Buying Lower Margins and Raising ThemNarrow moat

Amphenol (APH) — moat facet

Amphenol buys businesses earning less than it does, like CommScope's cable unit at 19.7%, and its record is raising them to its own margin.

Amphenol does not buy businesses that are already as profitable as it is; it buys ones it can make more profitable. CommScope's Connectivity and Cable Solutions business earned operating income of $739.6 million on net sales of $3,754.5 million in 2025, a 19.7% margin, on its audited standalone accounts12. Amphenol's own GAAP operating margin that year was 25.4%3, and its Communications Solutions segment, which received the business, earned 31.1%4.

Operating margin, 2025 (%)CommScope CCS, standalone19.7Amphenol, GAAP25.4Communications Solutions segment31.1CCS audited financial statements FY2025; Amphenol Form 10-K FY2025 and Q4 2025 release
The business bought earns about two-thirds of the segment that bought it.

The earlier deals had the same shape. Andrew was expected to earn an EBITDA margin of about 25%5 and CIT about 20%6, both measured before depreciation and amortisation, so their operating margins were lower still.

The record says the gap has usually closed. The Harsh Environment Solutions segment, which absorbed CIT, earned 24.7% in 2024, the year of the deal, and 26.2% in 20257; in the June 2026 quarter, with Trexon also inside it, it earned 30.1%8. Communications Solutions, which absorbed Andrew in 2025, went from 24.8% to 31.1%9, though AI demand did most of that work.

The first half of CommScope is the fresh test. From its purchase to 30 June 2026 the business contributed net income of $190.2 million on net sales of $2,100.9 million10, a 9.1% net margin11, after $179.0 million of amortisation of acquired intangibles12. Amphenol has raised its 2026 accretion estimate for the deal from $0.15 to $0.30 a share on the pre-split basis13.

CommScope's cable business also came in above its seller's forecast. When the deal was announced Amphenol expected 2025 "sales and EBITDA margins of approximately $3.6 billion and 26%"14; the audited accounts show $3,754.5 million of sales15. The system is being asked to improve a business that was already growing. Andrew, bought a year earlier, had "approximately 4,000 talented employees"16. CommScope's cable business had net income of $545.9 million in 202517.

The measure is CommScope's contribution once the purchase accounting fades. A net margin still below 12% in 2027, when inventory step-ups and deal costs are gone, would say the system had not lifted this business the way it lifted the others.

Moat trajectory: Widening

Accretion estimate for CommScope raised from $0.15 to $0.30 (pre-split).

The number that tests this moat
Moat Explorer calc
CommScope net income margin since acquisition
9.1% (9 Jan-30 Jun 2026: $190.2M on $2,100.9M)

Whether the system lifts the largest purchase; below 12% in 2027 would say it has not.

How it's calculated: CommScope net income divided by CommScope net sales from the acquisition date to 30 June 2026, Amphenol Form 10-Q Q2 2026.
Source: Moat Explorer calculation from Amphenol filings ↗
⚠ Threats to the moat
⚠ THREAT 01
Andrew and the Slump in Mobile Networks
Amphenol bought Andrew for $2 billion to serve wireless operators, and organic sales in that market fell 6% in the June 2026 quarter.
References
  1. ReportedCommScope's Connectivity and Cable Solutions business earned operating income of $739.6 million on net sales of $3,754.5 million in 2025, a 19.7% margin, on its audited standalone accounts.
    Audited combined financial statements of CommScope's Connectivity and Cable Solutions business for 2025 and 2024, Amphenol Form 8-K/A exhibit 99.1 (in thousands). — FY2025 · publ. 2026 · source ↗
  2. Moat Explorer calcCommScope's Connectivity and Cable Solutions business earned operating income of $739.6 million on net sales of $3,754.5 million in 2025, a 19.7% margin, on its audited standalone accounts.
    Moat Explorer calculation from Amphenol's reported figures ($ millions unless stated; calendar years; per-share figures adjusted for the two-for-one splits of March 2021, June 2024 and September 2026). Sales growth: 2025 23,094.7 / 15,222.7 - 1 = +51.7%; 2024 15,222.7 / 12,554.7 - 1 = +21.3%; 2023 12,554.7 / 12,623.0 - 1 = -0.5%; 2019 8,225.4 / 8,202.0 - 1 = +0.3%; 2025 increase 23,094.7 - 15,222.7 = 7,872.0, about $7.9bn; 2015-2025 23,094.7 / 5,568.7 = 4.1 times. Operating margin (operating income / net sales): 2015 1,104.7 / 5,568.7 = 19.8%; 2016 1,205.2 / 6,286.4 = 19.2%; 2017 1,427.6 / 7,011.3 = 20.4%; 2018 1,686.9 / 8,202.0 = 20.6%; 2019 1,619.2 / 8,225.4 = 19.7%; 2020 1,638.4 / 8,598.9 = 19.1%; 2021 2,105.1 / 10,876.3 = 19.4%; 2022 2,585.8 / 12,623.0 = 20.5%; 2023 2,559.6 / 12,554.7 = 20.4%; 2024 3,156.9 / 15,222.7 = 20.7%; 2025 5,868.6 / 23,094.7 = 25.4%; average 2015-2024 about 20.0%; Q2 2025 1,418.8 / 5,650.3 = 25.1%; operating income growth 2025 5,868.6 / 3,156.9 - 1 = +85.9%, Q2 2026 2,584.6 / 1,418.8 - 1 = +82.2%. Trailing twelve months to June 2026: sales 23,094.7 - 10,461.3 + 16,378.2 = 29,011.6; net income 4,270.3 - 1,829.1 + 2,702.2 = 5,143.4; operating income 5,868.6 - 2,443.6 + 4,416.4 = 7,841.4, margin 7,841.4 / 29,011.6 = 27.0%; at a 20% margin 29,011.6 x 0.20 = about 5,800, 26% below 7,841.4. Gross margin: 4,084.1 / 12,554.7 = 32.5% (2023); 5,139.7 / 15,222.7 = 33.8% (2024); 8,517.7 / 23,094.7 = 36.9% (2025); 3,548.0 / 8,758.1 = 40.5% (Q2 2026); tariff benefit 80 / 8,758.1 = 0.9 points. Segment margins (segment operating income / external sales): Communications Solutions 871.2 / 4,056.2 = 21.5% (2020), 1,023.3 / 4,832.1 = 21.2%, 1,245.7 / 5,652.4 = 22.0%, 1,063.5 / 4,912.8 = 21.6%, 1,569.6 / 6,323.8 = 24.8%, 3,746.6 / 12,056.0 = 31.1% (2025); Harsh Environment Solutions 556.8 / 2,286.0 = 24.4%, 708.2 / 2,752.2 = 25.7%, 801.6 / 3,107.2 = 25.8%, 943.9 / 3,530.8 = 26.7%, 1,093.2 / 4,417.4 = 24.7%, 1,541.4 / 5,881.7 = 26.2%; Interconnect and Sensor Systems 348.6 / 2,256.7 = 15.4%, 588.1 / 3,292.0 = 17.9%, 716.5 / 3,863.4 = 18.5%, 753.7 / 4,111.1 = 18.3%, 825.9 / 4,481.5 = 18.4%, 1,005.1 / 5,157.0 = 19.5%. Communications Solutions share of segment operating income: 871.2 / 1,776.6 = 49.0% (2020); 1,023.3 / 2,319.6 = 44.1%; 1,245.7 / 2,763.8 = 45.1%; 1,063.5 / 2,761.1 = 38.5%; 1,569.6 / 3,488.7 = 45.0%; 3,746.6 / 6,293.1 = 59.5% (2025); Q2 2026 1,808.3 / (1,808.3 + 559.3 + 318.9 = 2,686.5) = 67.3%; Q2 2025 890.7 / 1,506.7 = 59.1%. Segment operating income growth Q2 2026: Harsh Environment 559.3 / 363.7 - 1 = +53.8%; Interconnect and Sensor 318.9 / 252.3 - 1 = +26.4%. Segment sales growth 2020-2025: Communications Solutions 12,056.0 / 4,056.2 = 2.97 times, 24.3% a year; Harsh Environment 5,881.7 / 2,286.0 = 2.57 times, 20.8% a year; Interconnect and Sensor 5,157.0 / 2,256.7 = 2.29 times, 18.0% a year; Communications Solutions operating income 3,746.6 / 871.2 = 4.3 times; Communications Solutions 2023 4,912.8 / 5,652.4 - 1 = -13.1%; Interconnect and Sensor 2021 3,292.0 / 2,256.7 - 1 = +45.9%, 2023 4,111.1 / 3,863.4 - 1 = +6.4%; Communications Solutions share of net sales 4,056.2 / 8,598.9 = 47% (2020), Q2 2026 5,383.6 / 8,758.1 = 61.5%. Segment costs and geography 2025: gap between segment and consolidated operating income 6,293.1 - 5,868.6 = 424.5, 424.5 / 6,293.1 = 6.7%; 2024 3,488.7 - 3,156.9 = 331.8, 9.5%; 2023 2,761.1 - 2,559.6 = 201.5, 7.3%; depreciation and amortisation 486.9 / (486.9 + 166.5 + 150.0 = 803.4) = 60.6%, 486.9 / 12,056.0 = 4.0%, 166.5 / 5,881.7 = 2.8%, 150.0 / 5,157.0 = 2.9%; Harsh Environment United States 3,211.0 / 5,881.7 = 54.6%, China 508.5 / 5,881.7 = 8.6%, distributors 1,595.8 / 5,881.7 = 27.1%; Interconnect and Sensor China 959.4 / 5,157.0 = 18.6%; Communications Solutions China 2,205.2 / 12,056.0 = 18.3% and 2,205.2 / 3,673.1 = 60.0% of China sales; Q2 2026 Communications Solutions China 698.0 / 515.2 - 1 = +35.5%. Geography: China share of net sales 2,067.3 / 7,011.3 = 29.5% (2017); 2,594.0 / 8,202.0 = 31.6% (2018); 2,306.4 / 8,225.4 = 28.0% (2019); 2,597.5 / 8,598.9 = 30.2% (2020); 3,044.4 / 10,876.3 = 28.0% (2021); 3,265.0 / 12,623.0 = 25.9% (2022); 2,884.0 / 12,554.7 = 23.0% (2023); 3,399.9 / 15,222.7 = 22.3% (2024); 3,673.1 / 23,094.7 = 15.9% (2025); Q2 2026 1,113.0 / 8,758.1 = 12.7%, Q2 2025 882.2 / 5,650.3 = 15.6%; China Q2 growth 1,113.0 / 882.2 - 1 = +26.2%; United States share 2,524.7 / 8,225.4 = 30.7% (2019), 7,987.7 / 23,094.7 = 34.6% (2025), Q2 2026 3,413.8 / 8,758.1 = 39.0%, United States Q2 growth 3,413.8 / 1,937.3 - 1 = +76.2%; long-lived assets in China 1,050.4 / 617.9 - 1 = +70.0% (2025); China cash taxes 579.5 / 1,084.1 = 53.5%; China tax charges 100.0 + 130.0 + 160.0 = 390.0, 390.0 / 5,143.4 = 7.6% of trailing net income. People: employees outside the United States 170,000 - 15,000 = 155,000 (2025), 125,000 - 12,000 = 113,000 (2024); United States share 12,000 / 125,000 = 10% and 15,000 / 170,000 = 9%; employees 170,000 / 74,000 = 2.3 times; net sales per employee 8,225.4 / 74,000 = about $111,000 (2019), 23,094.7 / 170,000 = about $136,000 (2025); net sales per general manager 8,598.9 / 120 = 71.7 (2020), 10,876.3 / 130 = 83.7, 12,623.0 / 130 = 97.1, 12,554.7 / 130 = 96.6, 15,222.7 / 140 = 108.7, 23,094.7 / 140 = 165.0 (2025); people added by CommScope deals about 4,000 + 20,000 = 24,000; SG&A 2,545.7 / 23,094.7 = 11.0% (2025), 1,855.4 / 15,222.7 = 12.2%, 1,489.9 / 12,554.7 = 11.9%, SG&A growth 2,545.7 / 1,855.4 - 1 = +37.2%; Norwitt 8,219,557 x 2 = about 16.4 million shares, x $83.14 = about $1.37bn. Acquisitions: payments 2015-2025 199.8 + 1,305.1 + 265.5 + 158.9 + 937.4 + 50.4 + 2,225.4 + 288.2 + 970.4 + 2,156.4 + 3,818.6 = 12,376.1, plus 10,684.0 in H1 2026 = about $23.1bn; goodwill 17,554.7 / 4,867.1 = 3.6 times; goodwill and intangibles 17,554.7 + 5,288.9 = 22,843.6, 22,843.6 / 44,806.6 = 51.0% (June 2026), 10,575.4 + 2,241.4 = 12,816.8, 12,816.8 / 36,236.9 = 35.4% (December 2025); property 2,932.2 / 44,806.6 = 6.5%; acquisition payments / operating cash flow 937.4 / 1,502.3 = 62.4% (2019), 50.4 / 1,592.0 = 3.2%, 2,225.4 / 1,540.1 = 144.5%, 288.2 / 2,174.6 = 13.3%, 970.4 / 2,528.7 = 38.4%, 2,156.4 / 2,814.7 = 76.6%, 3,818.6 / 5,374.7 = 71.0% (2025); 2025 uses of cash 996.6 capex + 3,818.6 acquisitions + 802.2 dividends + 665.2 buybacks = 6,282.6, above operating cash flow of 5,374.7; dividends and buybacks 802.2 + 665.2 = 1,467.4; price / expected sales CIT 1,995.3 / 900 = 2.2 times, Andrew 2,022.7 / 1,200 = 1.7 times, CommScope CCS 10,500 / 3,754.5 = 2.8 times and 10,500 / 545.9 = 19 times net income; CCS operating margin 739.6 / 3,754.5 = 19.7%; CCS sales growth 3,754.5 / 2,823.2 - 1 = +33.0%; CCS allocation (6,958.0 + 3,289.0) / 10,735.8 = 95%, other net assets 10,735.8 - 6,958.0 - 3,289.0 - 317.0 = 171.8; CCS operating income 739.6 / 10,500 = about 7% of price; CommScope since acquisition 190.2 / 2,100.9 = 9.1% net margin, Amphenol H1 2026 2,702.2 / 16,378.2 = 16.5%, CommScope share of H1 sales 2,100.9 / 16,378.2 = 12.8%; H1 2026 purchase costs 272.4 + 132.0 + 179.0 = 583.4, 583.4 / 190.2 = 3.1 times; acquisition-related expenses 103.4 / 23,094.7 = 0.4% of sales; accretion $0.30 pre-split / 2 = $0.15; acquired and currency growth Q2 2026 55% - 30% = 25 points, industrial 56% - 18% = 38 points; CommScope purchases 2,022.7 + 10,500 = about $12.5bn. Cash and capital: free cash flow / net income 2,159.9 / 1,928.0 = 112.0% (2023), 2,156.9 / 2,424.0 = 89.0% (2024), 4,392.9 / 4,270.3 = 102.9% (2025); operating cash flow 5,374.7 / 1,030.5 = 5.2 times (2015-2025); capital spending / sales 172.1 / 5,568.7 = 3.1% (2015), 360.4 / 10,876.3 = 3.3% (2021), 383.8 / 12,623.0 = 3.0%, 372.8 / 12,554.7 = 3.0% (2023), 665.4 / 15,222.7 = 4.4%, 996.6 / 23,094.7 = 4.3% (2025), 355.5 / 8,758.1 = 4.1% (Q2 2026); long-lived assets 2,864.6 / 2,096.2 - 1 = +36.7%; buybacks 2015-2025 248.9 + 325.8 + 618.0 + 935.2 + 601.7 + 641.3 + 661.7 + 730.5 + 585.1 + 689.3 + 665.2 = 6,702.7; buybacks net of option proceeds 585.1 - 394.5 = 190.6 (2023), 689.3 - 447.4 = 241.9 (2024), 665.2 - 553.0 = 112.2 (2025); diluted shares 316.5 x 8 = 2,532 million (2015), 1,289.2 x 2 = 2,578 million (Q2 2026), +1.8%, 1,272.2 x 2 = 2,544 million (Q2 2025); diluted EPS 2.41 / 8 = $0.30 (2015), 3.34 / 2 = $1.67 (2025), 1.37 / 2 = $0.685 (Q2 2026); net debt 6,886.1 - 3,335.4 = 3,550.7 (2024), 15,502.0 - 11,434.2 = 4,067.8 (2025); November 2025 notes 500 + 750 + 750 + 1,000 + 1,250 + 1,600 + 1,650 = 7,500; interest H1 2026 421.6 / 157.4 = 2.7 times; interest cover 5,868.6 / 367.8 = 16 times (2025), 4,416.4 / 421.6 = 10.5 times (H1 2026); interest / operating income 139.5 / 2,559.6 = 5.5% (2023), 421.6 / 4,416.4 = 9.5% (H1 2026); invested capital 30,639.2 / 18,303.5 = 1.67 times. Markets: IT datacom sales 0.19 x 8,225.4 = about 1,560 (2019), 0.24 x 15,222.7 = about 3,650 (2024), 0.36 x 23,094.7 = about 8,310 (2025), 2025 increase about 4,660 of 7,872.0; industrial 0.19 x 23,094.7 = about 4,390 (2025); mobile devices 0.15 x 8,598.9 = about 1,290 (2020), 0.06 x 23,094.7 = about 1,390 (2025); communications networks = mobile networks + broadband 8 + 4 = 12% (2019), 6 + 4 = 10% (2020), 5 + 4 = 9% (2021), 5 + 5 = 10% (2022), 4 + 4 = 8% (2023), 3 + 3 = 6% (2024); sales outside IT datacom Q2 2026 8,758.1 - 3,800 = about 4,960, Q2 2025 5,650.3 - 3,800 / 1.89 = about 3,640; distributor share 2,092.5 / 12,554.7 = 16.7% (2023), 2,778.2 / 15,222.7 = 18.3% (2024), 4,297.2 / 23,094.7 = 18.6% (2025); end customers and contract manufacturers 18,797.5 / 23,094.7 = 81.4%; backlog 8.9 / 1.720 = 5.2 times (2018-2025), 8.9 / 6.1 - 1 = +45.9%, 8.9 / 23.09 = 38.5% of 2025 sales; market share 23,094.7 / about 500,000 = 4.6%. Valuation: market value / net income 16,100 / 763.5 = 21.1 (2015), 26,810 / 650.5 = 41.2 (2017), 24,410 / 1,205.0 = 20.3 (2018), 39,120 / 1,203.4 = 32.5 (2020), 45,310 / 1,902.3 = 23.8 (2022), 59,310 / 1,928.0 = 30.8 (2023), 83,730 / 2,424.0 = 34.5 (2024), 165,420 / 4,270.3 = 38.7 (2025), 205,020 / 5,143.4 = 39.9 (September 2026); Amphenol / TE Connectivity 205.02 / 63.28 = 3.2 times; value added since 2024 (205.02 - 83.73) / 205.02 = 59%; forward earnings 83.14 / 28.48 = about $2.92, 2.92 / 2.00 - 1 = +46%. More: distributor sales 4,297.2 / 2,092.5 = 2.05 times (2023-2025); SG&A ratio 12.19% - 11.02% = 1.2 points; goodwill 17,554.7 / 44,806.6 = 39% of total assets; Harsh Environment sales 5,881.7 / 2,286.0 = 2.6 times; operating income H1 2026 Communications Solutions 1,389.4 + 1,808.3 = 3,197.7, 3,197.7 / 3,746.6 = 85%; dividend payments 307 against remaining term loan 400.0 = 1.3 quarters; sales growth 2020-2025 23,094.7 / 8,598.9 = 2.7 times; 2019 average quarterly sales 8,225.4 / 4 = about 2,056 against IT datacom Q2 2026 about 3,800; 2025 buyback price 665.2 / 7.4 = about $90 pre-split, $45 post-split; CommScope H1 net income 190.2 / 2,702.2 = 7%; capital spending H1 2026 647.1 / 16,378.2 = 4.0%; industrial 0.25 x 10,876.3 = about 2,720 (2021); Harsh Environment Q2 United States 990.5 / 772.3 - 1 = +28.3%; Interconnect and Sensor Q2 United States 442.9 / 384.5 - 1 = +15.2%, other foreign 826.0 / 677.8 - 1 = +21.9%, China 248.8 / 233.0 - 1 = +6.8%; Communications Solutions Q2 United States 1,980.4 / 780.5 - 1 = +153.7%, other foreign 2,705.2 / 1,614.1 - 1 = +67.6%; United States share Q2 2025 1,937.3 / 5,650.3 = 34.3%; Interconnect and Sensor sales 5,157.0 / 2,256.7 = 2.3 times. Additional: Communications Solutions Q2 2026 less Q1 2026 sales 5,383.6 - 4,534.7 = 848.9 and operating income 1,808.3 - 1,389.4 = 418.9, 418.9 / 848.9 = 49%; Interconnect and Sensor Q2 less Q1 1,517.7 - 1,392.3 = 125.4; Interconnect and Sensor China 959.4 / 986.0 - 1 = -2.7% (2025), segment 5,157.0 / 4,481.5 - 1 = +15.1%; Harsh Environment 2023 3,530.8 / 3,107.2 - 1 = +13.6%; Harsh Environment operating income 1,541.4 / 556.8 = 2.8 times, Interconnect and Sensor 1,005.1 / 348.6 = 2.9 times (2020-2025); China share of long-lived assets 343.1 / 1,195.7 = 28.7% (2019), 455.5 / 1,616.2 = 28.2% (2023); goodwill increase H1 2026 17,554.7 - 10,575.4 = 6,979.3; Q2 2026 sales 8,758.1 / 7,620.1 - 1 = +14.9%; industrial Q2 2026 0.20 x 8,758.1 = about 1,750; China Q2 2026 by segment 698.0 / 1,113.0 = 62.7%; effective tax rate 1,295.4 / 5,600.7 = 23.1% (2025), 570.3 / 3,011.9 = 18.9% (2024); June-quarter buyback price 141 / 2 = 70.50; long-lived assets 2,864.6 / 36,236.9 = 7.9% of total assets; Norwitt salary 1,565,000 / 22,351,288 = 7%; market value 205.02 / 16.10 = 12.7 times since 2015; P/S at end-2015 16,100 / 5,568.7 = 2.9; net debt 2024 3,550.7 / operating income 3,156.9 = 1.1 times; dividends 802.2 / 4,270.3 = 19% of net income; distributor sales 4,297.2 / 2,778.2 - 1 = +54.7%, direct 18,797.5 / 12,444.5 - 1 = +51.0%; CommScope H2 need 4,600 - 2,100.9 = about 2,500; orders 25.4 / 23.09 = 1.1 times sales; EBITDA implied by net leverage 13.4 / 1.3 = about 10.3bn, net debt at 1.0 times about 10.3bn, 13.4 - 10.3 = about 3.1bn less, or 13.4 / 10.3 - 1 = about 30% more earnings; deals per year 970 / 10 = 97, 937 / 9 = 104; Cable Products and Solutions 2021 22.8 / 445.4 = 5.1%; H1 2026 Communications Solutions 4,534.7 + 5,383.6 = 9,918.3; CommScope purchases 2,022.7 + 10,500 = about 12,500 against 12,376.1 for 2015-2025; November notes 7,500; sales 2020 8,598.9 / 8,225.4 - 1 = +4.5%, 2021 10,876.3 / 8,598.9 - 1 = +26.5% - acquisitions, goodwill and the CommScope purchase. — 2015-2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in Amphenol's Forms 10-K and 10-Q, quarterly results releases, earnings calls, XBRL filings and market data; operands shown in the source line.
  3. ReportedAmphenol's own GAAP operating margin that year was 25.4%, and its Communications Solutions segment, which received the business, earned 31.1%.
    Amphenol fourth-quarter and full-year 2025 results release, Form 8-K exhibit 99.1. — FY2025 · publ. 28 January 2026 · source ↗
  4. Moat Explorer calcAmphenol's own GAAP operating margin that year was 25.4%, and its Communications Solutions segment, which received the business, earned 31.1%.
