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Amphenol Corporation

APH
69
Hardware, Equipment & Parts · Technology
Also trades as: 0HFB.L GBP 0.74 (+2.31%)
Price
$74.09
+1.02 (+1.40%)
Market Cap
$182.70B
Winston Score
69
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Oct 25, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Strong
23/30
Growth
Exceptional
20/20
Cash Flow
Exceptional
9/10
Stability
Good
6/10
Valuation
Good
6/10
Ownership
Weak
2/15
Dividends
Good
3/5

69 of 100 counted points = Winston Score 69.

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Share count rising — dilution

+2.1% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 2.50B (2021) → 2.56B (2025)

§Winston Score History

The full picture

Amphenol makes connectors, cables, and sensors — the small parts that allow electricity and data to flow between components inside electronic devices. Its customers include companies that build military equipment, airplanes, cars, smartphones, data centers, and medical devices. Amphenol is one of the largest connector manufacturers in the world, competing mainly with TE Connectivity and Molex.

The company earns money by selling these components directly to manufacturers, with no subscription model — revenue depends on how many parts customers order. Amphenol operates globally, with significant manufacturing in the United States, China, and Eastern Europe, and generates roughly $15 billion in annual revenue. Its main competitive advantage is its broad product catalog and long-standing customer relationships, which make switching suppliers costly and slow. The biggest growth driver right now is demand from data centers building out artificial intelligence infrastructure, though heavy exposure to China manufacturing remains a meaningful geopolitical risk.

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Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+55.0% YoY

YoY Growth Rate

Revenue accelerating

Reported EPS Growth

+60.0% YoY

Quarterly reporting periods ended:

30 Jun 2025: $0.45

30 Jun 2026: $0.72

Reported/statutory EPS, not adjusted or underlying earnings. One-off items can affect this figure. Provider rounding can affect the growth rate.

YoY Growth Rate

Reported EPS increased year over year

R&D Spend

$647M/ year

↑ Rising (+43% vs prior year)

2.8% of revenue

Below sector average (15%)

R&D investment increasing — building for the future

Insider Activity

0.6%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$5.4B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

Amphenol Corporation grew revenue 55% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale
Gross Margin
40.5%
Healthy — 40.5% gross margin
Profit after running costs
Operating Margin
29.5%
Excellent — 29.5% operating margin
Return on the money invested
ROCE
23.0%
Exceptional — 23.0% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth
Sales YoY
+54.2%
Fast-growing sales (+54.2% YoY)
Profit growth
EPS YoY
+59.7%
Earnings growing fast (+59.7% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is
EPS Consistency
8/8 quarters
Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash
Cash Conversion
114%
Turns 114% of profit into real cash
Spare cash per sale
FCF Margin
16.2%
Converts sales into free cash efficiently (16.2%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns
Debt / Equity
1.21
Elevated debt (1.21)
Covers its interest
Interest Cover
12.48x
Comfortably covers interest (12.5x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
35.3x
Pricey — P/E 35.3

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year
P/E vs Forward
+12.8
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (35.3 → 22.5)

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Dividends

Dividend
Dividend Yield
0.58%
Small dividend — 0.58% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record
Dividend Growth
+32.6%
Dividend growing fast (32.6% YoY)
Payout Ratio
20%
no trend
Pays out a modest share of profit and keeps the rest to reinvest. Room to keep paying through a weak year.

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