⚠ A Buyer Every YearModerate threat

Amphenol (APH) — threat to the moat

Amphenol has bought businesses every year, and the deals are getting bigger: nine for $937 million in 2019, one for $10.5 billion in 2026.

A company that buys every year needs a bargain every year, and bargains do not arrive on schedule. Amphenol closed three acquisitions in 2018, nine in 2019, two in 202012, seven in 2021, two in 20223, ten in 20234, two in 2024 and five in 20255, and three more in the first half of 2026, including CommScope's cable business, El.Com and Wilder Technologies6.

Acquisitions closed by Amphenol (number of deals)320189201922020720212202210202322024520253H1 2026Amphenol Forms 10-K FY2019-FY2025; Q2 2026 results release
The count is steady; the size is not.

The steady count hides a rising size. In 2019 nine deals cost about $937 million7. In 2025 five cost about $3.8 billion8. One deal in January 2026 cost $10.5 billion9. The company says it "anticipates that it will continue to pursue acquisition opportunities as part of its growth strategy"10.

Habit is the danger in any serial buyer. A team that has closed 40 deals in eight years has the people, lawyers and bankers built for the next one, and the pressure to use them. The 10-K itself warns that "acquisitions do not always perform and deliver the financial benefits expected"11.

The discipline so far shows in the years when the count dropped. In 2020 Amphenol spent $50.4 million12, and in 2022 $288.2 million13, while cash kept coming in. A buyer that can stop is safer than one that cannot. The size of the target list is part of the reason. With the market estimated at about $500 billion14 and thousands of small makers in it, there is rarely a shortage of niche businesses to buy.

The next test is the pace after CommScope. If Amphenol spends more than half of 2026 operating cash flow on further acquisitions while CommScope is still being absorbed, the habit will be outrunning the integration.

References
  1. ReportedAmphenol closed three acquisitions in 2018, nine in 2019, two in 2020, seven in 2021, two in 2022, ten in 2023, two in 2024 and five in 2025, and three more in the first half of 2026, including CommScope's cable business, El.Com and Wilder Technologies.
    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 ↗
  2. ReportedAmphenol closed three acquisitions in 2018, nine in 2019, two in 2020, seven in 2021, two in 2022, ten in 2023, two in 2024 and five in 2025, and three more in the first half of 2026, including CommScope's cable business, El.Com and Wilder Technologies.
    Amphenol Corporation Form 10-K for fiscal 2020 - employees, general managers, end-market shares and backlog for 2020. — FY2020 · publ. February 2021 · source ↗
  3. ReportedAmphenol closed three acquisitions in 2018, nine in 2019, two in 2020, seven in 2021, two in 2022, ten in 2023, two in 2024 and five in 2025, and three more in the first half of 2026, including CommScope's cable business, El.Com and Wilder Technologies.
    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 ↗
  4. ReportedAmphenol closed three acquisitions in 2018, nine in 2019, two in 2020, seven in 2021, two in 2022, ten in 2023, two in 2024 and five in 2025, and three more in the first half of 2026, including CommScope's cable business, El.Com and Wilder Technologies.
    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 ↗
  5. ReportedAmphenol closed three acquisitions in 2018, nine in 2019, two in 2020, seven in 2021, two in 2022, ten in 2023, two in 2024 and five in 2025, and three more in the first half of 2026, including CommScope's cable business, El.Com and Wilder Technologies.
    Amphenol Corporation Form 10-K for fiscal 2025 (year ended 31 December 2025) - acquisitions: Andrew, Trexon, CommScope, goodwill and the acquisition strategy. — FY2025 · publ. 11 February 2026 · source ↗
  6. ReportedAmphenol closed three acquisitions in 2018, nine in 2019, two in 2020, seven in 2021, two in 2022, ten in 2023, two in 2024 and five in 2025, and three more in the first half of 2026, including CommScope's cable business, El.Com and Wilder Technologies.
    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 ↗
  7. ReportedIn 2019 nine deals cost about $937 million.
    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 ↗
  8. ReportedIn 2025 five cost about $3.8 billion.
    Amphenol Corporation Form 10-K for fiscal 2025 (year ended 31 December 2025) - Item 1 business: products, history and sales organisation. — FY2025 · publ. 11 February 2026 · source ↗
  9. ReportedOne deal in January 2026 cost $10.5 billion.
    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 ↗
  10. ReportedThe company says it "anticipates that it will continue to pursue acquisition opportunities as part of its growth strategy".
    Amphenol Corporation Form 10-K for fiscal 2025 (year ended 31 December 2025) - Item 1A risk factors: acquisitions, AI demand, trade, China and taxes. — FY2025 · publ. 11 February 2026 · source ↗
  11. ReportedThe 10-K itself warns that "acquisitions do not always perform and deliver the financial benefits expected".
    Amphenol Corporation Form 10-K for fiscal 2025 (year ended 31 December 2025) - Item 1A risk factors: acquisitions, AI demand, trade, China and taxes. — FY2025 · publ. 11 February 2026 · source ↗
  12. ReportedIn 2020 Amphenol spent $50.4 million, and in 2022 $288.2 million, while cash kept coming in.
    SEC EDGAR XBRL, Amphenol PaymentsToAcquireBusinessesNetOfCashAcquired: acquisitions 199.8 (2015), 1,305.1, 265.5, 158.9, 937.4, 50.4, 2,225.4, 288.2, 970.4, 2,156.4, 3,818.6 (2025), $ millions. — FY2015-FY2025 · publ. 2026 · source ↗
  13. ReportedIn 2020 Amphenol spent $50.4 million, and in 2022 $288.2 million, while cash kept coming in.
    SEC EDGAR XBRL, Amphenol PaymentsToAcquireBusinessesNetOfCashAcquired: acquisitions 199.8 (2015), 1,305.1, 265.5, 158.9, 937.4, 50.4, 2,225.4, 288.2, 970.4, 2,156.4, 3,818.6 (2025), $ millions. — FY2015-FY2025 · publ. 2026 · source ↗
  14. ReportedWith the market estimated at about $500 billion and thousands of small makers in it, there is rarely a shortage of niche businesses to buy.
    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