    Moat Explorer calculation from Amphenol's reported figures ($ millions unless stated; calendar years; per-share figures adjusted for the two-for-one splits of March 2021, June 2024 and September 2026). Sales growth: 2025 23,094.7 / 15,222.7 - 1 = +51.7%; 2024 15,222.7 / 12,554.7 - 1 = +21.3%; 2023 12,554.7 / 12,623.0 - 1 = -0.5%; 2019 8,225.4 / 8,202.0 - 1 = +0.3%; 2025 increase 23,094.7 - 15,222.7 = 7,872.0, about $7.9bn; 2015-2025 23,094.7 / 5,568.7 = 4.1 times. Operating margin (operating income / net sales): 2015 1,104.7 / 5,568.7 = 19.8%; 2016 1,205.2 / 6,286.4 = 19.2%; 2017 1,427.6 / 7,011.3 = 20.4%; 2018 1,686.9 / 8,202.0 = 20.6%; 2019 1,619.2 / 8,225.4 = 19.7%; 2020 1,638.4 / 8,598.9 = 19.1%; 2021 2,105.1 / 10,876.3 = 19.4%; 2022 2,585.8 / 12,623.0 = 20.5%; 2023 2,559.6 / 12,554.7 = 20.4%; 2024 3,156.9 / 15,222.7 = 20.7%; 2025 5,868.6 / 23,094.7 = 25.4%; average 2015-2024 about 20.0%; Q2 2025 1,418.8 / 5,650.3 = 25.1%; operating income growth 2025 5,868.6 / 3,156.9 - 1 = +85.9%, Q2 2026 2,584.6 / 1,418.8 - 1 = +82.2%. Trailing twelve months to June 2026: sales 23,094.7 - 10,461.3 + 16,378.2 = 29,011.6; net income 4,270.3 - 1,829.1 + 2,702.2 = 5,143.4; operating income 5,868.6 - 2,443.6 + 4,416.4 = 7,841.4, margin 7,841.4 / 29,011.6 = 27.0%; at a 20% margin 29,011.6 x 0.20 = about 5,800, 26% below 7,841.4. Gross margin: 4,084.1 / 12,554.7 = 32.5% (2023); 5,139.7 / 15,222.7 = 33.8% (2024); 8,517.7 / 23,094.7 = 36.9% (2025); 3,548.0 / 8,758.1 = 40.5% (Q2 2026); tariff benefit 80 / 8,758.1 = 0.9 points. Segment margins (segment operating income / external sales): Communications Solutions 871.2 / 4,056.2 = 21.5% (2020), 1,023.3 / 4,832.1 = 21.2%, 1,245.7 / 5,652.4 = 22.0%, 1,063.5 / 4,912.8 = 21.6%, 1,569.6 / 6,323.8 = 24.8%, 3,746.6 / 12,056.0 = 31.1% (2025); Harsh Environment Solutions 556.8 / 2,286.0 = 24.4%, 708.2 / 2,752.2 = 25.7%, 801.6 / 3,107.2 = 25.8%, 943.9 / 3,530.8 = 26.7%, 1,093.2 / 4,417.4 = 24.7%, 1,541.4 / 5,881.7 = 26.2%; Interconnect and Sensor Systems 348.6 / 2,256.7 = 15.4%, 588.1 / 3,292.0 = 17.9%, 716.5 / 3,863.4 = 18.5%, 753.7 / 4,111.1 = 18.3%, 825.9 / 4,481.5 = 18.4%, 1,005.1 / 5,157.0 = 19.5%. Communications Solutions share of segment operating income: 871.2 / 1,776.6 = 49.0% (2020); 1,023.3 / 2,319.6 = 44.1%; 1,245.7 / 2,763.8 = 45.1%; 1,063.5 / 2,761.1 = 38.5%; 1,569.6 / 3,488.7 = 45.0%; 3,746.6 / 6,293.1 = 59.5% (2025); Q2 2026 1,808.3 / (1,808.3 + 559.3 + 318.9 = 2,686.5) = 67.3%; Q2 2025 890.7 / 1,506.7 = 59.1%. Segment operating income growth Q2 2026: Harsh Environment 559.3 / 363.7 - 1 = +53.8%; Interconnect and Sensor 318.9 / 252.3 - 1 = +26.4%. Segment sales growth 2020-2025: Communications Solutions 12,056.0 / 4,056.2 = 2.97 times, 24.3% a year; Harsh Environment 5,881.7 / 2,286.0 = 2.57 times, 20.8% a year; Interconnect and Sensor 5,157.0 / 2,256.7 = 2.29 times, 18.0% a year; Communications Solutions operating income 3,746.6 / 871.2 = 4.3 times; Communications Solutions 2023 4,912.8 / 5,652.4 - 1 = -13.1%; Interconnect and Sensor 2021 3,292.0 / 2,256.7 - 1 = +45.9%, 2023 4,111.1 / 3,863.4 - 1 = +6.4%; Communications Solutions share of net sales 4,056.2 / 8,598.9 = 47% (2020), Q2 2026 5,383.6 / 8,758.1 = 61.5%. Segment costs and geography 2025: gap between segment and consolidated operating income 6,293.1 - 5,868.6 = 424.5, 424.5 / 6,293.1 = 6.7%; 2024 3,488.7 - 3,156.9 = 331.8, 9.5%; 2023 2,761.1 - 2,559.6 = 201.5, 7.3%; depreciation and amortisation 486.9 / (486.9 + 166.5 + 150.0 = 803.4) = 60.6%, 486.9 / 12,056.0 = 4.0%, 166.5 / 5,881.7 = 2.8%, 150.0 / 5,157.0 = 2.9%; Harsh Environment United States 3,211.0 / 5,881.7 = 54.6%, China 508.5 / 5,881.7 = 8.6%, distributors 1,595.8 / 5,881.7 = 27.1%; Interconnect and Sensor China 959.4 / 5,157.0 = 18.6%; Communications Solutions China 2,205.2 / 12,056.0 = 18.3% and 2,205.2 / 3,673.1 = 60.0% of China sales; Q2 2026 Communications Solutions China 698.0 / 515.2 - 1 = +35.5%. Geography: China share of net sales 2,067.3 / 7,011.3 = 29.5% (2017); 2,594.0 / 8,202.0 = 31.6% (2018); 2,306.4 / 8,225.4 = 28.0% (2019); 2,597.5 / 8,598.9 = 30.2% (2020); 3,044.4 / 10,876.3 = 28.0% (2021); 3,265.0 / 12,623.0 = 25.9% (2022); 2,884.0 / 12,554.7 = 23.0% (2023); 3,399.9 / 15,222.7 = 22.3% (2024); 3,673.1 / 23,094.7 = 15.9% (2025); Q2 2026 1,113.0 / 8,758.1 = 12.7%, Q2 2025 882.2 / 5,650.3 = 15.6%; China Q2 growth 1,113.0 / 882.2 - 1 = +26.2%; United States share 2,524.7 / 8,225.4 = 30.7% (2019), 7,987.7 / 23,094.7 = 34.6% (2025), Q2 2026 3,413.8 / 8,758.1 = 39.0%, United States Q2 growth 3,413.8 / 1,937.3 - 1 = +76.2%; long-lived assets in China 1,050.4 / 617.9 - 1 = +70.0% (2025); China cash taxes 579.5 / 1,084.1 = 53.5%; China tax charges 100.0 + 130.0 + 160.0 = 390.0, 390.0 / 5,143.4 = 7.6% of trailing net income. People: employees outside the United States 170,000 - 15,000 = 155,000 (2025), 125,000 - 12,000 = 113,000 (2024); United States share 12,000 / 125,000 = 10% and 15,000 / 170,000 = 9%; employees 170,000 / 74,000 = 2.3 times; net sales per employee 8,225.4 / 74,000 = about $111,000 (2019), 23,094.7 / 170,000 = about $136,000 (2025); net sales per general manager 8,598.9 / 120 = 71.7 (2020), 10,876.3 / 130 = 83.7, 12,623.0 / 130 = 97.1, 12,554.7 / 130 = 96.6, 15,222.7 / 140 = 108.7, 23,094.7 / 140 = 165.0 (2025); people added by CommScope deals about 4,000 + 20,000 = 24,000; SG&A 2,545.7 / 23,094.7 = 11.0% (2025), 1,855.4 / 15,222.7 = 12.2%, 1,489.9 / 12,554.7 = 11.9%, SG&A growth 2,545.7 / 1,855.4 - 1 = +37.2%; Norwitt 8,219,557 x 2 = about 16.4 million shares, x $83.14 = about $1.37bn. Acquisitions: payments 2015-2025 199.8 + 1,305.1 + 265.5 + 158.9 + 937.4 + 50.4 + 2,225.4 + 288.2 + 970.4 + 2,156.4 + 3,818.6 = 12,376.1, plus 10,684.0 in H1 2026 = about $23.1bn; goodwill 17,554.7 / 4,867.1 = 3.6 times; goodwill and intangibles 17,554.7 + 5,288.9 = 22,843.6, 22,843.6 / 44,806.6 = 51.0% (June 2026), 10,575.4 + 2,241.4 = 12,816.8, 12,816.8 / 36,236.9 = 35.4% (December 2025); property 2,932.2 / 44,806.6 = 6.5%; acquisition payments / operating cash flow 937.4 / 1,502.3 = 62.4% (2019), 50.4 / 1,592.0 = 3.2%, 2,225.4 / 1,540.1 = 144.5%, 288.2 / 2,174.6 = 13.3%, 970.4 / 2,528.7 = 38.4%, 2,156.4 / 2,814.7 = 76.6%, 3,818.6 / 5,374.7 = 71.0% (2025); 2025 uses of cash 996.6 capex + 3,818.6 acquisitions + 802.2 dividends + 665.2 buybacks = 6,282.6, above operating cash flow of 5,374.7; dividends and buybacks 802.2 + 665.2 = 1,467.4; price / expected sales CIT 1,995.3 / 900 = 2.2 times, Andrew 2,022.7 / 1,200 = 1.7 times, CommScope CCS 10,500 / 3,754.5 = 2.8 times and 10,500 / 545.9 = 19 times net income; CCS operating margin 739.6 / 3,754.5 = 19.7%; CCS sales growth 3,754.5 / 2,823.2 - 1 = +33.0%; CCS allocation (6,958.0 + 3,289.0) / 10,735.8 = 95%, other net assets 10,735.8 - 6,958.0 - 3,289.0 - 317.0 = 171.8; CCS operating income 739.6 / 10,500 = about 7% of price; CommScope since acquisition 190.2 / 2,100.9 = 9.1% net margin, Amphenol H1 2026 2,702.2 / 16,378.2 = 16.5%, CommScope share of H1 sales 2,100.9 / 16,378.2 = 12.8%; H1 2026 purchase costs 272.4 + 132.0 + 179.0 = 583.4, 583.4 / 190.2 = 3.1 times; acquisition-related expenses 103.4 / 23,094.7 = 0.4% of sales; accretion $0.30 pre-split / 2 = $0.15; acquired and currency growth Q2 2026 55% - 30% = 25 points, industrial 56% - 18% = 38 points; CommScope purchases 2,022.7 + 10,500 = about $12.5bn. Cash and capital: free cash flow / net income 2,159.9 / 1,928.0 = 112.0% (2023), 2,156.9 / 2,424.0 = 89.0% (2024), 4,392.9 / 4,270.3 = 102.9% (2025); operating cash flow 5,374.7 / 1,030.5 = 5.2 times (2015-2025); capital spending / sales 172.1 / 5,568.7 = 3.1% (2015), 360.4 / 10,876.3 = 3.3% (2021), 383.8 / 12,623.0 = 3.0%, 372.8 / 12,554.7 = 3.0% (2023), 665.4 / 15,222.7 = 4.4%, 996.6 / 23,094.7 = 4.3% (2025), 355.5 / 8,758.1 = 4.1% (Q2 2026); long-lived assets 2,864.6 / 2,096.2 - 1 = +36.7%; buybacks 2015-2025 248.9 + 325.8 + 618.0 + 935.2 + 601.7 + 641.3 + 661.7 + 730.5 + 585.1 + 689.3 + 665.2 = 6,702.7; buybacks net of option proceeds 585.1 - 394.5 = 190.6 (2023), 689.3 - 447.4 = 241.9 (2024), 665.2 - 553.0 = 112.2 (2025); diluted shares 316.5 x 8 = 2,532 million (2015), 1,289.2 x 2 = 2,578 million (Q2 2026), +1.8%, 1,272.2 x 2 = 2,544 million (Q2 2025); diluted EPS 2.41 / 8 = $0.30 (2015), 3.34 / 2 = $1.67 (2025), 1.37 / 2 = $0.685 (Q2 2026); net debt 6,886.1 - 3,335.4 = 3,550.7 (2024), 15,502.0 - 11,434.2 = 4,067.8 (2025); November 2025 notes 500 + 750 + 750 + 1,000 + 1,250 + 1,600 + 1,650 = 7,500; interest H1 2026 421.6 / 157.4 = 2.7 times; interest cover 5,868.6 / 367.8 = 16 times (2025), 4,416.4 / 421.6 = 10.5 times (H1 2026); interest / operating income 139.5 / 2,559.6 = 5.5% (2023), 421.6 / 4,416.4 = 9.5% (H1 2026); invested capital 30,639.2 / 18,303.5 = 1.67 times. Markets: IT datacom sales 0.19 x 8,225.4 = about 1,560 (2019), 0.24 x 15,222.7 = about 3,650 (2024), 0.36 x 23,094.7 = about 8,310 (2025), 2025 increase about 4,660 of 7,872.0; industrial 0.19 x 23,094.7 = about 4,390 (2025); mobile devices 0.15 x 8,598.9 = about 1,290 (2020), 0.06 x 23,094.7 = about 1,390 (2025); communications networks = mobile networks + broadband 8 + 4 = 12% (2019), 6 + 4 = 10% (2020), 5 + 4 = 9% (2021), 5 + 5 = 10% (2022), 4 + 4 = 8% (2023), 3 + 3 = 6% (2024); sales outside IT datacom Q2 2026 8,758.1 - 3,800 = about 4,960, Q2 2025 5,650.3 - 3,800 / 1.89 = about 3,640; distributor share 2,092.5 / 12,554.7 = 16.7% (2023), 2,778.2 / 15,222.7 = 18.3% (2024), 4,297.2 / 23,094.7 = 18.6% (2025); end customers and contract manufacturers 18,797.5 / 23,094.7 = 81.4%; backlog 8.9 / 1.720 = 5.2 times (2018-2025), 8.9 / 6.1 - 1 = +45.9%, 8.9 / 23.09 = 38.5% of 2025 sales; market share 23,094.7 / about 500,000 = 4.6%. Valuation: market value / net income 16,100 / 763.5 = 21.1 (2015), 26,810 / 650.5 = 41.2 (2017), 24,410 / 1,205.0 = 20.3 (2018), 39,120 / 1,203.4 = 32.5 (2020), 45,310 / 1,902.3 = 23.8 (2022), 59,310 / 1,928.0 = 30.8 (2023), 83,730 / 2,424.0 = 34.5 (2024), 165,420 / 4,270.3 = 38.7 (2025), 205,020 / 5,143.4 = 39.9 (September 2026); Amphenol / TE Connectivity 205.02 / 63.28 = 3.2 times; value added since 2024 (205.02 - 83.73) / 205.02 = 59%; forward earnings 83.14 / 28.48 = about $2.92, 2.92 / 2.00 - 1 = +46%. More: distributor sales 4,297.2 / 2,092.5 = 2.05 times (2023-2025); SG&A ratio 12.19% - 11.02% = 1.2 points; goodwill 17,554.7 / 44,806.6 = 39% of total assets; Harsh Environment sales 5,881.7 / 2,286.0 = 2.6 times; operating income H1 2026 Communications Solutions 1,389.4 + 1,808.3 = 3,197.7, 3,197.7 / 3,746.6 = 85%; dividend payments 307 against remaining term loan 400.0 = 1.3 quarters; sales growth 2020-2025 23,094.7 / 8,598.9 = 2.7 times; 2019 average quarterly sales 8,225.4 / 4 = about 2,056 against IT datacom Q2 2026 about 3,800; 2025 buyback price 665.2 / 7.4 = about $90 pre-split, $45 post-split; CommScope H1 net income 190.2 / 2,702.2 = 7%; capital spending H1 2026 647.1 / 16,378.2 = 4.0%; industrial 0.25 x 10,876.3 = about 2,720 (2021); Harsh Environment Q2 United States 990.5 / 772.3 - 1 = +28.3%; Interconnect and Sensor Q2 United States 442.9 / 384.5 - 1 = +15.2%, other foreign 826.0 / 677.8 - 1 = +21.9%, China 248.8 / 233.0 - 1 = +6.8%; Communications Solutions Q2 United States 1,980.4 / 780.5 - 1 = +153.7%, other foreign 2,705.2 / 1,614.1 - 1 = +67.6%; United States share Q2 2025 1,937.3 / 5,650.3 = 34.3%; Interconnect and Sensor sales 5,157.0 / 2,256.7 = 2.3 times. Additional: Communications Solutions Q2 2026 less Q1 2026 sales 5,383.6 - 4,534.7 = 848.9 and operating income 1,808.3 - 1,389.4 = 418.9, 418.9 / 848.9 = 49%; Interconnect and Sensor Q2 less Q1 1,517.7 - 1,392.3 = 125.4; Interconnect and Sensor China 959.4 / 986.0 - 1 = -2.7% (2025), segment 5,157.0 / 4,481.5 - 1 = +15.1%; Harsh Environment 2023 3,530.8 / 3,107.2 - 1 = +13.6%; Harsh Environment operating income 1,541.4 / 556.8 = 2.8 times, Interconnect and Sensor 1,005.1 / 348.6 = 2.9 times (2020-2025); China share of long-lived assets 343.1 / 1,195.7 = 28.7% (2019), 455.5 / 1,616.2 = 28.2% (2023); goodwill increase H1 2026 17,554.7 - 10,575.4 = 6,979.3; Q2 2026 sales 8,758.1 / 7,620.1 - 1 = +14.9%; industrial Q2 2026 0.20 x 8,758.1 = about 1,750; China Q2 2026 by segment 698.0 / 1,113.0 = 62.7%; effective tax rate 1,295.4 / 5,600.7 = 23.1% (2025), 570.3 / 3,011.9 = 18.9% (2024); June-quarter buyback price 141 / 2 = 70.50; long-lived assets 2,864.6 / 36,236.9 = 7.9% of total assets; Norwitt salary 1,565,000 / 22,351,288 = 7%; market value 205.02 / 16.10 = 12.7 times since 2015; P/S at end-2015 16,100 / 5,568.7 = 2.9; net debt 2024 3,550.7 / operating income 3,156.9 = 1.1 times; dividends 802.2 / 4,270.3 = 19% of net income; distributor sales 4,297.2 / 2,778.2 - 1 = +54.7%, direct 18,797.5 / 12,444.5 - 1 = +51.0%; CommScope H2 need 4,600 - 2,100.9 = about 2,500; orders 25.4 / 23.09 = 1.1 times sales; EBITDA implied by net leverage 13.4 / 1.3 = about 10.3bn, net debt at 1.0 times about 10.3bn, 13.4 - 10.3 = about 3.1bn less, or 13.4 / 10.3 - 1 = about 30% more earnings; deals per year 970 / 10 = 97, 937 / 9 = 104; Cable Products and Solutions 2021 22.8 / 445.4 = 5.1%; H1 2026 Communications Solutions 4,534.7 + 5,383.6 = 9,918.3; CommScope purchases 2,022.7 + 10,500 = about 12,500 against 12,376.1 for 2015-2025; November notes 7,500; sales 2020 8,598.9 / 8,225.4 - 1 = +4.5%, 2021 10,876.3 / 8,598.9 - 1 = +26.5% - segments, geography, people and taxes. — 2015-2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in Amphenol's Forms 10-K and 10-Q, quarterly results releases, earnings calls, XBRL filings and market data; operands shown in the source line.
