No Customer at Ten PercentWide moat

Amphenol (APH) — moat facet

No customer has reached 10% of Amphenol's sales since 2020; the last two that did, in 2018 and 2020, came from a mobile market that has since shrunk to 4% of sales.

Amphenol's revenue concentration is low, and it has been falling. The 10-K states: "No single customer accounted for 10% or more of the Company's net sales during the years ended December 31, 2025, 2024 and 2023"1. The same was true of 2021 and 202223.

Amphenol largest customer as a share of net sales2017below 10%2018about 12%, incl. EMS on its behalf2019below 10%2020about 11%2021-2025below 10% every yearAmphenol Forms 10-K FY2019, FY2021, FY2023 and FY2025, customer concentration notes
Two years above 10% in nine, neither recent.

It was not always so. In 2018, "aggregate sales to the Company's largest customer, including sales of products to EMS companies that the Company believes are manufacturing products on their behalf, represented approximately 12 %" of net sales4. In 2020 the largest customer "accounted for approximately 11% of our net sales"5. Neither was named. The 2020 case came in a year when mobile devices were 15% of sales6, a market that has since shrunk to 4%7.

The broad base is the product of the structure. The company sells "to thousands of original equipment manufacturers (or OEMs) in numerous countries throughout the world"8, plus contract manufacturers, design manufacturers and service providers9. A general manager with a niche has his own customers, and no single one of them can carry the company.

The disclosure has a limit that matters now. It counts legal customers, and a large data-centre builder can buy through several contract manufacturers, each counted separately; the 2018 note shows the company knows how to add them up when it chooses. The AI buyers behind 43% of sales are discussed on The Buyers Behind Forty-Three Percent.

The customer types are spelled out. Besides original equipment makers, the products "are also sold to electronic manufacturing services (EMS) companies, to original design manufacturers (or ODMs) and to service providers, including telecommunications network service providers and web service providers"10. Large customers are handled by key account managers "on a global basis"11, which is how a federation of small businesses serves a multinational buyer without letting any single account dominate.

If a customer reappears above 10% of sales in any year, the 2021-to-2025 record of no concentration will have ended, and the next 10-K will say which market it came from.

Moat trajectory: Holding steady

No customer at 10% in 2021-2025.

The number that tests this moat
Reported
Customers at 10% or more of net sales, full year
0 (2025, and every year 2021-2025); 1 in 2020 at about 11%

Revenue concentration; any customer above 10% would end a five-year record.

Source: Amphenol Form 10-K, FY2025 ↗
References
  1. ReportedThe 10-K states: "No single customer accounted for 10% or more of the Company's net sales during the years ended December 31, 2025, 2024 and 2023".
    Amphenol Corporation Form 10-K for fiscal 2025 (year ended 31 December 2025) - Item 1 business, markets and customers: end markets, applications and customer types. — FY2025 · publ. 11 February 2026 · source ↗
  2. ReportedThe same was true of 2021 and 2022.
    Amphenol Corporation Form 10-K for fiscal 2022 - the three segments adopted on 1 January 2022, segment sales and operating income for 2020-2022 as recast, end-market shares and backlog. — FY2022 · publ. February 2023 · source ↗
  3. ReportedThe same was true of 2021 and 2022.
    Amphenol Corporation Form 10-K for fiscal 2023 - end-market shares, China sales, employees, general managers and backlog for 2023. — FY2023 · publ. February 2024 · source ↗
  4. ReportedIn 2018, "aggregate sales to the Company's largest customer, including sales of products to EMS companies that the Company believes are manufacturing products on their behalf, represented approximately 12 %" of net sales.
    Amphenol Corporation Form 10-K for fiscal 2019 - the five-year selected financial data for 2015-2019, the largest customer at about 12% of 2018 sales, China sales and backlog. — FY2019 · publ. February 2020 · source ↗
  5. ReportedIn 2020 the largest customer "accounted for approximately 11% of our net sales".
    Amphenol Corporation Form 10-K for fiscal 2021 - the MTS and Halo acquisitions, the largest customer at about 11% of 2020 sales, China sales and backlog. — FY2021 · publ. February 2022 · source ↗
  6. ReportedThe 2020 case came in a year when mobile devices were 15% of sales, a market that has since shrunk to 4%.
    Amphenol Corporation Form 10-K for fiscal 2020 - employees, general managers, end-market shares and backlog for 2020. — FY2020 · publ. February 2021 · source ↗
  7. ReportedThe 2020 case came in a year when mobile devices were 15% of sales, a market that has since shrunk to 4%.
    Amphenol second-quarter 2026 earnings call transcript (Motley Fool) - end-market shares and growth, CommScope, orders, debt and leverage - end-market shares and growth. — Q2 2026 · publ. August 2026 · source ↗
  8. ReportedThe company sells "to thousands of original equipment manufacturers (or OEMs) in numerous countries throughout the world", plus contract manufacturers, design manufacturers and service providers.
    Amphenol Corporation Form 10-K for fiscal 2025 (year ended 31 December 2025) - segment note (Note 13): segment sales and operating income, geography and sales channel. — FY2025 · publ. 11 February 2026 · source ↗
  9. ReportedThe company sells "to thousands of original equipment manufacturers (or OEMs) in numerous countries throughout the world", plus contract manufacturers, design manufacturers and service providers.
    Amphenol Corporation Form 10-K for fiscal 2025 (year ended 31 December 2025) - segment note (Note 13): segment sales and operating income, geography and sales channel. — FY2025 · publ. 11 February 2026 · source ↗
  10. ReportedBesides original equipment makers, the products "are also sold to electronic manufacturing services (EMS) companies, to original design manufacturers (or ODMs) and to service providers, including telecommunications network service providers and web service providers".
    Amphenol Corporation Form 10-K for fiscal 2025 (year ended 31 December 2025) - Item 1 business, strategy and operations: general managers, manufacturing, research, employees. — FY2025 · publ. 11 February 2026 · source ↗
  11. ReportedLarge customers are handled by key account managers "on a global basis", which is how a federation of small businesses serves a multinational buyer without letting any single account dominate.
    Amphenol Corporation Form 10-K for fiscal 2025 (year ended 31 December 2025) - Item 1 business, markets and customers: end markets, applications and customer types. — FY2025 · publ. 11 February 2026 · source ↗
Sources
Generated September 28, 2026