Who runs it
Adam Norwitt has run Amphenol since 2009 and became chairman in 2026; Craig Lampo has been finance chief since 2015. A new head takes over the harsh-environment segment in January 2027.
Directors and officers own about 1.4% of the shares. Bonuses pay on sales and earnings growth, and long-term pay is options. Insiders sold shares outside pre-set plans after exercising options, which is their usual practice here.
The evidence under this - 3 claims
Why it wins, and who could beat it
Why customers come back
A connector is designed into a customer's product at the drawing board and tested with it, so swapping suppliers means testing a product that is already built. Customers have been cutting their supplier lists to the few they trust, and Amphenol's design teams often win approved-vendor status on new programmes.
Outside witnesses agree it is a leader: TE and Corning name it in their own filings, and an industry tracker finds the largest makers gaining share as they buy smaller ones.
The evidence under this - 5 claims
The company is describing its own position; the outside witnesses are TE's and Corning's filings naming it (C21, C22).
The threat
TE Connectivity and the private Molex compete for the same sockets, and Corning for fibre. The newer threat is optics moving onto the switch chip itself, which NVIDIA has begun to ship and which could replace some copper and plug-in links. One forecaster expects copper to stay inside racks to 2031, with only a small share of links moving.
The evidence under this - 5 claims
Co-packaged optics moves the optical link onto the switch chip and could cut some pluggable and copper links Amphenol sells.
NVIDIA ships co-packaged optics switches from 2025-2026 (C27), so the shift has started; a forecast five years out can be wrong in either direction.
The rivals: TEL, GLW, NVDA, BDC, APTV, ST, and 1 more that is private, in-house or listed abroad.
Who else does this, rival by rival
| Ticker | Rival | Where it competes | How far along | Priced against it |
|---|---|---|---|---|
| TEL | TE ConnectivityPriced against it: Yes | Harsh Environment Solutions and Interconnect and Sensor Systems | On sale | Yes |
| GLW | Corning's optical communications businessPriced against it: One segment only | Communications Solutions | On sale | One segment only |
| NVDA | Co-packaged optics on NVIDIA's switchesPriced against it: Different product | Communications Solutions | On sale | Different product |
| Private | MolexPriced against it: Private | Communications Solutions | On sale | Private |
| BDC | BeldenPriced against it: Yes | - | On sale | Yes |
| APTV | AptivPriced against it: Yes | - | On sale | Yes |
| ST | Sensata Technologies HoldingPriced against it: One segment only | - | On sale | One segment only |
How big it could get
How big this could get
The world bought about $99.2B of connectors in 2025, a market that grew 14.7% that year. Amphenol's sales equal about a quarter of that, though it also sells cables and sensors the figure does not count. The fastest part rides AI data centres, whose power capacity TrendForce expects to grow about 31% in 2026 and above 30% in 2027.
The evidence under this - 2 claims
Bishop's figure counts connectors only; Amphenol's sales also include cable assemblies, fibre, antennas and sensors, so the two are not the same perimeter.
It is a forecast, and capacity can be announced faster than it is built.
Who has signed
Nobody has signed a long contract. At the end of 2025 Amphenol had about $8.9B of orders waiting to ship, nearly all within a year, and in the second quarter it took $10.7B of new orders. Customers may generally cancel orders before they ship.
The evidence under this - 3 claims
- Orders may generally be cancelled before shipment, so the backlog is not a contract.
- Short lead times in communications and distribution mean much of a quarter's sales is booked inside it.
- Organic growth slowed from 38% in 2025 to 33% and then 30% in the two quarters of 2026, though orders accelerated.
- Orders may generally be cancelled before shipment (C17), so book-to-bill overstates commitment.
Where the growth is coming from, business by business
Where the growth is coming from
| Business | Share of revenue | Growth: last quarter | Last half-year | Last year | Share in 3 years at its half-year rate |
|---|---|---|---|---|---|
| Communications Solutions | 61% | +86.5% | +87.6% | +91.7% | 83% |
| Harsh Environment Solutions and Interconnect and Sensor Systems | 39% | +25.7% | +28.1% | +26.4% | 17% |
| Whole company | 100% | +57.0% | +58.4% | +56.9% | 100% |
On the filed split through 2026-06-30, if each business keeps its last half-year's growth, the company grows about 65% next year and 74% in year 3, against 54.2% over the last twelve months. Communications Solutions carries the case: it grows 88% against 28% for the rest, and would be 83% of revenue by then. A scenario, not a forecast: no business holds its rate.
