Amphenol
The Company’s strategy is to provide our customers with comprehensive design capabilities, a broad selection of products and a high level of quality and service on a worldwide basis, while maintaining continuing programs of productivity improvement and cost control.
10-K, Feb 11, 2026
Source and method
In the company’s words: first descriptive sentence of 10-K Item 1, verbatim (extractive). Item 1 · Business · 10-K · 0001104659-26-013549 · filed Feb 11, 2026
Business
How does Amphenol make money?
Interconnect Products And Assemblies is 95.3% of revenue.
Source and method
Revenue by segments, FY2019.
annual report FY2019 · 0001558370-20-000728 · shares derived = part / total revenue
Calculated: share = part revenue ÷ total revenue ($8.2B).
- Interconnect Products And Assemblies: $7.8B · 95.3%
- Cable Products And Solutions: $385M · 4.7%
- Other: $0.00 · 0.0%
What is left of every $100?
Of every $100 in revenue, $18 is net income.
Source and method
Of every $100 of revenue, FY2025.
Calculated: amount ÷ revenue × 100.
- Revenue: $23.1B
- Gross profit: $8.5B
- Operating income: $5.9B
- Net income: $4.3B
- Free cash flow: $4.4B
Where do customers sit?
34.6% of revenue is from United States.
Source and method
Revenue by region, latest annual report.
10-K · 0001104659-26-013549 · XBRL revenue by country · one level, shares add up to 100.0% · derived
Calculated: share = region revenue ÷ total revenue.
In the company’s words ›
“The Company aligns its businesses into three reportable business segments: (i) Communications Solutions, (ii) Harsh Environment Solutions and (iii) Interconnect and Sensor Systems.”
“This alignment and segment structure reinforces the Company’s entrepreneurial culture and enables clear accountability of each of our business unit general managers, while enhancing the scalability of Amphenol’s business for the future.”
“The Company has three segment managers who lead their respective reportable business segments, each reporting directly to the Company’s Chief Executive Officer.”
Item 1 · Business · 10-K · 0001104659-26-013549 · filed Feb 11, 2026
Where did the growth actually come from?
One segment: 102% of growth; others shrank.
Amphenol redrew its segments in FY2017.
Source & method
- Counted
- Segment revenue as filed, first and last fiscal year of the range.
- Formulas
- Change = segment revenue (to) − segment revenue (from); share of growth = change / total revenue change (calculated). Not allocated = total revenue − sum of reported segments (calculated, never filled in).
- Guards
- Segment break: if the company redrew its segments inside the range, no share of growth is claimed. Breaks: segments redrawn between FY2016 and FY2017. Values marked “calculated” are derived by Hollsteen, not taken verbatim from a filing.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
Thesis
Why do people invest?
1 reason in the company’s own words.
Position (in the company’s words)
“With our industry-leading high-speed, power and active and passive fiber optic interconnect technologies, together with superior simulation and testing capability and cost effectiveness, Amphenol is a market leader in interconnect development for the information technology and data communications (“IT datacom”) market.”
Item 1 · Business · 10-K · 0001104659-26-013549 · filed Feb 11, 2026
Source and method
Verbatim · selection. Sentences selected by rules from the 10-K and checked word for word against it; no AI summary. Not investment advice, not a recommendation, no forecast.
1 of 1 points met the selection rules (score, subject = the metric, quoted number within ±10% of the stored value).
KPIs
How fast is revenue growing?
Revenue grew 52% to $23.1B.
Revenue grew 55% YoY to $8.8B.
Source & method
- Counted
- Total revenue, as filed in 10-K / 20-F / 10-Q XBRL.
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
Did the growth reach the shareholder?
Per share, revenue grew 77.9%.
Source & method
- Counted
- Revenue and weighted-average diluted shares, as filed, first and last fiscal year of the range.
- Formulas
- Revenue per diluted share = revenue / diluted shares; growth = (to / from) − 1. All three changes are calculated.
