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Amphenol

No base rate yet — APH has 2 graded prints on the record, and the bar is 3.Website
Ticker
APH
Beat
hardware
Size
Public Company
Revenue
$8.8B
as of Jul 2026
Cash
$4.7B
as of Jul 2026
Researched · Fresh
1 day ago

A 90-year connector compounder that the market has re-rated into an AI-infrastructure growth stock — the business is exceptional and the AI cycle is real, but at ~34x forward EPS and 50% above its own decade-average multiple, the price already pays Amphenol to keep printing 30%+ organic growth, leaving no cushion if hyperscaler capex normalizes.

Orbit · who it trades with and competes with
2 on the rings · 1 trade · 1 rival
4 mentions across our dossiers
Focus · Hardware
Amphenol
APH · public
No published house view
Trades with
Competes with
Next prints in its web
Links · 2 companies · 1 trade · 1 rival
“- Downstream cable assemblers (the physical AEC is Credo silicon + a copper cable built by an assembler) — the key named rival-aligned assembler is Amphenol, which partners with Marvell on competing AEC DSP silicon.”Credo Technology · RIVAL · from Credo Technology’s dossier
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Price

Weekly closes

APH · weekly close
79.30 USD+7.0%
Friday 30 Oct 2026 · last 52 Fridays 61.81–87.24
pick a pin
Every pin is a dated row
Solid: filed with the SEC, settled at FINRA, or a recorded split. Hollow: the scheduled print, past the last close, never a price.
Height is the close · the ribbon is the stored record, a missing week a missing point · a pin stands on its Friday
  1. Short interest: 27,069,569 sh · 2.58 days to cover, FINRA · settled 15 Oct 2026
  2. Next print: in 84 days, Scheduled · 26 Jan 2027, scheduled
79.30USD+7.0%hardware -0.4%APH · 112 weekly closes to 2026-10-30

Who is buying

Shares sold shortFINRA · settled 15 Oct 2026
27,069,569 shares
Days to unwind the shortFINRA · settled 15 Oct 2026
2.58
see the whole series
Financials

The reported figures

Revenue · quarterly
$8.8B
latest, Q2 ’26 · 12 periods stored
Filed · primary
Q2 ’26
$8.8B USD
as of 31 Jul 2026 · fiscal FY2026-Q2
Source: 10-q-2026-q2
Solid = filed (primary) · hollow dashed = estimate · a dashed floor tick is a period with no figure held · quarterly and annual never share an axis
Amphenol, quarterly figures held, Q3 ’23 to Q2 ’26
PeriodAs ofRevenueGross marginOperating marginFree cash flowCapexCashNet debtShares outstandingGradingSource
Q3 ’2330 Sept 2023$3.2B USD—20.6% share of revenue$543M USD$74.7M USD$1.5B USD—598.3M sharesFiled · primarysec.gov
Q4 ’2331 Dec 2023$3.3B USD—20.7% share of revenue$737M USD$105M USD$1.5B USD—599.9M sharesFiled · primarysec.gov
Q1 ’2431 Mar 2024$3.3B USD—21.0% share of revenue$505M USD$94.3M USD$1.9B USD—600.6M sharesFiled · primarysec.gov
Q2 ’2430 Jun 2024$3.6B USD—19.4% share of revenue$523M USD$141M USD$1.3B USD—1.20B sharesFiled · primarysec.gov
Q3 ’2425 Oct 2024$4.0B USD33.6% share of revenue20.3% share of revenue—$230M USD$1.6B USD——Filed · primary10-q-2024-q3
Q4 ’2412 Feb 2025$4.3B USD34.3% share of revenue22.1% share of revenue—$200M USD$3.3B USD——Filed · primary10-k-2024-q4
Q1 ’252 May 2025$4.8B USD34.2% share of revenue21.3% share of revenue—$189M USD$1.7B USD—1.21B sharesFiled · primary10-q-2025-q1
Q2 ’2531 Jul 2025$5.7B USD36.3% share of revenue25.1% share of revenue—$297M USD$3.2B USD—1.22B sharesFiled · primary10-q-2025-q2
Q3 ’2530 Oct 2025$6.2B USD38.1% share of revenue27.5% share of revenue—$257M USD$3.8B USD——Filed · primary10-q-2025-q3
Q4 ’2511 Feb 2026$6.4B USD38.2% share of revenue26.8% share of revenue—$254M USD$11.1B USD—1.23B sharesFiled · primary10-k-2025-q4
Q1 ’261 May 2026$7.6B USD36.8% share of revenue24.0% share of revenue$830M USD$292M USD$4.1B USD$14.6B USD1.23B sharesFiled · primary10-q-2026-q1
Q2 ’2631 Jul 2026$8.8B USD40.5% share of revenue29.5% share of revenue$1.2B USD$356M USD$4.7B USD$13.4B USD1.24B sharesFiled · primary10-q-2026-q2

Amphenol’s figures as the company reported them in its filings. Quarters are calendar quarters, so a company whose year ends in January shows each fiscal quarter under the calendar quarter it falls in. An empty slot is a quarter we hold no figure for.