How we read it: The score believes the blend: Communications Solutions carries the case, but the rest also grew 17-28% in the quarter, so either reading earns a four.
The results
The numbers
Sales grew 54% over the twelve months to Jun 2026, about the same pace as the 52% in the year to Dec 2025.
Operating margin is 27%, up from 20% in the year to Dec 2023.
Running costs take 11¢ of each sales dollar, about where it was (12¢) in the year to Dec 2021.
Each dollar put into the business earns 21% a year after tax, about where it was (16%) in the year to Dec 2021.
It turned 16% of sales into free cash, $4.71B over the last twelve months.
It owes $13.4B more than the cash it holds, about 2.3 years of the cash its operations bring in.
The share count rose 3.8% in 3.5 years.
All the numbers
Filed figures from the company's 10-K and 10-Q, read 2026-10-18. Fiscal years end in December.
| Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 | 12 mo to Jun 2026 | |
|---|---|---|---|---|---|---|
| Size and growth | ||||||
| Sales | $10.9B | $12.6B | $12.6B | $15.2B | $23.1B | $29.0B |
| Sales growth | +26% | +16% | −0.5% | +21% | +52% | +54% |
| Profit | ||||||
| Gross margin | 31% | 32% | 33% | 34% | 37% | 38% |
| Operating margin | 19% | 20% | 20% | 21% | 25% | 27% |
| Net margin | 15% | 15% | 15% | 16% | 18% | 18% |
| What growth costs, per sales dollar | ||||||
| Research and development | 2.9% | 2.6% | 2.7% | 3.0% | 2.8% | - |
| Selling, general and admin | 11% | 11% | 12% | 12% | 11% | 11% |
| Pay in shares | 0.8% | 0.7% | 0.8% | 0.7% | 0.6% | - |
| Capital spending | 3.3% | 3.0% | 3.0% | 4.4% | 4.3% | 4.0% |
| Cash | ||||||
| Cash from operations | $1.54B | $2.17B | $2.53B | $2.81B | $5.37B | $5.87B |
| Free cash flow | $1.18B | $1.79B | $2.16B | $2.15B | $4.38B | $4.71B |
| Balance sheet | ||||||
| Cash and short-term investments | $1.24B | $1.43B | $1.66B | $3.34B | $11.4B | $5.42B |
| Debt | $4.80B | $4.58B | $4.34B | $6.89B | $15.5B | $18.8B |
| Net cash | −$3.56B | −$3.14B | −$2.68B | −$3.55B | −$4.07B | −$13.4B |
| Returns and shares | ||||||
| Return on capital | 16% | 18% | 17% | 17% | 20% | 21% |
| Shares (diluted) | - | 1.24B | 1.24B | 1.26B | 1.28B | 1.29B |
What growth costs
Growth has made Amphenol more profitable. Since 2024 selling and admin costs fell from about 12 to 11 cents per dollar of sales, while the gross margin rose from about 34% to 39% and every segment's margin widened. The cost that is rising is factories: spending on plant has reached about 4% of sales.
The evidence under this - 4 claims
Twelve-month capital spending was 4.0% of sales already (C12), so the guide is a step up.
The last report (29 Jul)
Quarter ended June 2026, filed figures.
In the third quarter of 2026 sales rose 65% to a record $10.2B, 37% without acquisitions, and new orders were $12.2B, more than it shipped. The data-centre segment grew 51% without acquisitions with a margin of 33.1%, and operating margin was 29.5%.
Management expects fourth-quarter sales of $10.3-10.5B and says IT datacom, now 48% of sales, rose 30% from the second quarter and should rise a mid-single-digit percent more. It also bought a fourth company and raised the CommScope outlook to $5.1B of sales.
What it did to the thesisIt showed the AI demand is still growing and that CommScope earns more than planned. The pace of growth is slowing, with IT datacom's next rise forecast at a mid-single-digit percent, and the price already pays for the build lasting.
The quarter in detail
Sales growth from the previous quarter, filed figures.
Earnings per share $0.68 against $0.59 expected; $1.37 as filed, the gap being what the company adds back.
The evidence under this - 4 claims
- Sequential adjusted operating margin slipped 10 basis points because the second quarter held a larger tariff recovery.