- Guards
- IPO: if the start year ended more than 365 days before the first SEC filing and diluted shares then rose ≥25%, the range is hidden by default (Options → Include IPO-distorted periods). Values marked “calculated” are derived by Hollsteen, not taken verbatim from a filing.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
How profitable is it?
25.4% operating margin, up from 20.7%.
36.9% gross margin, up from 33.8%.
Operating income grew 86% to $5.9B.
Net income grew 76% to $4.3B.
R&D grew 43% to $647M.
SG&A grew 37% to $2.5B.
EPS diluted grew 74% to $3.34.
29.5% operating margin, up from 25.1%.
40.5% gross margin, up from 36.3%.
Operating income grew 82% YoY to $2.6B.
Net income grew 62% YoY to $1.8B.
SG&A grew 51% YoY to $940M.
EPS diluted grew 59% YoY to $1.37.
Source & method
- Counted
- Income statement items, as filed.
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated. Values marked “calculated” are derived by Hollsteen, not taken verbatim from a filing.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
How much cash does it make, and where does it go?
Keeps $19 of every $100 as free cash.
Operating cash flow grew 91% to $5.4B.
Capex grew 50% to $997M.
Buybacks fell 3.5% to $665M.
Dividends grew 35% to $802M.
Stock-based compensation grew 24% to $135M.
Free cash flow grew 7.3% YoY to $1.2B.
Operating cash flow grew 9.9% YoY to $1.6B.
Capex grew 20% YoY to $356M.
Buybacks grew 30% YoY to $208M.
Dividends grew 54% YoY to $307M.
Stock-based compensation grew 45% YoY to $45.4M.
Source & method
- Counted
- Cash flow statement items, as filed; free cash flow = operating cash flow − capex (calculated).
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
How strong is the balance sheet?
$11.1B cash vs $15.5B debt.
Total debt grew 125% to $15.5B.
Interest expense grew 69% to $368M.
Total assets grew 69% to $36.2B.
Equity grew 37% to $13.4B.
Cash grew 47% YoY to $4.7B.
Total debt grew 133% YoY to $18.8B.
Interest expense grew 164% YoY to $214M.
Total assets grew 75% YoY to $44.8B.
Equity grew 34% YoY to $15.5B.
Source & method
- Counted
- Balance sheet items at fiscal year end, as filed; total debt is derived from reported components (excl. operating leases).
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
Dependencies
Who does Amphenol depend on?
No customer above the disclosure threshold.
Customers, suppliers, stakes and mentions ›
Only what filings state. Anonymous customers stay anonymous.
Largest customers (Amphenol annual report)
No customer with a reported share of revenue (the 10-K names none above the disclosure threshold).
Suppliers named by Amphenol
No supplier among the covered companies is named in the filings.
Amphenol holds stakes in
No stake in a covered company found in SEC filings.
Others name Amphenol
2 competitor mentions (e.g. Corning, TE Connectivity) in covered companies’ filings. Mentions, not confirmed relationships.
Risks
What could go wrong?
4 of 22 risk factors, one per theme.
Supply chain and manufacturing
“The Company and certain of its suppliers and customers have experienced, and may in the future experience, difficulties obtaining certain raw materials and components, and the cost of certain of the Company’s raw materials and components may increase.”
Item 1A · Risk Factors · 10-K · 0001104659-26-013549 · filed Feb 11, 2026
Competition
“The Company encounters competition in all areas of our business.”
Item 1A · Risk Factors · 10-K · 0001104659-26-013549 · filed Feb 11, 2026
Trade, government policy and geopolitics
“The Company is exposed to political, economic, military and other risks related to operating in countries outside the United States, and changes in general economic conditions, geopolitical conditions, U.S. and other countries’ trade policies and other factors beyond the Company’s control may adversely impact its business and operating results.”