  5. ReportedAndrew was expected to earn an EBITDA margin of about 25% and CIT about 20%, both measured before depreciation and amortisation, so their operating margins were lower still.
    Amphenol release of 18 July 2024, Form 8-K exhibit 99.1 - agreement to buy CommScope's Outdoor Wireless Networks and Distributed Antenna Systems businesses for $2.1 billion. — July 2024 · publ. 18 July 2024 · source ↗
  6. ReportedAndrew was expected to earn an EBITDA margin of about 25% and CIT about 20%, both measured before depreciation and amortisation, so their operating margins were lower still.
    Amphenol release of 21 May 2024, Form 8-K exhibit 99.1 - completion of the CIT acquisition from Carlisle. — May 2024 · publ. 21 May 2024 · source ↗
  7. Moat Explorer calcThe Harsh Environment Solutions segment, which absorbed CIT, earned 24.7% in 2024, the year of the deal, and 26.2% in 2025; in the June 2026 quarter, with Trexon also inside it, it earned 30.1%.
    Moat Explorer calculation from Amphenol's reported figures ($ millions unless stated; calendar years; per-share figures adjusted for the two-for-one splits of March 2021, June 2024 and September 2026). Sales growth: 2025 23,094.7 / 15,222.7 - 1 = +51.7%; 2024 15,222.7 / 12,554.7 - 1 = +21.3%; 2023 12,554.7 / 12,623.0 - 1 = -0.5%; 2019 8,225.4 / 8,202.0 - 1 = +0.3%; 2025 increase 23,094.7 - 15,222.7 = 7,872.0, about $7.9bn; 2015-2025 23,094.7 / 5,568.7 = 4.1 times. Operating margin (operating income / net sales): 2015 1,104.7 / 5,568.7 = 19.8%; 2016 1,205.2 / 6,286.4 = 19.2%; 2017 1,427.6 / 7,011.3 = 20.4%; 2018 1,686.9 / 8,202.0 = 20.6%; 2019 1,619.2 / 8,225.4 = 19.7%; 2020 1,638.4 / 8,598.9 = 19.1%; 2021 2,105.1 / 10,876.3 = 19.4%; 2022 2,585.8 / 12,623.0 = 20.5%; 2023 2,559.6 / 12,554.7 = 20.4%; 2024 3,156.9 / 15,222.7 = 20.7%; 2025 5,868.6 / 23,094.7 = 25.4%; average 2015-2024 about 20.0%; Q2 2025 1,418.8 / 5,650.3 = 25.1%; operating income growth 2025 5,868.6 / 3,156.9 - 1 = +85.9%, Q2 2026 2,584.6 / 1,418.8 - 1 = +82.2%. Trailing twelve months to June 2026: sales 23,094.7 - 10,461.3 + 16,378.2 = 29,011.6; net income 4,270.3 - 1,829.1 + 2,702.2 = 5,143.4; operating income 5,868.6 - 2,443.6 + 4,416.4 = 7,841.4, margin 7,841.4 / 29,011.6 = 27.0%; at a 20% margin 29,011.6 x 0.20 = about 5,800, 26% below 7,841.4. Gross margin: 4,084.1 / 12,554.7 = 32.5% (2023); 5,139.7 / 15,222.7 = 33.8% (2024); 8,517.7 / 23,094.7 = 36.9% (2025); 3,548.0 / 8,758.1 = 40.5% (Q2 2026); tariff benefit 80 / 8,758.1 = 0.9 points. Segment margins (segment operating income / external sales): Communications Solutions 871.2 / 4,056.2 = 21.5% (2020), 1,023.3 / 4,832.1 = 21.2%, 1,245.7 / 5,652.4 = 22.0%, 1,063.5 / 4,912.8 = 21.6%, 1,569.6 / 6,323.8 = 24.8%, 3,746.6 / 12,056.0 = 31.1% (2025); Harsh Environment Solutions 556.8 / 2,286.0 = 24.4%, 708.2 / 2,752.2 = 25.7%, 801.6 / 3,107.2 = 25.8%, 943.9 / 3,530.8 = 26.7%, 1,093.2 / 4,417.4 = 24.7%, 1,541.4 / 5,881.7 = 26.2%; Interconnect and Sensor Systems 348.6 / 2,256.7 = 15.4%, 588.1 / 3,292.0 = 17.9%, 716.5 / 3,863.4 = 18.5%, 753.7 / 4,111.1 = 18.3%, 825.9 / 4,481.5 = 18.4%, 1,005.1 / 5,157.0 = 19.5%. Communications Solutions share of segment operating income: 871.2 / 1,776.6 = 49.0% (2020); 1,023.3 / 2,319.6 = 44.1%; 1,245.7 / 2,763.8 = 45.1%; 1,063.5 / 2,761.1 = 38.5%; 1,569.6 / 3,488.7 = 45.0%; 3,746.6 / 6,293.1 = 59.5% (2025); Q2 2026 1,808.3 / (1,808.3 + 559.3 + 318.9 = 2,686.5) = 67.3%; Q2 2025 890.7 / 1,506.7 = 59.1%. Segment operating income growth Q2 2026: Harsh Environment 559.3 / 363.7 - 1 = +53.8%; Interconnect and Sensor 318.9 / 252.3 - 1 = +26.4%. Segment sales growth 2020-2025: Communications Solutions 12,056.0 / 4,056.2 = 2.97 times, 24.3% a year; Harsh Environment 5,881.7 / 2,286.0 = 2.57 times, 20.8% a year; Interconnect and Sensor 5,157.0 / 2,256.7 = 2.29 times, 18.0% a year; Communications Solutions operating income 3,746.6 / 871.2 = 4.3 times; Communications Solutions 2023 4,912.8 / 5,652.4 - 1 = -13.1%; Interconnect and Sensor 2021 3,292.0 / 2,256.7 - 1 = +45.9%, 2023 4,111.1 / 3,863.4 - 1 = +6.4%; Communications Solutions share of net sales 4,056.2 / 8,598.9 = 47% (2020), Q2 2026 5,383.6 / 8,758.1 = 61.5%. Segment costs and geography 2025: gap between segment and consolidated operating income 6,293.1 - 5,868.6 = 424.5, 424.5 / 6,293.1 = 6.7%; 2024 3,488.7 - 3,156.9 = 331.8, 9.5%; 2023 2,761.1 - 2,559.6 = 201.5, 7.3%; depreciation and amortisation 486.9 / (486.9 + 166.5 + 150.0 = 803.4) = 60.6%, 486.9 / 12,056.0 = 4.0%, 166.5 / 5,881.7 = 2.8%, 150.0 / 5,157.0 = 2.9%; Harsh Environment United States 3,211.0 / 5,881.7 = 54.6%, China 508.5 / 5,881.7 = 8.6%, distributors 1,595.8 / 5,881.7 = 27.1%; Interconnect and Sensor China 959.4 / 5,157.0 = 18.6%; Communications Solutions China 2,205.2 / 12,056.0 = 18.3% and 2,205.2 / 3,673.1 = 60.0% of China sales; Q2 2026 Communications Solutions China 698.0 / 515.2 - 1 = +35.5%. Geography: China share of net sales 2,067.3 / 7,011.3 = 29.5% (2017); 2,594.0 / 8,202.0 = 31.6% (2018); 2,306.4 / 8,225.4 = 28.0% (2019); 2,597.5 / 8,598.9 = 30.2% (2020); 3,044.4 / 10,876.3 = 28.0% (2021); 3,265.0 / 12,623.0 = 25.9% (2022); 2,884.0 / 12,554.7 = 23.0% (2023); 3,399.9 / 15,222.7 = 22.3% (2024); 3,673.1 / 23,094.7 = 15.9% (2025); Q2 2026 1,113.0 / 8,758.1 = 12.7%, Q2 2025 882.2 / 5,650.3 = 15.6%; China Q2 growth 1,113.0 / 882.2 - 1 = +26.2%; United States share 2,524.7 / 8,225.4 = 30.7% (2019), 7,987.7 / 23,094.7 = 34.6% (2025), Q2 2026 3,413.8 / 8,758.1 = 39.0%, United States Q2 growth 3,413.8 / 1,937.3 - 1 = +76.2%; long-lived assets in China 1,050.4 / 617.9 - 1 = +70.0% (2025); China cash taxes 579.5 / 1,084.1 = 53.5%; China tax charges 100.0 + 130.0 + 160.0 = 390.0, 390.0 / 5,143.4 = 7.6% of trailing net income. People: employees outside the United States 170,000 - 15,000 = 155,000 (2025), 125,000 - 12,000 = 113,000 (2024); United States share 12,000 / 125,000 = 10% and 15,000 / 170,000 = 9%; employees 170,000 / 74,000 = 2.3 times; net sales per employee 8,225.4 / 74,000 = about $111,000 (2019), 23,094.7 / 170,000 = about $136,000 (2025); net sales per general manager 8,598.9 / 120 = 71.7 (2020), 10,876.3 / 130 = 83.7, 12,623.0 / 130 = 97.1, 12,554.7 / 130 = 96.6, 15,222.7 / 140 = 108.7, 23,094.7 / 140 = 165.0 (2025); people added by CommScope deals about 4,000 + 20,000 = 24,000; SG&A 2,545.7 / 23,094.7 = 11.0% (2025), 1,855.4 / 15,222.7 = 12.2%, 1,489.9 / 12,554.7 = 11.9%, SG&A growth 2,545.7 / 1,855.4 - 1 = +37.2%; Norwitt 8,219,557 x 2 = about 16.4 million shares, x $83.14 = about $1.37bn. Acquisitions: payments 2015-2025 199.8 + 1,305.1 + 265.5 + 158.9 + 937.4 + 50.4 + 2,225.4 + 288.2 + 970.4 + 2,156.4 + 3,818.6 = 12,376.1, plus 10,684.0 in H1 2026 = about $23.1bn; goodwill 17,554.7 / 4,867.1 = 3.6 times; goodwill and intangibles 17,554.7 + 5,288.9 = 22,843.6, 22,843.6 / 44,806.6 = 51.0% (June 2026), 10,575.4 + 2,241.4 = 12,816.8, 12,816.8 / 36,236.9 = 35.4% (December 2025); property 2,932.2 / 44,806.6 = 6.5%; acquisition payments / operating cash flow 937.4 / 1,502.3 = 62.4% (2019), 50.4 / 1,592.0 = 3.2%, 2,225.4 / 1,540.1 = 144.5%, 288.2 / 2,174.6 = 13.3%, 970.4 / 2,528.7 = 38.4%, 2,156.4 / 2,814.7 = 76.6%, 3,818.6 / 5,374.7 = 71.0% (2025); 2025 uses of cash 996.6 capex + 3,818.6 acquisitions + 802.2 dividends + 665.2 buybacks = 6,282.6, above operating cash flow of 5,374.7; dividends and buybacks 802.2 + 665.2 = 1,467.4; price / expected sales CIT 1,995.3 / 900 = 2.2 times, Andrew 2,022.7 / 1,200 = 1.7 times, CommScope CCS 10,500 / 3,754.5 = 2.8 times and 10,500 / 545.9 = 19 times net income; CCS operating margin 739.6 / 3,754.5 = 