Revenue · quarterlyQ3 ’23 – Q2 ’26
$8.8B+55% vs Q2 ’25

Q2 ’26 · as of Jul 2026

Revenue Q3 ’23: $3.2B, as of Sep 2023Revenue Q4 ’23: $3.3B, as of Dec 2023Revenue Q1 ’24: $3.3B, as of Mar 2024Revenue Q2 ’24: $3.6B, as of Jun 2024Revenue Q3 ’24: $4.0B, as of Oct 2024Revenue Q4 ’24: $4.3B, as of Feb 2025 (Q4 worked out from the annual total)Revenue Q1 ’25: $4.8B, as of May 2025Revenue Q2 ’25: $5.7B, as of Jul 2025Revenue Q3 ’25: $6.2B, as of Oct 2025Revenue Q4 ’25: $6.4B, as of Feb 2026 (Q4 worked out from the annual total)Revenue Q1 ’26: $7.6B, as of May 2026Revenue Q2 ’26: $8.8B, as of Jul 2026

Lighter bars: Q4 worked out as the full-year total minus the three reported quarters.

Operating margin · quarterlyQ3 ’23 – Q2 ’26
29.5%+4.4 pts vs Q2 ’25

Q2 ’26 · as of Jul 2026

Operating margin Q3 ’23: 20.6%, as of Sep 2023Operating margin Q4 ’23: 20.7%, as of Dec 2023Operating margin Q1 ’24: 21.0%, as of Mar 2024Operating margin Q2 ’24: 19.4%, as of Jun 2024Operating margin Q3 ’24: 20.3%, as of Oct 2024Operating margin Q4 ’24: 22.1%, as of Feb 2025 (Q4 worked out from the annual total)Operating margin Q1 ’25: 21.3%, as of May 2025Operating margin Q2 ’25: 25.1%, as of Jul 2025Operating margin Q3 ’25: 27.5%, as of Oct 2025Operating margin Q4 ’25: 26.8%, as of Feb 2026 (Q4 worked out from the annual total)Operating margin Q1 ’26: 24.0%, as of May 2026Operating margin Q2 ’26: 29.5%, as of Jul 2026

Lighter bars: Q4 worked out as the full-year total minus the three reported quarters.

Cash · quarterlyQ3 ’23 – Q2 ’26
$4.7Bdebt $18.8B

Q2 ’26 · as of Jul 2026

Cash Q3 ’23: $1.5B, as of Sep 2023Cash Q4 ’23: $1.5B, as of Dec 2023Cash Q1 ’24: $1.9B, as of Mar 2024Cash Q2 ’24: $1.3B, as of Jun 2024Cash Q3 ’24: $1.6B, as of Oct 2024Cash Q4 ’24: $3.3B, as of Feb 2025Cash Q1 ’25: $1.7B, as of May 2025Cash Q2 ’25: $3.2B, as of Jul 2025Cash Q3 ’25: $3.8B, as of Oct 2025Cash Q4 ’25: $11.1B, as of Feb 2026Cash Q1 ’26: $4.1B, as of May 2026Cash Q2 ’26: $4.7B, as of Jul 2026Debt Q1 ’26: $18.8B, as of May 2026Debt Q2 ’26: $18.8B, as of Jul 2026

CashDebt

Shares outstanding · quarterlyQ3 ’23 – Q2 ’26
1.24B+106% since Q3 ’23

Q2 ’26 · as of Jul 2026

Shares outstanding Q3 ’23: 598.3M, as of Sep 2023Shares outstanding Q4 ’23: 599.9M, as of Dec 2023Shares outstanding Q1 ’24: 600.6M, as of Mar 2024Shares outstanding Q2 ’24: 1.20B, as of Jun 2024Shares outstanding Q1 ’25: 1.21B, as of May 2025Shares outstanding Q2 ’25: 1.22B, as of Jul 2025Shares outstanding Q4 ’25: 1.23B, as of Feb 2026Shares outstanding Q1 ’26: 1.23B, as of May 2026Shares outstanding Q2 ’26: 1.24B, as of Jul 2026

A rising count is dilution: each existing share owns less of the company.