- Book-to-bill fell from 1.23 to 1.19 and organic growth, at 37%, is for the second time above the first-half rate only because IT datacom accelerated.
- A mid-single-digit sequential rise is a sharp slowdown from 30% in IT datacom, so the growth rate is falling even as sales rise.
- Management guides conservatively: the third-quarter sales ended about 9% above the high end of the guide.
- The end-market split is stated on the call and not filed; the segments do not map one to one onto it.
- The growth is concentrated in one market whose customers are a handful of cloud and AI spenders.
- 2026-10-28editedexpired at the print: re-sourced from the third-quarter call, IT datacom now 48% of sales and up 30% sequentially
- Accretion is measured on adjusted EPS, which excludes the inventory step-up and acquisition costs.
- The outlook was raised after only two quarters of ownership.
- 2026-10-28editedthe third-quarter release raised the CommScope outlook again, from $4.6B to $5.1B of sales
What management did with the money
Amphenol buys companies all the time and paid about $10.5B in cash for CommScope's fibre business in January 2026, borrowing to do it. It buys back shares to offset staff options and pays a dividend, but has not issued shares for deals.
Insiders in 2026Q3: 7 purchases and 14 sales, from their Form 4 filings.
The evidence under this - 4 claims
The price, and where we disagree
In short. Full. The price pays for the AI build lasting well beyond next year, and leaves little room for a pause in orders that customers can cancel.
In January 2026 the shares fell 12% in a day on worries that growth was slowing. Amphenol then beat its forecast by about 9% twice and the shares hit a record in October. Over the year sales per share grew faster than the price, so the shares got cheaper per dollar of sales.
The third-quarter report on 28 October 2026 beat the $9.3-9.4B forecast with $10.2B. The next check is the fourth-quarter report in late January 2027, against a forecast of $10.3-10.5B.
The evidence under this - 4 claims
- A mid-single-digit sequential rise is a sharp slowdown from 30% in IT datacom, so the growth rate is falling even as sales rise.
- Management guides conservatively: the third-quarter sales ended about 9% above the high end of the guide.
How we read the multiple
A buyer pays about $209B for the business including its debt: about 27 times last year's operating profit.
To earn 9 cents a year on each dollar paid, a common rule of thumb for what a share should return, Amphenol must:
- Grow its cash, about $4.71B last year, about 6.6% a year for ever.
- Do that after two years of growth near 50%, from margins at a record.
- That needs AI orders to keep coming without a long pause.
Against its own history. It costs less per dollar of sales than a year ago, because sales grew faster than the price, not because the market grew wary.
The evidence under this - 5 claims
- Twelve-month earnings include CommScope for only half a year, so forward multiples are lower: about 24 times analysts' 2027 EPS (C31).
- Margins are at a cyclical high on AI demand, so trailing profit may overstate the normal level.
- Orders may generally be cancelled before shipment, so the backlog is not a contract.
- Short lead times in communications and distribution mean much of a quarter's sales is booked inside it.
Priced against its rivals
The competitors its own annual report names, each confirmed against the rival's filing. Measured on company value for each $1 of operating profit, cheapest first:
| Ticker | Company | company value for each $1 of operating profit |
|---|---|---|
| BDC | Belden | 13.3× |
| APTV | Aptiv | 13.9× |
| TEL | TE Connectivity | 18.0× |
| APH | Amphenol | 26.6× |
The middle of the other 3 is 13.9. Amphenol Corporation is dearest of 4.
Rivals' figures come from a data provider, so read the spread of the group rather than any single pair.
Paying more per dollar of profit than for its rivals is this company's own case: they grow far more slowly, and the market pays for AI growth they lack.
Private or foreign rivals that cannot be priced: Molex, Yazaki, Rosenberger, Glenair, Foxconn Interconnect Technology, ICT Luxshare, Jonhon, HUBER+SUHNER.
The bet: what it pays if it works
The bet is on the data-centre segment, which earns most of the profit and grows fastest. Even if it keeps growing quickly for two more years, the whole company would be worth less than today's price at what its rivals cost.