19.7%; CCS sales growth 3,754.5 / 2,823.2 - 1 = +33.0%; CCS allocation (6,958.0 + 3,289.0) / 10,735.8 = 95%, other net assets 10,735.8 - 6,958.0 - 3,289.0 - 317.0 = 171.8; CCS operating income 739.6 / 10,500 = about 7% of price; CommScope since acquisition 190.2 / 2,100.9 = 9.1% net margin, Amphenol H1 2026 2,702.2 / 16,378.2 = 16.5%, CommScope share of H1 sales 2,100.9 / 16,378.2 = 12.8%; H1 2026 purchase costs 272.4 + 132.0 + 179.0 = 583.4, 583.4 / 190.2 = 3.1 times; acquisition-related expenses 103.4 / 23,094.7 = 0.4% of sales; accretion $0.30 pre-split / 2 = $0.15; acquired and currency growth Q2 2026 55% - 30% = 25 points, industrial 56% - 18% = 38 points; CommScope purchases 2,022.7 + 10,500 = about $12.5bn. Cash and capital: free cash flow / net income 2,159.9 / 1,928.0 = 112.0% (2023), 2,156.9 / 2,424.0 = 89.0% (2024), 4,392.9 / 4,270.3 = 102.9% (2025); operating cash flow 5,374.7 / 1,030.5 = 5.2 times (2015-2025); capital spending / sales 172.1 / 5,568.7 = 3.1% (2015), 360.4 / 10,876.3 = 3.3% (2021), 383.8 / 12,623.0 = 3.0%, 372.8 / 12,554.7 = 3.0% (2023), 665.4 / 15,222.7 = 4.4%, 996.6 / 23,094.7 = 4.3% (2025), 355.5 / 8,758.1 = 4.1% (Q2 2026); long-lived assets 2,864.6 / 2,096.2 - 1 = +36.7%; buybacks 2015-2025 248.9 + 325.8 + 618.0 + 935.2 + 601.7 + 641.3 + 661.7 + 730.5 + 585.1 + 689.3 + 665.2 = 6,702.7; buybacks net of option proceeds 585.1 - 394.5 = 190.6 (2023), 689.3 - 447.4 = 241.9 (2024), 665.2 - 553.0 = 112.2 (2025); diluted shares 316.5 x 8 = 2,532 million (2015), 1,289.2 x 2 = 2,578 million (Q2 2026), +1.8%, 1,272.2 x 2 = 2,544 million (Q2 2025); diluted EPS 2.41 / 8 = $0.30 (2015), 3.34 / 2 = $1.67 (2025), 1.37 / 2 = $0.685 (Q2 2026); net debt 6,886.1 - 3,335.4 = 3,550.7 (2024), 15,502.0 - 11,434.2 = 4,067.8 (2025); November 2025 notes 500 + 750 + 750 + 1,000 + 1,250 + 1,600 + 1,650 = 7,500; interest H1 2026 421.6 / 157.4 = 2.7 times; interest cover 5,868.6 / 367.8 = 16 times (2025), 4,416.4 / 421.6 = 10.5 times (H1 2026); interest / operating income 139.5 / 2,559.6 = 5.5% (2023), 421.6 / 4,416.4 = 9.5% (H1 2026); invested capital 30,639.2 / 18,303.5 = 1.67 times. Markets: IT datacom sales 0.19 x 8,225.4 = about 1,560 (2019), 0.24 x 15,222.7 = about 3,650 (2024), 0.36 x 23,094.7 = about 8,310 (2025), 2025 increase about 4,660 of 7,872.0; industrial 0.19 x 23,094.7 = about 4,390 (2025); mobile devices 0.15 x 8,598.9 = about 1,290 (2020), 0.06 x 23,094.7 = about 1,390 (2025); communications networks = mobile networks + broadband 8 + 4 = 12% (2019), 6 + 4 = 10% (2020), 5 + 4 = 9% (2021), 5 + 5 = 10% (2022), 4 + 4 = 8% (2023), 3 + 3 = 6% (2024); sales outside IT datacom Q2 2026 8,758.1 - 3,800 = about 4,960, Q2 2025 5,650.3 - 3,800 / 1.89 = about 3,640; distributor share 2,092.5 / 12,554.7 = 16.7% (2023), 2,778.2 / 15,222.7 = 18.3% (2024), 4,297.2 / 23,094.7 = 18.6% (2025); end customers and contract manufacturers 18,797.5 / 23,094.7 = 81.4%; backlog 8.9 / 1.720 = 5.2 times (2018-2025), 8.9 / 6.1 - 1 = +45.9%, 8.9 / 23.09 = 38.5% of 2025 sales; market share 23,094.7 / about 500,000 = 4.6%. Valuation: market value / net income 16,100 / 763.5 = 21.1 (2015), 26,810 / 650.5 = 41.2 (2017), 24,410 / 1,205.0 = 20.3 (2018), 39,120 / 1,203.4 = 32.5 (2020), 45,310 / 1,902.3 = 23.8 (2022), 59,310 / 1,928.0 = 30.8 (2023), 83,730 / 2,424.0 = 34.5 (2024), 165,420 / 4,270.3 = 38.7 (2025), 205,020 / 5,143.4 = 39.9 (September 2026); Amphenol / TE Connectivity 205.02 / 63.28 = 3.2 times; value added since 2024 (205.02 - 83.73) / 205.02 = 59%; forward earnings 83.14 / 28.48 = about $2.92, 2.92 / 2.00 - 1 = +46%. More: distributor sales 4,297.2 / 2,092.5 = 2.05 times (2023-2025); SG&A ratio 12.19% - 11.02% = 1.2 points; goodwill 17,554.7 / 44,806.6 = 39% of total assets; Harsh Environment sales 5,881.7 / 2,286.0 = 2.6 times; operating income H1 2026 Communications Solutions 1,389.4 + 1,808.3 = 3,197.7, 3,197.7 / 3,746.6 = 85%; dividend payments 307 against remaining term loan 400.0 = 1.3 quarters; sales growth 2020-2025 23,094.7 / 8,598.9 = 2.7 times; 2019 average quarterly sales 8,225.4 / 4 = about 2,056 against IT datacom Q2 2026 about 3,800; 2025 buyback price 665.2 / 7.4 = about $90 pre-split, $45 post-split; CommScope H1 net income 190.2 / 2,702.2 = 7%; capital spending H1 2026 647.1 / 16,378.2 = 4.0%; industrial 0.25 x 10,876.3 = about 2,720 (2021); Harsh Environment Q2 United States 990.5 / 772.3 - 1 = +28.3%; Interconnect and Sensor Q2 United States 442.9 / 384.5 - 1 = +15.2%, other foreign 826.0 / 677.8 - 1 = +21.9%, China 248.8 / 233.0 - 1 = +6.8%; Communications Solutions Q2 United States 1,980.4 / 780.5 - 1 = +153.7%, other foreign 2,705.2 / 1,614.1 - 1 = +67.6%; United States share Q2 2025 1,937.3 / 5,650.3 = 34.3%; Interconnect and Sensor sales 5,157.0 / 2,256.7 = 2.3 times. Additional: Communications Solutions Q2 2026 less Q1 2026 sales 5,383.6 - 4,534.7 = 848.9 and operating income 1,808.3 - 1,389.4 = 418.9, 418.9 / 848.9 = 49%; Interconnect and Sensor Q2 less Q1 1,517.7 - 1,392.3 = 125.4; Interconnect and Sensor China 959.4 / 986.0 - 1 = -2.7% (2025), segment 5,157.0 / 4,481.5 - 1 = +15.1%; Harsh Environment 2023 3,530.8 / 3,107.2 - 1 = +13.6%; Harsh Environment operating income 1,541.4 / 556.8 = 2.8 times, Interconnect and Sensor 1,005.1 / 348.6 = 2.9 times (2020-2025); China share of long-lived assets 343.1 / 1,195.7 = 28.7% (2019), 455.5 / 1,616.2 = 28.2% (2023); goodwill increase H1 2026 17,554.7 - 10,575.4 = 6,979.3; Q2 2026 sales 8,758.1 / 7,620.1 - 1 = +14.9%; industrial Q2 2026 0.20 x 8,758.1 = about 1,750; China Q2 2026 by segment 698.0 / 1,113.0 = 62.7%; effective tax rate 1,295.4 / 5,600.7 = 23.1% (2025), 570.3 / 3,011.9 = 18.9% (2024); June-quarter buyback price 141 / 2 = 70.50; long-lived assets 2,864.6 / 36,236.9 = 7.9% of total assets; Norwitt salary 1,565,000 / 22,351,288 = 7%; market value 205.02 / 16.10 = 12.7 times since 2015; P/S at end-2015 16,100 / 5,568.7 = 2.9; net debt 2024 3,550.7 / operating income 3,156.9 = 1.1 times; dividends 802.2 / 4,270.3 = 19% of net income; distributor sales 4,297.2 / 2,778.2 - 1 = +54.7%, direct 18,797.5 / 12,444.5 - 1 = +51.0%; CommScope H2 need 4,600 - 2,100.9 = about 2,500; orders 25.4 / 23.09 = 1.1 times sales; EBITDA implied by net leverage 13.4 / 1.3 = about 10.3bn, net debt at 1.0 times about 10.3bn, 13.4 - 10.3 = about 3.1bn less, or 13.4 / 10.3 - 1 = about 30% more earnings; deals per year 970 / 10 = 97, 937 / 9 = 104; Cable Products and Solutions 2021 22.8 / 445.4 = 5.1%; H1 2026 Communications Solutions 4,534.7 + 5,383.6 = 9,918.3; CommScope purchases 2,022.7 + 10,500 = about 12,500 against 12,376.1 for 2015-2025; November notes 7,500; sales 2020 8,598.9 / 8,225.4 - 1 = +4.5%, 2021 10,876.3 / 8,598.9 - 1 = +26.5% - acquisitions, goodwill and the CommScope purchase. — 2015-2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in Amphenol's Forms 10-K and 10-Q, quarterly results releases, earnings calls, XBRL filings and market data; operands shown in the source line.
  8. ReportedThe Harsh Environment Solutions segment, which absorbed CIT, earned 24.7% in 2024, the year of the deal, and 26.2% in 2025; in the June 2026 quarter, with Trexon also inside it, it earned 30.1%.
    Amphenol second-quarter 2026 results release, Form 8-K exhibit 99.1 - net sales, orders, segment sales and operating income, cash flow, CommScope outlook and third-quarter guidance - segment sales, operating income and margins. — Q2 2026 · publ. 29 July 2026 · source ↗
  9. Moat Explorer calcCommunications Solutions, which absorbed Andrew in 2025, went from 24.8% to 31.1%, though AI demand did most of that work.