The record

What happened

What happened
DateTypeWhat happenedSource
2026-11-02editorial noteSources added: 0 → 2The dossier's cited-link count grew from 0 to 2 (deep-dive-2026-08-10.md → deep-dive-2026-11-02.md).dossier
2026-11-02editorial noteCapex figure revised: $355.5M → $457.2MCapex moved from $355.5M (deep-dive-2026-08-10.md) to $457.2M (deep-dive-2026-11-02.md).dossier
2026-10-30filing10-Q: Q3 2026, net sales $10.2bnNet sales $10,229.7m for Q3 2026 vs $6,194.4m; net income attributable to Amphenol $2,034.3m vs $1,245.7m; two-for-one stock split distributed 2 Sep 2026.agent:company-events · SEC EDGAR 10-Q
2026-10-28guidance8-K: Amphenol Q3 2026 sales $10.2bn; dividend raised; $4bn buybackQ3 2026 net sales $10,229.7m (+65%, +37% organic); GAAP diluted EPS $0.79, adjusted $0.80. Quarterly dividend raised to $0.15 from $0.125; new three-year $4bn repurchase plan from 1 Jan 2027.agent:company-events · SEC EDGAR 8-K
2026-10-06filing8-K Item 5.02: Harsh Environment Solutions Division president successionLuc Walter, President of the Harsh Environment Solutions Division, moves to SVP, Strategic Programs effective 1 Jan 2027; Ryan Fisher succeeds him as President effective 1 Jan 2027.agent:company-events · SEC EDGAR 8-K
2026-08-10editorial noteVerdict changed: A 90-year connector compounder that the market has re-rated into an AI-infrastructure growth stock — the business is exceptional and the AI cycle is real, but at ~34x forward EPS and…Before (deep-dive-2026-06-20.md): A 90-year connector compounder that the market has re-rated into an AI-infrastructure growth stock — the business is exceptional and the AI cycle is real, but at ~34x forward EPS and 50% above its own decade-average multiple, the price already pays Amphenol to keep printing 30%+ organic growth, leaving no cushion if hyperscaler capex normalizes. After (deep-dive-2026-08-10.md): The Q2 print did the one thing the bear case could not survive — it grew earnings faster than the stock, compressing the forward multiple from ~34x to ~32x while the price rose 5%; the valuation objection is now materially weaker, but a 1.23 book-to-bill built on a single demand wave, an adjusted tax rate stepped up to 27%, cash conversion down to 68%, and an $80.8M CEO sale four days before the split announcement are the four things that decide whether this is a compounder or a peak.dossier
dossier age
1 days
researched 2 Nov 2026 · ring fills at 180
pick a section
Each column is a section of the dossier
Its height is how many times the section names a filing: 15 mentions across 2 sections. A dashed foot names none.
Primary sources
1 of 2 sections name no filing · Enter steps through them
  1. The dossier: Refresh delta (since 2026-08-10), 482 words, 15 filing mentions
  2. The dossier: What held, 73 words, no filing mention
Research

The Amphenol dossier

The verdict

The Q2 print did the one thing the bear case could not survive — it grew earnings faster than the stock, compressing the forward multiple from ~34x to ~32x while the price rose 5%; the valuation objection is now materially weaker, but a 1.23 book-to-bill built on a single demand wave, an adjusted tax rate stepped up to 27%, cash conversion down to 68%, and an $80.8M CEO sale four days before the split announcement are the four things that decide whether this is a compounder or a peak.

Primary sources

SEC filings

Earnings calls

Source documents — open to read in full

Refresh delta (since 2026-08-10)

