Amphenol Corporation (APH) — Fundamental Analysis & Key Financial Ratios

Kaplio's reading: Amphenol Corporation

Updated on October 31, 2026 · accounts published on October 28, 2026

A fast-growing business with record margins and high returns on capital

Amphenol trades at a P/E of 34.4 over the last 12 months, 9 % above its sector median, with revenue up 52 % and EPS up 74 % year on year.

• Is Amphenol expensive or cheap? Amphenol's P/E of 34.4 is 9 % above its sector median of 31.5, while EV/EBITDA of 19.6× sits below its five-year average of 21.4×.
• How is the business doing? Revenue grew 52 % over the last 12 months and the operating margin reached 28 %, well above the 21 % average of 2014-2025.
• How strong is the balance sheet? Net debt was $3.64 per share in fiscal 2025, under 5 % of the share price and 0.6× EBITDA.
• What to expect from the next earnings? Next results due January 27, 2027; analysts expect EPS of $0.77, after eight straight quarterly beats.
• Does it grow with real cash or by diluting shareholders? Stock-based pay was 0.0 % of revenue in fiscal 2025, while free cash flow reached 19 % of revenue, just under the 20 % bar.

Is Amphenol expensive or cheap?

Over the last 12 months Amphenol trades at a P/E of 34.4, a 9 % premium to the 31.5 median of 317 sector peers, which leaves an earnings yield of only 2.4 % and a free cash flow yield of 2.5 %. The cash-flow multiple tells a calmer story: EV/EBITDA of 19.6× is about 8 % below its five-year average of 21.4×, inside the band that counts as neither cheap nor expensive. Price to book of 11.4× reflects high returns more than hard assets. The stock is up 15 % over 12 months yet sits 11 % below its 52-week high of $88.62. The market is paying a premium for growth, not offering a discount.

How is the business doing?

Over the last 12 months revenue rose 52 % year on year and EPS 74 %, so profits are growing faster than sales. The operating margin of 28 % compares with an average of 21 % across fiscal 2014-2025, and fiscal 2025's 26 % was already the best of those twelve years, so the current level extends a record rather than recovering one. Returns confirm the quality: ROIC of 17.2 % over the last 12 months is 9.0 points above the 8.1 % median of 457 sector companies, and it stayed above 10 % in nine of the last ten fiscal years, with 8.3 % in 2017 the low point. ROE stands at 40 %.

How strong is the balance sheet?

Debt to equity of 1.04 over the last 12 months looks heavy on its own, but cash covers most of it: fiscal 2025 debt of $13.03 per share against $9.39 of cash leaves net debt of $3.64, 4.6 % of the current price and 0.6× EBITDA, well inside the 2.0× that tech hardware tolerates. A current ratio of 1.94, an Altman Z of 6.4 in the safe zone and a Piotroski score of 7 of 9 point the same way. The dividend yields only 0.6 %, but it has risen for 11 consecutive fiscal years through 2025, and a fiscal 2025 payout of 19 % of earnings leaves ample room to keep raising it.

What to expect from the next earnings?

Amphenol has beaten EPS estimates in each of the last 8 quarters, most recently on October 28, 2026, with $0.80 against $0.73 expected, a 9.7 % surprise. The bar for January 27, 2027 is EPS of $0.77, slightly below the latest quarter. Estimates are drifting up: over the last 30 days the 2026 EPS consensus rose 1.0 %, from $2.66 to $2.69 among 10 analysts, and the revenue consensus gained 0.5 %. Of 30 analysts, 16 rate it a buy, 13 a hold and 1 a sell. With a P/E above its sector, the streak of beats is part of what the price already assumes.

Does it grow with real cash or by diluting shareholders?

In technology, generic ratios miss what matters: growth, pricing power and dilution from stock-based pay, which can make reported earnings look better than what shareholders actually keep. Amphenol grew revenue per share 21.4 % a year over fiscal 2022-2025, above the 15 % healthy mark, and stock compensation was 0.0 % of fiscal 2025 revenue, far below the 10 % ceiling, so the growth is not being paid for in shares. Gross margin of 36.9 % in fiscal 2025 clears the 35 % hardware bar only narrowly, a sign of moderate pricing power. Free cash flow at 19.0 % of revenue sits just shy of the 20 % threshold: real cash, but a point to watch.

How this was prepared: the data comes from companies' official filings, collected by a professional provider, and from Kaplio's analysis engine (trailing-12-month ratios, 10 years of history and sector medians computed across US-listed companies). The text is written from that data alone, every figure is checked against it before publication, and it is reviewed when the company reports results. This is not investment advice.