Item 1A · Risk Factors · 10-K · 0001104659-26-013549 · filed Feb 11, 2026
Security, defects and outages
“Cybersecurity incidents affecting our information technology systems could disrupt business operations or cause the release of highly sensitive confidential or personal information, resulting in adverse impacts to our reputation and operating results and potentially leading to litigation and/or governmental investigations, fines and other penalties.”
Item 1A · Risk Factors · 10-K · 0001104659-26-013549 · filed Feb 11, 2026
Source and method
Short verbatim quotes from the risk factors in Item 1A, one per theme (a partial selection). Full list: 10-K.
Who’s invested
Who owns more than 5%?
Vanguard Capital Management LLC holds 7.47%.
Vanguard Capital Management LLC7.47%
13G · as of Mar 31, 2026 · filed Apr 29, 2026
Fmr LLC5.7%
13G/A · as of Jun 30, 2026 · filed Aug 6, 2026
BlackRock Inc.8.2% (then)
13G/A · filed Jan 25, 2024 · older than 18 months, current position unknown
Source and method
Holders above 5% from Schedule 13G/13D, SEC filings only. “(then)”: reported in a filing older than 18 months; the current position is not known from SEC 13G/13D data.
2 filings reporting a stake below 5% (e.g. after selling) not listed.
13F holders and insider trades ›
Largest institutional holders, 13F, quarter ending Jun 30, 2026
BlackRock, Inc.8.7%
101.3M shares · 13F filed Aug 7, 2026 · share of 13F-reported
Vanguard Capital Management LLC6.9%
80.3M shares · 13F filed Aug 13, 2026 · share of 13F-reported
Fmr LLC6.0%
70.6M shares · 13F filed Aug 13, 2026 · share of 13F-reported
State Street Corp5.1%
59.5M shares · 13F filed Aug 7, 2026 · share of 13F-reported
Capital International Investors3.7%
43.0M shares · 13F filed Aug 12, 2026 · share of 13F-reported
2,327 13F filers report positions. 13F covers managers with over $100M in US equities; it is not a full shareholder list, and shares are not a percentage of shares outstanding. 1 large filing with inconsistent reported value per share left out.
Insiders, last 12 months (Form 4, open market)
1 purchases · 25 sales · $512M sold
Grants, gifts and tax withholding counted separately · window Oct 13, 2025 – Oct 13, 2026
All metrics
All metrics · 35 SEC metrics, FY2016–FY2025
Income statement 11
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cost of revenue | ||||||||||
| D&A | ||||||||||
| Discontinued operations | not reported | not reported | not reported | not reported | not reported | |||||
| Gross profit | ||||||||||
| Income taxes | ||||||||||
| Interest expense | ||||||||||
| Net income | ||||||||||
| Operating income | ||||||||||
| Research and development | ||||||||||
| Revenue | ||||||||||
| SG&A | ||||||||||
Balance sheet 9
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | ||||||||||
| Current liabilities | ||||||||||
| Current portion of long-term debt | ||||||||||
| Equity | ||||||||||
| Equity incl. NCI | ||||||||||
| Long-term debt | ||||||||||
| Total assets | ||||||||||
| Total debt calc. | ||||||||||
| Total liabilities & equity | ||||||||||
Cash flow 7
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Buybacks | ||||||||||
| Capex | ||||||||||
| Dividends | ||||||||||
| Free cash flow calc. | ||||||||||
| Interest paid | ||||||||||
| Operating cash flow | ||||||||||
| Stock-based compensation | ||||||||||
Per share & shares 4
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| EPS basic | ||||||||||
| EPS diluted | ||||||||||
| Wtd. shares basic | ||||||||||
| Wtd. shares diluted | ||||||||||
Other 4
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| NCI income | not reported | |||||||||
| Other income (incl. interest) calc. | ||||||||||
| Pretax income | ||||||||||
| Total liabilities | ||||||||||
Method
extractive: verbatim sentences selected by rules from Item 1, 1A and 7; no AI summary; every sentence matched verbatim against the filing text. Numbers: Hollsteen SEC dataset. Every value opens its SEC source · version history of all values