If AI demand stalls, the segment keeps its profit but the shares would lose about half their value. Little upside and real downside: priced for success.
| Communications Solutions operating profit in two to three years | Communications Solutions at their trailing operating profit needed | Valued like its peers | Like the cheapest |
|---|---|---|---|
| $7.24B | about 1 at 100% kept | 0.6× | 0.6× |
| $9.11B (the big win) | about 2 at 100% kept | 0.8× | 0.7× |
| $10.57B | about 2 at 100% kept | 0.9× | 0.8× |
To pay 2× (a Fair bet) it would need about $27.73B of Communications Solutions operating profit (about 5 Communications Solutions at their trailing operating profit); to pay 5× (a Cheap bet), about $73.00B of Communications Solutions operating profit (about 14 Communications Solutions at their trailing operating profit), at the same multiple.
Each row is Communications Solutions alone, plus the rest of the company (Harsh Environment Solutions and Interconnect and Sensor Systems) counted at about $34.04B.
The steps it has to take
- Done Second-quarter orders of $10.7B, up 63% organically
- Done CommScope integrated and its outlook raised to $4.6B
- Done Third-quarter sales inside the $9.3-9.4B guide (came in at $10.2B)
- Not started IT datacom keeps growing sequentially through 2027 due 2027-12
- Not started Communications Solutions earns about $9.1B a year due 2028-06
The detail behind the label
The evidence under this - 6 claims
Corporate costs in the first half of 2026 include a $132.0M inventory step-up and $140.4M of acquisition costs from CommScope, so the twelve-month figure overstates the run rate.
It is a forecast, and capacity can be announced faster than it is built.
- The end-market split is stated on the call and not filed; the segments do not map one to one onto it.
- The growth is concentrated in one market whose customers are a handful of cloud and AI spenders.
- 2026-10-28editedexpired at the print: re-sourced from the third-quarter call, IT datacom now 48% of sales and up 30% sequentially
- A supplier's account of what customers say is an interested party's account; no customer has stated its 2027 spending on interconnect.
- Orders can generally be cancelled before shipment (C17).
- Twelve-month earnings include CommScope for only half a year, so forward multiples are lower: about 24 times analysts' 2027 EPS (C31).
- Margins are at a cyclical high on AI demand, so trailing profit may overstate the normal level.
Where we disagree with the market
Amphenol is the AI connector winner and its shares still look reasonable after two years of growth.
The business is excellent but the price already pays for the AI build lasting; a pause would cut growth and margins together.
Almost every analyst is positive and few investors bet against the shares. We agree the business is excellent. Where we part is the price: it treats AI demand as permanent, while Amphenol's orders can be cancelled and most of its growth comes from a few data-centre spenders.
We could be wrong if orders keep growing above 30% without acquisitions through 2027, running ahead of sales: that would show the build lasting longer than we think.
What analysts say, and the evidence
The evidence under this - 6 claims
- Twelve-month earnings include CommScope for only half a year, so forward multiples are lower: about 24 times analysts' 2027 EPS (C31).
- Margins are at a cyclical high on AI demand, so trailing profit may overstate the normal level.
- Orders may generally be cancelled before shipment, so the backlog is not a contract.
- Short lead times in communications and distribution mean much of a quarter's sales is booked inside it.
- The end-market split is stated on the call and not filed; the segments do not map one to one onto it.
- The growth is concentrated in one market whose customers are a handful of cloud and AI spenders.
- 2026-10-28editedexpired at the print: re-sourced from the third-quarter call, IT datacom now 48% of sales and up 30% sequentially
- A supplier's account of what customers say is an interested party's account; no customer has stated its 2027 spending on interconnect.
- Orders can generally be cancelled before shipment (C17).
- Organic growth slowed from 38% in 2025 to 33% and then 30% in the two quarters of 2026, though orders accelerated.
- Orders may generally be cancelled before shipment (C17), so book-to-bill overstates commitment.
What could go wrong, and how we would know
The risks
- AI demand could pause Virtually all of the recent growth came from AI products, bought by a few large data-centre spenders.
- Orders can be cancelled Customers may generally cancel orders before shipment, so the record pile of waiting orders is not a contract.
- Optics on the chip Optics built onto switch chips, which NVIDIA now ships, could replace some copper and plug-in links.
- Margins at a record Profit margins are at their highest, helped by a one-off tariff refund; a slowdown would squeeze them.
- China and debt Over a third of its factory assets sit in China, and it borrowed about $10.5B to buy CommScope's business.
The evidence under this - 6 claims
- The end-market split is stated on the call and not filed; the segments do not map one to one onto it.
- The growth is concentrated in one market whose customers are a handful of cloud and AI spenders.