  1. Q3 2026 actuals: net sales $10,229.7M, +65% USD, +37% organic (Q3 2025: $6,194.4M); acquisitions added 28 points [Form 8-KA filing for something that happened between reports and matters enough to tell shareholders now. Q3, sales growth table]. Orders $12.2B, Book-to-billNew orders divided by orders filled. Above 1 means the backlog is growing; below 1 means the company is working through it faster than it is replacing it. 1.19:1 (Q2: 1.23) [8-K Q3].
  2. Beat the guide the prior dossier recorded. The Q3 guide was sales $9.3-9.4B and adjusted EPS $1.40-1.42 pre-split, sourced; post-split that is. Actual: sales $10,229.7M; GAAP diluted EPS $0.79, +61%; adjusted diluted EPS $0.80, +74% [8-K Q3]. The release says both beat the high end of guidance.
  3. Margins, Q3 2026 [8-K Q3]: gross profit $4,016.2M, gross margin (Q2: 40.5% per the prior dossier). GAAP operating margin 29.5% (Q3 2025: 27.5%); adjusted 29.7%. Adjusted effective tax rate 27.0% (Q3 2025: 27.0%); GAAP rate. Interest expense $212.3M against $80.7M.
  4. Segments, Q3 2026 [8-K Q3, segment table]: Communications Solutions $6,583.0M, +99% USD, +51% organic, margin 33.1% (32.7%). Harsh Environment $2,042.1M, +35%, +29% organic, margin 30.1% (27.1%). Interconnect and Sensor Systems $1,604.6M, +17%, +11% organic, margin 20.0% (20.0%). Communications is of sales against 61.5% in Q2. The release gives no IT datacom split.
  5. Cash conversion improved from Q2. Q3 operating cash flow $2,078.5M, Capital expenditureMoney spent on long-lived things — buildings, machines, servers — rather than on running costs. $457.2M, Free cash flowCash left after paying to run and maintain the business. Unlike profit, it is hard to flatter with accounting choices. $1,622.7M (Q3 2025: $1,215.5M) [8-K Q3]. FCF over net income attributable, against the 68% the prior dossier computed for Q2.
  6. Balance sheet, 2026-09-30 against 2025-12-31 [8-K Q3]: cash plus short-term investments $5,301.4M ($11,434.2M); receivables $7,782.0M ($4,717.1M); inventories $5,264.5M ($3,424.9M); payables $4,871.4M ($2,661.9M); debt $17,870.8M; net debt, against ~$13,392M at Q2 per the prior dossier. Goodwill $17,695.6M plus intangibles $5,344.0M =. Nine-month repayments of debt $2,473.6M.
  7. 2026 guidance raised (guidance, as given in the release): Q4 sales $10.3-10.5B, adjusted diluted EPS $0.81-0.83; full-year sales $36.9-37.1B, adjusted diluted EPS $2.82-2.84, about +70%; excludes the three pending acquisitions [8-K Q3]. CommScope now expected at $5.1B of 2026 sales and $0.18 of adjusted EPS accretion (post-split), above the prior $4.6B and $0.15 [8-K Q3]. The prior dossier recorded the July re-guide as $4.6B and $0.30 pre-split, which is $0.15 post-split.
  8. More acquisitions, about $1.6B combined. Closed Empire Electronics (automotive interconnect, Michigan, about $320M 2026 sales) in early September; signed AdvancedPCB (defense/industrial PCBs, about $270M), Dexgreen (European fiber-to-the-home connectivity, about $90M) and Humanetics Sensors (about $70M); combined price for all four about $1.6B, financed from cash and debt; AdvancedPCB and Humanetics expected to close in Q4 2026, Dexgreen in Q1 2027 [8-K Q3].
  9. Capital returns: Q3 buybacks 3.0M shares for $245M and dividends $308M. The quarterly dividend rises 20% to $0.15 (post-split) from $0.125, payable 2027-01-13. A new three-year $4.0B buyback starts 2027-01-01; the existing $2B plan is to be completed by 2026-12-31 [8-K Q3; 8-K Q3 cover, Item 8.01].
  10. Stock split effected: distributed 2026-09-02, split-adjusted trading from 2026-09-03 [8-K Q3; sec.gov: 8-K 2026-09-04, https://www.sec.gov/Archives/edgar/data/820313/000110465926105485/tm2624775d1_8k.htm].
  11. Harsh Environment leadership change: division president Luc Walter moves to SVP Strategic Programs on 2027-01-01; Ryan Fisher (North American Military Group) succeeds him [sec.gov: 8-K 2026-10-06, https://www.sec.gov/Archives/edgar/data/820313/000110465926114035/tm2627036d1_8k.htm].

What held

  • The seed's Q3 catalyst set the test as "IT datacom organic % and the book-to-bill." Book-to-bill stayed above 1 at 1.19; the release does not give IT datacom organic growth (facts 1, 4).
  • The adjusted tax rate stayed at the 27.0% the prior dossier flagged as a step-up (fact 3).
  • Concentration in Communications Solutions rose again (fact 4); the acquisition programme continues to add goodwill and debt (facts 6, 8).

How our view changed

3 dossiers

Every dossier we have written on Amphenol, newest first.

  1. current

    The Q2 print did the one thing the bear case could not survive

  2. The Q2 print did the one thing the bear case could not survive

  3. A 90-year connector compounder that the market has re-rated into an AI-infrastructure growth stock

Research trail

The research around Amphenol

Covered in the Knowledge Base

Hardware — Memory & Compute Architecture

Company details

IndustrySemiconductors
SizePublic Company
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Others in hardware

5 names

Where Amphenol sits against the other names we cover on this beat. Each line is that company’s verdict, not a summary of it.