    Moat Explorer calculation from Amphenol's reported figures ($ millions unless stated; calendar years; per-share figures adjusted for the two-for-one splits of March 2021, June 2024 and September 2026). Sales growth: 2025 23,094.7 / 15,222.7 - 1 = +51.7%; 2024 15,222.7 / 12,554.7 - 1 = +21.3%; 2023 12,554.7 / 12,623.0 - 1 = -0.5%; 2019 8,225.4 / 8,202.0 - 1 = +0.3%; 2025 increase 23,094.7 - 15,222.7 = 7,872.0, about $7.9bn; 2015-2025 23,094.7 / 5,568.7 = 4.1 times. Operating margin (operating income / net sales): 2015 1,104.7 / 5,568.7 = 19.8%; 2016 1,205.2 / 6,286.4 = 19.2%; 2017 1,427.6 / 7,011.3 = 20.4%; 2018 1,686.9 / 8,202.0 = 20.6%; 2019 1,619.2 / 8,225.4 = 19.7%; 2020 1,638.4 / 8,598.9 = 19.1%; 2021 2,105.1 / 10,876.3 = 19.4%; 2022 2,585.8 / 12,623.0 = 20.5%; 2023 2,559.6 / 12,554.7 = 20.4%; 2024 3,156.9 / 15,222.7 = 20.7%; 2025 5,868.6 / 23,094.7 = 25.4%; average 2015-2024 about 20.0%; Q2 2025 1,418.8 / 5,650.3 = 25.1%; operating income growth 2025 5,868.6 / 3,156.9 - 1 = +85.9%, Q2 2026 2,584.6 / 1,418.8 - 1 = +82.2%. Trailing twelve months to June 2026: sales 23,094.7 - 10,461.3 + 16,378.2 = 29,011.6; net income 4,270.3 - 1,829.1 + 2,702.2 = 5,143.4; operating income 5,868.6 - 2,443.6 + 4,416.4 = 7,841.4, margin 7,841.4 / 29,011.6 = 27.0%; at a 20% margin 29,011.6 x 0.20 = about 5,800, 26% below 7,841.4. Gross margin: 4,084.1 / 12,554.7 = 32.5% (2023); 5,139.7 / 15,222.7 = 33.8% (2024); 8,517.7 / 23,094.7 = 36.9% (2025); 3,548.0 / 8,758.1 = 40.5% (Q2 2026); tariff benefit 80 / 8,758.1 = 0.9 points. Segment margins (segment operating income / external sales): Communications Solutions 871.2 / 4,056.2 = 21.5% (2020), 1,023.3 / 4,832.1 = 21.2%, 1,245.7 / 5,652.4 = 22.0%, 1,063.5 / 4,912.8 = 21.6%, 1,569.6 / 6,323.8 = 24.8%, 3,746.6 / 12,056.0 = 31.1% (2025); Harsh Environment Solutions 556.8 / 2,286.0 = 24.4%, 708.2 / 2,752.2 = 25.7%, 801.6 / 3,107.2 = 25.8%, 943.9 / 3,530.8 = 26.7%, 1,093.2 / 4,417.4 = 24.7%, 1,541.4 / 5,881.7 = 26.2%; Interconnect and Sensor Systems 348.6 / 2,256.7 = 15.4%, 588.1 / 3,292.0 = 17.9%, 716.5 / 3,863.4 = 18.5%, 753.7 / 4,111.1 = 18.3%, 825.9 / 4,481.5 = 18.4%, 1,005.1 / 5,157.0 = 19.5%. Communications Solutions share of segment operating income: 871.2 / 1,776.6 = 49.0% (2020); 1,023.3 / 2,319.6 = 44.1%; 1,245.7 / 2,763.8 = 45.1%; 1,063.5 / 2,761.1 = 38.5%; 1,569.6 / 3,488.7 = 45.0%; 3,746.6 / 6,293.1 = 59.5% (2025); Q2 2026 1,808.3 / (1,808.3 + 559.3 + 318.9 = 2,686.5) = 67.3%; Q2 2025 890.7 / 1,506.7 = 59.1%. Segment operating income growth Q2 2026: Harsh Environment 559.3 / 363.7 - 1 = +53.8%; Interconnect and Sensor 318.9 / 252.3 - 1 = +26.4%. Segment sales growth 2020-2025: Communications Solutions 12,056.0 / 4,056.2 = 2.97 times, 24.3% a year; Harsh Environment 5,881.7 / 2,286.0 = 2.57 times, 20.8% a year; Interconnect and Sensor 5,157.0 / 2,256.7 = 2.29 times, 18.0% a year; Communications Solutions operating income 3,746.6 / 871.2 = 4.3 times; Communications Solutions 2023 4,912.8 / 5,652.4 - 1 = -13.1%; Interconnect and Sensor 2021 3,292.0 / 2,256.7 - 1 = +45.9%, 2023 4,111.1 / 3,863.4 - 1 = +6.4%; Communications Solutions share of net sales 4,056.2 / 8,598.9 = 47% (2020), Q2 2026 5,383.6 / 8,758.1 = 61.5%. Segment costs and geography 2025: gap between segment and consolidated operating income 6,293.1 - 5,868.6 = 424.5, 424.5 / 6,293.1 = 6.7%; 2024 3,488.7 - 3,156.9 = 331.8, 9.5%; 2023 2,761.1 - 2,559.6 = 201.5, 7.3%; depreciation and amortisation 486.9 / (486.9 + 166.5 + 150.0 = 803.4) = 60.6%, 486.9 / 12,056.0 = 4.0%, 166.5 / 5,881.7 = 2.8%, 150.0 / 5,157.0 = 2.9%; Harsh Environment United States 3,211.0 / 5,881.7 = 54.6%, China 508.5 / 5,881.7 = 8.6%, distributors 1,595.8 / 5,881.7 = 27.1%; Interconnect and Sensor China 959.4 / 5,157.0 = 18.6%; Communications Solutions China 2,205.2 / 12,056.0 = 18.3% and 2,205.2 / 3,673.1 = 60.0% of China sales; Q2 2026 Communications Solutions China 698.0 / 515.2 - 1 = +35.5%. Geography: China share of net sales 2,067.3 / 7,011.3 = 29.5% (2017); 2,594.0 / 8,202.0 = 31.6% (2018); 2,306.4 / 8,225.4 = 28.0% (2019); 2,597.5 / 8,598.9 = 30.2% (2020); 3,044.4 / 10,876.3 = 28.0% (2021); 3,265.0 / 12,623.0 = 25.9% (2022); 2,884.0 / 12,554.7 = 23.0% (2023); 3,399.9 / 15,222.7 = 22.3% (2024); 3,673.1 / 23,094.7 = 15.9% (2025); Q2 2026 1,113.0 / 8,758.1 = 12.7%, Q2 2025 882.2 / 5,650.3 = 15.6%; China Q2 growth 1,113.0 / 882.2 - 1 = +26.2%; United States share 2,524.7 / 8,225.4 = 30.7% (2019), 7,987.7 / 23,094.7 = 34.6% (2025), Q2 2026 3,413.8 / 8,758.1 = 39.0%, United States Q2 growth 3,413.8 / 1,937.3 - 1 = +76.2%; long-lived assets in China 1,050.4 / 617.9 - 1 = +70.0% (2025); China cash taxes 579.5 / 1,084.1 = 53.5%; China tax charges 100.0 + 130.0 + 160.0 = 390.0, 390.0 / 5,143.4 = 7.6% of trailing net income. People: employees outside the United States 170,000 - 15,000 = 155,000 (2025), 125,000 - 12,000 = 113,000 (2024); United States share 12,000 / 125,000 = 10% and 15,000 / 170,000 = 9%; employees 170,000 / 74,000 = 2.3 times; net sales per employee 8,225.4 / 74,000 = about $111,000 (2019), 23,094.7 / 170,000 = about $136,000 (2025); net sales per general manager 8,598.9 / 120 = 71.7 (2020), 10,876.3 / 130 = 83.7, 12,623.0 / 130 = 97.1, 12,554.7 / 130 = 96.6, 15,222.7 / 140 = 108.7, 23,094.7 / 140 = 165.0 (2025); people added by CommScope deals about 4,000 + 20,000 = 24,000; SG&A 2,545.7 / 23,094.7 = 11.0% (2025), 1,855.4 / 15,222.7 = 12.2%, 1,489.9 / 12,554.7 = 11.9%, SG&A growth 2,545.7 / 1,855.4 - 1 = +37.2%; Norwitt 8,219,557 x 2 = about 16.4 million shares, x $83.14 = about $1.37bn. Acquisitions: payments 2015-2025 199.8 + 1,305.1 + 265.5 + 158.9 + 937.4 + 50.4 + 2,225.4 + 288.2 + 970.4 + 2,156.4 + 3,818.6 = 12,376.1, plus 10,684.0 in H1 2026 = about $23.1bn; goodwill 17,554.7 / 4,867.1 = 3.6 times; goodwill and intangibles 17,554.7 + 5,288.9 = 22,843.6, 22,843.6 / 44,806.6 = 51.0% (June 2026), 10,575.4 + 2,241.4 = 12,816.8, 12,816.8 / 36,236.9 = 35.4% (December 2025); property 2,932.2 / 44,806.6 = 6.5%; acquisition payments / operating cash flow 937.4 / 1,502.3 = 62.4% (2019), 50.4 / 1,592.0 = 3.2%, 2,225.4 / 1,540.1 = 144.5%, 288.2 / 2,174.6 = 13.3%, 970.4 / 2,528.7 = 38.4%, 2,156.4 / 2,814.7 = 76.6%, 3,818.6 / 5,374.7 = 71.0% (2025); 2025 uses of cash 996.6 capex + 3,818.6 acquisitions + 802.2 dividends + 665.2 buybacks = 6,282.6, above operating cash flow of 5,374.7; dividends and buybacks 802.2 + 665.2 = 1,467.4; price / expected sales CIT 1,995.3 / 900 = 2.2 times, Andrew 2,022.7 / 1,200 = 1.7 times, CommScope CCS 10,500 / 3,754.5 = 2.8 times and 10,500 / 545.9 = 19 times net income; CCS operating margin 739.6 / 3,754.5 = 19.7%; CCS sales growth 3,754.5 / 2,823.2 - 1 = +33.0%; CCS allocation (6,958.0 + 3,289.0) / 10,735.8 = 95%, other net assets 10,735.8 - 6,958.0 - 3,289.0 - 317.0 = 171.8; CCS operating income 739.6 / 10,500 = about 7% of price; CommScope since acquisition 190.2 / 2,100.9 = 9.1% net margin, Amphenol H1 2026 2,702.2 / 16,378.2 = 16.5%, CommScope share of H1 sales 2,100.9 / 16,378.2 = 12.8%; H1 2026 purchase costs 272.4 + 132.0 + 179.0 = 583.4, 583.4 / 190.2 = 3.1 times; acquisition-related expenses 103.4 / 23,094.7 = 0.4% of sales; accretion $0.30 pre-split / 2 = $0.15; acquired and currency growth Q2 2026 55% - 30% = 25 points, industrial 56% - 18% = 38 points; CommScope purchases 2,022.7 + 10,500 = about $12.5bn. Cash and capital: free cash flow / net income 2,159.9 / 1,928.0 = 112.0% (2023), 2,156.9 / 2,424.0 = 89.0% (2024), 4,392.9 / 4,270.3 = 102.9% (2025); operating cash flow 5,374.7 / 1,030.5 = 5.2 times (2015-2025); capital spending / sales 172.1 / 5,568.7 = 3.1% (2015), 360.4 / 10,876.3 = 3.3% (2021), 383.8 / 12,623.0 = 3.0%, 372.8 / 12,554.7 = 3.0% (2023), 665.4 / 15,222.7 = 4.4%, 996.6 / 23,094.7 = 4.3% (2025), 355.5 / 8,758.1 = 4.1% (Q2 2026); long-lived assets 2,864.6 / 2,096.2 - 1 = +36.7%; buybacks 2015-2025 248.9 + 325.8 + 618.0 + 935.2 + 601.7 + 641.3 + 661.7 + 730.5 + 585.1 + 689.3 + 665.2 = 6,702.7; buybacks net of option proceeds 585.1 - 394.5 = 190.6 (2023), 689.3 - 447.4 = 241.9 (2024), 665.2 - 553.0 = 112.2 (2025); diluted shares 316.5 x 8 = 2,532 million (2015), 1,289.2 x 2 = 2,578 million (Q2 2026), +1.8%, 1,272.2 x 2 = 2,544 million (Q2 2025); diluted EPS 2.41 / 8 = $0.30 (2015), 3.34 / 2 = $1.67 (2025), 1.37 / 2 = $0.685 (Q2 2026); net debt 6,886.1 - 3,335.4 = 3,550.7 (2024), 15,502.0 - 11,434.2 = 4,067.8 (2025); November 2025 notes 500 + 750 + 750 + 1,000 + 1,250 + 1,600 + 1,650 = 7,500; interest H1 2026 421.6 / 157.4 = 2.7 times; interest cover 5,868.6 / 367.8 = 16 times (2025), 4,416.4 / 421.6 = 10.5 times (H1 2026); interest / operating income 139.5 / 2,559.6 = 5.5% (2023), 421.6 / 4,416.4 = 9.5% (H1 2026); invested capital 30,639.2 / 18,303.5 = 1.67 times. Markets: IT datacom sales 0.19 x 8,225.4 = about 1,560 (2019), 0.24 x 15,222.7 = about 3,650 (2024), 0.36 x 23,094.7 = about 8,310 (2025), 2025 increase about 4,660 of 7,872.0; industrial 0.19 x 23,094.7 = about 4,390 (2025); mobile devices 0.15 x 8,598.9 = about 1,290 (2020), 0.06 x 23,094.7 = about 1,390 (2025); communications networks = mobile networks + broadband 8 + 4 = 12% (2019), 6 + 4 = 10% (2020), 5 + 4 = 9% (2021), 5 + 5 = 10% (2022), 4 + 4 = 8% (2023), 3 + 3 = 6% (2024); sales outside IT datacom Q2 2026 8,758.1 - 3,800 = about 4,960, Q2 2025 5,650.3 - 3,800 / 1.89 = about 3,640; distributor share 2,092.5 / 12,554.7 = 16.7% (2023), 2,778.2 / 15,222.7 = 18.3% (2024), 4,297.2 / 23,094.7 = 18.6% (2025); end customers and contract manufacturers 18,797.5 / 23,094.7 = 81.4%; backlog 8.9 / 1.720 = 5.2 times (2018-2025), 8.9 / 6.1 - 1 = +45.9%, 8.9 / 23.09 = 38.5% of 2025 sales; market share 23,094.7 / about 500,000 = 4.6%. Valuation: market value / net income 16,100 / 763.5 = 21.1 (2015), 26,810 / 650.5 = 41.2 (2017), 24,410 / 1,205.0 = 20.3 (2018), 39,120 / 1,203.4 = 32.5 (2020), 45,310 / 1,902.3 = 23.8 (2022), 59,310 / 1,928.0 = 30.8 (2023), 83,730 / 2,424.0 = 34.5 (2024), 165,420 / 4,270.3 = 38.7 (2025), 205,020 / 5,143.4 = 39.9 (September 2026); Amphenol / TE Connectivity 