- 2026-10-28editedexpired at the print: re-sourced from the third-quarter call, IT datacom now 48% of sales and up 30% sequentially
- Orders may generally be cancelled before shipment, so the backlog is not a contract.
- Short lead times in communications and distribution mean much of a quarter's sales is booked inside it.
Co-packaged optics moves the optical link onto the switch chip and could cut some pluggable and copper links Amphenol sells.
What we still do not know
- How much of the data-centre sales goes to the few largest customers, and on what terms.
- How the AI growth splits between copper and fibre, and which way that mix is moving.
- How big the market is once cables and fibre are counted with connectors: the research firms sell that figure.
The evidence under this - 3 claims
- The end-market split is stated on the call and not filed; the segments do not map one to one onto it.
- The growth is concentrated in one market whose customers are a handful of cloud and AI spenders.
- 2026-10-28editedexpired at the print: re-sourced from the third-quarter call, IT datacom now 48% of sales and up 30% sequentially
NVIDIA ships co-packaged optics switches from 2025-2026 (C27), so the shift has started; a forecast five years out can be wrong in either direction.
Bishop's figure counts connectors only; Amphenol's sales also include cable assemblies, fibre, antennas and sensors, so the two are not the same perimeter.
What would change our view
- Neutral→AttractiveA cheaper price on an unchanged business
It needs all of:
- ○The business becomes cheaper: about 20 times operating profit, from about 27 today.about ≈$60.64 today, 24% below the last close
- ○And orders keep at least matching what it ships.checked at the next results, due by 28 Jan
- Neutral→UnattractiveThe AI build stalls
It needs any of:
- ○New orders fall below what it ships in a quarter.checked at the next results, due by 28 Jan
- ○Or sales growth without acquisitions falls below 10%.checked at the next results, due by 28 Jan
We would also be wrong if
- The data-centre business shrinks two quarters running.
- The operating margin falls below 24% in a quarter.
What is coming
- 31 December 2026 AdvancedPCB and Humanetics Sensors acquisitions close: Whether the $1.6B of acquisitions announced with the third quarter close on schedule and add about $340M of sales without share issuance.
Every dated event ahead
- 31 December 2026 AdvancedPCB and Humanetics Sensors acquisitions close: Whether the $1.6B of acquisitions announced with the third quarter close on schedule and add about $340M of sales without share issuance.
- 1 January 2027 Ryan Fisher takes over Harsh Environment Solutions: Whether the steadier half keeps growing under new leadership.
- 28 January 2027 Fourth-quarter and full-year 2026 results: Whether orders keep growing into 2027, CommScope's full-year contribution, and the backlog at year end.
Since we wrote this
- 28 OctEarningsRecord quarter beat the guide; view held at NeutralSales of $10.2B beat the forecast and the next forecast is higher, but the price at about 27 times operating profit already assumed it.
- 18 OctThesis writtenNeutral, medium convictionAn excellent business riding the AI build, but at about 27 times operating profit the price already assumes the build lasts.
Sources 24
Sources - 24
Every claim above cites one of these, or states the reasoning that derived it. The quote is frozen at the date it was read: a link can rot, and an agent fetch returns a reading of a page rather than the page. Backs counts the whole claim ledger, so it can name a claim this page does not surface.
- S01primarycompany filing2026-02-11products, segments, competition, customers, distribution, backlog, geography, headcount, statements, acquisitions and risk factorsbacksC01C02C05C10C11C12C14C16C17C18C19C20C24C38C39C41
- S02primarycompany release2026-01-282025 sales and organic growth, adjusted EPS, the first-quarter 2026 guidebacksC02C07C11
- S03primarycompany release2026-04-29first-quarter sales, orders, organic growth and the second-quarter guidebacksC03C07
- S04primarycompany release2026-07-29second-quarter sales, orders, segment results, the tariff recovery, buybacks and the third-quarter guidebacksC03C04C06C07C10C15C38
- S05primarycompany filing2026-07-31segment sales and income for both half-years, the CommScope acquisition note, debt, cash, cash flow, share count and buybacksbacksC04C05C10C11C12C13C14C16C28C38C39C42
- S06primarytranscript2026-07-29Second-quarter 2026 earnings call transcript (FMP)data/cache/transcripts/APH-2026Q2.jsonend-market mix and growth, the AI share of growth, CommScope's outlook, the third-quarter market outlook, capital spending and leverage
Virtually all of this growth was driven by sales of AI related products.
backsC06C08C09C13C15C40 - S07primarycompany filing2025-11-12Amphenol named as a primary competitor of TE's Industrial Solutions segment
The Industrial Solutions segment competes primarily against Amphenol, Hubbell, Carlisle Companies, Integer Holdings, Molex, Omron, JST, and Korea Electric Terminal (KET).
backsC21 - S08primarycompany filing2026-02-12Amphenol named first among the principal competitors of Corning's optical communications business
Our principal competitors include Amphenol, Fujikura and their subsidiary America Fujikura Ltd., Sumitomo and Prysmian Group S.p.A.
backsC22 - S09primaryindustry data2026-09-292025 connector shipments of the top 100 makers and of the rest of the industry
The world's top 100 connector manufacturers recorded shipments of $81.386 billion in 2025. This represented 82.1% of the worldwide connector market, up from 81.0% in 2024. The balance of the connector industry had shipments of $17.783 billion in 2025
backsC23C24C43 - S10primaryindustry data2026-03-24the market's 2025 growth
The worldwide electronic connector market expanded by more than $12.7 billion in 2025, delivering a 14.7% increase over 2024 sales, one of the industry's stronger performances in recent years.
backsC23 - S11primaryindustry data2026-09-16data-centre power capacity in 2025 and 2026 and growth expected in 2027
Global data center power demand capacity reached 122.9 GW in 2025 and is estimated to rise to 161 GW in 2026. In 2027, continued CapEx expansion by CSPs and sustained overall server shipments are expected to keep annual growth in data center power demand capacity above 30%.
backsC25 - S12primaryindustry data2026-05-31the share of scale-up links expected to move to co-packaged optics by 2030-2031, and copper's place inside racks
this forecast is based on an assumption that only 10-15% of all scale-up interconnects will migrate to NPO/CPO by 2030-2031. We also expect that the scale-up networks will continue to rely on copper interconnects within the racks and the optical interconnects will be only used for multi-rack connections.
backsC26 - S13primarycompany release2025-03-18when NVIDIA's co-packaged optics switches ship
NVIDIA Quantum-X Photonics InfiniBand switches are expected to be available later this year, with NVIDIA Spectrum-X Photonics Ethernet switches coming in 2026 from leading infrastructure and system vendors.
backsC27 - S14primarycompany release2026-10-18the copper backplane that links the GPUs in a Grace Blackwell rack
DGX Grace Blackwell rack scale systems are rack scale solutions for graphics processing units (GPUs) connected by NVLink through the NVLink passive copper cable cartridge backplane.
backsC27 - S15secondaryvendor data2026-10-18Research pack (FMP market data, FINRA short interest), frozencontent/APH/research-pack.jsonprice, market value, the 52-week range, the price-move decomposition, analyst ratings and estimates, short interest, the cohort and the employee seriesbacksC19C28C29C31C32C33C34
- S17secondarynews2026-01-28the stated reason for the January fall
Amphenol (APH) plunged after an earnings call raised concerns of slowing growth.
backsC34 - S18primarycompany filing2026-10-18every open-market sale and purchase and its Rule 10b5-1 flagbacksC35
- S19primarycompany filing2026-08-06the split's terms and timingbacksC30
- S20primarycompany filing2026-09-04the split taking effect on 2 September 2026 and the $0.125 dividendbacksC30
- S21primarycompany filing2026-04-08executive officers and tenure, beneficial ownership, bonus metrics and long-term paybacksC36C37
- S22primarycompany filing2026-10-06Luc Walter's move and Ryan Fisher's appointment from 1 January 2027backsC36
- S23primaryindustry data2026-09-29the acquisitions of CommScope and other top-100 makers
This will be the last year that CommScope (#19), Smiths Interconnect (#35), or Omnetics (#90) will be represented as standalone companies, as all have been acquired by other top 100 companies.
backsC43 - S25primarycompany release2026-10-28third-quarter sales, orders, margins, cash flow, four acquisitions, the dividend and buyback, and the fourth-quarter and full-year guidebacksC06C08C15C44C45
- S26secondarytranscript2026-10-28segment margins, IT datacom growth and the fourth-quarter outlook, CommScope, and management's answers on demand and margins
On a sequential basis, sales increased by 30% from the second quarter which was substantially better than our expectation for a mid teens increase.
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