205.02 / 63.28 = 3.2 times; value added since 2024 (205.02 - 83.73) / 205.02 = 59%; forward earnings 83.14 / 28.48 = about $2.92, 2.92 / 2.00 - 1 = +46%. More: distributor sales 4,297.2 / 2,092.5 = 2.05 times (2023-2025); SG&A ratio 12.19% - 11.02% = 1.2 points; goodwill 17,554.7 / 44,806.6 = 39% of total assets; Harsh Environment sales 5,881.7 / 2,286.0 = 2.6 times; operating income H1 2026 Communications Solutions 1,389.4 + 1,808.3 = 3,197.7, 3,197.7 / 3,746.6 = 85%; dividend payments 307 against remaining term loan 400.0 = 1.3 quarters; sales growth 2020-2025 23,094.7 / 8,598.9 = 2.7 times; 2019 average quarterly sales 8,225.4 / 4 = about 2,056 against IT datacom Q2 2026 about 3,800; 2025 buyback price 665.2 / 7.4 = about $90 pre-split, $45 post-split; CommScope H1 net income 190.2 / 2,702.2 = 7%; capital spending H1 2026 647.1 / 16,378.2 = 4.0%; industrial 0.25 x 10,876.3 = about 2,720 (2021); Harsh Environment Q2 United States 990.5 / 772.3 - 1 = +28.3%; Interconnect and Sensor Q2 United States 442.9 / 384.5 - 1 = +15.2%, other foreign 826.0 / 677.8 - 1 = +21.9%, China 248.8 / 233.0 - 1 = +6.8%; Communications Solutions Q2 United States 1,980.4 / 780.5 - 1 = +153.7%, other foreign 2,705.2 / 1,614.1 - 1 = +67.6%; United States share Q2 2025 1,937.3 / 5,650.3 = 34.3%; Interconnect and Sensor sales 5,157.0 / 2,256.7 = 2.3 times. Additional: Communications Solutions Q2 2026 less Q1 2026 sales 5,383.6 - 4,534.7 = 848.9 and operating income 1,808.3 - 1,389.4 = 418.9, 418.9 / 848.9 = 49%; Interconnect and Sensor Q2 less Q1 1,517.7 - 1,392.3 = 125.4; Interconnect and Sensor China 959.4 / 986.0 - 1 = -2.7% (2025), segment 5,157.0 / 4,481.5 - 1 = +15.1%; Harsh Environment 2023 3,530.8 / 3,107.2 - 1 = +13.6%; Harsh Environment operating income 1,541.4 / 556.8 = 2.8 times, Interconnect and Sensor 1,005.1 / 348.6 = 2.9 times (2020-2025); China share of long-lived assets 343.1 / 1,195.7 = 28.7% (2019), 455.5 / 1,616.2 = 28.2% (2023); goodwill increase H1 2026 17,554.7 - 10,575.4 = 6,979.3; Q2 2026 sales 8,758.1 / 7,620.1 - 1 = +14.9%; industrial Q2 2026 0.20 x 8,758.1 = about 1,750; China Q2 2026 by segment 698.0 / 1,113.0 = 62.7%; effective tax rate 1,295.4 / 5,600.7 = 23.1% (2025), 570.3 / 3,011.9 = 18.9% (2024); June-quarter buyback price 141 / 2 = 70.50; long-lived assets 2,864.6 / 36,236.9 = 7.9% of total assets; Norwitt salary 1,565,000 / 22,351,288 = 7%; market value 205.02 / 16.10 = 12.7 times since 2015; P/S at end-2015 16,100 / 5,568.7 = 2.9; net debt 2024 3,550.7 / operating income 3,156.9 = 1.1 times; dividends 802.2 / 4,270.3 = 19% of net income; distributor sales 4,297.2 / 2,778.2 - 1 = +54.7%, direct 18,797.5 / 12,444.5 - 1 = +51.0%; CommScope H2 need 4,600 - 2,100.9 = about 2,500; orders 25.4 / 23.09 = 1.1 times sales; EBITDA implied by net leverage 13.4 / 1.3 = about 10.3bn, net debt at 1.0 times about 10.3bn, 13.4 - 10.3 = about 3.1bn less, or 13.4 / 10.3 - 1 = about 30% more earnings; deals per year 970 / 10 = 97, 937 / 9 = 104; Cable Products and Solutions 2021 22.8 / 445.4 = 5.1%; H1 2026 Communications Solutions 4,534.7 + 5,383.6 = 9,918.3; CommScope purchases 2,022.7 + 10,500 = about 12,500 against 12,376.1 for 2015-2025; November notes 7,500; sales 2020 8,598.9 / 8,225.4 - 1 = +4.5%, 2021 10,876.3 / 8,598.9 - 1 = +26.5% - acquisitions, goodwill and the CommScope purchase. — 2015-2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in Amphenol's Forms 10-K and 10-Q, quarterly results releases, earnings calls, XBRL filings and market data; operands shown in the source line.
  10. ReportedFrom its purchase to 30 June 2026 the business contributed net income of $190.2 million on net sales of $2,100.9 million, a 9.1% net margin, after $179.0 million of amortisation of acquired intangibles.
    Amphenol Corporation Form 10-Q for the quarter ended 30 June 2026 - the CommScope purchase price allocation, CommScope's contribution, China sales, debt and buyback authorisation. — Q2 2026 · publ. 31 July 2026 · source ↗
  11. Moat Explorer calcFrom its purchase to 30 June 2026 the business contributed net income of $190.2 million on net sales of $2,100.9 million, a 9.1% net margin, after $179.0 million of amortisation of acquired intangibles.
    Moat Explorer calculation from Amphenol's reported figures ($ millions unless stated; calendar years; per-share figures adjusted for the two-for-one splits of March 2021, June 2024 and September 2026). Sales growth: 2025 23,094.7 / 15,222.7 - 1 = +51.7%; 2024 15,222.7 / 12,554.7 - 1 = +21.3%; 2023 12,554.7 / 12,623.0 - 1 = -0.5%; 2019 8,225.4 / 8,202.0 - 1 = +0.3%; 2025 increase 23,094.7 - 15,222.7 = 7,872.0, about $7.9bn; 2015-2025 23,094.7 / 5,568.7 = 4.1 times. Operating margin (operating income / net sales): 2015 1,104.7 / 5,568.7 = 19.8%; 2016 1,205.2 / 6,286.4 = 19.2%; 2017 1,427.6 / 7,011.3 = 20.4%; 2018 1,686.9 / 8,202.0 = 20.6%; 2019 1,619.2 / 8,225.4 = 19.7%; 2020 1,638.4 / 8,598.9 = 19.1%; 2021 2,105.1 / 10,876.3 = 19.4%; 2022 2,585.8 / 12,623.0 = 20.5%; 2023 2,559.6 / 12,554.7 = 20.4%; 2024 3,156.9 / 15,222.7 = 20.7%; 2025 5,868.6 / 23,094.7 = 25.4%; average 2015-2024 about 20.0%; Q2 2025 1,418.8 / 5,650.3 = 25.1%; operating income growth 2025 5,868.6 / 3,156.9 - 1 = +85.9%, Q2 2026 2,584.6 / 1,418.8 - 1 = +82.2%. Trailing twelve months to June 2026: sales 23,094.7 - 10,461.3 + 16,378.2 = 29,011.6; net income 4,270.3 - 1,829.1 + 2,702.2 = 5,143.4; operating income 5,868.6 - 2,443.6 + 4,416.4 = 7,841.4, margin 7,841.4 / 29,011.6 = 27.0%; at a 20% margin 29,011.6 x 0.20 = about 5,800, 26% below 7,841.4. Gross margin: 4,084.1 / 12,554.7 = 32.5% (2023); 5,139.7 / 15,222.7 = 33.8% (2024); 8,517.7 / 23,094.7 = 36.9% (2025); 3,548.0 / 8,758.1 = 40.5% (Q2 2026); tariff benefit 80 / 8,758.1 = 0.9 points. Segment margins (segment operating income / external sales): Communications Solutions 871.2 / 4,056.2 = 21.5% (2020), 1,023.3 / 4,832.1 = 21.2%, 1,245.7 / 5,652.4 = 22.0%, 1,063.5 / 4,912.8 = 21.6%, 1,569.6 / 6,323.8 = 24.8%, 3,746.6 / 12,056.0 = 31.1% (2025); Harsh Environment Solutions 556.8 / 2,286.0 = 24.4%, 708.2 / 2,752.2 = 25.7%, 801.6 / 3,107.2 = 25.8%, 943.9 / 3,530.8 = 26.7%, 1,093.2 / 4,417.4 = 24.7%, 1,541.4 / 5,881.7 = 26.2%; Interconnect and Sensor Systems 348.6 / 2,256.7 = 15.4%, 588.1 / 3,292.0 = 17.9%, 716.5 / 3,863.4 = 18.5%, 753.7 / 4,111.1 = 18.3%, 825.9 / 4,481.5 = 18.4%, 1,005.1 / 5,157.0 = 19.5%. Communications Solutions share of segment operating income: 871.2 / 1,776.6 = 49.0% (2020); 1,023.3 / 2,319.6 = 44.1%; 1,245.7 / 2,763.8 = 45.1%; 1,063.5 / 2,761.1 = 38.5%; 1,569.6 / 3,488.7 = 45.0%; 3,746.6 / 6,293.1 = 59.5% (2025); Q2 2026 1,808.3 / (1,808.3 + 559.3 + 318.9 = 2,686.5) = 67.3%; Q2 2025 890.7 / 1,506.7 = 59.1%. Segment operating income growth Q2 2026: Harsh Environment 559.3 / 363.7 - 1 = +53.8%; Interconnect and Sensor 318.9 / 252.3 - 1 = +26.4%. Segment sales growth 2020-2025: Communications Solutions 12,056.0 / 4,056.2 = 2.97 times, 24.3% a year; Harsh Environment 5,881.7 / 2,286.0 = 2.57 times, 20.8% a year; Interconnect and Sensor 5,157.0 / 2,256.7 = 2.29 times, 18.0% a year; Communications Solutions operating income 3,746.6 / 871.2 = 4.3 times; Communications Solutions 2023 4,912.8 / 5,652.4 - 1 = -13.1%; Interconnect and Sensor 2021 3,292.0 / 2,256.7 - 1 = +45.9%, 2023 4,111.1 / 3,863.4 - 1 = +6.4%; Communications Solutions share of net sales 4,056.2 / 8,598.9 = 47% (2020), Q2 2026 5,383.6 / 8,758.1 = 61.5%. Segment costs and geography 2025: gap between segment and consolidated operating income 6,293.1 - 5,868.6 = 424.5, 424.5 / 6,293.1 = 6.7%; 2024 3,488.7 - 3,156.9 = 331.8, 9.5%; 2023 2,761.1 - 2,559.6 = 201.5, 7.3%; depreciation and amortisation 486.9 / (486.9 + 166.5 + 150.0 = 803.4) = 60.6%, 486.9 / 12,056.0 = 4.0%, 166.5 / 5,881.7 = 2.8%, 150.0 / 5,157.0 = 2.9%; Harsh Environment United States 3,211.0 / 5,881.7 = 54.6%, China 508.5 / 5,881.7 = 8.6%, distributors 1,595.8 / 5,881.7 = 27.1%; Interconnect and Sensor China 959.4 / 5,157.0 = 18.6%; Communications Solutions China 2,205.2 / 12,056.0 = 18.3% and 2,205.2 / 3,673.1 = 60.0% of China sales; Q2 2026 Communications Solutions China 698.0 / 515.2 - 1 = +35.5%. Geography: China share of net sales 2,067.3 / 7,011.3 = 29.5% (2017); 2,594.0 / 8,202.0 = 31.6% (2018); 2,306.4 / 8,225.4 = 28.0% (2019); 2,597.5 / 8,598.9 = 30.2% (2020); 3,044.4 / 10,876.3 = 28.0% (2021); 3,265.0 / 12,623.0 = 25.9% (2022); 2,884.0 / 12,554.7 = 23.0% (2023); 3,399.9 / 15,222.7 = 22.3% (2024); 3,673.1 / 23,094.7 = 15.9% (2025); Q2 2026 1,113.0 / 8,758.1 = 12.7%, Q2 2025 882.2 / 5,650.3 = 15.6%; China Q2 growth 1,113.0 / 882.2 - 1 = +26.2%; United States share 2,524.7 / 8,225.4 = 30.7% (2019), 7,987.7 / 23,094.7 = 34.6% (2025), Q2 2026 3,413.8 / 8,758.1 = 39.0%, United States Q2 growth 3,413.8 / 1,937.3 - 1 = +76.2%; long-lived assets in China 1,050.4 / 617.9 - 1 = +70.0% (2025); China cash taxes 579.5 / 1,084.1 = 53.5%; China tax charges 100.0 + 130.0 + 160.0 = 390.0, 390.0 / 5,143.4 = 7.6% of trailing net income. People: employees outside the United States 170,000 - 15,000 = 155,000 (2025), 125,000 - 12,000 = 113,000 (2024); United States share 12,000 / 125,000 = 10% and 15,000 / 170,000 = 9%; employees 170,000 / 74,000 = 2.3 times; net sales per employee 8,225.4 / 74,000 = about $111,000 (2019), 23,094.7 / 170,000 = about $136,000 (2025); net sales per general manager 8,598.9 / 120 = 71.7 (2020), 10,876.3 / 130 = 83.7, 12,623.0 / 130 = 97.1, 12,554.7 / 130 = 96.6, 15,222.7 / 140 = 108.7, 23,094.7 / 140 = 165.0 (2025); people added by CommScope deals about 4,000 + 20,000 = 24,000; SG&A 2,545.7 / 23,094.7 = 11.0% (2025), 1,855.4 / 15,222.7 = 12.2%, 1,489.9 / 12,554.7 = 11.9%, SG&A growth 2,545.7 / 1,855.4 - 1 = +37.2%; Norwitt 8,219,557 x 2 = about 16.4 million shares, x $83.14 = about $1.37bn. Acquisitions: payments 2015-2025 199.8 + 1,305.1 + 265.5 + 158.9 + 937.4 + 50.4 + 2,225.4 + 288.2 + 970.4 + 2,156.4 + 3,818.6 = 12,376.1, plus 10,684.0 in H1 2026 = about $23.1bn; goodwill 17,554.7 / 4,867.1 = 3.6 times; goodwill and intangibles 17,554.7 + 5,288.9 = 22,843.6, 22,843.6 / 44,806.6 = 51.0% (June 2026), 10,575.4 + 2,241.4 = 12,816.8, 12,816.8 / 36,236.9 = 35.4% (December 2025); property 2,932.2 / 44,806.6 = 6.5%; acquisition payments / operating cash flow 937.4 / 1,502.3 = 62.4% (2019), 50.4 / 1,592.0 = 3.2%, 2,225.4 / 1,540.1 = 144.5%, 288.2 / 2,174.6 = 13.3%, 970.4 / 2,528.7 = 38.4%, 2,156.4 / 2,814.7 = 76.6%, 3,818.6 / 5,374.7 = 71.0% (2025); 2025 uses of cash 996.6 capex + 3,818.6 acquisitions + 802.2 dividends + 665.2 buybacks = 6,282.6, above operating cash flow of 5,374.7; dividends and buybacks 802.2 + 665.2 = 1,467.4; price / expected sales CIT 1,995.3 / 900 = 2.2 times, Andrew 2,022.7 / 1,200 = 1.7 times, CommScope CCS 10,500 / 3,754.5 = 2.8 times and 10,500 / 545.9 = 19 times net income; CCS operating margin 739.6 / 3,754.5 = 19.7%; CCS sales growth 3,754.5 / 2,823.2 - 1 = +33.0%; CCS allocation (6,958.0 + 3,289.0) / 10,735.8 = 95%, other net assets 10,735.8 - 6,958.0 - 3,289.0 - 317.0 = 171.8; CCS operating income 739.6 / 10,500 = about 7% of price; CommScope since acquisition 190.2 / 2,100.9 = 9.1% net margin, Amphenol H1 2026 2,702.2 / 16,378.2 = 16.5%, CommScope share of H1 sales 2,100.9 / 16,378.2 = 12.8%; H1 2026 purchase costs 272.4 + 132.0 + 179.0 = 583.4, 583.4 / 190.2 = 3.1 times; acquisition-related expenses 103.4 / 23,094.7 = 0.4% of sales; accretion $0.30 pre-split / 2 = $0.15; acquired and currency growth Q2 2026 55% - 30% = 25 points, industrial 56% - 18% = 38 points; CommScope purchases 2,022.7 + 10,500 = about $12.5bn. Cash and capital: free cash flow / net income 2,159.9 / 1,928.0 = 112.0% (2023), 2,156.9 / 2,424.0 = 89.0% (2024), 4,392.9 / 4,270.3 = 102.9% (2025); operating cash flow 5,374.7 / 1,030.5 = 5.2 times (2015-2025); capital spending / sales 172.1 / 5,568.7 = 3.1% (2015), 360.4 / 10,876.3 = 3.3% (2021), 383.8 / 12,623.0 = 3.0%, 372.8 / 12,554.7 = 3.0% (2023), 665.4 / 15,222.7 = 4.4%, 996.6 / 23,094.7 = 4.3% (2025), 355.5 / 8,758.1 = 4.1% (Q2 2026); long-lived assets 2,864.6 / 2,096.2 - 1 = +36.7%; buybacks 2015-2025 248.9 + 325.8 + 618.0 + 935.2 + 601.7 + 641.3 + 661.7 + 730.5 + 585.1 + 689.3 + 665.2 = 6,702.7; buybacks net of option proceeds 585.1 - 394.5 = 190.6 (2023), 689.3 - 447.4 = 241.9 (2024), 665.2 - 553.0 = 112.2 (2025); diluted shares 316.5 x 8 = 2,532 million (2015), 1,289.2 x 2 = 2,578 million (Q2 2026), +1.8%, 1,272.2 x 2 = 2,544 million (Q2 2025); diluted EPS 2.41 / 8 = $0.30 (2015), 3.34 / 2 = $1.67 (2025), 1.37 / 2 = $0.685 (Q2 2026); net debt 6,886.1 - 3,335.4 = 3,550.7 (2024), 15,502.0 - 11,434.2 = 4,067.8 (2025); November 2025 notes 500 + 750 + 750 + 1,000 + 1,250 + 1,600 + 1,650 = 7,500; interest H1 2026 421.6 / 157.4 = 2.7 times; interest cover 5,868.6 / 367.8 = 16 times (2025), 4,416.4 / 421.6 = 10.5 times (H1 2026); interest / operating income 139.5 / 2,559.6 = 5.5% (2023), 421.6 / 4,416.4 = 9.5% (H1 2026); invested capital 30,639.2 / 18,303.5 = 1.67 times. Markets: IT datacom sales 0.19 x 8,225.4 = about 1,560 (2019), 0.24 x 15,222.7 = about 3,650 (2024), 0.36 x 23,094.7 = about 8,310 (2025), 2025 increase about 4,660 of 7,872.0; industrial 0.19 x 23,094.7 = about 4,390 (2025); mobile devices 0.15 x 8,598.9 = about 1,290 (2020), 0.06 x 23,094.7 = about 1,390 (2025); communications networks = mobile networks + broadband 8 + 4 = 12% (2019), 6 + 4 = 10% (2020), 5 + 4 = 9% (2021), 5 + 5 = 10% (2022), 4 + 4 = 8% (2023), 3 + 3 = 6% (2024); sales outside IT datacom Q2 2026 8,758.1 - 3,800 = about 4,960, Q2 2025 5,650.3 - 3,800 / 1.89 = about 3,640; distributor share 2,092.5 / 12,554.7 = 16.7% (2023), 2,778.2 / 15,222.7 = 18.3% (2024), 4,297.2 / 23,094.7 = 18.6% (2025); end customers and contract manufacturers 18,797.5 / 23,094.7 = 81.4%; backlog 8.9 / 1.720 = 5.2 times (2018-2025), 8.9 / 6.1 - 1 = +45.9%, 8.9 / 23.09 = 38.5% of 2025 sales; market share 23,094.7 / about 500,000 = 4.6%. Valuation: market value / net income 16,100 / 763.5 = 21.1 (2015), 26,810 / 650.5 = 41.2 (2017), 24,410 / 1,205.0 = 20.3 (2018), 39,120 / 1,203.4 = 32.5 (2020), 45,310 / 1,902.3 = 23.8 (2022), 59,310 / 1,928.0 = 30.8 (2023), 83,730 / 2,424.0 = 34.5 (2024), 165,420 / 4,270.3 = 38.7 (2025), 205,020 / 5,143.4 = 39.9 (September 2026); Amphenol / TE Connectivity 205.02 / 63.28 = 3.2 times; value added since 2024 (205.02 - 83.73) / 205.02 = 59%; forward earnings 83.14 / 28.48 = about $2.92, 2.92 / 2.00 - 1 = +46%. More: distributor sales 4,297.2 / 2,092.5 = 2.05 times (2023-2025); SG&A ratio 12.19% - 11.02% = 1.2 points; goodwill 17,554.7 / 44,806.6 = 39% of total assets; Harsh Environment sales 5,881.7 / 2,286.0 = 2.6 times; operating income H1 2026 Communications Solutions 1,389.4 + 1,808.3 = 3,197.7, 3,197.7 / 3,746.6 = 85%; dividend payments 307 against remaining term loan 400.0 = 1.3 quarters; sales growth 2020-2025 23,094.7 / 8,598.9 = 2.7 times; 2019 average quarterly sales 8,225.4 / 4 = about 2,056 against IT datacom Q2 2026 about 3,800; 2025 buyback price 665.2 / 7.4 = about $90 pre-split, $45 post-split; CommScope H1 net income 190.2 / 2,702.2 = 7%; capital spending H1 2026 647.1 / 16,378.2 = 4.0%; industrial 0.25 x 10,876.3 = about 2,720 (2021); Harsh Environment Q2 United States 990.5 / 772.3 - 1 = +28.3%; Interconnect and Sensor Q2 United States 442.9 / 384.5 - 1 = +15.2%, other foreign 826.0 / 677.8 - 1 = +21.9%, China 248.8 / 233.0 - 1 = +6.8%; Communications Solutions Q2 United States 1,980.4 / 780.5 - 1 = +153.7%, other foreign 2,705.2 / 1,614.1 - 1 = +67.6%; United States share Q2 2025 1,937.3 / 5,650.3 = 34.3%; Interconnect and Sensor sales 5,157.0 / 2,256.7 = 2.3 times. Additional: Communications Solutions Q2 2026 less Q1 2026 sales 5,383.6 - 4,534.7 = 848.9 and operating income 1,808.3 - 1,389.4 = 418.9, 418.9 / 848.9 = 49%; Interconnect and Sensor Q2 less Q1 1,517.7 - 1,392.3 = 125.4; Interconnect and Sensor China 959.4 / 986.0 - 1 = -2.7% (2025), segment 5,157.0 / 4,481.5 - 1 = +15.1%; Harsh Environment 2023 3,530.8 / 3,107.2 - 1 = +13.6%; Harsh Environment operating income 1,541.4 / 556.8 = 2.8 times, Interconnect and Sensor 1,005.1 / 348.6 = 2.9 times (2020-2025); China share of long-lived assets 343.1 / 1,195.7 = 28.7% (2019), 455.5 / 1,616.2 = 28.2% (2023); goodwill increase H1 2026 17,554.7 - 10,575.4 = 6,979.3; Q2 2026 sales 8,758.1 / 7,620.1 - 1 = +14.9%; industrial Q2 2026 0.20 x 8,758.1 = about 1,750; China Q2 2026 by segment 698.0 / 1,113.0 = 62.7%; effective tax rate 1,295.4 / 5,600.7 = 23.1% (2025), 570.3 / 3,011.9 = 18.9% (2024); June-quarter buyback price 141 / 2 = 70.50; long-lived assets 2,864.6 / 36,236.9 = 7.9% of total assets; Norwitt salary 1,565,000 / 22,351,288 = 7%; market value 205.02 / 16.10 = 12.7 times since 2015; P/S at end-2015 16,100 / 5,568.7 = 2.9; net debt 2024 3,550.7 / operating income 3,156.9 = 1.1 times; dividends 802.2 / 4,270.3 = 19% of net income; distributor sales 4,297.2 / 2,778.2 - 1 = +54.7%, direct 18,797.5 / 12,444.5 - 1 = +51.0%; CommScope H2 need 4,600 - 2,100.9 = about 2,500; orders 25.4 / 23.09 = 1.1 times sales; EBITDA implied by net leverage 13.4 / 1.3 = about 10.3bn, net debt at 1.0 times about 10.3bn, 13.4 - 10.3 = about 3.1bn less, or 13.4 / 10.3 - 1 = about 30% more earnings; deals per year 970 / 10 = 97, 937 / 9 = 104; Cable Products and Solutions 2021 22.8 / 445.4 = 5.1%; H1 2026 Communications Solutions 4,534.7 + 5,383.6 = 9,918.3; CommScope purchases 2,022.7 + 10,500 = about 12,500 against 12,376.1 for 2015-2025; November notes 7,500; sales 2020 8,598.9 / 8,225.4 - 1 = +4.5%, 2021 10,876.3 / 8,598.9 - 1 = +26.5% - acquisitions, goodwill and the CommScope purchase. — 2015-2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in Amphenol's Forms 10-K and 10-Q, quarterly results releases, earnings calls, XBRL filings and market data; operands shown in the source line.
  12. ReportedFrom its purchase to 30 June 2026 the business contributed net income of $190.2 million on net sales of $2,100.9 million, a 9.1% net margin, after $179.0 million of amortisation of acquired intangibles.
    Amphenol Corporation Form 10-Q for the quarter ended 30 June 2026 - the CommScope purchase price allocation, CommScope's contribution, China sales, debt and buyback authorisation. — Q2 2026 · publ. 31 July 2026 · source ↗
  13. ReportedAmphenol has raised its 2026 accretion estimate for the deal from $0.15 to $0.30 a share on the pre-split basis.
    Amphenol second-quarter 2026 results release, Form 8-K exhibit 99.1 - net sales, orders, segment sales and operating income, cash flow, CommScope outlook and third-quarter guidance - highlights, orders, CommScope outlook and third-quarter guidance. — Q2 2026 · publ. 29 July 2026 · source ↗
  14. ReportedWhen the deal was announced Amphenol expected 2025 "sales and EBITDA margins of approximately $3.6 billion and 26%"; the audited accounts show $3,754.5 million of sales.
    Amphenol release of 4 August 2025, Form 8-K exhibit 99.1 - agreement to buy CommScope's Connectivity and Cable Solutions business for $10.5 billion in cash. — August 2025 · publ. 4 August 2025 · source ↗
  15. ReportedWhen the deal was announced Amphenol expected 2025 "sales and EBITDA margins of approximately $3.6 billion and 26%"; the audited accounts show $3,754.5 million of sales.
    Audited combined financial statements of CommScope's Connectivity and Cable Solutions business for 2025 and 2024, Amphenol Form 8-K/A exhibit 99.1 (in thousands). — FY2025 · publ. 2026 · source ↗
  16. ReportedAndrew, bought a year earlier, had "approximately 4,000 talented employees".
    Amphenol release of 18 July 2024, Form 8-K exhibit 99.1 - agreement to buy CommScope's Outdoor Wireless Networks and Distributed Antenna Systems businesses for $2.1 billion. — July 2024 · publ. 18 July 2024 · source ↗
  17. ReportedCommScope's cable business had net income of $545.9 million in 2025.
    Audited combined financial statements of CommScope's Connectivity and Cable Solutions business for 2025 and 2024, Amphenol Form 8-K/A exhibit 99.1 (in thousands). — FY2025 · publ. 2026 · source ↗
Sources
Generated September 28, 2026